# EDGAR Filing Document

**Accession Number:** 0001266585
**File Stem:** 0001193125-25-156000
**Filing Date:** 2025-7
**Character Count:** 963975
**Document Hash:** 0f0968cfed8dccfaf6a2121629cc1e55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156000.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001193125-25-156000

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
- **CENTRAL INDEX KEY:** 0001266585

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21449
- **FILM NUMBER:** 251107275

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312 917 8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number 811-21449

Nuveen Municipal High Income Opportunity Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>800) 257-8787</u>

Date of fiscal year end: <u>October</u> <u>31</u>

Date of reporting period: <u>April</u> <u>30, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g947177dsp1.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Closed-End Funds**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **April 30, 2025**  |

---

## Nuveen Municipal

## Closed-End Funds
This semi-annual report contains the Funds' unaudited financial statements.

---

| | |
|:---|:---|
|  Nuveen AMT-Free Municipal Credit Income Fund | **NVG** |
|  Nuveen Municipal Credit Income Fund | **NZF** |
|  Nuveen Municipal High Income Opportunity Fund | **NMZ** |
|  Nuveen Municipal Credit Opportunities Fund | **NMCO** |
|  Nuveen Dynamic Municipal Opportunities Fund | **NDMO** |

---

## Semi-Annual Report

------

## Table

## of Contents

---

| | |
|:---|:---|
|  [Important Notices](#tx947177_1) | 3 |
|  [Common Share Information](#tx947177_2) | 4 |
|  [About the Funds' Benchmarks](#tx947177_3) | 6 |
|  [Fund Performance, Leverage and Holdings Summaries](#tx947177_4) | 7 |
|  [Portfolios of Investments](#tx947177_5) | 18 |
|  [Statement of Assets and Liabilities](#tx947177_6) | 175 |
|  [Statement of Operations](#tx947177_7) | 177 |
|  [Statement of Changes in Net Assets](#tx947177_8) | 178 |
|  [Statement of Cash Flows](#tx947177_9) | 181 |
|  [Financial Highlights](#tx947177_10) | 182 |
|  [Notes to Financial Statements](#tx947177_11) | 190 |
|  [Shareholder Meeting Report](#tx947177_12) | 206 |
|  [Additional Fund Information](#tx947177_13) | 207 |
|  [Glossary of Terms Used in this Report](#tx947177_14) | 208 |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#tx947177_15) | 210 |

---

**2**

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## Important Notices
**Portfolio manager commentaries:** The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's annual shareholder report.

**Fund changes:** For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.

**Fund principal investment policies and principal risks:** Refer to the Shareholder Update section of your Fund's annual shareholder report for information on the Fund's principal investment policies and principal risks.

**Fund performance:** For current information on your Fund's average annual total returns please refer to the Fund's website at www. nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

**3**

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## Common Share Information
**COMMON SHARE DISTRIBUTION INFORMATION** 

The following information regarding the Funds' distributions are current as of April 30, 2025. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.

During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Per Common Share Amounts** | **Per Common Share Amounts** | **Per Common Share Amounts** | **Per Common Share Amounts** | **Per Common Share Amounts** |
| <br>**Monthly Distributions (Ex-Dividend Date)** | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
| November | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.0790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.0795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.0655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.0685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.0620 |
| December | 0.0790 | 0.0795 | 0.0655 | 0.0685 | 0.0620 |
| January | 0.0790 | 0.0795 | 0.0655 | 0.0685 | 0.0620 |
| February | 0.0790 | 0.0795 | 0.0655 | 0.0685 | 0.0620 |
| March | 0.0790 | 0.0795 | 0.0655 | 0.0685 | 0.0620 |
| April | 0.0790 | 0.0795 | 0.0655 | 0.0685 | 0.0620 |
| **Total Distributions from Net Investment Income** | $0.4740 | $0.4770 | $0.3930 | $0.4110 | $0.3720 |
| **Yields** | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
| Market Yield | 7.95% | 8.01% | 7.46% | 8.01% | 7.51% |
| Taxable-Equivalent Yield | 13.43% | 13.53% | 12.61% | 13.53% | 12.68% |

---

<sup>1</sup> Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund's income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual's ordinary graduated tax rate, the fund's Taxable-Equivalent Yield would be lower. 

Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund's distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

**NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS** 

The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (<u>https://www.nuveen.com/subscriptions</u>).

**COMMON SHARE EQUITY SHELF PROGRAMS** 

During the current reporting period, NVG, NMZ, NMCO and NDMO were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NVG, NMZ, NMCO and NDMO, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NVG** | **NMZ** | **NMCO** | **NDMO** |
| Maximum aggregate offering | Unlimited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlimited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363900000 |

---

During the current reporting period, NMZ sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share in the accompanying table.

---

| | |
|:---|:---|
| | **NMZ** |
| Common shares sold through shelf offering | 2397700 |
| Weighted average premium to NAV per common share sold | 1.25% |

---

Refer to Notes to Financial Statements, for further details on Shelf Offerings and each Fund's transactions.

