NPORT-EX 2 tiaa_NMCO.htm
1
Portfolio
of
Investments
January
31,
2025
NMCO
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
163.9%
(100.0%
of
Total
Investments)
1052830724
MUNICIPAL
BONDS
-
163.9%
(100.0%
of
Total
Investments)
1052830724
ALABAMA
-
5.5%
(3.4%
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
$
446,585
20,925,000
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Series
2019,
(AMT)
5.750
10/01/49
21,815,855
4,100,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024A,
(AMT)
5.000
06/01/54
4,148,772
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
9,019,223
TOTAL
ALABAMA
35,430,435
ALASKA
-
1.2%
(0.7%
of
Total
Investments)
7,765,000
Anchorage,
Alaska,
Port
Revenue
Bonds,
Series
2020A,
(AMT)
5.000
12/01/50
7,865,794
TOTAL
ALASKA
7,865,794
ARIZONA
-
2.4%
(1.4%
of
Total
Investments)
2,000,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Series
2021B
5.000
07/01/51
1,830,303
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
915,152
340,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Pinecrest
Academy-Cadence
Campus
Project,
Series
2020A
4.000
07/15/40
317,801
985,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Gateway
Academy
Project,
Series
2019A
5.750
01/01/50
866,926
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
1,118,767
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
3,896,382
315,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Ottawa
University
Projects,
Series
2020
5.500
10/01/51
280,398
600,000
(a)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2016A
5.000
07/01/35
601,629
280,000
(a)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Northwest
Christian
School
Project,
Series
2020A
5.000
09/01/55
240,627
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
47,825
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
360,106
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
823,793
2,205,000
(a)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6.000
10/01/37
1,644,222
2,350,000
(a)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6.125
10/01/52
1,513,616
TOTAL
ARIZONA
15,157,547
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
2
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
$
13,509,272
3,000,000
(a)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2020A,
(AMT)
4.750
09/01/49
3,002,802
TOTAL
ARKANSAS
16,512,074
CALIFORNIA
-
9.7%
(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
2,352,519
4,500,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5.000
02/01/50
3,354,255
8,000,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5.000
04/01/49
6,930,748
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
308,972
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
1,567,483
3,720,000
(a)
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Brightline
West
Passenger
Rail
Project,
Series
2020A-4,
(AMT),
(Mandatory
Put
8/15/25)
8.000
01/01/50
3,831,276
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
282,329
1,505,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7.250
07/01/53
1,531,809
4,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A
6.000
10/01/50
4,051,221
1,385,000
(a)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A
5.125
07/01/55
1,177,291
320,000
(a)
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
Enso
Village,
Refunding
Green
Series
2021A
5.000
11/15/51
298,958
4,850,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6.200
06/01/44
4,811,749
4,020,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A
0.000
06/01/42
3,618,000
4,380,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A
0.000
06/01/52
3,942,000
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
1,252,572
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
1,033,907
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
895,364
12,253
(b),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5.750
12/31/24
12,253
155
(b),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5.750
07/01/30
155
5,875
(b),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5.750
07/01/35
5,875
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
9,617
(b),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005G
5.500
%
12/31/25
$
9,617
4,382
(b),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H
5.750
07/01/25
4,382
15,000,000
California
Statewide
Financing
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Pooled
Tobacco
Securitization
Program,
Series
2006A
0.000
06/01/46
3,905,518
1,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5.000
01/01/54
865,899
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
1,720,293
43,500,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0.000
06/01/66
5,109,192
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
4,703,884
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
646,459
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
3,798,100
TOTAL
CALIFORNIA
62,022,080
COLORADO
-
17.6%
(10.7%
of
Total
Investments)
4,975,000
(a)
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2024
5.750
12/01/54
5,053,786
1,940,000
Arista
Metropolitan
District,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
and
Improvement
Series
2023B
8.250
12/15/39
2,007,966
3,000,000
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
5.750
12/01/51
2,845,387
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
1,565,758
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
870,325
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
2,378,750
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
627,518
3,985,000
Broadway
Station
Metropolitan
District
3,
Denver
County,
Colorado,
Tax
Increment
Supported
Revenue
Bonds,
Series
2023A
7.000
12/15/32
