NPORT-EX 2 tiaa_NOM.htm
1
Portfolio
of
Investments
February
28,
2025
Missouri
Quality
Municipal
Income
{FooterText}
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
167.7% (100.0%
of
Total
Investments)  
X
44,458,184
MUNICIPAL
BONDS
-
167.7%  (100.0%
of
Total
Investments)
X
–
CONSUMER
STAPLES
-
4.2%
(2.5%
of
Total
Investments)
$
1,055,000
Missouri
Development
Finance
Board,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
and
Gamble
Inc.,
Series
1999,
(AMT)
5
.200
%
03/15/29
$
1,126,519
TOTAL
CONSUMER
STAPLES
1,126,519
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
11.0%
(6.6%
of
Total
Investments)
410,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2013A
5
.000
06/01/33
410,042
600,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012
5
.000
10/01/33
599,543
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2015A
4
.000
10/01/42
1,000,167
500,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2019A
5
.000
10/01/46
515,870
115,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Webster
University,
Refunding
Series
2017
4
.000
04/01/34
92,930
210,000
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2019A
-
AGM
Insured
4
.000
10/01/39
210,635
100,000
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017
4
.500
10/01/40
88,668
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
2,917,855
HEALTH
CARE
-
35.4%
(21.1%
of
Total
Investments)
300,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
5
.000
08/01/30
276,686
210,000
Bridgeton
Industrial
Development
Authority,
Missouri,
Senior
Housing
Revenue
Bonds,
The
Sarah
Community
Project,
Refunding
Series
2016
4
.000
05/01/33
210,159
400,000
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2017A
5
.000
03/01/36
411,430
300,000
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017
5
.000
10/01/42
301,243
340,000
Joplin
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Freeman
Health
System,
Series
2024
5
.000
02/15/41
361,442
250,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2015A
4
.000
01/01/45
247,522
750,000
(a)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2017D,
(Mandatory
Put
1/01/48),
(UB)
4
.000
01/01/58
715,431
1,730,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/44
1,730,558
500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A
5
.000
11/15/33
505,127
390,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2012
4
.000
11/15/42
378,440
550,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F
4
.250
11/15/48
527,276
650,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/42
664,588
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2023
5
.500
12/01/48
1,100,287
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/54
929,720
350,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A
4
.000
05/15/48
333,126
125,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lake
Regional
Health
System,
Series
2021
4
.000
02/15/51
109,061
Portfolio
of
Investments
February
28,
2025
(continued)
Missouri
Quality
Municipal
Income
2
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
600,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Ranken-Jordan
Project,
Refunding
&
Improvement
Series
2016
5
.000
%
11/15/46
$
574,822
TOTAL
HEALTH
CARE
9,376,918
HOUSING/SINGLE
FAMILY
-
0.1%
(0.1%
of
Total
Investments)
40,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2017A-2
3
.800
11/01/37
40,079
TOTAL
HOUSING/SINGLE
FAMILY
40,079
LONG-TERM
CARE
-
10.3%
(6.1%
of
Total
Investments)
100,000
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
5
.250
05/15/37
98,984
400,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A
5
.000
02/01/36
402,787
500,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A
5
.000
02/01/46
