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Portfolio of Investments June 30, 2026
NBB
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 139.6% (99.3% of Total Investments)
662551131
MUNICIPAL BONDS - 139.6% (99.3% of Total Investments)
662551131
ALABAMA - 0.9% (0.6% of Total Investments)
$
4,000,000
Homewood Educational Building Authority, Alabama, Revenue
Bonds, CHF-Horizons II, LLC Student Housing and Parking
Project at Samford University Taxable Series 2024D
7
.423
%
10/01/44
$
4,197,410
TOTAL ALABAMA
4,197,410
ALASKA - 0.7% (0.5% of Total Investments)
3,025,000
Port Lions, Alaska, Revenue Bonds, Kodiak Area Native
Association Project, Taxable Series 2022
7
.500
10/01/52
3,141,830
TOTAL ALASKA
3,141,830
ARIZONA - 0.4% (0.3% of Total Investments)
2,000,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Grand Canyon University Project,
Taxable Series 2024
7
.375
10/01/29
2,089,209
TOTAL ARIZONA
2,089,209
CALIFORNIA - 29.4% (20.9% of Total Investments)
1,290,000
ABAG Finance Authority for Non-Profit Corporations,
California, Special Tax Bonds, Community Facilities District
2004-1 Seismic Safety Improvements 690 & 942 Market Street
Project, Taxable Refunding Series 2018
5
.100
09/01/28
1,278,352
6,125,000
ABAG Finance Authority for Non-Profit Corporations,
California, Special Tax Bonds, Community Facilities District
2004-1 Seismic Safety Improvements 690 & 942 Market Street
Project, Taxable Refunding Series 2018
5
.500
09/01/38
5,786,485
5,500,000
(b)
Alameda Corridor Transportation Authority, California,
Revenue Bonds, Taxable Refunding Subordinate Lien Series
2024 - AGM Insured
0
.000
10/01/39
2,622,953
1,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, J. David Gladstone Institutes Project, Taxable
Series 2019
3
.550
10/01/34
882,372
1,500,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, J. David Gladstone Institutes Project, Taxable
Series 2019
4
.000
10/01/39
1,239,184
8,260,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, J. David Gladstone Institutes Project, Taxable
Series 2019
4
.658
10/01/59
5,893,668
975,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, University of California San Francisco
Neurosciences Building, Build America Taxable Bond Series
2010B
6
.486
05/15/49
1,021,480
8,010,000
(a)
California Municipal Finance Authority, Mobile Home Park
Revenue Bonds, Windsor Mobile Country Club, Taxable
Refunding Series 20202B
6
.375
11/15/48
7,688,844
540,000
(a)
California Public Finance Authority, University Housing
Revenue Bonds, National Campus Community Development -
Claremont Properties LLC Claremont Colleges Project, Taxable
Refunding Series 2023B
6
.500
07/01/32
542,815
4,530,000
(c)
California State Public Works Board, Lease Revenue Bonds,
Various Capital Projects, Build America Taxable Bond Series
2009G-2
8
.361
10/01/34
5,268,168
7,010,000
California State University, Systemwide Revenue Bonds, Build
America Taxable Bond Series 2010B
6
.484
11/01/41
7,584,862
2,000,000
California State, General Obligation Bonds, Build America
Federally Taxable Series 2009
7
.550
04/01/39
2,376,470
4,110,000
(c)
California State, General Obligation Bonds, Various Purpose,
Build America Taxable Bond Series 2010
7
.600
11/01/40
4,926,917
2,000,000
(a)
California Statewide Communities Development Authority,
Limited Obligation Improvement Bonds, 300 Lakeside
Drive Oakland Property Assessed Clean Energy, Taxable
Sustainability Green Series 2023
8
.000
09/02/53
2,038,621
Portfolio of Investments June 30, 2026
(continued)
NBB
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,250,000
California Statewide Communities Development Authority,
Revenue Bonds, Front Porch Communities & Services, Taxable
Series 2021B
2
.240
%
04/01/31
$
1,110,097
1,230,000
California Statewide Community Development Authority,
Health Revenue Bonds, Enloe Medical Center, Refunding
Series 2022B - AGM Insured
7
.140
08/15/47
1,289,073
10,000,000
(d)
