UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21449

Nuveen Municipal High Income Opportunity Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1. Reports to Stockholders.

      Closed-End Funds       April 30, 2025   

Nuveen Municipal

Closed-End Funds

This semi-annual report contains the Funds’ unaudited financial statements. 

Nuveen AMT-Free Municipal Credit Income Fund	NVG
Nuveen Municipal Credit Income Fund	NZF
Nuveen Municipal High Income Opportunity Fund	NMZ
Nuveen Municipal Credit Opportunities Fund	NMCO
Nuveen Dynamic Municipal Opportunities Fund	NDMO

Semi-Annual Report

Table

of Contents

Important Notices	3
Common Share Information	4
About the Funds’ Benchmarks	6
Fund Performance, Leverage and Holdings Summaries	7
Portfolios of Investments	18
Statement of Assets and Liabilities	175
Statement of Operations	177
Statement of Changes in Net Assets	178
Statement of Cash Flows	181
Financial Highlights	182
Notes to Financial Statements	190
Shareholder Meeting Report	206
Additional Fund Information	207
Glossary of Terms Used in this Report	208
Statement Regarding Basis for Approval of Investment Advisory Contract	210

2

Important Notices

Portfolio manager commentaries: The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s annual shareholder report.

Fund changes: For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.

Fund principal investment policies and principal risks: Refer to the Shareholder Update section of your Fund’s annual shareholder report for information on the Fund’s principal investment policies and principal risks.

Fund performance: For current information on your Fund’s average annual total returns please refer to the Fund’s website at www. nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

3

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions are current as of April 30, 2025. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

	Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)	NVG		NZF		NMZ		NMCO		NDMO
November		$0.0790		$0.0795		$0.0655		$0.0685	$0.0620
December		0.0790		0.0795		0.0655		0.0685	0.0620
January		0.0790		0.0795		0.0655		0.0685	0.0620
February		0.0790		0.0795		0.0655		0.0685	0.0620
March		0.0790		0.0795		0.0655		0.0685	0.0620
April		0.0790		0.0795		0.0655		0.0685	0.0620
Total Distributions from Net Investment Income		$0.4740		$0.4770		$0.3930		$0.4110	$0.3720
Yields	NVG		NZF		NMZ		NMCO		NDMO
Market Yield		7.95%		8.01%		7.46%		8.01%	7.51%
Taxable-Equivalent Yield		13.43%		13.53%		12.61%		13.53%	12.68%

¹  Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, NVG, NMZ, NMCO and NDMO were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NVG, NMZ, NMCO and NDMO, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying table.

	NVG		NMZ		NMCO		NDMO
Maximum aggregate offering		Unlimited		Unlimited		$70,100,000	$363,900,000

During the current reporting period, NMZ sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share in the accompanying table.

	NMZ
Common shares sold through shelf offering	2,397,700
Weighted average premium to NAV per common share sold	1.25%

Refer to Notes to Financial Statements, for further details on Shelf Offerings and each Fund’s transactions.

4

COMMON SHARE REPURCHASES

The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of April 30, 2025, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

	NVG		NZF		NMZ		NMCO		NDMO
Common shares repurchased and retired		202,500		67,500		0		0		0
Common shares authorized for repurchase		21,350,000		19,370,000		11,320,000		5,480,000		5,955,000

5

About the Funds’ Benchmarks

S&P Municipal Bond High Yield Index: An index designed to measure the performance of tax-exempt high yield municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond Index: An index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond Investment Grade Index: An index designed to measure the performance of tax-exempt investment grade municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Yield Index: An index that is structured so that 70% of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

6

Fund Performance, Leverage and Holdings Summaries

The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.

Fund Performance

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

Leverage Ratios

Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “Effective Leverage” is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. “Regulatory Leverage” consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for individual security information.

For financial reporting purposes, the ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

7

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Fund Performance, Leverage and Holdings Summaries April 30, 2025
Performance*

			Total Returns as of April 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		10-Year
NVG at Common Share NAV		3/25/02		(3.55)%		1.22%		1.35%	2.83%
NVG at Common Share Price		3/25/02		(3.22)%		11.05%		2.50%	3.83%
S&P Municipal Bond Index		—		(0.45)%		2.28%		1.39%	2.20%
NVG Blended Benchmark		—		(0.60)%		2.96%		2.40%	2.90%

*     For purposes of Fund performance, relative results are measured against the NVG Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index. The Fund’s performance was measured against the S&P Municipal Bond Index through April 10, 2016.

Daily Common Share NAV and Share Price

Common Share NAV	Common Share Price	Premium/(Discount) to NAV	Average Premium/(Discount) to NAV
$12.69	$11.92	(6.07)%	(6.38)%

8

Leverage and Holdings

Leverage
Effective Leverage	41.78%
Regulatory Leverage	39.30%

Fund Allocation (% of net assets)
Municipal Bonds	165.9%
Variable Rate Senior Loan Interests	0.0%
Short-Term Municipal Bonds	2.8%
Other Assets & Liabilities, Net	2.7%
Floating Rate Obligations	(6.7)%
MFP Shares, Net	(19.1)%
VRDP Shares, Net	(45.6)%
Net Assets	100%

Portfolio Credit Quality (% of total investments)
AAA	9.1%
AA	24.0%
A	23.3%
BBB	13.7%
BB or Lower	10.5%
N/R (not rated)	19.4%
Total	100%

Portfolio Composition (% of total investments)
Tax Obligation/Limited	17.1%
Tax Obligation/General	13.6%
Health Care	13.2%
Housing/Single Family	10.6%
Utilities	10.2%
Education and Civic Organizations	9.7%
Transportation	8.4%
Other	17.2%
Variable Rate Senior Loan Interests	0.0%
Total	100%

States and Territories1 (% of total municipal bonds)
Illinois	12.2%
Texas	7.6%
California	7.5%
New York	7.4%
Colorado	6.1%
Ohio	4.5%
Puerto Rico	4.0%
Wisconsin	3.7%
Pennsylvania	2.9%
New Jersey	2.8%
Florida	2.6%
Connecticut	2.4%
District of Columbia	2.4%
Georgia	2.1%
South Carolina	1.8%
Massachusetts	1.8%
Kentucky	1.7%
North Dakota	1.5%
Alabama	1.5%
Rhode Island	1.4%
Maryland	1.4%
Arizona	1.4%
Indiana	1.4%
Idaho	1.3%
Missouri	1.2%
Other	15.4%
Total	100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

9

NZF  Nuveen Municipal Credit Income Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025

Performance*

			Total Returns as of April 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		10-Year
NZF at Common Share NAV		9/25/01		(3.32)%		(0.30)%		1.90%	2.90%
NZF at Common Share Price		9/25/01		(2.49)%		9.73%		3.55%	3.93%
S&P Municipal Bond Index		—		(0.45)%		2.28%		1.39%	2.20%
NZF Blended Benchmark		—		(0.60)%		2.96%		2.40%	2.90%

*    For purposes of Fund performance, relative results are measured against the NZF Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index. The Fund’s performance was measured against the S&P Municipal Bond Index through April 10, 2016.

Daily Common Share NAV and Share Price

Common   Share   NAV	Common Share Price	Premium/(Discount)       to NAV	Average Premium/(Discount) to NAV
$12.60	$11.91	(5.48)%	(6.39)%

10

Leverage and Holdings

Leverage
Effective Leverage	40.96%
Regulatory Leverage	35.07%
Fund Allocation (% of net assets)
Municipal Bonds	164.7%
Variable Rate Senior Loan Interests	0.0%
Other Assets & Liabilities, Net	4.0%
Floating Rate Obligations	(14.9)%
MFP Shares, Net	(26.2)%
VRDP Shares, Net	(27.6)%
Net Assets	100%

Portfolio Credit Quality (% of total investments)
AAA	1.8%
AA	15.9%
A	33.1%
BBB	23.0%
BB or Lower	12.8%
N/R (not rated)	13.4%
Total	100%
Portfolio Composition (% of total investments)
Health Care	24.4%
Transportation	22.2%
Tax Obligation/Limited	19.0%
Tax Obligation/General	9.6%
Utilities	9.0%
Industrials	3.3%
Other	12.5%
Variable Rate Senior Loan
Interests	0.0%
Total	100%

States and Territories1 (% of total municipal bonds)
New York	13.3%
Illinois	13.0%
California	12.1%
Texas	6.8%
Pennsylvania	5.7%
Ohio	5.4%
Colorado	4.8%
Florida	4.4%
Puerto Rico	4.4%
New Jersey	4.4%
South Carolina	2.9%
Virginia	2.2%
Alabama	1.9%
Washington	1.9%
Oklahoma	1.7%
North Dakota	1.4%
Minnesota	1.2%
Missouri	1.2%
Georgia	1.2%
Michigan	1.1%
Other	9.0%
Total	100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

11

NMZ  Nuveen Municipal High Income Opportunity Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025

Performance*

			Total Returns as of April 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		10-Year
NMZ at Common Share NAV		11/19/03		(2.96)%		1.91%		2.78%	3.09%
NMZ at Common Share Price		11/19/03		(2.13)%		9.71%		3.26%	3.23%
S&P Municipal Yield Index		—		(1.12)%		3.60%		3.82%	3.86%

*     For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

Daily Common Share NAV and Share Price

Common   Share   NAV	Common Share Price	Premium/(Discount)       to NAV	Average Premium/(Discount) to NAV
$10.47	$10.53	0.57%	0.03%

12

Leverage and Holdings

Leverage
Effective Leverage	40.78%
Regulatory Leverage	23.01%
Fund Allocation (% of net assets)
Municipal Bonds	161.3%
Exchange-Traded Funds	1.4%
Variable Rate Senior Loan Interests	0.0%
Common Stocks	0.0%
Other Assets & Liabilities, Net	5.2%
Floating Rate Obligations	(38.0)%
AMTP Shares, Net	(29.9)%
Net Assets	100%

Portfolio Credit Quality (% of total investments)
AAA	1.5%
AA	10.5%
A	18.1%
BBB	12.6%
BB or Lower	7.9%
N/R (not rated)	49.4%
Total	100%
Portfolio Composition (% of total investments)
Tax Obligation/Limited	32.1%
Transportation	19.4%
Education and Civic Organizations	10.6%
Health Care	10.4%
Tax Obligation/General	5.3%
Housing/Multifamily	5.2%
Other	17.0%
Variable Rate Senior Loan Interests	0.0%
Common Stocks	0.0%
Total	100%

States and Territories1 (% of total municipal bonds)
Florida	12.0%
Colorado	10.0%
Illinois	9.7%
New York	8.6%
California	8.4%
Puerto Rico	6.0%
Wisconsin	5.5%
Texas	4.5%
Missouri	2.8%
Ohio	2.6%
New Jersey	2.5%
Arizona	2.1%
Virginia	2.1%
Michigan	2.0%
Alabama	2.0%
Kentucky	1.9%
Pennsylvania	1.6%
Iowa	1.3%
South Carolina	1.2%
Oklahoma	1.1%
Other	12.1%
Total	100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

13

NMCO Nuveen Municipal Credit Opportunities Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025

Performance*

			Total Returns as of April 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		Since  Inception
NMCO at Common Share NAV		9/16/19		(2.95)%		2.09%		5.04%	(0.15)%
NMCO at Common Share Price		9/16/19		(4.01)%		8.82%		4.44%	(1.06)%
S&P Municipal Yield Index		—		(1.12)%		3.60%		3.82%	2.20%

*    For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

Daily Common Share NAV and Share Price

Common   Share   NAV	Common Share Price	Premium/(Discount)       to NAV	Average Premium/(Discount) to NAV
$10.98	$10.26	(6.56)%	(6.70)%

14

Leverage and Holdings

Leverage
Effective Leverage	42.07%
Regulatory Leverage	40.17%
Fund Allocation (% of net assets)
Municipal Bonds	164.4%
Variable Rate Senior Loan Interests	0.0%
Other Assets & Liabilities, Net	8.1%
Floating Rate Obligations	(5.5)%
MFP Shares, Net	(67.0)%
Net Assets	100%
Portfolio Credit Quality (% of total investments)
AAA	0.4%
AA	3.1%
A	7.5%
BBB	12.0%
BB or Lower	15.3%
N/R (not rated)	61.7%
Total	100%

Portfolio Composition (% of total investments)
Tax Obligation/Limited	28.5%
Education and Civic Organizations	14.8%
Transportation	14.2%
Long-Term Care	7.8%
Industrials	7.6%
Consumer Staples	7.0%
Health Care	5.8%
Utilities	5.1%
Other	9.2%
Variable Rate Senior Loan Interests	0.0%
Total	100%

States and Territories1 (% of total municipal bonds)
Colorado	11.5%
Florida	10.0%
New York	9.6%
Wisconsin	9.4%
California	5.9%
Illinois	5.9%
Puerto Rico	5.5%
Ohio	4.9%
Alabama	3.6%
Georgia	3.6%
Texas	3.2%
District of Columbia	2.5%
Pennsylvania	2.2%
Utah	2.0%
New Jersey	1.7%
Louisiana	1.7%
Arkansas	1.6%
Arizona	1.5%
Virginia	1.5%
Virgin Islands	1.4%
Other	10.8%
Total	100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

15

NDMO Nuveen Dynamic Municipal Opportunities Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025

Performance*

			Total Returns as of    April 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month			1-Year		Since Inception
NDMO at Common Share NAV		8/26/20		(2.14)%			3.02%	(1.04)%
NDMO at Common Share Price		8/26/20		(4.18)%			(0.49)%	(2.02)%
S&P Municipal Yield Index		—		(1.12)%			3.60%	1.93%
S&P Municipal Bond Index		—		(0.45)%			2.28%	0.41%

*    For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

Daily Common Share NAV and Share Price

Common   Share   NAV	Common Share Price	Premium/(Discount)       to NAV	Average Premium/(Discount) to NAV
$10.49	$9.91	(5.53)%	(5.45)%

16

Leverage and Holdings

Leverage
Effective Leverage	30.43%
Regulatory Leverage	27.75%
Fund Allocation (% of net assets)
Municipal Bonds	144.8%
Corporate Bonds	1.6%
Variable Rate Senior Loan Interests	0.0%
Short-Term Municipal Bonds	2.2%
Other Assets & Liabilities, Net	(4.9)%
Floating Rate Obligations	(5.3)%
MFP Shares, Net	(38.4)%
Net Assets	100%

Portfolio Credit Quality (% of total investments)
AAA	0.9%
AA	16.9%
A	19.3%
BBB	12.2%
BB or Lower	10.0%
N/R (not rated)	40.7%
Total	100%
Portfolio Composition (% of total investments)
Tax Obligation/Limited	25.8%
Transportation	13.7%
Education and Civic Organizations	12.7%
Utilities	11.9%
Tax Obligation/General	10.7%
Health Care	8.2%
Industrials	6.0%
Other	9.9%
Corporate Bonds	1.1%
Variable Rate Senior Loan Interests	0.0%
Total	100%

States and Territories1 (% of total municipal bonds)
Colorado	13.4%
California	11.9%
New York	11.4%
Florida	7.4%
Texas	5.6%
Alabama	5.0%
Puerto Rico	4.6%
Illinois	4.1%
Wisconsin	4.0%
Pennsylvania	3.8%
Arizona	3.7%
Michigan	2.2%
Indiana	2.2%
Tennessee	1.6%
Washington	1.5%
Ohio	1.3%
New Hampshire	1.2%
Arkansas	1.1%
National	1.1%
Georgia	1.1%
Other	11.8%
Total	100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

17

Portfolio of Investments April 30, 2025

NVG

(Unaudited)

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			LONG-TERM INVESTMENTS - 165.9% (98.3% of Total Investments)
			MUNICIPAL BONDS - 165.9% (98.3% of Total Investments)
			ALABAMA - 2.6% (1.5% of Total Investments)
$	1,890,000		Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B		4.700%		10/01/49	$	1,873,004
	1,460,000		Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B		4.800		10/01/54		1,452,825
	1,500,000		Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024C		4.625		10/01/49		1,478,001
	2,000,000		Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024D		4.500		10/01/49		1,954,522
	2,000,000		Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024D		4.550		10/01/54		1,940,885
	3,645,000	(a)	Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A		6.000		09/01/45		3,567,888
	850,000		Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A		4.000		07/01/43		777,606
	7,500,000		Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Prepay Morgan Stanley Series 2022C-1, (Mandatory Put 6/01/29)		5.250		02/01/53		7,842,634
	2,160,000		Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024		5.500		10/01/53		2,212,274
	30,730,000		Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A		5.000		09/01/46		32,181,664
	7,745,000		Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015		5.875		04/15/45		5,426,636
	2,000,000		Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A		5.000		11/01/35		2,060,585
	1,000,000		The Improvement District of the City of Mobile - McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A		5.250		08/01/30		1,006,646
	1,300,000		The Improvement District of the City of Mobile - McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A		5.500		08/01/35		1,308,660
	4,220,000	(a)	Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A		5.250		05/01/44		4,121,192
			TOTAL ALABAMA						69,205,022
			ALASKA - 0.5% (0.3% of Total Investments)
	2,000,000		Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2024A-II		4.700		12/01/49		1,983,007
	1,780,000		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1		4.000		06/01/39		1,682,509
	2,490,000		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1		4.000		06/01/41		2,302,707
	8,100,000		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1		4.000		06/01/50		6,846,629
	665,000		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2021B-1 Class 2		4.000		06/01/50		633,190
	9,055,000		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 Class 2		0.000		06/01/66		1,148,350
			TOTAL ALASKA						14,596,392
			ARIZONA - 2.3% (1.4% of Total Investments)
	2,180,000		Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2024A		5.000		07/01/50		2,246,136
	1,475,000	(a)	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D		5.000		07/01/47		1,410,906
	6,290,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2019		5.000		07/01/54		5,734,533
	3,260,000	(a),(b)	Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A		6.375		06/01/39		2,282,000

18 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARIZONA (continued)
$	1,610,000		Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2024A		4.700%		10/01/51	$	1,612,393
	1,000,000		Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2024C		4.650		10/01/49		987,276
	1,970,000	(c)	Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2025A		5.100		10/01/50		1,998,652
	1,000,000	(c)	Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2025A		5.150		10/01/53		1,011,640
	3,142,196	(a),(b)	Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A		7.000		07/01/41		2,199,537
	865,000		Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C		4.750		09/01/49		863,126
	1,350,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A		4.000		07/01/56		1,045,100
	1,730,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B		5.000		07/01/49		1,633,299
	1,975,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B		5.000		07/01/54		1,827,642
	800,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016		5.000		07/01/47		740,161
	750,000	(c)	Mesa, Arizona, Utility System Revenue Bonds, Series 2025		4.500		07/01/49		731,904
	6,000,000		Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured		5.500		07/01/37		6,990,406
	8,755,000		Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured		5.500		07/01/39		10,203,699
	620,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A		5.000		07/01/35		620,229
	1,025,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A		5.000		07/01/46		983,075
	1,130,000	(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.250		07/01/36		791,000
	1,850,000	(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.375		07/01/46		1,295,000
	2,135,000	(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.500		07/01/51		1,494,500
	2,920,000	(a),(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019		5.875		07/01/51		2,044,000
	3,050,000	(a)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017		6.750		02/01/50		3,097,246
	6,120,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.000		12/01/32		6,437,602
	2,365,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.000		12/01/37		2,460,602
			TOTAL ARIZONA						62,741,664

See Notes to Financial Statements 19

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARKANSAS - 0.6% (0.4% of Total Investments)
$	2,750,000	(a)	Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A		7.000%		07/01/59	$	2,513,255
	1,000,000		Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2024A		4.600		07/01/49		980,280
	2,635,000		Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006 - AMBAC Insured		0.000		07/01/36		1,577,203
	20,480,000		Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006 - AMBAC Insured		0.000		07/01/46		6,940,463
	2,695,000		Springdale, Arkansas, Sales and Use Tax Revenue Bonds, Refunding & Improvement Series 2023B - BAM Insured		4.125		08/01/50		2,432,184
	900,000		Springdale, Arkansas, Water and Sewer Revenue Bonds, Series 2025		4.125		09/01/45		857,222
	1,000,000		Springdale, Arkansas, Water and Sewer Revenue Bonds, Series 2025		4.125		09/01/46		941,504
			TOTAL ARKANSAS						16,242,111
			CALIFORNIA - 12.5% (7.4% of Total Investments)
	6,135,000		Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B - AGC Insured		0.000		08/01/30		5,117,123
	5,795,000		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured		0.000		09/01/35		3,873,689
	6,820,000	(d)	Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured, (ETM)		0.000		09/01/35		4,759,119
	4,100,000		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A		5.000		03/01/41		3,868,102
	3,875,000		Bakersfield City School District, Kern County, California, General Obligation Bonds, Election 2016 Series 2022C - BAM Insured		2.500		11/01/46		2,623,463
	5,500,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32)		5.000		01/01/55		5,675,828
	5,000,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32)		5.000		02/01/55		5,260,516
	2,215,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024H, (Mandatory Put 8/01/33)		5.000		01/01/56		2,371,270
	2,325,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Fountains at Emerald Park, Senior Lien Series 2021A-1		3.000		08/01/56		1,600,019
	2,000,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1		3.000		02/01/57		1,329,442
	190,000		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-1		5.000		06/01/49		187,115
	50,460,000		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-2		0.000		06/01/55		9,579,912
	1,500,000		California County Tobacco Securitization Agency, Tobacco Settlement Bonds, Gold Country Settlement Funding Corporation, Senior Series 2020A		4.000		06/01/49		1,316,087
	5,000,000	(e)	California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2019V-1		5.000		05/01/49		5,397,693
	12,940,000	(e)	California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2019V-1, (UB)		5.000		05/01/49		13,969,229
	10,000,000		California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2021V-2		5.000		04/01/51		10,766,092
	13,650,000		California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2025A		5.000		10/01/55		14,331,256

20 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	8,300,000	(e)	California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, (UB)		5.000%		05/01/45	$	9,079,168
	1,000,000		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A		5.000		08/15/54		1,000,002
	3,065,000	(a)	California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A		5.000		07/01/31		3,078,136
	1,000,000	(a)	California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A		5.000		07/01/36		1,001,245
	555,000	(a)	California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A		5.000		07/01/41		534,814
	195,000	(a)	California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A		5.000		07/01/46		183,719
	260,000		California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A		5.000		06/01/36		261,175
	435,000		California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A		5.000		06/01/46		425,658
	3,000,000	(a)	California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A		6.000		10/01/50		2,959,334
	5,425,000	(a)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019		5.000		11/21/45		5,443,524
	2,050,000		California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017		5.000		10/15/47		1,969,166
	735,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016		5.000		06/01/46		441,000
	715,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2016A		5.000		06/01/36		711,089
	570,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2017A		5.125		06/01/47		537,679
	80,000		California State, General Obligation Bonds, Series 2002 - NPFG Insured		5.000		10/01/32		80,082
	5,000		California State, General Obligation Bonds, Series 2004 - AMBAC Insured		5.000		04/01/31		5,006
	5,860,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.500		12/01/54		5,794,761
	58,130,000	(a)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		58,063,226
	7,130,000	(a)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A		5.500		12/01/58		7,178,338
	3,356	(b),(f)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.750		07/01/30		3,356
	9,685	(b),(f)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.750		07/01/35		9,686
	3,380,000		Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)		5.000		12/01/55		3,572,182
	5,000,000	(d)	Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A - FGIC Insured, (ETM)		0.000		08/01/25		4,956,194
	5,330,000	(a)	CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior Lien Series 2021A-1		3.000		08/01/56		3,529,816
	4,000,000	(a)	CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, Senior Series 2021A-1		3.000		12/01/56		2,620,507
	3,410,000		Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C - AGM Insured		0.000		08/01/33		2,528,770
	14,375,000		Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C - AGM Insured		0.000		08/01/39		7,425,692

See Notes to Financial Statements 21

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	2,000,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-1		3.600%		05/01/47	$	1,603,228
	5,000,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-2		3.250		05/01/57		3,333,198
	5,000,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-2		4.000		06/01/58		3,852,003
	4,720,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-1		3.400		10/01/46		3,618,779
	15,985,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.125		07/01/56		10,341,560
	5,000,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-2		3.000		12/01/56		3,304,166
	2,475,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Vineyard Gardens Apartments, Senior Lien Series 2021A		3.250		10/01/58		1,633,933
	12,500,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2		4.000		12/01/58		8,881,280
	5,000,000		Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election of 2024 Series 2025		4.000		08/01/50		4,674,945
	2,615,000		El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A - AGM Insured		6.900		08/01/31		2,911,580
	3,600,000		El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A - AGM Insured		7.050		08/01/34		4,001,106
	3,960,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured		0.000		01/15/34		2,887,421
	5,000,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured		0.000		01/15/35		3,487,327
	910,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A		6.850		01/15/42		1,039,871
	4,595,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Term Rate Sub-Series 2013B-1		3.500		01/15/53		3,591,697
	7,860,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2		0.000		06/01/66		845,894
	1,825,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2022A-1		5.000		06/01/51		1,828,046
	5,795,000		Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006 - AGM Insured		0.000		11/01/25		5,696,557
	1,050,000		Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A - AGM Insured		4.375		09/02/25		1,050,933
	7,575,000	(g)	Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A		0.000		08/01/43		7,300,693
	3,310,000		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B		6.500		11/01/39		3,933,888
	530,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000		08/01/26		510,187

22 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	270,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000%		08/01/26	$	259,907
	605,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000		08/01/26		582,384
	540,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000		08/01/26		519,813
	3,960,000		Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured		0.000		08/01/26		3,801,291
	225,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000		08/01/28		203,265
	110,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000		08/01/28		99,374
	170,000	(d)	Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM)		0.000		08/01/28		153,578
	1,715,000		Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured		0.000		08/01/28		1,539,375
	3,905,000		Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A		4.250		08/15/38		3,879,363
	2,560,000		Palo Alto, California, Certificates of Participation, Public Safety Building, Series 2021		2.000		11/01/42		1,703,141
	1,940,000		Palo Alto, California, Certificates of Participation, Public Safety Building, Series 2021		2.125		11/01/44		1,266,056
	3,700,000		Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A - NPFG Insured		0.000		08/01/25		3,651,560
	7,935,000		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured		7.000		08/01/38		8,718,982
	1,000,000		Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024		0.000		06/01/41		477,324
	1,350,000		Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024		0.000		06/01/44		546,358
	1,000,000		Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024		0.000		06/01/45		382,548
	1,250,000		Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024		0.000		06/01/46		451,164
	245,000		Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024		0.000		06/01/47		83,630
	9,145,000		Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999 - AMBAC Insured		0.000		08/01/30		7,537,782
	480,000		San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015		5.000		09/01/40		480,776
	905,000		San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015		5.000		09/01/46		905,751
	3,400,000		San Mateo County Community College District, California, General Obligation Bonds, Series 2006C - NPFG Insured		0.000		09/01/30		2,851,168
	4,340,000		San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G - AGM Insured		0.000		08/01/34		3,012,532
	605,000	(a)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		6.250		09/01/47		622,588
			TOTAL CALIFORNIA						339,477,282

See Notes to Financial Statements 23

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO - 10.2% (6.0% of Total Investments)
$	4,435,000		Adams County, Colorado, Certificates of Participation, Series 2024		4.000%		12/01/54	$	4,008,981
	4,300,000		Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021		4.375		12/01/52		3,495,313
	1,400,000	(a)	Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024		5.500		12/01/44		1,382,338
	850,000		Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A		5.000		12/01/39		818,190
	806,000		Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A		5.500		12/01/36		806,207
	1,175,000		Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A		5.750		12/01/46		1,174,977
	1,140,000	(a)	Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017		5.000		12/01/37		1,086,741
	5,465,000	(a)	Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017		5.000		12/01/47		4,845,725
	4,475,000		Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2020A		5.000		12/01/51		3,882,371
	930,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016		3.625		08/01/46		733,938
	1,165,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A		5.000		12/01/38		1,165,219
	3,675,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016		3.750		06/15/47		2,920,706
	1,750,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 - Frontier Academy, Refunding & Improvement Series 2016		3.250		06/01/46		1,280,095
	2,460,000	(d)	Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)		5.000		06/01/42		2,549,474
	23,470,000	(d)	Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)		5.000		06/01/47		24,323,639
	2,140,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		4.000		08/01/49		1,850,474
	4,900,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2020A		4.000		12/01/50		4,031,063
	1,000,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A		5.125		12/01/55		1,002,796
	1,410,000	(d)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25)		5.000		06/01/32		1,411,609
	2,000,000	(d)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25)		5.000		06/01/33		2,002,282
	5,870,000	(d)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25)		5.000		06/01/40		5,876,697
	6,920,000	(d)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25)		5.000		06/01/45		6,927,895
	2,035,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A		5.250		05/15/47		2,020,968
	13,610,000		Colorado Housing and Finance Authority, Multifamily Project Bonds, Class I Series 2020B		2.350		10/01/43		8,741,989
	4,105,000		Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018		5.875		12/01/46		3,938,638

24 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,480,000		Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A		5.250%		12/01/47	$	1,364,987
	1,244,000		Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B		5.250		12/01/47		1,144,414
	500,000		Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016		5.250		12/01/40		500,258
	11,855,000		Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024		0.000		12/01/31		6,775,454
	10,000,000		Denver School District 1, Colorado, General Obligation Bonds, Series 2025C		5.500		12/01/46		10,878,218
	2,050,000	(a)	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A		5.250		12/01/39		1,945,167
	405,000	(a)	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A		5.250		12/01/39		384,289
	11,700,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A		0.000		09/01/41		5,477,973
	6,525,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B - NPFG Insured		0.000		09/01/26		6,235,559
	17,030,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured		0.000		09/01/25		16,823,676
	10,005,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured		0.000		09/01/32		7,578,165
	43,090,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured		0.000		09/01/33		31,157,638
	20,000,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured		0.000		09/01/27		18,454,594
	1,180,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured		0.000		09/01/28		1,049,981
	7,000,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured		0.000		09/01/34		4,821,577
	5,575,000	(a)	Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A		6.750		12/01/34		5,378,583
	590,000		Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014		6.000		12/01/38		548,441
	3,215,000	(a)	Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024		5.500		12/01/44		3,007,741
	1,000,000		Independence Metropolitan District 3, Elbert County, Colorado, Limited Tax General Obligation Bonds, Special Revenue Refunding and Improvement Series 2024A		5.375		12/01/54		914,809
	841,000		Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016		5.000		12/01/35		841,576
	5,155,000		North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B		3.500		12/01/45		3,962,336
	978,000		North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A		5.625		12/01/37		952,651
	1,000,000		North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A		5.750		12/01/47		961,428
	3,380,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		5.000		12/01/39		3,105,852

See Notes to Financial Statements 25

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	6,900,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		5.000%		12/01/49	$	5,823,245
	660,000		Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016		5.000		12/01/36		662,471
	1,060,000		Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016		5.000		12/01/46		1,014,351
	660,000		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A		5.000		12/01/45		661,104
	1,000,000	(a)	Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A		7.750		12/01/53		801,050
	1,335,000	(a)	Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A		5.000		12/01/41		1,159,037
	4,000,000		Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2		8.000		12/01/52		2,623,980
	2,760,000	(a)	Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A		5.000		12/15/41		2,652,797
	1,500,000		Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021		4.000		12/01/41		1,293,860
	1,310,000		Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018		5.375		12/01/37		1,322,899
	3,265,000		Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018		5.500		12/01/47		3,271,421
	4,200,000		Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025		0.000		12/01/32		2,415,504
	5,050,000		Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A		3.000		07/15/37		4,337,037
	1,320,000		Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A		5.000		12/01/52		1,071,323
	1,000,000		STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A		5.000		12/01/38		1,030,181
	570,000		STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A		5.000		12/01/49		587,203
	765,000		Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Refunding & Improvement Senior Series 2020A		4.250		12/01/50		649,255
	523,000		Sterling Ranch Community Authority Board, Douglas County, Colorado, Special Improvement Revenue Bonds, Special District 1, Series 2024		5.625		12/01/43		522,589
	2,765,000		Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020		5.125		12/01/50		2,382,419
	450,000		The Village at Dry Creek Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019		4.375		12/01/44		404,893
	500,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2		5.500		12/01/51		390,407
	900,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1		5.000		12/01/51		660,795
	3,410,000		Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020 - AGM Insured		5.000		12/01/50		3,422,145
	8,260,000		West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022		6.750		12/01/52		7,485,637

26 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	3,250,000	(a)	West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024		5.750%		12/01/44	$	3,020,459
			TOTAL COLORADO						276,209,754
			CONNECTICUT - 4.0% (2.4% of Total Investments)
	2,800,000		Bridgeport, Connecticut, General Obligation Bonds, Series 2016D - AGM Insured		5.000		08/15/41		2,806,995
	1,470,000		Bridgeport, Connecticut, General Obligation Bonds, Series 2017A		5.000		11/01/36		1,501,955
	750,000		Bridgeport, Connecticut, General Obligation Bonds, Series 2017A		5.000		11/01/37		764,984
	1,100,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc., Series 2014A		5.000		08/01/44		1,043,730
	590,000	(a)	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A		5.000		09/01/46		540,052
	2,540,000	(a)	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A		5.000		09/01/53		2,220,441
	3,000,000	(a)	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1		5.000		10/01/54		2,249,629
	1,915,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2015O		5.000		07/01/36		1,916,149
	1,770,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A		4.000		07/01/41		1,626,832
	2,000,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A		4.000		07/01/49		1,734,569
	5,000,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L		4.125		07/01/41		4,799,188
	1,745,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L		5.000		07/01/45		1,708,786
	500,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2016M		5.000		07/01/34		502,099
	1,250,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2016M		5.000		07/01/36		1,252,704
	5,145,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1		5.000		07/01/42		5,181,325
	4,025,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2016K		4.000		07/01/46		3,532,440
	2,250,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of New Haven, Series 2018K-1		5.000		07/01/38		2,256,639
	1,775,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2023B		4.500		11/15/43		1,776,756
	13,425,000	(e)	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2023B, (UB)		4.650		11/15/48		13,519,818
	2,940,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A		4.450		11/15/44		2,892,975
	5,475,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1		4.650		11/15/51		5,379,090
	1,250,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Sustainability Green Series 2024D-1		4.750		11/15/49		1,258,322
	2,145,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Sustainability Green Series 2024D-1		4.800		11/15/54		2,161,681
	2,630,000		Connecticut State, General Obligation Bonds, Series 2015F		5.000		11/15/34		2,637,451
	3,750,000		Connecticut State, General Obligation Bonds, Series 2017A		5.000		04/15/35		3,829,301
	2,315,000		Connecticut State, General Obligation Bonds, Series 2018A		5.000		04/15/37		2,374,815
	5,000,000		Connecticut State, General Obligation Bonds, Series 2018A		5.000		04/15/38		5,115,640
	1,035,000		Connecticut State, General Obligation Bonds, Series 2018E		5.000		09/15/37		1,063,779
	2,145,000		Connecticut State, General Obligation Bonds, Social Series 2024G		3.000		11/15/42		1,726,737
	2,260,000		Connecticut State, General Obligation Bonds, Social Series 2024G		3.000		11/15/43		1,785,941

See Notes to Financial Statements 27

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CONNECTICUT (continued)
$	1,380,000		Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2015A		5.000%		08/01/33	$	1,381,997
	5,300,000		Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A		5.000		09/01/33		5,383,108
	1,075,000		Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A		5.000		09/01/34		1,090,937
	55,000		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A - NPFG Insured		5.000		08/15/35		55,030
	2,315,000	(a)	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Refunding Series 2017		5.000		04/01/39		2,317,863
	2,285,000		Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 2018		5.000		07/15/36		2,369,897
	1,550,000		New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A - AGM Insured		5.000		08/15/35		1,567,999
	790,000		New Haven, Connecticut, General Obligation Bonds, Series 2015 - AGM Insured		5.000		09/01/32		792,982
	1,620,000		New Haven, Connecticut, General Obligation Bonds, Series 2015 - AGM Insured		5.000		09/01/33		1,625,480
	500,000		New Haven, Connecticut, General Obligation Bonds, Series 2015 - AGM Insured		5.000		09/01/35		501,348
	1,045,000		New Haven, Connecticut, General Obligation Bonds, Series 2017A		5.000		08/01/35		1,062,940
	1,425,000		New Haven, Connecticut, General Obligation Bonds, Series 2017A		5.000		08/01/36		1,446,191
	1,300,000		Stamford Housing Authority, Connecticut, Revenue Bonds, Mozaic Concierge Living Project, Series 2025A		6.500		10/01/55		1,307,429
	500,000		Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A		5.250		08/15/43		500,496
	1,285,000		Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Steelpointe Harbor Project, Series 2021		4.000		04/01/51		1,031,977
	1,005,000		Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A - BAM Insured		5.000		08/15/30		1,050,674
	2,250,000		University of Connecticut, General Obligation Bonds, Series 2015A		5.000		03/15/31		2,278,094
	445,000		Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured		5.000		08/01/30		446,959
	390,000		Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured		5.000		08/01/31		391,650
	610,000		Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured		5.000		08/01/32		612,442
	445,000		Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured		5.000		08/01/33		446,673
	445,000		Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured		5.000		08/01/34		446,533
			TOTAL CONNECTICUT						109,269,522
			DELAWARE - 0.5% (0.3% of Total Investments)
	780,000		Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B		4.650		07/01/49		771,302
	1,000,000		Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B		4.750		07/01/54		989,506
	3,475,000		Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024D		4.450		07/01/49		3,385,642
	1,890,000		Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024D		4.500		07/01/54		1,819,480
	2,200,000		Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A		4.650		07/01/50		2,166,357
	1,530,000		Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A		4.700		07/01/55		1,501,539

28 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			DELAWARE (continued)
$	3,010,000		Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing Foundation - Dover LLC Delaware State University Project, Series 2018A		5.000%		07/01/48	$	2,867,572
	1,000,000		Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing Foundation - Dover LLC Delaware State University Project, Series 2018A		5.000		07/01/58		918,762
			TOTAL DELAWARE						14,420,160
			DISTRICT OF COLUMBIA - 4.0% (2.4% of Total Investments)
	3,780,000		District of Columbia Student Dormitory Revenue Bonds, Provident Group - Howard Properties LLC Issue, Series 2013		5.000		10/01/45		3,506,959
	182,000,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A		0.000		06/15/46		45,410,802
	6,520,000		District of Columbia, General Obligation Bonds, Series 2024A		5.000		08/01/49		6,760,514
	1,500,000		District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A		5.000		07/01/42		1,428,913
	4,225,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured		4.000		10/01/52		3,704,715
	17,595,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured		2.750		10/01/53		10,865,650
	22,015,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured		3.000		10/01/53		14,482,707
	11,000,000	(d)	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, (Pre-refunded 10/01/26) - AGC Insured		6.500		10/01/41		11,512,085
	10,000,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B		6.500		10/01/44		10,652,701
			TOTAL DISTRICT OF COLUMBIA						108,325,046
			FLORIDA - 4.4% (2.6% of Total Investments)
	1,105,000	(a)	Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024		5.000		05/01/44		1,069,538
	990,000		Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016		4.700		05/01/36		981,933
	3,350,000	(a)	Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020		5.000		12/15/50		2,964,937
	1,290,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018		6.100		08/15/38		1,315,283
	1,045,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018		6.200		08/15/48		1,048,224
	1,290,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021		4.000		08/15/51		971,623
	1,065,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A		5.375		07/01/37		1,069,454
	1,470,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A		5.500		07/01/47		1,471,182
	6,050,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A		5.125		06/15/37		5,850,661
	1,885,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A		5.250		06/15/47		1,729,104
	880,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A		5.000		10/15/37		872,270
	735,000	(a)	Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2019A		5.000		10/15/49		685,184
	4,670,000		City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015		5.000		09/01/41		4,684,712

See Notes to Financial Statements 29

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	275,000		Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012		5.000%		05/01/26	$	276,692
	240,000		Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1		5.250		11/01/37		242,822
	305,000		Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1		5.600		11/01/46		308,128
	280,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.250		05/01/35		281,269
	315,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.300		05/01/36		316,562
	475,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.500		05/01/45		476,116
	655,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.500		05/01/46		656,397
	255,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A		6.000		06/15/37		256,763
	665,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A		6.125		06/15/46		668,175
	415,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A		6.000		06/15/37		417,869
	2,375,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C		5.650		07/01/37		2,399,799
	3,735,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C		5.750		07/01/47		3,713,340
	2,075,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A		4.750		07/15/36		1,986,603
	1,335,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A		5.000		07/15/46		1,226,069
	3,330,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A		5.000		06/15/50		3,191,969
	3,405,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A		5.000		06/15/55		3,228,815
	3,090,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A		6.000		06/15/35		3,091,931
	3,450,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A		6.125		06/15/46		3,450,446
	550,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A		6.125		06/15/44		550,106
	4,380,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A		6.125		06/15/47		4,322,146
	1,485,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A		6.250		06/15/36		1,497,990
	4,350,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A		6.375		06/15/46		4,371,167
	3,905,000		Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5		4.600		07/01/49		3,837,160
	2,500,000		Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5		4.650		07/01/54		2,446,322

30 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	4,230,000		Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2025-1		4.600%		07/01/50	$	4,134,465
	5,490,000		Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series 2021-1		2.150		07/01/51		3,118,212
	1,435,000		Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016		4.750		05/01/36		1,422,130
	2,215,000	(a)	Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University Project, Series 2018B		5.000		06/01/53		1,845,897
	625,000	(a)	Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017		5.000		05/01/37		630,000
	1,080,000	(a)	Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017		5.875		07/01/37		1,083,382
	1,920,000	(a)	Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017		6.000		07/01/47		1,920,347
	4,710,000		Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014		5.000		10/01/43		4,711,541
	5,000,000		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A		5.000		07/01/39		5,003,345
	4,785,000		Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015		5.350		08/01/35		4,828,507
	5,070,000		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022		4.000		10/01/52		4,366,776
	2,890,000		Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1		5.000		10/01/49		2,924,450
	3,345,000		Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1		4.000		10/01/54		2,879,850
	2,000,000		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter Medical Center, Series 2022		5.000		11/01/47		1,962,322
	825,000		Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016		5.000		11/01/46		815,866
	1,000,000		Sarasota County Public Hospital District, Florida, Hospital Revenue Bonds, Sarasota Memorial Hospital Project, Series 2018		4.000		07/01/48		883,906
	220,000	(a)	Seminole County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A		4.000		06/15/51		172,295
	120,000		Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016		4.750		11/01/28		121,475
	365,000		Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016		5.375		11/01/36		371,639
	900,000		South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016		5.375		05/01/37		908,616
	2,000,000	(a)	Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024		4.800		05/01/55		1,894,466
	5,015,000		Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015		5.000		06/01/40		4,804,430
			TOTAL FLORIDA						118,732,678
			GEORGIA - 3.6% (2.2% of Total Investments)
	1,890,000		Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A		6.500		12/15/48		1,628,643
	17,085,000		Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Transmission Corporation Vogtle Project, Series 2012		2.750		01/01/52		10,518,782
	5,775,000		Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C		4.125		11/01/45		5,143,804

See Notes to Financial Statements 31

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			GEORGIA (continued)
$	11,280,000		Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D		4.125%		11/01/45	$	10,047,119
	11,100,000	(e)	Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B, (UB)		5.125		04/01/48		11,302,851
	2,680,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A		3.950		12/01/43		2,370,225
	3,085,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A		4.000		12/01/48		2,724,193
	2,215,000	(e)	Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2023A, (UB)		4.350		12/01/43		2,216,864
	3,000,000	(e)	Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2023A, (UB)		4.550		12/01/48		2,939,557
	4,470,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A		4.600		12/01/49		4,382,983
	635,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A		4.700		12/01/54		629,254
	5,000,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C		4.550		12/01/49		4,933,910
	1,000,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C		4.600		12/01/54		972,068
	2,325,000		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2019A		5.000		01/01/56		2,315,009
	1,300,000	(a)	Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017		5.750		06/15/37		1,321,665
	10,000,000	(a)	Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27)		4.000		08/01/52		9,920,863
	5,000,000		Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023E-1, (Mandatory Put 6/01/31)		5.000		12/01/53		5,245,578
	2,000,000	(a)	Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A		5.000		11/01/47		1,825,266
	5,000,000		Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Green Series 2025A		5.250		07/01/50		5,339,536
	5,870,000		Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A		5.000		07/01/60		5,833,795
	6,390,000		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015		5.000		10/01/40		6,396,889
			TOTAL GEORGIA						98,008,854
			GUAM - 0.3% (0.2% of Total Investments)
	1,500,000		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D		5.000		11/15/39		1,503,062
	750,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A		5.000		07/01/41		752,249
	875,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A		5.000		07/01/42		875,121
	750,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A		5.000		07/01/43		747,876
	1,095,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A		5.000		01/01/46		1,075,440
	1,665,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017		5.000		07/01/40		1,669,605
	1,080,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2020A		5.000		01/01/50		1,070,496
			TOTAL GUAM						7,693,849
			HAWAII - 0.1% (0.0% of Total Investments)
	1,500,000	(a)	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A		5.000		01/01/45		1,269,711
			TOTAL HAWAII						1,269,711

32 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			IDAHO - 2.2% (1.3% of Total Investments)
$	3,300,000		Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014		4.375%		07/01/34	$	3,300,314
	12,495,000		Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014		4.750		07/01/44		11,703,523
	1,250,000		Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016		5.000		09/01/37		1,209,220
	8,335,000		Idaho Housing & Finance Association, Idaho, Sales Tax Revenue Bonds, Transportation Expansion & Congestion Mitigation Fund, Series 2025A		5.000		08/15/49		8,704,721
	8,590,000		Idaho Housing & Finance Association, Idaho, Sales Tax Revenue Bonds, Transportation Expansion & Congestion Mitigation Fund, Series 2025A		4.000		08/15/50		7,802,696
	500,000	(a)	Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A		5.000		07/01/40		438,802
	1,415,000	(a)	Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A		5.250		07/01/55		1,174,665
	11,445,000	(e)	Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2023C, (UB)		4.800		07/01/53		11,533,833
	2,275,000		Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A		4.600		01/01/49		2,231,044
	10,769,000	(a)	Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2021		3.750		09/01/51		9,621,463
	2,500,000		Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024		6.250		09/01/53		2,563,806
			TOTAL IDAHO						60,284,087
			ILLINOIS - 20.5% (12.1% of Total Investments)
	67,135,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016		6.000		04/01/46		68,425,429
	1,000,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017		5.000		04/01/46		990,502
	1,110,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023		5.750		04/01/48		1,166,573
	5,440,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A		5.000		12/01/42		5,060,510
	8,400,000	(a)	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B		7.000		12/01/42		8,693,004
	5,835,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H		5.000		12/01/36		5,652,793
	4,940,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H		5.000		12/01/46		4,595,643
	6,055,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D		5.000		12/01/46		5,632,918
	38,905,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A		7.000		12/01/44		39,215,972
	14,805,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B		6.500		12/01/46		15,001,493
	19,585,000	(a)	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A		7.000		12/01/46		20,230,866
	1,410,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured		0.000		12/01/30		1,110,004
	1,500,000		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A		5.000		12/01/55		1,437,163
	5,000,000		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding Senior Lien Series 2022B		5.250		01/01/56		5,120,800
	6,000,000		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2024B		5.500		01/01/59		6,317,462
	1,355,000		Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A		5.500		01/01/39		1,416,432
	32,670,000		Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured		0.000		01/01/32		24,811,816
	2,605,000		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C		5.000		01/01/38		2,583,531

