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Portfolio of Investments January 31, 2026
NMCO
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 169.1% (100.0% of Total Investments)
1001176380
MUNICIPAL BONDS - 169.1% (100.0% of Total Investments)
1001176380
ALABAMA - 4.8% (2.9% of Total Investments)
$
395,000
(a)
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
$
433,909
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
21,130,270
3,100,000
Mobile County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC
Project, Series 2024A, (AMT)
5
.000
06/01/54
2,987,475
4,000,000
(b)
Tuscaloosa County Industrial Development Authority,
Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,
Refunding Series 2019A
5
.250
05/01/44
4,025,726
TOTAL ALABAMA
28,577,380
ALASKA - 1.3% (0.8% of Total Investments)
7,765,000
Anchorage, Alaska, Port Revenue Bonds, Series 2020A, (AMT)
5
.000
12/01/50
7,856,467
TOTAL ALASKA
7,856,467
ARIZONA - 2.9% (1.7% of Total Investments)
2,000,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Series 2021B
5
.000
07/01/51
1,727,086
1,000,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Taxable Series 2021A
5
.000
07/01/51
861,232
340,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Pinecrest Academy-Cadence Campus Project,
Series 2020A
4
.000
07/15/40
321,408
2,000,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, San Tab Charter Schools Project, Series 2025
6
.875
02/01/53
2,018,503
965,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Gateway Academy Project, Series
2019A
5
.750
01/01/50
884,867
1,100,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Taxable Series 2019B
5
.000
07/01/39
1,122,412
4,025,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Taxable Series 2019B
5
.000
07/01/54
3,762,592
315,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Ottawa University
Projects, Series 2020
5
.500
10/01/51
252,543
600,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series
2016A
5
.000
07/01/35
600,269
280,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Northwest Christian School Project,
Series 2020A
5
.000
09/01/55
228,558
1,000,000
(b),(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Series 2019
5
.875
07/01/51
800,000
50,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Imagine East Mesa Charter
Schools Project, Series 2019
5
.000
07/01/49
45,912
380,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Synergy Public Charter
School Project, Series 2020
5
.250
06/15/50
349,713
1,000,000
Sierra Vista Industrial Development Authority, Arizona,
Economic Development Revenue Bonds, Convertible Capital
Appreciation Revenue Bonds, Series 2021A
5
.375
10/01/56
823,446
Portfolio of Investments January 31, 2026
(continued)
NMCO
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
2,205,000
(b)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6
.000
%
10/01/37
$
1,668,103
2,350,000
(b)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6
.125
10/01/52
1,515,198
TOTAL ARIZONA
16,981,842
ARKANSAS - 2.4% (1.4% of Total Investments)
14,085,000
(b)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2022, (AMT)
5
.450
09/01/52
14,129,931
TOTAL ARKANSAS
14,129,931
CALIFORNIA - 9.2% (5.4% of Total Investments)
3,000,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, K Street Flats, Series 2021A-2
4
.000
08/01/50
2,356,905
4,500,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments,
Series 2020A
5
.000
02/01/50
3,442,500
8,000,000
(b)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5
.000
04/01/49
6,490,842
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
293,195
1,500,000
(b)
California Enterprise Development Authority, Charter School
Revenue Bonds, Norton Science and Language Academy
Project, Series 2020
6
.250
07/01/58
1,525,447
945,000
(a)
California Infrastructure and Economic Development Bank,
Revenue Bonds, Brightline West Passenger Rail Project, Green
Series 2025B, (AMT), (Mandatory Put 11/02/26)
12
.000
01/01/65
708,750
275,000
(b)
California Municipal Finance Authority, Revenue Bonds,
American Musical and Dramatic Academy Inc. AMDA Inc
Project, Taxable Series 2023B
9
.500
07/01/30
280,425
1,350,000
California Municipal Finance Authority, Revenue Bonds,
American Musical and Dramatic Academy Inc., Series 2023A
7
.250
07/01/53
1,376,342
4,000,000
(b)
California Municipal Finance Authority, Revenue Bonds,
Simpson University, Series 2020A
6
.000
10/01/50
3,955,159
1,385,000
(b)
California Public Finance Authority, Charter School Lease
Revenue Bonds, California Crosspoint Academy Project, Series
2020A
5
.125
07/01/55
1,188,266
320,000
(b)
California Public Finance Authority, Senior Living Revenue
Bonds, Enso Village, Refunding Green Series 2021A
5
.000
11/15/51
286,796
4,850,000
California Public Finance Authority, Senior Living Revenue
Bonds, The James, Senior Series 2024A
6
.200
06/01/44
4,821,357
1,410,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group,
Series 2020A
5
.000
06/01/50
1,191,429
1,200,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group,
Series 2020A
5
.000
06/01/59
973,149
1,000,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public School'sObligated Group,
Series 2020A
5
.000
06/01/60
845,745
4,000,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
4,001,831
3,000,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.500
12/01/58
3,031,457
15,000,000
California Statewide Financing Authority, Tobacco Settlement
Asset-Backed Bonds, Pooled Tobacco Securitization Program,
Series 2006A
0
.000
06/01/46
3,821,684
1,000,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Center City Anaheim, Series
2020A
5
.000
01/01/54
873,464
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,500,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Vineyard Gardens
Apartments, Senior Lien Series 2021A
3
.250
%
10/01/58
$
1,760,651
18,500,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0
.000
06/01/66
1,947,773
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
4,951,893
615,000
(d)
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
660,441
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
3,710,678
TOTAL CALIFORNIA
54,496,179
COLORADO - 26.4% (15.6% of Total Investments)
6,225,000
(b)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.750
12/01/54
6,205,231
1,940,000
Arista Metropolitan District, Broomfield County, Colorado,
General Obligation Limited Tax Bonds, Refunding and
Improvement Series 2023B
8
.250
12/15/39
1,967,189
2,000,000
Aurora Crossroads Metropolitan District 2, Colorado, Limited
Tax General Obligation Bonds, Series 2025A-3
6
.125
12/01/55
1,976,176
3,000,000
Aurora Highlands Community Authority Board, Adams
County, Colorado, Special Tax Revenue Bonds, Refunding &
Improvement Series 2021A
5
.750
12/01/51
2,875,935
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
1,579,588
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
826,683
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
2,010,633
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
323,848
3,985,000
Broadway Station Metropolitan District 3, Denver County,