**4**

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**COMMON SHARE REPURCHASES** 

The Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of April 30, 2025, (and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
| Common shares repurchased and retired | 202500 | 67500 | 0 | 0 | 0 |
| Common shares authorized for repurchase | 21350000 | 19370000 | 11320000 | 5480000 | 5955000 |

---

**5**

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## About the Funds' Benchmarks
**S&P Municipal Bond High Yield Index:** An index designed to measure the performance of tax-exempt high yield municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**S&P Municipal Bond Index:** An index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**S&P Municipal Bond Investment Grade Index:** An index designed to measure the performance of tax-exempt investment grade municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**S&P Municipal Yield Index:** An index that is structured so that 70% of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**6**

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## Fund Performance, Leverage and Holdings Summaries
**The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.** 

**Fund Performance** 

**Performance data shown represents past performance and does not predict or guarantee future results.** Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

**Impact of Leverage** 

One important factor impacting the returns of the Funds' common shares relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund's common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares' total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

**Leverage Ratios** 

Each Fund's Effective Leverage and Regulatory Leverage Ratios are set forth below. "Effective Leverage" is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. "Regulatory Leverage" consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund's Effective Leverage and Regulatory Leverage ratios.

**Holding Summaries** 

The Holdings Summaries data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund's Portfolio of Investments for individual security information.

For financial reporting purposes, the ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

**7**

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---

| | |
|:---|:---|
| **NVG** | **Nuveen AMT-Free Municipal Credit Income Fund** |
| **NVG** | **Fund Performance, Leverage and Holdings Summaries April 30, 2025** |
| **Performance\*** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** |
|  | | | **Average Annual**  | **Average Annual**  | **Average Annual**  |
| |<br>**Inception**<br> **Date** | **<u>Cumulative</u>**<br> **6-Month** | **1-Year** | **5-Year** | **10-Year** |
| NVG at Common Share NAV | 3/25/02 | (3.55)% | 1.22% | 1.35% | 2.83% |
| NVG at Common Share Price | 3/25/02 | (3.22)% | 11.05% | 2.50% | 3.83% |
| S&P Municipal Bond Index |  | (0.45)% | 2.28% | 1.39% | 2.20% |
| NVG Blended Benchmark |  | (0.60)% | 2.96% | 2.40% | 2.90% |

---

\* For purposes of Fund performance, relative results are measured against the NVG Blended Benchmark. The Fund's Blended Benchmark consists of: 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index. The Fund's performance was measured against the S&P Municipal Bond Index through April 10, 2016.

**Daily Common Share NAV and Share Price**![LOGO](g947177dsp8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> **Share**<br> **NAV** | **Common**<br> **Share Price** | **Premium/(Discount)**<br> **to NAV** | **Average**<br> **Premium/(Discount)**<br> **to NAV** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.69 | $11.92 | (6.07)% | (6.38)% |

---

**8**

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**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
| Effective Leverage | 41.78% |
| Regulatory Leverage | 39.30% |

---

---

| | |
|:---|:---|
| **Fund Allocation**<br> **(% of net assets)** | |
| Municipal Bonds | 165.9% |
| Variable Rate Senior Loan Interests | 0.0% |
| Short-Term Municipal Bonds | 2.8% |
| Other Assets & Liabilities, Net | 2.7% |
| Floating Rate Obligations | (6.7)% |
| MFP Shares, Net | (19.1)% |
| VRDP Shares, Net | (45.6)% |
|  **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
| AAA | 9.1% |
| AA | 24.0% |
| A | 23.3% |
| BBB | 13.7% |
| BB or Lower | 10.5% |
| N/R (not rated) | 19.4% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **(% of total investments)** | |
| Tax Obligation/Limited | 17.1% |
| Tax Obligation/General | 13.6% |
| Health Care | 13.2% |
| Housing/Single Family | 10.6% |
| Utilities | 10.2% |
| Education and Civic Organizations | 9.7% |
| Transportation | 8.4% |
| Other | 17.2% |
| Variable Rate Senior Loan Interests | 0.0% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** | |
| Illinois | 12.2% |
| Texas | 7.6% |
| California | 7.5% |
| New York | 7.4% |
| Colorado | 6.1% |
| Ohio | 4.5% |
| Puerto Rico | 4.0% |
| Wisconsin | 3.7% |
| Pennsylvania | 2.9% |
| New Jersey | 2.8% |
| Florida | 2.6% |
| Connecticut | 2.4% |
| District of Columbia | 2.4% |
| Georgia | 2.1% |
| South Carolina | 1.8% |
| Massachusetts | 1.8% |
| Kentucky | 1.7% |
| North Dakota | 1.5% |
| Alabama | 1.5% |
| Rhode Island | 1.4% |
| Maryland | 1.4% |
| Arizona | 1.4% |
| Indiana | 1.4% |
| Idaho | 1.3% |
| Missouri | 1.2% |
| Other | 15.4% |
|  **Total** | **100%** |