3,858,140
500,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds
World
Compass
Academy
Project,
Series
2017
5.375
10/01/37
460,425
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
3,152,211
500,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Loveland
Classical
Schools
Project,
Series
2016
5.000
07/01/36
503,891
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
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
$
3,417,780
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
6,294,263
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
2,011,329
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
1,561,928
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
983,059
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
1,757,014
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
975,113
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
11,968,091
5,500,000
Hess
Ranch
Metropolitan
District
6,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-1
5.000
12/01/49
5,069,313
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
1,100,678
500,000
Iron
Mountain
Metropolitan
District
2,
Windsor,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A
5.000
12/01/49
462,108
500,000
Johnstown
North
Metropolitan
District
2,
Johnstown,
Colorado,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2022A
7.000
08/15/52
513,433
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
789,190
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
2,030,720
500,000
Ledge
Rock
Center
Residential
Metropolitan
District
1,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2024A
6.375
12/01/54
508,655
352,000
Mountain
Shadows
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2016
4.000
12/01/26
352,092
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
1,004,997
2,320,000
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3
5.250
12/01/50
2,332,771
515,000
North
Vista
Highlands
Metropolitan
District
3,
Pueblo
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020
5.125
12/01/49
492,580
10,180,000
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
5.000
12/01/49
9,319,071
4,420,000
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022
6.500
12/01/34
4,290,902
1,500,000
RM
Mead
Metropolitan
District,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5.250
12/01/50
1,463,076
5,000,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022A
6.750
12/01/52
5,255,692
8,515,000
(a)
Settler's
Crossing
Metropolitan
District
1,
Lakewood,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5.125
12/01/50
8,462,784
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
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
$
474,998
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
1,059,303
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
563,075
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
1,912,394
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
792,083
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
1,716,992
1,000,000
Ward
TOD
Metropolitan
District
1,
Wheat
Ridge,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2019A
5.000
12/01/49
944,759
5,000,000
(a)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2
4.625
12/01/51
3,248,668
2,000,000
(a)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.000
12/01/36
1,804,189
6,000,000
(a)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4.125
12/01/51
4,657,535
TOTAL
COLORADO
112,914,792
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
2,530,095
TOTAL
CONNECTICUT
2,530,095
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
23,732,214
3,335,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006C
0.000
06/15/55
357,566
1,996,000
(a)
District
of
Columbia,
Revenue
Bonds,
Saint
Paul
on
Fouth
Street,
Inc.,
Series
2019A
5.250
05/15/55
1,755,302
TOTAL
DISTRICT
OF
COLUMBIA
25,845,082
FLORIDA
-
16.6%
(10.1%
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
140,170
100,000
(a)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Lease
Revenue
Bonds,
Franklin
Academy
Projects,
Series
2020
5.000
12/15/50
93,398
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
95,212
2,500,000
(a)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
LLT  Academy
South
Bay
Project,
Series
2020A
6.000
06/15/55
2,542,132
1,950,000
(a)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
Pineapple
Cove
Classical
Academy,
Series
2019A
5.125
07/01/39
1,933,253
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
1,402,670
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
3,278,482
1,230,000
(a)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Babcock
Neighborhood
School
Inc
Project,
Series
2024
5.750
08/15/54
1,190,961
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
1,829,067
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
6
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
$
2,105,848
500,000
(a)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
of
Pasco
County
Inc.,
Series
2020A
5.000
01/01/50
429,392
1,600,000
(a)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Southwest
Charter
Foundation
Inc
Projects,
Series
2017A
6.000
06/15/37
1,622,001
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
15,489,448
4,000,000
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
3,982,007
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
1,518,693
2,500,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5.250
07/01/47
2,610,684
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
7,764,887
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
10,878,396
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
3,108,484
15,390,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2024A,