Colorado, Tax Increment Supported Revenue Bonds, Series
2023A
7
.000
12/15/32
3,958,902
500,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds World Compass Academy Project,
Series 2017
5
.375
10/01/37
466,071
2,000,000
(b)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Axis International Academy Project,
Series 2025A
6
.000
07/01/55
2,024,517
3,145,000
(b)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Belle Creek Charter School, Series
2022A
5
.250
03/15/52
2,988,621
500,000
(b)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Loveland Classical Schools Project,
Series 2016
5
.000
07/01/36
501,926
9,275,000
(b)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Senior Lien Series
2025A-1
6
.875
02/01/59
9,757,808
3,520,000
(b)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Rocky Mountain Classical Academy Project, Refunding
Series 2019
5
.000
10/01/49
3,241,014
Portfolio of Investments January 31, 2026
(continued)
NMCO
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
6,650,000
(b)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Rocky Mountain Classical Academy Project, Refunding
Series 2019
5
.000
%
10/01/59
$
5,898,041
7,000,000
(b)
Cottonwood Creek Metropolitan District 5, Arapahoe County
Colorado, Limited Tax General Obligation Bonds, Convertible
Capital Appreciation Series 2025
7
.250
12/01/55
5,380,332
1,658,000
Crossroads Metropolitan District 1, El Paso County, Colorado,
Limited Tax General Obligation and Special Revenue Bonds,
Series 2022
6
.500
12/01/51
1,629,466
5,000,000
(b)
Dawson Trails Metropolitan District 1, Castle Rock, Colorado,
Limited Tax General Obligation Bonds, Subordinate Series
2025B
9
.250
12/15/55
4,792,882
2,692,435
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
1,739,416
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
986,627
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
1,771,240
980,000
(b)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5
.500
12/01/44
992,100
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
13,414,631
500,000
Johnstown North Metropolitan District 2, Johnstown, Colorado,
General Obligation Bonds, Refunding & Improvement Series
2022A
7
.000
08/15/52
510,599
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
771,339
2,000,000
(b)
Ledge Rock Center Commercial Metropolitan District (In the
Town of Johnstown, Weld County, Colorado), Limited Tax
General Obligation Bonds, Series 2022
7
.375
11/01/52
2,096,190
500,000
Ledge Rock Center Residential Metropolitan District 1, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Series 2024A
6
.375
12/01/54
507,024
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
943,823
2,320,000
North Range Metropolitan District 3, Adams County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-3
5
.250
12/01/50
2,326,296
515,000
(c)
North Vista Highlands Metropolitan District 3, Pueblo County,
Colorado, Limited Tax General Obligation Bonds, Series 2020
5
.125
12/01/49
398,741
10,180,000
(c)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
5
.000
12/01/49
8,848,025
1,000,000
Parterre Metropolitan District 5, Thornton, Adams County,
Colorado, General Obligation Limited Tax Bonds, Series 2025A
5
.875
12/01/45
1,044,527
5,110,000
Parterre Metropolitan District 5, Thornton, Adams County,
Colorado, General Obligation Limited Tax Bonds, Series 2025A
6
.125
12/01/55
5,346,329
4,398,000
Pioneer Community Authority Board (Weld County, Colorado),
Special Revenue Bonds, Series 2022
6
.500
12/01/34
4,344,523
1,000,000
Redtail Ridge Metropolitan District, City of Louisville, Boulder
County, Colorado, General Obligation Limited Tax Capital
Appreciation Turbo Bonds, Series 2025
0
.000
12/01/32
637,389
1,500,000
RM Mead Metropolitan District, Weld County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A
5
.250
12/01/50
1,503,051
5,000,000
Sagebrush Farm Metropolitan District 1, Aurora, Adams
County, Colorado, General Obligation Limited Tax Bonds,
Series 2022A
6
.750
12/01/52
5,164,201
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
8,900,000
(b)
Sky Ranch Community Authority Board (Arapahoe County,
Colorado), Limited Tax Supported District No. 3 Senior Bonds
(Tax-Exempt Fixed Rate), Series 2022A and Subordinate Bonds
(Tax-Exempt Fixed Rate), Series 2022B(3)
5
.750
%
12/01/52
$
8,998,654
7,375,000
South Aurora Regional Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Refunding Improvement
Series 2025
6
.750
12/01/55
7,530,259
6,500,000
STC Metropolitan District 2, Superior, Boulder County,
Colorado, Limited Tax General Obligation and Special Revenue
Bonds, Refunding First Lien Series 2025A-1
5
.000
12/01/55
6,570,124
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
1,050,669
860,000
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported District 2, Refunding &
Improvement Subordinate Series 2025A - BAM Insured
6
.875
12/15/55
862,890
760,000
(c)
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
537,725
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
1,944,117
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
779,321
4,750,000
(b)
Vail Home Partners Corporation, Colorado, Housing Facilities
Revenue Bonds, Series 2025
6
.000
10/01/64
4,848,776
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
1,753,298
8,000,000
(b)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Convertible Capital
Appreciation Series 2021A-2
4
.625
12/01/51
5,570,949
2,000,000
(b)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4
.000
12/01/36
1,812,721
3,500,000
(b)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4
.125
12/01/51
2,651,321
TOTAL COLORADO
156,661,758
CONNECTICUT - 0.4% (0.3% of Total Investments)
3,200,000
(b)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Mary Wade Home Issue, Series 2019A-1
5
.000
10/01/54
2,527,335
TOTAL CONNECTICUT
2,527,335
DISTRICT OF COLUMBIA - 3.9% (2.3% of Total Investments)
89,500,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0
.000
06/15/46
20,980,447
3,335,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006C
0
.000
06/15/55
336,886
1,971,000
(b)
District of Columbia, Revenue Bonds, Saint Paul on Fouth
Street, Inc., Series 2019A
5
.250
05/15/55
1,668,773
TOTAL DISTRICT OF COLUMBIA
22,986,106
FLORIDA - 12.8% (7.6% of Total Investments)
140,000
(b)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, Franklin Academy Projects, Series 2020
5
.000
12/15/35
140,250
100,000
(b)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, Franklin Academy Projects, Series 2020
5
.000
12/15/50
90,084
100,000
(b)
Capital Trust Agency, Florida, Educational Facilities Revenue
Bonds, Imagine School at Land O'Lakes Project, Series 2020A
5
.000
12/15/49
81,997
2,483,703
(b)
Capital Trust Agency, Florida, Educational Facilities Revenue
Bonds, LLT  Academy South Bay Project, Series 2020A
6
.000
06/15/55
2,198,688
1,950,000
(b)
Capital Trust Agency, Florida, Educational Facilities Revenue
Bonds, Pineapple Cove Classical Academy, Series 2019A
5
.125
07/01/39
1,940,697
1,490,000
(b)
Capital Trust Agency, Florida, Senior Living Facilities Revenue
Bonds, Elim Senior Housing, Inc. Project, Series 2017
5
.625
08/01/37
1,470,814