---

1 See the Portfolio of Investments for the remaining states comprising "Other" and not listed in the table above.

**9**

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| | |
|:---|:---|
| **NZF** | **Nuveen Municipal Credit Income Fund**<br> **Fund Performance, Leverage and Holdings Summaries April 30, 2025** |

---

**Performance\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** |
|  | | | **Average Annual**  | **Average Annual**  | **Average Annual**  |
| |<br>**Inception**<br> **Date** | **<u>Cumulative</u>**<br> **6-Month** | **1-Year** | **5-Year** | **10-Year** |
| NZF at Common Share NAV | 9/25/01 | (3.32)% | (0.30)% | 1.90% | 2.90% |
| NZF at Common Share Price | 9/25/01 | (2.49)% | 9.73% | 3.55% | 3.93% |
| S&P Municipal Bond Index |  | (0.45)% | 2.28% | 1.39% | 2.20% |
| NZF Blended Benchmark |  | (0.60)% | 2.96% | 2.40% | 2.90% |

---

\* For purposes of Fund performance, relative results are measured against the NZF Blended Benchmark. The Fund's Blended Benchmark consists of: 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index. The Fund's performance was measured against the S&P Municipal Bond Index through April 10, 2016.

**Daily Common Share NAV and Share Price**![LOGO](g947177dsp010.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NAV** | **Common**<br> **Share Price** | **Premium/(Discount)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to NAV** | **Average**<br> **Premium/(Discount)**<br> **to NAV** |
| $12.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.48)% | (6.39)% |

---

**10**

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**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
| Effective Leverage | 40.96% |
| Regulatory Leverage | 35.07% |
| **Fund Allocation**<br> **(% of net assets)** |  |
|  Municipal Bonds | 164.7% |
|  Variable Rate Senior Loan Interests | 0.0% |
|  Other Assets & Liabilities, Net | 4.0% |
|  Floating Rate Obligations | (14.9)% |
|  MFP Shares, Net | (26.2)% |
|  VRDP Shares, Net | (27.6)% |
| **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
| AAA | 1.8% |
| AA | 15.9% |
| A | 33.1% |
| BBB | 23.0% |
| BB or Lower | 12.8% |
| N/R (not rated) | 13.4% |
| **Total** | **100%** |
| **Portfolio Composition**<br> **(% of total investments)** |  |
|  Health Care | 24.4% |
|  Transportation | 22.2% |
|  Tax Obligation/Limited | 19.0% |
|  Tax Obligation/General | 9.6% |
|  Utilities | 9.0% |
|  Industrials | 3.3% |
|  Other | 12.5% |
|  Variable Rate Senior Loan |  |
|  Interests | 0.0% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>** <br> **(% of total municipal bonds)** | |
| New York | 13.3% |
| Illinois | 13.0% |
| California | 12.1% |
| Texas | 6.8% |
| Pennsylvania | 5.7% |
| Ohio | 5.4% |
| Colorado | 4.8% |
| Florida | 4.4% |
| Puerto Rico | 4.4% |
| New Jersey | 4.4% |
| South Carolina | 2.9% |
| Virginia | 2.2% |
| Alabama | 1.9% |
| Washington | 1.9% |
| Oklahoma | 1.7% |
| North Dakota | 1.4% |
| Minnesota | 1.2% |
| Missouri | 1.2% |
| Georgia | 1.2% |
| Michigan | 1.1% |
| Other | 9.0% |
| **Total** | **100%** |

---

1 See the Portfolio of Investments for the remaining states comprising "Other" and not listed in the table above.

**11**

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| | |
|:---|:---|
| **NMZ** | **Nuveen Municipal High Income Opportunity Fund**<br> **Fund Performance, Leverage and Holdings Summaries April 30, 2025** |

---

**Performance\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** |
|  | | | **Average Annual**  | **Average Annual**  | **Average Annual**  |
| |<br>**Inception**<br> **Date** | **Cumulative**<br> **6-Month** | **1-Year** | **5-Year** | **10-Year** |
| NMZ at Common Share NAV | 11/19/03 | (2.96)% | 1.91% | 2.78% | 3.09% |
| NMZ at Common Share Price | 11/19/03 | (2.13)% | 9.71% | 3.26% | 3.23% |
| S&P Municipal Yield Index |  | (1.12)% | 3.60% | 3.82% | 3.86% |

---

\* For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

**Daily Common Share NAV and Share Price**![LOGO](g947177dsp012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NAV** | **Common**<br> **Share Price** | **Premium/(Discount)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to NAV** | **Average**<br> **Premium/(Discount)**<br> **to NAV** |
| $10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | 0.03% |