(AMT),
(Mandatory
Put
2/14/25)
8.250
07/01/57
15,982,243
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
596,260
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
1,502,940
6,750,000
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
(AMT)
5.000
10/01/42
6,847,097
1,650,000
(a)
Lake
County,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
South
Lake
Charter
School
Project,
Series
2019A
5.000
01/15/49
1,563,793
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
149,569
640,000
Lee
County
Industrial
Development
Authority,
Florida,
Charter
School
Revenue
Bonds,
Lee
County
Community
Charter
Schools,
Series
2007A
5.250
06/15/27
640,237
1,000,000
(a)
Lee
County
Industrial
Development
Authority,
Florida,
Healthcare
Facilities
Revenue
Bonds,
Preserve
Project,
Series
2017A
5.375
12/01/32
782,637
1,100,000
(a)
Lee
County
Industrial
Development
Authority,
Florida,
Healthcare
Facilities
Revenue
Bonds,
Preserve
Project,
Series
2017A
5.625
12/01/37
854,974
1,300,000
(a)
Lee
County
Industrial
Development
Authority,
Florida,
Healthcare
Facilities
Revenue
Bonds,
Preserve
Project,
Series
2017A
5.750
12/01/52
985,833
750,000
Leomas
Landing
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2021
4.000
05/01/52
610,226
690,000
LT
Ranch
Community
Development
District,
Sarasota
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2019
4.000
05/01/40
644,954
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,000,000
(a)
Mandarin
Grove
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Revenue
Bonds,
2022
Project
Series
2022
6.625
%
05/01/53
$
1,170,914
2,390,000
(a)
Middleton
Community
Development
District
A,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022
6.200
05/01/53
2,524,129
815,000
(a)
North
AR-1
of
Pasco
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
4,
Series
2024
5.750
05/01/54
819,743
2,130,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0.000
10/01/48
657,966
500,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0.000
10/01/54
109,592
100,000
Parker
Road
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Refudning
Series
2020
3.875
05/01/40
84,102
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
6,373,162
1,500,000
Twin
Creeks
North
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Master
Infrastructure
Improvements,
Series
2016A-1
6.375
11/01/47
1,576,406
TOTAL
FLORIDA
106,491,962
GEORGIA
-
4.7%
(2.8%
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
3,370,563
4,750,000
(a)
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
Westside
Gulch
Area
Project,
Senior
Series
2024A-2
5.500
04/01/39
4,871,959
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
10,000,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5.000
05/15/43
10,250,971
850,000
White
County
Development
Authority,
Georgia,
Revenue
Bonds
Truett
McConnell
University,
Series
2019
5.125
10/01/39
771,133
TOTAL
GEORGIA
29,948,626
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
1,016,119
TOTAL
HAWAII
1,016,119
IDAHO
-
1.5%
(0.9%
of
Total
Investments)
9,690,000
(a)
Idaho
Falls
Auditorium
District,
Idaho,
Certifications
of
Participation,  Annual
Appropriation
Series
2021
5.250
05/15/51
9,700,757
TOTAL
IDAHO
9,700,757
ILLINOIS
-
13.7%
(8.4%
of
Total
Investments)
2,750,000
Bolingbrook,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2019
5.250
03/01/41
2,771,914
4,605,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
6.000
12/01/49
4,963,448
2,800,000
(e)
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C,
(UB)
5.000
01/01/38
2,804,281
5,000,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A,
(UB)
5.500
01/01/49
5,096,653
4,750,000
Illinois
Finance
Authority,
Education
Revenue
Bonds,
Noble
Network
of
Charter
Schools,
Series
2015
5.000
09/01/32
4,752,240
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
8
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
$
8,498,011
3,000,000
(a)
Illinois
Finance
Authority,
Revenue
Bonds,
Roosevelt
University,
Series
2018B
6.125
04/01/58
2,989,137
2,000,000
(a)
Illinois
Finance
Authority,
Solid
Waste
Revenue
Bonds,
LRS
Holdings
LLC
Project,
Series
2023B,
(Mandatory
Put
9/01/33)
7.375
09/01/42
2,315,697
9,945,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
5.500
03/01/47
10,726,983
4,840,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
5.000
05/01/32
5,073,770
890,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5.500
05/01/39
965,658
4,600,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5.000
11/01/28
4,809,594
7,935,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
5.000
06/15/50
8,116,293
10,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2012B
-
AGM
Insured
0.000
12/15/50
2,953,342
2,980,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A
5.000
06/15/57
3,007,557
29,815,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017B
-
BAM
Insured
0.000
12/15/54
7,140,042
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
5,240,121
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
1,803,875
425,000
Northern
Illinois
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2021
-
BAM
Insured
4.000
10/01/39
414,550
800,000
Northern
Illinois
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2021
-
BAM
Insured
4.000
10/01/40
763,226
700,000
Northern
Illinois
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2021
-
BAM
Insured
4.000
10/01/41
661,437
150,000
Sales
Tax
Securitization
Corporation,
Illinois,
Sales
Tax
Securitzation
Bonds,
Second
Lien
Series
2020A
4.000
01/01/38
150,174
120,000
Sales
Tax
Securitization
Corporation,
Illinois,
Sales
Tax
Securitzation
Bonds,
Second
Lien
Series
2020A
4.000
01/01/39
119,479
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