Los Angeles Community College District, California, General
Obligation Bonds, Build America Taxable Bonds, Series 2010,
(UB)
6
.600
08/01/42
10,535,969
2,000,000
(a),(d)
Los Angeles Community College District, Los Angeles County,
California, General Obligation Bonds, Tender Option Bond
Trust 2016-XTG002, Formerly Tender Option Bond Trust
TN027., (IF)
16
.401
08/01/49
2,844,223
1,705,000
(c)
Los Angeles County Public Works Financing Authority,
California, Lease Revenue Bonds, Mulitple Capital Projects I,
Build America Taxable Bond Series 2010B
7
.488
08/01/33
1,840,133
11,380,000
(c)
Los Angeles County Public Works Financing Authority,
California, Lease Revenue Bonds, Mulitple Capital Projects I,
Build America Taxable Bond Series 2010B
7
.618
08/01/40
13,337,004
2,640,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Build America
Taxable Bonds, Series 2009C
6
.582
05/15/39
2,801,600
23,785,000
(c)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Federally Taxable - Direct Payment -
Build America Bonds, Series 2010D
6
.574
07/01/45
25,273,128
4,000,000
(a),(d)
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Tender Option Bond Trust 2016-
XFT906., (IF)
14
.585
07/01/50
5,492,710
4,025,000
(c)
Sacramento Public Financing Authority, California, Lease
Revenue Bonds, Golden 1 Center, Series 2015
5
.637
04/01/50
4,120,162
2,200,000
San Diego County Regional Transportation Commission,
California, Sales Tax Revenue Bonds, Build America Taxable
Bonds Series 2010A
5
.911
04/01/48
2,222,035
1,500,000
San Francisco City and County Public Utilities Commission,
California, Water Revenue Bonds, Taxable Build America Bond
Series 2010G
6
.950
11/01/50
1,653,081
1,000,000
San Francisco City and County Redevelopment Financing
Authority, California, Tax Allocation Revenue Bonds, San
Francisco Redevelopment Projects, Taxable Series 2009E
8
.406
08/01/39
1,200,553
4,000,000
(a),(d)
San Francisco City and County, California, Certificates of
Participation, 525 Golden Gate Avenue, San Francisco Public
Utilities Commission Office Project, Tender Option Bond 2016-
XFT901, Formerly Tender Option Bond Trust B001., (IF)
14
.596
11/01/41
5,728,862
2,000,000
(a),(d)
San Francisco City and County, California, Certificates of
Participation, 525 Golden Gate Avenue, San Francisco Public
Utilities Commission Office Project, Tender Option Bond 2016-
XFT901, Formerly Tender Option Bond Trust B001., (IF)
14
.596
11/01/41
2,864,431
1,080,000
(a)
San Francisco City and County, California, Development
Special Tax Bonds, Mission Rock Facilities and Services Special
Tax District 2020-1, Taxable Series 2021B
4
.000
09/01/31
1,045,641
2,000,000
(c)
University of California Regents, Medical Center Pooled
Revenue Bonds, Taxable Build America Bond Series 2010H
6
.548
05/15/48
2,105,554
3,915,000
Vernon, California, Electric System Revenue Bonds, Series
2008A
8
.590
07/01/38
4,681,794
TOTAL CALIFORNIA
139,297,241
COLORADO - 2.3% (1.6% of Total Investments)
6,250,000
(a)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Taxable Senior Lien
Series 2025A-2
10
.000
02/01/45
6,387,996
2,940,000
(c)
Denver School District 1, Colorado, General Obligation Bonds,
Build America Taxable Bonds, Series 2009C
5
.664
12/01/33
3,042,003
1,230,000
(c)
Regional Transportation District, Colorado, Sales Tax Revenue
Bonds, Fastracks Project, Build America Series 2010B
5
.844
11/01/50
1,237,929
TOTAL COLORADO
10,667,928
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT OF COLUMBIA - 3.8% (2.7% of Total Investments)
$
14,365,000
(c)
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien, Build America
Bond Series 2009D
7
.462
%
10/01/46
$
16,905,486
1,000,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien, Build America
Bond Series 2009D - AGM Insured
7
.462
10/01/46
1,196,538
TOTAL DISTRICT OF COLUMBIA
18,102,024
FLORIDA - 4.4% (3.1% of Total Investments)
13,745,000
(a)
Charlotte County Industrial Development Authority, Florida,