---

**12**

------

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
| Effective Leverage | 40.78% |
| Regulatory Leverage | 23.01% |
| **Fund Allocation**<br> **(% of net assets)** |  |
|  Municipal Bonds | 161.3% |
|  Exchange-Traded Funds | 1.4% |
|  Variable Rate Senior Loan Interests | 0.0% |
|  Common Stocks | 0.0% |
|  Other Assets & Liabilities, Net | 5.2% |
|  Floating Rate Obligations | (38.0)% |
|  AMTP Shares, Net | (29.9)% |
| **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
| AAA | 1.5% |
| AA | 10.5% |
| A | 18.1% |
| BBB | 12.6% |
| BB or Lower | 7.9% |
|  N/R (not rated) | 49.4% |
| **Total** | **100%** |
| **Portfolio Composition**<br> **(% of total investments)** |  |
|  Tax Obligation/Limited | 32.1% |
|  Transportation | 19.4% |
|  Education and Civic Organizations | 10.6% |
|  Health Care | 10.4% |
|  Tax Obligation/General | 5.3% |
|  Housing/Multifamily | 5.2% |
|  Other | 17.0% |
|  Variable Rate Senior Loan Interests | 0.0% |
|  Common Stocks | 0.0% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** | |
|  Florida | 12.0% |
|  Colorado | 10.0% |
|  Illinois | 9.7% |
|  New York | 8.6% |
|  California | 8.4% |
|  Puerto Rico | 6.0% |
|  Wisconsin | 5.5% |
|  Texas | 4.5% |
|  Missouri | 2.8% |
|  Ohio | 2.6% |
|  New Jersey | 2.5% |
|  Arizona | 2.1% |
|  Virginia | 2.1% |
|  Michigan | 2.0% |
|  Alabama | 2.0% |
|  Kentucky | 1.9% |
|  Pennsylvania | 1.6% |
|  Iowa | 1.3% |
|  South Carolina | 1.2% |
|  Oklahoma | 1.1% |
|  Other | 12.1% |
| **Total** | **100%** |

---

1 See the Portfolio of Investments for the remaining states comprising "Other" and not listed in the table above.

**13**

------

---

| | |
|:---|:---|
| **NMCO** | **Nuveen Municipal Credit Opportunities Fund**<br> **Fund Performance, Leverage and Holdings Summaries April 30, 2025** |

---

**Performance\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** | **Total Returns as of**<br>**April 30, 2025** |
|  | | | **Average Annual**  | **Average Annual**  | **Average Annual**  |
| |<br>**Inception**<br> **Date** | **Cumulative**<br> **6-Month** | **1-Year** | **5-Year** | **Since**<br> **Inception** |
| NMCO at Common Share NAV | 9/16/19 | (2.95)% | 2.09% | 5.04% | (0.15)% |
| NMCO at Common Share Price | 9/16/19 | (4.01)% | 8.82% | 4.44% | (1.06)% |
| S&P Municipal Yield Index |  | (1.12)% | 3.60% | 3.82% | 2.20% |

---

\* For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

**Daily Common Share NAV and Share Price**![LOGO](g947177dsp014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NAV** | **Common**<br> **Share Price** | **Premium/(Discount)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to NAV** | **Average**<br> **Premium/(Discount)**<br> **to NAV** |
| $10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.56)% | (6.70)% |

---

**14**

------

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
|  Effective Leverage | 42.07% |
|  Regulatory Leverage | 40.17% |
| **Fund Allocation**<br> **(% of net assets)** |  |
|  Municipal Bonds | 164.4% |
|  Variable Rate Senior Loan Interests | 0.0% |
|  Other Assets & Liabilities, Net | 8.1% |
|  Floating Rate Obligations | (5.5)% |
|  MFP Shares, Net | (67.0)% |
| **Net Assets** | **100%** |
| **Portfolio Credit Quality**<br> **(% of total investments)** |  |
| AAA | 0.4% |
| AA | 3.1% |
| A | 7.5% |
| BBB | 12.0% |
| BB or Lower | 15.3% |
| N/R (not rated) | 61.7% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **(% of total investments)** | |
|  Tax Obligation/Limited | 28.5% |
|  Education and Civic Organizations | 14.8% |
|  Transportation | 14.2% |
|  Long-Term Care | 7.8% |
|  Industrials | 7.6% |
|  Consumer Staples | 7.0% |
|  Health Care | 5.8% |
|  Utilities | 5.1% |
|  Other | 9.2% |
|  Variable Rate Senior Loan Interests | 0.0% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** | |
|  Colorado | 11.5% |
|  Florida | 10.0% |
|  New York | 9.6% |
|  Wisconsin | 9.4% |
|  California | 5.9% |
|  Illinois | 5.9% |
|  Puerto Rico | 5.5% |
|  Ohio | 4.9% |
|  Alabama | 3.6% |
|  Georgia | 3.6% |
|  Texas | 3.2% |
|  District of Columbia | 2.5% |
|  Pennsylvania | 2.2% |
|  Utah | 2.0% |
|  New Jersey | 1.7% |
|  Louisiana | 1.7% |
|  Arkansas | 1.6% |
|  Arizona | 1.5% |
|  Virginia | 1.5% |
|  Virgin Islands | 1.4% |
|  Other | 10.8% |
| **Total** | **100%** |