420,000
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
680,000
Yorkville,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2006-
113
Cannoball
&
Beecher,
Series
2007
5.750
03/01/28
680,082
TOTAL
ILLINOIS
87,994,198
INDIANA
-
1.7%
(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
127,840
3,105,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Earlham
College,
Refunding
Series
2013A
5
.000
10/01/32
3,083,356
500,000
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2020,
(AMT)
6.750
05/01/39
567,711
1,005,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6.000
03/01/53
1,072,086
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6.125
03/01/57
1,067,831
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1
7.750
03/01/67
1,120,887
2,260,000
(a)
Valparaiso,
Indiana,
Exempt
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Refunding
Series
2024,
(AMT)
4.875
01/01/44
2,308,243
1,675,000
(a)
Valparaiso,
Indiana,
Exempt
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Refunding
Series
2024,
(AMT)
5.000
01/01/54
1,697,773
TOTAL
INDIANA
11,045,727
9
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
$
2,542,298
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
1,258,864
TOTAL
IOWA
3,801,162
KANSAS
-
1.2%
(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
1,282,651
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
6,665,528
TOTAL
KANSAS
7,948,179
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
490,987
TOTAL
KENTUCKY
490,987
LOUISIANA
-
2.3%
(1.4%
of
Total
Investments)
1,000,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Entergy
Lousiana,
LLC
Project,
Refunding
Series
2021B
2.500
04/01/36
824,398
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
826,865
260,000
(a)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lake
Charles
College
Prep
Project,
Series
2019A
5.000
06/01/58
243,602
2,000,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5.000
05/15/42
2,026,121
1,800,000
(a)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/49
1,575,913
2,000,000
(a)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5.000
04/01/57
1,693,862
1,185,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A
5.250
10/01/48
1,215,996
2,500,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A
5.250
10/01/53
2,545,438
15,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2020A
4.000
04/01/50
13,936
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
244,453
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
503,120
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
219,961
1,235,000
(a)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010
6.35
0
07/01/40
1,353,703
800,000
(a)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010A
6.350
10/01/40
876,892
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
764,364
TOTAL
LOUISIANA
14,928,624
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
-
0.9%
(0.6%
of
Total
Investments)
$
1,000,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5.000
%
09/01/36
$
1,004,973
1,000,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5.000
09/01/39
996,887
1,935,000
(a)
Frederick
County,
Maryland,
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020A
5.000
07/01/43
1,948,618
2,000,000
(a)
Prince
George's
County,
Maryland,
Special
Obligation
Bonds,
Westphalia
Town
Center
Project,
Series
2018
5.250
07/01/48
2,013,450
TOTAL
MARYLAND
5,963,928
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
3,414,975
TOTAL
MASSACHUSETTS
3,414,975
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
1,815,297
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
2,495,394
1,810,000
(a)
Warren
Academy,
Macomb
County,
Michigan,
Revenue
Bonds,
Public
School
Academy,
Refunding
Series
2020A
5.500
05/01/50
1,710,850
TOTAL
MICHIGAN
6,021,541
MINNESOTA
-
1.0%
(0.6%
of
Total
Investments)
500,000
Bethel,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Partnership
Academy
Project,
Series
2018A
5.000
07/01/53
416,224
1,300,000
Brooklyn
Park,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Leadership
Academy
Project,
Series
2015A
5.750
07/01/46
1,159,187
2,440,000
Columbia
Heights,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Prodeo
Academy
Project,
Series
2019A
5.000
07/01/54
2,181,688
130,000
(a)
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Friendship
Academy
of
the
Arts
Project,
Series
2019A
5.250
12/01/52
95,183
30,000
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Northeast
College
Prep
Project,
Series
2020A
5.000
07/01/40
26,485
2,040,000
(a),(b)
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Academy,
Series
2022A
5.875
06/01/57
1,530,000
1,000,000
Scanlon,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Duluth
Health
Services
Project,
Refunding
Series
2020
3.950
03/01/50
694,099
TOTAL
MINNESOTA
6,102,866
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
2,281,243
TOTAL
MISSISSIPPI
2,281,243
MISSOURI
-
1.2%
(0.7%
of
Total
Investments)
315,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
4.000
08/01/38
231,035
2,900,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.250
05/15/42
2,721,085
1,750,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5.250
05/15/50
1,559,353
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
3,359,579
TOTAL
MISSOURI
7,871,052
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEVADA
-
0.5%
(0.3%
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
26
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
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
3,236,902
TOTAL
NEVADA
3,289,651
NEW
JERSEY
-
2.7%
(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
3,167,598
1,500,000
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014