Utility System Revenue Bonds, Town & Country Utilities Project,
Taxable Series 2021B
5
.000
10/01/36
12,699,719
1,400,000
(a)
Miami, Florida, Special Obligation Revenue Bonds, Street &
Sidewalk Improvement Program, Taxable Refunding Series
2018B - AGM Insured
4
.808
01/01/39
1,329,246
6,570,000
Miami-Dade County, Florida, Seaport Revenue Bonds, Taxable
Series 2023
6
.224
11/01/55
6,736,904
TOTAL FLORIDA
20,765,869
GEORGIA - 7.2% (5.2% of Total Investments)
2,202,000
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4
Project M Bonds, Taxable Build America Bonds Series 2010A
6
.655
04/01/57
2,366,397
5,520,000
Georgia Municipal Electric Authority, Plant Vogtle Units 3 &
4 Project P Bonds, Refunding Taxable Build America Bonds
Series 2010A - AGM Insured
7
.055
04/01/57
6,160,501
18,721,000
(c)
Georgia Municipal Electric Authority, Plant Vogtle Units 3 &
4 Project P Bonds, Refunding Taxable Build America Bonds
Series 2010A
7
.055
04/01/57
20,662,886
4,844,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Taxable Build America Bonds Series 2010A
6
.637
04/01/57
5,178,105
TOTAL GEORGIA
34,367,889
ILLINOIS - 14.1% (10.0% of Total Investments)
2,210,000
Bellwood Illinois, Tax Increment Revenue Bonds, Senior
Apartments Project, Series 2022
6
.000
12/01/50
2,085,664
4,030,000
(c)
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2010C - BAM Insured
6
.319
11/01/29
4,119,030
12,285,013
(c)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Federally Taxable Build America Bonds, Series 2010B
6
.200
12/01/40
12,907,740
355,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Third Lien, Taxable Build America Bond
Series 2010B
6
.395
01/01/40
385,232
1,000,000
Chicago, Illinois, General Obligation Bonds, Taxable Project,
Build America Bonds - Direct Payment, Series 2010B - BAM
Insured
7
.517
01/01/40
1,159,023
1,935,000
Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Build America Taxable Bond Series 2010B
6
.900
01/01/40
2,108,570
4,450,000
Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien
Series 2010B
6
.742
11/01/40
4,821,982
1,950,000
Cook County, Illinois, General Obligation Bonds, Build America
Taxable Bonds, Series 2010D
6
.229
11/15/34
2,057,708
7,500,000
(a)
Illinois Finance Authority, Revenue Bonds, Illinois Institute of
Technology, Taxable Series 2025B
8
.250
09/01/39
7,206,264
2,490,000
(a)
Illinois International Port District, Revenue Bonds, Taxable
Refunding Series 2020
5
.000
01/01/35
2,317,827
1,428,572
Illinois State, General Obligation Bonds, Build America Taxable
Bonds, Series 2010-5
7
.350
07/01/35
1,527,689
9,716,538
(c)
Illinois State, General Obligation Bonds, Taxable Build America
Bonds, Series 2010-3
6
.725
04/01/35
10,200,929
10,312,000
(c)
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Taxable Build America Bond Senior Lien Series 2009A
6
.184
01/01/34
10,855,654
2,420,000
(c)
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Taxable Build America Bond Senior Lien Series 2009B
5
.851
12/01/34
2,502,590
Portfolio of Investments June 30, 2026
(continued)
NBB
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
950,000
Northern Illinois Municipal Power Agency,  Power Project
Revenue Bonds, Prairie State Project, Build America Bond
Series 2009C
6
.859
%
01/01/39
$
1,012,164
1,375,000
Northern Illinois Municipal Power Agency,  Power Project
Revenue Bonds, Prairie State Project, Build America Taxable
Bond Series 2010A
7
.820
01/01/40
1,582,311
TOTAL ILLINOIS
66,850,377
INDIANA - 2.3% (1.6% of Total Investments)
3,500,000
Indiana Finance Authority, Revenue Bonds, Deaconess Health
System, Taxable Series 2021A
3
.313
03/01/51
2,427,177
5,000,000
Knox County, Indiana, Economic Development Revenue Bonds,
Good Samaritan Hospital Project, Taxable Series 2012B
5
.900
04/01/34
4,978,103
3,500,000
(a)
Valparaiso, Indiana, Revenue Bonds, Valparaiso University
Project, Taxable Series 2025B
9
.500
10/01/35