---

1 See the Portfolio of Investments for the remaining states comprising "Other" and not listed in the table above.

**15**

------

---

| | |
|:---|:---|
| **NDMO** | **Nuveen Dynamic Municipal Opportunities Fund**<br> **Fund Performance, Leverage and Holdings Summaries April 30, 2025** |

---

**Performance\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Total Returns as of** <br> **April 30, 2025** | **Total Returns as of** <br> **April 30, 2025** | **Total Returns as of** <br> **April 30, 2025** |
|  | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Annual**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Annual**  |
| |<br>**Inception**<br> **Date** | **Cumulative**<br>**6-Month** | **1-Year** | **Since**<br> **Inception** |
| NDMO at Common Share NAV | 8/26/20 | (2.14)% | 3.02% | (1.04)% |
| NDMO at Common Share Price | 8/26/20 | (4.18)% | (0.49)% | (2.02)% |
| S&P Municipal Yield Index |  | (1.12)% | 3.60% | 1.93% |
| S&P Municipal Bond Index |  | (0.45)% | 2.28% | 0.41% |

---

\* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

**Daily Common Share NAV and Share Price**![LOGO](g947177dsp016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NAV** | **Common**<br> **Share Price** | **Premium/(Discount)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to NAV** | **Average**<br> **Premium/(Discount)**<br> **to NAV** |
| $10.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.53)% | (5.45)% |

---

**16**

------

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
|  Effective Leverage | 30.43% |
|  Regulatory Leverage | 27.75% |
| **Fund Allocation**<br> **(% of net assets)** |  |
|  Municipal Bonds | 144.8% |
|  Corporate Bonds | 1.6% |
|  Variable Rate Senior Loan Interests | 0.0% |
|  Short-Term Municipal Bonds | 2.2% |
|  Other Assets & Liabilities, Net | (4.9)% |
|  Floating Rate Obligations | (5.3)% |
|  MFP Shares, Net | (38.4)% |
| **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
|  AAA | 0.9% |
|  AA | 16.9% |
|  A | 19.3% |
|  BBB | 12.2% |
|  BB or Lower | 10.0% |
|  N/R (not rated) | 40.7% |
| **Total** | **100%** |
| **Portfolio Composition**<br> **(% of total investments)** |  |
|  Tax Obligation/Limited | 25.8% |
|  Transportation | 13.7% |
|  Education and Civic Organizations | 12.7% |
|  Utilities | 11.9% |
|  Tax Obligation/General | 10.7% |
|  Health Care | 8.2% |
|  Industrials | 6.0% |
|  Other | 9.9% |
|  Corporate Bonds | 1.1% |
|  Variable Rate Senior Loan Interests | 0.0% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** | |
|  Colorado | 13.4% |
|  California | 11.9% |
|  New York | 11.4% |
|  Florida | 7.4% |
|  Texas | 5.6% |
|  Alabama | 5.0% |
|  Puerto Rico | 4.6% |
|  Illinois | 4.1% |
|  Wisconsin | 4.0% |
|  Pennsylvania | 3.8% |
|  Arizona | 3.7% |
|  Michigan | 2.2% |
|  Indiana | 2.2% |
|  Tennessee | 1.6% |
|  Washington | 1.5% |
|  Ohio | 1.3% |
|  New Hampshire | 1.2% |
|  Arkansas | 1.1% |
|  National | 1.1% |
|  Georgia | 1.1% |
|  Other | 11.8% |
| **Total** | **100%** |