See Notes to Financial Statements 33

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ILLINOIS (continued)
$	2,500,000		Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT		4.450%		11/01/36	$	2,519,021
	3,400,000		Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT		5.500		11/01/36		3,406,295
	1,700,000	(a)	Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A		5.750		12/01/35		1,705,293
	115,000	(a)	Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A		6.000		12/01/45		115,224
	8,835,000		Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident Group - UIC Surgery Center, LLC - University of Illinois Health Services Facility Project, Series 2020		4.000		10/01/50		7,447,848
	1,125,000	(d)	Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27)		4.000		02/15/41		1,138,994
	29,630,000		Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C		4.000		02/15/41		27,259,295
	80,000	(d)	Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27)		4.000		02/15/41		80,995
	1,755,000	(d)	Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27)		4.000		02/15/41		1,776,831
	500,000	(a)	Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A		5.625		08/01/53		512,720
	4,000,000	(b)	Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A		5.000		11/01/49		2,680,000
	10,000,000	(e)	Illinois Finance Authority, Revenue Bonds, Northshore - Edward- Elmhurst Health Credit Group, Series 2022A, (UB)		5.000		08/15/47		10,282,804
	12,000,000		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A		5.000		11/15/45		11,833,523
	1,000,000		Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research Building Project, Series 2017C		5.000		08/01/42		994,901
	1,000,000		Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research Building Project, Series 2017C		5.000		08/01/46		978,394
	1,000,000		Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research Building Project, Series 2017C		5.000		08/01/47		972,156
	560,000		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C		5.000		08/15/35		560,850
	5,140,000		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C		5.000		08/15/44		4,999,608
	10,000,000	(e)	Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A, (UB)		5.000		08/15/52		10,085,894
	17,765,000	(d)	Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, (Pre-refunded 10/01/25)		5.000		10/01/46		17,878,961
	5,670,000		Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, Series 2021C		2.850		07/01/56		3,739,304
	10,000,000		Illinois Housing Development Authority, Revenue Bonds, Social Series 2024I		4.625		04/01/50		9,820,861
	3,665,000		Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014 - AGM Insured		5.250		06/15/31		3,671,170
	11,800,000		Illinois State, General Obligation Bonds, December Series 2017A		5.000		12/01/38		11,968,007
	1,330,000		Illinois State, General Obligation Bonds, December Series 2017A		5.000		12/01/39		1,346,924
	5,200,000		Illinois State, General Obligation Bonds, January Series 2016		5.000		01/01/29		5,242,675
	4,460,000		Illinois State, General Obligation Bonds, May Series 2020		5.500		05/01/39		4,679,366
	3,000,000		Illinois State, General Obligation Bonds, May Series 2024B		5.000		05/01/38		3,149,594
	12,180,000		Illinois State, General Obligation Bonds, November Series 2016		5.000		11/01/41		12,183,991
	28,845,000		Illinois State, General Obligation Bonds, November Series 2017C		5.000		11/01/29		29,734,551
	2,040,000		Illinois State, General Obligation Bonds, November Series 2017D		5.000		11/01/27		2,110,797
	5,000,000		Illinois State, General Obligation Bonds, November Series 2019B		4.000		11/01/35		4,827,163
	5,000,000		Illinois State, General Obligation Bonds, October Series 2016		5.000		02/01/29		5,113,041
	5,875,000		Illinois State, General Obligation Bonds, Refunding October Series 2024		5.000		02/01/38		6,180,575
	19,920,000		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B		5.000		01/01/40		19,964,533

34 See Notes to Financial Statements

 

 

 

PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE
		ILLINOIS (continued)
$	10,570,000	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A		5.000%		01/01/44	$	10,746,549
	1,615,000	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Series 2023A		5.250		01/01/45		1,707,046
	540,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B		5.000		06/15/52		526,088
	8,805,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A		4.000		06/15/50		7,204,076
	12,445,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A		4.000		12/15/47		10,395,517
	4,500,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A		4.000		06/15/52		3,625,890
	2,890,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A		0.000		12/15/52		646,125
	5,185,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A		5.000		06/15/53		5,056,662
	25,000,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured		0.000		06/15/44		9,580,590
	43,200,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured		0.000		06/15/45		15,602,380
	10,000,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured		0.000		06/15/46		3,396,607
	8,750,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B - NPFG Insured		0.000		06/15/28		7,709,479
	20,045,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - AGM Insured		0.000		12/15/35		12,889,960
	9,010,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		06/15/37		5,094,679
	465,000	Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment Project, Senior Lien Series 2019		5.000		01/01/39		438,194
	1,842,000	Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014 - AGM Insured		5.000		03/01/34		1,843,279
	2,615,000	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A - NPFG Insured		6.500		07/01/30		2,894,650
	3,000,000	Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Refunding Second Lien Series 2024A		5.000		01/01/37		3,252,598
	4,000,000	Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006 - NPFG Insured		0.000		10/01/25		3,931,298
		TOTAL ILLINOIS						554,966,737
		INDIANA - 2.3% (1.4% of Total Investments)
	2,000,000	Carmel Redevelopment Authority, Indiana, Ad Valorem Property Tax Lease Rental Bonds, Series 2024B		1.125		01/15/44		1,038,706
	1,000,000	Carmel, Indiana, Waterworks Revenue Bonds, Refunding, Series 2024C - BAM Insured		4.250		05/01/53		906,140
	5,000,000	Hamilton County Public Building Corporation, Indiana, Lease Rental Revenue Bonds, Series 2024		4.000		01/10/50		4,400,055
	11,845,000	Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014		5.000		10/01/44		11,376,223
	9,720,000	Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024B-1		4.750		07/01/49		9,704,321
	10,000,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured		0.000		02/01/26		9,728,474
	20,000,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured		0.000		02/01/28		18,078,862

See Notes to Financial Statements 35

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			INDIANA (continued)
$	5,015,000		IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Social Series 2023		4.250%		07/15/43	$	4,869,751
	1,485,000		Terre Haute Sanitary District, Indiana, Revenue Bonds, Refunding Series 2024 - BAM Insured		4.375		01/01/49		1,366,006
	1,000,000		Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured		5.250		01/15/44		1,050,620
			TOTAL INDIANA						62,519,158
			IOWA - 1.5% (0.9% of Total Investments)
	9,045,000	(d)	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		10,098,850
	10,860,000	(d)	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42)		5.000		12/01/50		12,125,319
	5,700,000		Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project, Series 2018		5.250		08/01/55		4,549,317
	1,525,000		Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A		4.750		07/01/49		1,522,540
	10,000,000	(e)	Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Taxable Series 2023C, (UB)		4.850		07/01/43		9,995,319
	10,850,000		Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Class 2 Capital Appreciation Senior Lien Series 2021B-2		0.000		06/01/65		1,600,510
	440,000		Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Seenior Lien Series Class 2 Series 2021B-1		4.000		06/01/49		415,259
			TOTAL IOWA						40,307,114
			KANSAS - 0.4% (0.2% of Total Investments)
	1,000,000		Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series 2017A		5.000		05/15/43		948,173
	1,440,000		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015		5.000		09/01/27		1,430,221
	2,380,000		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015		5.750		09/01/32		2,187,295
	2,575,000		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015		6.000		09/01/35		2,224,339
	2,500,000	(a)	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Village East Project Areas 2B 3 and 5, Series 2022		5.750		09/01/39		2,544,333
			TOTAL KANSAS						9,334,361
			KENTUCKY - 2.9% (1.7% of Total Investments)
	6,400,000		Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016		5.500		02/01/44		6,405,023
	10,140,000		Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A		5.000		06/01/37		10,172,374
	4,345,000		Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A		5.000		07/01/37		4,348,353
	15,620,000		Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A		5.000		01/01/45		15,622,305
	1,190,000		Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2023A		4.800		07/01/48		1,205,156
	1,030,000		Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024A		4.550		07/01/49		1,015,204
	1,000,000		Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024A		4.625		01/01/54		974,803
	1,055,000		Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C		4.600		07/01/49		1,033,944

36 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			KENTUCKY (continued)
$	3,535,000		Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C		4.650%		01/01/55	$	3,458,427
	1,000,000		Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A		4.625		07/01/49		986,208
	4,360,000		Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C		6.750		07/01/43		4,917,324
	8,510,000		Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C		6.875		07/01/46		9,627,213
	2,720,000		Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A		5.000		10/01/42		2,863,064
	2,755,000		Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A		5.000		10/01/43		2,880,792
	1,600,000		Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A		5.000		10/01/44		1,663,383
	2,640,000		Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A		5.000		05/15/52		2,527,604
	8,875,000		Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)		5.000		01/01/55		9,298,882
			TOTAL KENTUCKY						79,000,059
			LOUISIANA - 1.3% (0.8% of Total Investments)
	2,295,000		Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013		6.000		07/01/36		2,295,450
	8,000,000		East Baton Rouge Parish Capital Improvement District, Louisiana, Movebr Sales Tax Revenue Bonds, Series 2024		5.000		08/01/46		8,312,840
	5,000,000		Lafayette, Louisiana, Utilities Revenue Bonds, Electric Projects Series 2024		5.000		11/01/46		5,153,274
	560,000		Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A		4.650		12/01/54		548,769
	950,000		Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A		4.600		12/01/50		928,252
	5,370,000		Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2020A		4.000		05/15/49		4,741,218
	1,780,000		Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A		5.750		07/01/25		1,787,576
	135,000	(d)	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, (ETM)		5.750		07/01/25		135,508
	7,395,000		Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017		5.250		10/01/46		7,455,663
	3,275,000	(a)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010A		6.350		10/01/40		3,477,057
			TOTAL LOUISIANA						34,835,607
			MAINE - 1.2% (0.7% of Total Investments)
	5,505,000		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A		4.000		07/01/41		4,425,856
	10,265,000		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A		4.000		07/01/46		7,940,148
	4,500,000		Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A		2.200		11/15/51		2,424,099
	8,885,000		Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2022A		2.600		11/15/46		5,924,778
	7,695,000		Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D		2.800		11/15/45		5,720,866
	915,000		Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021C		2.300		11/15/46		579,108
	2,000,000		Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2023A		4.600		11/15/48		2,007,611

See Notes to Financial Statements 37

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MAINE (continued)
$	1,560,000		Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2023B-1		4.750%		11/15/43	$	1,563,687
	1,055,000		Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2024B		4.650		11/15/49		1,041,503
	1,255,000		Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2024C		4.750		11/15/49		1,253,260
			TOTAL MAINE						32,880,916
			MARYLAND - 2.4% (1.4% of Total Investments)
	1,280,000		Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017		5.000		09/01/33		1,286,283
	3,050,000		Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017		5.000		09/01/39		2,987,368
	3,025,000		Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017		5.000		09/01/46		2,891,201
	1,000,000	(a)	Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A		4.375		02/15/39		927,898
	6,600,000		Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C		2.450		09/01/41		4,773,207
	12,000,000		Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C		2.550		09/01/44		8,153,195
	4,660,000		Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Social Series 2025A		4.600		03/01/51		4,630,493
	7,975,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist HealthCare Issue, Series 2021B		4.000		01/01/51		6,620,808
	13,315,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A		5.500		01/01/46		13,364,706
	4,000,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016		5.000		07/01/47		3,949,032
	6,000,000		Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2020A		5.000		05/01/50		6,372,876
	2,000,000	(a)	Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016		4.750		07/01/36		1,989,092
	2,300,000	(a)	Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016		5.000		07/01/46		2,203,109
	1,335,000		Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B		4.250		11/01/37		1,204,600
	1,250,000		Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B		4.500		11/01/43		1,085,587
	2,650,000		Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B		5.000		11/01/47		2,396,696
			TOTAL MARYLAND						64,836,151
			MASSACHUSETTS - 2.8% (1.7% of Total Investments)
	2,245,000		Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A		5.250		07/01/34		2,110,389
	6,195,000		Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A		5.500		07/01/44		5,690,552
	8,200,000	(a)	Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017		4.125		10/01/42		7,252,352
	3,000,000	(a)	Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017		5.000		10/01/57		2,758,362
	3,000,000		Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2025W		4.250		07/01/55		2,835,459
	1,000,000		Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015		4.500		01/01/45		912,559
	4,280,000		Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A		4.000		10/01/46		3,405,276

38 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MASSACHUSETTS (continued)
$	900,000	(d)	Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre-refunded 7/15/30)		5.000%		07/15/46	$	973,469
	9,905,000		Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Issue Series 2025N-1		4.500		07/01/54		9,224,726
	6,000,000		Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A - AMBAC Insured		5.750		01/01/42		6,874,456
	7,405,000	(e)	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, (UB)		5.500		07/01/32		8,594,740
	2,785,000		Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D		3.875		12/01/39		2,544,957
	3,340,000		Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1		2.375		12/01/46		2,140,475
	3,600,000		Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1		2.450		12/01/51		2,135,395
	8,310,000		Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1		2.550		12/01/56		4,982,659
	250,000		Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1		4.700		12/01/49		251,348
	455,000		Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1		4.800		12/01/54		458,407
	4,500,000		Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2020-220		2.300		12/01/44		3,073,137
	3,000,000		Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2023-227		4.900		12/01/48		3,057,811
	1,240,000		Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2024-234		4.700		12/01/49		1,229,465
	3,375,000		Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2025-242		4.750		12/01/50		3,359,404
	3,345,000		Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B		2.000		04/01/50		1,854,855
			TOTAL MASSACHUSETTS						75,720,253
			MICHIGAN - 1.9% (1.1% of Total Investments)
	3,610,000	(h)	Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A - AGM Insured, (UB)		6.000		05/01/29		3,844,007
	145,000	(d)	Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, (Pre-refunded 6/01/26)		5.000		12/01/45		147,878
	3,595,000		Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI		5.000		12/01/45		3,585,429
	2,705,000		Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts Senior Current Interest Series 2020A-2		5.000		06/01/40		2,749,650
	1,000,000		Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1		4.000		06/01/49		847,183
	180,000		Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A		3.700		04/01/30		175,894
	5,000,000		Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2023B		4.800		12/01/43		4,965,016
	21,675,000		Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A		2.350		12/01/46		14,222,784
	8,280,000		Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A		2.500		06/01/52		5,181,928
	6,000,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2020-I		2.625		10/15/56		3,671,839
	5,080,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2023II		4.000		10/15/47		4,687,978
	3,550,000		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D		5.000		12/01/40		3,553,479

See Notes to Financial Statements 39

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MICHIGAN (continued)
$	2,730,000		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D		5.000%		12/01/45	$	2,732,591
			TOTAL MICHIGAN						50,365,656
			MINNESOTA - 2.0% (1.2% of Total Investments)
	155,000		Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A		4.000		08/01/36		141,259
	440,000		Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A		4.000		08/01/41		378,321
	1,720,000		Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A		5.500		07/01/50		1,720,101
	7,020,000		Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A		4.250		02/15/43		6,524,429
	22,960,000		Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A		4.250		02/15/48		20,794,055
	340,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A		5.250		06/01/42		311,241
	215,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A		5.500		06/01/57		190,422
	1,400,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A		5.500		07/01/52		1,292,711
	2,475,000		Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E		2.700		07/01/44		1,778,419
	2,320,000		Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I		2.150		07/01/45		1,489,025
	3,625,000		Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I		2.200		01/01/51		2,072,575
	5,585,000		Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H		2.550		01/01/46		3,752,734
	4,275,000		Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2025A		4.250		11/15/50		4,098,436
	405,000		Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A		5.000		04/01/36		363,944
	605,000		Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A		5.000		04/01/46		487,591
	1,395,000		Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A		4.000		07/01/35		1,360,779
	2,785,000	(d)	St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25)		5.000		11/15/40		2,808,914
	3,190,000	(d)	St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25)		5.000		11/15/44		3,217,391
			TOTAL MINNESOTA						52,782,347
			MISSISSIPPI - 0.8% (0.5% of Total Investments)
	3,900,000		Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc. Project, Refunding Series 2021		2.375		06/01/44		2,379,110
	1,000,000		Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A		2.125		12/01/44		620,124
	13,000,000	(e)	Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2023C, (UB)		4.650		12/01/48		13,091,681
	1,760,000		Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024A		4.550		12/01/49		1,736,736
	2,500,000		Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024C		4.850		12/01/54		2,504,386
			TOTAL MISSISSIPPI						20,332,037

40 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MISSOURI - 2.0% (1.2% of Total Investments)
$	400,000	(a)	Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016		5.000%		04/01/36	$	380,030
	1,520,000	(a)	Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016		5.000		04/01/46		1,324,811
	15,000,000		Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured		0.000		04/15/28		13,392,949
	2,345,000		Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A		5.250		05/15/50		1,981,931
	1,575,000	(a)	Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A		5.750		06/01/35		1,449,214
	1,055,000	(a)	Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A		6.000		06/01/46		937,314
	5,000,000		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A		4.000		04/01/45		4,542,166
	1,000,000		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023		5.000		12/01/52		1,013,369
	2,515,000		Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C		4.650		11/01/49		2,482,947
	2,480,000		Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024G		4.450		11/01/49		2,415,538
	1,255,000		Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2023C		4.950		11/01/48		1,282,853
	3,445,000		Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2023E		5.150		11/01/53		3,507,775
	1,510,000		Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2024A		4.600		11/01/49		1,482,027
	405,000		Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A		5.875		09/01/43		405,017
	1,650,000		Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A		5.000		12/01/35		1,589,239
	455,000		Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A		5.125		12/01/45		406,476
	4,125,000		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005 - NPFG Insured		5.500		07/01/29		4,491,835
	15,350,000		Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A - AMBAC Insured		0.000		06/01/30		12,001,952
			TOTAL MISSOURI						55,087,443
			MONTANA - 0.7% (0.4% of Total Investments)
	1,175,000		Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A		5.250		05/15/37		1,093,394
	375,000		Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A		5.250		05/15/47		318,033
	2,915,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2023A		4.550		12/01/48		2,864,436
	2,250,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2023A		4.700		06/01/53		2,216,283
	2,000,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2023B		4.875		12/01/48		2,037,654
	2,200,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2023C		4.600		12/01/43		2,171,365

See Notes to Financial Statements 41

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MONTANA (continued)
$	1,000,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2023C		4.850%		12/01/48	$	1,017,240
	2,215,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2024A		4.600		12/01/49		2,170,576
	1,530,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B		4.400		12/01/49		1,478,888
	1,000,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B		4.450		12/01/53		947,753
	1,750,000		Montana Board of Housing, Single Family Mortgage Bonds, Series 2025A		4.850		12/01/50		1,768,445
	655,000		Montana State Board of Regents of Higher Education, General Revenue Bonds, University of Montana, Series 2025		4.500		11/15/54		641,659
			TOTAL MONTANA						18,725,726
			NEBRASKA - 1.2% (0.7% of Total Investments)
	2,125,000		Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015		4.125		11/01/36		2,054,701
	1,765,000		Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015		5.000		11/01/45		1,741,154
	3,115,000		Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015		5.000		11/01/48		3,070,178
	7,825,000		Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2020A		2.700		09/01/43		5,640,432
	5,000,000	(e)	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2023A, (UB)		4.550		09/01/48		4,901,882
	5,000,000	(e)	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2023A, (UB)		4.600		09/01/53		4,847,740
	3,250,000		Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2023C		4.650		09/01/48		3,274,158
	6,800,000		Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A		5.250		02/01/37		6,398,758
			TOTAL NEBRASKA						31,929,003
			NEVADA - 1.6% (1.0% of Total Investments)
	4,000,000	(c)	Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building Series 2025A		4.000		06/15/42		3,771,548
	410,000	(a)	Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A		5.000		12/15/38		405,383
	730,000		Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black Mountain Ranch, Series 2022		3.500		09/01/45		554,559
	485,000		Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black Mountain Ranch, Series 2022		4.000		09/01/51		382,124
	18,435,000		Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B		4.000		07/01/49		15,891,378
	2,150,000		Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series 2017B		4.000		07/01/36		2,107,886
	1,115,000		Las Vegas, Nevada, Local Improvement Revenue Bonds, Special Improvement District 818 Summerlin Village 27, Series 2024		5.000		12/01/49		1,050,242
	1,200,000		Las Vegas, Nevada, Local Improvement Revenue Bonds, Special Improvement District 818 Summerlin Village 27, Series 2024		5.000		12/01/54		1,113,932
	695,000	(a)	Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement District, Series 2016		4.375		06/15/35		654,787
	4,710,000		Nevada System of Higher Education, Certificates of Participation, Series 2025 - BAM Insured		4.250		07/01/50		4,343,695
	5,800,000		Nevada System of Higher Education, Certificates of Participation, Series 2025 - BAM Insured		4.250		07/01/55		5,287,809
	500,000		Neveda State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A		5.000		07/15/37		499,959

42 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEVADA (continued)
$	3,950,000		Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018A		4.000%		06/01/43	$	3,707,736
	2,500,000	(a)	Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018C		0.000		07/01/58		355,574
	3,210,000		Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue Bonds, Series 2020		5.000		07/01/51		3,083,888
			TOTAL NEVADA						43,210,500
			NEW HAMPSHIRE - 1.8% (1.1% of Total Investments)
	8,950,000		National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint Elizabeth Medical Center, Inc., Series 2021A		4.000		05/01/51		8,132,554
	11,646,713		National Finance Authority, New Hampshire, Municipal Certificates Series 2022-1 Class A		4.375		09/20/36		11,458,705
	2,794,291		National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-2 Class A		3.625		08/20/39		2,559,393
	2,989,627		National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-4 Class A		4.180		11/20/39		2,908,296
	5,000,000	(a)	National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018B		4.625		11/01/42		4,464,126
	5,630,000	(a)	National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020A, (Mandatory Put 7/02/40)		3.625		07/01/43		4,551,429
	2,775,000	(a)	National Finance Authority, New Hampshire, Special Revenue Bonds, The Chambers Creek Project, Montgomery County, Texas Municipal Utility Districts, Capital Appreciation Series 2025		0.000		12/15/32		1,689,216
	500,000		New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016		5.000		10/01/40		502,144
	2,350,000		New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2023D		5.125		07/01/53		2,383,018
	4,000,000		New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024A		4.650		07/01/49		3,959,154
	1,675,000		New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024C		4.625		07/01/48		1,681,153
	4,920,000		New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2025A		4.650		01/01/49		4,868,913
			TOTAL NEW HAMPSHIRE						49,158,101
			NEW JERSEY - 4.7% (2.8% of Total Investments)
	34,310,000	(d)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26)		5.500		06/15/29		35,671,143
	2,110,000	(d)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26)		5.500		06/15/30		2,193,708
	5,045,000		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1 - NPFG Insured		5.500		09/01/28		5,388,809
	655,000	(d)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25)		5.250		06/15/40		656,419
	11,335,000	(d)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25)		5.250		06/15/40		11,359,554
	2,050,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A		0.000		12/15/26		1,937,032
	20,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured		0.000		12/15/33		14,287,010
	5,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA		5.250		06/15/43		5,105,207
	5,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2024AA		5.250		06/15/41		5,362,732
	10,700,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2024CC		4.125		06/15/55		9,405,861
	29,330,000		New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1 - AGM Insured		5.250		01/01/26		29,781,855

See Notes to Financial Statements 43

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW JERSEY (continued)
$	1,420,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A		5.000%		06/01/46	$	1,401,724
	1,580,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A		5.250		06/01/46		1,586,611
	2,970,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B		5.000		06/01/46		2,883,235
	1,330,000		Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005 - AGM Insured		5.250		01/01/26		1,345,194
			TOTAL NEW JERSEY						128,366,094
			NEW MEXICO - 0.6% (0.3% of Total Investments)
	3,345,000		New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C		2.250		07/01/46		2,089,729
	350,000		New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2023C		4.650		09/01/48		352,602
	4,000,000		New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G		4.600		09/01/49		3,928,076
	4,715,000		New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G		4.650		09/01/54		4,613,463
	1,600,000		New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding & Acquisition Series 2025, (Mandatory Put 11/01/30)		5.000		06/01/54		1,676,934
	670,000		Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2019A		5.000		05/15/44		636,725
	1,200,000		Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2019A		5.000		05/15/49		1,104,300
	1,000,000	(a)	Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022		4.250		05/01/40		892,218
			TOTAL NEW MEXICO						15,294,047
			NEW YORK - 10.1% (6.0% of Total Investments)
	1,000,000		Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A		6.400		02/01/43		997,493
	2,270,000		Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A		6.650		02/01/53		2,268,261
	10,000,000		Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Series 2023A		5.000		11/01/48		10,367,185
	13,965,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015		5.500		09/01/45		13,980,091
	1,350,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023		7.250		06/01/55		1,412,244
	9,320,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1		5.500		06/01/55		8,197,742
	7,390,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020B-1		5.000		06/01/55		6,009,977
	14,215,000	(e)	Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2022A, (UB)		4.250		05/01/52		13,084,276
	7,000,000		Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2024A		4.000		05/01/54		5,965,772
	9,700,000		Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2017A		5.000		10/01/47		10,491,505
	3,115,000		Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A		5.000		07/01/45		3,001,444
	2,700,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015		5.000		12/01/40		2,446,670
	5,600,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015		5.000		12/01/45		4,844,290
	9,050,000		Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024B		4.000		03/15/54		8,271,790
	2,095,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2022A		5.250		12/01/52		2,106,947

44 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	2,120,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Refunding Series 2020B		5.570%		02/01/41	$	1,958,486
	2,695,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A		6.240		02/01/47		2,615,566
	2,965,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2018A		6.760		02/01/48		2,983,794
	400,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A		5.530		02/01/40		372,029
	1,270,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A		5.730		02/01/50		1,139,653
	1,210,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A		4.450		02/01/41		973,702
	2,380,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A		4.600		02/01/51		1,766,469
	2,840,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.000		11/15/50		2,849,973
	3,155,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.250		11/15/55		3,222,454
	5,000,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-2		4.000		11/15/47		4,393,922
	4,115,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-3		4.000		11/15/49		3,589,045
	3,500,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A		5.250		11/15/45		3,662,358
	3,420,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A		4.625		11/15/50		3,382,035
	1,585,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Climate Certified Series 2020E		4.000		11/15/45		1,399,227
	3,585,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s Community Project, Series 2019		5.000		01/01/50		3,015,974
	1,000,000		Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014		5.000		07/01/31		1,000,280
	20,000,000		New York City Housing Development Corporation, New York, Sustainable Impact Revenue Bonds, Williamsburg Housing Preservation LP, Series 2020A		2.800		02/01/50		13,591,400
	5,000,000		New York City Housing Development Corporation, New York, House Impact Revenue Bonds, Green Series 2023A		4.800		02/01/53		5,002,993
	10,000,000	(e)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2023 Series DD, (UB)		4.125		06/15/46		9,491,910
	3,245,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series BB		5.000		06/15/48		3,390,451
	1,740,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025E		5.500		11/01/49		1,882,120
	5,650,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1		5.250		11/01/48		6,004,760
	4,670,000		New York City, New York, General Obligation Bonds, Fiscal 2025 Series E		5.250		08/01/50		4,936,098
	445,000		New York City, New York, General Obligation Bonds, Fiscal 2025 Series E		4.250		08/01/55		413,686
	2,500,000		New York City, New York, General Obligation Bonds, Fiscal 2025 Series G-1		5.250		02/01/50		2,648,222
	5,000		New York City, New York, General Obligation Bonds, Fiscal Series 2005M - FGIC Insured		5.000		04/01/26		5,006

See Notes to Financial Statements 45

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	28,615,000	(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	$	28,491,698
	20,510,000		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade Center Project, Refunding Green Series 2022A-CL2		3.125		09/15/50		14,722,070
	2,560,000		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3		2.800		09/15/69		2,338,601
	7,385,000		New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2024A		5.250		03/15/52		7,771,024
	3,500,000		New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Series 2019P		3.050		11/01/49		2,564,632
	5,350,000		New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Green Series 2024C-1		4.500		11/01/49		5,234,544
	6,500,000		New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211		3.750		10/01/43		5,640,881
	1,140,000		New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 252		4.550		10/01/48		1,120,630
	1,000,000		New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 252		4.650		10/01/53		977,248
	2,025,000		New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 264		4.550		10/01/49		1,993,162
	1,000,000		New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 264		4.600		10/01/54		972,147
	1,745,000		New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 266		4.700		10/01/52		1,737,613
	3,500,000		Onondaga Civic Development Corporation, New York, Revenue Bonds, Syracuse University Project, Series 2025		4.500		12/01/50		3,424,176
	5,000,000		Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2024A-1		5.250		11/15/51		5,253,990
	5,000,000		Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2024A-1		4.000		11/15/54		4,542,661
	7,110,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006		5.000		06/01/48		6,424,442
			TOTAL NEW YORK						272,346,819
			NORTH CAROLINA - 0.5% (0.3% of Total Investments)
	260,000		Harnett County, North Carolina, Limited Obligation Bonds, Series 2025		4.250		04/01/45		248,999
	3,585,000		North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A		4.700		07/01/50		3,566,743
	1,185,000		North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A		4.800		01/01/55		1,185,144
	2,090,000		North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Social Series 53-A		4.375		07/01/44		2,084,397
	4,325,000		North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Social Series 53-A		4.550		01/01/50		4,300,010
	1,795,000		North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 52-A		4.900		07/01/43		1,796,487
	2,150,000		North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A		5.000		07/01/47		1,454,305
			TOTAL NORTH CAROLINA						14,636,085
			NORTH DAKOTA - 2.6% (1.5% of Total Investments)
	9,950,000		Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health Obligated Group, Series 2018B		4.250		02/15/48		8,998,735
	4,525,000		Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A		5.000		12/01/42		4,480,999
	1,000,000		Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 - AGM Insured		3.000		12/01/46		736,871

46 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NORTH DAKOTA (continued)
$	5,000,000		Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 - AGM Insured		3.000%		12/01/51	$	3,432,509
	1,000,000		Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017		5.000		12/01/36		948,917
	2,000,000		Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2023A,		5.000		05/01/48		1,963,888
	715,000		Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C		4.750		05/01/44		688,199
	3,000,000		Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C		5.000		05/01/50		2,904,330
	3,820,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B		2.500		07/01/44		2,597,638
	980,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2022F		4.250		01/01/47		913,452
	1,000,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023A		4.700		07/01/47		996,613
	1,500,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023D		4.500		07/01/43		1,504,324
	555,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023D		4.550		07/01/48		545,210
	2,750,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023F		5.100		07/01/48		2,765,672
	1,300,000		North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2024A		4.750		01/01/52		1,277,327
	8,300,000		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C		5.000		06/01/38		7,998,565
	1,700,000		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C		5.000		06/01/43		1,612,271
	28,050,000		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C		5.000		06/01/53		25,913,232
	1,741,770	(b)	Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013		7.750		09/01/38		182,886
			TOTAL NORTH DAKOTA						70,461,638
			OHIO - 7.5% (4.5% of Total Investments)
	2,000,000		Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020		3.000		11/15/40		1,800,310
	40,220,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2		11.310		06/01/57		3,848,173
	54,795,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1		3.000		06/01/48		38,020,190
	9,560,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1		4.000		06/01/48		8,031,660
	25,400,000		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		22,197,949
	2,750,000		Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, Refunding & Improvement Series 2017		5.250		11/01/37		2,690,760
	3,200,000		Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, Refunding & Improvement Series 2017		5.250		11/01/47		2,911,817
	4,000,000		County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A		5.250		11/15/48		3,918,048
	1,165,000		Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A		4.000		09/01/40		993,014
	1,750,000		Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A		4.000		09/01/45		1,400,593

See Notes to Financial Statements 47

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OHIO (continued)
$	2,000,000		Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A		5.000%		09/01/49	$	1,839,715
	4,590,000		Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019		5.000		12/01/51		4,156,796
	4,065,000		Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A		3.250		12/01/42		3,381,202
	4,380,000		Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured		5.250		12/01/27		4,590,567
	6,000,000		Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured		5.250		12/01/31		6,538,074
	12,000,000		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013		5.000		02/15/48		11,322,035
	25,880,000		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A		4.750		06/01/33		26,240,107
	490,000		Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, University Circle Incorporated 2020 Project, Series 2020		5.000		01/15/50		492,342
	3,270,000		Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A		4.650		09/01/54		3,199,581
	1,270,000		Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3		5.800		02/15/36		1,424,874
	20,505,000		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A		4.750		06/01/33		20,790,317
	20,480,000		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, (Mandatory Put 6/01/22)		4.750		06/01/33		20,764,969
	2,930,000		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A		5.000		11/01/51		2,315,655
	1,330,000		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015		6.000		03/01/45		1,283,853
	9,495,000		Washington County, Ohio, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group, Series 2022		6.750		12/01/52		10,169,197
			TOTAL OHIO						204,321,798
			OKLAHOMA - 1.5% (0.9% of Total Investments)
	3,965,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/52		3,980,303
	20,510,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/57		20,583,192
	1,150,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022		5.500		08/15/41		1,160,859
	1,390,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022		5.500		08/15/44		1,376,958
	500,000	(c)	Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2025B		5.000		03/01/49		500,814
	9,800,000		Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A		5.250		01/01/50		10,394,082
	2,340,000		Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017		5.250		11/15/45		2,306,909
			TOTAL OKLAHOMA						40,303,117

48 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OREGON - 0.0% (0.0% of Total Investments)
$	500,000		Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A		5.125%		11/15/40	$	492,063
	220,000		Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A		5.250		11/15/50		205,369
	315,000		Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A		5.375		11/15/55		294,778
			TOTAL OREGON						992,210
			PENNSYLVANIA - 4.9% (2.9% of Total Investments)
	13,660,000		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A		4.000		04/01/44		12,009,119
	1,970,000		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A		4.000		04/01/44		1,832,382
	2,540,000	(a)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017		5.000		05/01/42		2,397,105
	13,235,000		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33)		4.750		01/01/35		13,392,903
	9,365,000		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B		3.750		10/01/47		7,440,581
	991,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2		6.000		06/30/34		1,036,033
	13,279,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3		5.000		06/30/39		12,290,343
	6,636,000	(g)	Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1		0.000		06/30/44		4,780,896
	2,078,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1		8.000		06/30/34		2,080,576
	2,410,000		Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016		5.125		03/15/36		2,418,844
	6,420,000		Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016		5.125		03/15/46		6,063,492
	1,000,000		Butler County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Butler Health System Project, Series 2015A		5.000		07/01/39		906,103
	9,855,000		Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 - AGM Insured		4.000		06/01/39		9,079,044
	295,000		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015		5.000		01/01/29		295,053
	1,500,000		Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A		5.000		07/01/45		1,410,117
	1,750,000		McCandless IDA, Pennsylvania, University Revenue Bonds Series A and B of 2022 La Roche University		6.750		12/01/46		1,588,428
	675,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-1		4.250		11/01/51		622,815
	3,500,000		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-131A		3.100		10/01/44		2,808,770
	3,415,000		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2021-135A		2.500		10/01/50		2,107,482
	4,490,000		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A		4.600		10/01/44		4,458,747
	13,550,000		Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A		5.250		12/01/44		13,883,902
	3,205,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1		5.000		12/01/45		3,208,657
	11,000,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C - AGM Insured		6.250		06/01/33		11,321,868

See Notes to Financial Statements 49

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PENNSYLVANIA (continued)
$	15,000,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1		5.000%		12/01/45	$	15,008,552
			TOTAL PENNSYLVANIA						132,441,812
			PUERTO RICO - 6.7% (4.0% of Total Investments)
	4,933,765		Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit Exchanged From Cusip 74529JAN5		0.000		08/01/47		1,447,503
	9,760,928		Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip 74529JAP0		0.000		08/01/54		1,875,561
	8,000,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/35		8,138,498
	14,625,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		13,844,061
	10,090,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/33		10,320,986
	5,000,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/37		5,067,226
	7,510,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		4.000		07/01/42		6,465,876
	8,070,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		4.000		07/01/47		6,595,918
	2,000,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/29		1,686,175
	49,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/33		34,484
	837,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		4.500		07/01/34		821,512
	4,729,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		4.550		07/01/40		4,470,322
	53,881,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		17,393,143
	2,564,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		608,715
	11,421,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		4.750		07/01/53		10,618,323
	16,609,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		15,890,443
	723,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019B-2		4.536		07/01/53		635,042
	10,684,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.329		07/01/40		10,045,995
	2,485,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.329		07/01/40		2,336,606
	7,061,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.784		07/01/58		6,517,891
	5,761,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.625		07/01/29		5,991,339
	3,919,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.750		07/01/31		4,157,713
	21,886,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		0.000		07/01/33		14,692,602
	10,302,336		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/33		9,845,234
	8,816,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/35		8,214,199
	10,216,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/37		9,376,079
	4,799,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		4,090,490
	1,756,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/46		1,437,654
			TOTAL PUERTO RICO						182,619,590

50 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			RHODE ISLAND - 2.4% (1.5% of Total Investments)
$	3,430,000		Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2019 Series 71		3.100%		10/01/44	$	2,752,594
	11,005,000		Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2022 Series 76A		2.550		10/01/42		8,083,889
	295,135,000		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A		0.000		06/01/52		53,302,355
	2,050,000		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2015B		4.500		06/01/45		2,050,032
			TOTAL RHODE ISLAND						66,188,870
			SOUTH CAROLINA - 3.1% (1.8% of Total Investments)
	175,000		Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2025		4.375		02/01/55		167,352
	7,600,000		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured		0.000		01/01/31		6,101,618
	1,175,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2022B		4.350		07/01/47		1,102,100
	965,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2023A		4.900		07/01/48		983,127
	980,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024A		4.625		07/01/49		963,943
	2,790,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024B		4.600		07/01/49		2,741,530
	1,995,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024B		4.625		07/01/54		1,944,369
	6,715,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A		4.650		07/01/50		6,612,312
	890,000		South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A		5.000		04/01/49		869,905
	1,165,000		South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A		4.000		04/01/54		928,175
	1,630,000		South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A		5.000		04/01/54		1,558,885
	395,000	(a)	South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020		5.000		01/01/40		359,220
	1,000,000	(a)	South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020		5.000		01/01/55		825,894
	1,000,000		South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc., Refunding Series 2017B		5.000		05/01/37		902,074
	750,000		South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc., Refunding Series 2017B		5.000		05/01/42		633,615
	28,140,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A		5.000		12/01/50		28,138,998
	7,565,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2020A - BAM Insured		3.000		12/01/41		5,861,705
	2,620,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A		4.000		12/01/52		2,262,644
	10,000,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2024B		5.250		12/01/54		10,297,929
	9,545,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E		5.250		12/01/55		9,558,275
			TOTAL SOUTH CAROLINA						82,813,670

See Notes to Financial Statements 51

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			SOUTH DAKOTA - 0.9% (0.5% of Total Investments)
$	3,765,000		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017		5.000%		09/01/40	$	3,761,809
	6,000,000		South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2022B		2.500		11/01/42		4,360,045
	5,000,000		South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C		4.700		11/01/49		4,957,926
	6,250,000	(e)	South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Social Series 2023A, (UB)		4.350		11/01/43		6,256,747
	4,000,000	(e)	South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Social Series 2023A, (UB)		4.550		05/01/48		3,924,627
			TOTAL SOUTH DAKOTA						23,261,154
			TENNESSEE - 0.9% (0.5% of Total Investments)
	1,490,000		Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children’s Hospital, Series 2019		4.000		11/15/48		1,249,394
	2,645,000	(b)	Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A		5.500		07/01/37		1,939,874
	4,100,000		Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2022A, (Mandatory Put 12/01/30)		5.500		10/01/53		4,298,844
	830,000		Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A		2.550		01/01/45		582,858
	10,000,000	(e)	Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2023-3A, (UB)		5.350		07/01/48		10,348,841
	185,000		Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-1A		4.800		07/01/54		184,212
	1,000,000		Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-2A		4.600		07/01/49		981,692
	1,200,000		Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-2A		4.650		07/01/54		1,176,084
	600,000	(c)	Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2025-1A		5.000		07/01/50		602,504
	1,500,000	(e)	Tennessee Housing Development Agency, Residential Finance Program Bonds, Tender Option Bond Trust Series 2023-XL0448, (UB)		4.550		07/01/48		1,473,541
	2,000,000		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B		5.625		09/01/26		2,036,140
			TOTAL TENNESSEE						24,873,984
			TEXAS - 12.7% (7.5% of Total Investments)
	2,340,000		Aldine Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2024A		3.000		02/15/42		1,907,854
	5,480,000		Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A		5.000		11/15/45		5,483,659
	2,500,000		Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015		5.000		12/01/45		2,348,250
	16,280,000	(e)	Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2019B, (UB)		5.000		08/15/49		17,506,779
	5,000,000		Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2020A		3.500		08/15/50		4,073,633
	3,335,000		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E		5.000		01/01/45		3,379,658
	5,390,000		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2021B		5.000		01/01/46		5,461,765
	13,685,000	(d)	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25)		5.000		01/01/45		13,722,008
	6,375,000		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016		3.375		01/01/41		5,419,841
	765,000		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A		4.350		12/01/42		699,382
	685,000		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A		4.400		12/01/47		602,520

52 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	4,000,000		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A		5.000%		12/01/45	$	3,906,498
	300,000		Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016		5.750		09/01/28		303,565
	675,000		Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016		6.500		09/01/46		682,120
	14,685,000		Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building Series 2025		4.000		02/15/50		13,414,830
	12,000,000	(e)	Denton Independent School District, Denton County, Texas, General Obligation Bonds, School Building Series 2023, (UB)		5.000		08/15/53		12,318,355
	5,000,000		East Central Independent School District, Bexar County, Texas, General Obligation Bonds, School Building Series 2024		4.000		08/15/54		4,440,961
	5,325,000		Ector County, Texas, Certificates of Obligation, Series 2024		4.000		02/15/47		4,957,843
	1,260,000		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT		4.750		05/01/38		1,242,704
	6,010,000		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B		4.750		11/01/42		5,820,342
	3,910,000		Grayson County Junior College District, Texas, General Obligation Bonds, Series 2024		4.000		02/15/49		3,543,725
	1,000,000		Greater Texoma Utility Authority, Texas, Contract Revenue Bonds, City of Sherman Project Series 2023A - BAM Insured		4.375		10/01/53		946,699
	570,000		Greater Texoma Utility Authority, Texas, Contract Revenue Bonds, City of Sherman Project Series 2024 - BAM Insured		4.250		10/01/54		521,947
	4,275,000		Greenville, Texas, General Obligation Bonds, Series 2024 - AGM Insured		4.125		02/15/51		3,928,690
	3,105,000		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015		5.000		12/01/45		3,104,835
	1,000,000		Harris County Flood Control District, Texas, General Obligation Bonds, Refunding Improvement, Green Series 2023A		4.000		09/15/48		907,507
	1,000,000		Harris County, Texas, General Obligation Bonds, Permanent Improvement Series 2024		4.000		09/15/49		906,866
	4,080,000	(a),(h)	Harris County, Texas, General Obligtion Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074 - AGM Insured, (IF)		8.943		08/15/32		5,655,734
	6,000,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A		0.000		11/15/48		1,802,527
	2,295,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/42		920,470
	3,000,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/43		1,140,647
	3,000,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/44		1,081,305
	4,000,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/45		1,372,251
	7,165,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/46		2,342,228
	7,580,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/47		2,335,165
	7,095,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/48		2,064,058
	7,550,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/49		2,058,449

See Notes to Financial Statements 53

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	5,140,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000%		12/01/50	$	1,321,627
	4,000,000		Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A		0.000		12/01/51		968,716
	5,000,000		Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015		4.000		08/15/44		4,547,177
	20,290,000		Houston, Texas, General Obligation Bonds, Refunding Series 2024A		5.250		03/01/49		21,382,821
	4,090,000		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured		0.000		09/01/26		3,900,898
	4,865,000		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AGM Insured		0.000		09/01/27		4,466,499
	4,715,000		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015		5.000		09/01/40		4,717,515
	17,000,000	(d)	Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A - AGM Insured, (ETM)		5.750		12/01/32		19,893,638
	2,405,000		Humble Independent School District, Harris County, Texas, General Obligation Bonds, School Building Refunding Series 2025		4.000		02/15/52		2,154,183
	4,460,000		Hutto, Texas, Certificates of Obligation Bonds, Combination Tax & Waterworks & Sewer System Revenue Series 2024 - BAM Insured		4.125		08/01/49		4,159,639
	940,000		Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015		5.000		08/15/30		942,114
	1,275,000		Mansfield Economic Development Corporation, Tarrant, Johnson and Ellis Counties, Texas, Sales Tax Revenue Bonds, Series 2025 - BAM Insured		4.000		08/01/49		1,129,999
	13,050,000		Mansfield Economic Development Corporation, Texas, Sales Tax Revenue Bonds, Tax-Exempt New Series 2025		4.000		08/01/54		11,125,841
	3,095,000		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013		5.750		12/01/33		3,099,521
	3,125,000		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013		6.125		12/01/38		3,128,747
	1,220,000		New Braunfels, Comal County, Texas, Utility System Revenue Bonds, Refunding Series 2024		4.000		07/01/55		1,098,009
	645,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025A		6.250		10/01/45		629,165
	2,335,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016		5.000		11/01/46		1,838,232
	6,015,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016		5.000		11/01/51		4,561,188
	745,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014		5.500		01/01/43		685,209
	210,000	(d)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, (Pre-refunded 4/01/26)		5.000		04/01/48		213,085
	4,530,000		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		4.100		04/01/34		4,480,209
	820,000	(d)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - San Antonio 1, L.L.C. - Texas A&M University - San Antonio Project, Series 2016A, (Pre-refunded 4/01/26)		5.000		04/01/48		832,045

54 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	2,590,000	(d)	North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31)		7.000%		09/01/43	$	3,071,558
	3,910,000	(d)	North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31)		6.750		09/01/45		4,655,190
	10,000,000		Northwest Independent School District, Denton, Tarrant and Wise Counties, Texas, General Obligation Bonds, School Building Series 2024A		5.000		02/15/49		10,296,664
	610,000		Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A		5.125		02/01/39		580,980
	1,080,000		Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2016		4.000		06/01/41		895,256
	15,650,000		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A		4.000		07/01/53		13,732,255
	11,540,000		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A		5.000		02/15/47		11,395,327
	3,955,000		Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012		4.125		12/01/45		3,373,937
	2,655,000		Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2024A		5.000		01/01/49		2,676,754
	2,565,000		Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2018A		4.250		09/01/43		2,540,824
	7,155,000		Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A		2.250		09/01/46		4,460,709
	6,905,000		Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A		2.350		09/01/51		3,985,982
	2,415,000		Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2023A		4.600		09/01/43		2,402,659
	4,000,000		Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2023C		5.125		09/01/53		4,056,911
	5,250,000		Texas Municipal Gas Acquisition and Supply Corporation V, Texas, Gas Supply Revenue Bonds, Series 2024, (Mandatory Put 1/01/34)		5.000		01/01/55		5,461,209
	3,500,000		Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A		4.000		12/31/38		3,332,245
	2,000,000		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A		4.000		06/30/38		1,905,982
	2,115,000		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A		4.000		12/31/38		2,005,320
	4,400,000		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured		0.000		08/15/25		4,351,189
	14,830,000		Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A		5.000		10/15/49		15,445,535
			TOTAL TEXAS						344,228,233
			UTAH - 0.7% (0.4% of Total Investments)
	510,000	(a)	Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A		3.750		03/01/41		426,421
	1,095,000	(a)	Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A		4.000		03/01/51		853,411
	5,085,000	(a)	Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake County, Utah, Limited Tax General Obligation Bonds, Series 2022A		6.000		03/01/53		4,966,265
	3,360,000	(a)	MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021		4.500		06/01/51		2,508,315

See Notes to Financial Statements 55

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			UTAH (continued)
$	1,500,000	(a)	MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1		5.125%		06/15/54	$	1,362,604
	500,000	(a)	Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A		4.375		02/01/51		348,547
	2,185,000		Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024A		4.750		01/01/44		2,213,515
	650,000		Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024A		5.000		01/01/54		658,270
	6,290,000		Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024E		4.700		01/01/50		6,297,591
			TOTAL UTAH						19,634,939
			VERMONT - 0.1% (0.1% of Total Investments)
	1,835,000		Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Series 2021A		4.000		05/01/45		1,529,887
	1,080,000		Vermont Housing Finance Agency, Multiple Purpose Bonds, Social Series 2023E		4.800		11/01/43		1,072,044
			TOTAL VERMONT						2,601,931
			VIRGIN ISLANDS - 0.2% (0.1% of Total Investments)
	1,580,000		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A - AGM Insured		5.000		10/01/32		1,588,238
	4,715,000	(a)	West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A		6.375		04/01/52		4,463,109
			TOTAL VIRGIN ISLANDS						6,051,347
			VIRGINIA - 1.8% (1.0% of Total Investments)
	11,972,881	(a)	Federal Home Loan Mortgage Corporation, Virginia, Multifamily Variable Rate Certificates Relating to Municipal Securities Class A Green Series 2024M-027		4.759		08/25/41		12,400,531
	1,300,000		Hampton Roads Transportation Accountability Commision, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2020A		5.000		07/01/60		1,320,770
	1,170,000		Henrico County Economic Development Authority, Virginia, Health Facilities Revenue Bonds, Bon Secours Mercy Health, Series 2025A-VA		5.000		11/01/48		1,175,234
	7,980,000		Isle Economic Development Authority, Wight County, Virginia, Health System Revenue Bonds, Riverside Health System Series 2023 - AGM Insured		4.750		07/01/53		7,945,851
	1,115,000		James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A		4.000		12/01/40		967,792
	2,690,000		James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A		4.000		12/01/50		2,062,818
	2,000,000	(a)	Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Refunding Series 2018		5.000		09/01/45		1,836,321
	1,000,000	(a)	Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B		5.250		07/01/35		888,133
	1,000,000		Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023C		4.700		07/01/43		1,001,045
	1,070,000		Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023C		4.950		01/01/54		1,079,967
	3,005,000		Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-4		4.625		07/01/50		2,948,089
	790,000		Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5		4.625		07/01/50		775,038
	590,000		Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-I		4.600		10/01/54		572,660
	1,200,000	(c)	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2024F-1		5.050		07/01/50		1,211,285
	1,125,000	(c)	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2024F-1		5.100		07/01/55		1,144,864
	1,500,000		Virginia Housing Development Authority, Rental Housing Bonds, Series 2023D		4.700		08/01/48		1,517,799