Portfolio of Investments January 31, 2026
(continued)
NMCO
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,980,000
(b)
Capital Trust Agency, Florida, Senior Living Facilities Revenue
Bonds, Elim Senior Housing, Inc. Project, Series 2017
5
.875
%
08/01/52
$
2,588,528
1,230,000
(b)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Babcock Neighborhood School Inc Project, Series 2024
5
.750
08/15/54
1,175,430
2,030,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Creative Inspiration Journey School
of St. Cloud, Series 2021A
5
.000
06/15/51
1,739,393
2,210,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Pepin Academies of Pasco County
Inc., Series 2020A
5
.000
01/01/40
1,990,021
500,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Pepin Academies of Pasco County
Inc., Series 2020A
5
.000
01/01/50
398,118
1,600,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Southwest Charter Foundation Inc
Projects, Series 2017A
6
.000
06/15/37
1,615,437
14,005,000
(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put
7/15/28)
12
.000
07/15/32
3,127,543
1,500,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)
5
.000
07/01/44
1,485,842
12,450,000
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
9,337,500
7,475,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.250
07/01/53
7,364,100
3,215,000
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
2,411,250
3,000,000
(b)
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
734,729
15,700,000
(a),(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
10
.000
07/01/57
10,990,000
595,000
(b)
Florida Development Finance Corporation, Student Housing
Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series
2024A-1
5
.250
06/01/54
566,593
1,500,000
(b)
Florida Development Finance Corporation, Student Housing
Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series
2024B
6
.500
06/01/59
1,397,277
2,000,000
(b)
Florida Local Government Finance Commission, Senior Living
Revenue Bonds, Fleet Landing at Nocatee Project Series 2025A
6
.875
11/15/64
2,094,080
1,650,000
(b)
Lake County, Florida, Educational Facilities Revenue Bonds,
Imagine South Lake Charter School Project, Series 2019A
5
.000
01/15/49
1,432,574
135,000
(b)
Lake Hideaway Community Development District, Hernando
County, Florida, Capital Improvement Revenue Bonds,
Assessment Area One, Series 2024
5
.900
05/01/54
135,543
385,000
Lee County Industrial Development Authority, Florida, Charter
School Revenue Bonds, Lee County Community Charter
Schools, Series 2007A
5
.250
06/15/27
385,268
1,000,000
(b)
Lee County Industrial Development Authority, Florida,
Healthcare Facilities Revenue Bonds, Preserve Project, Series
2017A
5
.375
12/01/32
820,904
1,100,000
(b)
Lee County Industrial Development Authority, Florida,
Healthcare Facilities Revenue Bonds, Preserve Project, Series
2017A
5
.625
12/01/37
882,238
1,300,000
(b)
Lee County Industrial Development Authority, Florida,
Healthcare Facilities Revenue Bonds, Preserve Project, Series
2017A
5
.750
12/01/52
953,989
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
750,000
Leomas Landing Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 2,
Series 2021
4
.000
%
05/01/52
$
609,314
690,000
LT Ranch Community Development District, Sarasota County,
Florida, Capital Improvement Revenue Bonds, Series 2019
4
.000
05/01/40
677,343
975,000
(b)
Mandarin Grove Community Development District, Manatee
County, Florida, Special Assessment Revenue Bonds, 2022
Project Series 2022
6
.625
05/01/53
1,121,850
750,000
(b)
Miami Dade County Industrial Development Authority, Florida,
Educational Facilities Revenue Bonds, Miami Community
Charter School Inc Project, Series 2025
6
.375
06/01/65
761,565
2,390,000
(b)
Middleton Community Development District A, Florida, Special
Assessment Revenue Bonds, Series 2022
6
.200
05/01/53
2,489,571
710,000
(b)
North AR-1 of Pasco Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 4,
Series 2024
5
.750
05/01/54
711,952
2,130,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0
.000
10/01/48
650,134
500,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0
.000
10/01/54
107,544
900,000
(b)
Palm Beach County, Florida, Revenue Bonds, Provident Group
- PBAU Properties II LLC - Palm Beach Atlantic University
Housing Project, Subordinate Series 2025B
6
.500
10/01/45
923,527
1,000,000
(b)
Palm Beach County, Florida, Revenue Bonds, Provident Group
- PBAU Properties II LLC - Palm Beach Atlantic University
Housing Project, Subordinate Series 2025B
6
.750
10/01/55
1,030,579
835,000
Palm Coast Park Community Development District, Florida,
Special Assessment Revenue Bonds, Series 2023
5
.400
05/01/43
861,580
100,000
Parker Road Community Development District, Florida, Capital
Improvement Revenue Bonds, Refudning Series 2020
3
.875
05/01/40
90,609
3,970,000
Seminole County Industrial Development Authority, Florida,
Retirement Facility Revenue Bonds, Legacy Pointe At UCF
Project, Series 2019A
5
.750
11/15/54
3,791,670
1,445,000
Twin Creeks North Community Development District,
Florida, Special Assessment Bonds, Master Infrastructure
Improvements, Series 2016A-1
6
.375
11/01/47
1,510,555
1,000,000
(b)
Woodland Crossing Community Development District, Sumter
County, Florida, Special Assessment Bonds, Series 2025
5
.875
05/01/45
1,029,490
TOTAL FLORIDA
75,916,170
GEORGIA - 5.0% (2.9% 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
3,532,488
500,000
(b)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5
.500
04/01/39
518,563
1,250,000
(c)
Atlanta Development Authority, Georgia, Senior Health Care
Facilities Revenue Bonds, Georgia Proton Treatment Center
Project, Current Interest Series 2017A-1
6
.500
01/01/29
675,000
7,030,000
(c)
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
3,796,200
18,430,000
(c)
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
9,952,200
10,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5
.000
05/15/43
10,155,840
850,000
White County Development Authority, Georgia, Revenue
Bonds Truett McConnell University, Series 2019
5
.125
10/01/39
751,361
TOTAL GEORGIA
29,381,652
Portfolio of Investments January 31, 2026
(continued)
NMCO
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII - 0.2% (0.1% of Total Investments)
$
1,150,000
(b)
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Chaminade University of Honolulu, Series
2015A
5
.000
%
01/01/45
$
1,025,928
TOTAL HAWAII
1,025,928
IDAHO - 1.7% (1.0% of Total Investments)
9,655,000
(b)
Idaho Falls Auditorium District, Idaho, Certifications of
Participation,  Annual Appropriation Series 2021
5
.250
05/15/51
9,193,125
515,000
(e)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
General Obligation Bonds, Series 2021
5
.400
09/01/50
515,813
675,000
(e)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
General Obligation Bonds, Series 2021
5
.500
09/01/55
675,847
TOTAL IDAHO
10,384,785
ILLINOIS - 7.1% (4.2% of Total Investments)
2,750,000
Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1,
Refunding Series 2019
5
.250
03/01/41
2,782,983
4,800,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2025E - BAM Insured