3,551,234
TOTAL INDIANA
10,956,514
KENTUCKY - 1.7% (1.2% of Total Investments)
5,000
Kentucky Municipal Power Agency, Power System Revenue
Bonds, Prairie State Project, Build America Bond Series 2010B
- AGM Insured
6
.490
09/01/37
5,004
5,450,000
(c)
Louisville and Jefferson County Metropolitan Sewer District,
Kentucky, Sewer and Drainage System Revenue Bonds, Build
America Taxable Bonds Series 2010A
6
.250
05/15/43
5,693,426
1,250,000
Louisville/Jefferson County Metro Government, Kentucky,
Revenue Bonds, Louisville Medical Center, Inc. Steam and
Chilled Water Plant Project, Taxable Series 2020
4
.394
05/01/50
861,502
1,790,000
Newport, Kentucky, Industrial Building Revenue Bonds, South
Beach 1, LLC Project, Taxable Refunding Series 2022
4
.125
03/01/33
1,681,677
TOTAL KENTUCKY
8,241,609
LOUISIANA - 0.6% (0.4% of Total Investments)
3,000,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2016
4
.550
12/01/46
2,533,045
500,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Junior Lien Series 2020C
4
.210
12/01/44
395,251
TOTAL LOUISIANA
2,928,296
MARYLAND - 2.8% (2.0% of Total Investments)
1,500,000
Maryland Economic Development Corporation, Parking
Facilities Revenue Bonds Baltimore City Project, Senior Parking
Facilities Revenue, Series 2018B
4
.580
06/01/33
1,481,694
2,945,000
Maryland Economic Development Corporation, Parking
Facilities Revenue Bonds Baltimore City Project, Senior Parking
Facilities Revenue, Series 2018B
4
.790
06/01/38
2,851,768
4,285,000
Maryland Economic Development Corporation, Parking
Facilities Revenue Bonds Baltimore City Project, Senior Parking
Facilities Revenue, Series 2018B
5
.050
06/01/43
4,059,045
5,350,000
Maryland Economic Development Corporation, Parking
Facilities Revenue Bonds Baltimore City Project, Senior Parking
Facilities Revenue, Series 2018B
5
.320
06/01/51
4,964,745
TOTAL MARYLAND
13,357,252
MASSACHUSETTS - 1.1% (0.8% of Total Investments)
1,000,000
Massachusetts Development Finance Agency Revenue Bonds,
Wellforce Issue, Series C&D (2020) - AGM Insured
3
.520
10/01/46
712,846
4,000,000
(a),(d)
Massachusetts, Transporation Fund Revenue Bonds,
Accelerated Bridge Program, Tender Option Bond Trust 2016-
XFT907., (IF)
10
.793
06/01/40
4,617,544
TOTAL MASSACHUSETTS
5,330,390
MINNESOTA - 0.4% (0.3% of Total Investments)
1,855,000
Western Minnesota Municipal Power Agency, Minnesota,
Power Supply Revenue Bonds, Build America Taxable Bond
Series 2010C
6
.770
01/01/46
2,007,443
TOTAL MINNESOTA
2,007,443
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSISSIPPI - 0.5% (0.3% of Total Investments)
$
2,085,000
Mississippi State, General Obligation Bonds, Taxable Build
America Bond Series 2010F
5
.245
%
11/01/34
$
2,125,711
TOTAL MISSISSIPPI
2,125,711
MISSOURI - 0.2% (0.2% of Total Investments)
1,000,000
Missouri Joint Municipal Electric Utility Commission, Power
Project Revenue Bonds, Pairie State Power Project, Federally
Taxable Build America Bonds - Direct Pay, Series 2009A
6
.890
01/01/42
1,082,159
TOTAL MISSOURI
1,082,159
NEW HAMPSHIRE - 0.9% (0.7% of Total Investments)
4,205,000
(a)
National Finance Authority, New Hampshire, Utility Revenue
Bonds, Wheeling Power Company Project, Taxable Refunding
Series 2024A
6
.890
04/01/34
4,453,086
TOTAL NEW HAMPSHIRE
4,453,086
NEW JERSEY - 3.6% (2.6% of Total Investments)
3,000,000
New Jersey Turnpike Authority, Revenue Bonds, Build America
Taxable Bonds, Series 2009F
7
.414
01/01/40
3,504,889
8,805,000
New Jersey Turnpike Authority, Revenue Bonds, Build America
Taxable Bonds, Series 2010A
7
.102
01/01/41
10,058,720
2,000,000
Rutgers State University, New Jersey, Revenue Bonds, Taxable
Build America Bond Series 2010H
5
.665
05/01/40
2,042,260
870,000
South Jersey Port Corporation, New Jersey, Marine Terminal
Revenue Bonds, Taxable Build America Bond Series 2009P-3
7
.365
01/01/40
990,874
530,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Build America Bond
Series 2009A-5