56 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VIRGINIA (continued)
$	1,350,000		Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H		4.625%		12/01/49	$	1,327,794
	1,000,000		Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H		4.700		12/01/54		990,951
	2,100,000		Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A		4.600		09/01/50		2,054,111
	2,745,000		Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A		4.000		12/01/49		2,388,315
	1,900,000	(a)	Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A		8.375		04/01/41		1,823,365
			TOTAL VIRGINIA						47,432,733
			WASHINGTON - 1.9% (1.1% of Total Investments)
	5,000,000		Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A		5.000		07/01/38		5,002,683
	4,120,000		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014C		5.000		10/01/44		4,120,506
	5,450,000	(a)	Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A		5.000		01/01/46		4,940,161
	3,650,000	(a)	Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A		5.000		01/01/51		3,181,536
	7,639,834		Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A		3.500		12/20/35		7,039,135
	9,307,633		Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2024A-1		4.221		03/20/40		8,568,747
	21,510,000	(e)	Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C - NPFG Insured, (UB)		0.000		06/01/28		19,418,688
			TOTAL WASHINGTON						52,271,456
			WEST VIRGINIA - 0.6% (0.3% of Total Investments)
	1,900,000	(a)	Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A		5.500		06/01/37		1,913,788
	430,000	(a)	Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2021A		4.125		06/01/43		357,678
	1,000,000		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc. Project, Refunding & Improvement Series 2018A		5.000		01/01/43		995,061
	2,750,000	(e)	West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB)		4.250		06/01/47		2,580,102
	5,000,000	(e)	West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB)		4.375		06/01/53		4,632,236
	3,000,000		West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2023D		4.600		11/01/43		2,984,925
	2,000,000		West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024A		4.550		11/01/49		1,972,805
			TOTAL WEST VIRGINIA						15,436,595

See Notes to Financial Statements 57

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN - 6.2% (3.7% of Total Investments)
$	1,750,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A		5.000%		02/01/36	$	1,755,591
	305,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A		5.125		02/01/46		301,022
	1,715,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A		5.000		06/15/49		1,449,619
	500,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A		5.125		06/15/47		436,535
	1,480,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A		5.125		05/01/36		1,424,465
	6,000,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A		5.625		06/15/37		5,782,558
	1,000,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A		5.500		06/15/37		1,006,683
	1,790,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A		5.625		06/15/47		1,776,415
	1,500,000	(a)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A		6.250		06/15/53		1,480,567
	420,000	(a)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A		5.000		12/15/44		401,346
	245,000	(a)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A		5.000		12/15/54		224,396
	13,690,000		Public Finance Authority of Wisconsin, Health Care System Revenue Bonds, Cone Health, Series 2022A		4.000		10/01/52		11,977,523
	35,100,000	(a)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		7.000		12/01/50		35,547,662
	1,700,000	(a),(b)	Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A		7.000		10/01/47		170,000
	665,000		Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A		5.000		12/01/27		672,762
	1,815,000		Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A		5.200		12/01/37		1,847,204
	75,000	(a),(d)	Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (Pre-refunded 4/01/30)		5.000		04/01/40		80,661
	1,225,000	(a)	Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020		5.000		04/01/40		1,194,638
	245,000	(a),(d)	Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (Pre-refunded 4/01/30)		5.000		04/01/50		263,493
	4,520,000	(a)	Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020		5.000		04/01/50		4,164,563
	5,625,000	(a)	Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A		5.000		06/15/48		5,419,632
	4,300,000		Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A		5.000		06/15/64		4,082,917
	2,500,000		Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C		4.050		11/01/30		2,440,510
	7,925,000		Sheboygan Area School District, Manitowoc and Sheboygan Counties, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024		3.500		03/01/44		6,676,487
	1,300,000		Sparta Area School District, Monroe County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024		3.000		03/01/40		1,086,567
	1,000,000		Sparta Area School District, Monroe County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024		3.000		03/01/41		815,415
	6,640,000		West Allis-West Milwaukee, et al School District, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025		3.000		04/01/40		5,618,257

58 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	11,000,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012		5.000%		06/01/32	$	11,020,079
	1,000,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012		5.000		06/01/39		1,001,021
	2,405,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021		4.000		10/01/51		1,733,619
	3,845,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021		4.000		10/01/61		2,592,872
	1,450,000	(a)	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education Obligated Group, Series 2017C		5.250		06/01/40		1,392,897
	1,000,000	(b)	Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017		5.000		08/01/37		670,426
	1,000,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014		5.375		10/01/44		943,179
	1,500,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014		5.500		10/01/49		1,399,595
	3,000,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A		5.000		02/15/42		2,984,965
	2,275,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021		4.000		01/01/57		1,706,201
	1,000,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A		5.000		07/01/34		1,000,023
	1,850,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint Camillus Health System Inc, Series 2019A		5.000		11/01/54		1,604,234
	10,520,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2019		4.000		12/15/49		9,109,412
	2,565,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014		5.000		12/01/44		2,183,310
	1,775,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014		5.250		12/01/49		1,519,750
	7,500,000	(e)	Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024A, (UB)		4.750		09/01/50		7,537,473
	16,935,000		Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024C		4.750		03/01/51		17,014,652
	2,800,000		Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A		3.150		11/01/44		2,236,708
	3,000,000		Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A		3.200		11/01/49		2,244,300
			TOTAL WISCONSIN						167,992,204
			WYOMING - 0.2% (0.1% of Total Investments)
	2,500,000		Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 1		4.400		12/01/43		2,508,143
	3,585,000		Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 3		4.700		12/01/43		3,582,421
			TOTAL WYOMING						6,090,564
			TOTAL MUNICIPAL BONDS (Cost $4,678,836,160)						4,493,128,191
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
			CONSUMER DURABLES & APPAREL - 0.0% (0.0% of Total Investments)
	359,835	(f)	Cahava Springs Advance		7.500		12/31/26		359,835
			TOTAL CONSUMER DURABLES & APPAREL						359,835
			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $359,835)						359,835
			TOTAL LONG-TERM INVESTMENTS (Cost $4,679,195,995)						4,493,488,026

See Notes to Financial Statements 59

Portfolio of Investments April 30, 2025 (continued)

NVG

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			SHORT-TERM INVESTMENTS - 2.8%(1.7% of Total Investments)
			MUNICIPAL BONDS - 2.8% (1.7% of Total Investments)
			KANSAS - 0.4% (0.2% of Total Investments)
$	9,375,000	(a),(i)	Wyandotte County Unified School District 500, Kansas, General Obligation Bonds, Tender Option Bond Trust 2025-XM1214		3.103%		09/01/32	$	9,375,000
			TOTAL KANSAS						9,375,000
			MASSACHUSETTS - 0.2% (0.2% of Total Investments)
	6,495,000	(i)	Massachusetts Water Resources Authority, General Revenue Refunding Bonds, Variable Rate Demand Obligations Series 2008E		3.050		08/01/37		6,495,000
			TOTAL MASSACHUSETTS						6,495,000
			NEW YORK - 2.2% (1.3% of Total Investments)
	6,670,000	(i)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Adjustable Rate Series AA-1		2.500		06/15/50		6,670,000
	20,400,000	(i)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Adjustable Rate Series AA-2		2.500		06/15/50		20,400,000
	16,000,000	(i)	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series E-3		2.500		02/01/45		16,000,000
	12,375,000	(i)	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Taxable Subordinate Fiscal 2019 Series A-4		2.500		08/01/45		12,375,000
	5,080,000	(i)	New York City, New York, General Obligation Bonds, Fiscal 2015 Series F-6		2.500		06/01/44		5,080,000
			TOTAL NEW YORK						60,525,000
			TOTAL MUNICIPAL BONDS (Cost $76,395,000)						76,395,000
			TOTAL SHORT-TERM INVESTMENTS (Cost $76,395,000)						76,395,000
			TOTAL INVESTMENTS - 168.7% (Cost $4,755,590,995)						4,569,883,026
			FLOATING RATE OBLIGATIONS - (6.7)%						(181,785,000	)
			MFP SHARES, NET - (19.1)%(j)						(515,987,220	)
			VRDP SHARES, NET - (45.6)%(k)						(1,234,140,481	)
			OTHER ASSETS & LIABILITIES, NET - 2.7%						70,580,951
			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	2,708,551,276

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

ETM Escrowed to maturity

IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $570,892,247 or 12.5% 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) When-issued or delayed delivery security.

(d) 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.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(f) For fair value measurement disclosure purposes, investment classified as Level 3.

(g) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(h) Inverse floating rate trust is a non recourse trust.

(i) 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.

(j) MFP Shares, Net as a percentage of Total Investments is 11.3%.

60 See Notes to Financial Statements

 

 

 

(k) VRDP Shares, Net as a percentage of Total Investments is 27.0%.

See Notes to Financial Statements 61

Portfolio of Investments April 30, 2025

NZF

(Unaudited)

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			LONG-TERM INVESTMENTS - 164.7% (100.0% of Total Investments)
			MUNICIPAL BONDS - 164.7% (100.0% of Total Investments)
			ALABAMA - 3.1% (1.9% of Total Investments)
$	15,310,000	(a)	Alabama Corrections Institution Finance Authority, Revenue Bonds, Series 2022A, (UB)		5.250%		07/01/52	$	15,706,295
	8,585,000	(b)	Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A		6.000		09/01/45		8,403,379
	2,280,000	(a)	Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016B		5.000		11/15/46		2,282,765
	2,720,000		Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016C		5.000		11/15/46		2,723,299
	340,000		Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT)		5.750		10/01/49		340,812
	2,945,000	(a)	Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024, (UB)		5.500		10/01/53		3,016,272
	3,800,000		Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT)		4.750		12/01/54		3,468,296
	24,765,000		Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32)		5.000		06/01/49		25,908,462
	14,840,000		Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35)		5.000		01/01/56		15,221,045
			TOTAL ALABAMA						77,070,625
			ARIZONA - 1.4% (0.8% of Total Investments)
	2,131,024	(b),(c)	Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A		7.000		07/01/41		1,491,716
	3,185,000	(b)	Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015		5.000		07/15/39		3,047,345
	3,830,000		Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024B		4.800		09/01/49		3,863,442
	1,500,000		Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C		4.850		09/01/54		1,502,132
	10,000,000		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, (AMT)		5.000		07/01/47		10,011,047
	400,000		Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, (AMT)		5.000		07/01/27		400,059
	950,000		Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, (AMT)		5.000		07/01/32		950,166
	1,790,000	(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.375		07/01/46		1,253,000
	2,140,000	(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.500		07/01/51		1,498,000
	2,060,000	(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017		6.750		02/01/50		2,091,910
	35,000		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019		5.125		07/01/39		32,848
	50,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.000		12/01/32		52,595
	7,235,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.000		12/01/37		7,527,465
			TOTAL ARIZONA						33,721,725

62 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARKANSAS - 1.2% (0.7% of Total Investments)
$	10,055,000	(b)	Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT)		5.450%		09/01/52	$	10,063,014
	12,410,000		Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT)		5.700		05/01/53		12,581,210
	6,000,000	(b)	Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT)		4.500		09/01/49		5,374,199
	2,000,000	(b)	Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT)		4.750		09/01/49		1,859,546
			TOTAL ARKANSAS						29,877,969
			CALIFORNIA - 19.8% (12.0% of Total Investments)
	4,225,000		Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B - AGM Insured		0.000		08/01/28		3,792,337
	535,000		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A		5.000		03/01/41		504,740
	1,900,000		Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015		5.000		05/01/38		1,905,541
	165,000		Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B		5.000		09/02/36		165,041
	4,070,000		Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured		0.000		08/01/32		3,094,921
	6,410,000		Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured		0.000		08/01/34		4,489,931
	19,925,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024C, (Mandatory Put 10/01/32)		5.000		08/01/55		20,895,913
	1,510,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A		5.000		02/01/50		1,056,501
	1,515,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A		5.000		08/01/49		1,363,075
	1,235,000		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A		5.000		06/01/36		1,177,304
	22,650,000	(a)	California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2019, (UB)		5.000		11/15/49		22,370,019
	3,500,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/45		3,239,980
	825,000	(b)	California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015		5.375		07/01/45		783,128
	34,780,000		California Municipal Finance Authority, Revenue Bonds, Community Health System, Series 2021A - AGM Insured		4.000		02/01/51		32,394,655
	2,000,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019		5.000		07/01/39		2,030,950
	2,000,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016		5.000		06/01/51		1,200,000
	2,500,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.250		12/01/44		2,484,989
	16,712,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.500		12/01/54		16,525,946
	33,780,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		33,741,197

See Notes to Financial Statements 63

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	22,205,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A		5.500%		12/01/58	$	22,355,539
	2,186	(c),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.500		07/01/39		2,186
	1,476	(c),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H		5.750		07/01/25		1,476
	9,955,000		Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005 - FGIC Insured		0.000		09/01/31		7,756,989
	14,085,000		Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)		5.000		12/01/55		14,885,852
	3,795,000		Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C - FGIC Insured		0.000		02/01/37		2,362,280
	6,215,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2		4.000		10/01/56		4,673,000
	2,330,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.000		07/01/43		1,777,119
	10,145,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.125		07/01/56		6,563,348
	3,005,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-1		3.000		06/01/47		2,041,045
	20,855,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2		3.125		06/01/57		12,246,999
	15,120,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Senior Lien Series 2021A-1		3.000		12/01/49		9,726,190
	1,320,000		Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015		5.000		09/01/40		1,321,522
	2,510,000		Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B - NPFG Insured		0.000		10/01/28		2,244,250
	3,360,000		Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A - NPFG Insured		0.000		07/01/27		3,126,764
	3,725,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured		0.000		01/15/34		2,716,071
	3,000,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A		5.800		01/15/26		3,052,458
	4,505,000		Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A - NPFG Insured		0.000		08/01/30		3,816,225
	2,315,000		Gateway Unified School District, California, General Obligation Bonds, Series 2004B - FGIC Insured		0.000		08/01/32		1,783,077
	3,170,000	(e)	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A - AGM Insured, (ETM)		0.000		06/01/26		3,063,821
	2,445,000	(a),(b),(e)	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, (Pre-refunded 6/01/25), (IF)		7.352		06/01/40		2,459,308
	1,250,000	(a),(b)	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, (IF)		7.354		06/01/40		1,257,318
	3,190,000		Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B		0.000		09/01/27		2,965,113

64 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	5,000,000		Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005 - NPFG Insured		0.000%		08/01/31	$	4,049,138
	2,500,000		Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007 - FGIC Insured		0.000		08/01/32		1,940,715
	10,000,000	(a)	Irvine Facilities Financing Authority, California, Special Tax Revenue Bonds, Great Park Infrastructure Project Series 2023A - BAM Insured, (UB)		4.000		09/01/58		9,161,133
	225,000	(f)	Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007B (TSFR3M*0.67% + 1.450%)		4.522		11/15/27		226,938
	2,155,000		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Series 2022H, (AMT)		5.000		05/15/42		2,177,220
	70,000	(e)	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (Pre-refunded 11/15/31), (AMT)		4.000		05/15/46		71,698
	1,000,000	(e)	Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General Obligation Bonds, Election 2006, Series 2011B, (Pre-refunded 8/01/26) - AGM Insured		5.600		08/01/31		1,034,221
	2,335,000	(b)	Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2018A		5.000		10/01/42		2,340,954
	1,030,000		Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A		5.875		08/01/28		1,109,520
	2,320,000	(g)	Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A		0.000		08/01/43		2,235,988
	8,120,000		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C		7.000		11/01/34		9,600,421
	5,180,000		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C		6.500		11/01/39		6,156,357
	7,735,000		North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B - FGIC Insured		0.000		08/01/25		7,674,634
	4,180,000		North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B - FGIC Insured		0.000		08/01/26		4,019,885
	10,885,000		Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2005B - FGIC Insured		0.000		08/01/25		10,793,358
	7,750,000		Oxnard Union High School District, Ventura County, California, General Obligation Bonds, Election 2018 Series 2022C		4.000		08/01/47		7,262,613
	12,210,000		Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A		6.750		08/01/40		12,884,889
	5,000,000		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured		7.000		08/01/38		5,494,003
	3,200,000		Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003 - AGM Insured		0.000		07/01/27		2,955,762
	2,755,000		Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007 - AGM Insured		0.000		07/01/25		2,739,630
	22,345,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT)		5.250		07/01/58		22,944,545
	6,500,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2023A		5.000		07/01/58		6,694,047
	2,750,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A, (AMT)		5.000		07/01/47		2,750,243
	2,360,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT)		5.000		07/01/51		2,361,544
	6,650,000		San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT)		5.000		05/01/44		6,666,893
	25,670,000		San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT)		5.000		05/01/43		25,732,329

See Notes to Financial Statements 65

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	33,485,000	(a)	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT), (UB)		5.000%		05/01/48	$	33,461,872
	5,000,000		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Refunding Senior Lien Toll Road Revenue Bonds, Series 2021A		4.000		01/15/50		4,464,490
	860,000		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B		5.250		01/15/44		860,225
	5,760,000		San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015		0.000		08/01/45		1,993,657
	37,555,000		Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A		0.000		06/01/47		8,875,448
	1,800,000		Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D - FGIC Insured		0.000		08/01/27		1,671,725
	4,005,000	(g)	Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B - AGM Insured		0.000		08/01/36		4,473,813
			TOTAL CALIFORNIA						482,294,026
			COLORADO - 7.9% (4.8% of Total Investments)
	980,000		Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019		5.000		12/01/51		888,750
	1,101,000		Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A		5.500		12/01/36		1,101,282
	770,000	(b)	Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017		5.000		12/01/37		734,027
	2,210,000	(b)	Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017		5.000		12/01/47		1,959,570
	859,000		Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A		5.000		06/01/37		813,002
	5,500,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/34		5,709,927
	1,105,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/37		1,129,354
	1,105,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/38		1,125,032
	5,035,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/39		5,109,208
	28,345,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/44		28,131,681
	820,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2		4.000		08/01/49		709,060
	5,000,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A		5.500		11/01/47		5,205,977
	8,300,000	(a)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A, (UB)		5.250		11/01/52		8,513,245
	2,100,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012		4.000		12/01/42		1,853,250
	3,655,000	(e)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25)		5.000		06/01/45		3,659,170
	2,105,000		Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018		5.875		12/01/46		2,019,691
	7,580,000		Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024		0.000		12/01/31		4,332,175
	35,500,000	(a)	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB)		5.250		12/01/43		36,004,721
	10,695,000	(a)	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB)		5.000		12/01/48		10,658,311

66 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	13,965,000	(a)	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB)		5.250%		12/01/48	$	14,075,490
	1,160,000	(b)	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A		5.250		12/01/39		1,100,680
	330,000	(b)	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A		5.250		12/01/39		313,124
	10,000,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A		0.000		09/01/41		4,682,028
	8,845,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B - NPFG Insured		0.000		09/01/26		8,452,647
	7,550,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured		0.000		09/01/29		6,468,789
	11,100,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured		0.000		09/01/31		8,783,214
	10,000,000		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured		0.000		09/01/32		7,574,378
	4,000,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B - NPFG Insured		0.000		09/01/39		1,956,563
	1,125,000		Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014		5.750		12/01/30		1,096,261
	1,000,000		Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014		6.000		12/01/38		929,562
	825,000		North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A		5.750		12/01/47		793,179
	4,945,000		Overlook Park Metropolitan District, Routt County, Colorado, General Obligation Bonds, Limited Tax Senior Series 2023A		7.250		12/01/53		4,872,463
	4,310,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		5.000		12/01/39		3,960,420
	490,000	(e)	Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation Bonds, Refunding Series 2016, (Pre-refunded 12/01/26)		5.000		12/01/45		502,134
	395,000		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008		6.250		11/15/28		412,034
	4,060,000		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008		6.500		11/15/38		4,744,355
	902,000		Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A		5.000		12/01/45		828,433
	55,000		Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016		5.250		12/01/40		53,567
	105,000		Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding Series 2016		5.250		12/01/40		102,264
	1,000,000	(b)	West Meadow Metropolitan District, Town of Fraser, Grand County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2023A		6.000		12/01/38		1,008,480
	1,000,000	(b)	West Meadow Metropolitan District, Town of Fraser, Grand County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2023A		6.500		12/01/50		1,008,901
			TOTAL COLORADO						193,376,399
			CONNECTICUT - 0.4% (0.3% of Total Investments)
	6,345,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2022U		4.000		07/01/52		5,442,973
	4,975,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1		4.650		11/15/51		4,887,849
			TOTAL CONNECTICUT						10,330,822

See Notes to Financial Statements 67

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			DISTRICT OF COLUMBIA - 0.9% (0.6% of Total Investments)
$	12,230,000		District of Columbia Housing Finance Agency, Multifamily Development Program Revenue Bonds, Series 2024A-1		4.750%		09/01/46	$	12,031,154
	5,000,000		District of Columbia, Income Tax Secured Revenue Bonds, Series 2019A		4.000		03/01/39		4,806,765
	10,000,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured		0.000		10/01/37		5,742,671
			TOTAL DISTRICT OF COLUMBIA						22,580,590
			FLORIDA - 7.3% (4.4% of Total Investments)
	1,005,000		Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A		5.000		09/01/43		976,503
	865,000		Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A		5.000		09/01/45		837,505
	615,000		Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A		5.375		11/01/36		621,846
	665,000		Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016		4.700		05/01/36		659,581
	800,000		Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016		4.500		05/01/34		793,195
	3,315,000		Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health First Obligated Group, Series 2022A		5.000		04/01/41		3,415,962
	3,000,000		Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health First Obligated Group, Series 2022A		5.000		04/01/47		3,024,242
	4,390,000		Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A		5.000		07/01/50		2,719,941
	325,000	(b)	Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2019A		5.000		06/15/39		303,697
	150,000	(b)	Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2019, (AMT)		5.000		10/01/49		141,973
	120,000		Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1		5.250		11/01/37		121,411
	155,000		Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1		5.600		11/01/46		156,590
	555,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.250		05/01/35		557,515
	615,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.300		05/01/36		618,050
	955,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.500		05/01/45		957,243
	1,305,000		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015		5.500		05/01/46		1,307,784
	12,505,000		Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue Bonds, Baptist Health Care Corporation Obligated, Series 2020A		4.000		08/15/45		10,971,266
	6,740,000		Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue Bonds, Baptist Health Care Corporation Obligated, Series 2020A		4.000		08/15/50		5,658,949
	1,115,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C		5.650		07/01/37		1,126,642
	3,385,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C		5.750		07/01/47		3,365,370
	1,420,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A		4.750		07/15/36		1,359,507
	1,465,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A		5.000		07/15/46		1,345,461

68 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	1,000,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A		5.000%		07/01/36	$	964,031
	6,785,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A		5.125		07/01/46		6,045,375
	900,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A		6.000		06/15/35		900,563
	560,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A		6.125		06/15/46		560,072
	120,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C		5.000		09/15/40		110,937
	1,015,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A		6.250		06/15/36		1,023,879
	2,475,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A		6.375		06/15/46		2,487,043
	5,000,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT)		5.000		07/01/41		4,853,729
	4,120,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT)		5.250		07/01/47		4,023,576
	22,275,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)		5.250		07/01/53		22,382,261
	7,500,000		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		7,504,877
	17,750,000	(b)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25)		8.250		07/01/57		18,299,188
	320,000		Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016		4.750		05/01/36		317,130
	4,500,000		Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT)		5.000		10/01/42		4,522,778
	12,410,000		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2018E, (AMT)		5.000		10/01/48		12,423,095
	7,665,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, (AMT)		5.000		10/01/49		7,635,779
	2,140,000		Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015		5.350		08/01/35		2,159,458
	6,495,000		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022		4.000		10/01/52		5,594,124
	7,500,000		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2019A		5.000		10/01/47		7,497,808
	500,000		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter Medical Center, Series 2022		5.000		11/01/52		479,989
	5,225,000	(b)	Palm Beach County, Florida, Revenue Bonds, Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project, Series 2019A		5.000		04/01/51		4,595,948
	545,000		Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016		5.000		11/01/46		538,966
	90,000		Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016		4.750		11/01/28		91,107
	265,000		Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016		5.375		11/01/36		269,820

See Notes to Financial Statements 69

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	10,075,000		South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A		4.000%		05/01/44	$	9,078,451
	85,000		South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2		4.350		05/01/26		85,060
	100,000		South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2		4.875		05/01/35		100,168
	1,350,000		Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A		5.125		07/01/34		1,350,821
	1,000,000		Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Refunding Series 2015A		5.000		12/01/40		999,998
	7,780,000	(a)	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Refunding Series 2015A, (UB)		5.000		12/01/44		7,732,358
	2,600,000	(a)	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Series 2016A, (UB)		5.000		12/01/55		2,564,915
	300,000		Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1		5.375		11/01/37		303,241
			TOTAL FLORIDA						178,536,778
			GEORGIA - 2.0% (1.2% of Total Investments)
	285,000	(c)	Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1		6.500		01/01/29		114,000
	1,205,000		Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A		4.500		11/01/35		987,264
	725,000		Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014		5.000		07/01/41		725,011
	4,245,000		Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of Atlanta, Inc. Project, Series 2019A		4.000		07/01/49		3,728,497
	1,250,000		Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C		4.125		11/01/45		1,113,377
	1,250,000		Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D		4.125		11/01/45		1,113,378
	1,925,000	(a)	Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2020		4.000		07/01/50		1,728,275
	5,000		Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001 - AGM Insured		5.000		08/01/35		5,004
	1,690,000		Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993 - NPFG Insured		5.625		10/01/26		1,720,949
	8,200,000		Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B		5.125		04/01/53		8,283,340
	1,000,000		Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020		4.000		03/01/40		943,120
	3,485,000		Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2014A		5.000		07/01/44		3,461,223
	3,505,000		Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C		4.600		12/01/54		3,407,097
	3,020,000		Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A - NPFG Insured		4.750		06/01/28		3,072,282
	3,000,000		Georgia Ports Authority, Revenue Bonds, Series 2021		4.000		07/01/51		2,720,691
	840,000	(b)	Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017		5.875		06/15/47		848,759
	260,000		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A		5.500		09/15/26		265,729
	1,070,000		Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A		5.000		05/15/43		1,081,193

70 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			GEORGIA (continued)
$	3,000,000	(b)	Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A		5.000%		11/01/47	$	2,737,898
	3,325,000		Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020 - AGM Insured		4.000		12/01/45		3,071,395
	3,700,000		Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A		5.500		07/01/60		3,702,016
	3,000,000		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2013A		5.000		10/01/43		3,000,361
			TOTAL GEORGIA						47,830,859
			GUAM - 0.1% (0.0% of Total Investments)
	1,805,000		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D		5.000		11/15/39		1,808,685
			TOTAL GUAM						1,808,685
			HAWAII - 0.1% (0.1% of Total Investments)
	2,320,000		Hawaii State, Airport System Revenue Bonds, Series 2015A, (AMT)		5.000		07/01/41		2,325,294
			TOTAL HAWAII						2,325,294
			IDAHO - 0.0% (0.0% of Total Investments)
	595,000		Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A		5.000		09/01/32		595,388
			TOTAL IDAHO						595,388
			ILLINOIS - 21.2% (12.9% of Total Investments)
	55,000,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016		6.000		04/01/46		56,057,177
	2,255,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project Series 2015C		5.250		12/01/35		2,254,500
	15,500,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2012B		5.000		12/01/33		15,501,252
	8,400,000	(b)	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B		7.000		12/01/42		8,693,004
	1,800,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A		7.000		12/01/26		1,825,384
	51,780,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A		7.000		12/01/44		52,193,883
	1,335,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B		6.500		12/01/46		1,352,718
	6,210,000	(b)	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A		7.000		12/01/46		6,414,791
	450,000		Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A - NPFG Insured		0.000		12/01/26		422,029
	1,715,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured		0.000		12/01/26		1,608,398
	1,000,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured		0.000		12/01/27		898,817
	1,765,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured		0.000		12/01/30		1,389,474
	2,585,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured		0.000		12/01/27		2,323,442
	8,565,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured		0.000		12/01/31		6,429,053
	20,155,000	(a)	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2017, (UB)		5.000		12/01/51		19,699,176
	2,430,000		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A		5.000		12/01/45		2,431,233
	6,000,000		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A		5.000		12/01/57		6,014,025

See Notes to Financial Statements 71

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ILLINOIS (continued)
$	25,755,000		Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - NPFG Insured		0.000%		01/01/29	$	22,302,553
	8,765,000		Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured		0.000		01/01/34		6,024,786
	17,310,000		Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured		0.000		01/01/37		10,094,205
	350,000		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C		5.000		01/01/29		351,746
	765,000		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C		5.000		01/01/35		765,531
	1,610,000		Chicago, Illinois, General Obligation Bonds, Series 1999		0.000		01/01/30		1,348,617
	10,125,000	(a)	Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)		5.000		01/01/44		9,575,355
	5,000,000		Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured		5.500		01/01/53		5,193,507
	5,000,000		Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured		5.500		01/01/62		5,214,193
	12,190,000		Illinois Finance Authority Revenue Bonds, OSF Healthcare System, Refunding Series 2018A		4.125		05/15/47		10,981,103
	800,000	(b)	Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A		5.500		12/01/30		802,287
	17,770,000		Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016		5.000		12/01/46		17,159,199
	20,000,000	(a)	Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, (UB)		5.000		12/01/46		19,312,548
	3,375,000		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C		5.000		08/15/44		3,282,817
	2,700,000	(a),(e)	Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, (Pre-refunded 10/01/25), (UB)		5.000		10/01/46		2,717,320
	6,355,000	(b)	Illinois Finance Authority, Surface Freight Transfer Facilities Revenue Bonds, CenterPointJoliet Terminal Railroad Project, Series 2020, (AMT), (Mandatory Put 12/31/34)		4.125		12/01/50		6,193,861
	9,395,000		Illinois Housing Development Authority, Revenue Bonds, Social Series 2024A		4.750		10/01/49		9,358,811
	1,785,000		Illinois State, General Obligation Bonds, May Series 2020		5.500		05/01/39		1,872,796
	7,605,000	(a)	Illinois State, General Obligation Bonds, May Series 2023B, (UB)		5.500		05/01/47		7,837,760
	3,100,000		Illinois State, General Obligation Bonds, November Series 2016		5.000		11/01/35		3,127,838
	3,000,000		Illinois State, General Obligation Bonds, November Series 2016		5.000		11/01/37		3,019,738
	2,400,000		Illinois State, General Obligation Bonds, November Series 2016		5.000		11/01/40		2,403,828
	5,795,000		Illinois State, General Obligation Bonds, November Series 2017C		5.000		11/01/29		5,973,712
	3,800,000		Illinois State, General Obligation Bonds, November Series 2017D		5.000		11/01/27		3,931,876
	5,000,000		Illinois State, General Obligation Bonds, October Series 2016		5.000		02/01/27		5,128,676
	5,350,000		Illinois State, General Obligation Bonds, Refunding April Series 2019B		5.125		09/01/26		5,468,023
	5,000,000		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A		5.000		01/01/40		4,960,821
	5,400,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B		5.000		06/15/52		5,260,878
	10,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A		4.000		06/15/50		8,181,801
	13,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A		5.000		06/15/50		12,907,358
	8,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2012B - BAM Insured		0.000		12/15/51		1,963,726
	64,110,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A		0.000		12/15/52		14,333,233
	2,455,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A		5.000		06/15/53		2,394,234
	1,945,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A		5.000		06/15/57		1,894,177
	45,000,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured		0.000		06/15/43		18,349,033

72 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ILLINOIS (continued)
$	2,255,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A - NPFG Insured		5.500%		06/15/29	$	2,355,896
	8,400,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		12/15/30		6,648,822
	7,940,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		06/15/33		5,596,092
	450,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		12/15/34		294,116
	12,500,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		06/15/35		7,956,944
	10,620,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		12/15/35		6,578,373
	11,505,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		12/15/36		6,718,202
	65,000,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		12/15/38		33,574,164
	38,040,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		06/15/40		17,945,674
	3,720,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured		0.000		06/15/41		1,643,808
	4,005,000		Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, (AMT)		5.750		08/01/42		4,004,836
			TOTAL ILLINOIS						518,513,230
			INDIANA - 0.6% (0.3% of Total Investments)
	2,000,000	(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		1,790,535
	1,230,000		Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT)		5.750		08/01/42		1,229,950
	10,000,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured		0.000		02/01/26		9,728,474
	1,000,000		Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016		5.750		04/01/36		931,784
			TOTAL INDIANA						13,680,743
			IOWA - 1.2% (0.7% of Total Investments)
	5,750,000		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012		4.750		08/01/42		5,486,425
	21,525,000	(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		24,032,919
			TOTAL IOWA						29,519,344
			KANSAS - 0.5% (0.3% of Total Investments)
	2,085,000		Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, Refunding & improvement Series 2019		5.000		03/01/44		2,062,737
	3,565,000	(c)	Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012		6.000		12/15/32		1,033,850
	10,000,000		University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of Kansas Health System, Series 2017A		5.000		03/01/47		10,026,213
			TOTAL KANSAS						13,122,800

See Notes to Financial Statements 73

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			KENTUCKY - 1.0% (0.6% of Total Investments)
$	5,000,000		Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016		5.375%		02/01/36	$	5,023,016
	435,000		Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016		5.500		02/01/44		435,341
	2,355,000		Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022A, (AMT)		4.700		01/01/52		2,178,419
	500,000		Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015		5.750		11/15/45		413,823
	2,250,000		Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015		5.750		11/15/50		1,794,371
	6,000,000		Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/44		5,954,845
	2,510,000		Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2		5.000		08/01/49		2,456,189
	1,305,000		Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A		5.000		07/01/40		1,305,387
	1,335,000		Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C		6.750		07/01/43		1,505,649
	2,295,000		Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C		6.875		07/01/46		2,596,293
	210,000		Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A		4.000		10/01/29		210,015
			TOTAL KENTUCKY						23,873,348
			LOUISIANA - 0.9% (0.5% of Total Investments)
	500,000	(b)	Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A		5.625		06/15/48		484,722
	5,000,000		Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017		5.000		05/15/42		5,010,619
	5,610,000	(b)	Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT)		6.500		07/01/36		5,610,982
	10,000	(e)	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, (Pre-refunded 7/01/25)		5.000		07/01/39		10,025
	2,000,000		Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A		5.250		10/01/53		1,988,943
	3,730,000		Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017		5.000		05/15/46		3,701,354
	1,775,000		Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017		5.250		10/01/36		1,864,309
	3,000,000		Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017		5.250		10/01/46		3,024,610
			TOTAL LOUISIANA						21,695,564
			MAINE - 0.2% (0.1% of Total Investments)
	4,965,000		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A		5.000		07/01/46		4,507,507
			TOTAL MAINE						4,507,507

74 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MARYLAND - 1.5% (0.9% of Total Investments)
$	2,795,000		Maryland Economic Development Corporation, Private Activity Revenue Bonds, Purple Line Light Rail Project, Green Series 2022B, (AMT)		5.000%		12/31/41	$	2,772,835
	2,000,000	(c)	Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A		5.000		12/01/31		1,340,000
	4,590,000		Maryland Health and HIgher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical Systems, Series 2025A		5.250		07/01/52		4,681,196
	7,145,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A		5.500		01/01/46		7,171,673
	20,000,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A		5.000		05/15/45		19,755,298
	355,000	(b)	Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016		5.000		07/01/46		340,045
			TOTAL MARYLAND						36,061,047
			MASSACHUSETTS - 0.1% (0.1% of Total Investments)
	525,000		Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D		5.000		07/01/44		515,489
	1,525,000		Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015		4.500		01/01/45		1,391,652
			TOTAL MASSACHUSETTS						1,907,141
			MICHIGAN - 1.7% (1.1% of Total Investments)
	645,000		Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013		6.000		10/01/33		621,111
	1,250,000		Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013		6.000		10/01/43		1,142,084
	9,895,000	(h)	Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A - AGM Insured, (UB)		6.000		05/01/29		10,536,413
	5,000		Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A - NPFG Insured		4.500		07/01/35		5,002
	2,495,000		Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B - NPFG Insured		5.500		07/01/29		2,600,240
	5,000		Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B - FGIC Insured		5.000		07/01/36		5,008
	10,000		Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A - NPFG Insured		5.000		07/01/34		10,017
	10,000,000		Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Series 2016A		5.000		11/01/44		9,990,615
	6,800,000		Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A		5.000		11/15/48		6,784,155
	6,695,000		Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2025A		5.000		12/01/55		6,784,641
	5,000,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2019-I		4.000		04/15/54		4,365,300
			TOTAL MICHIGAN						42,844,586
			MINNESOTA - 2.0% (1.2% of Total Investments)
	700,000		City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A		5.000		07/01/47		601,259
	10,000,000		Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A		5.000		02/15/53		9,639,398
	15,830,000		Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A		5.250		02/15/53		15,890,760
	7,105,000		Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A		5.000		02/15/58		6,777,612
	1,500,000		Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A		5.750		08/01/44		1,500,363
	800,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A		5.500		07/01/52		738,692

See Notes to Financial Statements 75

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MINNESOTA (continued)
$	750,000		Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A		5.750%		09/01/46	$	753,178
	4,000,000		Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A		6.000		09/01/51		4,019,916
	6,000,000		Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A		5.000		07/01/32		6,002,954
	3,635,000		Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1		5.000		08/01/36		3,636,014
			TOTAL MINNESOTA						49,560,146
			MISSOURI - 2.0% (1.2% of Total Investments)
	750,000		Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A		6.000		03/01/33		758,477
	55,000		Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A		5.000		03/01/36		55,477
	10,090,000		Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT)		5.000		03/01/46		10,096,942
	135,000	(b)	Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016		5.000		04/01/46		117,664
	12,005,000		Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured		0.000		04/15/29		10,290,649
	650,000	(b)	Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B		5.000		02/01/40		616,640
	350,000	(b)	Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A		5.125		06/01/25		350,203
	3,810,000	(b)	Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A		5.750		06/01/35		3,505,718
	3,695,000	(b)	Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A		6.000		06/01/46		3,282,821
	1,590,000		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A		5.000		06/01/30		1,590,224
	2,700,000		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A		5.000		06/01/33		2,699,936
	50,000		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A		5.000		11/15/44		49,507
	2,000,000		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F		5.000		11/15/45		1,972,254
	10,920,000		Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C		4.700		11/01/54		10,719,822
	430,000		Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A		5.875		09/01/43		430,018
	450,000		Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A		5.000		12/01/35		433,429
	130,000		Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A		5.125		12/01/45		116,136
	760,000		Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B		6.000		03/01/37		768,897
			TOTAL MISSOURI						47,854,814

76 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEBRASKA - 0.4% (0.2% of Total Investments)
$	5,835,000		Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A		5.000%		09/01/42	$	6,065,993
	3,435,000		Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Series 2017		5.000		11/15/47		3,414,495
			TOTAL NEBRASKA						9,480,488
			NEVADA - 0.2% (0.1% of Total Investments)
	4,410,000		Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax Additionally Secured by Pledged Revenues, Series 2018A		5.000		05/01/48		4,440,506
			TOTAL NEVADA						4,440,506
			NEW HAMPSHIRE - 0.3% (0.2% of Total Investments)
	2,995,000	(b)	National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018C, (AMT)		4.875		11/01/42		2,756,897
	6,060,000	(b)	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023		4.000		07/01/37		5,003,746
			TOTAL NEW HAMPSHIRE						7,760,643
			NEW JERSEY - 7.2% (4.4% of Total Investments)
	1,100,000		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT)		5.125		07/01/42		1,101,731
	17,580,000	(e)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26)		5.500		06/15/31		18,277,432
	40,000	(e)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25), (UB)		5.250		06/15/40		40,087
	755,000	(a),(e)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25), (UB)		5.250		06/15/40		756,635
	1,000,000	(e)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26)		5.000		06/15/36		1,031,814
	10,000,000	(e)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26)		5.000		06/15/41		10,318,137
	2,175,000	(e)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, (Pre-refunded 6/15/27)		5.000		06/15/42		2,271,461
	16,000,000		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2019LLL		5.000		06/15/49		16,120,803
	1,415,000		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT)		5.250		09/15/29		1,415,068
	2,900,000		New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB		4.000		06/15/41		2,719,093
	19,650,000	(e)	New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)		5.000		06/15/48		22,090,740
	15,280,000	(a)	New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023BB, (UB)		5.250		06/15/50		15,836,676
	3,130,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A		0.000		12/15/28		2,747,333
	3,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A		0.000		12/15/31		2,336,944
	12,715,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A		0.000		12/15/33		9,044,651
	610,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A		0.000		12/15/34		412,833
	2,480,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A		0.000		12/15/40		1,211,207
	10,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured		0.000		12/15/33		7,143,505
	20,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured		0.000		12/15/36		12,180,394
	19,175,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A		0.000		12/15/35		12,304,876

See Notes to Financial Statements 77

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW JERSEY (continued)
$	15,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A		0.000%		12/15/39	$	7,708,511
	8,595,000	(a)	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, (UB)		5.000		12/15/34		8,885,922
	1,595,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A		5.000		06/01/46		1,574,472
	18,060,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B		5.000		06/01/46		17,532,399
			TOTAL NEW JERSEY						175,062,724
			NEW YORK - 21.8% (13.3% of Total Investments)
	3,400,000		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009		0.000		07/15/44		1,280,687
	12,020,000		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009		0.000		07/15/46		4,009,320
	450,000		Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015		5.250		07/01/35		439,582
	200,000	(c)	Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		5.000		11/01/39		120,000
	470,000	(b)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015		5.500		09/01/45		470,508
	18,000,000		Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center Series 2022-1A		4.000		07/01/51		16,172,122
	15,270,000	(b)	Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A		5.500		12/01/46		12,652,378
	5,000,000		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Bidding Group 5 Series 2021E		4.000		03/15/48		4,576,051
	7,250,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B		5.000		07/01/46		7,158,061
	81,270,000	(b)	Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C		0.000		06/01/50		9,927,634
	6,280,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.250		11/15/55		6,414,266
	4,210,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B		5.000		11/15/34		4,277,064
	3,320,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B		5.000		11/15/37		3,352,736
	1,000,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2015F		5.000		11/15/35		1,002,020
	5,000,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2017D		5.000		11/15/32		5,157,504
	6,000,000		New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Green Sustainable Development Series 2024F-1-A		4.550		11/01/54		5,878,690
	6,895,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2019 Series FF-2		4.000		06/15/41		6,539,938
	10,000,000	(a)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series AA		4.000		06/15/40		9,527,912
	9,750,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series CC-1		4.000		06/15/49		8,775,693
	5,000,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series GG-1		4.000		06/15/50		4,573,904
	10,000,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2022 Series AA-1		4.000		06/15/51		9,115,902

78 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	2,500,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series BB		5.250%		06/15/55	$	2,641,143
	5,000,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1		5.000		02/01/43		5,024,961
	11,000,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024C		5.250		05/01/48		11,605,436
	10,000,000		New York City, New York, Educational Construction Fund Revenue Bonds, Series 2021B		5.000		04/01/52		10,237,343
	5,750,000		New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1		5.000		03/01/40		5,886,733
	2,860,000		New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1		5.000		08/01/47		2,930,340
	61,665,000	(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		61,399,286
	5,700,000	(b)	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014		5.150		11/15/34		5,701,172
	7,525,000		New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A		5.250		01/01/56		7,549,438
	8,265,000		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C		5.000		03/15/47		8,476,965
	14,650,000		New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT)		5.000		07/01/46		14,352,755
	68,360,000		New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT)		5.250		01/01/50		67,794,649
	49,350,000		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		50,133,002
	1,105,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, (AMT)		5.000		08/01/26		1,105,118
	28,700,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, (AMT)		5.000		08/01/31		28,703,123
	7,085,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT)		5.250		08/01/31		7,338,060
	19,545,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT)		5.000		06/30/60		18,771,860
	3,945,000	(a)	New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT), (UB)		6.000		06/30/54		4,137,484
	15,465,000	(a)	New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT), (UB)		5.375		06/30/60		15,510,267
	5,350,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT)		5.000		01/01/31		5,421,814
	2,100,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT)		5.000		10/01/40		2,104,847
	13,750,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT)		5.625		04/01/40		14,241,763
	3,000,000		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Eighth Series 2016		5.250		11/15/56		3,015,297

See Notes to Financial Statements 79

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	14,500,000		Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2		0.000%		06/01/66	$	1,356,968
	2,320,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2015B		5.000		11/15/45		2,332,221
	30,000,000	(a)	Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax Series 2023A, (UB)		4.500		05/15/63		28,598,163
	11,235,000		Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2024A-1		4.125		05/15/64		9,872,180
	2,150,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006		5.000		06/01/48		1,942,694
	9,705,581		Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2014A		5.000		11/01/44		9,031,605
	3,640,000		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016		5.000		11/01/46		3,323,100
	565,000		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023		6.250		11/01/52		613,525
			TOTAL NEW YORK						532,575,284
			NORTH CAROLINA - 0.2% (0.1% of Total Investments)
	5,000,000		North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019		5.000		01/01/49		4,967,421
			TOTAL NORTH CAROLINA						4,967,421
			NORTH DAKOTA - 2.3% (1.4% of Total Investments)
	1,075,000		Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021		4.000		12/01/46		900,431
	10,315,000		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C		5.000		06/01/43		9,782,691
	10,950,000		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C		5.000		06/01/48		10,259,354
	37,840,000		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C		5.000		06/01/53		34,957,459
			TOTAL NORTH DAKOTA						55,899,935
			OHIO - 9.0% (5.5% of Total Investments)
	1,430,000		American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Green Series 2016A		5.000		02/15/46		1,432,757
	28,980,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2		11.310		06/01/57		2,772,751
	9,495,000		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		8,298,013
	3,250,000		Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017		5.000		12/01/37		3,272,592
	7,200,000		Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017		5.000		12/01/47		7,051,403
	2,500,000		Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2017		5.000		11/01/54		2,514,254
	6,500,000		Cleveland Clinic Health System Obligated Group, Ohio, Martin County Health Facilities Authority, Hospital Revenue Bonds, Series 2019B		4.000		01/01/46		6,031,622
	2,000,000		Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2 - NPFG Insured		0.000		11/15/28		1,752,379
	6,895,000		Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2 - NPFG Insured		0.000		11/15/32		5,021,506
	2,155,000		Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2 - NPFG Insured		0.000		11/15/34		1,425,195

80 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OHIO (continued)
$	165,000	(e)	Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured, (ETM)		0.000%		12/01/27	$	151,382
	4,145,000		Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured		0.000		12/01/27		3,809,676
	5,615,000		Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured		0.000		12/01/28		4,981,058
	220,000	(e)	Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured, (ETM)		0.000		12/01/28		195,024
	670,000	(b)	Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, Easton Project, Series 2020		5.000		06/01/28		670,366
	19,495,000		Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017		5.500		02/15/52		19,473,035
	20,650,000		Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017		5.500		02/15/57		20,472,815
	2,400,000		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013		5.000		06/15/43		2,032,878
	1,010,000		Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019		5.000		12/01/34		1,010,550
	1,000,000		Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019		5.000		12/01/44		934,040
	4,780,000		Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019		5.000		12/01/51		4,328,863
	10,000,000		Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015		5.000		05/15/40		10,003,086
	1,730,000		Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH		5.000		12/01/46		1,733,179
	2,500,000		Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018		5.000		06/01/43		2,537,899
	8,020,000		Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A		5.000		08/15/47		7,935,603
	5,565,000		Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B - AGM Insured		0.000		12/01/28		4,884,826
	1,000,000		Mahoning County, Ohio, Sewer System Revenue Bonds, Refunding and Improvement Series 2022		5.000		12/01/42		1,027,624
	4,500,000		Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured		5.250		12/01/31		4,903,555
	6,105,000		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013		5.000		02/15/44		5,839,807
	1,600,000		Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2017		4.000		11/15/43		1,518,725
	2,845,000		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D		3.375		08/01/29		2,721,727
	1,250,000		Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, John Carroll University 2022 Project, Series 2022		4.000		10/01/42		1,064,863
	1,250,000		Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, John Carroll University 2022 Project, Series 2022		4.000		10/01/47		1,018,098
	950,000		Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project - Joint Venture 5, Series 2001 - NPFG Insured		0.000		02/15/29		822,858
	5,000,000		Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2		0.000		02/15/37		3,000,756