---

1 See the Portfolio of Investments for the remaining states comprising "Other" and not listed in the table above.

**17**

------

**Portfolio of Investments April 30, 2025** 

**NVG** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 165.9% (98.3% of Total Investments)** |  |  |  |
|  |  | **MUNICIPAL BONDS - 165.9% (98.3% of Total Investments)** |  |  |  |
|  |  | **ALABAMA - 2.6% (1.5% of Total Investments)** |  |  |  |
| $1890000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B | 4.700% | 10/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873004 |
| 1460000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B | 4.800 | 10/01/54 | 1452825 |
| 1500000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024C | 4.625 | 10/01/49 | 1478001 |
| 2000000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024D | 4.500 | 10/01/49 | 1954522 |
| 2000000 |  | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024D | 4.550 | 10/01/54 | 1940885 |
| 3645000 | (a) | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A | 6.000 | 09/01/45 | 3567888 |
| 850000 |  | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000 | 07/01/43 | 777606 |
| 7500000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Prepay Morgan Stanley Series 2022C-1, (Mandatory Put 6/01/29) | 5.250 | 02/01/53 | 7842634 |
| 2160000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.500 | 10/01/53 | 2212274 |
| 30730000 |  | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A | 5.000 | 09/01/46 | 32181664 |
| 7745000 |  | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015 | 5.875 | 04/15/45 | 5426636 |
| 2000000 |  | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 2060585 |
| 1000000 |  | The Improvement District of the City of Mobile - McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A | 5.250 | 08/01/30 | 1006646 |
| 1300000 |  | The Improvement District of the City of Mobile - McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A | 5.500 | 08/01/35 | 1308660 |
| 4220000 | (a) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding<br> Series 2019A | 5.250 | 05/01/44 | 4121192 |
|  |  | TOTAL ALABAMA |  |  | 69205022 |
|  |  | **ALASKA - 0.5% (0.3% of Total Investments)** |  |  |  |
| 2000000 |  | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2024A-II | 4.700 | 12/01/49 | 1983007 |
| 1780000 |  | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 4.000 | 06/01/39 | 1682509 |
| 2490000 |  | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 4.000 | 06/01/41 | 2302707 |
| 8100000 |  | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A Class 1 | 4.000 | 06/01/50 | 6846629 |
| 665000 |  | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2021B-1 Class 2 | 4.000 | 06/01/50 | 633190 |
| 9055000 |  | Northern Tobacco Securitization Corporation, Alaska, Tobacco<br> Settlement Asset-Backed Bonds, Series 2021B-2 Class 2 | 0.000 | 06/01/66 | 1148350 |
|  |  | TOTAL ALASKA |  |  | 14596392 |
|  |  | **ARIZONA - 2.3% (1.4% of Total Investments)** |  |  |  |
| 2180000 |  | Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2024A | 5.000 | 07/01/50 | 2246136 |
| 1475000 | (a) | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D | 5.000 | 07/01/47 | 1410906 |
| 6290000 | (a) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2019 | 5.000 | 07/01/54 | 5734533 |
| 3260000 | (a),(b) | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A | 6.375 | 06/01/39 | 2282000 |

---

---

| | |
|:---|:---|
| **18** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA** (continued) |  |  |  |
| $1610000 |  | Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2024A | 4.700% | 10/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612393 |
| 1000000 |  | Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2024C | 4.650 | 10/01/49 | 987276 |
| 1970000 | (c) | Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2025A | 5.100 | 10/01/50 | 1998652 |
| 1000000 | (c) | Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2025A | 5.150 | 10/01/53 | 1011640 |
| 3142196 | (a),(b) | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A | 7.000 | 07/01/41 | 2199537 |
| 865000 |  | Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C | 4.750 | 09/01/49 | 863126 |
| 1350000 | (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A | 4.000 | 07/01/56 | 1045100 |
| 1730000 | (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/49 | 1633299 |
| 1975000 | (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/54 | 1827642 |
| 800000 |  | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016 | 5.000 | 07/01/47 | 740161 |
| 750000 | (c) | Mesa, Arizona, Utility System Revenue Bonds, Series 2025 | 4.500 | 07/01/49 | 731904 |
| 6000000 |  | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured | 5.500 | 07/01/37 | 6990406 |
| 8755000 |  | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured | 5.500 | 07/01/39 | 10203699 |
| 620000 | (a) | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A | 5.000 | 07/01/35 | 620229 |
| 1025000 | (a) | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A | 5.000 | 07/01/46 | 983075 |
| 1130000 | (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.250 | 07/01/36 | 791000 |
| 1850000 | (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.375 | 07/01/46 | 1295000 |
| 2135000 | (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.500 | 07/01/51 | 1494500 |
| 2920000 | (a),(b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019 | 5.875 | 07/01/51 | 2044000 |
| 3050000 | (a) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017 | 6.750 | 02/01/50 | 3097246 |
| 6120000 |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/32 | 6437602 |
| 2365000 |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 2460602 |
|  |  | TOTAL ARIZONA |  |  | 62741664 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **19** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARKANSAS - 0.6% (0.4% of Total Investments)** |  |  |  |
| $2750000 (a) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A | 7.000% | 07/01/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513255 |
| 1000000 | Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2024A | 4.600 | 07/01/49 | 980280 |
| 2635000 | Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006 - AMBAC Insured | 0.000 | 07/01/36 | 1577203 |
| 20480000 | Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006 - AMBAC Insured | 0.000 | 07/01/46 | 6940463 |
| 2695000 | Springdale, Arkansas, Sales and Use Tax Revenue Bonds, Refunding & Improvement Series 2023B - BAM Insured | 4.125 | 08/01/50 | 2432184 |
| 900000 | Springdale, Arkansas, Water and Sewer Revenue Bonds, Series 2025 | 4.125 | 09/01/45 | 857222 |
| 1000000 | Springdale, Arkansas, Water and Sewer Revenue Bonds, Series 2025 | 4.125 | 09/01/46 | 941504 |
|  | TOTAL ARKANSAS |  |  | 16242111 |
|  | **CALIFORNIA - 12.5% (7.4% of Total Investments)** |  |  |  |
| 6135000 | Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B - AGC Insured | 0.000 | 08/01/30 | 5117123 |
| 5795000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/35 | 3873689 |
| 6820000 (d) | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured, (ETM) | 0.000 | 09/01/35 | 4759119 |
| 4100000 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.000 | 03/01/41 | 3868102 |
| 3875000 | Bakersfield City School District, Kern County, California, General Obligation Bonds, Election 2016 Series 2022C - BAM Insured | 2.500 | 11/01/46 | 2623463 |
| 5500000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32) | 5.000 | 01/01/55 | 5675828 |
| 5000000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 5260516 |
| 2215000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024H, (Mandatory Put 8/01/33) | 5.000 | 01/01/56 | 2371270 |
| 2325000 (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Fountains at Emerald Park, Senior Lien Series 2021A-1 | 3.000 | 08/01/56 | 1600019 |
| 2000000 (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1 | 3.000 | 02/01/57 | 1329442 |
| 190000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-1 | 5.000 | 06/01/49 | 187115 |
| 50460000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-2 | 0.000 | 06/01/55 | 9579912 |
| 1500000 | California County Tobacco Securitization Agency, Tobacco Settlement Bonds, Gold Country Settlement Funding Corporation, Senior Series 2020A | 4.000 | 06/01/49 | 1316087 |
| 5000000 (e) | California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2019V-1 | 5.000 | 05/01/49 | 5397693 |
| 12940000 (e) | California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2019V-1, (UB) | 5.000 | 05/01/49 | 13969229 |
| 10000000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2021V-2 | 5.000 | 04/01/51 | 10766092 |
| 13650000 | California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2025A | 5.000 | 10/01/55 | 14331256 |