5
.000
01/01/60
4,765,525
1,530,000
(d)
Chicago, Illinois, General Obligation Bonds, Refunding Series
2016C, (UB)
5
.000
01/01/38
1,530,815
1,520,000
(d)
Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)
5
.500
01/01/49
1,525,177
7,800,000
Illinois Finance Authority, Revenue Bonds, Admiral at the Lake
Project, Refunding Series 2017
5
.250
05/15/54
6,469,493
3,000,000
(b)
Illinois Finance Authority, Revenue Bonds, Roosevelt University,
Series 2018B
6
.125
04/01/58
2,942,209
3,500,000
(a),(b)
Illinois Finance Authority, Solid Waste Revenue Bonds, LRS
Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33)
7
.375
09/01/42
4,014,655
890,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/39
957,074
10,000,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2012B - AGM Insured
0
.000
12/15/50
3,010,142
2,980,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017A
5
.000
06/15/57
2,913,282
29,815,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B - BAM Insured
0
.000
12/15/54
7,198,692
425,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Series 2021 - BAM Insured
4
.000
10/01/39
426,590
800,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Series 2021 - BAM Insured
4
.000
10/01/40
800,563
700,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Series 2021 - BAM Insured
4
.000
10/01/41
693,252
150,000
Sales Tax Securitization Corporation, Illinois, Sales Tax
Securitzation Bonds, Second Lien Series 2020A
4
.000
01/01/38
150,912
120,000
Sales Tax Securitization Corporation, Illinois, Sales Tax
Securitzation Bonds, Second Lien Series 2020A
4
.000
01/01/39
120,294
1,000,000
(c)
Yorkville United City Business District, Illinois, Storm Water and
Water Improvement Project Revenue Bonds, Series 2007
4
.800
01/01/27
340,000
708,143
(c)
Yorkville United City, Kendall County, Illinois, Sales Tax Revenue
Bonds, Kendall Marketplace Project, Series 2007
6
.000
01/01/26
708,143
575,000
Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-
113 Cannoball & Beecher, Series 2007
5
.750
03/01/28
575,239
TOTAL ILLINOIS
41,925,040
INDIANA - 1.8% (1.1% of Total Investments)
135,000
(b)
Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet
Galilee at the Wigwam Project, Series 2020A
5
.375
01/01/40
125,077
3,105,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Earlham College, Refunding Series 2013A
5
.000
10/01/32
3,105,457
500,000
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, United States Steel Corporation Project, Series
2020, (AMT)
6
.750
05/01/39
562,648
1,005,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
1,045,771
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.125
03/01/57
1,046,677
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
(continued)
$
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1
7
.750
%
03/01/67
$
1,100,032
1,000,000
(b)
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt
Paper LLC Project, Refunding Series 2024, (AMT)
5
.000
01/01/54
983,282
2,505,000
(b)
Valparaiso, Indiana, Revenue Bonds, Valparaiso University
Project, Series 2025A
6
.250
10/01/50
2,543,272
TOTAL INDIANA
10,512,216
IOWA - 0.2% (0.1% of Total Investments)
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
1,278,932
TOTAL IOWA
1,278,932
KANSAS - 1.1% (0.6% of Total Investments)
865,000
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
839,379
5,475,000
(b)
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
5,523,118
TOTAL KANSAS
6,362,497
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
471,305
TOTAL KENTUCKY
471,305
LOUISIANA - 2.5% (1.5% of Total Investments)
845,000
(b)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, Jefferson Parish GOMESA Project, Series 2019
4
.000
11/01/44
786,642
260,000
(b)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Lake Charles College Prep Project, Series 2019A
5
.000
06/01/58
228,937
1,800,000
(b)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5
.000
04/01/49
1,548,692
2,000,000
(b)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5
.000
04/01/57
1,674,260
1,185,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/48
1,187,349
5,630,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/53
5,602,334
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
248,125
15,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Tulane University, Refunding Series 2020A
4
.000
04/01/50
12,977
500,000
(b)
Plaquemines Port, Louisiana, Harbor and Terminal District
Facilities Revenue Bonds NOLA Terminal LLC Project Dock and
Wharf Series 2024A
9
.000
12/01/44
433,577
200,000
(a),(b)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2008, (Mandatory Put 6/01/30)
6
.100
06/01/38
221,797
1,235,000
(b)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010
6
.350
07/01/40
1,358,865
800,000
(b)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010A
6
.350
10/01/40
880,125
695,000
(a),(b)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010B, (Mandatory Put 6/01/30)
6
.100
12/01/40
770,838
TOTAL LOUISIANA
14,954,518
Portfolio of Investments January 31, 2026
(continued)
NMCO
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND - 1.0% (0.6% of Total Investments)
$
1,000,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
%
09/01/36
$
1,011,261
1,000,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/39
1,007,167
1,850,000
(b)
Frederick County, Maryland, Special Tax Limited Obligation
Bonds, Jefferson Technology Park Project, Refunding Series
2020A
5
.000
07/01/43
1,873,384
2,000,000
(b)
Prince George's County, Maryland, Special Obligation Bonds,
Westphalia Town Center Project, Series 2018
5
.250
07/01/48
1,982,571
TOTAL MARYLAND
5,874,383
MASSACHUSETTS - 0.9% (0.5% of Total Investments)
3,900,000
Massachusetts Development Finance Agency Revenue Bonds,
Lawrence General Hospital Issue, Series 2017
5
.000
07/01/47
3,265,167
2,000,000
(b)
Massachusetts Development Finance Agency, Massachusetts,
Senior Living Revenue Bonds, Care Communities, LLC Issue,
Series 2025A-1
6
.500
07/15/60
2,000,727
TOTAL MASSACHUSETTS
5,265,894
MICHIGAN - 0.8% (0.5% of Total Investments)
1,845,000
Advanced Technology Academy, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2019
5
.000
11/01/44
1,758,278
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
1,308,765
1,810,000
(b)
Warren Academy, Macomb County, Michigan, Revenue Bonds,
Public School Academy, Refunding Series 2020A
5
.500
05/01/50
1,632,213
TOTAL MICHIGAN
4,699,256
MINNESOTA - 1.5% (0.9% of Total Investments)
500,000
Bethel, Minnesota Charter School Lease Revenue Bonds,
Partnership Academy Project, Series 2018A
5
.000
07/01/53
396,148
2,440,000
Columbia Heights, Minnesota, Charter School Lease Revenue
Bonds, Prodeo Academy Project, Series 2019A
5
.000
07/01/54
1,802,749
1,210,000
Coon Rapids, Minnesota Charter School Lease Revenue Bonds
Athlos Leadership Academy Brooklyn Park, Refunding Series
2025
6
.500
06/15/65
1,216,266
130,000
(b)
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Friendship Academy of the Arts Project, Series 2019A
5
.250
12/01/52
89,467
30,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Northeast College Prep Project, Series 2020A