500,572
100,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C
4
.000
02/01/48
89,850
250,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2024A
5
.000
02/01/42
264,002
350,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2024A
5
.250
02/01/54
364,066
225,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2012
5
.000
09/01/32
224,233
250,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2012
5
.000
09/01/42
250,007
430,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A
5
.875
09/01/43
430,006
100,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Saint
Andrew's
Resources
for
Seniors,
Series
2015A
5
.125
12/01/45
95,997
TOTAL
LONG-TERM
CARE
2,720,504
TAX
OBLIGATION/GENERAL
-
31.4%
(18.7%
of
Total
Investments)
515,000
Carl
Junction
School
District
R-1,
Jasper
County,
Missouri,
General
Obligation
Bonds,
Series
2024
5
.000
03/01/44
545,276
1,000,000
Clay
County
Public
School
District
53,
Liberty,
Missouri,
General
Obligation
Bonds,
Series
2018
4
.000
03/01/34
1,004,167
335,000
Clay
County
Public
School
District
53,
Liberty,
Missouri,
General
Obligation
Bonds,
Series
2018
4
.000
03/01/36
335,731
340,000
Clay
County
Reorganized
School
District
R-II
Smithville,
Missouri,
General
Obligation
Bonds,
Refunding
Series
2015
4
.000
03/01/36
343,742
200,000
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
5
.000
03/01/36
207,278
500,000
Jackson
County
Consolidated
School
District
4,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2024
5
.750
03/01/43
565,713
500,000
Jefferson
City
School
District,
Missouri,
General
Obligation
Bonds,
Series
2023A
5
.500
03/01/43
550,580
225,000
Jefferson
County
School
District
R-1
Northwest,
Missouri,
General
Obligation
Bonds,
Direct
Deposit
Program
Series
2023
5
.000
03/01/43
237,535
300,000
Kansas
City,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018A
4
.000
02/01/35
305,317
500,000
Lebanon
School
District
R3,
LaClede
County,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
Series
2024
4
.000
03/01/44
491,695
425,000
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Truman
Medical
Center,
Inc.,
Pass-
Through
Certificate
Series
2017
4
.250
12/01/42
396,436
335,000
Orchard
Farm
R-V
School
District,
St.
Charles
County,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
School
Series
2024A
5
.500
03/01/44
380,903
1,250,000
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022
5
.000
03/01/42
1,336,162
1,000,000
Saint
Louis
County
Pattonville
School
District
R3,
Missouri,
General
Obligation
Bonds,
Series
2023
5
.250
03/01/43
1,078,904
3
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
500,000
Webster
Groves
School
District,
Missouri,
Crossover
General
Obligation
Bonds,
Series
2024
5
.000
%
03/01/43
$
536,639
TOTAL
TAX
OBLIGATION/GENERAL
8,316,078
TAX
OBLIGATION/LIMITED
-
39.0%
(23.3%
of
Total
Investments)
1,500,000
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District,
Mass
Transit
Sales
Tax
Appropriation
Bonds,
Refunding
Combined
Lien
Series
2019
4
.000
10/01/36
1,529,864
760,000
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
724,282
145,000
Clay,
Jackson
&
Platte
Counties
Consolidated
Public
Library
District
3,
Missouri,
Certificates
of
Participation,
Mid-Continent
Public
Library
Project,
Series
2018
4
.000
03/01/35
145,628
170,000
Conley
Road
Transportation
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017
5
.125
05/01/41
170,080
289,906
(c)
Fulton,
Missouri,
Tax
Increment
Revenue
Bonds,
Fulton
Commons
Redevelopment
Project,
Series
2006
5
.000
06/01/28
60,880
250,000
Howard
Bend
Levee
District,
St.
Louis
County,
Missouri,
Levee
District
Improvement
Bonds,
Series
2013B
4
.875
03/01/33
249,994
200,000
Howard
Bend
Levee
District,
St.