---

---

| | |
|:---|:---|
| **20** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $8300000 | (e) | California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, (UB) | 5.000% | 05/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9079168 |
| 1000000 |  | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A | 5.000 | 08/15/54 | 1000002 |
| 3065000 | (a) | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A | 5.000 | 07/01/31 | 3078136 |
| 1000000 | (a) | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A | 5.000 | 07/01/36 | 1001245 |
| 555000 | (a) | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A | 5.000 | 07/01/41 | 534814 |
| 195000 | (a) | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A | 5.000 | 07/01/46 | 183719 |
| 260000 |  | California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A | 5.000 | 06/01/36 | 261175 |
| 435000 |  | California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A | 5.000 | 06/01/46 | 425658 |
| 3000000 | (a) | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A | 6.000 | 10/01/50 | 2959334 |
| 5425000 | (a) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019 | 5.000 | 11/21/45 | 5443524 |
| 2050000 |  | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017 | 5.000 | 10/15/47 | 1969166 |
| 735000 | (a) | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016 | 5.000 | 06/01/46 | 441000 |
| 715000 | (a) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2016A | 5.000 | 06/01/36 | 711089 |
| 570000 | (a) | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2017A | 5.125 | 06/01/47 | 537679 |
| 80000 |  | California State, General Obligation Bonds, Series 2002 - NPFG Insured | 5.000 | 10/01/32 | 80082 |
| 5000 |  | California State, General Obligation Bonds, Series 2004 - AMBAC Insured | 5.000 | 04/01/31 | 5006 |
| 5860000 |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.500 | 12/01/54 | 5794761 |
| 58130000 | (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 58063226 |
| 7130000 | (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.500 | 12/01/58 | 7178338 |
| 3356 | (b),(f) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 3356 |
| 9685 | (b),(f) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/35 | 9686 |
| 3380000 |  | Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35) | 5.000 | 12/01/55 | 3572182 |
| 5000000 | (d) | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A - FGIC Insured, (ETM) | 0.000 | 08/01/25 | 4956194 |
| 5330000 | (a) | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior Lien Series 2021A-1 | 3.000 | 08/01/56 | 3529816 |
| 4000000 | (a) | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, Senior Series 2021A-1 | 3.000 | 12/01/56 | 2620507 |
| 3410000 |  | Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C - AGM Insured | 0.000 | 08/01/33 | 2528770 |
| 14375000 |  | Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C - AGM Insured | 0.000 | 08/01/39 | 7425692 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **21** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $2000000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-1 | 3.600% | 05/01/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603228 |
| 5000000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-2 | 3.250 | 05/01/57 | 3333198 |
| 5000000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-2 | 4.000 | 06/01/58 | 3852003 |
| 4720000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-1 | 3.400 | 10/01/46 | 3618779 |
| 15985000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1 | 3.125 | 07/01/56 | 10341560 |
| 5000000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-2 | 3.000 | 12/01/56 | 3304166 |
| 2475000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Vineyard Gardens Apartments, Senior Lien Series 2021A | 3.250 | 10/01/58 | 1633933 |
| 12500000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2 | 4.000 | 12/01/58 | 8881280 |
| 5000000 | Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election of 2024 Series 2025 | 4.000 | 08/01/50 | 4674945 |
| 2615000 | El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A - AGM Insured | 6.900 | 08/01/31 | 2911580 |
| 3600000 | El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A - AGM Insured | 7.050 | 08/01/34 | 4001106 |
| 3960000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured | 0.000 | 01/15/34 | 2887421 |
| 5000000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured | 0.000 | 01/15/35 | 3487327 |
| 910000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A | 6.850 | 01/15/42 | 1039871 |
| 4595000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Term Rate Sub-Series 2013B-1 | 3.500 | 01/15/53 | 3591697 |
| 7860000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 845894 |
| 1825000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2022A-1 | 5.000 | 06/01/51 | 1828046 |
| 5795000 | Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006 - AGM Insured | 0.000 | 11/01/25 | 5696557 |
| 1050000 | Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A - AGM Insured | 4.375 | 09/02/25 | 1050933 |
| 7575000 (g) | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 0.000 | 08/01/43 | 7300693 |
| 3310000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B | 6.500 | 11/01/39 | 3933888 |
| 530000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A - AGC Insured, (ETM) | 0.000 | 08/01/26 | 510187 |