5
.000
07/01/40
26,330
2,040,000
(b),(c)
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,
Athlos Academy, Series 2022A
5
.875
06/01/57
1,509,600
1,335,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Refunding Series 2025
5
.625
09/01/65
1,310,178
1,000,000
Scanlon, Minnesota, Health Care Facilities Revenue Bonds,
Duluth Health Services Project, Refunding Series 2020
3
.950
03/01/50
669,089
1,885,000
(b)
Woodbury, Minnesota, Charter School Lease Revenue Bonds,
Math and Science Academy, Refunding Series 2025
5
.500
06/01/55
1,773,453
TOTAL MINNESOTA
8,793,280
MISSOURI - 1.1% (0.6% of Total Investments)
2,900,000
Kirkwood Industrial Development Authority, Missouri,
Retirement Community Revenue Bonds, Aberdeen Heights
Project, Refunding Series 2017A
5
.250
05/15/42
2,870,743
1,750,000
Kirkwood Industrial Development Authority, Missouri,
Retirement Community Revenue Bonds, Aberdeen Heights
Project, Refunding Series 2017A
5
.250
05/15/50
1,600,716
2,000,000
(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
1,959,903
TOTAL MISSOURI
6,431,362
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEVADA - 0.6% (0.4% of Total Investments)
$
8,407,601
(b),(c)
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
$
84
1,832,349
(b),(c)
Director of Nevada State Department of Business & Industry,
Environmental Improvement Revenue Bonds, Fulcrum Sierra
BioFuels LLC Project, Green Series 2020
6
.750
02/15/38
18
1,289,739
(b),(c)
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
13
265,524
(b),(c)
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
3
2,515,914
(b),(c)
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
25
725,000
(a)
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Brightline West Passenger Rail Project, Senior
Subordinated Secured Series 2025B, (AMT), (Mandatory Put
11/02/26)
12
.000
01/01/65
543,750
19,500,000
(b)
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
3,032,841
TOTAL NEVADA
3,576,734
NEW HAMPSHIRE - 0.3% (0.2% of Total Investments)
1,500,000
(b)
National Finance Authority, New Hampshire, Class A
Certificates, Avenue One Project Series 2025-2
6
.375
03/15/46
1,525,250
TOTAL NEW HAMPSHIRE
1,525,250
NEW JERSEY - 1.6% (1.0% of Total Investments)
4,000,000
(b)
New Jersey Economic Development Authority Revenue Bonds,
Black Horse EHT Urban Renewal LLC Project, Series 2019A
5
.000
10/01/39
3,119,282
1,500,000
New Jersey Economic Development Authority, Fixed Rate
Revenue Bonds, Lions Gate Project, Series 2014
5
.000
01/01/34
1,500,528
5,332,382
(b)
New Jersey Economic Development Authority, Revenue Bonds,
White Horse HMT Urban Renewal LLC Project, Series 2020
5
.000
01/01/40
3,774,513
665,000
New Jersey Economic Development Authority, Special
Facilities Revenue Bonds, Continental Airlines Inc., Refunding
Series 2012, (AMT)
5
.750
09/15/27
666,278
500,000
South Jersey Port Corporation, New Jersey, Marine Terminal
Revenue Bonds, Subordinate Series 2017B, (AMT)
5
.000
01/01/42
507,148
TOTAL NEW JERSEY
9,567,749
NEW MEXICO - 0.1% (0.1% of Total Investments)
816,000
(b)
Winrock Town Center Tax Increment Development District
1, Albuquerque, New Mexico, Gross Receipts Tax Increment
Bonds, Subordinate Lien Series 2020
8
.000
05/01/40
816,705
TOTAL NEW MEXICO
816,705
NEW YORK - 16.5% (9.7% 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
265,524
950,000
(c)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
5
.250
11/01/34
760,000
2,910,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5
.500
06/01/55
2,552,096
1,590,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/55
1,295,564
1,220,000
(b)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7
.250
07/01/53
1,243,806
36,150,000
(b)
Erie County Tobacco Asset Securitization Corporation, New
York, Tobacco Settlement Asset-Backed Bonds, Series 2006A
0
.000
06/01/60
1,062,264
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
1,407,179
Portfolio of Investments January 31, 2026
(continued)
NMCO
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
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
$
16,659,196
650,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2020A
5
.730
02/01/50
597,223
1,570,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5
.250
11/15/55
1,602,825
380,000
(b)
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
374,830
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
545,595
2,500,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5
.000
11/15/44
2,500,066
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
1,740,073
4,500,000
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
4,548,969
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
3,003,211
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
917,100
5,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024 - AGM
Insured, (AMT)
5
.000
06/30/49
5,002,104
4,500,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5
.500
06/30/54
4,569,864
12,235,000
(d)
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024 - AGM
Insured, (AMT), (UB)
5
.250
06/30/60
12,381,009
310,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5
.500
06/30/60
314,043
3,710,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport Terminal One Project, Green Series 2025, (AMT)
6
.000
06/30/59
3,919,206
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
5,204,768
10,000,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2021B-2
0
.000
06/01/66
886,899
2,950,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/32
2,311,726
4,000,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/33
3,102,274
3,320,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/35
2,536,329
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
2,775,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
%
01/01/36
$
2,108,022
15,700,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/48
14,191,849
TOTAL NEW YORK
97,603,614
OHIO - 6.5% (3.9% of Total Investments)
86,735,000
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
6,605,252
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
137,912
4,500,000
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
3,707,266
2,610,000
Cleveland, Ohio, Airport Special Revenue Bonds, Continental
Airlines Inc. Project, Series 1998, (AMT)
5
.375
09/15/27
2,614,213
6,575,000
County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica
Healthcare Obligated Group, Series 2018A
5
.250
11/15/48
6,433,204
2,865,000
Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth
System, Series 2017
5
.500
02/15/57
2,784,339
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
118,097
500,000
Greater Cincinnati Port Development Authority, Ohio, Tax
Increment Revenue Bonds, RBM Phase 3 Garage Project Series
2024
5
.125
12/01/55
480,234
820,000
(b)
Hilliard Hickory Chase Community Authority, Ohio,
Infustructure Improvement Revenue Bonds, Hickory Chase
Project, Senior Series 2019A
5
.000
12/01/40
837,719
2,000,000
Muskingum County, Ohio, Hospital Facilities Revenue Bonds,
Genesis HealthCare System Obligated Group Project, Series
2013
5
.000
02/15/44
1,999,845
3,000,000
Muskingum County, Ohio, Hospital Facilities Revenue Bonds,