7
.000
11/01/38
576,670
TOTAL NEW JERSEY
17,173,413
NEW YORK - 16.4% (11.6% of Total Investments)
135,000
Babylon Local Development Corporation II, New York,
Education Revenue Bonds, The Academy Charter School
Project, Taxable Series 2023B
7
.250
02/01/27
135,655
10,000,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Taxable Series 2018B
5
.096
08/01/34
9,434,228
1,415,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Taxable Series 2018B - AGM
Insured
4
.946
08/01/48
1,244,809
1,590,263
(d)
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, Build America Taxable Bonds,
Series 2010D, (UB)
5
.600
03/15/40
1,594,599
5,100,000
(c)
Long Island Power Authority, New York, Electric System
Revenue Bonds, Build America Taxable Bond Series 2010B
5
.850
05/01/41
5,286,451
595,000
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Build America Taxable Bonds, Series 2010C
7
.336
11/15/39
688,392
11,390,000
(c)
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Federally Taxable Issuer
Subsidy Build America Bonds, Series 2010A
6
.668
11/15/39
12,307,693
5,090,000
(c)
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Series 2010E
6
.814
11/15/40
5,609,110
440,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Taxable Green Climate
Certified Series 2020C-2
5
.175
11/15/49
407,633
3,675,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds, Rochester Regional Health Project,
Taxable Series 2020B
4
.600
12/01/46
2,988,051
850,000
(a)
New York City Industrial Development Agency, New York,
Installment Purchase and Lease Revenue Bonds, Queens
Baseball Stadium Project, Series 2006 - AMBAC Insured
6
.027
01/01/46
838,931
1,800,000
New York City Industrial Development Agency, New York,
Installment Purchase and Lease Revenue Bonds, Queens
Baseball Stadium Project, Series 2006 - AGM Insured
6
.027
01/01/46
1,806,778
315,000
(a)
New York City Industrial Development Authority, New York,
Rental Revenue Bonds, Yankee Stadium Project, Taxable Series
2009 - AGM Insured
11
.000
03/01/29
344,200
3,595,000
(a),(d)
New York City Municipal Water Finance Authority, (IF)
12
.164
06/15/44
3,506,040
Portfolio of Investments June 30, 2026
(continued)
NBB
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
1,500,000
(c)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds, Second Generation
Resolution, Build America Taxable Bonds, Fiscal 2011 Series
AA
5
.440
%
06/15/43
$
1,420,522
2,595,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds, Second Generation
Resolution, Build America Taxable Bonds, Series 2010DD
5
.952
06/15/42
2,603,740
2,025,000
(d)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds, Second Generation
Resolution, Build America Taxable Bonds, Series 2010DD, (UB)
5
.952
06/15/42
2,031,820
10,005,000
(c)
New York City Transitional Finance Authority, New York,
Building Aid Revenue Bonds, Fiscal 2011 Taxable Build
America Bond Series 2010S-1B
6
.828
07/15/40
10,948,531
3,000,000
New York City, New York, General Obligation Bonds, Taxable
Fiscal 2025 Series D-1
5
.114
10/01/54
2,767,210
5,495,000
Westchester County Health Care Corporation, New York,
Senior Lien Revenue Bonds,  Refunding Series 2010A
8
.572
11/01/40
5,167,058
3,450,000
Westchester County Health Care Corporation, New York,
Senior Lien Revenue Bonds,  Refunding Series 2010A
8
.572
11/01/40
3,244,668
2,970,000
Westchester County Health Care Corporation, New York,
Senior Lien Revenue Bonds, Series 2010-C1 - AGM Insured
8
.572
11/01/40
3,314,911
TOTAL NEW YORK
77,691,030
OHIO - 5.8% (4.1% of Total Investments)
6,350,000
(c)
American Municipal Power Inc., Ohio, Combined Hydroelectric
Projects Revenue Bonds, Build America Bond Series 2010B
7
.834
02/15/41
7,508,059
1,000,000
American Municipal Power Inc., Ohio, Combined Hydroelectric
Projects Revenue Bonds, Build America Bond Series 2010B
8
.084
02/15/50
1,243,910
1,425,000
American Municipal Power Inc., Ohio, Meldahl Hydroelectric
