NPORT-EX 2 NOM_8.31.htm
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments    August 31, 2021
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 152.9% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 152.9% (100.0% of Total Investments)        
    Consumer Staples  – 4.1% (2.7% of Total Investments)        
$1,055   Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc, Series 1999, 5.200%, 3/15/29 (AMT)   No Opt. Call AA- $1,348,659
    Education and Civic Organizations – 16.2% (10.6% of Total Investments)        
300   Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, 4.000%, 11/01/33   11/24 at 100.00 AA+ 332,340
410   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33   6/23 at 100.00 A1 443,415
750   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43   5/23 at 100.00 BBB 791,130
600   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33   10/22 at 100.00 BBB- 611,400
725   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34   10/23 at 100.00 A+ 794,854
1,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2015A, 4.000%, 10/01/42   10/25 at 100.00 AA- 1,106,620
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2019A:        
500   5.000%, 10/01/46   4/29 at 100.00 AA- 612,685
200   4.000%, 10/01/48   4/29 at 100.00 AA- 228,940
115   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Refunding Series 2017, 4.000%, 4/01/34   4/27 at 100.00 Baa2 125,812
210   Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2019A, 4.000%, 10/01/39  –  AGM Insured   10/29 at 100.00 AA 237,084
100   Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017, 4.500%, 10/01/40   10/23 at 100.00 N/R 102,452
4,910   Total Education and Civic Organizations       5,386,732
    Health Care – 36.5% (23.9% of Total Investments)        
300   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/30   8/26 at 100.00 BBB- 348,486
400   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36   3/27 at 100.00 BBB- 469,044
250   Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47   10/27 at 100.00 A- 295,755
315   Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2015, 5.000%, 2/15/35   2/24 at 100.00 A 341,766
1

NOM Nuveen Missouri Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45   1/25 at 100.00 AA $545,070
1,010   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021A, 4.000%, 7/01/46   7/31 at 100.00 AA 1,205,819
500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory Put 1/01/46)   7/26 at 100.00 AA 552,110
750   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58 (Mandatory Put 1/01/48) (UB) (4)   1/28 at 100.00 AA 851,152
130   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2020, 5.000%, 11/01/40   11/30 at 100.00 Baa2 162,815
1,730   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/44   11/23 at 100.00 A2 1,889,298
415   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A, 5.000%, 11/15/32   11/25 at 100.00 A2 481,890
150   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2019A, 5.000%, 11/15/37   5/29 at 100.00 A2 188,946
335   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37   2/22 at 100.00 AA- 341,599
390   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42   11/22 at 100.00 A+ 403,958
550   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 4.250%, 11/15/48   11/24 at 100.00 A+ 605,682
515   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C, 5.000%, 11/15/47   11/27 at 100.00 A+ 620,431
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2020:        
500   4.000%, 6/01/50   6/30 at 100.00 A+ 581,070
1,000   4.000%, 6/01/53   6/30 at 100.00 A+ 1,159,700
350   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2017A, 4.000%, 5/15/48   5/25 at 102.00 A+ 387,775
125   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2021, 4.000%, 2/15/51   8/31 at 100.00 BBB+ 147,084
500   Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46   11/25 at 100.00 N/R 548,715
10,715   Total Health Care       12,128,165
    Housing/Single Family – 0.3% (0.2% of Total Investments)        
85   Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37   11/26 at 100.00 AA+ 92,695
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care – 9.3% (6.1% of Total Investments)        
$190   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33   5/25 at 100.00 N/R $192,774
100   Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37   5/27 at 100.00 BB 115,101
500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 5.000%, 2/01/44   2/24 at 100.00 BBB 539,345
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A:        
400   5.000%, 2/01/36   2/26 at 100.00 BBB 458,832
500   5.000%, 2/01/46   2/26 at 100.00 BBB 564,865
100   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019C, 4.000%, 2/01/48   2/29 at 100.00 BBB 113,642
    Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:        
250   5.000%, 9/01/32   9/22 at 100.00 BB+ 258,525
250   5.000%, 9/01/42   9/22 at 100.00 BB+ 257,117
430   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43   9/23 at 100.00 BB+ 463,867
100   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A, 5.125%, 12/01/45   12/25 at 100.00 N/R 110,383
2,820   Total Long-Term Care       3,074,451
    Tax Obligation/General – 22.3% (14.6% of Total Investments)        
500   Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32   3/22 at 100.00 A+ 510,405
    Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2018:        
1,000   4.000%, 3/01/34   3/26 at 100.00 AA 1,137,610
335   4.000%, 3/01/36   3/26 at 100.00 AA 378,332
340   Clay County Reorganized School District R-II Smithville, Missouri, General Obligation Bonds, Refunding Series 2015, 4.000%, 3/01/36   3/27 at 100.00 AA+ 394,468
350   Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series 2019, 4.000%, 3/01/39   3/27 at 100.00 AA+ 401,268
500   Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/32   3/24 at 100.00 AA+ 543,605
200   Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018, 5.000%, 3/01/36   3/27 at 100.00 AA+ 242,354
1,000   Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program Series 2017, 4.000%, 3/01/32   3/27 at 100.00 AA+ 1,168,700
300   Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A, 4.000%, 2/01/35   2/28 at 100.00 AA 353,007
1,000   Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019, 4.000%, 3/01/39   3/27 at 100.00 AA 1,123,810
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NOM Nuveen Missouri Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$1,000   Washington School District, Franklin County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35   3/27 at 100.00 AA+ $1,163,700
6,525   Total Tax Obligation/General       7,417,259
    Tax Obligation/Limited – 27.6% (18.0% of Total Investments)        
500   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019, 4.000%, 10/01/48   10/29 at 100.00 AA 579,600
720   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2020A, 4.000%, 10/01/44   10/30 at 100.00 AA 852,437
350   Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30   6/24 at 100.00 N/R 357,381
145   Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, Certificates of Participation, Mid-Continent Public Library Project, Series 2018, 4.000%, 3/01/35   3/26 at 100.00 Aa3 163,009
250   Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 5.125%, 5/01/41   5/25 at 100.00 N/R 260,087
315   Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 (5)   10/21 at 100.00 N/R 163,800
430   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42   1/22 at 100.00 BB 436,682
    Howard Bend Levee District, St Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:        
250   4.875%, 3/01/33   3/23 at 100.00 BB+ 255,375
200   5.000%, 3/01/38   3/23 at 100.00 BB+ 204,220
485   Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23   12/21 at 100.00 Aa2 489,661
300   Kansas City Industrial Development Authority, Missouri, Downtown Redevelpment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32   10/21 at 100.00 AA- 301,170
110   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 4.250%, 4/01/26, 144A   No Opt. Call N/R 116,712
325   Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33   9/23 at 100.00 AA- 354,981
    Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B:        
100   5.000%, 2/01/40, 144A   2/28 at 100.00 N/R 109,147
100   5.000%, 2/01/50, 144A   2/28 at 100.00 N/R 108,488
245   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Branson - Branson Landing Project, Series 2015A, 4.000%, 6/01/34   6/23 at 100.00 A- 258,862
    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:        
200   4.550%, 7/01/40   7/28 at 100.00 N/R 230,144
412   0.000%, 7/01/46   7/28 at 41.38 N/R 137,662
170   5.000%, 7/01/58   7/28 at 100.00 N/R 196,835
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Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2:        
$252   4.329%, 7/01/40   7/28 at 100.00 N/R $286,469
100   4.784%, 7/01/58   7/28 at 100.00 N/R 114,439
50   Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B, 4.250%, 11/01/49, 144A   11/29 at 102.00 N/R 52,052
250   Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44, 144A   7/24 at 100.00 N/R 256,788
500   Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/49  –  AGM Insured   10/30 at 100.00 AA 620,160
300   Saint Louis Municipal Library District, Missouri, Certificates of Participation, Refunding Series 2020, 4.000%, 3/15/44  –  BAM Insured   3/30 at 100.00 AA 344,445
600   Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35   4/25 at 100.00 Aa2 668,766
500   St Charles, Missouri, Certificates of Participation, Refunding Series 2020B, 3.000%, 2/01/39   8/30 at 100.00 Aa3 543,370
450   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47   11/26 at 100.00 N/R 460,714
215   Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36   6/26 at 100.00 BBB 232,946
8,824   Total Tax Obligation/Limited       9,156,402
    Transportation – 5.0% (3.3% of Total Investments)        
1,350   Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A, 5.000%, 3/01/57  –  AGM Insured (AMT)   3/30 at 100.00 AA 1,674,513
    U.S. Guaranteed – 17.3% (11.3% of Total Investments) (6)        
910   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 (Pre-refunded 10/01/22)   10/22 at 100.00 Aa2 958,039
335   Guam AB Won Pat International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 (Pre-refunded 10/01/23)  –  AGM Insured   10/23 at 100.00 AA 371,471
2,000   Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22)   5/22 at 100.00 AAA 2,065,140
500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal & Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 (Pre-refunded 12/01/21)   12/21 at 100.00 N/R 505,875
630   Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University of Health Sciences, Series 2011, 5.250%, 10/01/41 (Pre-refunded 10/01/21)   10/21 at 100.00 A- 632,615
510   Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University of Health Sciences, Series 2014, 5.000%, 10/01/39 (Pre-refunded 10/01/23)   10/23 at 100.00 A- 561,362
5