5.000
01/01/34
1,500,036
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
3,618,835
760,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Refunding
Series
2012,
(AMT)
5.750
09/15/27
761,141
15,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A
0.000
12/15/39
8,060,355
500,000
South
Jersey
Port
Corporation,
New
Jersey,
Marine
Terminal
Revenue
Bonds,
Subordinate
Series
2017B,
(AMT)
5.000
01/01/42
507,898
TOTAL
NEW
JERSEY
17,615,863
NEW
MEXICO
-
0.1%
(0.1%
of
Total
Investments)
825,000
(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
795,792
TOTAL
NEW
MEXICO
795,792
NEW
YORK
-
14.6%
(8.9%
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
257,417
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
579,500
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
2,699,970
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
1,365,051
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
1,241,733
36,150,000
(a)
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0.000
06/01/60
1,863,298
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
1,320,360
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
16,853,681
650,000
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2020A
5.730
02/01/50
611,434
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
1,570,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5.250
%
11/15/55
$
1,634,476
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
387,861
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
576,925
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
1,739,900
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
12,948,394
3,500,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5.500
12/31/60
3,699,875
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
3,003,375
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
910,031
1,500,000
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
1,546,226
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
5,223,264
10,000,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
0.000
06/01/66
983,915
2,950,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/32
2,262,884
4,000,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/33
3,054,899
3,320,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/35
2,520,660
2,775,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5.000
01/01/36
2,102,641
22,700,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5.000
06/01/48
21,216,657
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
3,107,965
TOTAL
NEW
YORK
93,712,392
OHIO
-
8.0%
(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
0.000
06/01/57
2,041,953
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
144,931
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
1,713,673
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
6,756,504
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
2,610,000
Cleveland,
Ohio,
Airport
Special
Revenue
Bonds,
Continental
Airlines
Inc.
Project,
Series
1998,
(AMT)
5.375
%
09/15/27
$
2,613,008
1,275,000
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A
5.250
11/15/48
1,284,151
2,475,000
Cuyahoga
County,
Ohio,
Hospital
Revenue
Bonds,
MetroHealth
System,
Series
2017
5.500
02/15/52
2,509,681
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
1,815,985
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
112,986
500,000
Greater
Cincinnati
Port
Development
Authority,
Ohio,
Tax
Increment
Revenue
Bonds,
RBM
Phase
3
Garage
Project
Series
2024
5.125
12/01/55
481,632
850,000
(a)
Hilliard
Hickory
Chase
Community
Authority,
Ohio,
Infustructure
Improvement
Revenue
Bonds,
Hickory
Chase
Project,
Senior
Series
2019A
5.000
12/01/40
834,847
2,000,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013
5.000
02/15/44
1,954,393
3,000,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013
5.000
02/15/48
2,901,580
8,450,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
(AMT)
5.000
07/01/49
7,907,210
16,050,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2009A,
(Mandatory
Put
6/01/22)
4.750
06/01/33
16,835,394
1,000,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Pratt
Paper
Ohio,
LLC
Project,
Series
2017,
(AMT)
4.500
01/15/48
967,981
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
821,305
TOTAL
OHIO
51,
697,214
OKLAHOMA
-
1.3%
(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
996,624
1,000,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5.250
08/15/48
1,013,898
2,685,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
2,734,925
1,000,000
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017
5.250
11/15/45
1,006,858
2,475,000
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Refunding
Series
2000B,
(AMT)
5.500
06/01/35
2,479,662
TOTAL
OKLAHOMA
8,231,967
OREGON
-
0.7%
(0.4%
of
Total
Investments)
3,355,000
(a)
Oregon
Facilities
Authority
Charter
School
Revenue
Bonds,
Oregon,
Portland
Village
School
Project,
Series
2024
6.750
12/15/54
3,348,179
100,000
(a)
Oregon
Facilities
Authority,
Revenue
Bonds,
Metro
East
Web
Academy
Project,
Series
2019A
5.000
06/15/49
93,072
1,000,000
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A
5.000
11/15/56
838,975
TOTAL
OREGON
4,280,226
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
-
3.3%
(2.0%
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
$
1,125,971
325,000
(a)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021
6.000
05/01/42
341,257
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
3,444,634
2,565,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,  Alvernia
University
Project,
Series
2020
5.000
10/01/49
2,245,723
162,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6.000
06/30/34