Louis
County,
Missouri,
Levee
District
Improvement
Bonds,
Series
2013B
5
.000
03/01/38
197,519
300,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Downtown
Redevelpment
District
Revenue
Bonds,
Series
2011A
5
.000
09/01/32
302,672
75,000
(b)
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016
4
.250
04/01/26
74,749
500,000
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Arena
Project,
Refunding
&
Improvement
Series
2016E
5
.000
04/01/40
500,400
325,000
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Redevelopment
District,
Series
2014C
5
.000
09/01/33
325,376
400,000
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2024B
4
.000
09/01/45
386,725
100,000
(b)
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B
5
.000
02/01/40
100,012
100,000
(b)
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B
5
.000
02/01/50
98,184
250,000
Marshall
School
District,
Missouri,
Certificates
of
Participation,
Series
2023
-
BAM
Insured
5
.000
03/01/49
262,376
245,000
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of
Branson
-
Branson
Landing
Project,
Series
2015A
4
.000
06/01/34
245,043
155,000
Ozark
R-6
School
District,
Christian
County,
Missouri,
General
Obligation
Bonds,
Series
2023
5
.000
04/01/45
162,659
350,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
117,964
97,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
24,174
500,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
497,539
117,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
117,493
252,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
251,371
200,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
199,500
50,000
(b)
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
41,839
250,000
(b)
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Chesterfield
Blue
Valley
Community
Improvement
District
Project,
Series
2014A
5
.250
07/01/44
229,194
Portfolio
of
Investments
February
28,
2025
(continued)
Missouri
Quality
Municipal
Income
4
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
500,000
Saint
Louis
Land
Clearance
for
Redevelopment
Authority,
Missouri,
Annual
Appropriation
Redevelopment
Revenue
Bonds,
National
Geospatial-Intelligence
Agency
Offsite
Improvements,
Series
2022C
5
.125
%
06/01/46
$
503,548
1,000,000
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020
-
AGM
Insured
5
.000
10/01/49
1,022,943
600,000
Springfield,
Missouri,
Special
Obligation
Bonds,
Sewer
System
Improvements
Project,
Series
2015
4
.000
04/01/35
600,181
125,000
(b)
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023
6
.000
10/01/49
125,759
450,000
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
394,865
130,000
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017
4
.500
06/01/36
130,434
195,000
Universal
City
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Tax
Increment
and
Special
District
Markets
at
Olive
Project
Series
2023A
5
.500
06/15/42
198,006
320,000
Wentzville,
Missouri,
Certificates
of
Participation,
Series
2023
5
.000
03/01/37
358,964
TOTAL
TAX
OBLIGATION/LIMITED
10,350,217
TRANSPORTATION
-
18.4%
(11.0%
of
Total
Investments)
450,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019A,
(AMT)
5
.000
03/01/44
459,685
2,000,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
(AMT)
5
.000
03/01/46
2,039,997
1,265,000
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Series
2017C
-
AGM
Insured
5
.000
07/01/47
1,290,426
1,000,000
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Series
2024A
-
AGM
Insured
5
.250
07/01/49
1,098,715
TOTAL
TRANSPORTATION
4,888,823
U.S.
GUARANTEED
-
1.4%
(0.8%
of
Total
Investments)
(d)
350,000
Fenton
Missouri
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019,
(Pre-refunded
3/01/27)
4
.000
03/01/39
358,477
TOTAL
U.S.
GUARANTEED
358,477
UTILITIES
-
16.5%
(9.8%
of
Total
Investments)
500,000
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2023A
4
.000
01/01/48
487,659
500,000
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Refunding
Improvement
Series
2022B
5
.000
05/01/47
534,348
500,000
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Refunding
Improvement
Series
2022B
5
.250
05/01/52
537,542
500,000
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of  Independence
Annual
Appropriation
Electric
System,
Refunding
Series
2022
-
AGM
Insured
5
.000
06/01/34
555,969
500,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2015A
4
.000
01/01/35
501,081
500,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018
5
.000
12/01/43
509,339
500,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Missouri
Project,
Series
2022
5
.000
12/01/44
523,716
500,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Missouri
Project,
Series
2024
4
.000
12/01/44
488,653
5
{FooterText}
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
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:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
260,000
Stone
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2021B
4
.000
%
12/01/51
$
224,407
TOTAL
UTILITIES
4,362,714
TOTAL
MUNICIPAL
BONDS
(Cost
$44,654,880)
44,458,184
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$44,654,880)
44,458,184
FLOATING
RATE
OBLIGATIONS
-
(2.3)%  
(
600,000
)
MFP
SHARES,
NET
-
(67.2)%
(e)
(
17,817,544
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.8%
475,849
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
26,516,489
AMT
Alternative
Minimum
Tax
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
(a)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,066,173
or
2.4%
of
Total
Investments.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(e)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
40.1%.
NOM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
44,458,184
$
–
$
44,458,184
Total
$
–
$
44,458,184
$
–
$
44,458,184