See Notes to Financial Statements 81

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OHIO (continued)
$	11,260,000		Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2		0.000%		02/15/38	$	6,386,142
	5,000,000		Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2		0.000		02/15/40		2,515,203
	27,880,000		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A		4.750		06/01/33		28,267,936
	22,820,000		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, (Mandatory Put 6/01/22)		4.750		06/01/33		23,137,529
	1,500,000		Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Kestrel Verifiers, Green Series 2021A		5.000		12/01/46		1,557,144
	4,250,000		Pickerington Local School District, Fairfield and Franklin Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement, Series 2023		5.250		12/01/59		4,434,070
	1,845,000		Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A - AGM Insured		4.250		12/01/36		1,845,330
	480,000	(b)	Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue Bonds, Series 2021		4.250		12/01/50		438,604
	385,000		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development - Phase 2B Project, Series 2018A		6.000		12/01/50		372,706
	980,000		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A		5.000		11/01/51		774,519
	1,500,000		Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007		5.250		12/01/32		1,653,302
	1,000,000		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015		6.000		03/01/45		965,303
			TOTAL OHIO						218,992,553
			OKLAHOMA - 2.8% (1.7% of Total Investments)
	12,690,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.250		08/15/43		12,825,514
	9,715,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.250		08/15/48		9,759,385
	18,235,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/52		18,305,380
	16,570,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/57		16,629,132
	1,550,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022		5.500		08/15/41		1,564,636
	7,700,000		Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A		5.500		01/01/54		8,299,631
	1,500,000		Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2015, (AMT), (Mandatory Put 6/01/25)		5.000		06/01/35		1,498,905
			TOTAL OKLAHOMA						68,882,583
			OREGON - 0.3% (0.2% of Total Investments)
	7,330,000		Port of Portland, Oregon, International Airport Revenue Bonds, Series 2020-27A, (AMT)		5.000		07/01/45		7,344,132
	1,150,000	(b)	Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series 2019B		5.000		11/01/36		1,199,611
			TOTAL OREGON						8,543,743

82 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PENNSYLVANIA - 9.3% (5.7% of Total Investments)
$	380,000		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT)		5.750%		08/01/42	$	379,984
	7,355,000	(b)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017		5.000		05/01/42		6,941,222
	11,700,000		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33)		4.750		01/01/35		11,839,589
	2,030,000		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B		3.750		10/01/47		1,612,854
	1,236,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2		6.000		06/30/34		1,292,167
	16,570,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3		5.000		06/30/39		15,336,319
	8,280,000	(g)	Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1		0.000		06/30/44		5,965,313
	2,594,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1		8.000		06/30/34		2,597,216
	2,405,000		Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018		5.000		06/01/34		2,461,863
	700,000		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015		5.000		01/01/38		699,976
	8,710,000		Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020A		4.000		04/01/39		8,357,308
	5,085,000		Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020A		4.000		04/01/50		4,372,644
	5,000,000		Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020A		5.000		04/01/50		5,004,507
	15,220,000	(a)	Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2019A, (UB)		5.000		07/01/44		15,131,499
	20,335,000		Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2022B		5.000		05/01/52		19,900,220
	9,400,000		Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2022B		5.000		05/01/57		9,126,674
	2,205,724	(c)	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2		2.200		06/30/27		970,518
	1,214,992	(c)	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, (cash 5.000%, PIK 5.000%)		0.900		06/30/27		218,699
	4,135,000		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, (AMT)		5.500		11/01/44		4,141,800
	19,250,000		Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT)		5.750		06/30/48		19,807,083
	24,890,000	(a)	Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022 - AGM Insured, (AMT), (UB)		5.000		12/31/57		24,273,383
	24,005,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-2		4.375		11/01/54		20,852,860
	4,660,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2019		4.000		08/15/49		4,095,792
	4,400,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Trustees, Series 2025A		5.000		02/15/55		4,538,151
	30,355,000		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-146A		4.750		04/01/53		30,087,199

See Notes to Financial Statements 83

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PENNSYLVANIA (continued)
$	3,000,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E		6.000%		12/01/30	$	3,187,359
	4,000,000		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, University of the Sciences in Philadelphia, Series 2017		5.000		11/01/47		3,961,475
	735,000		The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A		5.000		11/15/28		735,178
			TOTAL PENNSYLVANIA						227,888,852
			PUERTO RICO - 7.2% (4.4% of Total Investments)
	75,000,000		Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2008A		0.000		05/15/57		4,565,138
	1,804,623		Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip 74529JAP0		0.000		08/01/54		346,758
	1,595,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Forward Delivery Series 2022A		5.000		07/01/37		1,619,389
	16,000,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/35		16,276,995
	5,255,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		4,974,396
	8,180,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/33		8,367,262
	2,745,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/37		2,781,907
	5,785,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		4.000		07/01/42		4,980,705
	6,055,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		4.500		07/01/34		5,942,954
	46,230,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		10,975,390
	2,260,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		4.750		07/01/53		2,101,166
	108,619,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		103,919,805
	1,780,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A		4.550		07/01/40		1,682,633
	493,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.536		07/01/53		433,023
	529,318		Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022		0.000		11/01/51		324,869
	8,007,861		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		6,825,604
			TOTAL PUERTO RICO						176,117,994
			RHODE ISLAND - 0.2% (0.1% of Total Investments)
	21,570,000		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A		0.000		06/01/52		3,895,613
			TOTAL RHODE ISLAND						3,895,613
			SOUTH CAROLINA - 4.8% (2.9% of Total Investments)
	21,570,000		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured		0.000		01/01/30		18,051,579
	7,220,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2023B		4.850		07/01/48		7,333,788
	5,000,000		South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A		4.700		01/01/55		4,954,561
	32,615,000		South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A		4.250		11/01/47		31,098,027
	8,045,000		South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A		4.500		11/01/54		7,585,149
	9,985,000	(a)	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB)		5.000		05/01/43		9,900,617

84 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			SOUTH CAROLINA (continued)
$	8,560,000	(a)	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB)		5.000%		05/01/48	$	8,473,746
	4,915,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A		5.000		12/01/50		4,914,825
	4,915,000	(a)	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, (UB)		5.000		12/01/50		4,914,825
	7,500,000	(a)	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B, (UB)		5.000		12/01/46		7,506,671
	10,295,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A		5.000		12/01/55		10,326,721
	2,585,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E		5.250		12/01/55		2,588,595
			TOTAL SOUTH CAROLINA						117,649,104
			SOUTH DAKOTA - 0.2% (0.1% of Total Investments)
	4,455,000		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015		5.000		11/01/45		4,458,326
			TOTAL SOUTH DAKOTA						4,458,326
			TENNESSEE - 1.3% (0.8% of Total Investments)
	1,000,000	(b)	Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A		5.125		12/01/42		932,417
	4,000,000		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-1		4.000		08/01/44		3,618,857
	21,500,000	(a)	Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured, (UB)		5.250		07/01/53		22,429,647
	5,000,000		Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, (AMT)		5.000		07/01/54		4,979,185
			TOTAL TENNESSEE						31,960,106
			TEXAS - 11.1% (6.7% of Total Investments)
	3,135,000		Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015		5.250		12/01/35		3,137,234
	3,340,000		Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015		5.000		12/01/40		3,190,008
	9,000,000	(a)	Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2023		4.000		02/15/53		8,030,918
	480,000		Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016		6.250		09/01/35		485,964
	455,000		Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016		6.500		09/01/46		459,799
	21,000,000		Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2023		4.250		02/01/53		19,673,489
	1,000,000		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT		4.750		05/01/38		986,273
	150,000		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B		4.750		11/01/42		145,267
	5,000,000		Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2024		4.250		02/15/50		4,696,089
	10,000,000		Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, (AMT)		8.000		04/01/28		10,009,998
	295,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured		0.000		11/15/41		132,887

See Notes to Financial Statements 85

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	590,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured		0.000%		11/15/42	$	250,096
	1,000,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured		0.000		11/15/43		399,432
	2,000,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured		0.000		11/15/44		753,461
	2,600,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured		0.000		11/15/45		926,832
	4,180,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured		0.000		11/15/53		937,406
	605,000	(e)	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured		0.000		11/15/37		330,343
	1,315,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured		0.000		11/15/37		667,501
	40,500,000		Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured		0.000		11/15/40		17,067,854
	2,000,000		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, (AMT)		5.000		07/15/35		1,968,482
	235,000		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, (AMT)		5.000		07/01/29		234,997
	3,105,000		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT)		5.500		07/15/37		3,146,912
	28,305,000		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured		0.000		09/01/28		24,907,486
	5,000,000		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured		0.000		09/01/30		4,038,535
	5,765,000		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured		0.000		09/01/31		4,449,792
	6,000,000	(e)	Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B - NPFG Insured, (ETM)		5.500		12/01/29		6,381,180
	7,500,000	(e)	Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A - AGM Insured, (ETM)		5.750		12/01/32		8,776,605
	3,500,000		Hutto, Texas, Certificates of Obligation Bonds, Combination Tax & Waterworks & Sewer System Revenue Series 2024 - BAM Insured		4.250		08/01/54		3,273,487
	2,605,000		Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Refunding Series 2024		4.000		02/15/45		2,456,175
	720,000		Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015		5.000		08/15/35		720,034
	2,505,000		Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997 - AMBAC Insured, (AMT)		5.125		11/01/28		2,588,856
	8,630,000	(b)	Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)		4.625		10/01/31		8,566,032
	825,000	(c)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A		5.000		07/01/47		796,427
	6,330,000	(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		7,506,936

86 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	9,130,000	(e)	North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31)		6.750%		09/01/45	$	10,870,046
	10,000,000		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D - AGC Insured		0.000		01/01/28		9,081,861
	1,570,000		Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A		5.000		02/01/34		1,520,559
	1,000,000	(c)	Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012		3.000		12/15/47		460,000
	595,000		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D		6.250		12/15/26		611,540
	1,800,000		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		1,846,346
	300,000		Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT)		5.500		06/30/42		308,909
	1,660,000		Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT)		5.500		06/30/43		1,702,382
	90,930,000		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		88,382,887
	3,600,000		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured		0.000		08/15/25		3,560,064
			TOTAL TEXAS						270,437,381
			UTAH - 0.1% (0.1% of Total Investments)
	1,945,000	(b),(c)	Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A, (AMT)		8.000		12/01/39		1,856,009
			TOTAL UTAH						1,856,009
			VIRGINIA - 3.6% (2.2% of Total Investments)
	12,000,000		Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016		5.000		07/01/51		11,884,632
	22,405,000	(a)	Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, (UB)		5.000		07/01/51		22,189,598
	2,000,000		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1		5.000		06/01/47		1,792,919
	1,250,000		Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5		4.650		07/01/55		1,222,700
	8,995,000		Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT)		5.000		12/31/49		8,749,603
	16,520,000		Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT)		5.000		12/31/52		15,855,860
	27,570,000		Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT)		5.000		12/31/56		26,195,087
			TOTAL VIRGINIA						87,890,399
			WASHINGTON - 3.1% (1.9% of Total Investments)
	590,000		Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999 - FGIC Insured		4.750		02/01/28		591,863
	105,000		Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013		5.750		04/01/43		98,509
	6,065,000		Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015		4.000		07/01/36		5,792,399
	10,420,000	(a)	Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015A, (UB)		5.000		08/15/45		10,283,230
	10,500,000		Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2017B		4.000		08/15/41		9,559,940

See Notes to Financial Statements 87

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WASHINGTON (continued)
$	10,785,000	(a)	Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014C, (UB)		5.000%		10/01/44	$	10,786,325
	21,320,000	(a)	Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D, (UB)		5.000		10/01/38		21,326,863
	2,000,000		Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020		4.000		09/01/45		1,783,257
	14,875,000	(a)	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020, (UB)		5.000		09/01/55		14,539,643
			TOTAL WASHINGTON						74,762,029
			WEST VIRGINIA - 0.3% (0.2% of Total Investments)
	6,000,000		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2023B		6.000		09/01/48		6,487,283
			TOTAL WEST VIRGINIA						6,487,283
			WISCONSIN - 1.7% (1.0% of Total Investments)
	25,000	(b)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A		5.000		06/15/37		23,460
	1,000,000	(b)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A		5.125		05/01/36		962,476
	5,545,000	(b)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A		5.000		06/15/36		4,942,189
	4,430,000	(b)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A		5.000		06/15/46		3,499,871
	79,862	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/47		2,269
	69,810	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/48		1,866
	68,693	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/49		1,720
	66,459	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/50		1,537
	65,342	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/51		1,423
	84,889	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/52		1,712
	83,772	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/53		1,593
	80,979	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/54		1,441
	79,304	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/55		1,329
	77,628	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/56		1,232
	4,224,917	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		5.500		07/01/56		3,044,054
	86,006	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/57		1,280

88 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	83,772	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000%		01/01/58	$	1,175
	81,538	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/59		1,082
	79,862	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/60		992
	78,745	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/61		918
	76,511	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/62		841
	74,836	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/63		778
	73,161	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/64		722
	72,044	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/65		665
	77,628	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/66		662
	934,897	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/67		7,205
	69,385	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/46		2,140
	68,408	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/47		1,944
	67,919	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/48		1,815
	67,431	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/49		1,689
	66,454	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/50		1,537
	72,806	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/51		1,586
	1,874,234	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		3.750		07/01/51		1,259,550
	72,317	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/52		1,458
	71,340	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/53		1,356
	70,851	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/54		1,261
	69,874	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/55		1,171

See Notes to Financial Statements 89

Portfolio of Investments April 30, 2025 (continued)

NZF

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	68,897	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000%		01/01/56	$	1,093
	68,408	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/57		1,018
	67,431	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/58		946
	66,942	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/59		889
	66,454	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/60		825
	65,476	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/61		764
	64,988	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/62		714
	64,010	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/63		665
	63,522	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/64		627
	63,033	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/65		582
	62,056	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/66		529
	808,203	(b),(c)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/67		6,229
	500,000	(b)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A		6.250		06/15/48		500,663
	1,200,000		Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT)		4.000		08/01/35		1,128,776
	1,690,000	(b),(c)	Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A		6.250		08/01/27		1,635,075
	1,350,000	(b)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		7.000		12/01/50		1,367,218
	160,000		Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A		5.200		12/01/37		162,839
	2,905,000		Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation - Cullowhee LLC - Western California University Project, Series 2015A		5.000		07/01/35		2,904,764
	1,000,000		Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C		4.300		11/01/30		981,103
	1,000,000		Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A		0.000		12/15/31		764,449
	2,105,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012		5.000		06/01/32		2,108,842
	2,500,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012		5.000		06/01/39		2,502,553
	12,650,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A		5.000		11/15/39		12,707,331

90 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	1,120,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014		5.250%		10/01/39	$	1,087,562
			TOTAL WISCONSIN						41,646,055
			WYOMING - 0.2% (0.1% of Total Investments)
	4,660,000		Wyoming Community Development Authority, Housing Revenue Bonds, 2024 Series 1		4.700		12/01/49		4,620,407
			TOTAL WYOMING						4,620,407
			TOTAL MUNICIPAL BONDS (Cost $4,018,748,520)						4,019,764,868
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
			CONSUMER DURABLES & APPAREL - 0.0% (0.0% of Total Investments)
	243,974	(d)	Cahava Springs Advance		7.500		12/31/26		243,974
			TOTAL CONSUMER DURABLES & APPAREL						243,974
			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $243,974)						243,974
			TOTAL LONG-TERM INVESTMENTS (Cost $4,018,992,494)						4,020,008,842
			FLOATING RATE OBLIGATIONS - (14.9)%						(363,825,000)
			MFP SHARES, NET - (26.2)%(i)						(640,174,241)
			VRDP SHARES, NET - (27.6)%(j)						(673,862,828)
			OTHER ASSETS & LIABILITIES, NET - 4.0%						98,138,228
			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	2,440,285,001

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

AMT Alternative Minimum Tax

ETM Escrowed to maturity

IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.

PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

TSFR3M CME Term Secured Overnight Financing Rate 3 Month

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(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 reporting period, the aggregate value of these securities is $386,569,954 or 9.6% of Total Investments.

(c) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(d) For fair value measurement disclosure purposes, investment classified as Level 3.

(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) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(g) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(h) Inverse floating rate trust is a non recourse trust.

(i) MFP Shares, Net as a percentage of Total Investments is 15.9%.

(j) VRDP Shares, Net as a percentage of Total Investments is 16.8%.

See Notes to Financial Statements 91

Portfolio of Investments April 30, 2025

NMZ

(Unaudited)

SHARES			DESCRIPTION					VALUE
			LONG-TERM INVESTMENTS - 162.7% (100.0% of Total Investments)
			COMMON STOCKS - 0.0% (0.0% of Total Investments)
			MATERIALS - 0.0% (0.0% of Total Investments)
	39	(a),(b)	PALOUSE FIBER HOLDINGS					$	0
			TOTAL MATERIALS						0
			TOTAL COMMON STOCKS (Cost $5,850)						0
SHARES			DESCRIPTION					VALUE
			EXCHANGE-TRADED FUNDS - 1.4% (0.9% of Total Investments)
	675,000		Nuveen High Yield Municipal Bond ETF						16,516,238
			TOTAL EXCHANGE-TRADED FUNDS (Cost $16,995,750)						16,516,238
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MUNICIPAL BONDS - 161.3% (99.1% of Total Investments)
			ALABAMA - 3.2% (1.9% of Total Investments)
$	182,352	(c),(d)	Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Refunding Taxable Series 2017C		1.000%		09/01/37		2
	1,000,000	(c),(d)	Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Series 2017A		6.750		09/01/37		700,000
	212,352	(c),(d)	Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Taxable Series 2017B		6.750		09/01/37		148,646
	2,000,000	(d)	Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A		6.000		09/01/45		1,957,689
	2,500,000		Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A		5.000		07/01/48		2,511,108
	785,000		Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Green Series 2020, (AMT), (Mandatory Put 11/01/30)		6.375		11/01/50		863,298
	13,765,000		Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT)		5.750		10/01/49		13,797,886
	6,430,000	(e)	Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024, (UB)		5.250		10/01/49		6,487,764
	250,000		MidCity Improvement District, Alabama, Special Assessment Revenue Bonds, Series 2022		4.750		11/01/49		205,759
	1,200,000		Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT)		5.000		06/01/54		1,140,040
	1,810,000	(d)	Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020		4.000		11/01/45		1,576,994
	1,000,000		Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32)		5.000		06/01/49		1,046,173
	3,905,000	(e)	Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35), (UB)		5.000		01/01/56		4,005,268
	3,450,000	(d)	Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A		5.250		05/01/44		3,369,221
			TOTAL ALABAMA						37,809,848
			ALASKA - 1.3% (0.8% of Total Investments)
	5,000,000	(e)	Anchorage, Alaska, Port Revenue Bonds, Series 2024A, (AMT), (UB)		4.500		02/01/60		4,525,547
	12,500,000	(e)	Anchorage, Alaska, Port Revenue Bonds, Series 2024A, (AMT), (UB)		4.375		02/01/65		11,300,660
			TOTAL ALASKA						15,826,207

92 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARIZONA - 3.4% (2.1% of Total Investments)
$	400,000	(d)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Christian University Project, Series 2019A		5.500%		10/01/40	$	357,427
	800,000	(d)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Christian University Project, Series 2019A		5.625		10/01/49		683,953
	10,000,000	(d)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A		5.000		07/01/51		8,607,259
	900,000	(d)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021C		6.000		07/01/29		892,112
	10,100,000	(d)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B		5.000		07/01/51		8,693,332
	2,765,000	(d)	Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group Falcon Properties LLC, Project, Senior Series 2022A-1		4.150		12/01/57		1,852,167
	2,590,000	(d)	Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group Falcon Properties LLC, Project, Subordinate Series 2022B		5.750		12/15/57		1,902,157
	1,000,000	(c),(d)	Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A		6.500		06/01/50		700,000
	985,000	(d)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Gateway Academy Project, Series 2019A		5.750		01/01/50		829,867
	3,000,000	(c),(d)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020		5.000		07/01/49		2,100,000
	245,000	(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.250		07/01/36		171,500
	400,000	(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.375		07/01/46		280,000
	475,000	(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016		5.500		07/01/51		332,500
	1,000,000	(c),(d)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019		5.875		07/01/51		700,000
	290,000	(d)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020		5.000		06/15/35		282,267
	100,000		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019		5.125		07/01/39		93,850
	7,500,000	(d)	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.500		12/01/37		7,759,156
	2,000,000	(f)	Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A		0.000		10/01/56		1,578,301
	500,000	(d)	Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024		5.000		06/15/59		458,984
	1,960,000	(d)	Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, AmeriSchools Academy Project, Series 2022		6.000		06/15/57		1,879,956
			TOTAL ARIZONA						40,154,788

See Notes to Financial Statements 93

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARKANSAS - 0.6% (0.4% of Total Investments)
$	1,750,000	(d)	Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT)		5.450%		09/01/52	$	1,751,395
	3,500,000	(d)	Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A		7.000		07/01/59		3,198,688
	2,500,000	(d)	Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT)		4.750		09/01/49		2,324,433
			TOTAL ARKANSAS						7,274,516
			CALIFORNIA - 13.5% (8.3% of Total Investments)
	18,390,000		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured		5.450		10/01/52		10,293,843
	4,000,000		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B		5.300		10/01/47		2,286,577
	18,905,000		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B		5.350		10/01/48		10,748,101
	4,585,000		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B		5.375		10/01/49		2,574,299
	3,055,000		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B		5.400		10/01/50		1,710,744
	1,000,000	(d)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2		4.000		08/01/47		771,570
	1,000,000	(d)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Senior Series 2021A-1		4.000		02/01/56		818,458
	1,000,000	(d)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A		5.000		02/01/50		699,669
	200,000	(d)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1		3.000		02/01/57		132,944
	2,000,000	(d)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-2		4.000		02/01/50		1,511,855
	9,155,000	(d)	California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A		5.000		04/01/49		7,414,118
	500,000	(d)	California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science & Language Academy Project, Series 2021		4.000		07/01/61		366,952
	2,215,000	(d)	California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science and Language Academy Project, Series 2020		6.250		07/01/58		2,262,926
	10,450,000	(e)	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A		4.000		08/15/48		9,678,355
	6,650,000	(d)	California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35)		9.500		01/01/65		6,422,544
	220,000	(d)	California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc. AMDA Inc Project, Taxable Series 2023B		9.500		07/01/30		228,999
	500,000	(d)	California Municipal Finance Authority, Revenue Bonds, California Baptist University, Series 2016A		5.000		11/01/36		501,456
	2,165,000		California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2020-6, County of Placer- PV400, Series 2022		5.250		09/01/52		2,191,446
	1,130,000		California Municipal Financing Authority, Certificates of Participation, Palomar Health, Series 2022A - AGM Insured		5.250		11/01/52		1,142,739
	1,000,000	(d)	California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A		5.125		07/01/55		808,249

94 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	3,260,000		California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A		6.375%		06/01/59	$	2,978,142
	1,000,000	(d)	California School Finance Authority, California, Charter School Revenue Bonds, Alta Public Schools - Obligated Group, Series 2020A		6.000		06/01/59		911,807
	1,000,000	(d)	California School Finance Authority, California, Charter School Revenue Bonds, Girls Athletic Leadership School Los Angeles Project, Series 2021A		4.000		06/01/61		680,377
	1,355,000	(d)	California School Finance Authority, California, Charter School Revenue Bonds, Hayward Twin Oaks Montessori Charter School Project, Series 2024A		6.000		06/15/54		1,252,218
	1,000,000	(d)	California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A		5.000		06/01/40		896,964
	5,185,000	(d)	California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not Academy Obligated Group, Series 2021A		4.000		06/01/61		3,657,035
	1,000,000	(d)	California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A		5.000		06/01/60		844,396
	1,600,000	(d)	California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2023A		6.000		06/01/63		1,570,022
	9,030,000	(d)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		9,019,627
	500,000	(d)	California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational Student Housing Project, Refunding Series 2016A		5.000		06/01/46		472,517
	745,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A		8.000		09/02/41		711,632
	3,279	(a),(c)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.500		07/01/39		3,279
	1,300,000	(d)	CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Subordinate Series 2021B		8.000		04/01/56		946,452
	1,750,000	(d)	CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior Lien Series 2021A-1		3.000		08/01/56		1,158,945
	300,000		Corona, California, Special Tax Bonds, Community Facilities District 2018-2 Sierra Bella, Series 2022A		5.000		09/01/42		306,743
	23,800,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2		4.000		10/01/56		17,894,996
	2,000,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Dublin Mezzanine Lien Series 2021B		4.000		02/01/57		1,442,456
	2,000,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-2		4.000		06/01/58		1,540,801
	1,000,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2		4.000		10/01/56		746,053
	2,000,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Series 2021B		4.000		07/01/58		1,321,407
	4,250,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B		4.000		12/01/56		3,100,664
	2,000,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Mezzanine Lien Series 2021B		4.000		06/01/57		594,900
	535,000	(d)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2		3.125		06/01/57		314,176

See Notes to Financial Statements 95

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	5,000,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2		4.000%		12/01/58	$	3,552,512
	2,145,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021B		4.000		12/01/59		1,033,504
	3,430,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Senior Lien Series 2021A-1		3.000		12/01/49		2,206,404
	1,660,000		Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C		6.500		12/15/47		1,660,060
	2,000,000		Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park, Refunding Series 2007A		5.000		12/15/37		2,001,391
	8,855,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2		0.000		06/01/66		952,976
	7,000,000		Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation		0.000		06/01/36		3,135,191
	1,000,000		Los Angeles County Community Facilities District 2021-01, California, Special Tax Bond, Valencia-Facilities Improvement Area 1, Series 2022		5.000		09/01/52		1,006,801
	7,000,000		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A, (AMT), (UB)		5.000		05/15/55		7,056,389
	535,000		Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2011-1, Improvement Area 6, Series 2021		4.000		09/01/50		459,972
	2,140,000		Oroville, California, Revenue Bonds, Oroville Hospital Series 2019		5.250		04/01/54		1,641,544
	750,000	(d),(e)	Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF)		11.387		12/01/30		1,024,965
	2,015,000	(d),(e)	Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF)		11.387		12/01/33		3,030,419
	10,000,000	(e)	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT), (UB)		5.000		05/01/43		10,024,281
	1,055,000	(d)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		6.250		09/01/47		1,085,670
	6,000,000		Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, First Subordinate CABs, Series 2006B		0.000		06/01/46		1,453,205
	5,000,000	(e)	University of California Regents, Medical Center Pooled Revenue Bonds, Series 2022P, (UB)		4.000		05/15/53		4,650,987
			TOTAL CALIFORNIA						160,907,724
			COLORADO - 16.3% (10.0% of Total Investments)
	4,500,000	(d)	Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024		5.750		12/01/54		4,520,884
	703,000		Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Junior Lien Series Series 2021B		5.500		12/15/37		652,811
	1,089,000		Aspen Street Metropolitan District, Broomfield County and City, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3		5.125		12/01/50		876,667
	12,000,000		Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A		5.750		12/01/51		10,963,891
	500,000		Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B		7.750		12/15/48		501,144

96 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,500,000		Belford North Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2020A		5.500%		12/01/50	$	1,285,695
	1,000,000		Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A		5.000		12/01/51		827,387
	4,820,000		Berthoud-Heritage Metropolitan District 10, Larimer County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2022A		4.750		12/01/52		3,835,827
	2,000,000		Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3		4.750		12/01/51		1,500,647
	1,000,000		Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A		5.000		12/01/49		737,988
	500,000		Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Improvement Bonds, Series 2022		6.500		12/01/53		500,588
	460,000		Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Subordinate Lien Series 2016B		8.000		06/15/37		459,842
	506,000		Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported Limited Tax General Obligation Bonds, Series 2021A		5.000		12/01/41		385,421
	500,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008		6.250		07/01/28		500,700
	100,000	(d)	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A		4.000		07/01/51		73,566
	1,225,000	(d)	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A		4.000		07/01/61		850,236
	720,000	(d)	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020		5.000		12/01/55		628,029
	3,000,000	(c)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2013		8.000		08/01/43		1,876,919
	1,000,000	(c),(d)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016		6.125		02/01/46		664,105
	3,144,000		Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020		6.500		12/01/50		3,077,165
	1,625,000		Conestoga Metropolitan District 2, Ault, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2021A-3		5.250		12/01/51		1,380,720
	500,000		Copperleaf Metropolitan District 3, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B		5.500		12/15/36		472,235
	4,050,000		Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024		0.000		12/01/31		2,314,685
	3,400,000		DC Metropolitan District, Denver County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2024A		5.875		12/01/54		3,083,872
	5,000,000	(e)	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB)		5.250		12/01/48		5,039,559
	1,500,000		Denver Gateway Center Metropolitan District, In the City and County of Denver, Colorado, General Obligation Limited Tax Bonds, Series 2018A		5.625		12/01/48		1,430,325
	1,030,000		E-86 Metropolitan District, Elizabeth, Elbert County, Colorado, General Obligation Limited Tax Cash Flow Bonds, Series 2021A-3		5.125		12/01/51		851,132
	1,000,000	(d)	Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A		5.000		12/01/51		883,234

See Notes to Financial Statements 97

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	960,000		Erie Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Series 2021		4.000%		12/01/38	$	781,613
	4,150,000	(d)	Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A		6.750		12/01/34		4,003,788
	3,080,000		Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014		6.000		12/01/38		2,863,049
	1,500,000		Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax Supported Revenue Bonds, Series 2022		6.000		12/01/52		1,465,661
	8,380,000		Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A		5.500		12/01/42		7,980,857
	1,000,000		Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A		5.750		12/01/52		935,418
	2,260,000		Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Subordinate Series 2022B		8.125		12/15/52		2,272,173
	3,000,000		Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B		6.000		12/01/52		2,587,563
	1,000,000		Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B		8.500		12/15/52		922,494
	2,995,000	(d)	Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.500		06/01/50		2,437,282
	500,000	(d)	Glen Metropolitan District 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021		4.250		12/01/51		372,031
	500,000		Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021		4.500		12/01/41		397,611
	500,000		Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021		4.750		12/01/51		371,645
	750,000		Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, Series 2022B(3)		6.250		12/01/52		682,196
	1,000,000		Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, Series 2022B(3)		9.000		12/15/52		1,003,095
	1,480,000	(d)	Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024		5.500		12/01/44		1,384,590
	540,000		Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021		5.000		12/01/41		480,038
	810,000		Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B		5.750		12/15/50		803,009
	1,700,000		Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A		5.750		12/01/50		1,547,254
	1,000,000	(d)	Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024		6.625		12/01/56		951,574
	1,000,000		Lakota Pointe Metropolitan District 1, Winter Park, Colorado, Limited Tax General Obligation Bonds, Series 2025A		6.000		12/01/55		952,036
	500,000		Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3		4.500		12/01/50		365,391

98 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,000,000		Larkridge Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, Refunding Series 2019		5.250%		12/01/48	$	927,596
	5,000,000	(d)	Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022		7.375		11/01/52		5,000,712
	4,000,000		Legato Community Authority, Colorado, Commerce City Colorado Limited Tax Supported Revenue Bonds District 12 3 & 7 Convertible Capital Appreciation Series 2021A-2		5.000		12/01/51		2,969,610
	1,000,000		Legato Community Authority, Colorado, Commerce City Limited Tax Supported Revenue Bonds District 12 3 & 7 Series 2021B		8.250		12/15/51		977,943
	500,000		Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A		5.000		12/01/41		444,480
	500,000		Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A		5.000		04/15/51		413,306
	1,000,000		Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A(3)		4.875		12/01/51		836,702
	1,100,000		Mirabelle Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2025B		6.125		12/15/49		1,091,784
	500,000		Murphy Creek Metropolitan District 5 (In the City of Aurora, Arapahoe County, Colorado), General Obligation Limited Tax Bonds, Series 2022A and Subordinate General Obligation Limited Tax Bonds, Series 2022B(3)		6.000		12/01/52		469,105
	500,000		North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B - AGM Insured		4.625		12/15/51		416,207
	4,000,000		North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3		5.250		12/01/50		3,773,744
	1,535,000		North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax General Obligation Bonds, Series 2020		5.125		12/01/49		1,357,937
	1,000,000		Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.000		12/01/50		840,115
	1,500,000		Overlook Park Metropolitan District, Routt County, Colorado, General Obligation Bonds, Limited Tax Senior Series 2023A		7.250		12/01/53		1,477,997
	6,555,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		5.000		12/01/49		5,532,083
	500,000	(d)	Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A		7.750		12/01/53		400,525
	500,000		Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, District 1, Series 2020A		5.250		12/01/50		432,481
	2,050,000	(d)	Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A		5.000		12/01/51		1,651,609
	9,300,000		Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2		8.000		12/01/52		6,100,753
	4,663,000		Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022		6.500		12/01/34		4,349,251
	870,000		Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported District Improvements Revenue Bonds, Refunding Series 2024B		5.875		12/15/46		893,932
	500,000	(d)	Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A		5.000		12/15/41		480,579
	500,000	(d)	Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2021		4.875		12/01/51		397,120
	1,000,000	(d)	Prairie Song Metropolitan District 4, Windsor, Colorado, Limited Tax General Obligation Bonds, Series 2021		6.000		12/01/51		923,756
	1,000,000	(d)	Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A		4.750		12/01/45		872,711

See Notes to Financial Statements 99

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,000,000		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	$	918,214
	1,900,000	(d)	Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025		6.125		12/01/54		1,736,691
	2,000,000		Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax Series 2021-3		5.375		12/01/51		1,695,221
	2,900,000		Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025		0.000		12/01/32		1,667,848
	1,000,000		Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.000		12/01/50		837,889
	703,067		Reunion Metropolitan District, Acting By and Through its Water Activity Enterprise, Adams County, Colorado, Special Revenue Bonds, Series 2021		3.625		12/01/44		489,017
	1,000,000	(d)	Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024		5.875		12/01/44		910,016
	1,000,000		Riverpark Metropolitan District, Arapahoe County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2024		6.375		12/01/54		984,509
	570,000		Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021		5.000		12/01/51		477,990
	1,000,000		Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A		5.000		12/01/52		811,609
	1,000,000		Rock Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2025A		5.625		12/01/54		936,151
	2,000,000		RRC Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2021		5.250		12/01/51		1,688,275
	2,000,000		Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A		6.750		12/01/52		2,027,825
	1,205,000		Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2024		8.000		12/15/54		1,214,610
	1,740,000		Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021		3.750		12/01/41		1,312,410
	1,440,000		Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021		4.000		12/01/51		993,745
	1,025,000		Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3		5.250		12/01/50		876,810
	1,000,000		South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2018		6.250		12/01/57		911,571
	5,000,000		Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 3, Series 2022		6.750		12/01/53		5,165,080
	1,250,000	(d)	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		1,208,089
	1,000,000		Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 4, Series 2024A		6.500		12/01/54		1,012,757
	2,790,000		Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020		5.125		12/01/50		2,403,960
	3,000,000	(c)	Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007		7.250		12/01/31		480,000
	685,000		Three Springs Metropolitan District 1, Durango, La Plata County, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2020B		7.125		12/15/50		685,294

100 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,000,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1		5.000%		12/01/41	$	818,164
	3,000,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1		5.000		12/01/51		2,202,651
	1,000,000	(d)	Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2021		4.750		12/01/50		811,702
	1,000,000		Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019		5.375		12/01/39		944,127
	1,500,000		Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2		6.000		12/01/50		1,225,011
	1,570,000		Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1		5.375		12/01/50		1,402,739
	1,000,000		Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021		5.000		12/01/51		793,039
	500,000		Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.250		12/01/50		435,897
	1,100,000		Village Metropolitan District In the Town of Avon, Eagle County, Colorado, Special Revenue and Limited Property Tax Bonds, Refunding & Improvement Series 2020		5.000		12/01/40		1,074,276
	3,000,000		Villages at Johnstown Metropolitan District 7, Johnstown, Colorado, Limited Tax General Obligation Bonds, Series 2022A(3)		6.250		12/01/52		2,917,901
	1,000,000		Waterfront at Foster Lake Metropolitan District 2, Weld County, Colorado, Special Revenue Bonds, Series 2022		4.625		12/01/28		959,964
	1,730,000		Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A		5.000		12/01/41		1,636,406
	500,000		Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A		5.000		12/01/51		439,791
	1,750,000	(d)	Waterview North Metropolitan District 1, Colorado, General Obligation Bonds, Limited Tax Series 2024A		5.750		12/01/54		1,596,940
	1,500,000		West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022		6.750		12/01/52		1,359,377
	3,500,000	(d)	West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2		8.000		12/01/54		1,990,444
	1,100,000	(d)	West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024		5.750		12/01/44		1,022,309
	600,000		West Valley Metropolitan District 3, Colorado, General Obligation Bonds, Limited Tax Windsor Series 2024A		5.250		12/01/54		557,313
	1,000,000		Westgate Metropolitan District, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022		5.125		12/01/51		791,894
	1,000,000	(d)	Westwood Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2021A		4.000		12/01/51		858,666
	4,390,000	(d)	Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Convertible Capital Appreciation Series 2021A-2		4.625		12/01/51		2,821,977
	7,500,000	(d)	Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1		4.125		12/01/51		5,664,782
	705,000		Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited Tax Supported Revenue Bonds, Series 2019		5.000		12/01/49		601,253
	1,000,000	(d)	Winsome Metropolitan District No. 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A		5.125		12/01/50		842,100

See Notes to Financial Statements 101

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	778,000		Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1		6.250%		12/15/40	$	757,127
			TOTAL COLORADO						194,739,111
			CONNECTICUT - 0.4% (0.3% of Total Investments)
	2,000,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Forward Delivery Series 2022M		4.000		07/01/41		1,846,767
	3,570,000	(e)	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A, (UB)		4.600		11/15/49		3,503,225
			TOTAL CONNECTICUT						5,349,992
			DISTRICT OF COLUMBIA - 1.4% (0.8% of Total Investments)
	5,000,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A		0.000		06/15/46		1,247,549
	1,971,000	(d)	District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A		5.250		05/15/55		1,643,527
	5,100,000	(e)	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B - AGM Insured, (UB)		4.000		10/01/53		4,417,522
	4,750,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured		4.000		10/01/52		4,165,065
	5,640,000	(e)	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured, (UB)		4.000		10/01/52		4,945,466
			TOTAL DISTRICT OF COLUMBIA						16,419,129
			FLORIDA - 19.5% (12.0% of Total Investments)
	350,000		Abbott Square Community Development District, Zephyrhills, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022		5.500		06/15/52		346,147
	1,645,000	(d)	Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces at Bonita Springs Project, Refunding Series 2022A		5.000		11/15/61		1,185,042
	1,680,000		Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 2015 Assessment Project, Series 2015		5.375		05/01/45		1,679,988
	1,245,000		Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021		4.000		05/01/51		991,754
	2,000,000	(d)	Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 3 Master Improvements Project, Series 2021		4.000		05/01/52		1,553,163
	1,000,000	(d)	Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 4 Master Improvement Project, Series 2023		5.500		05/01/53		990,479
	1,955,000		Avenir Community Development District, Palm Beach Gardens, Florida, Special Assessment Bonds, Area 3 - Master Infrastructure Project, Series 2023		5.625		05/01/54		1,967,262
	1,020,000	(d)	Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2021 Project Series 2021		4.000		05/01/52		816,145
	1,100,000		Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2022 Project Series 2022		5.000		05/01/53		1,052,512
	500,000	(d)	Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024		5.250		05/01/55		484,075
	995,000		Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Series 2015		5.250		11/01/46		995,751

102 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	1,905,000		Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 Project, Series 2022		4.125%		11/01/51	$	1,548,244
	335,000		Belmond Reserve Community Development District, Florida, Hillsborough County Special Assessment Revenue Bonds 2020 Project Series 2020		4.000		05/01/51		278,615
	885,000		Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A		6.125		11/01/33		941,216
	1,445,000		Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2013		5.125		05/01/43		1,412,267
	600,000		Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016		4.750		05/01/46		562,235
	500,000	(d)	Buckhead Trails Community Development District, Manatee County Florida, Special Assessment Bonds, 2022 Project Series 2022		5.750		05/01/52		498,134
	1,625,000		Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, PRG - UnionWest Properties LLC Project, Senior Series 2024A-1		5.000		06/01/54		1,537,440
	285,000	(d)	Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A		4.000		07/01/41		242,098
	1,070,000	(d)	Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A		4.000		07/01/51		818,383
	2,500,000	(d)	Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South Bay Project, Series 2020A		6.000		06/15/55		2,493,851
	500,000	(d)	Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021		4.000		08/15/51		376,598
	1,000,000	(d)	Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021		4.250		08/15/61		748,573
	1,000,000	(c),(d)	Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, Series 2017A		7.000		10/01/49		470,000
	1,000,000	(d)	Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017		5.875		08/01/52		827,261
	1,500,000	(d)	Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024		6.000		08/15/63		1,391,004
	955,000	(c)	Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014		5.125		05/01/45		908,551
	1,000,000	(d)	Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2019, (AMT)		5.000		10/01/49		946,485
	1,000,000	(d)	Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2021A, (AMT)		4.000		10/01/41		879,260
	210,000	(d)	Coddington Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2022		5.750		05/01/42		216,529
	1,491,387	(c),(d)	Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A		0.000		05/15/35		149
	995,000	(d)	Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2018		5.375		11/01/50		999,999
	1,610,000	(d)	Crossings Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2024		5.600		05/01/54		1,546,116
	1,000,000	(d)	Crosswinds East Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024		5.750		05/01/54		993,448
	1,440,000		Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2024		5.800		05/01/54		1,365,328
	1,485,000		Cypress Mill Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020		4.000		06/15/40		1,322,034
	1,395,000	(d)	Del Webb Sunchase Community Development District, Manatee County, Florida, Special Assessment Bonds, Series 2025		5.625		05/01/55		1,382,583
	1,605,000		East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Wildlight Village Phase 3 Series 2024		5.500		05/01/55		1,535,343

See Notes to Financial Statements 103

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	1,000,000	(d)	East Palm Drive Community Development District, Florida, Special Assessment Bonds, Assessment Area 1, Series 2024		5.375%		06/15/54	$	956,987
	1,500,000		Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2022		4.000		05/01/52		1,196,611
	820,000	(d)	Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024		5.600		05/01/55		789,246
	1,320,000		Epperson Ranch II Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2020		4.375		05/01/51		1,121,322
	1,215,000		Esplanade Lake Club Community Development District, Lee County, Florida, Capital Improvement Bonds, Series 2019A-1		4.125		11/01/50		1,006,505
	1,000,000	(d)	Everlands II Community Development District, Palm Bay, Florida, Special Assessment Revenue Bonds, Series 2024		5.450		06/15/54		971,767
	1,245,000	(d)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A		5.000		06/15/51		1,063,147
	1,850,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A		6.500		07/01/44		1,850,680
	1,000,000	(d)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017A		5.750		07/01/44		965,356
	2,000,000	(d)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers Academy Project, Series 2022A		6.000		01/15/57		1,798,124
	565,000	(d)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A		5.000		07/15/46		518,898
	655,000	(d)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A		5.000		01/01/50		536,207
	120,000	(d)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C		5.000		09/15/50		104,123
	1,000,000	(d)	Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2019, (AMT)		5.000		05/01/29		1,005,566
	16,105,000	(d)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put 7/15/28)		12.000		07/15/32		16,718,298
	1,000,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT)		5.000		07/01/41		970,746
	12,585,000	(e)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB)		5.250		07/01/53		12,645,600
	5,000,000		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		5,003,251
	19,410,000	(d)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25)		8.250		07/01/57		20,010,549
	2,500,000	(d)	Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1		5.250		06/01/59		2,368,429
	3,075,000	(d)	Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024B		6.500		06/01/59		3,059,238
	1,260,000	(d)	GIR East Community Development District, Osceola County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2025		5.500		05/01/55		1,189,979

104 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	1,900,000	(d)	Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2021		4.000%		05/01/52	$	1,486,518
	1,000,000		Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2		6.500		05/01/39		1,001,247
	10,000,000	(e)	Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT), (UB)		5.000		10/01/42		10,050,619
	1,845,000		Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special Assessment, Refunding Series 2014		5.250		05/01/32		1,845,764
	1,000,000		Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 4, Series 2023		5.500		05/01/53		1,000,799
	2,015,000	(d)	Hickory Tree Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024		5.450		05/01/55		1,907,853
	1,500,000		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2018A, (AMT)		5.000		10/01/48		1,486,718
	5,000,000	(e)	Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2018A, (AMT), (UB)		5.000		10/01/48		4,955,726
	560,000		Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024		5.875		05/01/55		558,262
	1,000,000	(d)	Keys Edge Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024		5.375		05/01/55		948,439
	610,000		Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021		4.000		05/01/52		485,163
	610,000		Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood Centre North Project, Series 2015		4.875		05/01/45		582,910
	2,000,000		Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A		5.375		06/15/37		1,984,890
	1,630,000	(d)	Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A		5.750		12/01/52		1,171,007
	2,760,000		LTC Rance Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021A		4.000		05/01/52		2,185,316
	2,000,000		LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 3 Project, Series 2024AA3		6.050		05/01/54		1,989,998
	1,995,000		Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019		4.375		05/01/40		1,797,893
	2,985,000		Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019		4.500		05/01/51		2,521,480
	750,000	(d)	Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017		6.000		07/01/47		750,136
	1,085,000		Miami World Center Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, Series 2017		5.250		11/01/49		1,092,857
	5,000,000		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A		5.000		07/01/39		5,003,345
	1,750,000	(d)	Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A		6.000		09/15/45		1,750,314
	1,000,000		Miami-Dade County Industrual Development Authority, Florida, Revenue Bonds, Doral Academy, Seres 2018		5.000		01/15/48		948,604
	5,100,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, (AMT), (UB)		5.000		10/01/40		5,123,921

See Notes to Financial Statements 105

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	11,250,000	(e)	Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB)		5.250%		10/01/52	$	11,368,212
	980,000	(d)	Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024		6.000		05/01/55		969,619
	290,000	(d)	Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2022		5.750		05/01/53		294,039
	1,000,000	(d)	Normandy Community Development District, Florida, Capital Improvement Revenue Bonds, Jacksonville Assessment Area One Series 2024		5.550		05/01/54		933,715
	355,000		North Park Isle Community Development District, Plant City, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2019		4.750		05/01/50		325,363
	930,000		Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015		5.500		08/01/46		933,289
	9,305,000	(e)	Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Series 2019, (UB)		4.000		08/15/49		7,883,818
	250,000		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter Medical Center, Series 2022		5.000		11/01/52		239,995
	1,355,000	(d)	Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2021A		5.000		06/01/57		1,178,983
	1,120,000		Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2024A		6.250		06/01/59		1,092,621
	500,000	(d)	Palm Beach County, Florida, Revenue Bonds, Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project, Series 2019A		5.000		04/01/51		439,804
	250,000		Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, Sawmill Branch Phase 2 Flager, Series 2022		5.125		05/01/51		235,918
	1,560,000		Pasadena Ridge Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024		5.375		05/01/55		1,475,307
	905,000	(d)	Peace Creek Village Community Development District, Florida, Special Assessment Revenue Bonds, Winter Haven Series 2024		5.750		05/01/54		887,863
	500,000		Portico Community Development District, Lee County, Florida, Special Assessment, Improvement Series 2020-2		4.000		05/01/50		406,940
	905,000	(d)	Rivers Edge III Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021		4.000		05/01/51		707,288
	2,490,000		Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016		6.000		11/01/47		2,533,019
	1,725,000		Rustic Oaks Community Development District, Florida, Capital Improvement Revenue Bonds Series 2022		4.000		05/01/52		1,367,870
	986,399	(d)	Saint Johns County Housing Authority, Florida, Multifamily Mortgage Revenue Bonds, Victoria Crossing, Series 2021A, (Mandatory Put 4/01/39)		3.920		04/01/59		776,265
	700,000		Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023		6.375		11/01/53		723,288
	990,000		Shingle Creek Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2015		5.400		11/01/45		991,003
	15,000,000	(e)	South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017, (UB)		5.000		08/15/47		15,024,943
	490,000	(d)	Summit View Community Development District, Dade City, Florida, Special Assessment Area Two Revenue Bonds, Series 2024		6.000		05/01/54		491,792
	615,000	(d)	Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B		4.625		05/01/36		588,829
	1,230,000		Touchstone Community Development District, Hillsborough County, Florida, Special Assessment Bonds, 2019 Project, Series 2019		4.000		12/15/40		1,067,945