Projects Revenue Bonds, Build America Bond Series 2010B
7
.499
02/15/50
1,636,623
7,040,000
(c)
American Municipal Power Ohio Inc., Prairie State Energy
Campus Project Revenue Bonds, Build America Bond Series
2009C
6
.053
02/15/43
7,179,500
10,575,000
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Tax Increment Financing Revenue Bonds,
Cooperative Township Public Parking Project, Kenwood
Collection Redevelopment, Refunding Senior Lien Series
2016A
6
.600
01/01/39
9,829,003
TOTAL OHIO
27,397,095
OKLAHOMA - 4.0% (2.9% of Total Investments)
6,000,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2018C -
AGM Insured
5
.450
08/15/28
6,049,744
13,200,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2018D
5
.450
08/15/28
13,074,674
TOTAL OKLAHOMA
19,124,418
OREGON - 0.9% (0.6% of Total Investments)
1,590,000
Hillsboro Economic Development Council, Oregon, Tax
Increment Revenue Bonds, North Hillsboro Industrial Renew
Area, Taxable Series 2024 - AGM Insured
5
.815
06/01/38
1,655,527
1,600,000
Hillsboro Economic Development Council, Oregon, Tax
Increment Revenue Bonds, North Hillsboro Industrial Renew
Area, Taxable Series 2024 - AGM Insured
5
.865
06/01/39
1,663,482
1,000,000
Port of Portland, Oregon, Portland International Airport
Customer Facility Charge Revenue Bonds, Taxable Series 2019
4
.237
07/01/49
828,709
TOTAL OREGON
4,147,718
PENNSYLVANIA - 1.4% (1.0% of Total Investments)
1,720,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Build America Taxable Bonds,
Series 2009D
6
.218
06/01/39
1,796,151
215,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Taxable Series 2024C
5
.362
11/01/37
219,279
1,640,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Build America Taxable Bonds, Series 2009A
6
.105
12/01/39
1,746,455
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
2,715,000
(c)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Build America Taxable Bonds, Series 2010B
5
.511
%
12/01/45
$
2,716,928
305,000
Philadelphia Redevelopment Authority, Pennsylvania, City
Service Agreement Revenue Bonds, City of Philadelphia
Neighborhood Preservation Initiative, Taxable Social Series
2024A
5
.226
09/01/40
303,297
TOTAL PENNSYLVANIA
6,782,110
SOUTH CAROLINA - 3.4% (2.4% of Total Investments)
205,000
(a),(d)
South Carolina Public Service Authority, (IF)
14
.729
01/01/50
267,469
1,550,000
(d)
South Carolina Public Service Authority, Electric System
Revenue Bonds, Santee Cooper, Federally Taxable Build
America Series 2010C
6
.454
01/01/50
1,644,466
2,000,000
South Carolina Public Service Authority, Electric System
Revenue Bonds, Santee Cooper, Federally Taxable Build
America Series 2010C - AGM Insured
6
.454
01/01/50
2,134,363
8,985,000
South Carolina Public Service Authority, Electric System
Revenue Bonds, Santee Cooper, Federally Taxable Build
America Series 2010C, (UB)
6
.454
01/01/50
9,532,596
2,585,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2013C - AGM Insured
5
.784
12/01/41
2,713,237
TOTAL SOUTH CAROLINA
16,292,131
TENNESSEE - 4.8% (3.4% of Total Investments)
1,500,000
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-
Madison County General Hospital Project, Series 2018B
5
.308
04/01/48
1,360,253
140,000
Memphis/Shelby County Economic Development Growth
Engine Industrial Development Board, Tennessee, Tax
Increment Revenue Bonds, Graceland Project, Senior Taxable
Series 2017B
4
.700
07/01/27
136,670
7,915,000
Memphis/Shelby County Economic Development Growth
Engine Industrial Development Board, Tennessee, Tax
Increment Revenue Bonds, Graceland Project, Senior Taxable
Series 2017B
5
.200
07/01/37
6,788,416
1,515,000
Memphis/Shelby County Economic Development Growth
Engine Industrial Development Board, Tennessee, Tax
Increment Revenue Bonds, Graceland Project, Senior Taxable
Series 2017B
5
.450
07/01/45
1,160,178
5,010,000
(c)
Metropolitan Government Nashville & Davidson County
Convention Center Authority, Tennessee, Tourism Tax Revenue