Genesis HealthCare System Obligated Group Project, Series
2013
5
.000
02/15/48
2,859,309
10,450,000
(b)
Ohio Air Quality Development Authority, Ohio, Exempt
Facilities Revenue Bonds, AMG Vanadium Project, Series 2019,
(AMT)
5
.000
07/01/49
9,672,413
500,000
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Green Oaks of Canal Winchester Project, Series 2025A
6
.300
01/01/45
510,002
TOTAL OHIO
38,759,805
OKLAHOMA - 1.6% (0.9% of Total Investments)
975,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.000
08/15/38
992,444
4,915,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/57
4,889,964
1,000,000
Tulsa County Industrial Authority, Oklahoma, Senior Living
Community Revenue Bonds, Montereau, Inc Project, Refunding
Series 2017
5
.250
11/15/45
1,001,406
2,475,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Refunding Series 2000B, (AMT)
5
.500
06/01/35
2,477,989
TOTAL OKLAHOMA
9,361,803
OREGON - 0.5% (0.3% of Total Investments)
1,355,000
(b)
Oregon Facilities Authority Charter School Revenue Bonds,
Oregon, Portland Village School Project, Series 2024
6
.750
12/15/54
1,272,967
2,000,000
(b)
Oregon Facilities Authority Charter School Revenue Bonds,
Oregon, Portland Village School Project, Series 2024
7
.000
12/15/60
1,908,801
100,000
(b)
Oregon Facilities Authority, Revenue Bonds, Metro East Web
Academy Project, Series 2019A
5
.000
06/15/49
90,877
TOTAL OREGON
3,272,645
Portfolio of Investments January 31, 2026
(continued)
NMCO
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 4.5% (2.7% 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
$
1,125,692
315,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront
Project, Senior Series 2021
6
.000
05/01/42
331,498
2,565,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds,  Alvernia University Project, Series 2020
5
.000
10/01/49
2,160,661
162,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6
.000
06/30/34
174,513
4,170,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5
.000
06/30/39
3,847,147
4,084,000
(g)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0
.000
06/30/44
2,926,182
4,430,000
Butler County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Butler Health System Project, Series 2015A
5
.000
07/01/39
4,430,180
1,000,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2015A
5
.000
12/01/30
944,104
2,350,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University, Series 2014
5
.000
05/01/37
2,349,967
3,555,000
(b)
Dauphin County General Authority, Pennsylvania, Revenue
Bonds, Harrisburg University of Science & Technology Project,
Series 2020
6
.250
10/15/53
2,310,750
1,720,000
(b),(c),(h)
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
(b),(c),(h)
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
(c),(h)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless
Hills LLC Project, Series 2021A
10
.000
12/01/31
126
1,000,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Private Activity Revenue Bonds, The PennDOT
Major Bridges Package One Project, Series 2022, (AMT)
6
.000
06/30/61
1,058,128
545,000
(b)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Mariana Bracetti Academy
Project, Series 2020A
5
.375
06/15/50
506,340
4,500,000
(b)
Quakertown General Authority, Pennsylvania, Special
Assessment Obligation Bonds, Milford Village Project, Series
2025
6
.500
03/01/55
4,609,733
TOTAL PENNSYLVANIA
26,775,365
PUERTO RICO - 8.6% (5.1% of Total Investments)
130,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2007TT
5
.000
01/01/27
80,505
4,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5
.250
07/01/28
2,416
1,120,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5
.250
07/01/28
676,333
3,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5
.250
07/01/29
1,802
465,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5
.250
07/01/29
279,244
1,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5
.250
07/01/31
601
345,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010AAA
5
.250
07/01/31
207,181
500,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010CCC
5
.250
07/01/28
298,512
100,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010XX
5
.250
07/01/27
59,769
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
400,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5
.250
%
07/01/26
$
238,810
1,000,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2013A
5
.050
01/01/27
599,710
1,000,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2013A
10
.000
01/01/27
533,262
2,070,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2013A
5
.000
07/01/29
1,251,212
3,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series WW
5
.375
01/01/27
1,797
3,750,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2007TT
5
.000
07/01/26
2,251,429
310,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2007TT
5
.000
07/01/32
189,370
1,860,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2007TT
5
.000
07/01/37
1,134,545
190,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2008WW
5
.375
01/01/27
113,797
370,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2008WW
5
.375
01/01/27
221,604
25,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2008WW
5
.250
07/01/33
14,926
2,995,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010CCC
5
.000
07/01/28
1,798,141
4,000,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010XX
5
.250
07/01/35
2,388,100
5,000,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2013A
7
.000
07/01/33
2,867,667
10,000,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2013A
6
.750
07/01/36
5,768,893
3,170,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2013A
5
.000
07/01/42
1,940,819
9,202,046
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/46
3,204,612
7,550,338
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/51
1,922,327
9,029,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
8,852,260
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
264,638
18,533,027
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
13,585,825
378
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/37
372
182,567
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
171,605
11,639
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/46
10,379
TOTAL PUERTO RICO
50,932,466
SOUTH CAROLINA - 1.7% (1.0% of Total Investments)
600,000
(b)
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Hilton Head Christian
Academy, Series 2020
5
.000
01/01/55
501,404
1,450,000
(b)
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Palmetto Scholars
Academy Project, Series 2015A
5
.125
08/15/35
1,428,218
2,135,000
(b)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Libertas Woodruff
Project, Series 2025A
7
.150
08/15/55
2,217,141
Portfolio of Investments January 31, 2026
(continued)
NMCO
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA
(continued)
$
6,000,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Mountain View
Preparatory Project, Series 2025A
7
.125
%
06/01/60
$
6,059,411
TOTAL SOUTH CAROLINA
10,206,174
TENNESSEE - 1.4% (0.8% of Total Investments)
1,000,000
(b)
Bristol Industrial Development Board, Tennessee, State Sales