106 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	1,265,000		Tradition Community Development District 1, Port Saint Lucie, Florida, Irrigation System Revenue Bonds, Existing System Series 2017		4.500%		10/01/47	$	1,140,533
	1,000,000		Turtle Run Community Development District, Florida, Special Assessment Benefit Tax Bonds, Series 2017-2		5.000		05/01/37		1,008,113
	1,490,000		Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-1		6.375		11/01/47		1,545,344
	2,625,000		Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-2		6.375		11/01/47		2,725,386
	500,000		Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Expansion Area Project, Series 2019		4.000		12/15/49		402,264
	1,000,000		Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project, Series 2023		6.125		11/01/53		1,025,462
	1,000,000		Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Area One Project, Series 2013		6.500		11/01/43		1,055,302
	500,000		Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 Assessment Area, Series 2022		6.625		11/01/52		524,105
	1,000,000	(d)	Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024		5.450		05/01/54		946,208
	960,000		Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014		5.500		11/01/45		960,110
	395,000	(d)	Westside Haines City Community Development District, Polk County, Florida, Special Assessment Bonds, Area 2 Project, Series 2024		6.000		05/01/54		396,718
	135,000	(d)	Willowbrook Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024		5.900		05/01/55		131,717
	1,000,000	(d)	Windsor at Westside Community Development District, Lake County, Florida, Special Assessment Bonds, Area 1 Project, Series 2024		5.750		05/01/54		1,027,062
	720,000	(d)	Woodland Ranch Estates Community Development District, Dundee, Florida, Special Assessment Bonds, Series 2025		5.750		05/01/55		700,242
			TOTAL FLORIDA						233,310,764
			GEORGIA - 0.8% (0.5% of Total Investments)
	4,730,000		Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A		6.500		12/15/48		4,075,916
	1,000,000	(d)	Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2		5.500		04/01/39		1,003,881
	870,000		Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A		5.000		11/01/48		662,946
	1,610,000		Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A		5.000		07/01/60		1,600,070
	2,215,000		Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2023A - AGM Insured		5.000		07/01/64		2,256,195
			TOTAL GEORGIA						9,599,008
			HAWAII - 0.2% (0.1% of Total Investments)
	2,000,000	(d)	Hawaii County, Hawaii, Special Tax Revenue Bonds, Community Facilities District 1-2021, Kaloko Heights Project, Series 2023		7.250		05/15/52		1,960,959
	1,000,000	(d)	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024		5.125		07/01/43		924,373
			TOTAL HAWAII						2,885,332

See Notes to Financial Statements 107

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			IDAHO - 0.2% (0.2% of Total Investments)
$	1,000,000	(d)	Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy of Idaho, Series 2021A		5.000%		07/15/56	$	764,166
	565,000	(d)	Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A		5.250		07/01/55		469,036
	1,000,000	(d)	Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian South Charter School Project, Series 2021		4.000		05/01/56		694,749
	1,050,000		Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024		6.250		09/01/53		1,076,799
			TOTAL IDAHO						3,004,750
			ILLINOIS - 15.9% (9.7% of Total Investments)
	60,545	(c)	Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005		6.250		01/01/26		60,544
	10,670,000	(e)	Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, (UB)		6.000		04/01/46		10,875,092
	15,385,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A		7.000		12/01/44		15,507,974
	2,025,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B		6.500		12/01/46		2,051,876
	9,910,000	(d)	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A		7.000		12/01/46		10,236,808
	10,000,000	(e)	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A - BAM Insured, (UB)		5.000		12/01/46		10,279,499
	1,548,387		Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopoment Project, Series 2012		6.100		01/15/29		1,548,329
	1,318,549	(c)	Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006		7.460		02/15/26		922,984
	8,065,000		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding Senior Lien Series 2022A		5.000		01/01/48		8,071,385
	4,000,000	(e)	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2016D, (UB)		5.000		01/01/52		4,004,319
	5,200,000		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2024B, (UB)		5.500		01/01/59		5,475,134
	4,000,000	(e)	Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A, (UB)		5.500		01/01/43		4,066,034
	9,400,000	(e)	Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, (UB)		6.000		01/01/38		9,579,645
	130,000		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C		5.000		01/01/38		128,929
	11,000,000	(e)	Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)		5.000		01/01/44		10,402,855
	8,000,000	(e)	Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)		5.500		01/01/49		8,015,211
	5,000,000	(d)	Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A		6.375		11/01/46		4,077,040
	1,000,000	(d)	Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A		5.000		07/01/51		730,522
	1,000,000	(d)	Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A		5.000		07/01/56		712,288
	1,000,000	(d)	Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A		5.625		08/01/53		1,025,440
	550,000		Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022		5.000		03/01/36		542,717
	600,000		Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022		5.000		03/01/38		576,985
	700,000		Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022		5.000		03/01/40		656,639
	2,000,000	(d)	Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B		6.125		04/01/58		1,894,086
	1,000,000	(d)	Illinois Finance Authority, Solid Waste Revenue Bonds, LRS Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33)		7.375		09/01/42		1,107,209
	7,955,000	(e)	Illinois State, General Obligation Bonds, June Series 2022A, (UB)		5.500		03/01/47		8,195,893
	1,715,000		Illinois State, General Obligation Bonds, May Series 2020		5.750		05/01/45		1,790,397
	1,000,000		Illinois State, General Obligation Bonds, November Series 2016		5.000		11/01/35		1,008,980
	1,000,000		Illinois State, General Obligation Bonds, November Series 2016		5.000		11/01/37		1,006,579

108 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ILLINOIS (continued)
$	5,000,000		Illinois State, General Obligation Bonds, October Series 2020C		4.250%		10/01/45	$	4,428,722
	10,000,000	(e)	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A, (UB)		4.000		01/01/46		9,245,749
	1,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A		4.000		06/15/50		818,180
	7,075,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A - BAM Insured		4.000		06/15/50		5,878,270
	12,215,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A		5.000		06/15/50		12,127,953
	5,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A		5.000		06/15/57		4,869,350
	35,635,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B		0.000		12/15/54		7,108,085
	5,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B - BAM Insured		0.000		12/15/54		1,035,443
	1,000,000		Palos Heights, Illinois, Revenue Bonds, Trinity Christian College Association, Series 2024A		7.000		01/01/50		934,248
	7,750,000	(e)	Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018A, (UB)		5.000		01/01/48		7,796,588
	10,000,000	(e)	Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018C - BAM Insured, (UB)		5.250		01/01/48		10,238,503
	895,000	(c)	Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007		4.800		01/01/26		331,150
			TOTAL ILLINOIS						189,363,634
			INDIANA - 1.7% (1.1% of Total Investments)
	1,000,000	(d),(e)	Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 2016-XL0019 - AMBAC Insured, (IF)		10.637		04/01/30		1,305,762
	1,000,000		Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School Project, Series 2015A		7.250		12/01/45		1,007,293
	850,000		Indiana Finance Authority, Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, Series 2021A		5.000		06/01/41		772,888
	550,000		Indiana Finance Authority, Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, Series 2021A		5.000		06/01/56		456,394
	7,725,000	(e)	Indiana Finance Authority, Educational Facilities Revenue Bonds, University of Evansville Project, Series 2022A, (UB)		5.250		09/01/57		7,303,617
	2,000,000		Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT)		5.750		08/01/42		1,999,918
	5,000,000	(e)	Indiana Finance Authority, Indiana, Health Facilities Project Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2017A, (UB)		5.000		08/15/51		4,908,777
	1,000,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E		6.125		03/01/57		1,047,207
	730,000		Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A		7.500		07/01/35		731,765
	1,000,000	(d)	Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT)		5.000		01/01/54		956,840
			TOTAL INDIANA						20,490,461
			IOWA - 2.0% (1.3% of Total Investments)
	1,000,000		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012		4.750		08/01/42		954,161
	2,500,000	(g)	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42)		5.000		12/01/50		2,791,280
	17,940,000	(e),(g)	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (UB)		5.000		12/01/50		20,030,223
	600,000		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Series 2025		6.000		10/01/55		614,566
			TOTAL IOWA						24,390,230

See Notes to Financial Statements 109

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			KANSAS - 0.1% (0.0% of Total Investments)
$	1,000,000		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015		5.750%		09/01/32	$	919,031
			TOTAL KANSAS						919,031
			KENTUCKY - 3.0% (1.9% of Total Investments)
	1,290,000		Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s Ridge Project, Series 2020		6.000		12/01/40		1,119,060
	5,450,000		Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A		5.000		06/01/41		5,407,896
	11,675,000	(e)	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, (UB)		5.000		06/01/41		11,584,805
	5,525,000		Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A		5.000		06/01/45		5,417,904
	980,000		Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Christian Care Communities, Inc. Obligated Group, Series 2021		5.125		07/01/55		791,004
	1,000,000		Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A		5.000		07/01/30		1,001,636
	3,000,000		Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A		5.000		05/15/52		2,872,278
	995,000		Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B		5.500		12/01/60		795,065
	5,200,000	(e)	Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1, (Mandatory Put 2/01/32), (UB)		5.250		04/01/54		5,527,949
	1,000,000	(d)	Union Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022B		5.500		12/01/52		921,164
	1,000,000	(d)	Union, Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022D		5.750		12/01/52		923,108
			TOTAL KENTUCKY						36,361,869
			LOUISIANA - 1.1% (0.7% of Total Investments)
	1,705,000		Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013		6.000		07/01/36		1,705,334
	1,480,000	(d)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Mentorship STEAM Academy, Series 2021A		5.000		06/01/56		1,179,026
	4,465,000	(d)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A		5.000		04/01/57		3,579,600
	1,620,000	(d)	Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT)		6.500		07/01/36		1,620,284
	89,199	(c),(d)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A		5.000		06/01/41		19,035
	88,261	(c),(d)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A		5.000		06/01/51		18,835
	500,000	(d)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A		6.250		06/01/52		480,554
	1,000,000	(d)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A		6.375		06/01/62		961,276
	200,000	(d)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2022A		6.500		06/01/62		188,134
	2,000,000		Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017		5.250		10/01/33		2,138,039
	2,000,000	(c),(d)	Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, (AMT)		7.000		07/01/26		20
	1,000,000	(d)	Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A		9.000		12/01/44		854,663
	540,000	(d)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010		6.350		07/01/40		573,317
			TOTAL LOUISIANA						13,318,117

110 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MAINE - 0.2% (0.1% of Total Investments)
$	1,000,000		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A		5.000%		07/01/41	$	928,570
	1,000,000		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A		5.000		07/01/46		907,856
			TOTAL MAINE						1,836,426
			MARYLAND - 0.8% (0.5% of Total Investments)
	1,595,000		Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017		5.000		09/01/42		1,532,296
	4,000,000	(c)	Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A		5.000		12/01/31		2,680,000
	2,500,000	(c)	Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B		5.250		12/01/31		1,675,000
	5,000,000		Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2021		2.750		06/01/51		3,311,732
			TOTAL MARYLAND						9,199,028
			MASSACHUSETTS - 1.1% (0.7% of Total Investments)
	7,080,000	(e)	Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2, (UB)		5.000		07/01/53		7,082,100
	5,535,000	(e)	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2017B, (AMT), (UB)		4.250		07/01/46		4,846,478
	1,200,000		Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, Subordinate Series 2021C, (AMT)		3.000		07/01/51		775,527
			TOTAL MASSACHUSETTS						12,704,105
			MICHIGAN - 3.2% (2.0% of Total Investments)
	2,269,786		Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured		3.000		06/15/25		2,405,973
	1,740,000		Detroit, Wayne County, Michigan, General Obligation Bonds, Social Series 2021A		5.000		04/01/46		1,748,428
	3,500,000		Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas College Project, Refunding Series 2021		5.000		05/01/46		2,624,254
	3,675,000		Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A		5.000		11/15/48		3,666,437
	6,480,000	(e)	Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A, (UB)		5.000		11/15/48		6,464,901
	5,000,000	(e)	Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A-MI, (UB)		4.000		12/01/40		4,633,307
	830,000		Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Cesar Chavez Academy Project, Refunding Series 2019		5.000		02/01/33		838,806
	905,000		Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2021		4.000		12/01/41		748,910
	1,000,000		Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2021		4.000		12/01/51		763,853
	130,000	(d)	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Refunding Series 2021		4.400		04/01/31		115,077
	315,000	(d)	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Refunding Series 2021		4.900		04/01/41		241,287
	1,200,000	(d)	Michigan Finance AuthorIty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017		5.900		07/15/46		892,770
	28,335,000		Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts, Taxable Series 2020B		0.000		06/01/45		7,505,324
	1,295,000		Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007		6.500		12/01/37		1,295,109

See Notes to Financial Statements 111

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MICHIGAN (continued)
$	1,000,000		Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008		6.500%		11/01/35	$	1,000,307
	100,000,000		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Capital Appreciation Turbo Term Series 2008C		0.000		06/01/58		3,017,890
			TOTAL MICHIGAN						37,962,633
			MINNESOTA - 0.9% (0.6% of Total Investments)
	2,000,000		Bethel, Minnesota, Charter School Lease Revenue Bonds, Level Up Academy, Series 2021A		5.000		06/15/56		1,424,827
	665,000		Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A		5.500		07/01/35		614,708
	1,000,000		Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A		6.000		07/01/45		925,709
	505,000		Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A		5.000		07/01/47		423,605
	1,190,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A		5.500		06/01/57		1,053,963
	100,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep Project, Series 2020A		5.000		07/01/55		76,143
	1,125,000		Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A		5.000		09/01/44		978,053
	2,000,000	(d)	Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023		5.500		03/01/58		1,964,875
	3,000,000	(d)	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		2,796,113
	1,125,000		Spring Lake Park, Minnesota, Charter School Lease Revenue Bonds, Excell Academy for Higher Learning Inc., Series 2019A		5.000		06/15/49		1,023,762
			TOTAL MINNESOTA						11,281,758
			MISSISSIPPI - 0.1% (0.0% of Total Investments)
	335,000	(d)	Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward Mixed-Use Project, Taxable Refunding Series 2019A, (Mandatory Put 6/15/25)		6.000		10/15/49		334,300
	453,273		Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, (AMT)		6.125		09/01/34		399,866
			TOTAL MISSISSIPPI						734,166
			MISSOURI - 4.5% (2.8% of Total Investments)
	13,045,000	(e)	Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT), (UB)		5.000		03/01/54		12,932,088
	5,000,000		Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT), (UB)		5.000		03/01/55		4,986,406
	655,000	(d)	Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016		5.000		04/01/46		570,889
	9,740,000	(e)	Kansas City, Missouri, Special Obligation Bonds, Main Streetcar Expansion Project, Refunding & Improvement Series 2022C, (UB)		4.000		09/01/46		9,012,052
	2,000,000	(d)	Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Subordinate Lien Series 2015B		8.500		06/15/46		1,868,560
	2,000,000		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023		5.000		12/01/52		2,026,738
	3,510,000	(e)	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023, (UB)		5.000		12/01/52		3,556,926
	1,000,000		Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021		4.000		10/01/44		836,154
	471,451	(d)	North Outer Forty Transportation Development District, Chesterfield, Missouri, Transportation Development Revenue Notes, Refunding Series 2021A		4.000		12/01/46		333,210

112 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MISSOURI (continued)
$	8,050,000	(e)	Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB)		4.000%		12/01/40	$	7,762,219
	8,970,000	(e)	Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB)		4.000		12/01/41		8,628,748
	1,351,000		Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A		6.300		08/22/26		283,710
	732,000	(c)	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A		2.100		12/31/26		21,960
	1,230,000		Universal City Industrial Development Authority, Missouri, Revenue Bonds, Tax Increment and Special District Markets at Olive Project Series 2023A		5.500		06/15/42		1,185,811
			TOTAL MISSOURI						54,005,471
			NEBRASKA - 1.2% (0.7% of Total Investments)
	5,495,000	(e)	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2023E, (UB)		4.750		09/01/48		5,548,258
	8,425,000	(e)	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024A, (UB)		4.800		09/01/54		8,384,570
			TOTAL NEBRASKA						13,932,828
			NEVADA - 0.1% (0.0% of Total Investments)
	1,842,684	(c),(d)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020		6.750		02/15/38		7,555
	785,794	(c),(d)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT)		6.250		12/15/37		79
	1,840,107	(c),(d)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, (AMT)		5.750		02/15/38		7,544
	830,000		Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement Bonds, Series 2018		5.375		09/01/48		781,880
			TOTAL NEVADA						797,058
			NEW HAMPSHIRE - 0.4% (0.3% of Total Investments)
	1,000,000	(d)	National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018C, (AMT)		4.875		11/01/42		920,500
	4,135,000	(d),(h)	National Finance Authority, New Hampshire, Special Revenue Bonds, Bridgeland Water & Utility Districts 418,489,492,493,157 & 159, Series 2025		5.875		12/15/33		4,135,769
			TOTAL NEW HAMPSHIRE						5,056,269
			NEW JERSEY - 4.1% (2.5% of Total Investments)
	2,500,000	(e)	New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Portal North Bridge Project Series 2022A, (UB)		5.000		11/01/52		2,544,076
	9,500,000	(e),(g)	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, (Pre-refunded 6/15/27), (UB)		5.000		06/15/42		9,921,325
	2,080,000		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT)		5.625		11/15/30		2,080,283
	40,000,000	(e)	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured, (UB)		0.000		12/15/35		25,668,580
	6,790,000	(e)	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA, (UB)		5.000		06/15/50		6,879,299
	1,915,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B		5.000		06/01/46		1,859,055
			TOTAL NEW JERSEY						48,952,618
			NEW MEXICO - 0.4% (0.2% of Total Investments)
	265,000		Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital Appreciation Taxable Series 2015D		0.000		03/01/32		142,320
	35,000		Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015A		5.900		09/01/32		33,399
	155,000		Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015B		5.900		09/01/32		148,601

See Notes to Financial Statements 113

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW MEXICO (continued)
$	270,000		Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015C		5.900%		09/01/32	$	252,749
	1,210,000		Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013		7.250		10/01/43		1,174,067
	545,000		New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project, Series 2019A		5.000		07/01/32		544,198
	600,000		New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project, Series 2019A		5.000		07/01/49		530,115
	1,484,000	(d)	Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020		8.000		05/01/40		1,439,179
			TOTAL NEW MEXICO						4,264,628
			NEW YORK - 13.9% (8.5% of Total Investments)
	1,095,000		Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A		6.650		02/01/53		1,094,161
	2,000,000	(d)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015		5.500		09/01/45		2,002,161
	1,000,000	(d)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023		7.250		06/01/55		1,046,107
	5,000,000	(d)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1		5.250		06/01/40		4,715,844
	2,000,000	(d)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1		5.500		06/01/55		1,759,172
	3,000,000	(d)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1		5.000		06/01/40		2,754,892
	5,780,000	(d)	Dormitory Authority of the State of New York, General Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A		7.250		07/01/53		5,718,212
	9,000,000	(e)	Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2022A - AGM Insured, (UB)		4.250		05/01/52		8,545,894
	200,000	(d)	Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017		5.000		12/01/36		191,028
	650,000		Dormitory Authority of the State of New York, Revenue Bonds, Saint Josephs College, Series 2021		5.000		07/01/51		546,195
	2,000,000		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Bidding Group 5 Series 2021E		4.000		03/15/49		1,820,132
	1,500,000		Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C		5.625		01/01/55		1,285,781
	1,000,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A		5.730		02/01/50		897,365
	2,260,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A		4.050		02/01/31		2,102,521
	1,000,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A		4.600		02/01/51		742,214
	1,000,000	(c)	Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College Project, Series 2019A		5.500		09/01/26		520,000
	10,000,000	(e)	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, (UB)		5.000		11/15/50		10,035,115
	1,000,000	(e)	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-1, (UB)		5.000		11/15/43		1,015,827
	1,000,000	(e)	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-3, (UB)		4.000		11/15/49		872,186

114 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	11,850,000	(e)	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Neighborhood Green Series 2018K, (UB)		4.125%		11/01/53	$	10,786,000
	300,000	(d)	New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024		5.250		12/15/31		303,644
	1,500,000	(c)	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007		2.300		10/01/37		960,000
	5,000,000	(c)	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007		2.350		10/01/46		3,200,000
	2,500,000	(d)	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014		5.000		11/15/44		2,489,227
	2,250,000	(d)	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014		5.150		11/15/34		2,250,463
	7,000,000	(d)	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014		7.250		11/15/44		7,004,438
	2,000,000		New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 2021A		3.000		03/15/50		1,431,014
	1,000,000		New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT)		5.000		07/01/46		979,710
	1,000,000		New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT)		5.250		01/01/50		991,730
	15,990,000	(e)	New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT), (UB)		5.250		01/01/50		15,857,759
	2,040,000	(e)	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), (UB)		4.500		12/31/54		1,880,968
	10,000,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, (AMT)		5.000		08/01/31		10,001,088
	3,070,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT)		5.375		08/01/36		3,152,083
	8,485,000	(e)	New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT), (UB)		5.000		06/30/49		8,514,349
	5,000,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT)		5.250		06/30/60		5,073,492
	3,895,000	(e)	New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT), (UB)		5.000		06/30/49		3,909,702
	2,000,000		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		2,097,583
	1,000,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT)		4.375		10/01/45		906,288
	5,000,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT)		5.625		04/01/40		5,178,823

See Notes to Financial Statements 115

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	1,000,000		Niagara Area Development Corporation, New York, Revenue Bonds; Catholic Health System, Inc, Series 2022		4.500%		07/01/52	$	858,496
	9,000,000	(e)	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty Two Series 2022, (AMT), (UB)		4.625		08/01/52		8,711,566
	10,620,000	(e)	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Four Series 2022, (AMT), (UB)		5.250		08/01/47		10,884,106
	855,000		Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2		0.000		06/01/66		80,014
	3,000,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien Green Climate Bond Certified Series 2024A		5.000		05/15/54		3,099,772
	2,000,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006		5.000		06/01/48		1,807,157
	2,500,000	(d)	Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A		4.500		07/01/56		2,075,157
	1,025,000	(d)	Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A		5.000		07/01/56		935,133
	2,475,000		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016		5.000		11/01/46		2,259,526
	420,000		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023		6.250		11/01/52		456,072
	250,000	(d)	Western Regional Off-Track Betting Corporation, New York, Tax Exempt Revenue Bonds, Additional Secured General Obligation Series 2021		4.125		12/01/41		217,818
			TOTAL NEW YORK						166,017,985
			NORTH CAROLINA - 0.3% (0.2% of Total Investments)
	10,000,000		North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital Appreciation Series 2019		0.000		01/01/48		3,297,652
			TOTAL NORTH CAROLINA						3,297,652
			NORTH DAKOTA - 0.0% (0.0% of Total Investments)
	1,374,177	(c)	Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013		7.750		09/01/38		144,289
			TOTAL NORTH DAKOTA						144,289
			OHIO - 4.1% (2.5% of Total Investments)
	99,335,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2		11.310		06/01/57		9,504,184
	10,140,000		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		8,861,701
	900,000	(d)	Cleveland-Cuyahoga County Port Authority, Ohio, Tax Increment Financing Revenue Bonds, Flats East Bank Project, Refunding Senior Series 2021A		4.000		12/01/55		677,858
	3,900,000		County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A		5.250		11/15/48		3,820,096
	340,000		Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020		4.000		12/01/46		258,355
	1,000,000		Greater Cincinnati Port Development Authority, Ohio, Tax Increment Revenue Bonds, RBM Phase 3 Garage Project Series 2024		5.125		12/01/55		924,321
	3,890,000	(d)	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		3,913,110
	5,000,000	(d)	Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT)		5.000		07/01/49		4,513,157

116 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OHIO (continued)
$	1,775,000	(e)	Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB)		4.550%		09/01/49	$	1,748,856
	11,300,000		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, (Mandatory Put 6/01/22)		4.750		06/01/33		11,457,234
	1,215,000	(e)	Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B - AGM Insured, (UB)		4.375		12/01/58		1,141,344
	980,000		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A		5.000		11/01/51		774,519
	2,000,000		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015		6.000		03/01/45		1,930,607
			TOTAL OHIO						49,525,342
			OKLAHOMA - 1.7% (1.1% of Total Investments)
	1,000,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/52		1,003,860
	1,000,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/57		1,003,568
	1,200,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022		5.500		08/15/44		1,188,741
	15,000,000		Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2000B, (AMT)		5.500		06/01/35		15,002,801
	2,600,000		Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2001B, (AMT)		5.500		12/01/35		2,602,378
			TOTAL OKLAHOMA						20,801,348
			PENNSYLVANIA - 2.6% (1.6% of Total Investments)
	2,280,000	(d)	Allentown Commercial and Industrial Development Authority, Pennsylvania, Revenue Bonds, Arts Academy Charter Middle School Foundation Project, Series 2022A		5.000		06/15/57		1,917,974
	870,000	(d)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021		6.000		05/01/42		890,010
	1,250,000	(d)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Subordinate Lien, Series 2018		5.125		05/01/32		1,257,440
	490,000		Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E Allen Street Project, Subordinate Series 2024B		6.000		05/01/42		493,923
	500,000		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B		3.750		10/01/47		397,255
	1,000,000	(d)	Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2017		5.125		10/15/41		703,124
	1,500,000	(d)	Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020		6.250		10/15/53		1,085,284
	1,245,000		Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2021A		4.000		11/01/51		1,000,587
	2,000,000		Lehigh County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds Seven Generations Charter School Series 2021A		4.000		05/01/51		1,535,987
	3,250,000	(d)	Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group -Lehigh Valley International Airport Hotel Project First Tier Series 2025A-2		5.750		01/01/65		3,072,478
	1,065,000	(d)	Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group -Lehigh Valley International Airport Hotel Project Second Tier Series 2025C		6.750		01/01/65		1,012,002

See Notes to Financial Statements 117

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PENNSYLVANIA (continued)
$	1,000,000		Montgomery County Redevelopment Authority, Pennsylvania, Special Obligation Revenue Bonds, River Pointe Project Series 2023		6.500%		09/01/43	$	983,648
	1,720,000	(a),(c),(d)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1		10.000		12/01/40		172
	1,720,000	(a),(c),(d)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT)		10.000		12/01/40		172
	2,970,000	(a),(c)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A		10.000		12/01/31		297
	500,000		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27)		5.250		12/01/37		500,865
	7,730,000	(e)	Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022 - AGM Insured, (AMT), (UB)		5.000		12/31/57		7,538,499
	1,650,000		Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A		5.000		07/01/49		1,469,461
	1,000,000	(d)	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A		5.375		06/15/50		902,057
	1,000,000	(d)	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Taxable Series 2020B		5.125		12/15/44		899,986
	5,325,000		Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, (AMT), (UB)		5.000		07/01/47		5,323,029
	105,000		The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A		5.000		11/15/28		105,026
			TOTAL PENNSYLVANIA						31,089,276
			PUERTO RICO - 9.7% (5.9% of Total Investments)
	2,000,000	(d)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/35		2,034,624
	8,625,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build America Bonds, Series 2010YY		6.125		07/01/40		3,528,686
	2,000,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN		5.500		01/01/26		821,475
	5,690,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		01/01/26		2,397,019
	1,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/28		420
	1,185,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/28		498,323
	890,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/29		374,268
	655,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/31		275,444
	3,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/31		1,262
	3,000,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ		5.250		07/01/25		1,219,570
	4,000,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ		5.250		01/01/26		1,780,620
	185,000	(c)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A		5.050		01/01/26		77,196
	1,025,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT		5.000		07/01/37		431,413
	360,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW		5.375		01/01/26		149,915

118 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PUERTO RICO (continued)
$	710,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW		5.375%		01/01/26	$	295,666
	375,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW		5.250		07/01/33		155,265
	405,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC		5.000		07/01/28		169,103
	1,350,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX		5.250		07/01/40		575,632
	1,000,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A		6.750		07/01/36		404,302
	4,835,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A		5.000		07/01/42		2,050,243
	5,500,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE		6.050		07/01/32		2,252,400
	682,134		Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022		5.250		07/01/38		682,302
	42,500,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		13,719,280
	183,530,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		43,571,564
	7,750,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		7,414,711
	14,000,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.784		07/01/58		12,923,165
	4,507,235		Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022		0.000		11/01/51		2,766,316
	91		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.625		07/01/27		93
	4,201,027		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		0.000		07/01/33		2,820,251
	4,000,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/46		3,274,838
	14,486,516		Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022		0.000		11/01/43		8,673,801
			TOTAL PUERTO RICO						115,339,167
			RHODE ISLAND - 0.2% (0.1% of Total Investments)
	10,260,000		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A		0.000		06/01/52		1,852,990
			TOTAL RHODE ISLAND						1,852,990
			SOUTH CAROLINA - 2.0% (1.2% of Total Investments)
	100,000	(d)	Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement District, Series 2021		4.000		05/01/52		63,081
	5,560,000		Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Capital Appreciation Series 2007-A&B		0.000		11/01/39		1,360,761
	5,725,000		Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Capital Appreciation Series 2007-A&B		0.000		11/01/39		1,660,686
	400,000	(d)	South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020		5.000		01/01/55		330,358
	930,000	(d)	South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Midland Valley Preparatory School Project, Series 2014		7.750		11/15/45		960,106
	2,960,000		South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Patriots Place Apartments Project, Series 2022A-1		5.750		06/01/52		2,097,735
	3,000,000	(d)	South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Horse Creek Academy Project, Series 2021A		5.000		11/15/55		2,598,152
	1,585,000		South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Riverwalk Academy Project Series 2023A		7.250		06/15/58		1,609,327

See Notes to Financial Statements 119

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			SOUTH CAROLINA (continued)
$	235,000	(d)	South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2023A		7.125%		06/15/58	$	238,078
	2,980,000	(e)	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB)		5.000		05/01/38		3,006,905
	9,895,000	(e)	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB)		5.000		05/01/48		9,795,294
			TOTAL SOUTH CAROLINA						23,720,483
			TENNESSEE - 0.6% (0.3% of Total Investments)
	1,000,000	(c)	Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A		5.625		01/01/46		655,984
	6,045,000		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B		5.625		09/01/26		6,154,232
			TOTAL TENNESSEE						6,810,216
			TEXAS - 7.3% (4.5% of Total Investments)
	2,000,000	(d)	Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Second-Lien Series 2021B		5.000		10/01/50		1,623,821
	2,750,000		Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2021A		4.500		02/15/56		1,999,688
	500,000	(d)	Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025		5.625		12/31/55		462,820
	680,000		Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Estancia Hill Country Public Improvement District, Series 2013		6.000		11/01/28		680,159
	300,000	(d)	Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public Improvement District Project, Series 2021		5.250		09/01/51		271,479
	500,000	(d)	Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025		6.750		09/01/55		470,170
	500,000	(d)	Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019		4.250		09/01/49		411,174
	750,000	(d)	Celina, Texas, Special Assessment Revenue Bonds, Lakes at Mustang Ranch Public Improvement District Phase 8-9 Project, Series 2025		5.625		09/01/55		706,163
	625,000	(d)	Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Improvement Area 2 Project Series 2024		5.500		09/01/54		579,597
	1,000,000	(d)	Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Major Improvements Area Project, Series 2023		6.125		09/01/52		960,768
	2,935,000	(d)	Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022		4.000		09/01/51		2,190,896
	1,000,000	(d)	Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021		4.250		09/01/41		852,340
	900,000	(d)	Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Major Improvement Area Project, Series 2025		6.375		09/15/55		848,058
	500,000	(d)	Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025		5.625		12/31/55		473,323
	165,000	(d)	Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 2B, 2C & 3A1, Series 2019		4.250		08/15/49		135,731
	1,500,000		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT		4.750		05/01/38		1,479,410

120 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	1,045,000		Friendswood, Harris and Galveston Counties, Texas, Special Assessment Revenue Bonds, City Center Public Improvement District, Initial Major Improvements Project Series 2024		7.000%		09/15/54	$	1,004,626
	1,000,000		Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, (AMT)		8.000		04/01/28		1,001,000
	125,000	(d)	Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 Improvement Area 1 Project, Series 2019		4.375		09/01/49		104,420
	630,000		Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A		6.000		02/15/36		630,000
	1,000,000		Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. - Terminal Improvement Project, Refunding Series 2011, (AMT)		6.625		07/15/38		1,002,307
	500,000	(d)	Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 1 Project Series 2021		4.000		09/01/56		368,539
	1,075,000	(d)	Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 2 Project Series 2023		5.625		09/01/58		1,052,385
	1,045,000	(d)	Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 3 Project, Series 2021		4.000		09/01/46		831,672
	1,500,000	(d)	Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Major Improvement Area Project, Series 2021		4.375		09/15/51		1,165,870
	1,170,000	(d)	McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 2 Project, Series 2019		4.250		09/15/39		1,051,901
	300,000	(d)	Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019		5.750		09/15/39		297,976
	500,000	(d)	Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019		6.000		09/15/49		501,181
	1,125,000		Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021		3.000		09/01/46		794,455
	825,000	(d)	Montgomery County, Texas, Special Assessment Revenue Bonds, Meadow Park Public Improvement District, Improvement Area 1, Series 2025		5.375		09/15/54		783,464
	8,000,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1		5.500		01/01/57		7,322,261
	1,000,000	(g)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - San Antonio 1, L.L.C. - Texas A&M University - San Antonio Project, Series 2016A, (Pre-refunded 4/01/26)		5.000		04/01/48		1,014,689
	1,000,000	(c)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A		5.000		07/01/30		981,421
	3,250,000	(c)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A		5.000		07/01/35		3,171,859
	3,445,000	(c)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A		5.000		07/01/47		3,325,686
	1,070,000	(d)	Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public Imporvement District 2 Project, Series 2020		4.000		09/01/50		826,209
	250,000	(d)	Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone A Improvement Area 1 Project, Series 2022		5.625		09/15/52		238,057
	325,000	(d)	Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone B Improvement Area 1 Project, Series 2022		5.625		09/15/52		309,475
	2,464,000	(d)	Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek East Public Improvement District Project, Series 2021		4.375		09/15/51		1,891,239

See Notes to Financial Statements 121

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	1,000,000	(d)	Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, (AMT)		4.000%		01/01/50	$	793,902
	7,000,000	(d)	Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT)		3.000		01/01/50		4,622,330
	1,650,000		Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2019A, (AMT)		4.000		06/01/38		1,534,105
	1,620,000		Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2019A, (AMT)		4.000		06/01/39		1,483,243
	1,000,000		Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District 2 Project, Series 2022		5.250		09/01/52		915,916
	600,000	(d)	Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Windmore Public Improvement District Improvement Area 1 Project, Series 2022		5.500		09/01/54		579,601
	205,000	(d)	Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 1 Project, Series 2019		4.750		09/01/49		185,650
	185,000	(d)	Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2-6 Major Improvement Project, Series 2019		5.500		09/01/39		185,166
	1,000,000	(d)	Red Oak, Ellis County, Texas, Special Assessment Revenue Bonds, Red Oak Public Improvement District 1 Improvement Area 1 Project, Series 2021		4.000		09/15/51		760,464
	2,000,000	(c)	Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012		3.000		12/15/32		920,000
	145,000		Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District North Improvement Area, Series 2016		5.750		09/15/36		145,473
	400,000	(d)	Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Liberty Crossing Public Improvement District Improvement Area 2 Project, Series 2024		5.625		09/15/54		369,003
	1,442,000	(d)	San Marcos, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Whisper South Public Improvement District, Series 2020		4.250		09/01/42		1,213,534
	7,000,000	(e)	Sherman, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2023, (UB)		5.000		08/15/53		7,143,595
	1,500,000	(e)	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A, (UB)		5.000		07/01/53		1,513,621
	5,000,000	(e)	Tarrant County Cultural Education Facilities, Texas, Finance Corporation Revenue Bonds, Christus Health, Refunding Series 2018B, (UB)		5.000		07/01/48		5,003,228
	1,250,000		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		1,282,184
	10,000,000		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		9,719,882
	5,000,000	(e)	Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A, (UB)		4.375		10/15/59		4,734,359
			TOTAL TEXAS						86,921,545
			UTAH - 1.3% (0.8% of Total Investments)
	1,000,000	(d)	Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Subordinate Series 2021B		7.375		09/15/51		859,291
	3,615,000	(d)	Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024		5.625		12/01/53		3,520,607
	1,255,000	(d)	Courtyards at Shurtz Canyon Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Series 2025A-1		7.000		03/01/55		1,265,751
	1,010,000	(d)	MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2		6.000		06/15/54		1,011,873
	1,000,000		Military Installation Development Authority, Utah, Tax Allocation and Hotel Tax Revenue Bonds Series 2021A-1		4.000		06/01/52		759,115

122 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			UTAH (continued)
$	2,000,000	(d)	ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A		4.250%		03/01/51	$	1,386,639
	1,000,000	(d)	Sage Creek Infrastructure Financing District, Utah, Special Assessment Revenue Bonds, Sage Creek Assessment Area Series 2024		5.750		12/01/53		946,028
	1,000,000	(d)	Sun Stone Infrastructure Financing District, Utah, Special Assessment Bonds, Assessment Area 1, Series 2024		6.750		06/01/54		924,052
	1,810,000	(d)	Trails at Shurtz Canyon Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Series 2025A-1		6.750		03/01/55		1,825,684
	830,000	(d)	Utah Charter School Finance Authority, Charter School Revenue Bonds, Mountain West Montessori Academy Project, Series 2020A		5.000		06/15/49		713,538
	955,000	(d)	Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A		5.125		07/15/51		799,195
	1,000,000	(d)	Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025		5.625		12/01/54		991,694
			TOTAL UTAH						15,003,467
			VIRGIN ISLANDS - 1.3% (0.8% of Total Investments)
	1,000,000	(d)	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C		5.000		10/01/30		990,191
	5,000,000	(d)	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C		5.000		10/01/39		4,718,001
	2,780,000	(d)	Virgin Islands Public Finance Authority, Revenue Bonds, Frenchman’s Reef Hotel Development Hotel Occupancy Series 2024A		6.000		04/01/53		2,795,703
	2,600,000	(d)	Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A		6.750		07/01/26		2,550,641
	3,085,000	(d)	Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Series 2024A		8.000		07/01/26		3,070,352
	215,000	(d)	Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2024B		10.250		07/01/26		214,594
	1,480,000	(d)	West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022B, (AMT)		6.250		10/01/42		1,428,718
			TOTAL VIRGIN ISLANDS						15,768,200
			VIRGINIA - 3.3% (2.1% of Total Investments)
	762,000	(c)	Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B		4.125		03/01/26		480,060
	1,500,000	(d)	Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment Revenue Bonds, Cutalong II Project, Series 2022		4.500		03/01/55		1,174,296
	5,000,000	(d)	Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue Bonds, Riverside Health System, Series 2017A		5.000		07/01/46		4,654,890
	11,495,000	(e)	Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2021, (UB)		4.000		01/01/55		9,591,227
	1,000,000		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1		5.000		06/01/47		896,460
	2,340,000		Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A		7.000		09/01/59		2,565,572
	4,500,000	(e)	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023A, (UB)		5.000		11/01/38		4,672,140
	7,000,000	(d)	Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019A		5.500		07/01/54		5,507,292
	8,977,327	(d)	Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019B, (cash 7.500%, PIK 7.500%)		4.500		07/01/52		5,386,396
	4,665,000	(d)	Virginia Small Business Financing Authority, Sports and Entertainment Facilities Revenue Bonds, P3 VB Holdings LLC, Senior Series 2023A		8.500		12/01/52		4,440,174

See Notes to Financial Statements 123

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VIRGINIA (continued)
$	550,000	(d)	West Falls Community Development Authority, Arlington County, Virginia, Revenue Bonds, Series 2022A		5.375%		09/01/52	$	545,610
			TOTAL VIRGINIA						39,914,117
			WASHINGTON - 1.5% (0.9% of Total Investments)
	1,000,000		King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley Hospital, Series 2015A		6.250		12/01/45		970,044
	1,000,000		Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, (AMT)		5.600		06/01/37		925,730
	1,300,000		Port of Seattle Industrial Development Corporation, Washington, Special Facilities Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, (AMT)		5.000		04/01/30		1,300,110
	2,500,000		Seattle Housing Authority, Washington, Revenue Bonds, Lam Bow Apartments Project, Series 2021		2.500		06/01/54		1,527,244
	150,000		Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013		5.750		04/01/43		140,726
	13,915,000	(e)	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020, (UB)		5.000		09/01/55		13,601,286
			TOTAL WASHINGTON						18,465,140
			WEST VIRGINIA - 0.7% (0.4% of Total Investments)
	1,214,000		Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial Development Revenue Bonds, Scattered Site Housing Projects, Series 2010		5.750		12/01/44		1,142,449
	1,125,000	(d)	Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A		5.750		06/01/43		1,131,112
	925,000	(d)	Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2021A		4.125		06/01/43		769,424
	915,000	(d)	West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020		7.625		12/01/40		713,411
	1,000,000	(d)	West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)		5.450		01/01/55		991,367
	4,000,000	(e)	West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB)		4.375		06/01/53		3,705,788
			TOTAL WEST VIRGINIA						8,453,551
			WISCONSIN - 8.8% (5.4% of Total Investments)
	2,500,000	(d)	Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A		5.500		12/01/32		1,942,910
	1,850,000		Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue Bonds, Refunding Series 2017		6.750		06/01/32		1,816,661
	1,255,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership Academy Project, Series 2021A		5.000		06/15/51		995,000
	1,000,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership Academy Project, Series 2021A		5.000		06/15/56		774,864
	150,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of Las Vegas, Series 2020A		5.000		07/01/55		124,197
	2,015,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Guilford Preparatory Academy, North Carolina, Taxable Series 2022A		5.000		04/01/57		1,678,711
	1,280,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, High Desert Montessori Charter School, Series 2021A		5.000		06/01/61		945,122
	4,985,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A		5.000		06/15/46		3,938,343
	500,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College Preparatory, Series 2020A		5.000		06/15/55		385,934

124 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	1,155,000	(d)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Vegas Vista Academy, Series 2024A		7.000%		06/01/59	$	1,060,830
	12,606	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/47		358
	11,020	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/48		295
	10,843	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/49		271
	10,491	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/50		243
	10,314	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/51		225
	13,400	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/52		270
	13,224	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/53		251
	12,783	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/54		228
	12,518	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/55		210
	12,254	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/56		194
	666,929	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		5.500		07/01/56		480,523
	13,576	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/57		202
	13,224	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/58		185
	12,871	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/59		171
	12,606	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/60		157
	12,430	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/61		145
	12,077	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/62		133
	11,813	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/63		123
	11,548	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/64		114
	11,372	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/65		105

See Notes to Financial Statements 125

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	12,254	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000%		01/01/66	$	104
	147,580	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1		0.000		01/01/67		1,137
	24,119	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/46		744
	23,780	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/47		676
	23,609	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/48		631
	23,439	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/49		587
	23,100	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/50		534
	25,308	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/51		551
	651,519	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		3.750		07/01/51		437,843
	25,138	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/52		507
	24,798	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/53		472
	24,628	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/54		438
	24,289	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/55		407
	23,949	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/56		380
	23,780	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/57		354
	23,439	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/58		329
	23,270	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/59		309
	23,100	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/60		287
	22,761	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/61		266
	22,590	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/62		248
	22,250	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/63		231

126 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	22,081	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000%		01/01/64	$	218
	21,911	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/65		202
	21,571	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/66		184
	280,946	(c),(d)	Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B		0.000		01/01/67		2,165
	4,700,000	(d)	Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017		7.000		03/01/47		4,778,564
	1,000,000	(d)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A		6.250		06/15/53		987,045
	1,500,000	(d)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs Community School, Series 2020A		6.250		06/15/40		1,434,151
	1,000,000	(d)	Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A		5.000		06/01/56		819,285
	500,000		Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Cincinnati Classical Academy, Series 2024A		6.000		06/15/64		478,447
	2,000,000	(c),(d)	Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie College, Series 2019A		5.875		10/01/54		1,236,312
	1,875,000	(d)	Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lindenwood Education system, Series 2025A		5.500		06/01/40		1,911,606
	1,550,000	(d)	Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021		5.000		08/01/51		1,103,978
	3,000,000		Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Lenoir-Rhyne University, Refunding Series 2022		5.125		04/01/52		2,784,309
	335,000		Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT)		4.000		08/01/35		315,117
	5,000,000		Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A		5.000		02/01/62		4,799,162
	6,665,000	(d)	Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B		6.000		02/01/62		6,843,640
	1,665,000	(c),(d)	Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A		6.250		08/01/27		1,610,887
	1,000,000	(c),(d)	Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A		6.750		08/01/31		897,500
	3,000,000	(d)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		6.750		12/01/42		3,027,181
	20,835,000	(d)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		7.000		12/01/50		21,100,727
	3,500,000	(c),(d)	Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A		6.500		09/01/48		2,100,000
	500,000	(c),(d)	Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A		7.000		10/01/47		50,000
	4,415,000	(c),(d)	Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A		6.950		07/01/38		3,090,500
	6,585,000	(c),(d)	Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A		7.000		07/01/48		4,609,500
	1,060,000		Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2015		5.875		04/01/45		1,060,372
	1,000,000		Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A		5.000		06/01/37		991,391

See Notes to Financial Statements 127

Portfolio of Investments April 30, 2025 (continued)

NMZ

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	4,000,000		Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A		5.000%		06/01/52	$	3,571,200
	1,000,000	(c),(d)	Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1		6.125		01/01/33		450,000
	2,000,000	(c),(d)	Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1		6.250		01/01/38		900,000
	3,500,000	(c),(d)	Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1		6.375		01/01/48		1,575,000
	285,000	(a),(c)	Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B		15.000		12/31/25		28
	1,699,786		Public Finance Authority Wisconsin, Tax Exempt Pooled Securities, Certificates Series 2024-2 Class A, (Mandatory Put 8/01/27)		4.000		08/01/59		1,671,463
	1,130,000	(d)	Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series 2021		5.000		10/15/51		984,902
	815,000	(d)	Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series 2021		5.000		10/15/56		698,547
	1,000,000	(d)	Public Finance Authority, Wisconsin, Revenue Bonds, Two Step Project, Series 2024		0.000		12/15/34		559,839
	4,215,000	(d)	Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A		5.000		06/01/41		4,219,699
	1,000,000	(d)	Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B		8.000		06/15/42		992,932
	1,000,000	(d)	Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds, Refunding Senior Series 2021		5.000		09/30/41		871,491
	970,000	(g)	Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D, (Pre-refunded 12/15/30)		0.000		12/15/60		241,101
	4,030,000		Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured		0.000		12/15/60		643,467
	7,250,000	(e)	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health System, Inc., Series 2017C, (UB)		5.000		02/15/47		7,171,409
			TOTAL WISCONSIN						105,177,531
			WYOMING - 0.4% (0.3% of Total Investments)
	5,000,000	(e)	Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 3, (UB)		4.950		12/01/53		5,081,259
			TOTAL WYOMING						5,081,259
			TOTAL MUNICIPAL BONDS (Cost $2,049,523,091)						1,926,235,057
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
			CAPITAL GOODS - 0.0% (0.0% of Total Investments)
	450,366	(a),(c),(i)	KDC Agribusiness Fairless Hills LLC		12.000		09/15/23		45
			TOTAL CAPITAL GOODS						45
			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% (0.0% of Total Investments)
	60,377	(a)	Tuscan Gardens of Palm Coast		15.000		10/12/25		60,377
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						60,377
			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $510,743)						60,422
			TOTAL LONG-TERM INVESTMENTS (Cost $2,067,035,434)						1,942,811,717
			FLOATING RATE OBLIGATIONS - (38.0)%						(454,147,000)
			AMTP SHARES, NET - (29.9)%(j)						(356,624,119)
			OTHER ASSETS & LIABILITIES, NET - 5.2%						62,403,407
			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	1,194,444,005

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

128 See Notes to Financial Statements

 

AMT Alternative Minimum Tax

ETF Exchange-Traded Fund

IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.

PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(d) 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 $544,596,293 or 28.0% of Total Investments.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(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.

(g) 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.

(h) When-issued or delayed delivery security.

(i) Senior loan received as part of the bondholder funding agreement during June 2023 for Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40, (AMT), 144A, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31.

(j) AMTP Shares, Net as a percentage of Total Investments is 18.4%.