Bonds, Build America Taxable Bonds, Series 2010A-2
7
.431
07/01/43
5,575,208
7,335,000
(c)
Metropolitan Government Nashville & Davidson County
Convention Center Authority, Tennessee, Tourism Tax Revenue
Bonds, Build America Taxable Bonds, Subordinate Lien Series
2010B
6
.731
07/01/43
7,748,925
TOTAL TENNESSEE
22,769,650
TEXAS - 9.9% (7.1% of Total Investments)
2,520,000
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,
Taxable Build America Bonds, Series 2009B
5
.999
12/01/44
2,590,846
16,115,000
(c)
Dallas Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, Build America Taxable Bonds,
Series 09B
7
.088
01/01/42
17,785,010
1,850,000
Dalllas County Hospital District, Texas, General Obligation
Limited Tax Bonds, Taxable Build America Bond Series 2009C
5
.621
08/15/44
1,863,317
1,000,000
Fort Worth, Tarrant, Denton, Parker, Johnson, and Wise
Counties, Texas, Special Tax Revenue Bonds, Taxable Series
2017B
4
.238
03/01/47
849,967
1,500,000
Greater Texas Cultural Educational Facilities Finance
Corporation, Texas, Revenue Bonds, Biomedical Research
Institute Taxable Series 2024B
6
.250
06/01/37
1,461,887
665,000
Harris County, Texas, Hotel Occupancy Tax Revenue Bonds,
Senior Lien Taxable Series 2024
5
.363
08/15/49
636,119
10,285,000
(c)
North Texas Tollway Authority, System Revenue Bonds, Taxble
Build America Bond Series 2009B
6
.718
01/01/49
11,271,734
Portfolio of Investments June 30, 2026
(continued)
NBB
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
7,545,000
San Antonio, Texas, Customer Facility Charge Revenue Bonds,
Rental Car Special Facilities Project, Series 2015
5
.671
%
07/01/35
$
7,546,764
2,000,000
San Antonio, Texas, Customer Facility Charge Revenue Bonds,
Rental Car Special Facilities Project, Series 2015
5
.871
07/01/45
1,999,791
1,000,000
San Antonio, Texas, Electric and Gas System Revenue Bonds,
Junior Lien, Build America Taxable Bond Series 2010A
5
.808
02/01/41
1,034,404
10,000
San Antonio, Texas, Electric and Gas System Revenue Bonds,
Series 2012
4
.427
02/01/42
9,535
TOTAL TEXAS
47,049,374
UTAH - 1.6% (1.1% of Total Investments)
8,500,000
(a)
Salt Lake County, Utah, Convention Hotel Revenue Bonds,
Taxable Series 2019
5
.750
10/01/47
7,426,278
TOTAL UTAH
7,426,278
VIRGINIA - 3.8% (2.7% of Total Investments)
1,840,000
(a)
Fredericksburg Economic Development Authority, Virginia,
Revenue Bonds, Fredericksburg Stadium Project, Taxable
Series 2019A
5
.500
09/01/49
1,778,867
10,145,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset Backed Bonds, Refunding Senior Lien Series
2007A
6
.706
06/01/46
7,544,079
4,675,000
(a)
Virginia Small Business Finance Authority, Tourism
Development Financing Program Revenue Bonds, Downtown
Norfolk and Virginia Beach Oceanfront Hotel Projects, Series
2018B
12
.000
04/01/48
4,682,521
3,780,000
Virginia Small Business Financing Authority, Tourism
Development Financing Program Revenue Bonds, Virginia 921
Meyer Hotel Project, Taxable Senior Series 2026B-1
12
.000
12/01/49
3,808,473
TOTAL VIRGINIA
17,813,940
WASHINGTON - 5.9% (4.2% of Total Investments)
26,235,000
(c)
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Build America Taxable Bond
Series 2010B
6
.790
07/01/40
28,066,680
TOTAL WASHINGTON
28,066,680
WEST VIRGINIA - 1.8% (1.3% of Total Investments)
11,600,000
Tobacco Settlement Finance Authority, West Virginia, Tobacco
Settlement Asset-Backed Bonds, Taxable Refunding Class 1
Senior Series 2020A
4
.306
06/01/49
8,444,873
TOTAL WEST VIRGINIA
8,444,873
WISCONSIN - 2.6% (1.9% of Total Investments)
480,000
(a)
Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 1
LLC Project, Taxable Social Series 2022A - BAM Insured
5
.569
11/01/51
458,454
2,360,000
(a)
Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 1
LLC Project, Taxable Social Series 2023 - BAM Insured
6
.434
11/01/52
2,421,135
400,000
Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 2
LLC Project, Taxable Series 2024 - BAM Insured