176,098
2,170,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5.000
06/30/39
2,162,293
1,084,000
(c)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0.000
06/30/44
779,955
339,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8.000
06/30/34
345,304
4,430,000
Butler
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Butler
Health
System
Project,
Series
2015A
5.000
07/01/35
4,346,463
1,000,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2015A
5.000
12/01/30
909,315
2,350,000
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014
5.000
05/01/37
2,294,112
3,555,000
(a)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2020
6.250
10/15/53
2,719,098
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
545,000
(a)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Mariana
Bracetti
Academy
Project,
Series
2020A
5.375
06/15/50
516,464
TOTAL
PENNSYLVANIA
21,407,157
PUERTO
RICO
-
10.3%
(6.3%
of
Total
Investments)
130,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT
5.000
01/01/26
71,500
1,120,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/28
618,800
4,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/28
2,210
465,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/29
256,912
3,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/29
1,658
345,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/31
190,612
1,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5.250
07/01/31
553
500,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010CCC
5.250
07/01/28
276,250
100,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010XX
5.250
07/01/27
55,250
400,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5.250
07/01/24
220,000
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
(continued)
$
1,000,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
5.050
%
01/01/26
$
552,500
1,000,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
10.000
01/01/26
550,000
2,070,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
5.000
07/01/29
1,143,675
3,000
(b)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
WW
5.375
01/01/26
1,650
3,750,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5.000
07/01/26
2,071,875
310,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5.000
07/01/32
171,275
1,860,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5.000
07/01/37
1,027,650
190,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5.375
01/01/26
104,500
370,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5.375
01/01/26
203,500
25,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5.250
07/01/33
13,813
2,995,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC
5.000
07/01/28
1,654,737
4,000,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
5.250
07/01/35
2,210,000
5,000,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
7.000
07/01/33
2,762,500
10,000,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
6.750
07/01/36
5,525,000
3,170,000
(b)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
5.000
07/01/42
1,751,425
26,502,046
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/46
8,709,341
7,550,338
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/51
1,826,726
7,500,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4.750
07/01/53
7,370,123
1,829,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5.000
07/01/58
1,829,507
901,447
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022
0.000
11/01/51
575,349
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
265,654
23,533,027
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0.000
07/01/33
16,422,579
378
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/37
370
182,567
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/41
172,679
11,639
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/46
10,477
12,193,798
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022
0.000
11/01/43
7,660,754
TOTAL
PUERTO
RICO
66,281,407
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
521,504
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
1,410,949
TOTAL
SOUTH
CAROLINA
1,932,453
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
693,202
5,000,000
(a)
Bristol
Industrial
Development
Board,
Tennessee,
State
Sales
Tax
Revenue
Bonds,
Pinnacle
Project,
Series
2016A
5.125
12/01/42
4,788,283
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
676,255
2,000,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B
5.625
09/01/26
2,059,959
TOTAL
TENNESSEE
8,217,699
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
501,374
500,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
First
Tier
Series
2017A
5.000
01/01/32
500,864
475,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B
5.000
01/01/29
472,608
850,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B
5.000
01/01/34
829,274
3,000,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2015A
5.000
12/01/45
3,000,178
2,065,000
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
Second-Lien
Series
2021B
5.000
10/01/50
1,612,090
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
1,350,735
520,000
(a)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Beta
Academy,
Series
2019A
5.000
08/15/49
495,968
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
56,128
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
367,553
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
1,528,428
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
12,394,171
625,000
(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
640,145
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
4,999,672
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
110,111
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
2,078,916