See Notes to Financial Statements 129

Portfolio of Investments April 30, 2025

NMCO

(Unaudited)

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			LONG-TERM INVESTMENTS - 164.4% (100.0% of Total Investments)
			MUNICIPAL BONDS - 164.4% (100.0% of Total Investments)
			ALABAMA - 6.0% (3.6% of Total Investments)
$	395,000		Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Green Series 2020, (AMT), (Mandatory Put 11/01/30)		6.375%		11/01/50	$	434,398
	20,925,000		Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT)		5.750		10/01/49		20,974,992
	6,100,000		Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT)		5.000		06/01/54		5,795,206
	8,875,000	(a)	Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A		5.250		05/01/44		8,667,200
			TOTAL ALABAMA						35,871,796
			ALASKA - 1.3% (0.8% of Total Investments)
	7,765,000		Anchorage, Alaska, Port Revenue Bonds, Series 2020A, (AMT)		5.000		12/01/50		7,519,242
			TOTAL ALASKA						7,519,242
			ARIZONA - 2.4% (1.5% of Total Investments)
	1,000,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A		5.000		07/01/51		860,726
	2,000,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B		5.000		07/01/51		1,721,452
	340,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy-Cadence Campus Project, Series 2020A		4.000		07/15/40		302,884
	985,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Gateway Academy Project, Series 2019A		5.750		01/01/50		829,867
	1,100,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B		5.000		07/01/39		1,105,183
	4,025,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B		5.000		07/01/54		3,724,688
	315,000	(a)	Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020		5.500		10/01/51		263,012
	600,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A		5.000		07/01/35		600,222
	280,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A		5.000		09/01/55		228,514
	1,000,000	(a),(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019		5.875		07/01/51		700,000
	50,000	(a)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Imagine East Mesa Charter Schools Project, Series 2019		5.000		07/01/49		45,490
	380,000	(a)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020		5.250		06/15/50		342,566
	1,000,000	(c)	Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A		0.000		10/01/56		789,151
	2,205,000	(a)	Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A		6.000		10/01/37		1,636,666
	2,350,000	(a)	Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A		6.125		10/01/52		1,495,499
			TOTAL ARIZONA						14,645,920

130 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARKANSAS - 2.6% (1.6% of Total Investments)
$	13,085,000	(a)	Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT)		5.450%		09/01/52	$	13,095,429
	3,000,000	(a)	Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT)		4.750		09/01/49		2,789,319
			TOTAL ARKANSAS						15,884,748
			CALIFORNIA - 9.8% (5.9% of Total Investments)
	3,000,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, K Street Flats, Series 2021A-2		4.000		08/01/50		2,272,568
	4,500,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A		5.000		02/01/50		3,148,513
	8,000,000	(a)	California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A		5.000		04/01/49		6,478,749
	1,555,000		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-2		0.000		06/01/55		295,219
	1,510,000	(a)	California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science and Language Academy Project, Series 2020		6.250		07/01/58		1,542,672
	2,400,000	(a)	California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35)		9.500		01/01/65		2,317,911
	275,000	(a)	California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc. AMDA Inc Project, Taxable Series 2023B		9.500		07/01/30		286,248
	1,505,000		California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A		7.250		07/01/53		1,488,911
	4,000,000	(a)	California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A		6.000		10/01/50		3,945,779
	1,385,000	(a)	California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A		5.125		07/01/55		1,119,425
	320,000	(a)	California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A		5.000		11/15/51		284,650
	4,850,000		California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A		6.200		06/01/44		4,569,135
	4,020,000	(a)	California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A		0.000		06/01/42		3,819,000
	4,380,000	(a)	California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A		0.000		06/01/52		4,161,000
	1,410,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A		5.000		06/01/50		1,192,380
	1,200,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A		5.000		06/01/59		976,926
	1,000,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A		5.000		06/01/60		844,396
	2,500,000	(a)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		2,497,128
	6,909	(b),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.750		12/31/25		6,909
	88	(b),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.750		07/01/30		88

See Notes to Financial Statements 131

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	3,312	(b),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A		5.750%		07/01/35	$	3,312
	5,422	(b),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G		5.500		12/31/25		5,422
	2,470	(b),(d)	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H		5.750		07/01/25		2,471
	15,000,000		California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A		0.000		06/01/46		3,745,863
	1,000,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A		5.000		01/01/54		852,539
	2,500,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Vineyard Gardens Apartments, Senior Lien Series 2021A		3.250		10/01/58		1,650,437
	23,500,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2		0.000		06/01/66		2,529,072
	10,000,000		Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation		0.000		06/01/36		4,478,844
	615,000	(e)	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Lien Private Activity Series 2021A, (AMT)		5.000		05/15/39		630,112
	15,000,000		Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, First Subordinate CABs, Series 2006B		0.000		06/01/46		3,633,012
			TOTAL CALIFORNIA						58,778,691
			COLORADO - 19.0% (11.5% of Total Investments)
	4,975,000	(a)	Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024		5.750		12/01/54		4,998,088
	1,940,000		Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding and Improvement Series 2023B		8.250		12/15/39		1,959,094
	3,000,000		Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A		5.750		12/01/51		2,740,973
	2,000,000		Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3		4.750		12/01/51		1,500,647
	961,000		Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A		5.000		12/01/35		833,084
	3,000,000		Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A		5.000		12/01/49		2,213,964
	1,000,000		Broadway Station Metropolitan District 3, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series 2019B		7.500		12/01/49		675,935
	3,985,000		Broadway Station Metropolitan District 3, Denver County, Colorado, Tax Increment Supported Revenue Bonds, Series 2023A		7.000		12/15/32		3,960,762
	500,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017		5.375		10/01/37		444,268
	3,145,000	(a)	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Series 2022A		5.250		03/15/52		2,994,433

132 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	500,000	(a)	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Loveland Classical Schools Project, Series 2016		5.000%		07/01/36	$	501,531
	3,520,000	(a)	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019		5.000		10/01/49		3,246,481
	6,650,000	(a)	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019		5.000		10/01/59		5,926,243
	2,000,000		Crossroads Metropolitan District 1, El Paso County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2022		6.500		12/01/51		1,879,285
	2,695,000		Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024		0.000		12/01/31		1,540,265
	1,000,000		DC Metropolitan District, Denver County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2024A		5.875		12/01/54		907,021
	1,750,000		Green Valley Ranch East Metropolitan District 6, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3		5.875		12/01/50		1,651,490
	980,000	(a)	Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024		5.500		12/01/44		916,823
	14,000,000		Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2		5.750		12/01/49		12,148,095
	5,500,000		Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1		5.000		12/01/49		4,690,625
	1,060,000	(a),(f)	Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A, (Pre-refunded 6/01/25)		5.500		12/01/50		1,093,396
	500,000		Johnstown North Metropolitan District 2, Johnstown, Colorado, General Obligation Bonds, Refunding & Improvement Series 2022A		7.000		08/15/52		503,612
	1,000,000		Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3		4.500		12/01/50		730,782
	2,000,000	(a)	Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022		7.375		11/01/52		2,000,285
	500,000		Ledge Rock Center Residential Metropolitan District 1, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2024A		6.375		12/01/54		480,842
	352,000		Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016		4.000		12/01/26		349,414
	1,000,000		Murphy Creek Metropolitan District 5 (In the City of Aurora, Arapahoe County, Colorado), General Obligation Limited Tax Bonds, Series 2022A and Subordinate General Obligation Limited Tax Bonds, Series 2022B(3)		6.000		12/01/52		938,210
	2,320,000		North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3		5.250		12/01/50		2,188,772
	515,000		North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax General Obligation Bonds, Series 2020		5.125		12/01/49		455,594
	10,180,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		5.000		12/01/49		8,591,397
	4,420,000		Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022		6.500		12/01/34		4,122,601
	1,000,000		Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025		0.000		12/01/32		575,120
	1,500,000		RM Mead Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.250		12/01/50		1,351,711
	5,000,000		Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A		6.750		12/01/52		5,069,561

See Notes to Financial Statements 133

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	8,515,000	(a)	Settler’s Crossing Metropolitan District 1, Lakewood, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.125%		12/01/50	$	7,804,757
	500,000		STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A		5.000		12/01/49		515,091
	6,500,000	(g)	STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding First Lien Series 2025A-1		5.000		12/01/55		6,509,518
	1,000,000		Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 3, Series 2022		6.750		12/01/53		1,033,016
	760,000	(b)	Talon Pointe Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Refunding & Improvement Series 2019A		5.250		12/01/51		542,238
	2,200,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1		5.000		12/01/41		1,799,961
	1,000,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1		5.000		12/01/51		734,217
	2,000,000		Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021		5.000		12/01/51		1,586,078
	8,000,000	(a)	Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Convertible Capital Appreciation Series 2021A-2		4.625		12/01/51		5,142,554
	2,000,000	(a)	Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1		4.000		12/01/36		1,754,047
	3,500,000	(a)	Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1		4.125		12/01/51		2,643,565
			TOTAL COLORADO						114,245,446
			CONNECTICUT - 0.4% (0.2% of Total Investments)
	3,200,000	(a)	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1		5.000		10/01/54		2,399,604
			TOTAL CONNECTICUT						2,399,604
			DISTRICT OF COLUMBIA - 4.0% (2.5% of Total Investments)
	89,500,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A		0.000		06/15/46		22,331,136
	3,335,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006C		0.000		06/15/55		327,000
	1,971,000	(a)	District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A		5.250		05/15/55		1,643,527
			TOTAL DISTRICT OF COLUMBIA						24,301,663
			FLORIDA - 16.4% (10.0% of Total Investments)
	140,000	(a)	Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020		5.000		12/15/35		136,542
	100,000	(a)	Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020		5.000		12/15/50		88,506
	100,000	(a)	Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at Land O’Lakes Project, Series 2020A		5.000		12/15/49		88,131
	2,500,000	(a)	Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South Bay Project, Series 2020A		6.000		06/15/55		2,493,851
	1,950,000	(a)	Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove Classical Academy, Series 2019A		5.125		07/01/39		1,855,454
	1,490,000	(a)	Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017		5.625		08/01/37		1,353,498
	3,735,000	(a)	Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017		5.875		08/01/52		3,089,820
	1,230,000	(a)	Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024		5.750		08/15/54		1,130,759
	2,030,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A		5.000		06/15/51		1,733,484

134 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	2,315,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A		5.000%		01/01/40	$	2,026,918
	500,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A		5.000		01/01/50		409,319
	1,600,000	(a)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A		6.000		06/15/37		1,606,801
	14,450,000	(a)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put 7/15/28)		12.000		07/15/32		15,000,273
	6,500,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)		5.000		07/01/44		6,499,845
	1,515,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT)		5.250		07/01/47		1,479,543
	7,475,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)		5.250		07/01/53		7,510,994
	10,765,000		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		10,772,000
	3,000,000	(a)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024A, (AMT), (Mandatory Put 7/15/28)		10.000		07/15/59		3,098,980
	15,385,000	(a)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25)		8.250		07/01/57		15,861,015
	595,000	(a)	Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1		5.250		06/01/54		569,536
	1,500,000	(a)	Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024B		6.500		06/01/59		1,492,311
	1,650,000	(a)	Lake County, Florida, Educational Facilities Revenue Bonds, Imagine South Lake Charter School Project, Series 2019A		5.000		01/15/49		1,488,708
	150,000	(a)	Lake Hideaway Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2024		5.900		05/01/54		146,802
	640,000		Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A		5.250		06/15/27		640,074
	1,000,000	(a)	Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A		5.375		12/01/32		771,016
	1,100,000	(a)	Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A		5.625		12/01/37		827,763
	1,300,000	(a)	Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A		5.750		12/01/52		933,932
	750,000		Leomas Landing Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021		4.000		05/01/52		587,658
	690,000		LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2019		4.000		05/01/40		630,716
	975,000	(a)	Mandarin Grove Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022		6.625		05/01/53		1,108,242
	2,390,000	(a)	Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022		6.200		05/01/53		2,488,291

See Notes to Financial Statements 135

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	770,000	(a)	North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024		5.750%		05/01/54	$	751,239
	2,130,000		Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2		0.000		10/01/48		660,282
	500,000		Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2		0.000		10/01/54		109,908
	835,000		Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2023		5.400		05/01/43		835,421
	100,000		Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, Refudning Series 2020		3.875		05/01/40		82,022
	6,410,000		Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A		5.750		11/15/54		6,060,468
	1,490,000		Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-1		6.375		11/01/47		1,545,344
	1,000,000	(a)	Woodland Crossing Community Development District, Sumter County, Florida, Special Assessment Bonds, Series 2025		5.875		05/01/45		1,005,188
			TOTAL FLORIDA						98,970,654
			GEORGIA - 6.0% (3.6% of Total Investments)
	3,920,000		Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A		6.500		12/15/48		3,377,926
	4,750,000	(a)	Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2		5.500		04/01/39		4,768,431
	1,250,000	(b)	Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1		6.500		01/01/29		500,000
	7,030,000	(b)	Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1		6.750		01/01/35		2,812,000
	18,430,000	(b)	Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1		7.000		01/01/40		7,372,000
	3,800,000		Atlanta Urban Residential Finance Authority Flats at Stone Hogan Multifamily Housing Revenue Bonds		4.370		05/01/44		3,699,642
	10,000,000		Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A		5.000		05/15/43		10,104,608
	2,500,000		Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A		5.000		01/01/49		2,480,299
	850,000		White County Development Authority, Georgia, Revenue Bonds Truett McConnell University, Series 2019		5.125		10/01/39		742,808
			TOTAL GEORGIA						35,857,714
			HAWAII - 0.2% (0.1% of Total Investments)
	1,150,000	(a)	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A		5.000		01/01/45		973,445
			TOTAL HAWAII						973,445
			IDAHO - 1.5% (0.9% of Total Investments)
	9,655,000	(a)	Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual Appropriation Series 2021		5.250		05/15/51		9,135,531
			TOTAL IDAHO						9,135,531
			ILLINOIS - 9.6% (5.9% of Total Investments)
	2,750,000		Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2019		5.250		03/01/41		2,708,915
	4,605,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A		6.000		12/01/49		4,853,820
	2,800,000	(e)	Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (UB)		5.000		01/01/38		2,776,923
	5,000,000	(e)	Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)		5.500		01/01/49		5,009,506

136 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ILLINOIS (continued)
$	10,850,000		Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017		5.250%		05/15/54	$	8,011,114
	3,000,000	(a)	Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B		6.125		04/01/58		2,841,130
	3,500,000	(a)	Illinois Finance Authority, Solid Waste Revenue Bonds, LRS Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33)		7.375		09/01/42		3,875,230
	4,840,000		Illinois State, General Obligation Bonds, May Series 2018A		5.000		05/01/32		4,998,574
	890,000		Illinois State, General Obligation Bonds, May Series 2020		5.500		05/01/39		933,775
	10,000,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2012B - AGM Insured		0.000		12/15/50		2,611,174
	2,980,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A		5.000		06/15/57		2,902,132
	29,815,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B - BAM Insured		0.000		12/15/54		6,174,347
	12,500,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured		0.000		06/15/44		4,790,295
	4,545,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured		0.000		06/15/45		1,641,500
	425,000		Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured		4.000		10/01/39		399,290
	800,000		Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured		4.000		10/01/40		742,963
	700,000		Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured		4.000		10/01/41		644,083
	150,000		Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Second Lien Series 2020A		4.000		01/01/38		148,645
	120,000		Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Second Lien Series 2020A		4.000		01/01/39		115,853
	1,000,000	(b)	Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007		4.800		01/01/26		370,000
	756,634	(b)	Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall Marketplace Project, Series 2007		6.000		01/01/26		756,634
	575,000		Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006- 113 Cannoball & Beecher, Series 2007		5.750		03/01/28		573,218
			TOTAL ILLINOIS						57,879,121
			INDIANA - 1.8% (1.1% of Total Investments)
	140,000	(a)	Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam Project, Series 2020A		5.375		01/01/40		122,091
	3,105,000		Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, Refunding Series 2013A		5.000		10/01/32		3,023,308
	500,000		Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, (AMT)		6.750		05/01/39		553,861
	1,005,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E		6.000		03/01/53		1,050,464
	1,000,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E		6.125		03/01/57		1,047,207
	1,000,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1		7.750		03/01/67		1,098,994
	2,260,000	(a)	Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT)		4.875		01/01/44		2,186,663
	1,675,000	(a)	Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT)		5.000		01/01/54		1,602,707
			TOTAL INDIANA						10,685,295

See Notes to Financial Statements 137

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			IOWA - 0.6% (0.4% of Total Investments)
$	2,540,000		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012		4.750%		08/01/42	$	2,423,569
	1,100,000	(f)	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		1,228,163
			TOTAL IOWA						3,651,732
			KANSAS - 1.3% (0.8% of Total Investments)
	1,365,000		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015		5.750		09/01/32		1,254,478
	6,475,000	(a)	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Village East Project Areas 2B 3 and 5, Series 2022		5.750		03/01/41		6,569,021
			TOTAL KANSAS						7,823,499
			KENTUCKY - 0.1% (0.0% of Total Investments)
	500,000		Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022A, (AMT)		4.700		01/01/52		462,509
			TOTAL KENTUCKY						462,509
			LOUISIANA - 2.7% (1.7% of Total Investments)
	1,000,000		Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Entergy Louisiana, LLC Project, Refunding Series 2021B		2.500		04/01/36		807,248
	895,000	(a)	Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019		4.000		11/01/44		781,029
	260,000	(a)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lake Charles College Prep Project, Series 2019A		5.000		06/01/58		229,632
	2,000,000	(e)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017		5.000		05/15/42		2,004,248
	1,800,000	(a)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A		5.000		04/01/49		1,503,964
	2,000,000	(a)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A		5.000		04/01/57		1,603,404
	1,185,000		Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A		5.250		10/01/48		1,190,683
	2,500,000		Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A		5.250		10/01/53		2,486,178
	235,000	(f)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Tulane University, Refunding Series 2020A, (Pre-refunded 4/01/30)		4.000		04/01/50		241,622
	15,000		Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Tulane University, Refunding Series 2020A		4.000		04/01/50		12,765
	2,000,000		Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT)		5.750		09/01/64		2,076,291
	500,000	(a)	Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A		9.000		12/01/44		427,331
	200,000	(a)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2008, (Mandatory Put 6/01/30)		6.100		06/01/38		211,495
	1,235,000	(a)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010		6.350		07/01/40		1,311,197
	800,000	(a)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010A		6.350		10/01/40		849,357
	695,000	(a)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010B, (Mandatory Put 6/01/30)		6.100		12/01/40		734,949
			TOTAL LOUISIANA						16,471,393

138 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MARYLAND - 1.0% (0.6% of Total Investments)
$	1,000,000		Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017		5.000%		09/01/36	$	1,000,373
	1,000,000		Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017		5.000		09/01/39		979,465
	1,935,000	(a)	Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020A		5.000		07/01/43		1,851,717
	2,000,000	(a)	Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018		5.250		07/01/48		1,984,366
			TOTAL MARYLAND						5,815,921
			MASSACHUSETTS - 0.5% (0.3% of Total Investments)
	3,900,000		Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2017		5.000		07/01/47		3,291,207
			TOTAL MASSACHUSETTS						3,291,207
			MICHIGAN - 0.9% (0.6% of Total Investments)
	1,845,000		Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding Series 2019		5.000		11/01/44		1,734,947
	74,130,000		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Capital Appreciation Turbo Term Series 2008C		0.000		06/01/58		2,237,162
	1,810,000	(a)	Warren Academy, Macomb County, Michigan, Revenue Bonds, Public School Academy, Refunding Series 2020A		5.500		05/01/50		1,628,893
			TOTAL MICHIGAN						5,601,002
			MINNESOTA - 1.3% (0.8% of Total Investments)
	500,000		Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, Series 2018A		5.000		07/01/53		395,065
	1,300,000		Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A		5.750		07/01/46		1,126,465
	2,440,000		Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A		5.000		07/01/54		2,067,703
	130,000	(a)	Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the Arts Project, Series 2019A		5.250		12/01/52		89,368
	30,000		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep Project, Series 2020A		5.000		07/01/40		25,465
	2,040,000	(a),(b)	Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series 2022A		5.875		06/01/57		1,479,000
	1,000,000		Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services Project, Refunding Series 2020		3.950		03/01/50		653,771
	1,885,000	(a)	Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy, Refunding Series 2025		5.500		06/01/55		1,780,034
			TOTAL MINNESOTA						7,616,871
			MISSISSIPPI - 0.4% (0.2% of Total Investments)
	2,285,000		Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A		5.000		09/01/46		2,258,826
			TOTAL MISSISSIPPI						2,258,826
			MISSOURI - 1.3% (0.8% of Total Investments)
	315,000		Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016		4.000		08/01/38		225,248
	2,900,000		Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A		5.250		05/15/42		2,624,647
	1,750,000		Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A		5.250		05/15/50		1,479,053
	3,500,000	(a)	Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B		5.000		02/01/50		3,183,591
			TOTAL MISSOURI						7,512,539

See Notes to Financial Statements 139

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEVADA - 0.7% (0.4% of Total Investments)
$	8,454,619	(a),(b)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, (AMT)		6.950%		02/15/38	$	34,664
	1,842,684	(a),(b)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020		6.750		02/15/38		7,555
	1,297,735	(a),(b)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT)		5.875		12/15/27		130
	267,170	(a),(b)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT)		6.250		12/15/37		27
	2,530,148	(a),(b)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, (AMT)		5.750		02/15/38		10,374
	1,000,000	(a)	Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33)		9.500		01/01/65		963,261
	22,000,000	(a)	Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018C		0.000		07/01/58		3,129,053
			TOTAL NEVADA						4,145,064
			NEW JERSEY - 2.8% (1.7% of Total Investments)
	4,000,000	(a)	New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal LLC Project, Series 2019A		5.000		10/01/39		3,077,770
	1,500,000		New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014		5.000		01/01/34		1,473,086
	5,475,000	(a),(b)	New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal LLC Project, Series 2020		5.000		01/01/40		3,526,614
	760,000		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Refunding Series 2012, (AMT)		5.750		09/15/27		760,096
	15,000,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A		0.000		12/15/39		7,708,511
	500,000		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate Series 2017B, (AMT)		5.000		01/01/42		501,934
			TOTAL NEW JERSEY						17,048,011
			NEW MEXICO - 0.1% (0.1% of Total Investments)
	816,000	(a)	Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020		8.000		05/01/40		791,355
			TOTAL NEW MEXICO						791,355
			NEW YORK - 15.8% (9.6% of Total Investments)
	250,000		Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A		5.750		02/01/33		251,626
	950,000	(b)	Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		5.250		11/01/34		570,000
	2,910,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1		5.500		06/01/55		2,559,596
	1,590,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1		5.000		06/01/55		1,293,080
	1,220,000	(a)	Dormitory Authority of the State of New York, General Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A		7.250		07/01/53		1,206,958
	36,150,000	(a)	Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A		0.000		06/01/60		1,731,057
	4,760,000		Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016B		0.000		01/01/45		1,225,384
	18,500,000		Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C		5.625		01/01/55		15,857,963

140 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	650,000		Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A		5.730%		02/01/50	$	583,287
	1,570,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.250		11/15/55		1,603,567
	380,000	(a)	Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of Health Sciences Charter School Project, Social Impact Series 2022		5.875		07/01/52		377,711
	625,000		New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A. Including 2016A-1, 2016A-2A and 2016A-2B		5.000		06/01/45		549,925
	5,000,000	(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		4,978,455
	1,740,000		New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT)		5.250		01/01/50		1,725,610
	12,235,000	(e)	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), (UB)		5.250		12/31/54		12,431,718
	8,000,000		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		8,126,930
	3,000,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, (AMT)		5.000		08/01/31		3,000,326
	875,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT)		5.375		08/01/36		898,395
	310,000		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		06/30/60		314,304
	1,190,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT)		5.375		06/30/60		1,193,483
	4,900,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT)		5.625		04/01/40		5,075,247
	10,000,000		Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2		0.000		06/01/66		935,840
	2,950,000		Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT)		5.000		01/01/32		2,241,589
	4,000,000		Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT)		5.000		01/01/33		3,016,749
	3,320,000		Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT)		5.000		01/01/35		2,476,117
	2,775,000		Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT)		5.000		01/01/36		2,060,822
	17,700,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006		5.000		06/01/48		15,993,338
	3,000,000	(a)	Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A		5.000		07/01/36		3,053,456
			TOTAL NEW YORK						95,332,533

See Notes to Financial Statements 141

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OHIO - 8.1% (4.9% of Total Investments)
$	19,235,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2		11.310%		06/01/57	$	1,840,368
	195,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1		3.000		06/01/48		135,303
	1,915,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1		4.000		06/01/48		1,608,853
	7,500,000		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		6,554,512
	2,610,000		Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project, Series 1998, (AMT)		5.375		09/15/27		2,610,328
	1,275,000		County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A		5.250		11/15/48		1,248,878
	2,865,000		Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017		5.500		02/15/57		2,840,417
	2,170,000		Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020		3.750		12/01/38		1,751,842
	140,000		Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020		4.000		12/01/46		106,381
	500,000		Greater Cincinnati Port Development Authority, Ohio, Tax Increment Revenue Bonds, RBM Phase 3 Garage Project Series 2024		5.125		12/01/55		462,161
	850,000	(a)	Hilliard Hickory Chase Community Authority, Ohio, Infustructure Improvement Revenue Bonds, Hickory Chase Project, Senior Series 2019A		5.000		12/01/40		817,846
	2,000,000		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013		5.000		02/15/44		1,913,123
	3,000,000		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013		5.000		02/15/48		2,830,508
	7,450,000	(a)	Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT)		5.000		07/01/49		6,724,603
	16,050,000		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A		4.750		06/01/33		16,273,328
	980,000		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A		5.000		11/01/51		774,519
			TOTAL OHIO						48,492,970
			OKLAHOMA - 1.4% (0.8% of Total Investments)
	975,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.000		08/15/38		983,604
	1,000,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.250		08/15/48		1,004,569
	2,685,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/57		2,694,582
	1,000,000		Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017		5.250		11/15/45		985,859
	2,475,000		Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2000B, (AMT)		5.500		06/01/35		2,475,462
			TOTAL OKLAHOMA						8,144,076

142 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			OREGON - 0.7% (0.4% of Total Investments)
$	1,355,000	(a)	Oregon Facilities Authority Charter School Revenue Bonds, Oregon, Portland Village School Project, Series 2024		6.750%		12/15/54	$	1,275,340
	2,000,000	(a)	Oregon Facilities Authority Charter School Revenue Bonds, Oregon, Portland Village School Project, Series 2024		7.000		12/15/60		1,907,659
	100,000	(a)	Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 2019A		5.000		06/15/49		88,609
	1,000,000		Yamhill County Hospital Authority, Oregon, Revenue Bonds, Friendsview Retirement Community, Refunding Series 2021A		5.000		11/15/56		803,582
			TOTAL OREGON						4,075,190
			PENNSYLVANIA - 3.6% (2.2% of Total Investments)
	1,125,000		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT)		5.750		08/01/42		1,124,954
	315,000	(a)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021		6.000		05/01/42		322,245
	3,300,000		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33)		4.750		01/01/35		3,339,371
	2,565,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University Project, Series 2020		5.000		10/01/49		2,141,769
	162,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2		6.000		06/30/34		169,362
	2,170,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3		5.000		06/30/39		2,008,438
	1,084,000	(c)	Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1		0.000		06/30/44		780,966
	339,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1		8.000		06/30/34		339,420
	4,430,000		Butler County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Butler Health System Project, Series 2015A		5.000		07/01/39		4,014,038
	1,000,000		Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A		5.000		12/01/30		930,859
	2,350,000		Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014		5.000		05/01/37		2,232,552
	3,555,000	(a)	Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020		6.250		10/15/53		2,572,123
	1,720,000	(a),(b),(d)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1		10.000		12/01/40		172
	1,720,000	(a),(b),(d)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT)		10.000		12/01/40		172
	1,260,000	(b),(d)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A		10.000		12/01/31		126
	1,000,000		Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT)		6.000		06/30/61		1,046,291
	545,000	(a)	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A		5.375		06/15/50		491,621
			TOTAL PENNSYLVANIA						21,514,479
			PUERTO RICO - 9.0% (5.5% of Total Investments)
	130,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT		5.000		01/01/26		56,780
	4,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/28		1,696
	1,120,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/28		474,733
	3,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/29		1,262

See Notes to Financial Statements 143

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PUERTO RICO (continued)
$	465,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250%		07/01/29	$	195,544
	1,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/31		421
	345,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA		5.250		07/01/31		145,081
	500,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC		5.250		07/01/28		208,512
	100,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX		5.250		07/01/27		41,769
	400,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ		5.250		07/01/26		165,810
	1,000,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A		5.050		01/01/26		419,710
	1,000,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A		10.000		01/01/26		350,762
	2,070,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A		5.000		07/01/29		878,612
	3,000	(b)	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW		5.375		01/01/26		1,249
	3,750,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT		5.000		07/01/26		1,576,429
	310,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT		5.000		07/01/32		133,570
	1,860,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT		5.000		07/01/37		799,745
	190,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW		5.375		01/01/26		79,122
	370,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW		5.375		01/01/26		154,079
	25,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW		5.250		07/01/33		10,426
	2,995,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC		5.000		07/01/28		1,259,041
	4,000,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX		5.250		07/01/35		1,668,100
	5,000,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A		7.000		07/01/33		1,967,667
	10,000,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A		6.750		07/01/36		3,968,893
	3,170,000	(b)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A		5.000		07/01/42		1,370,219
	26,502,046		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		8,555,035
	7,550,338		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		1,792,514
	3,829,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		3,663,346
	901,447		Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022		0.000		11/01/51		553,263
	3		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.625		07/01/27		3
	239,593		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.750		07/01/31		254,187
	23,533,027		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		0.000		07/01/33		15,798,291
	378		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/37		347
	182,567		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		155,613
	11,639		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/46		9,529

144 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PUERTO RICO (continued)
$	12,193,798		Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022		0.000%		11/01/43	$	7,301,037
			TOTAL PUERTO RICO						54,012,397
			SOUTH CAROLINA - 0.3% (0.2% of Total Investments)
	600,000	(a)	South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020		5.000		01/01/55		495,536
	1,450,000	(a)	South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Palmetto Scholars Academy Project, Series 2015A		5.125		08/15/35		1,368,258
			TOTAL SOUTH CAROLINA						1,863,794
			TENNESSEE - 1.3% (0.8% of Total Investments)
	1,000,000	(a)	Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B		0.000		12/01/31		694,991
	5,000,000	(a)	Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A		5.125		12/01/42		4,662,085
	1,000,000	(b)	Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A		5.625		01/01/46		655,984
	2,000,000		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B		5.625		09/01/26		2,036,140
			TOTAL TENNESSEE						8,049,200
			TEXAS - 5.3% (3.2% of Total Investments)
	500,000		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A		5.000		01/01/31		498,915
	500,000		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A		5.000		01/01/32		497,542
	475,000		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B		5.000		01/01/29		473,016
	850,000		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B		5.000		01/01/34		828,405
	3,000,000		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A		5.000		12/01/45		2,929,874
	2,065,000		Conroe Local Government Corporation, Texas, Hotel Revenue Bonds, Conroe Convention Center Hotel, Second-Lien Series 2021B		5.000		10/01/50		1,552,882
	1,350,000	(a)	Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Monterra Public Improvement District Improvement Area 2, Series 2024		5.750		08/15/54		1,270,003
	520,000	(a)	New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2019A		5.000		08/15/49		472,167
	70,000	(b)	New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1		7.500		11/15/37		54,916
	445,000	(b)	New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2		7.500		11/15/36		362,920
	4,168,362	(b)	New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B		5.625		11/15/61		1,507,323
	12,525,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1		5.500		01/01/57		11,463,914
	125,000	(f)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, (Pre-refunded 4/01/26)		5.000		04/01/48		126,836
	5,000,000	(b)	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A		5.000		07/01/35		4,879,783

See Notes to Financial Statements 145

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	110,000	(a)	North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone B Project, Series 2019		5.375%		09/01/50	$	104,073
	2,000,000	(a)	Rockdale, Milam County, Texas, Special Assessment Revenue Bonds, Cornerstone Public Improvement District Improvement Area 1, Series 2023		7.500		09/15/54		2,023,132
	1,000,000	(b)	Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A		3.750		02/15/41		550,000
	4,575,000	(b)	Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A		3.750		02/15/48		2,516,250
			TOTAL TEXAS						32,111,951
			UTAH - 3.3% (2.0% of Total Investments)
	6,000,000	(a)	Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024		5.625		12/01/53		5,843,332
	13,925,000	(e)	Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT), (UB)		5.000		07/01/42		13,942,743
			TOTAL UTAH						19,786,075
			VIRGIN ISLANDS - 2.3% (1.4% of Total Investments)
	630,000		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A		5.000		10/01/32		608,951
	9,650,000	(a)	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C		5.000		10/01/30		9,555,341
	500,000	(a)	Virgin Islands Public Finance Authority, Revenue Bonds, Frenchman’s Reef Hotel Development Hotel Occupancy Series 2024A		6.000		04/01/53		502,824
	1,735,000	(a)	Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A		6.750		07/01/26		1,702,062
	1,400,000	(a)	West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A		6.375		04/01/52		1,325,208
			TOTAL VIRGIN ISLANDS						13,694,386
			VIRGINIA - 2.4% (1.5% of Total Investments)
	440,000		James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024A		6.750		12/01/53		469,974
	4,880,000		Roanoke County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Refunding Friendship Richfield Living LLC Series 2024, (Mandatory Put 9/01/35)		5.500		09/01/58		4,768,892
	1,000,000		Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A		7.000		09/01/53		1,102,129
	641,235	(a)	Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019B, (cash 7.500%, PIK 7.500%)		4.500		07/01/52		384,741
	8,290,000	(e)	Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT), (UB)		5.000		12/31/56		7,876,579
			TOTAL VIRGINIA						14,602,315
			WASHINGTON - 0.1% (0.1% of Total Investments)
	1,000,000	(a)	Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds, Rockwood Retirement Communities Project, Series 2020A		5.000		01/01/51		883,563
			TOTAL WASHINGTON						883,563

146 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WEST VIRGINIA - 0.6% (0.4% of Total Investments)
$	625,000	(a)	Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A		5.750%		06/01/43	$	628,396
	2,500,000	(a)	Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement and Refunding Series 2023B		8.000		06/01/53		511,949
	2,195,000	(a)	Monongalia County, West Virginia, Tax Increment Revenue Bonds, University Town Centre Development District 4, Senior Refunding and Improvement Series 2023A		6.000		06/01/53		2,267,415
	500,000		Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, The Highlands Project, Refunding & Improvement Series 2024		5.250		06/01/53		489,374
			TOTAL WEST VIRGINIA						3,897,134
			WISCONSIN - 15.5% (9.4% of Total Investments)
	10,000,000		Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Brown County Expo Center Project, Series 2019		0.000		06/01/54		2,217,286
	750,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public Academy Project, Series 2020A		5.000		06/01/40		668,629
	1,340,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public Academy Project, Series 2020A		5.000		06/01/49		1,116,972
	365,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A		5.000		06/15/49		308,519
	4,420,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A		5.000		01/01/42		4,018,817
	3,000,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A		5.000		06/15/36		2,673,862
	4,240,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A		5.000		06/15/46		3,349,764
	3,315,000	(a)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2022A		5.000		06/15/52		3,018,111
	1,250,000	(a)	Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017		7.000		03/01/47		1,270,895
	500,000	(a)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A		6.250		06/15/48		500,664
	2,000,000	(a),(b)	Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie College, Series 2019A		5.875		10/01/54		1,236,312
	4,000,000		Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A		5.000		02/01/62		3,839,330
	14,695,000	(a),(b)	Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A		6.250		08/01/27		14,217,412
	1,375,000	(a),(b)	Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A		6.750		08/01/31		1,234,063
	2,500,000	(a)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		6.500		12/01/37		2,519,845
	2,555,000	(a)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		6.750		12/01/42		2,578,149
	19,415,000	(a)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		7.000		12/01/50		19,662,617
	2,000,000	(a)	Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024		6.250		02/01/39		2,010,067
	1,000,000	(a),(b)	Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017B		8.500		10/01/47		10

See Notes to Financial Statements 147

Portfolio of Investments April 30, 2025 (continued)

NMCO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	1,765,000		Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A		5.200%		12/01/37	$	1,796,317
	2,000,000	(a),(b)	Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A		7.000		07/01/48		1,400,000
	35,000	(a),(f)	Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (Pre-refunded 4/01/30)		5.000		04/01/50		37,642
	1,430,000		Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT)		4.250		07/01/54		1,152,816
	5,885,000	(a),(b)	Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1		6.125		01/01/33		2,648,250
	250,000	(a),(b)	Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1		6.250		01/01/38		112,500
	8,735,000	(a),(b)	Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1		6.375		01/01/48		3,930,750
	210,000	(b),(d)	Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B		15.000		12/31/25		21
	2,000,000	(a)	Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A		5.000		06/01/41		2,002,230
	5,725,000		Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured		0.000		12/15/45		2,061,107
	5,190,000		Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured		0.000		12/15/50		1,424,601
	3,625,000		Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured		0.000		12/15/60		578,801
	875,000	(f)	Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D, (Pre-refunded 12/15/30)		0.000		12/15/60		217,488
	500,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024		6.000		10/01/54		495,114
	6,165,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A		5.000		02/15/42		6,134,102
	3,000,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint Camillus Health System Inc, Series 2019A		5.000		11/01/46		2,702,048
			TOTAL WISCONSIN						93,135,111
			TOTAL MUNICIPAL BONDS (Cost $1,085,483,172)						989,233,973
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
			CAPITAL GOODS - 0.0% (0.0% of Total Investments)
	321,690	(b),(d),(h)	KDC Agribusiness Fairless Hills LLC		12.000		09/15/23		32
			TOTAL CAPITAL GOODS						32
			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $321,690)						32
			TOTAL LONG-TERM INVESTMENTS (Cost $1,085,804,862)						989,234,005
			FLOATING RATE OBLIGATIONS - (5.5)%						(32,990,000)
			MFP SHARES, NET - (67.0)%(i)						(403,352,306)
			OTHER ASSETS & LIABILITIES, NET - 8.1%						48,853,994
			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	601,745,693

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

148 See Notes to Financial Statements

 

 

 

AMT Alternative Minimum Tax

PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $378,296,989 or 38.2% 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) 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.

(d) For fair value measurement disclosure purposes, investment classified as Level 3.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(f) 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.

(g) When-issued or delayed delivery security.

(h) Senior loan received as part of the bondholder funding agreement during June 2023 for Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40, (AMT), 144A, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31.

(i) MFP Shares, Net as a percentage of Total Investments is 40.8%.

See Notes to Financial Statements 149

Portfolio of Investments April 30, 2025

NDMO

(Unaudited)

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			LONG-TERM INVESTMENTS - 146.4% (98.5% of Total Investments)
			CORPORATE BONDS - 1.6% (1.1% of Total Investments)
			HEALTH CARE EQUIPMENT & SERVICES - 1.5% (1.0% of Total Investments)
$	2,750,000		Care New England Health System		5.500%		09/01/26	$	2,729,375
	4,363,000		Toledo Hospital/The		5.325		11/15/28		4,199,606
	3,000,000		Toledo Hospital/The		6.015		11/15/48		2,619,060
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						9,548,041
			REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% (0.1% of Total Investments)
	477,476	(a),(b)	Benloch Ranch Improvement Association2022 2022		9.750		12/01/39		434,598
			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						434,598
			TOTAL CORPORATE BONDS (Cost $8,978,635)						9,982,639
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MUNICIPAL BONDS - 144.8% (97.4% of Total Investments)
			ALABAMA - 7.4% (5.0% of Total Investments)
	5,000,000		Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023A, (Mandatory Put 10/01/30)		5.250		01/01/54		5,261,546
	2,360,000		Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Green Series 2020, (AMT), (Mandatory Put 11/01/30)		6.375		11/01/50		2,595,393
	425,000		Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024		5.250		10/01/49		428,818
	4,500,000		Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT)		5.000		06/01/54		4,275,152
	1,650,000		Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT)		4.750		12/01/54		1,505,971
	4,515,000	(b)	Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020		4.000		11/01/45		3,933,772
	7,000,000		Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A		5.000		11/01/35		7,212,047
	20,000,000		Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28)		5.000		05/01/53		20,548,918
	500,000		UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2017B-2		5.000		09/01/41		504,071
			TOTAL ALABAMA						46,265,688
			ARIZONA - 5.4% (3.6% of Total Investments)
	7,650,000	(b)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A		5.000		07/01/51		6,584,553
	1,240,000	(b)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B		5.000		07/01/51		1,067,300
	1,500,000	(b)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds Pensar Academy Project, Series 2020		5.000		07/01/55		1,299,880
	4,500,000	(b)	Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group Falcon Properties LLC, Project, Senior Series 2022A-1		4.000		12/01/51		3,092,477
	730,000		Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A		5.250		11/01/48		741,541
	730,000		Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A		5.250		11/01/53		735,962
	1,200,000		Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28)		4.100		12/01/37		1,199,897

150 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ARIZONA (continued)
$	815,000		Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2019, (AMT), (Mandatory Put 6/01/29)		4.000%		06/01/49	$	810,762
	1,090,000	(b)	Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, Flagstaff Arts & Leadership Academy Project, Refunding Series 2020		5.500		07/01/40		973,132
	1,000,000	(b)	Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020		5.250		10/01/40		878,419
	1,000,000		Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company Palo Verde Project, Refunding Series 2012A		4.500		08/01/42		953,306
	3,405,000	(b)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A		5.000		09/01/55		2,778,897
	5,265,000	(b),(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020		5.000		07/01/35		3,685,500
	6,800,000	(b),(c)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020		5.000		07/01/40		4,760,000
	4,545,000	(b)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020-1		5.000		06/15/50		3,951,003
	275,000	(b)	Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024		5.000		06/15/64		249,428
			TOTAL ARIZONA						33,762,057
			ARKANSAS - 1.6% (1.1% of Total Investments)
	4,500,000	(b)	Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT)		5.450		09/01/52		4,503,586
	6,500,000	(b)	Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT)		4.500		09/01/49		5,822,049
			TOTAL ARKANSAS						10,325,635
			CALIFORNIA - 16.8% (11.3% of Total Investments)
	1,960,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31)		5.250		01/01/54		2,037,266
	7,865,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023E, (Mandatory Put 9/01/32)		5.000		02/01/55		8,290,040
	6,770,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30)		5.250		11/01/54		7,117,384
	3,000,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32)		5.000		01/01/55		3,095,906
	4,500,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32)		5.000		02/01/55		4,734,464
	1,455,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32)		5.000		11/01/55		1,499,736
	3,815,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A		4.000		02/01/56		2,397,803
	6,200,000	(b)	California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35)		9.500		01/01/65		5,987,936
	6,290,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT)		5.000		07/01/30		6,295,106

See Notes to Financial Statements 151

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	5,000,000	(b)	California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A		5.125%		07/01/55	$	4,041,245
	465,000	(b)	California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A		5.000		11/15/46		428,872
	2,000,000		California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A		6.500		06/01/54		1,872,130
	1,000,000		California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A		6.375		06/01/59		913,541
	2,000,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A		5.000		06/01/60		1,688,791
	1,515,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2025		4.125		03/01/45		1,494,570
	600,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2025		5.000		03/01/45		641,015
	935,000		California State, General Obligation Bonds, Various Purpose Series 2025		5.000		03/01/44		1,002,546
	1,195,000		California State, General Obligation Bonds, Various Purpose Series 2025		5.000		03/01/49		1,265,667
	2,245,000		California State, General Obligation Bonds, Various Purpose Series 2025		5.000		03/01/55		2,359,291
	1,220,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.000		12/01/41		1,222,618
	1,175,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		1,173,650
	6,180,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A		5.000		01/01/54		5,268,691
	275,000		Fontana, California, Special Tax Bonds, Narra Hills Community Facilities District 109, Refunding Series 2024		5.000		09/01/49		277,289
	1,440,000	(d)	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, Refunding Series 2025A		5.000		07/01/38		1,600,026
	2,615,000	(d)	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, Refunding Series 2025A		5.000		07/01/39		2,887,910
	1,105,000	(d)	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2024, Dedicated Unlimited Ad Valorem Property Tax, Series 2025A-1		5.000		07/01/36		1,248,229
	1,610,000	(d)	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2024, Dedicated Unlimited Ad Valorem Property Tax, Series 2025A-1		5.000		07/01/39		1,778,025
	2,235,000	(d)	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2024, Dedicated Unlimited Ad Valorem Property Tax, Series 2025A-1		5.000		07/01/43		2,403,781
	985,432	(c)	Northstar Community Services District, California, California Special Tax Bonds Community Facilities District 1 Series 2006		1.750		09/01/37		275,921
	1,615,000		Pajaro Valley Health Care District, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Social Series 2024A		5.000		09/01/54		1,562,561
	1,085,000		Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1		5.000		08/01/44		1,156,695
	2,500,000		Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1		5.000		08/01/50		2,630,962
	1,100,000		Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1		5.000		08/01/54		1,151,419
	1,555,000	(d)	Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025		5.000		08/01/35		1,786,702
	730,000	(d)	Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025		5.000		08/01/36		832,334

152 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			CALIFORNIA (continued)
$	1,070,000		River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Refunding Series 2022A-1 - AGM Insured		5.000%		09/01/42	$	1,110,924
	1,070,000		River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2		5.000		09/01/42		1,076,196
	1,790,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT)		5.000		05/01/37		1,872,246
	2,190,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT)		5.000		05/01/38		2,282,829
	750,000		San Francisco Community College District, California, General Obligation Bonds, Taxable Election 2020 Series 2020A-1		3.165		06/15/41		585,188
	830,000		San Francisco Unified School District, California, General Obligation Bonds, 2024 Election Series 2025A		5.000		06/15/43		876,320
	560,000		San Francisco Unified School District, California, General Obligation Bonds, 2024 Election Series 2025A		5.000		06/15/44		587,579
	1,500,000	(d)	San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure T, Series 2025C - BAM Insured		5.000		08/01/46		1,561,601
	500,000	(d)	San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure T, Series 2025C - BAM Insured		5.000		08/01/47		519,651
	500,000	(d)	San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured		5.000		08/01/45		522,110
	1,500,000	(d)	San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured		5.000		08/01/46		1,561,601
	1,500,000	(d)	San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured		5.000		08/01/47		1,558,953
	1,500,000	(d)	San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured		5.000		08/01/48		1,555,849
	1,200,000		Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2019-1, Series 2024A		5.000		09/01/49		1,201,961
	3,575,000		University of California, General Revenue Bonds, Series 2025CB		5.000		05/15/38		3,962,704
			TOTAL CALIFORNIA						105,255,834
			COLORADO - 19.8% (13.3% of Total Investments)
	2,370,000		64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020		6.500		12/01/43		2,328,694
	1,000,000	(b)	Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024		5.500		12/01/44		987,384
	500,000	(b)	Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024		5.750		12/01/54		502,321
	1,060,000		Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.000		12/01/50		981,989
	2,285,000		Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B		7.750		12/15/50		2,285,305
	5,220,000		Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A		5.750		12/01/51		4,769,293
	499,000		Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A		4.000		12/01/29		482,087
	1,725,000		Belford North Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2020A		5.500		12/01/50		1,478,549
	1,000,000		Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A		5.000		12/01/51		827,387

See Notes to Financial Statements 153

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	500,000	(b)	Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020		5.000%		12/01/40	$	456,871
	1,000,000		Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A		5.125		12/01/48		770,956
	1,450,000		Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2020A		5.350		12/01/50		1,287,525
	525,000		Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured		5.250		12/01/49		552,976
	655,000		Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured		5.500		12/01/54		697,272
	835,000	(d)	Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2025A		5.250		12/01/50		867,335
	1,145,000	(d)	Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2025A		5.250		12/01/54		1,187,927
	100,000	(b)	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A		4.000		07/01/41		81,749
	100,000	(b)	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A		4.000		07/01/51		73,566
	1,000,000	(b)	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020		5.000		12/01/50		888,948
	500,000	(b),(c)	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand Junction Project, Series 2019		5.000		12/01/54		352,500
	475,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A		5.125		12/01/45		484,323
	955,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A		5.125		12/01/50		962,514
	765,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A		5.125		12/01/55		767,139
	16,000,000		Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020		6.500		12/01/50		15,659,875
	500,000		Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2024B		6.125		12/15/54		492,542
	2,280,000		Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024		0.000		12/01/31		1,303,082
	1,355,000		Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT)		5.500		11/15/38		1,475,739
	4,000,000	(b)	Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A		6.750		12/01/34		3,859,073
	1,000,000		Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014		6.000		12/01/38		929,562
	1,425,000		Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A		5.250		12/01/32		1,398,819
	1,200,000		Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A		5.750		12/01/52		1,122,501
	1,990,000	(b)	Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.500		06/01/50		1,619,430
	500,000		Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024A-2		6.500		12/01/43		510,109
	825,000	(b)	Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024		5.500		12/01/44		771,815