6
.201
05/01/54
406,154
4,935,000
Public Finance Authority of Wisconsin, Wisconsin, Revenue
Bonds, E-470 Public Highway Authority Service Areas Project,
Taxable Senior Lien Series 2025
7
.087
07/01/60
4,977,478
1,500,000
Public Finance Authority, Wisconsin, Revenue Bonds, Peddie
School, Series 2020
3
.127
07/01/50
1,043,427
2,500,000
Public Finance Authority, Wisconsin, Revenue Bonds, Texas
Biomedical Research Institute Project, Taxable Series 2021B
3
.625
06/01/51
1,375,308
2,000,000
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Supported by State Moral Obligation Taxable Senior Series
2020A - AGM Insured
4
.473
12/15/47
1,728,228
TOTAL WISCONSIN
12,410,184
TOTAL MUNICIPAL BONDS
(Cost $693,257,587)
662,551,131
TOTAL LONG-TERM INVESTMENTS
(Cost $693,257,587)
662,551,131
9
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
Investments in Derivatives
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
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.9%(0.7% of Total Investments)
4414539
REPURCHASE AGREEMENTS - 0.9% (0.7% of Total Investments)
4414539
$
3,014,539
(e)
Fixed Income Clearing Corporation
1
.060
%
07/01/26
$
3,014,539
1,400,000
(f)
Fixed Income Clearing Corporation
3
.610
07/01/26
1,400,000
TOTAL REPURCHASE AGREEMENTS
(Cost $4,414,539)
4,414,539
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,414,539)
4,414,539
TOTAL INVESTMENTS - 140.5%
(Cost $697,672,126)
666,965,670
FLOATING RATE OBLIGATIONS - (3.8)%
(
18,075,000
)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (41.7)%(g)
(
197,794,238
)
OTHER ASSETS & LIABILITIES, NET -  5.0%
23,609,872
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
474,706,304
IF
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with
the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term
rate, and is reduced by the expenses related to the TOB trust.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse
Trust unless otherwise noted.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $94,622,167 or 14.2% of Total Investments.
(b)
Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial
period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference
between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(c)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse
repurchase agreements. As of the end of the fiscal period, investments with a value of $233,153,023 have been pledged as
collateral for reverse repurchase agreements.
(d)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(e)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $3,014,628 on 7/1/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 12/31/30, valued at $3,074,860.
(f)
Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $1,400,140 on 7/1/26,
collateralized by Government Agency Securities, with coupon rate 1.625% and maturity date 5/15/31, valued at $1,428,034.
(g)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 29.7%.
Futures Contracts - Short
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury Ultra Bond
(673)
9/26
$
(
75,904,547
)
$
(
78,173,156
)
$
(
2,268,609
)
Portfolio of Investments June 30, 2026
(continued)
NBB
10
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, and the fair value of certain other assets and liabilities, when applica-
ble, as of the end of the reporting period, based on the inputs used to value them:
NBB
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
662,551,131
$
–
$
662,551,131
Short-Term Investments:
Repurchase Agreements
–
4,414,539
–
4,414,539
$
–
$
666,965,670
$
–
$
666,965,670
Investments in Derivatives:
Futures Contracts*
(
2,268,609
)
–
–
(
2,268,609
)
$
(
2,268,609
)
$
–
$
–
$
(
2,268,609
)
Liabilities at Fair Value:
Floating Rate Obligations
$
–
$
18,075,000
$
–
$
18,075,000
Reverse Repurchase Agreements
$
–
$
197,794,238
$
–
$
197,794,238
$
–
$
215,869,238
$
–
$
215,869,238
*
Represents net unrealized appreciation (depreciation).