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
34,004,465
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
-
3.1%
(1.9%
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
$
6,051,295
13,925,000
(e)
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017A,
(AMT),
(UB)
5.000
07/01/42
14,107,668
TOTAL
UTAH
20,158,963
VIRGIN
ISLANDS
-
2.2%
(1.3%
of
Total
Investments)
630,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A
5.000
10/01/32
618,498
9,650,000
(a)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C
5.000
10/01/30
9,649,547
500,000
(a)
Virgin
Islands
Public
Finance
Authority,
Revenue
Bonds,
Frenchman's
Reef
Hotel
Development
Hotel
Occupancy
Series
2024A
6.000
04/01/53
521,337
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
1,699,921
1,400,000
(a)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds
WICO
Financing
Series
2022A
6.375
04/01/52
1,379,781
TOTAL
VIRGIN
ISLANDS
13,869,084
VIRGINIA
-
2.4%
(1.4%
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
483,656
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
4,843,586
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
1,134,806
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
8,321,387
TOTAL
VIRGINIA
15,168,176
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
944,501
TOTAL
WASHINGTON
944,501
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
635,543
2,695,000
(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
595,265
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
2,334,957
500,000
Ohio
County
Commission,
West
Virginia,
Tax
Increment
Revenue
Bonds,
The
Highlands
Project,
Refunding
&
Improvement
Series
2024
5.250
06/01/53
506,021
TOTAL
WEST
VIRGINIA
4,071,786
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
-
16.2%
(9.9%
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
$
2,408,587
750,000
(a)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
21st
Century
Public
Academy
Project,
Series
2020A
5.000
06/01/40
696,030
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
1,171,110
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
323,657
4,420,000
(a)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A
5.000
01/01/42
4,197,149
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
2,715,799
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
3,418,780
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
3,190,503
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
1,283,988
500,000
(a)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A
6.250
06/15/48
512,708
2,000,000
(a)
Public
Finance
Authority
of
Wisconsin,
Educational
Facilities
Revenue
Bonds,
Lake
Erie
College,
Series
2019A
5.875
10/01/54
1,305,519
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
4,047,139
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
14,217,413
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
1,234,062
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
2,538,281
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
2,597,879
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
19,778,853
2,000,000
(a)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024
6.250
02/01/39
2,051,103
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
1,765,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Prime
Healthcare
Foundation,
Inc.,
Series
2017A
5.200
12/01/37
1,813,587
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
38,150
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
1,193,849
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
19
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
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
2,057,035
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
2,132,485
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
1,494,554
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
217,955
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
621,082
500,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Phase
2
Project,
Series
2024
6.000
10/01/54
514,723
8,385,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic
Health
System
Inc
Series
2024A
5.500
02/15/54
9,031,761
6,165,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A
5.000
02/15/42
6,171,103
3,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
Camillus
Health
System
Inc,
Series
2019A
5.000
11/01/46
2,785,708
TOTAL
WISCONSIN
103,852,083
TOTAL
MUNICIPAL
BONDS
(Cost
$1,101,434,925)
1,052,830,724
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
32
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.0%
(0.0%
of
Total
Investments)
32
CAPITAL
GOODS
-
0.0%
(0.0%
of
Total
Investments)
321,690
(b),(d),(g)
KDC
Agribusiness
Fairless
Hills
LLC
12
.000
09/17/25
32
TOTAL
CAPITAL
GOODS
32
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$321,690)
32
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,101,756,615)
1,052,830,756
FLOATING
RATE
OBLIGATIONS
-
(5.1)%
(32,990,000)
MFP
SHARES,
NET
-
(64.5)%(h)
(414,308,311)
OTHER
ASSETS
&
LIABILITIES,
NET
-  5.7%
36,939,855
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
642,472,300
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
$379,961,040
or
36.1%
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.
Portfolio
of
Investments
January
31,
2025
(continued)
NMCO
20
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(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)
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.
(h)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
39.4%.
NMCO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,052,797,951
$
32,773
$
1,052,830,724
Variable
Rate
Senior
Loan
Interests
–
–
32
32
Total
$
–
$
1,052,797,951
$
32,805
$
1,052,830,756