154 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,360,000	(b)	Hogback Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021A		5.000%		12/01/51	$	1,214,591
	500,000		Independence Water & Sanitation District, Elbert County, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024		5.125		12/01/33		487,000
	5,250,000		Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B		5.750		12/15/50		5,204,689
	2,000,000		Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A		5.750		12/01/50		1,820,299
	1,000,000		Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.125		12/01/50		893,285
	1,500,000	(b)	Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024		6.125		12/01/44		1,408,247
	1,200,000	(b)	Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024		6.625		12/01/56		1,141,889
	1,030,000		Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 2023A-2		8.000		12/01/53		802,915
	560,000		Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2023A-1		7.250		12/01/53		572,763
	3,000,000	(b)	Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022		7.375		11/01/52		3,000,428
	500,000		Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A		5.000		12/01/41		444,480
	500,000		Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A		5.000		04/15/51		413,306
	480,000		Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.000		12/01/49		432,297
	2,000,000		North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3		5.000		12/01/40		1,906,063
	1,000,000		North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3		5.250		12/01/50		943,436
	1,810,000		Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A		5.000		12/01/50		1,520,609
	500,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		4.000		12/01/29		473,205
	1,250,000		Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019		5.000		12/01/39		1,148,614
	285,000	(b)	Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A		5.000		12/01/51		229,614
	1,100,000		Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A-1		7.500		12/01/52		1,085,603
	925,000		Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020		5.000		12/01/40		864,954
	855,000		Pinon Pines Metropolitan District No. 3, El Paso County, Colorado, General Obligation Limited Tax Convertible Capital Appreciation Bonds, Series 2025		5.875		12/01/54		714,564
	7,000,000		Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022		6.500		12/01/34		6,529,006
	3,665,000		Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017		5.000		12/01/42		3,708,201
	2,000,000		Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021		4.000		12/01/41		1,725,147
	1,000,000	(b)	Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025		6.125		12/01/54		914,048

See Notes to Financial Statements 155

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			COLORADO (continued)
$	1,000,000		Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025		0.000%		12/01/32	$	575,120
	1,045,000	(b)	Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024		5.875		12/01/44		950,967
	2,320,000		Silverstone Metropolitan District 3, Weld County, Colorado, General Obligation and Special Revenue Bonds, Limited Tax Series 2023		7.750		12/01/45		2,326,090
	1,215,000		SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016		5.000		12/01/30		1,200,498
	500,000	(b),(e)	St. Vrain Lakes Metropolitan District 4, Weld County, Colorado, General Obligation Bonds, Firestone Convertible Capital Appreciation Limited Tax Series 2024A		0.000		09/20/54		332,698
	510,000	(b),(d)	STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding Second Lien Series 2025A-2		6.250		12/01/55		514,235
	502,000		Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Subordinate Series 2020B		7.125		12/15/50		503,142
	2,350,000		Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020		5.000		12/01/40		2,147,293
	2,300,000		Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020		5.125		12/01/50		1,981,759
	1,000,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2		5.500		12/01/51		780,814
	1,270,000		Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1		5.000		12/01/41		1,039,068
	5,000,000		Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2		6.000		12/01/50		4,083,369
	10,000,000		Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1		5.375		12/01/50		8,934,644
	1,500,000		Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021		5.000		12/01/51		1,189,558
	2,200,000	(b)	West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2		8.000		12/01/54		1,251,136
	630,000	(b)	West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024		5.750		12/01/44		585,504
	2,000,000	(b)	Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1		4.125		12/01/51		1,510,609
	937,000		Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1		6.250		12/15/40		911,861
			TOTAL COLORADO						123,634,775
			CONNECTICUT - 0.6% (0.4% of Total Investments)
	1,325,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A		4.000		07/01/34		1,310,853
	1,250,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A		4.000		07/01/36		1,217,906
	1,255,000		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2016B-1		2.950		11/15/31		1,167,602
			TOTAL CONNECTICUT						3,696,361

156 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			DELAWARE - 0.4% (0.3% of Total Investments)
$	400,000	(b)	Bridgeville, Delaware, Special Obligation Bonds, Heritage Shores Special Development District, Series 2024		5.625%		07/01/53	$	404,597
	500,000	(f)	Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB)		4.600		07/01/44		495,336
	500,000	(f)	Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB)		4.650		07/01/49		494,424
	960,000	(f)	Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB)		4.750		07/01/54		949,926
			TOTAL DELAWARE						2,344,283
			DISTRICT OF COLUMBIA - 0.0% (0.0% of Total Investments)
	325,000		District of Columbia Revenue Bonds, Rocketship Education DC Public Charter School Inc., Obligated Group -Issue 3, Series 2024A		5.750		06/01/54		326,175
			TOTAL DISTRICT OF COLUMBIA						326,175
			FLORIDA - 10.9% (7.3% of Total Investments)
	1,565,000		Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021		3.750		05/01/41		1,326,514
	1,215,000	(b)	Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A		5.000		06/15/40		1,133,497
	1,260,000	(b)	Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A		5.000		06/15/55		1,087,301
	1,010,000	(b)	Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024		5.750		08/15/54		928,510
	3,485,000	(b)	Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Series 2020B		4.250		05/01/41		3,058,992
	240,000		Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024		5.500		05/01/54		225,260
	10,000,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery High School Project, Series 2020A		5.000		06/01/55		6,636,002
	835,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A		6.000		06/15/33		890,397
	1,000,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A		6.500		06/15/38		1,064,435
	1,000,000	(b)	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A		6.625		06/15/43		1,062,689
	1,200,000	(b)	Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, GFL Solid Waste Southeast LLC Project Series 2024A, (AMT), (Mandatory Put 10/01/31)		4.375		10/01/54		1,192,259
	2,450,000	(b)	Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2023, (AMT), (Mandatory Put 7/01/26)		6.125		07/01/32		2,483,070
	4,375,000	(b)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put 7/15/28)		12.000		07/15/32		4,541,605
	1,900,000		Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT)		5.000		07/01/41		1,844,417
	1,300,000	(f)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB)		5.000		07/01/44		1,299,969
	1,760,000	(f)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB)		5.250		07/01/53		1,768,475
	1,400,000		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		1,400,911

See Notes to Financial Statements 157

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			FLORIDA (continued)
$	15,830,000	(b)	Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25)		8.250%		07/01/57	$	16,319,783
	420,000	(b)	Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1		5.250		06/01/54		402,025
	1,095,000		Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020		4.250		05/01/40		997,097
	1,500,000		Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020		4.500		05/01/52		1,304,049
	2,500,000		Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue Bonds, JetBlue Airways Corporation, Series 2013, (AMT)		5.000		11/15/36		2,500,269
	1,000,000		Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area1 Project, Series 2020		4.000		05/01/51		820,565
	415,000		Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024		4.750		05/01/31		418,415
	450,000		Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024		5.125		05/01/44		434,924
	1,685,000		Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024		5.400		05/01/55		1,615,733
	1,225,000	(b)	Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A		5.000		06/01/47		1,085,102
	3,380,000		Miami, Florida, Limited Ad Valorem Tax Bonds, Forever Infrastructure Programs Series 2024A		5.500		01/01/49		3,610,227
	870,000	(f)	Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB)		5.250		10/01/52		879,142
	1,360,000		Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009 - BAM Insured		0.000		10/01/37		830,961
	2,750,000		Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009		0.000		10/01/45		1,070,321
	100,000	(b)	Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024		4.750		05/01/31		99,528
	245,000	(b)	Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024		5.625		05/01/44		239,019
	275,000	(b)	North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 5, Series 2024		5.750		05/01/44		272,201
	1,145,000		South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A		4.000		05/01/44		1,031,745
	310,000	(b)	Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B		4.625		05/01/36		296,808
	425,000		Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2021		2.700		05/01/31		383,879
	250,000		Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2024		5.000		05/01/44		251,815
	250,000	(b)	V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2025 Project, Series 2025		5.375		05/01/45		243,698
	345,000	(b)	Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2023		4.250		05/01/28		346,215
	810,000	(b)	Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024		4.800		05/01/55		767,259
	20,000		Windward Community Development District, Florida, Special Assessment Bonds, Series 2020A-2		4.400		11/01/35		19,309
			TOTAL FLORIDA						68,184,392

158 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			GEORGIA - 1.6% (1.1% of Total Investments)
$	1,700,000		Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A		6.500%		12/15/48	$	1,464,917
	1,000,000	(b)	Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2		5.500		04/01/39		1,003,880
	1,120,000		Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT)		5.250		07/01/41		1,189,353
	505,000		Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024		5.000		10/01/42		518,570
	555,000		Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024		5.000		10/01/43		567,447
	515,000		Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024		5.000		10/01/44		525,085
	750,000	(b)	Fulton County Residential Care Facilities for the Elderly Authority, Georgia, Revenue Bonds, Canterbury Court Project, Series 2019A		5.000		04/01/47		711,735
	500,000		Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2021A - BAM Insured		3.000		02/15/51		359,467
	1,000,000		Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System Inc., Series 2017A		4.000		04/01/42		909,393
	2,750,000	(b)	Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27)		4.000		08/01/52		2,728,238
			TOTAL GEORGIA						9,978,085
			HAWAII - 0.1% (0.1% of Total Investments)
	500,000	(b)	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024		5.000		07/01/39		474,861
			TOTAL HAWAII						474,861
			IDAHO - 0.3% (0.2% of Total Investments)
	623,000	(f)	Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB)		4.050		01/01/39		611,717
	546,000	(f)	Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB)		4.650		01/01/54		535,194
	630,000		Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024		6.250		09/01/53		646,079
			TOTAL IDAHO						1,792,990
			ILLINOIS - 6.0% (4.0% of Total Investments)
	1,000,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023		5.250		04/01/34		1,077,756
	1,055,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023		5.000		04/01/41		1,084,053
	1,275,000		Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023		5.500		04/01/43		1,339,519
	2,000,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2021A		5.000		12/01/34		2,025,607
	4,565,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A		5.000		12/01/33		4,679,240
	4,900,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A		5.250		12/01/36		5,041,297
	120,000		Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured		5.000		01/01/29		125,196
	190,000		Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured		5.000		01/01/30		199,636
	2,250,000		Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured		5.000		01/01/31		2,382,492
	1,485,000		Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured		5.000		01/01/32		1,581,806
	200,000		Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2023B - AGM Insured		5.000		11/01/37		211,601
	25,000	(g)	Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27)		4.000		02/15/41		25,311

See Notes to Financial Statements 159

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			ILLINOIS (continued)
$	725,000		Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C		4.000%		02/15/41	$	666,992
	240,000		Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022		5.000		03/01/34		239,397
	875,000	(c)	Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A		5.000		11/01/49		586,250
	815,000		Illinois Finance Authority, Revenue Bonds, Northshore - Edward- Elmhurst Health Credit Group, Series 2022A		5.000		08/15/47		838,049
	920,000	(d)	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2025A		5.000		08/15/40		957,363
	805,000	(d)	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2025A		5.000		08/15/41		829,813
	2,500,000		Illinois State, General Obligation Bonds, December Series 2023C		5.000		12/01/47		2,503,159
	4,710,000		Illinois State, General Obligation Bonds, May Series 2020		5.750		05/01/45		4,917,067
	1,300,000		Illinois State, General Obligation Bonds, May Series 2024B		5.250		05/01/42		1,354,346
	1,205,000		Illinois State, General Obligation Bonds, May Series 2024B		5.250		05/01/44		1,240,082
	930,000		Illinois State, General Obligation Bonds, May Series 2024B		5.250		05/01/45		951,980
	930,000		Illinois State, General Obligation Bonds, May Series 2024B		5.250		05/01/49		943,703
	1,800,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A		0.000		06/15/39		902,605
	1,500,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A		0.000		06/15/40		707,637
			TOTAL ILLINOIS						37,411,957
			INDIANA - 3.2% (2.1% of Total Investments)
	1,415,000	(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		1,266,803
	1,190,000		Indiana Finance Authority, Educational Facilities Revenue Bonds, Depauw University Project, Series 2019		5.000		07/01/37		1,206,300
	3,125,000		Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, (AMT)		6.750		05/01/39		3,461,631
	2,535,000		Indiana Finance Authority, Revenue Bonds, First Lien Thermal Energy System Utility, Citizens Energy Group Project, Series 2025A		5.500		10/01/50		2,698,279
	1,500,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2015I, (AMT)		5.000		01/01/32		1,500,264
	730,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E		5.750		03/01/43		763,186
	680,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E		6.000		03/01/53		710,762
	4,060,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1		7.750		03/01/67		4,461,916
	3,770,000		Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, (AMT), (Mandatory Put 6/10/31)		4.400		11/01/45		3,779,452
			TOTAL INDIANA						19,848,593
			IOWA - 0.9% (0.6% of Total Investments)
	2,500,000		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012		4.750		08/01/42		2,385,402
	1,745,000	(g)	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42)		5.000		12/01/50		1,948,314
	60,000		Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A		5.000		05/15/39		60,911
	75,000		Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A		5.000		05/15/44		73,365
	1,250,000		Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A		5.125		05/15/59		1,184,208
			TOTAL IOWA						5,652,200

160 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			KANSAS - 0.1% (0.1% of Total Investments)
$	500,000		Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII		5.750%		05/15/45	$	485,637
			TOTAL KANSAS						485,637
			KENTUCKY - 0.8% (0.5% of Total Investments)
	2,805,000		Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s Ridge Project, Series 2020		6.000		12/01/40		2,433,305
	2,175,000		Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2006B, (AMT)		2.125		10/01/34		1,698,528
	990,000		Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B		5.500		12/01/60		791,070
			TOTAL KENTUCKY						4,922,903
			LOUISIANA - 1.4% (0.9% of Total Investments)
	1,150,000	(b)	Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A		5.250		06/01/51		929,192
	450,000	(b)	Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Refunding Series 2024A		5.000		12/15/43		426,260
	2,010,000		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		2,055,899
	1,295,000		Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT)		5.750		09/01/64		1,344,398
	1,505,000		Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT)		5.000		09/01/66		1,452,165
	500,000	(b)	Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A		9.000		12/01/44		427,331
	2,000,000	(b)	Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010		6.350		07/01/40		2,123,396
			TOTAL LOUISIANA						8,758,641
			MAINE - 0.3% (0.2% of Total Investments)
	215,000	(b)	Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2024, (AMT), (Mandatory Put 6/01/35)		4.625		12/01/47		212,766
	2,000,000		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A		5.000		07/01/46		1,815,713
			TOTAL MAINE						2,028,479
			MARYLAND - 0.1% (0.1% of Total Investments)
	185,000	(b)	Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2022		4.500		06/01/33		183,241
	305,000	(b)	Maryland Economic Development Corporation, Port Facilities Revenue Bonds, Core Natural Resources Inc. Project, Refunding Series 2025, (Mandatory Put 3/27/35)		5.000		07/01/48		297,810
			TOTAL MARYLAND						481,051
			MASSACHUSETTS - 0.2% (0.1% of Total Investments)
	425,000		Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D		5.000		07/01/44		417,300
	980,000		Massachusetts Development Finance Agency, Revenue Bonds, Smith College, Series 2025		4.000		07/01/45		930,263
			TOTAL MASSACHUSETTS						1,347,563

See Notes to Financial Statements 161

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MICHIGAN - 3.2% (2.2% of Total Investments)
$	2,884,160		Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured		3.000%		06/15/26	$	3,028,368
	1,455,000		Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Refunding Series 2024		5.000		07/01/48		1,480,096
	830,000		Detroit Regional Convention Authority, Michigan, Special Tax Revenue Bonds, Refunding Series 2024C		5.000		10/01/37		876,451
	4,971,590		Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series 2014B-1		4.000		04/01/44		3,915,761
	710,000		Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, Limited Tax General Obligation Series 2021, (AMT)		5.000		01/01/46		718,859
	1,135,000		Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Senior Lien Series 2023C		5.250		07/01/48		1,201,438
	1,100,000	(d)	Michigan Hospital Finance Authority, Hospital Revenue Bonds, Corewell Health, Series 2025A		5.000		08/15/43		1,142,113
	1,500,000	(d)	Michigan Hospital Finance Authority, Hospital Revenue Bonds, Corewell Health, Series 2025A		5.000		08/15/46		1,538,366
	2,230,000	(f)	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2023A, (UB)		5.100		10/01/53		2,270,233
	1,720,000		Michigan Strategic Fund, Limited Obligation Revenue Bonds, I-75 Improvement Project, Series 2018, (AMT)		5.000		12/31/43		1,721,481
	1,150,000	(d)	Southfield Public Schools, County Of Oakland, State Of Michigan, General Obligation Bonds, School Building and Site Series 2025		5.250		05/01/55		1,188,918
	1,070,000		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT)		5.250		12/01/37		1,159,570
			TOTAL MICHIGAN						20,241,654
			MINNESOTA - 1.0% (0.7% of Total Investments)
	1,000,000		Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A		4.250		02/15/48		905,664
	3,745,000	(b)	Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023		5.500		03/01/53		3,704,768
	1,140,000		Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hope Community Academy Project, Series 2020A		5.000		12/01/55		770,107
	675,000	(b)	Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Refunding Series 2025A		5.500		06/01/63		626,794
	535,000	(b)	Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy, Refunding Series 2025		5.500		06/01/55		505,209
			TOTAL MINNESOTA						6,512,542
			MISSISSIPPI - 0.5% (0.3% of Total Investments)
	1,190,000	(f)	Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB)		6.000		09/01/48		1,305,480
	1,580,000	(f)	Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB)		6.000		09/01/53		1,713,644
			TOTAL MISSISSIPPI						3,019,124
			MISSOURI - 1.2% (0.8% of Total Investments)
	550,000	(b)	Kansas City Industrial Development Authority, Missouri, Economic Activity Tax Revenue Bonds, Historic Northeast Redevelopment Plan Series 2024A-1		5.000		06/01/54		501,564
	3,000,000		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F		4.000		11/15/45		2,621,769
	500,000	(b)	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Truman Medical Center, Inc., Pass- Through Certificate Series 2017		4.250		12/01/42		435,035

162 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			MISSOURI (continued)
$	1,000,000		Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured		5.000%		10/01/40	$	1,030,919
	2,625,000		Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured		5.000		10/01/45		2,654,428
			TOTAL MISSOURI						7,243,715
			MONTANA - 0.3% (0.2% of Total Investments)
	1,975,000		Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2023		3.875		07/01/28		1,988,094
			TOTAL MONTANA						1,988,094
			NEBRASKA - 1.4% (0.9% of Total Investments)
	3,750,000		Central Plains Energy Project, Nebraska, Gas Project Revenue Bonds, Project 5, Series 2022-1, (Mandatory Put 10/01/29)		5.000		05/01/53		3,879,212
	4,665,000	(f)	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024C, (UB)		4.700		09/01/49		4,621,507
			TOTAL NEBRASKA						8,500,719
			NEVADA - 0.4% (0.3% of Total Investments)
	1,842,684	(b),(c)	Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020		6.750		02/15/38		7,555
	2,400,000	(b)	Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33)		9.500		01/01/65		2,311,826
	435,000		Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 611 Sunstone Phase I and II, Series 2020		4.000		06/01/40		373,880
			TOTAL NEVADA						2,693,261
			NEW HAMPSHIRE - 1.7% (1.1% of Total Investments)
	6,200,000	(b),(d)	National Finance Authority, New Hampshire, Special Revenue Bonds, Bridgeland Water & Utility Districts 418,489,492,493,157 & 159, Series 2025		5.875		12/15/33		6,201,154
	1,855,000	(b)	National Finance Authority, New Hampshire, Special Revenue Bonds, The Chambers Creek Project, Montgomery County, Texas Municipal Utility Districts, Capital Appreciation Series 2025		0.000		12/15/32		1,129,187
	4,000,000	(b)	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023		4.000		07/01/37		3,302,803
			TOTAL NEW HAMPSHIRE						10,633,144
			NEW JERSEY - 0.4% (0.3% of Total Investments)
	1,390,000	(b)	New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A		7.000		06/15/30		1,390,353
	750,000		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A		3.375		07/01/30		712,121
	490,000		Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Paterson Charter School for Science and Technology, Inc. Project, Series 2025		4.500		07/01/40		473,732
			TOTAL NEW JERSEY						2,576,206
			NEW MEXICO - 1.1% (0.7% of Total Investments)
	6,927,000	(b)	Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020		8.000		05/01/40		6,717,786
			TOTAL NEW MEXICO						6,717,786
			NEW YORK - 16.7% (11.3% of Total Investments)
	1,240,000	(b)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023		7.250		06/01/55		1,297,172
	5,000,000	(b)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1		5.500		06/01/55		4,397,931
	1,310,000	(b)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1		5.000		06/01/40		1,202,970
	3,000,000	(b)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1		5.000		06/01/55		2,439,774

See Notes to Financial Statements 163

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	955,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024		5.250%		11/01/42	$	983,516
	770,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024		5.250		11/01/43		788,397
	150,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024		5.500		11/01/47		155,821
	450,000		Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024		5.250		10/01/49		455,079
	7,940,000	(f)	Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A, (UB)		5.000		03/15/55		8,199,223
	7,630,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B		5.000		07/01/32		7,719,902
	1,095,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B		5.000		07/01/35		1,105,227
	750,000		Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C		5.625		01/01/55		642,890
	3,345,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B		4.000		11/15/43		3,015,417
	1,210,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B		4.000		11/15/44		1,081,594
	7,200,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A		5.000		11/15/41		7,589,001
	1,000,000	(f)	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB)		4.650		11/01/49		995,873
	1,720,000	(f)	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB)		4.750		11/01/54		1,718,043
	975,000	(f)	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024B-1-A, (UB)		4.750		11/01/54		973,887
	410,000	(b)	New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024		5.250		12/15/31		414,981
	140,000		New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Taxable Class E Series 2024		4.375		12/15/31		141,350
	2,035,000	(d)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series DD		5.000		06/15/35		2,318,059
	2,065,000	(d)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series DD		5.500		06/15/38		2,382,495
	2,560,000	(d)	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series DD		5.500		06/15/39		2,929,195
	2,785,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2018 Series A-3		5.000		08/01/41		2,801,610
	870,000		New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024B-1		4.550		12/15/54		816,544
	450,000		New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C		4.000		12/15/39		422,810
	630,000		New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C		4.300		12/15/44		582,475
	1,335,000		New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C		4.500		12/15/49		1,239,728
	670,000		New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C		4.550		12/15/54		628,833

164 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NEW YORK (continued)
$	2,500,000		New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT)		5.000%		07/01/41	$	2,500,200
	9,175,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT)		5.250		08/01/31		9,502,710
	3,400,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT)		5.375		08/01/36		3,490,906
	4,295,000		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		4,360,402
	395,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT)		5.500		06/30/39		416,642
	165,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT)		5.500		06/30/40		173,329
	215,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT)		5.500		06/30/43		223,375
	240,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT)		5.500		06/30/44		248,477
	845,000		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		886,229
	1,590,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT)		5.125		06/30/60		1,598,045
	3,315,000		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT)		5.375		06/30/60		3,324,703
	3,000,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT)		5.000		10/01/40		3,006,924
	1,600,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT)		6.000		04/01/35		1,746,805
	2,805,000		New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT)		5.625		04/01/40		2,905,320
	460,000		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT)		5.000		12/01/41		473,882
	1,000,000		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT)		5.000		07/15/38		1,043,066
	1,225,000		Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A		5.250		12/01/47		1,300,857
	1,630,000		Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A		5.000		12/01/50		1,683,235
	1,370,000	(f)	Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A, (UB)		5.250		12/01/54		1,439,221
	4,370,000		Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A		5.500		12/01/59		4,638,207
			TOTAL NEW YORK						104,402,332

See Notes to Financial Statements 165

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			NORTH CAROLINA - 0.1% (0.1% of Total Investments)
$	370,000		North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series 2021		4.000%		09/01/46	$	303,626
	230,000		North Carolina Medical Care Commission, Retirement Facility Revenue Bonds, Penick Village Project First Mortgage Series 2024A		5.500		09/01/54		217,208
			TOTAL NORTH CAROLINA						520,834
			NORTH DAKOTA - 0.5% (0.3% of Total Investments)
	3,000,000		North Dakota Housing Finance Agency, Home Mortgage Program Revenue Bonds, Social Series 2024D		4.500		07/01/44		2,959,846
			TOTAL NORTH DAKOTA						2,959,846
			OHIO - 1.9% (1.3% of Total Investments)
	1,995,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2		5.000		06/01/55		1,743,500
	1,760,000		Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017		5.500		02/15/52		1,758,017
	550,000		Dayton-Montgomery County Port Authority, Ohio, Development Revenue Bonds, Dayton Regional Stem Schools Inc. Project, Series 2024		5.000		12/01/44		548,666
	400,000		Dayton-Montgomery County Port Authority, Ohio, Development Revenue Bonds, Dayton Regional Stem Schools Inc. Project, Series 2024		5.000		12/01/60		381,033
	675,000		Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A		5.500		08/01/42		693,903
	1,270,000		Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A		5.500		08/01/43		1,297,641
	3,450,000	(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		3,470,496
	400,000		Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024		5.250		09/01/49		408,646
	500,000		Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024		5.250		09/01/54		502,641
	250,000	(b)	Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Silver Birch of Mansfield Project, Series 2024		6.000		01/01/45		239,673
	625,000	(f)	Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB)		4.650		09/01/54		611,541
			TOTAL OHIO						11,655,757
			OKLAHOMA - 0.6% (0.4% of Total Investments)
	300,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/52		301,158
	1,280,000		Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B		5.500		08/15/57		1,284,568
	970,000		Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A		5.000		01/01/45		1,022,736
	1,000,000		Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A		5.250		01/01/46		1,071,319
			TOTAL OKLAHOMA						3,679,781
			OREGON - 0.2% (0.1% of Total Investments)
	1,165,000		Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024		5.250		08/01/49		1,191,396
			TOTAL OREGON						1,191,396

166 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PENNSYLVANIA - 5.6% (3.8% of Total Investments)
$	700,000		Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT)		5.250%		01/01/39	$	737,761
	700,000		Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT)		5.500		01/01/43		739,251
	1,000,000		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2019A		4.000		07/15/37		966,967
	870,000	(b)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021		6.000		05/01/42		890,010
	3,000,000	(b)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017		5.000		05/01/42		2,831,226
	1,625,000	(b)	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts Project, Series 2023		6.250		05/01/42		1,558,739
	1,000,000	(b)	Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2017		5.125		10/15/41		703,124
	2,000,000	(b)	Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020		6.250		10/15/53		1,447,045
	9,000,000		Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-2		5.000		02/15/39		9,061,557
	1,000,000	(b)	Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group -Lehigh Valley International Airport Hotel Project First Tier Series 2025A-2		5.750		01/01/65		945,378
	1,065,000	(b)	Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group -Lehigh Valley International Airport Hotel Project Second Tier Series 2025C		6.750		01/01/65		1,012,002
	1,300,000	(a),(c)	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A		10.000		12/01/31		130
	300,000		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27)		5.250		12/01/37		300,519
	2,960,000		Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B - BAM Insured		0.000		01/01/45		1,110,901
	2,040,000		Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2017A		4.000		11/15/42		1,856,760
	3,000,000	(f)	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2023-143A, (UB)		5.450		04/01/51		3,098,453
	340,000	(f)	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB)		4.450		10/01/44		333,291
	1,850,000	(f)	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB)		4.600		10/01/49		1,815,788
	2,545,000	(f)	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB)		4.750		10/01/49		2,538,837
	2,545,000	(f)	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB)		4.800		10/01/51		2,547,101
	30,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B		5.250		12/01/41		32,421
	485,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B		5.250		12/01/42		520,704
			TOTAL PENNSYLVANIA						35,047,965

See Notes to Financial Statements 167

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			PUERTO RICO - 6.7% (4.5% of Total Investments)
$	5,950,000		Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2008A		0.000%		05/15/57	$	362,168
	3,500,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/37		3,547,058
	6,500,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		4.000		07/01/42		5,596,298
	8,000,000	(c)	Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX		5.250		07/01/40		3,592,772
	409,281		Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022		5.250		07/01/38		409,382
	2,150,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		4.550		07/01/40		2,032,394
	1,000,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.784		07/01/58		923,083
	11,292,681		Puerto Rico, GDB Debt Recovery Authority Commonwealth Bonds, Taxable Series 2018		7.500		08/20/40		10,915,811
	9,014,471		Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022		0.000		11/01/51		5,532,632
	4,128,207		Puerto Rico, General Obligation Bonds, Commonwealth Clawback CVIS Taxable Series 2022		1.000		11/01/51		1,868,014
	4,570,000		Puerto Rico, General Obligation Bonds, Commonwealth Clawback CVIS Taxable Series 2022		1.000		11/01/51		1,496,675
	1,029,483		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		0.000		07/01/33		691,117
	64		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/35		60
	1,117,147		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/37		1,025,299
	839,085		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		715,205
	5,657,155		Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022		0.000		11/01/43		3,387,222
			TOTAL PUERTO RICO						42,095,190
			SOUTH CAROLINA - 0.9% (0.6% of Total Investments)
	1,000,000		South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Columbia College, Refunding Series 2020A		5.625		10/01/40		927,400
	1,000,000	(b)	South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Horse Creek Academy Project, Series 2021A		5.000		11/15/55		866,051
	2,170,000		South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A		5.500		11/01/49		2,321,101
	1,000,000		South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A		5.500		11/01/54		1,065,942
	250,000		South Carolina Jobs-Economic Development Authority, Healthcare Revenue Bonds, Beaufort Memorial Hospital & South of Broad Healthcare Project, Series 2024		5.500		11/15/44		252,223
			TOTAL SOUTH CAROLINA						5,432,717
			TENNESSEE - 2.3% (1.6% of Total Investments)
	410,000		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024		5.250		12/01/40		436,369
	485,000		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024		5.250		12/01/41		513,229
	1,395,000		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024		5.250		12/01/42		1,463,970
	1,195,000		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024		5.250		12/01/43		1,246,939

168 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TENNESSEE (continued)
$	2,205,000		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024		5.250%		12/01/44	$	2,292,332
	1,650,000		Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured		5.000		07/01/42		1,731,038
	650,000		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023		5.000		05/01/40		671,165
	2,705,000		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A		5.000		07/01/28		2,832,308
	2,905,000		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A		5.000		07/01/33		3,158,919
			TOTAL TENNESSEE						14,346,269
			TEXAS - 8.3% (5.6% of Total Investments)
	500,000	(b)	Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Second-Lien Series 2021B		5.000		10/01/50		405,955
	1,350,000		Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks Academies, Series 2021A		4.000		06/15/31		1,271,326
	500,000		Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks Academies, Series 2021A		5.000		06/15/51		428,701
	325,000	(b)	Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Improvement Area 1 Project, Series 2025		5.875		09/01/45		309,135
	500,000	(b)	Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025		6.750		09/01/55		470,170
	2,370,000		Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024		5.500		06/01/49		2,491,799
	3,720,000		Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024		5.500		06/01/55		3,890,780
	225,000	(b)	City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022		4.750		09/15/32		221,399
	225,000	(b)	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2024A		6.000		06/15/54		212,366
	330,000		Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT)		5.000		11/01/27		341,828
	4,605,000		Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2023A		5.000		02/15/42		4,799,124
	325,000	(b)	Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025		6.125		12/31/55		305,691
	215,000	(b)	Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025		5.375		12/31/45		201,629
	1,280,000		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B		4.750		11/01/42		1,239,607
	570,000		Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT)		6.000		08/01/43		613,709
	1,000,000		Harris County Industrial Development Corporation, Texas, Revenue Bonds, Energy Transfer LP Project, Marine Terminal Refunding Series 2023, (Mandatory Put 6/01/33)		4.050		11/01/50		987,757
	1,000,000		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT)		5.500		07/15/36		1,017,834
	1,000,000		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT)		5.500		07/15/38		1,011,945
	5,610,000		Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, Refunding Series 2021 - AGM Insured, (AMT)		4.000		11/01/38		5,339,419

See Notes to Financial Statements 169

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			TEXAS (continued)
$	500,000	(b)	Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021		4.125%		09/01/41	$	420,032
	1,500,000		Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, AEP Texas Central Company Project, Remarketing, Series 2008-1		4.000		06/01/30		1,482,921
	625,000	(b)	McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 3 Project, Series 2021		3.625		09/15/41		497,260
	500,000	(b)	Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023		5.500		09/01/43		497,983
	4,175,000	(b)	New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Southwest Preparatory School, Series 2020A		5.000		08/15/50		3,729,032
	1,960,000	(d)	Pflugerville, Travis and Williamson Counties, Texas, Certificates of Obligation, Combination Tax and Revenue Limited Series 2023		5.000		08/01/42		2,068,668
	3,360,000	(d)	Pflugerville, Travis and Williamson Counties, Texas, Certificates of Obligation, Combination Tax and Revenue Limited Series 2023		5.250		08/01/55		3,492,069
	450,000	(b),(d)	Pilot Point, Denton, Grayson, and Cooke Counties, Texas, Special Assessment Revenue Bonds, Bryson Ranch Public Improvement District Zone A Improvement Area 1 Project, Series 2025		6.125		09/15/45		454,050
	185,000	(b),(d)	Pilot Point, Denton, Grayson, and Cooke Counties, Texas, Special Assessment Revenue Bonds, Bryson Ranch Public Improvement District Zone A Improvement Area 1 Project, Series 2025		7.125		09/15/55		186,559
	3,500,000	(b)	Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021B		4.100		01/01/28		3,203,080
	5,345,000	(b)	Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT)		5.000		01/01/39		5,287,960
	155,000	(b)	Princeton, Texas, Special Assessment Revenue Bonds, Winchester Crossing Public Improvement District 3 Project, Series 2024		5.125		09/01/44		142,839
	1,955,000	(b)	Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major Improvement Area Project, Series 2020		5.375		09/15/40		1,963,850
	475,000		Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT)		5.375		06/30/38		494,377
	465,000		Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT)		5.500		06/30/41		479,645
	700,000		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A		4.000		06/30/40		653,722
	1,165,000		Waco, Texas, Certificates of Obligation, Combination Tax & Revenue Series 2024A		5.000		02/01/43		1,222,772
			TOTAL TEXAS						51,836,993
			UTAH - 1.0% (0.7% of Total Investments)
	205,000	(b)	Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024		5.625		12/01/53		199,647
	500,000	(b)	Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A		4.125		02/01/41		386,426
	645,000		Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT)		5.250		07/01/43		663,850
	950,000	(b)	Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A		5.125		07/15/51		795,010
	1,185,000	(f)	Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB)		4.650		01/01/49		1,170,482
	500,000	(b)	Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025		5.625		12/01/54		495,847

170 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			UTAH (continued)
$	2,540,000	(b)	Wohali Public Infrastructure District 1, Utah, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023		7.000%		12/01/42	$	2,462,623
			TOTAL UTAH						6,173,885
			VIRGIN ISLANDS - 0.5% (0.4% of Total Investments)
	2,365,000		Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A		5.000		10/01/32		2,432,534
	1,000,000	(b)	West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A		6.125		10/01/42		943,470
			TOTAL VIRGIN ISLANDS						3,376,004
			VIRGINIA - 1.4% (0.9% of Total Investments)
	775,000		Alexandria Sanitation Authority, Virginia, Wastewater Revenue Bonds, Alexrenew Green Series 2024		5.000		07/15/54		808,232
	1,640,000	(b)	Cherry Hill Community Development Authority, Virginia, Special Assesment Bonds, Potomac Shores Project, Series 2015		5.400		03/01/45		1,640,561
	3,580,000		Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion Clinic Obligated Group, Series 2020D, (Mandatory Put 7/01/30)		5.000		07/01/53		3,815,156
	1,600,000		Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing OPCO, LLC Project, Refunding Senior Lien Series 2022, (AMT)		4.000		01/01/40		1,450,467
	985,000	(b)	Virginia Small Business Financing Authority, Tourism Development Financing Program Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1		8.000		10/01/43		957,232
			TOTAL VIRGINIA						8,671,648
			WASHINGTON - 2.3% (1.5% of Total Investments)
	1,370,000		Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT)		5.000		06/01/43		1,411,085
	1,390,000		Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT)		5.000		06/01/44		1,427,808
	1,600,000		Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT)		5.000		06/01/45		1,640,359
	940,000		Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT)		5.000		06/01/46		963,546
	1,770,000		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D		5.000		10/01/41		1,770,465
	1,915,000		Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2021B, (Mandatory Put 10/01/30)		4.000		10/01/42		1,920,815
	5,610,609		Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2023-1 Class A		3.375		04/20/37		5,057,276
			TOTAL WASHINGTON						14,191,354
			WEST VIRGINIA - 0.8% (0.5% of Total Investments)
	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		102,504
	700,000		Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, The Highlands Project, Refunding & Improvement Series 2024		5.250		06/01/53		685,124
	3,660,000	(b)	West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020		7.625		12/01/40		2,853,642
	200,000	(b)	West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)		5.450		01/01/55		198,274
	1,035,000		West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A		5.000		06/01/41		1,071,941
			TOTAL WEST VIRGINIA						4,911,485

See Notes to Financial Statements 171

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN - 5.9% (4.0% of Total Investments)
$	3,000,000	(b)	Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A		5.500%		12/01/32	$	2,331,492
	6,350,000	(b)	Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A		5.000		01/01/56		5,311,513
	390,000		Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North East Carolina Preparatory School Project, Refunding Series 2024A		5.000		06/15/44		377,420
	2,265,000	(b)	Public Finance Authority of Wisconsin, Education Revenue Bonds, Bonnie Cone Classical Academy, Series 2024		5.500		06/15/49		2,137,958
	175,000		Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A		6.125		06/15/57		164,679
	1,000,000	(b)	Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A		5.000		06/01/56		819,285
	455,000		Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cornerstone Charter Academy Series 2024		5.000		02/01/54		439,692
	1,000,000	(b)	Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021		5.000		08/01/51		712,244
	2,000,000		Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A		5.000		02/01/52		1,938,280
	1,670,000	(b)	Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B		5.625		02/01/46		1,705,520
	2,000,000	(b)	Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B		6.000		02/01/62		2,053,605
	5,000,000	(b)	Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017		7.000		12/01/50		5,063,769
	3,000,000	(b)	Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024		6.250		02/01/39		3,015,100
	1,000,000		Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022B, (Mandatory Put 10/01/30)		4.000		10/01/46		997,243
	1,025,000	(b)	Public Finance Authority of Wisconsin, Revenue Bonds, Revolution Academy, Refunding Series 2023A		6.250		10/01/58		1,043,478
	1,500,000		Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT)		4.000		07/01/41		1,307,631
	500,000		Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT)		4.250		07/01/54		403,083
	865,000		Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025		5.500		06/15/55		854,008
	750,000		Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025		5.250		06/15/65		710,792
	510,000		Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025		5.400		06/15/65		495,545
	100,000	(a),(c)	Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B		15.000		12/31/25		10
	1,000,000		Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A		5.000		06/15/64		949,516
	500,000	(b)	Public Finance Authority, Wisconsin, Revenue Bonds, Two Step Project, Series 2024		0.000		12/15/34		279,920
	1,000,000	(b)	Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A		5.000		06/01/41		1,001,115
	500,000	(b)	Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B		8.000		06/15/42		496,466
	150,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024		5.450		10/01/39		148,607

172 See Notes to Financial Statements

 

 

 

PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			WISCONSIN (continued)
$	2,500,000		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A		4.000%		04/01/39	$	2,341,691
			TOTAL WISCONSIN						37,099,662
			TOTAL MUNICIPAL BONDS (Cost $948,550,265)						904,697,523
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
			CAPITAL GOODS - 0.0% (0.0% of Total Investments)
	128,676	(a),(c),(h)	KDC Agribusiness Fairless Hills LLC		12.000		09/15/23		13
			TOTAL CAPITAL GOODS						13
			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $128,676)						13
			TOTAL LONG-TERM INVESTMENTS (Cost $957,657,576)						914,680,175
PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE
			SHORT-TERM INVESTMENTS - 2.2%(1.5% of Total Investments)
			MUNICIPAL BONDS - 2.2% (1.5% of Total Investments)
			CALIFORNIA - 0.6% (0.4% of Total Investments)
	3,600,000	(i)	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Variable Rate Demand Obligations Series 2002A-1 & 2002A-5		3.700		07/01/35		3,600,000
			TOTAL CALIFORNIA						3,600,000
			NATIONAL - 1.6% (1.1% of Total Investments)
	10,000,000	(b),(i)	Invesco Municipal Opportunity Trust Variable Rate Munifund Term Preferred Shares Series 2015/6VMO, (AMT)		2.850		03/20/27		10,000,000
			TOTAL NATIONAL						10,000,000
			TOTAL MUNICIPAL BONDS (Cost $13,600,000)						13,600,000
			TOTAL SHORT-TERM INVESTMENTS (Cost $13,600,000)						13,600,000
			TOTAL INVESTMENTS - 148.6% (Cost $971,257,576)						928,280,175
			FLOATING RATE OBLIGATIONS - (5.3)%						(33,375,000)
			MFP SHARES, NET - (38.4)%(j)						(239,677,823)
			OTHER ASSETS & LIABILITIES, NET - (4.9)%						(30,373,206)
			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	624,854,146

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

AMT Alternative Minimum Tax

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(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 reporting period, the aggregate value of these securities is $275,717,087 or 29.7% of Total Investments.

(c) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(d) When-issued or delayed delivery security.

(e) 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.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(g) 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.

See Notes to Financial Statements 173

Portfolio of Investments April 30, 2025 (continued)

NDMO

 

(h) Senior loan received as part of the bondholder funding agreement during June 2023 for Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31.

(i) 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.

(j) MFP Shares, Net as a percentage of Total Investments is 25.8%.

174 See Notes to Financial Statements

Statement of Assets and Liabilities

 

April 30, 2025 (Unaudited)	NVG			NZF			NMZ			NMCO			NDMO
ASSETS
Long-term investments, at value†	$	4,493,488,026		$	4,020,008,842		$	1,926,295,479		$	989,234,005		$	914,680,175
Affiliated investments, at value++		–			–			16,516,238			–			–
Short-term investments, at valueà		76,395,000			–			–			–			13,600,000
Cash		4,660,610			–			5,738,567			3,669,350			49,339
Receivables:
Interest		65,160,194			65,150,468			46,488,015			20,641,798			21,345,521
Investments sold		15,678,920			10,180,238			28,552,545			2,011,997			828,000
Reimbursement from Adviser		–			–			4,699			–			–
Shares sold		–			–			872,043			–			–
Sale of Vistra Vision interest#(1)		25,010,294			55,934,936			27,765,905			31,770,537			–
Deferred offering costs		–			–			107,875			122,040			101,094
Unfunded commitments		–			–			2,925,580			2,716,770			560,000
Other		1,240,728			423,983			93,183			121,795			34,571
Total assets		4,681,633,772			4,151,698,467			2,055,360,129			1,050,288,292			951,198,700
LIABILITIES
Cash overdraft		–			5,537,743			–			–			–
Floating rate obligations		181,785,000			363,825,000			454,147,000			32,990,000			33,375,000
AMTP Shares, Net*		–			–			356,624,119			–			–
MFP Shares, Net**		515,987,220			640,174,241			–			403,352,306			239,677,823
VRDP Shares, Net***		1,234,140,481			673,862,828			–			–			–
Payables:
Management fees		2,285,136			2,044,584			1,019,348			758,998			614,397
Dividends		15,887,146			14,589,503			7,259,270			3,514,924			3,432,604
Interest		4,331,533			9,459,687			9,223,086			778,666			482,439
Investments purchased - regular settlement		6,197,218			–			27,628,059			–			1,128,508
Investments purchased - when-issued/delayed-delivery settlement		11,109,793			–			4,099,315			6,253,650			47,491,403
Offering costs		–			–			2,705			–			–
Vistra Vision sale transactions costs(1)		587,186			1,313,228			651,882			745,902			–
Accrued expenses:
Custodian fees		194,320			159,717			95,320			57,633			51,936
Investor relations		56,955			48,318			18,371			11,939			12,036
Trustees fees		408,804			301,385			80,404			34,897			30,585
Professional fees		15,864			6,165			16,979			14,269			14,988
Shareholder reporting expenses		75,601			71,417			33,119			8,053			17,848
Shareholder servicing agent fees		17,152			11,094			3,782			2,282			2,294
Other		3,087			8,556			13,365			19,080			12,693
Total liabilities		1,973,082,496			1,711,413,466			860,916,124			448,542,599			326,344,554
Commitments and contingencies(2)
Net assets applicable to common shares	$	2,708,551,276		$	2,440,285,001		$	1,194,444,005		$	601,745,693		$	624,854,146
Common shares outstanding		213,522,362			193,729,050			114,092,371			54,801,890			59,562,212
Net asset value (“NAV”) per common share outstanding	$	12.69		$	12.60		$	10.47		$	10.98		$	10.49
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share	$	2,135,224		$	1,937,291		$	1,140,924		$	548,019		$	595,622
Paid-in capital		3,039,341,903			2,733,104,472			1,484,185,524			810,659,484			821,446,035
Total distributable earnings (loss)		(332,925,851	)		(294,756,762	)		(290,882,443	)		(209,461,810	)		(197,187,511	)
Net assets applicable to common shares	$	2,708,551,276		$	2,440,285,001		$	1,194,444,005		$	601,745,693		$	624,854,146
Authorized shares:
Common		Unlimited			Unlimited			Unlimited			Unlimited			Unlimited
Preferred		Unlimited			Unlimited			Unlimited			Unlimited			Unlimited
† Long-term investments, cost	$	4,679,195,995		$	4,018,992,494		$	2,050,039,684		$	1,085,804,862		$	957,657,576
++ Affiliated investments, cost	$	—		$	—		$	16,995,750		$	—		$	—
à Short-term investments, cost	$	76,395,000		$	—		$	—		$	—		$	13,600,000
* AMTP Shares, liquidation preference	$	–		$	–		$	357,000,000		$	–		$	–
** MFP Shares, liquidation preference	$	517,400,000		$	641,000,000		$	–		$	404,000,000		$	240,000,000
*** VRDP Shares, liquidation preference	$	1,236,600,000		$	677,000,000		$	–		$	–		$	–
# Net of discount of	$	1,679,984		$	3,757,245		$	1,865,083		$	2,134,081		$	–

See Notes to Financial Statements

175

Statement of Assets and Liabilities (continued)

 

(1) Refer to Note 4 of the Notes to Financial Statements for more information.

(2) As disclosed in Notes to Financial Statements.