Tax Revenue Bonds, Pinnacle Project, Capital Appreciation
Series 2016B
0
.000
12/01/31
725,763
5,000,000
(b)
Bristol Industrial Development Board, Tennessee, State Sales
Tax Revenue Bonds, Pinnacle Project, Series 2016A
5
.125
12/01/42
4,722,083
1,000,000
(c)
Memphis/Shelby County Economic Development Growth
Engine Industrial Development Board, Tennessee, Tax
Increment Revenue Bonds, Graceland Project, Senior Series
2017A
5
.625
01/01/46
682,989
2,000,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5
.625
09/01/26
2,025,762
TOTAL TENNESSEE
8,156,597
TEXAS - 7.6% (4.5% of Total Investments)
2,120,000
Abilene Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, First-Lien Series 2021A
4
.000
10/01/50
1,672,239
4,785,000
(b)
Abilene Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, Second-Lien Series 2021B
5
.000
10/01/50
4,108,206
3,000,000
(b)
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Legacy Traditional Schools - Texas
Project, Series 2022A
6
.375
02/15/52
2,889,873
500,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5
.000
01/01/31
504,537
500,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5
.000
01/01/32
504,252
475,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding Second Tier Series 2017B
5
.000
01/01/29
478,699
850,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding Second Tier Series 2017B
5
.000
01/01/34
854,466
1,150,000
Conroe Local Government Corporation, Texas, Hotel Revenue
Bonds, Conroe Convention Center Hotel, First-Lien Series
2021A
4
.000
10/01/50
894,275
2,065,000
Conroe Local Government Corporation, Texas, Hotel Revenue
Bonds, Conroe Convention Center Hotel, Second-Lien Series
2021B
5
.000
10/01/50
1,650,793
1,350,000
(b)
Fate, Rockwall County, Texas, Special Assessment Revenue
Bonds, Monterra Public Improvement District Improvement
Area 2, Series 2024
5
.750
08/15/54
1,354,555
1,000,000
(b)
Lowry Crossing, Collin County, Texas, Special Assessment
Revenue Bond, Simpson Road Public Improvement District
Projects, Series 2025
5
.750
09/15/45
1,026,542
1,645,000
(b)
Mission Economic Development Corporation, Texas, Utility
Revenue Bonds, Permian Basin Water Resources Project, Series
2025A, (AMT)
7
.000
08/15/60
1,693,990
520,000
(b)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Education Revenue Bonds, Beta Academy, Series 2019A
5
.000
08/15/49
471,553
70,000
(c)
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
70,000
445,000
(c)
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
445,000
4,252,120
(c)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Retirement Facility Revenue Bonds, Buckingham Senior
Living Community, Inc. Project, Series 2021B, (cash 2.000%, PIK
2.000%)
0
.380
11/15/61
1,828,497
7,730,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project,
Series 2021A-1
5
.500
01/01/57
7,103,739
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
125,000
(f)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, CHF-Collegiate
Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus
Christi Project, Series 2016A, (Pre-refunded 4/01/26)
5
.000
%
04/01/48
$
125,567
5,000,000
(c)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project,  Series
2015A
5
.000
07/01/35
4,988,729
110,000
(b)
North Richland Hills, Texas, Special Assessment Revenue
Bonds, City Point Public Improvement District Zone B Project,
Series 2019
5
.375
09/01/50
108,959
1,000,000
(b)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2024A, (AMT)
5
.250
01/01/54
962,724
1,970,000
(b)
Rockdale, Milam County, Texas, Special Assessment Revenue
Bonds, Cornerstone Public Improvement District Improvement
Area 1, Series 2023
7
.500
09/15/54
2,033,038
1,000,000
(c)
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
790,000
4,575,000
(c)
Tarrant County Cultural Education Facilities Finance
Corporaton, Texas, Retirement Facility Revenue Bonds, C.C.
Young Memorial Home Project, Series 2016A
3
.750
02/15/52
3,614,250
5,000,000
Texas Private Activity Bond Surface Transporation Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Segments 3C Project, Series 2019, (AMT)
5
.000
06/30/58
4,886,664
TOTAL TEXAS
45,061,147
UTAH - 4.7% (2.8% of Total Investments)
6,000,000
(b)
Black Desert Public Infrastructure District, Washington County,
Utah, Special Assessment Bonds, Black Desert Assessment
Area 1, Series 2024
5
.625
12/01/53
6,038,504
2,880,000
(b)
Nordic Village Public Infrastructure District 1, Weber County,
Utah, Limited Tax General Obligation and Special Revenue
Bonds, Series 2025
6
.500
03/01/55
2,961,431
13,925,000
(d)
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017A, (AMT), (UB)
5
.000
07/01/42
14,098,985
7,065,000
TV Public Infrastructure District, Utah, Limited Tax and Tax
Differential Convertible Capital Appreciation Bonds, Series
2025
8
.000
03/01/56
4,781,235
TOTAL UTAH
27,880,155
VIRGIN ISLANDS - 3.1% (1.8% of Total Investments)
5,500,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6
.000
12/01/55
5,466,382
575,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A
5
.000
10/01/32
575,095
8,630,000
(b)
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2014C
5
.000
10/01/30
8,632,273
500,000
(b)
Virgin Islands Public Finance Authority, Revenue Bonds,
Frenchman's Reef Hotel Development Hotel Occupancy Series
2024A
6
.000
04/01/53
500,424
1,590,000
(b)
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A
6
.750
07/01/26
1,593,404
1,400,000
(b)
West Indian Company Limited, Virgin Islands, Port Facilities
Revenue Bonds WICO Financing Series 2022A
6
.375
04/01/52
1,403,891
TOTAL VIRGIN ISLANDS
18,171,469
Portfolio of Investments January 31, 2026
(continued)
NMCO
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA - 1.3% (0.8% 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
$
474,497
1,000,000
(b)
Powhatan County Economic Development Authority, Virginia,
Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series
2025A
6
.125
09/01/60
999,998
4,880,000
(a)
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
4,836,819
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
1,098,802
657,954
(b)
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
394,772
TOTAL VIRGINIA
7,804,888
WASHINGTON - 0.7% (0.4% of Total Investments)
2,980,000
Washington State Housing Finance Commission, Nonprofit
Housing Revenue Bonds, Horizon House Project, Refunding
Series 2025A
6
.250
01/01/61
2,978,046
1,000,000
(b)
Washington State Housing Finance Commission, Nonprofit
Housing Revenue Bonds, Rockwood Retirement Communities
Project, Series 2020A
5
.000
01/01/51
894,541
TOTAL WASHINGTON
3,872,587
WEST VIRGINIA - 0.8% (0.4% of Total Investments)
1,000,000
.Ohio County Commission, West Virginia, Tax Increment
Revenue Bonds, The Highlands Project, Refunding &
Improvement Series 2024
5
.250
06/01/53
982,338
625,000
(b)
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
632,075
2,580,000
(b)
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
572,447
2,195,000
(b)
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
2,299,778
TOTAL WEST VIRGINIA
4,486,638
WISCONSIN - 17.9% (10.6% of Total Investments)
10,000,000
(d)