NOM Nuveen Missouri Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (6) (continued)        
$550   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21)   11/21 at 100.00 AA+ $555,473
100   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22)   9/22 at 100.00 N/R 104,820
5,535   Total U.S. Guaranteed       5,754,795
    Utilities – 14.3% (9.3% of Total Investments)        
250   Camden County Public Water Supply District 4, Missouri, Certificates of Participation, Series 2017, 5.000%, 1/01/47   1/25 at 100.00 A- 275,250
150   Franklin County Public Water Supply District 3, Missouri, Certificates of Participation, Series 2017, 4.000%, 12/01/37   12/24 at 100.00 A+ 162,843
160   Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 4.000%, 1/01/35   1/28 at 100.00 AA 188,794
125   Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2016C, 5.000%, 5/01/46   5/26 at 100.00 AAA 147,131
450   Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2017A, 5.000%, 5/01/47   5/27 at 100.00 AAA 541,777
500   Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40   1/25 at 100.00 Aa3 567,905
350   Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/32   1/25 at 100.00 A 399,396
500   Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A, 4.000%, 1/01/35   1/26 at 100.00 A 556,130
500   Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018, 5.000%, 12/01/43   6/27 at 100.00 A2 601,025
585   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refudning Series 2016C, 5.000%, 12/01/32   12/25 at 100.00 AA+ 691,283
550   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2018, 4.000%, 12/01/39   12/25 at 100.00 AA+ 610,538
4,120   Total Utilities       4,742,072
$45,939   Total Long-Term Investments (cost $47,114,991)       50,775,743
    Floating Rate Obligations – (1.8)%       (600,000)
    MuniFund Preferred Shares, net of deferred offering costs – (53.6)% (7)       (17,789,297)
    Other Assets Less Liabilities – 2.5%       817,831
    Net Asset Applicable to Common Shares – 100%       $33,204,277
6

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 inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $50,775,743 $ — $50,775,743
    
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(6) 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.  
(7) MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.0%.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
AMT Alternative Minimum Tax  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
7