See Notes to Financial Statements

176

Statement of Operations

 

Six Months Ended April 30, 2025 (Unaudited)	NVG			NZF			NMZ			NMCO			NDMO
INVESTMENT INCOME
Dividends from affiliated investments	$	—		$	—		$	46,020		$	—		$	—
Interest		112,780,789			104,706,411			54,805,831			30,418,073			23,735,270
Total investment income		112,780,789			104,706,411			54,851,851			30,418,073			23,735,270
EXPENSES
Management fees		14,242,457			12,683,888			6,407,376			4,730,375			3,802,611
Shareholder servicing agent fees		80,357			45,336			11,683			7,037			7,122
Interest expense and amortization of offering costs		31,257,243			32,748,248			15,505,292			8,951,494			5,227,565
Trustees fees		83,686			70,905			29,425			19,192			16,200
Custodian expenses, net		208,811			166,236			107,160			61,189			53,981
Excise tax liability expense		34,261			48,102			68,095			101,635			143,075
Investor relations expenses		303,820			280,970			94,222			48,324			65,669
Liquidity fees		4,617,504			598,108			—			409,663			—
Professional fees		114,841			112,734			121,783			120,388			51,963
Remarketing fees		1,282,429			36,297			—			50,278			—
Shareholder reporting expenses		59,742			58,612			23,927			8,881			10,690
Stock exchange listing fees		33,525			30,417			17,356			8,608			9,521
Other		203,849			53,342			35,904			34,065			28,163
Total expenses		52,522,525			46,933,195			22,422,223			14,551,129			9,416,560
Net investment income (loss)		60,258,264			57,773,216			32,429,628			15,866,944			14,318,710
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		(12,712,118	)		(529,586	)		(8,460,322	)		(2,168,164	)		(1,762,392	)
Net realized gain (loss)		(12,712,118	)		(529,586	)		(8,460,322	)		(2,168,164	)		(1,762,392	)
Change in unrealized appreciation (depreciation) on:
Investments		(146,167,989	)		(141,684,673	)		(60,390,827	)		(31,774,479	)		(26,176,197	)
Affiliated investments		—			—			(479,512	)		—			—
Net change in unrealized appreciation (depreciation)		(146,167,989	)		(141,684,673	)		(60,870,339	)		(31,774,479	)		(26,176,197	)
Net realized and unrealized gain (loss)		(158,880,107	)		(142,214,259	)		(69,330,661	)		(33,942,643	)		(27,938,589	)
Net increase (decrease) in net assets applicable to common shares from operations	$	(98,621,843	)	$	(84,441,043	)	$	(36,901,033	)	$	(18,075,699	)	$	(13,619,879	)

See Notes to Financial Statements

177

Statement of Changes in Net Assets

 

	NVG							NZF
	Unaudited Six Months Ended 4/30/25			Year Ended 10/31/24				Unaudited Six Months Ended 4/30/25			Year Ended 10/31/24
OPERATIONS
Net investment income (loss)	$	60,258,264		$	111,107,092			$	57,773,216		$	106,735,265
Net realized gain (loss)		(12,712,118	)		21,670,247				(529,586	)		49,594,574
Net change in unrealized appreciation (depreciation)		(146,167,989	)		422,871,895				(141,684,673	)		294,425,217
Net increase (decrease) in net assets applicable to common shares from operations		(98,621,843	)		555,649,234				(84,441,043	)		450,755,056
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(101,209,600	)		(117,345,621	)			(92,408,757	)		(118,816,675	)
Return of Capital		–			(46,959,837	)			–			(31,517,069	)
Total distributions		(101,209,600	)		(164,305,458	)			(92,408,757	)		(150,333,744	)
Net increase (decrease) in net assets applicable to common shares		(199,831,443	)		391,343,776				(176,849,800	)		300,421,312
Net assets applicable to common shares at the beginning of the period		2,908,382,719			2,517,038,943				2,617,134,801			2,316,713,489
Net assets applicable to common shares at the end of the period	$	2,708,551,276		$	2,908,382,719			$	2,440,285,001		$	2,617,134,801

See Notes to Financial Statements

178

Statement of Changes in Net Assets (continued)

 

	NMZ							NMCO
	Unaudited Six Months Ended 4/30/25			Year Ended 10/31/24				Unaudited Six Months Ended 4/30/25			Year Ended 10/31/24
OPERATIONS
Net investment income (loss)	$	32,429,628		$	61,997,848			$	15,866,944		$	30,489,604
Net realized gain (loss)		(8,460,322	)		(17,293,455	)			(2,168,164	)		30,457,604
Net change in unrealized appreciation (depreciation)		(60,870,339	)		214,081,537				(31,774,479	)		67,087,425
Net increase (decrease) in net assets applicable to common shares from operations		(36,901,033	)		258,785,930				(18,075,699	)		128,034,633
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(44,273,489	)		(63,599,238	)			(22,523,577	)		(29,926,147	)
Return of Capital		–			(7,214,783	)			–			(7,037,728	)
Total distributions		(44,273,489	)		(70,814,021	)			(22,523,577	)		(36,963,875	)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs		26,191,323			12,444,070				—			(8,194	)
Reinvestments of distributions		702,386			160,070				—			—
Net increase (decrease) applicable to common shares from capital share transactions		26,893,709			12,604,140				—			(8,194	)
Net increase (decrease) in net assets applicable to common shares		(54,280,813	)		200,576,049				(40,599,276	)		91,062,564
Net assets applicable to common shares at the beginning of the period		1,248,724,818			1,048,148,769				642,344,969			551,282,405
Net assets applicable to common shares at the end of the period	$	1,194,444,005		$	1,248,724,818			$	601,745,693		$	642,344,969

See Notes to Financial Statements

179

Statement of Changes in Net Assets (continued)

 

	NDMO
	Unaudited Six Months Ended 4/30/25			Year Ended 10/31/24
OPERATIONS
Net investment income (loss)	$	14,318,710		$	26,801,898
Net realized gain (loss)		(1,762,392	)		6,500,180
Net change in unrealized appreciation (depreciation)		(26,176,197	)		88,144,732
Net increase (decrease) in net assets applicable to common shares from operations		(13,619,879	)		121,446,810
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(22,157,143	)		(25,873,142	)
Return of Capital		–			(18,441,144	)
Total distributions		(22,157,143	)		(44,314,286	)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs		—			(5,522	)
Net increase (decrease) applicable to common shares from capital share transactions		—			(5,522	)
Net increase (decrease) in net assets applicable to common shares		(35,777,022	)		77,127,002
Net assets applicable to common shares at the beginning of the period		660,631,168			583,504,166
Net assets applicable to common shares at the end of the period	$	624,854,146		$	660,631,168

See Notes to Financial Statements

180

Statement of Cash Flows

 

Six Months Ended April 30, 2025 (Unaudited)	NVG			NZF			NMZ			NMCO			NDMO
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	(98,621,843	)	$	(84,441,043	)	$	(36,901,033	)	$	(18,075,699	)	$	(13,619,879	)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments		(656,717,131	)		(285,255,890	)		(229,742,411	)		(125,801,746	)		(264,550,618	)
Proceeds from sale and maturities of investments		754,151,276			305,096,458			195,553,812			141,520,087			232,766,783
Proceeds from (Purchase of) short-term investments, net		(76,395,000	)		—			8,660,000			—			(4,600,000	)
Taxes paid		—			—			—			—			(5,400	)
Amortization (Accretion) of premiums and discounts, net		(10,564,901	)		(13,366,613	)		(5,103,115	)		(4,698,565	)		8,612
Amortization of deferred offering costs		102,625			122,349			887,894			95,191			42,853
(Increase) Decrease in:
Receivable for interest		(1,278,345	)		(6,428,345	)		(4,802,108	)		(1,319,116	)		(1,281,974	)
Receivable for investments sold		51,710,779			(2,558,610	)		(25,321,448	)		11,511,050			9,637,000
Receivable for reimbursement from Adviser		—			—			(4,699	)		—			—
Receivable for sale of Vistra Vision		16,466,987			36,828,029			18,281,304			20,917,989			—
Other assets		42,190			42,272			(6,803	)		(20,114	)		(1,076	)
Increase (Decrease) in:
Payable for interest		1,532,256			4,007,957			3,152,503			551,293			260,503
Payable for investments purchased - regular settlement		6,034,303			—			27,628,059			—			(7,303,716	)
Payable for investments purchased - when-issued/delayed-delivery settlement		(18,198,643	)		(63,426,060	)		(1,127,495	)		(10,149,222	)		41,647,949
Payable for management fees		(207,709	)		(166,129	)		(112,501	)		(55,851	)		(46,030	)
Payable for Vistra Vision sale transactions costs		(410,039	)		(917,042	)		(455,216	)		(520,871	)		—
Accrued custodian fees		(114,391	)		(74,380	)		(35,883	)		(25,001	)		(29,906	)
Accrued investor relations fees		53,047			46,288			8,899			4,580			11,228
Accrued Trustees fees		(77,698	)		(46,345	)		(4,502	)		(797	)		(2,517	)
Accrued professional fees		(20,137	)		(26,627	)		898			11,564			4,372
Accrued shareholder reporting expenses		2,908			8,893			(4,276	)		(20,595	)		(7,785	)
Accrued shareholder servicing agent fees		6,190			4,071			93			33			43
Accrued shelf offering costs		—			—			—			(28,614	)		(29,592	)
Accrued other expenses		(14,882	)		7,181			12,083			(9,460	)		(1,142	)
Net realized (gain) loss from investments		12,712,118			529,586			8,460,322			2,168,164			1,762,392
Net realized (gain) loss from paydowns		(11,980	)		(21,147	)		(258,726	)		(444,011	)		(510,127	)
Net change in unrealized (appreciation) depreciation of investments		146,167,989			141,684,673			60,390,827			31,774,479			26,176,197
Net change in unrealized (appreciation) depreciation of affiliated investments		—			—			479,512			—			—
Net cash provided by (used in) operating activities		126,349,969			31,649,526			19,635,990			47,384,768			20,328,170
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		27,806,768			24,200,000			8,688,500			4,286,001			1,945,877
(Repayments) of borrowings		(27,806,768	)		(24,200,000	)		(8,688,500	)		(4,286,001	)		(1,945,877	)
Proceeds from floating rate obligations		280,000			—			59,632,000			—			5,275,000
(Repayments of) floating rate obligations		(25,435,000	)		(10,295,000	)		(58,560,000	)		(2,970,000	)		(35,000	)
(Repayments for) MFP Shares redeemed, at liquidation preference		—			—			—			(11,000,000	)		—
Increase (Decrease) in:
Cash overdraft		—			5,537,743			—			(7,206,408	)		(3,363,472	)
Cash distributions paid to common shareholders		(101,244,594	)		(92,415,615	)		(43,442,641	)		(22,513,970	)		(22,134,265	)
Proceeds from shelf offering		115,016			—			25,337,341			(25,040	)		(21,094	)
Net cash provided by (used in) financing activities		(126,284,578	)		(97,172,872	)		(17,033,300	)		(43,715,418	)		(20,278,831	)
Net increase (decrease) in cash		65,391			(65,523,346	)		2,602,690			3,669,350			49,339
Cash at the beginning of period		4,595,219			65,523,346			3,135,877			—			—
Cash at the end of period	$	4,660,610		$	—		$	5,738,567		$	3,669,350		$	49,339
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	NVG			NZF			NMZ			NMCO			NDMO
Cash paid for interest	$	29,455,338		$	28,499,884		$	12,248,257		$	8,183,651		$	4,925,832
Non-cash financing activities not included herein consists of reinvestments of common share distributions		—			—			702,386			—			—

See Notes to Financial Statements

181

Financial Highlights

 

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

			Investment Operations									Less Distributions to Common Shareholders										Common Share
	Common Share Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From NII					From Net Realized Gains		Return of Capital			Total			Discount Per Share Repurchased and Retired		Net Asset Value, End of Period		Share Price,  End of Period
NVG
4/30/25(d)		$13.62		$0.28		$(0.74)		$(0.46)		$(0.47	)				$—		$—			$(0.47	)		$—		$12.69	$11.92
10/31/24		11.79		0.52		2.08		2.60		(0.55	)				—		(0.22)			(0.77	)		—		13.62	12.79
10/31/23		12.19		0.53		(0.40)		0.13		(0.53	)				—		—			(0.53	)		—		11.79	10.03
10/31/22		17.28		0.73		(5.01)		(4.28)		(0.78	)				(0.03)		—			(0.81	)		—		12.19	11.03
10/31/21		16.76		0.82		0.60		1.42		(0.81	)				(0.09)		—			(0.90	)		—		17.28	17.29
10/31/20		17.17		0.82		(0.41)		0.41		(0.79	)				(0.03)		—			(0.82	)		—		16.76	15.62
NZF
4/30/25(d)		13.51		0.30		(0.73)		(0.43)		(0.48	)				—		—			(0.48	)		—		12.60	11.91
10/31/24		11.96		0.55		1.78		2.33		(0.62	)				—		(0.16)			(0.78	)		—		13.51	12.69
10/31/23		12.24		0.55		(0.30)		0.25		(0.53	)				—		—			(0.53	)		—(f)		11.96	10.10
10/31/22		16.98		0.71		(4.72)		(4.01)		(0.73	)				—		—			(0.73	)		—		12.24	10.83
10/31/21		15.96		0.78		1.03		1.81		(0.79	)				—		—			(0.79	)		—		16.98	16.73
10/31/20		16.63		0.80		(0.71)		0.09		(0.76	)				—		—			(0.76	)		—		15.96	14.74

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

182

 

 

 

			Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns					Ratios to Average Net Assets
Based on Net Asset Value(b)	Based on Share Price(b)		Net Assets, End of Period (000)		Expenses(c)			Net Investment Income (Loss)(c)		Portfolio Turnover Rate
(3.55)%		(3.22)%		$2,708,551		3.73%(e)			4.27%(e)	14%
22.15		35.73		2,908,383		3.97			3.80	25
0.70		(4.77)		2,517,039		3.85			4.00	17
(25.56)		(32.54)		2,603,767		2.16			4.83	19
8.54		16.65		3,687,336		1.52			4.70	12
2.53		0.06		3,576,356		1.98			4.89	15
(3.32)		(2.49)		2,440,285		3.70 (e)			4.55 (e)	7
19.50		33.80		2,617,135		3.88			4.03	16
1.62		(2.35)		2,316,713		3.87			4.14	26
(24.20)		(31.77)		2,025,136		2.20			4.78	61
11.45		19.05		2,414,104		1.61			4.60	15
0.58		(3.34)		2,267,965		2.04			4.95	21

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.

  • The expense ratios reflect, among other things, all interest expenses and other costs related to preferred shares (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
		NVG		NZF
	4/30/25(d)		2.63%(e)		2.63%(e)
	10/31/24		2.89		2.82
	10/31/23		2.78		2.79
	10/31/22		1.10		1.14
	10/31/21		0.52		0.62
	10/31/20		0.97		1.01

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

See Notes to Financial Statements

183

Financial Highlights (continuted)

 

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

			Investment Operations									Less Distributions to Common Shareholders								Common Share
	Common Share Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total			From NII			From Net Realized Gains		Return of Capital			Total		Shelf Offering Costs		Premium per Share Sold through Shelf Offering		Net Asset Value, End of Period		Share Price,  End of Period
NMZ
4/30/25(d)		$11.19		$0.29		$(0.62)		$(0.33)			$(0.39)			$—		$—			$(0.39)		$—		$—		$10.47		$10.53
10/31/24		9.48		0.56		1.79		2.35			(0.57)			—		(0.07)			(0.64)		—(f)		—(f)		11.19		11.15
10/31/23		9.97		0.51		(0.44)		0.07			(0.55)			—		(0.01)			(0.56)		—		—(f)		9.48		8.37
10/31/22		14.53		0.70		(4.53)		(3.83)			(0.75)			—		—			(0.75)		—(f)		0.02		9.97		9.85
10/31/21		13.22		0.72		1.30		2.02			(0.77)			—		—			(0.77)		—(f)		0.06		14.53		14.71
10/31/20		14.04		0.70		(0.82)		(0.12)			(0.73)			—		—			(0.73)		—(f)		0.03		13.22		13.22
NMCO
4/30/25(d)		11.72		0.29		(0.62)		(0.33)			(0.41)			—		—			(0.41)		—		—		10.98		10.26
10/31/24		10.06		0.56		1.77		2.33			(0.54)			—		(0.13)			(0.67)		—(f)		—		11.72		11.10
10/31/23		11.15		0.46		(0.93)		(0.47)			(0.61)			—		(0.01)			(0.62)		—(f)		—(f)		10.06		8.67
10/31/22		15.47		0.78		(4.36)		(3.58)			(0.74)			—		—			(0.74)		—(f)		—(f)		11.15		10.39
10/31/21		12.81		0.82		2.58		3.40			(0.74)			—		—			(0.74)		—		—(f)		15.47		15.04
10/31/20		15.08		0.71		(2.25)		(1.54)			(0.73)			—		—			(0.73)		—		—		12.81		11.68

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

184

 

 

 

			Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns					Ratios to Average Net Assets
Based on Net Asset Value(b)	Based on Share Price(b)		Net Assets, End of Period (000)		Expenses(c)			Net Investment Income (Loss)(c)		Portfolio Turnover Rate
(2.96)%		(2.13)%		$1,194,444		3.66%(e)			5.28%(e)		10%
24.79		41.44		1,248,725		3.81			5.01		25
0.13		(10.28)		1,048,149		3.75			4.74		27
(27.13)		(28.88)		1,092,984		2.05			5.61		30
15.80		17.32		1,404,752		1.43			5.13		6
(0.49)		(1.84)		1,097,418		1.68			5.19		10
(2.95)		(4.01)		601,746		4.62 (e)			5.03 (e)		12
23.33		36.29		642,345		4.74			4.76		38
(4.85)		(11.69)		551,282		4.78			3.96		34
(23.88)		(26.91)		610,501		2.74			5.69		30
26.91		35.55		824,271		2.18			5.52		12
(10.33)		(19.78)		682,510		2.41			5.24		70

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.

  • The expense ratios reflect, among other things, all interest expenses and other costs related to preferred shares (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
		NMZ		NMCO
	4/30/25(d)		2.53%(e)	2.98%(e)
	10/31/24		2.65	3.11
	10/31/23		2.59	3.12
	10/31/22		0.93	1.21
	10/31/21		0.36	0.72
	10/31/20		0.66	0.10

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

See Notes to Financial Statements

185

Financial Highlights (continuted)

 

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

			Investment Operations									Less Distributions to Common Shareholders								Common Share
	Common Share Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total			From NII			From Net Realized Gains		Return of Capital			Total		Shelf Offering Costs		Premium per Share Sold through Shelf Offering		Net Asset Value, End of Period		Share Price, End of Period
NDMO
4/30/25(d)		$11.09		$0.24		$(0.47)		$(0.23)			$(0.37)			$—		$—			$(0.37)		$—		$—		$10.49	$9.91
10/31/24		9.80		0.45		1.58		2.03			(0.43)			—		(0.31)			(0.74)		—(f)		—		11.09	10.72
10/31/23		10.34		0.43		(0.17)		0.26			(0.41)			—		(0.39)			(0.80)		—		—		9.80	9.12
10/31/22		15.60		0.51		(4.85)		(4.34)			(0.50)			—		(0.42)			(0.92)		—		—		10.34	9.43
10/31/21		14.92		0.49		1.10		1.59			(0.50)			(0.31)		(0.11)			(0.92)		—		0.01		15.60	15.64
10/31/20(g)		15.00		0.03		(0.03)		—			(0.08)			—		—			(0.08)		—		—		14.92	15.00

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

186

 

 

 

			Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns					Ratios to Average Net Assets
Based on Net Asset Value(b)	Based on Share Price(b)		Net Assets, End of Period (000)		Expenses(c)			Net Investment Income (Loss)(c)		Portfolio Turnover Rate
(2.14)%		(4.18)%		$624,854		2.92%(e)			4.44%(e)	26%
20.99		26.01		660,631		2.99			4.08	81
1.96		4.45		583,504		2.76			3.97	79
(28.77)		(35.09)		615,154		2.07			3.78	61
10.77		10.47		913,547		1.55			3.02	63
(0.02)		0.51		846,790		0.89 (e)			1.06 (e)	4

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.

  • The expense ratios reflect, among other things, all interest expenses and other costs related to preferred shares (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
		NDMO
	4/30/25(d)	1.62%(e)
	10/31/24	1.68
	10/31/23	1.54
	10/31/22	0.75
	10/31/21	0.33
	10/31/20	0.03

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period August 26, 2020 (commencement of operations) through October 31, 2020.

See Notes to Financial Statements

187

Financial Highlights (continued)

 

The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last five fiscal periods, as applicable.

	AMTP Shares				MFP Shares				VRDP Shares
	Aggregate Amount   Outstanding (000)(a)		Asset Coverage Per $100,000 Share(b)		Aggregate Amount   Outstanding (000)(a)		Asset Coverage Per $100,000 Share(b),(c)		Aggregate Amount   Outstanding (000)(a)		Asset Coverage Per $100,000 Share(b)		Asset Coverage Per $1 Liquidation Preference(d)
NVG
4/30/25(e)		$—		$—		$517,400		$254,421		$1,236,600		$254,421	$2.54
10/31/24		—		—		517,400		265,814		1,236,600		265,814	2.66
10/31/23		—		—		517,400		243,503		1,236,600		243,503	2.44
10/31/22		—		—		610,900		240,935		1,236,600		240,935	2.41
10/31/21		112,000		291,153		405,400		291,153		1,411,600		291,153	2.91
10/31/20		112,000		285,399		405,400		285,399		1,411,600		285,399	2.85
NZF
4/30/25(e)		—		—		641,000		285,151		677,000		285,151	2.85
10/31/24		—		—		641,000		298,569		677,000		298,569	2.99
10/31/23		—		—		641,000		275,775		677,000		275,775	2.76
10/31/22		—		—		641,000		243,831		727,000		243,831	2.44
10/31/21		—		—		641,000		276,470		727,000		276,470	2.76
10/31/20		—		—		641,000		265,787		727,000		265,787	2.66

^(a)  Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

^(b)  Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

^(c)  NVG’s Series B and Series C MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. The asset coverage per $1,000 share for NVG’s Series B and Series C MFP Shares were as follows:

	NVG		Asset Coverage Per $1,000 Share(f)
	Series B
	4/30/25(e)		$	2,544
	10/31/24			2,658
	10/31/23			2,435
	10/31/22			2,409
	10/31/21			2,912
	10/31/20			2,854
	Series C
	4/30/25(e)		$	2,544
	10/31/24			2,658
	10/31/23			2,435
	10/31/22			2,409
	10/31/21			—
	10/31/20			—

^(d)  Includes all preferred shares presented for the Fund.

^(e)  Unaudited.

(f) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

188

Financial Highlights (continued)

 

The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last five fiscal periods, as applicable.

	Borrowings				AMTP Shares				MFP Shares
	Aggregate Amount      Outstanding (000)(a)		Asset Coverage Per $1,000 Share(b)		Aggregate Amount   Outstanding (000)(a)		Asset Coverage Per $100,000 Share(c)		Aggregate Amount   Outstanding (000)(a)		Asset Coverage Per $100,000 Share(c)
NMZ
4/30/25(d)		$—		$—		$357,000		$434,578		$—		$—
10/31/24		—		—		357,000		449,783		—		—
10/31/23		—		—		357,000		393,599		—		—
10/31/22		—		—		357,000		406,158		—		—
10/31/21		—		—		257,000		646,596		—		—
10/31/20		—		—		87,000		1,361,400		—		—
NMCO
4/30/25(d)		—		—		—		—		404,000		248,947
10/31/24		—		—		—		—		415,000		254,782
10/31/23		—		—		—		—		430,000		228,205
10/31/22		—		—		—		—		450,000		237,489
10/31/21		—		—		—		—		450,000		283,171
10/31/20		—		—		—		—		450,000		251,669
NDMO
4/30/25(d)		—		—		—		—		240,000		360,356
10/31/24		—		—		—		—		240,000		375,263
10/31/23		—		—		—		—		240,000		343,127
10/31/22		—		—		—		—		240,000		356,314
10/31/21		191,900		5,761		—		—		—		—
10/31/20(e)		—		—		—		—		—		—

(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

(b) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(c) Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

(d) Unaudited.

(e) For the period August 26, 2020 (commencement of operations) through October 31, 2020.

189

Notes to Financial Statements

 

(Unaudited)

1. General Information

Fund Information: The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

• Nuveen AMT-Free Municipal Credit Income Fund (NVG)

• Nuveen Municipal Credit Income Fund (NZF)

• Nuveen Municipal High Income Opportunity Fund (NMZ)

• Nuveen Municipal Credit Opportunities Fund (NMCO)

• Nuveen Dynamic Municipal Opportunities Fund (NDMO)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as closed-end management investment companies. NVG, NZF, NMZ, NMCO and NDMO were organized as Massachusetts business trusts on July 12, 1999, March 21, 2001, October 8, 2003, April 18, 2019 and November 4, 2019, respectively.

Current Fiscal Period: The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2025 (the “current fiscal period”).

Investment Adviser and Sub-Adviser: The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolio, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit: As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the Funds did not receive any custodian fee credits.

Distributions to Common Shareholders: Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds’ distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares (stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode.

190

 

 

 

 

 

 

Indemnifications: Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker (“CODM”). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. 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).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

191

Notes to Financial Statements (continued)

 

 

 

 

 

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:

NVG	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Municipal Bonds	$	–	$	4,493,115,149	$	13,042		$	4,493,128,191
Variable Rate Senior Loan Interests		–		–		359,835			359,835
Short-Term Investments:
Municipal Bonds		–		76,395,000		–			76,395,000
Total	$	–	$	4,569,510,149	$	372,877		$	4,569,883,026
NZF	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Municipal Bonds	$	–	$	4,019,761,206	$	3,662		$	4,019,764,868
Variable Rate Senior Loan Interests		–		–		243,974			243,974
Total	$	–	$	4,019,761,206	$	247,636		$	4,020,008,842
NMZ	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Common Stocks	$	–	$	–	$	–	*	$	–
Exchange-Traded Funds		16,516,238		–		–			16,516,238
Municipal Bonds		–		1,926,231,109		3,948			1,926,235,057
Variable Rate Senior Loan Interests		–		–		60,422			60,422
Unfunded Commitments**		–		–		2,925,580			2,925,580
Total	$	16,516,238	$	1,926,231,109	$	2,989,950		$	1,945,737,297
NMCO	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Municipal Bonds	$	–	$	989,215,280	$	18,693		$	989,233,973
Variable Rate Senior Loan Interests		–		–		32			32
Unfunded Commitments**		–		–		2,716,770			2,716,770
Total	$	–	$	989,215,280	$	2,735,495		$	991,950,775

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NDMO	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Corporate Bonds	$	–	$	9,548,041	$	434,598	$	9,982,639
Municipal Bonds		–		904,697,383		140		904,697,523
Variable Rate Senior Loan Interests		–		–		13		13
Short-Term Investments:
Municipal Bonds		–		13,600,000		–		13,600,000
Unfunded Commitments**		–		–		560,000		560,000
Total	$	–	$	927,845,424	$	994,751	$	928,840,175

* Value equals zero as of the end of the reporting period.

** Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described later in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which is not reflected in the tables above. The carrying value of this receivable approximates fair value. The “Receivable for sale of Vistra Vision interest” is generally classified as Level 2 and further described in these Notes to Financial Statements.

4. Portfolio Securities

Inverse Floating Rate Securities: Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

193

Notes to Financial Statements (continued)

 

 

 

 

 

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Fund	Floating Rate    Obligations: Self- Deposited Inverse Floaters		Floating Rate Obligations:   Externally-Deposited Inverse Floaters		Total
NVG	$	181,785,000	$	8,160,000	$	189,945,000
NZF		363,825,000		11,080,000		374,905,000
NMZ		454,147,000		11,290,000		465,437,000
NMCO		32,990,000		—		32,990,000
NDMO		33,375,000		—		33,375,000

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

Fund	Average Floating Rate Obligations Outstanding		Average Annual Interest Rate And Fees
NVG	$	201,426,685		3.35%
NZF		374,121,904		3.55
NMZ		453,807,033		3.53
NMCO		35,154,438		3.51
NDMO		29,998,932		3.68

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as “shortfall payments”). Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of the end of the current fiscal period, the Funds maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

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Fund	Maximum Exposure to Recourse Trusts: Self-Deposited Inverse Floaters		Maximum Exposure to Recourse Trusts:   Externally-Deposited Inverse Floaters		Total
NVG	$	179,980,000	$	—	$	179,980,000
NZF		358,875,000		11,080,000		369,955,000
NMZ		454,147,000		11,290,000		465,437,000
NMCO		32,990,000		—		32,990,000
NDMO		33,375,000		—		33,375,000

Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

Fund	Non-U.S.   Government Purchases		Non-U.S.   Government Sales and Maturities
NVG	$	656,717,131	$	754,151,276
NZF		285,255,890		305,096,458
NMZ		229,742,411		195,553,812
NMCO		125,801,746		141,520,087
NDMO		264,550,618		232,766,783

Each Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Each Fund is entitled to purchase future Puerto Rico Electric Power Authority (“PREPA”) bonds, which has been reflected as an unfunded commitment as of April 30, 2025. Any unrealized appreciation (depreciation) for an unfunded commitment is separately presented on the Statements of Assets and Liabilities. An unfunded commitment is priced at its fair market value and any unrealized appreciation (depreciation) is separately presented on the Statement of Assets and Liabilities.

Fund	Asset Class	Principal Amount		Value		Unrealized Appreciation (Depreciation)
NMZ	Unfunded Commitments	$	31,832,407	$	2,925,580		$2,925,580
NMCO	Unfunded Commitments		29,758,494		2,716,770		2,716,770
NDMO	Unfunded Commitments		6,114,996		560,000		560,000

Puerto Rico Electric Power Authority Bonds: On March 28, 2025, the Financial Oversight and Management Board for Puerto Rico (the “FOMB”) filed the Fifth Amended Plan of Adjustment (the “Fifth Amended Plan”) that would reduce PREPA debt from approximately $10 billion to the equivalent of $2.6 billion of Base Consideration for creditors in cash or bonds, reflecting the projections and findings of a new PREPA fiscal plan that was certified by the FOMB on February 6, 2025.

Given the new PREPA fiscal plan along with proposed amendments outlined in the Fifth Amended Plan, greater uncertainty exists as to whether PREPA will issue new bonds (the “Bonds”) in accordance with the terms of the previously agreed upon Forward Delivery Bond Purchase Agreement (“Bond Purchase Agreement”) for which the Funds have participated as a member of the Ad Hoc Group of Consenting PREPA bondholders (the “Ad Hoc Group”). If PREPA terminates the Bond Purchase Agreement and instead participates in an alternative exit financing transaction, the Ad Hoc Group is entitled to a “break-up fee” equivalent to the difference between the principal amount of Bonds each member of the Ad Hoc Group committed to purchase and the estimated market value of the Bonds as of the termination date of the Bond Purchase Agreement and/or confirmation of the Fifth Amended Plan. Management is monitoring the impact of the Fifth Amended and ongoing developments on the valuation of the unfunded commitment and the existing PREPA bonds held by the Funds. Additionally, there is potential that certain income associated with this arrangement could be considered taxable to Fund shareholders based on the confirmation of the Fifth Amended Plan.

Sale of Vistra Vision interests: On September 18, 2024, Vistra Corp. (“Vistra”) and Nuveen agreed to terms for the sale of the Vistra Vision interest. In exchange for its interest in Vistra Vision, the Funds will receive proceeds from the sale over a series of payments from Vistra through December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related transaction costs are recognized as “Receivable for sale of Vistra Vision interest” and “Payable for Vistra Vision sale transactions costs,” respectively, on the Statement of Assets and Liabilities.

195

Notes to Financial Statements (continued)

 

 

 

 

 

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

6. Fund Shares

Common Shares Equity Shelf Programs and Offering Costs: The following Funds have filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during current and prior fiscal periods.

Under this Shelf Offering, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the Funds’ current and prior fiscal period were as follows:

	NVG
	Six Months Ended 4/30/25		Year Ended 10/31/24
Maximum aggregate offering		Unlimited	Unlimited
Common shares sold		–	–
Offering proceeds, net of offering costs		$–	$–
	NMZ
	Six Months Ended 4/30/25		Year Ended 10/31/24
Maximum aggregate offering		Unlimited	Unlimited
Common shares sold		2,397,700	1,078,509
Offering proceeds, net of offering costs		$26,191,323	$12,444,070
	NMCO
	Six Months Ended 4/30/25		Year Ended 10/31/24
Maximum aggregate offering		$70,100,000	$70,100,000*
Common shares sold		–	–
Offering proceeds, net of offering costs		$–	$(8,194)
	NDMO
	Six Months Ended 4/30/25		Year Ended 10/31/24
Maximum aggregate offering	$	363,900,000	$363,900,000**
Common shares sold		–	–
Offering proceeds, net of offering costs		$–	$(5,522)

* For the period October 3, 2024 through October 31, 2024. For the period November 1, 2023 through October 2, 2024 the maximum aggregate offering was 90,000,000.

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** For the period August 26, 2024 through October 31, 2024. For the period November 1, 2023 through August 25, 2024 the maximum aggregate offering was 250,000,000.

Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.

Common Share Transactions: Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:

	NMZ
	Six Months Ended 4/30/25		Year Ended 10/31/24
Common Shares:
Sold through shelf offering		2,397,700		1,078,509
Issued to shareholders due to reinvestment of distributions		63,025		13,799
Total		2,460,725		1,092,308
Weighted average common share:
Premium to NAV per shelf offering common share sold		1.25%		1.23%

Preferred Shares

Adjustable Rate MuniFund Term Preferred Shares: NMZ has issued and has outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NMZ had $356,624,119 AMTP Shares at liquidation preference, net of deferred offering costs. Further details of the Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:

Fund	Series	Shares Outstanding	Liquidation Preference
NMZ	2028	870	$87,000,000
	2031	1,700	$170,000,000
	2032	1,000	$100,000,000

The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.

In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s AMTP Shares are as follows:

Fund	Notice Period	Series	Term Redemption Date	Premium Expiration Date
NMZ	360-day	2028	March 1, 2028*	August 31, 2018
	360-day	2031	April 1, 2031*	April 17, 2023
	360-day	2032	June 1, 2032*	June 8, 2023

* Subject to early termination by either the Fund or the holder.

197

Notes to Financial Statements (continued)

 

 

 

 

 

The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

Fund	Average Liquidation Preference of AMTP Shares Outstanding	Annualized Dividend Rate
NMZ	$ 357,000,000	4.22%

AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “AMTP Shares, Net” on the Statement of Assets and Liabilities.

AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Payable for interest” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred in connection with the Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “AMTP Shares, Net” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

MuniFund Preferred Shares: NVG, NZF, NMCO and NDMO have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NVG’s Series B and Series C) liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.

The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.

• Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.

• Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.

• Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations.

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For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MFP Shares, Net” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Payable for interest” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.

Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MFP Shares, Net” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

As of the end of the reporting period, NVG, NZF, NMCO and NDMO had $515,987,220, $640,174,241, $403,352,306 and $239,677,823 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:

Fund	Series		Shares Outstanding		Liquidation Preference		Term Redemption Date		Mode		Mode Termination Date
NVG		A		674	$	67,400,000		January 3, 2028		VRM	N/A*
		B		2,000	$	200,000,000		March 1, 2029		VRRM	March 1, 2029
		C		2,500	$	250,000,000		December 1, 2031		VRRM	December 1, 2031
NZF		A		1,500	$	150,000,000		May 1, 2047		VRM	April 29, 2026
		B		1,550	$	155,000,000		February 3, 2048		VRM	February 3, 2048*
		C		3,360	$	336,000,000		June 1, 2048		VRM	N/A
NMCO		A		1,000	$	100,000,000		October 1, 2031		VRDM	N/A
		B		2,050	$	205,000,000		October 1, 2031		VRM	N/A
		C		990	$	99,000,000		October 1, 2031		VRM	May 17, 2028
NDMO		A		2,400	$	240,000,000		September 1, 2032		VRM	September 1, 2032

* Subject to earlier termination by either the Fund or the holder.

The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:

Fund	Average Liquidation Preference of MFP Shares Outstanding	Annualized  Dividend Rate
NVG	$  517,400,000	3.55%
NZF	641,000,000	3.99
NMCO	414,453,039	3.99
NDMO	240,000,000	3.94

Variable Rate Demand Preferred Shares: The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NVG and NZF had $1,234,140,481 and $673,862,828 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the reporting period, were as follows:

199

Notes to Financial Statements (continued)

 

 

 

 

 

Fund	Series		Shares Outstanding		Remarketing Fees*		Liquidation Preference		Special Rate Period Expiration		Maturity
NVG		1		1,790		0.10%	$	179,000,000		N/A		December 1, 2043
		2		2,954		0.10%	$	295,400,000		N/A		December 1, 2040
		4		1,800		0.10%	$	180,000,000		N/A		June 1, 2046
		5		2,955		0.10%	$	295,500,000		N/A		December 1, 2040
		6		2,867		0.10%	$	286,700,000		N/A		December 1, 2040
NZF		1		2,688		N/A**	$	268,800,000		March 1, 2040***		March 1, 2040
		2		2,622		N/A**	$	262,200,000		March 1, 2040***		March 1, 2040
		3		1,460		0.05%	$	146,000,000		N/A		June 1, 2040

* Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.

** Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.

*** Subject to earlier termination by either the Fund or the holder.

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

NZF’s Series 1 and Series 2 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by designated liquidity provider, or the Board may approve a subsequent special rate period. The fair value of Special Rate VRDP Shares is expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

Fund	Average Liquidation Preference of VRDP Shares Outstanding	Annualized Dividend Rate
NVG	$ 1,236,600,000	3.07%
NZF	677,000,000	4.00

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “VRDP Shares, Net” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Payable for interest” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “VRDP Shares, Net” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.

Preferred Share Transactions: Transactions in preferred shares during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.

Transactions in MFP Shares for the Funds, where applicable, were as follows:

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	Six Months Ended April 30, 2025
NMCO	Series		Shares			Amount
MFP Shares redeemed		C		(110	)	(11,000,000)
	Year Ended October 31, 2024
NMCO	Series		Shares			Amount
MFP Shares redeemed		C		(350	)	(35,000,000)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NVG, the AMT applicable to individuals to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
NVG	$	4,569,170,212	$	93,159,957	$	(274,231,602	)	$	(181,071,645	)
NZF		3,654,663,475		100,962,701		(99,442,275	)		1,520,426
NMZ		1,609,001,957		31,463,885		(151,801,125	)		(120,337,240	)
NMCO		1,051,199,659		19,118,471		(114,074,125	)		(94,955,654	)
NDMO		937,152,729		11,652,041		(53,899,595	)		(42,247,554	)

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income1		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryforwards			Late-Year Loss Deferrals		Other Book-to-Tax Differences			Total
NVG	$	—	$	86,944	$	—	$	(10,478,967	)	$	(105,834,118	)	$	—	$	(16,868,267	)	$	(133,094,408	)
NZF		—		229,058		—		189,702,846			(292,437,405	)		—		(15,401,460	)		(117,906,961	)
NMZ		—		256,873		—		(33,751,280	)		(169,395,522	)		—		(7,297,504	)		(210,187,433	)
NMCO		—		411,394		—		(34,645,847	)		(130,850,406	)		—		(3,777,675	)		(168,862,534	)
NDMO		—		681,310		—		(15,875,256	)		(142,506,180	)		—		(3,715,763	)		(161,415,889	)

¹  Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared on October 1, 2024 and paid on November 1, 2024.

201

Notes to Financial Statements (continued)

 

 

 

 

 

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

Fund	Short-Term		Long-Term		Total
NVG1	$	1,531,766	$	104,302,352	$	105,834,118
NZF1		172,160,901		120,276,504		292,437,405
NMZ		43,533,176		125,862,346		169,395,522
NMCO		84,341,090		46,509,316		130,850,406
NDMO		56,405,135		86,101,045		142,506,180

¹  A portion of NVG’s and NZF’s capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

8. Management Fees and Other Transactions with Affiliates

Management Fees: Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Average Daily Managed Assets*	NVG NZF Fund-Level Fee Rate			NMZ Fund-Level Fee Rate			NMCO Fund-Level Fee Rate			NDMO Fund-Level Fee Rate
For the first $125 million		0.5000	%		0.5500	%		0.7500	%		0.7000	%
For the next $125 million		0.4875			0.5375			0.7375			0.6875
For the next $250 million		0.4750			0.5250			0.7250			0.6750
For the next $500 million		0.4625			0.5125			0.7125			0.6625
For the next $1 billion		0.4500			0.5000			0.7000			0.6500
For the next $3 billion		0.4250			0.4750			0.6750			0.6250
For managed assets over $5 billion		0.4125			0.4625			0.6625			0.6125

The annual complex-level fee, payable monthly, for each Fund was calculated according to the following schedule:

Complex-Level Asset Breakpoint Level*	Complex-Level Fee
For the first $124.3 billion		0.1600	%
For the next $75.7 billion		0.1350
For the next $200 billion		0.1325
For eligible assets over $400 billion		0.1300

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of the end of the reporting period, the annual complex-level fee for each Fund was as follows:

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Fund	Complex-Level Fee
NVG	0.1585%
NZF	0.1585%
NMZ	0.1585%
NMCO	0.1585%
NDMO	0.1585%

Other Transactions with Affiliates: Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
NVG	$	–	$	–	$	–
NZF		–		–		–
NMZ		16,260,834		–		–
NMCO		4,611,744		3,677,400		(459,297)
NDMO		–		–		–

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. Information regarding transactions with affiliated companies is as follows:

Issue

Value at 10/31/24

Purchases Cost

Sales Proceeds

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Shares at 4/30/25

Value at 4/30/25

Dividend Income

NMZ

Exchange-Traded Funds

Nuveen High Yield Municipal

Bond ETF

$–

$16,995,750

$–

$–

$(479,512

)

675,000

$16,516,238

$46,020

Total

$–

$16,995,750

$–

$–

$(479,512

)

675,000

$16,516,238

$46,020

9. Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when applicable.

From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.

10. Borrowing Arrangements

Committed Line of Credit: The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser (“Participating Funds”), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to

203

Notes to Financial Statements (continued)

 

 

 

 

 

draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2026 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:

Fund	Maximum Outstanding Balance
NVG	$	17,000,000
NZF		24,200,000
NMZ		8,688,500
NMCO		4,286,001
NDMO		1,945,877

During the Funds’ utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on Borrowings were as follows:

Fund	Utilization Period (Days Outstanding)		Average Daily Balance Outstanding		Average Annual Interest Rate
NVG		15	$	9,720,902		5.53	%
NZF		5		17,160,000		5.53
NMZ		2		8,688,500		5.53
NMCO		1		4,286,001		5.53
NDMO		2		1,945,877		5.53

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

11. Inter-Fund Borrowing and Lending

Inter-Fund Borrowing and Lending: The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

204

 

 

 

 

 

 

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

205

Shareholder Meeting Report

(Unaudited)

The annual meeting of shareholders for NMCO was held on April 17, 2025; at this meeting the shareholders were asked to elect Board Members.

	NMCO
	Common and Preferred shares voting together as a class		Preferred Shares voting together as a class
Approval of the Board Members was reached as follows:
Michael A. Forrester
For		45,975,179	–
Withhold		935,424	–
Total		46,910,603	–
Thomas J. Kenny
For		46,001,231	–
Withhold		909,372	–
Total		46,910,603	–
Robert L. Young
For		46,000,157	–
Withhold		910,446	–
Total		46,910,603	–
Albin F. Moschner
For		–	4,150
Withhold		–	–
Total		–	4,150
Margaret L. Wolff
For		–	4,150
Withhold		–	–
Total		–	4,150

206

Additional Fund Information

(Unaudited)

Board of Trustees
Joseph A. Boateng	Michael A. Forrester	Thomas J. Kenny	Amy B.R. Lancellotta	Joanne T. Medero	Albin F. Moschner	John K. Nelson
Loren M. Starr	Matthew Thornton III	Terence J. Toth	Margaret L. Wolff	Robert L. Young

Investment Adviser	Custodian	Legal Counsel	Independent Registered	Transfer Agent and
Nuveen Fund Advisors, LLC	State Street Bank	Chapman and Cutler	Public Accounting Firm	Shareholder Services
333 West Wacker Drive	& Trust Company	LLP	PricewaterhouseCoopers	Computershare Trust Company,
Chicago, IL 60606	One Congress Street	Chicago, IL 60606	LLP	N.A.
	Suite 1		One North Wacker Drive	150 Royall Street
	Boston, MA 02114-2016		Chicago, IL 60606	Canton, MA 02021
				(800) 257-8787

Portfolio of Investments Information Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

	NVG		NZF		NMZ		NMCO		NDMO
Common shares repurchased		0		0		0		0		0

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

207

Glossary of Terms Used in this Report

(Unaudited)

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.

Inverse Floating Rate Securities: Inverse floating rate securities are the residual interest in a tender option bond (TOB) trust, sometimes referred to as “inverse floaters”, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.

Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t have the ability to increase taxes by an unlimited amount to pay the bonds back.

Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at

208

 

 

 

 

 

 

issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

209

Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Nuveen AMT-Free Municipal Credit Income Fund

Nuveen Municipal Credit Income Fund

Nuveen Municipal High Income Opportunity Fund

Nuveen Municipal Credit Opportunities Fund

Nuveen Dynamic Municipal Opportunities Fund

The Approval Process

At meetings held on April 28 and 29, 2025 (the “Meeting”), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”), including the Funds, and the group of funds advised by Teachers Advisors, LLC (“TAL” and all such funds, collectively, the “Nuveen funds”) approved the renewal of the investment management agreements (each, an “Investment Management Agreement”) with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of TIAA. The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”). The Sub-Adviser is also an affiliate of the Adviser.

The Boards of Directors or Trustees of the Nuveen funds are each a “Board” or collectively the “Board” (as the context may dictate) and the directors or trustees (as the case may be) are each a “Board Member.” The Board Members of each Board are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, each Board is deemed to be comprised of all disinterested Board Members. References to a Board and the Board Members are interchangeable.

In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are collectively the “Fund Advisers” and each a “Fund Adviser.” Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a “Fund” and, collectively, the “Funds”).

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries; securities lending (as applicable); and closed-end fund market activity, capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value. The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe.

210

 

 

 

 

 

 

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality of services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.

211

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

 

 

 

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board considered that management actively monitors any discount from net asset value per share at which a fund’s common stock trades and evaluates potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.

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The Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered, among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to build greater awareness and deepen understanding of closed-end funds. As applicable, the Board considered, among other things, the impact of leverage on a closed-end fund’s common share earnings and total return.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• For Nuveen AMT-Free Municipal Credit Income Fund (the “AMT-Free Municipal Fund”), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and third quartile for the three-year period ended December 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Municipal Credit Income Fund (the “Municipal Credit Income Fund”), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period, third quartile for the three-year period and first quartile for the five-year period ended December 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Municipal High Income Opportunity Fund (the “Municipal High Income Fund”), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods and second quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Municipal Credit Opportunities Fund (the “Municipal Credit Opportunities Fund”), the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024 and ranked in the first quartile of its Performance Peer Group for the one-year period and third quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Dynamic Municipal Opportunities Fund (the “Dynamic Municipal Fund”), the Board considered that although the Fund’s performance was below the performance of its benchmark and the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2024, the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

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Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

 

 

 

C. Fees, Expenses and Profitability

1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”). In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and taxes) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further considered that differences between the applicable Fund and its Expense Universe, as well as changes to the composition of the Expense Universe from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage costs), as applicable, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered each closed-end fund’s net total expense ratio and fees excluding investment-related costs and taxes. The Board also considered that the use of leverage may create a conflict of interest for the respective Adviser and Sub-Adviser given the increase of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the fund’s return. The Board Members considered, however, that the Adviser and Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its common shareholders and by periodically reviewing with the Board the fund’s performance and the impact of the use of leverage on that performance.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Board’s considerations regarding the comparative fee data for each Fund are set forth below:

• Although the AMT-Free Municipal Fund’s actual management fee rate and net total expense ratio were above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

• Although the Municipal Credit Income Fund’s actual management fee rate and net total expense ratio were above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

• Although the Municipal High Income Fund’s contractual management fee rate and actual management fee rate were each above the Expense Universe median, the Fund’s net total expense ratio matched the Expense Universe median.

• The Municipal Credit Opportunities Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were above the Expense Universe median. The Board, however, considered, among other things, that the Fund was launched, in part, due to its differentiation from other municipal products, the Fund’s fees were initially proposed in consideration of the Fund’s unique mandates, the relative expense data reflected the differences in the Fund’s investment strategy compared to the peer set, and the Fund’s management fees on common assets and total expenses continued to be lower than initial estimates prior to the Fund’s launch.

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• The Dynamic Municipal Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Universe median. The Board, however, considered, among other things, that the Fund was launched, in part, due to its differentiation from other municipal products, the Fund’s fees were initially proposed in consideration of the Fund’s unique mandates, the relative expense data reflected the differences in the Fund’s investment strategy compared to the peer set, and the Fund’s management fees on common assets and total expenses continued to be lower than initial estimates prior to the Fund’s launch.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

3. Profitability of the Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the Sub-Adviser) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both tbe Adviser and TAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s (together with the Sub-Adviser) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

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Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

 

 

 

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of their investment portfolios.

The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser (except as noted) may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com ESA-C-0425P 4476550

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Municipal High Income Opportunity Fund

Date: July 7, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: July 7, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer
		(principal executive officer)
Date: July 7, 2025	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)