Ashwaubenon Community Development Authority, Wisconsin,
Lease Revenue Bonds, Brown County Expo Center Project,
Series 2019
0
.000
06/01/54
2,465,690
750,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, 21st Century Public Academy Project, Series 2020A
5
.000
06/01/40
701,599
1,340,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, 21st Century Public Academy Project, Series 2020A
5
.000
06/01/49
1,121,199
365,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Corvian Community School Bonds, North Carolina,
Series 2019A
5
.000
06/15/49
303,391
4,420,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Freedom Classical Academy Inc., Series 2020A
5
.000
01/01/42
4,194,314
2,000,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5
.000
06/15/36
1,872,757
1,425,000
(b),(f)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A, (Pre-refunded 6/15/26)
5
.000
06/15/46
1,435,699
2,815,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5
.000
06/15/46
2,250,698
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
3,315,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Uwharrie Charter Academy, North Carolina, Series
2022A
5
.000
%
06/15/52
$
2,923,374
1,570,000
(b)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6
.250
01/01/65
1,570,277
1,250,000
(b)
Public Finance Authority of Wisconsin, Contract Revenue
Bonds, Mercer Crossing Public Improvement District Project,
Series 2017
7
.000
03/01/47
1,267,632
500,000
(b)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Corvian Community School, North Carolina Series
2023A
6
.250
06/15/48
491,360
825,000
(b)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Mater Academy of Nevada, - East Las Vegas Campus
Project, Series 2024A
5
.000
12/15/54
757,529
2,000,000
(b),(c)
Public Finance Authority of Wisconsin, Educational Facilities
Revenue Bonds, Lake Erie College, Series 2019A
5
.875
10/01/54
1,237,242
16,070,000
(b),(c)
Public Finance Authority of Wisconsin, Limited Obligation
Grant Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017A
6
.250
08/01/27
12,856,000
2,500,000
(b)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
6
.500
12/01/37
2,000,000
2,555,000
(b)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
6
.750
12/01/42
2,044,000
20,415,000
(b)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
7
.000
12/01/50
16,332,000
2,000,000
(b)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Promenade Apartments Project, Series 2024
6
.250
02/01/39
2,049,242
1,000,000
(b),(c)
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
1,807,846
2,000,000
(b),(c)
Public Finance Authority of Wisconsin, Revenue Bonds, Procure
Proton Therapy Center, Senior Series 2018A
7
.000
07/01/48
1,400,000
35,000
(b),(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
38,401
1,400,000
(b)
Public Finance Authority of Wisconsin, Revenue Bonds, Viticus
Group Project, Series 2025A
6
.500
12/01/55
1,424,039
5,885,000
(b),(c)
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
(b),(c)
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
(b),(c)
Public Finance Authority of Wisconsin, Senior Revenue Bonds,
Maryland Proton Treatment Center, Series 2018A-1
6
.375
01/01/48
3,930,750
210,000
(c),(h)
Public Finance Authority of Wisconsin, Wisconsin Revenue
Note, KDC Agribusiness LLC Project, Series 2022B
15
.000
12/31/26
21
2,000,000
(b)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5
.000
06/01/41
2,043,578
4,500,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
06/30/60
4,663,765
4,500,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
12/31/65
4,657,008
13,015,000
(d)
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025,
(UB)
5
.750
12/31/65
13,469,104
4,925,000
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Supported by State Moral Obligation Junior Series 2020D -
AGM Insured
0
.000
12/15/45
1,967,693
Portfolio of Investments January 31, 2026
(continued)
NMCO
20
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)
$
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
$
1,566,061
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
231,560
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
642,494
500,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project,
Series 2024
6
.000
10/01/54
516,293
3,165,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A
5
.000
02/15/42
3,166,258
1,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2022
4
.000
12/01/51
877,475
3,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Saint Camillus Health System Inc,
Series 2019A
5
.000
11/01/46
2,813,264
TOTAL WISCONSIN
105,850,373
TOTAL MUNICIPAL BONDS
(Cost $1,086,526,770)
1,001,176,380
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
140032
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
140032
CAPITAL GOODS - 0.0% (0.0% of Total Investments)
321,690
(c),(h),(i)
KDC Agribusiness Fairless Hills LLC
12
.000
09/17/26
32
TOTAL CAPITAL GOODS
32
HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)
140,000
(b),(h)
Buckingham Senior Living Community Inc
12
.000
03/31/26
140,000
TOTAL HEALTH CARE EQUIPMENT & SERVICES
140,000
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $461,690)
140,032
SHARES
DESCRIPTION
VALUE
20,745
WARRANTS - 0.0% (0.0% of Total Investments)
20,745
TRANSPORTATION - 0.0% (0.0% of Total Investments)
13,830
(h),(j)
BL TRAIN HOLDINGS WEST LLC
20,745
TOTAL TRANSPORTATION
20,745
TOTAL WARRANTS
(Cost $0)
20,745
TOTAL LONG-TERM INVESTMENTS
(Cost $1,086,988,460)
1,001,337,157
FLOATING RATE OBLIGATIONS - (5.6)%
(
32,970,000
)
MFP SHARES, NET - (68.1)%(k)
(
403,428,571
)
OTHER ASSETS & LIABILITIES, NET -  4.6%
27,286,857
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
592,225,443
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.
21
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:
(a)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(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 fiscal period, the aggregate value of these securities is $393,855,281 or 39.3% 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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(e)
When-issued or delayed delivery security.
(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)
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 fiscal period.
(h)
For fair value measurement disclosure purposes, investment classified as Level 3.
(i)
Senior loan received as part of the bondholder funding agreement during June 2023 for Pennsylvania Economic Development
Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%,
12/01/40, 144A, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness
Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40, (AMT), 144A, Pennsylvania Economic Development Financing
Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31.
(j)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(k)
MFP Shares, Net as a percentage of Total Investments is 40.3%.
NMCO
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
1,001,175,889
$
491
$
1,001,176,380
Variable Rate Senior Loan Interests
–
–
140,032
140,032
Warrants
–
–
20,745
20,745
Total
$
–
$
1,001,175,889
$
161,268
$
1,001,337,157