---

---

| | |
|:---|:---|
| **22** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $270000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured, (ETM) | 0.000% | 08/01/26 | $259907 |
| 605000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br> Series 2009A - AGC Insured, (ETM) | 0.000 | 08/01/26 | 582384 |
| 540000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured, (ETM) | 0.000 | 08/01/26 | 519813 |
| 3960000 | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured | 0.000 | 08/01/26 | 3801291 |
| 225000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured, (ETM) | 0.000 | 08/01/28 | 203265 |
| 110000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured, (ETM) | 0.000 | 08/01/28 | 99374 |
| 170000 (d) | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured, (ETM) | 0.000 | 08/01/28 | 153578 |
| 1715000 | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election<br>Series 2009A - AGC Insured | 0.000 | 08/01/28 | 1539375 |
| 3905000 | Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A | 4.250 | 08/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879363 |
| 2560000 | Palo Alto, California, Certificates of Participation, Public Safety Building, Series 2021 | 2.000 | 11/01/42 | 1703141 |
| 1940000 | Palo Alto, California, Certificates of Participation, Public Safety Building, Series 2021 | 2.125 | 11/01/44 | 1266056 |
| 3700000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A - NPFG Insured | 0.000 | 08/01/25 | 3651560 |
| 7935000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured | 7.000 | 08/01/38 | 8718982 |
| 1000000 | Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024 | 0.000 | 06/01/41 | 477324 |
| 1350000 | Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024 | 0.000 | 06/01/44 | 546358 |
| 1000000 | Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024 | 0.000 | 06/01/45 | 382548 |
| 1250000 | Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024 | 0.000 | 06/01/46 | 451164 |
| 245000 | Pasadena Public Financing Authority, California, Lease Revenue Bonds, Rose Bowl Renovation Project, Refunding Series 2024 | 0.000 | 06/01/47 | 83630 |
| 9145000 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999 - AMBAC Insured | 0.000 | 08/01/30 | 7537782 |
| 480000 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015 | 5.000 | 09/01/40 | 480776 |
| 905000 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015 | 5.000 | 09/01/46 | 905751 |
| 3400000 | San Mateo County Community College District, California, General Obligation Bonds, Series 2006C - NPFG Insured | 0.000 | 09/01/30 | 2851168 |
| 4340000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G - AGM Insured | 0.000 | 08/01/34 | 3012532 |
| 605000 (a) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 6.250 | 09/01/47 | 622588 |
|  | TOTAL CALIFORNIA |  |  | 339477282 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **23** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO - 10.2% (6.0% of Total Investments)** |  |  |  |
| $4435000 | Adams County, Colorado, Certificates of Participation, Series 2024 | 4.000% | 12/01/54 | $4008981 |
| 4300000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021 | 4.375 | 12/01/52 | 3495313 |
| 1400000 (a) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500 | 12/01/44 | 1382338 |
| 850000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/39 | 818190 |
| 806000 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A | 5.500 | 12/01/36 | 806207 |
| 1175000 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A | 5.750 | 12/01/46 | 1174977 |
| 1140000 (a) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/37 | 1086741 |
| 5465000 (a) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 4845725 |
| 4475000 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2020A | 5.000 | 12/01/51 | 3882371 |
| 930000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016 | 3.625 | 08/01/46 | 733938 |
| 1165000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A | 5.000 | 12/01/38 | 1165219 |
| 3675000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016 | 3.750 | 06/15/47 | 2920706 |
| 1750000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 - Frontier Academy, Refunding & Improvement Series 2016 | 3.250 | 06/01/46 | 1280095 |
| 2460000 (d) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/42 | 2549474 |
| 23470000 (d) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/47 | 24323639 |
| 2140000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 4.000 | 08/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850474 |
| 4900000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2020A | 4.000 | 12/01/50 | 4031063 |
| 1000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/55 | 1002796 |
| 1410000 (d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25) | 5.000 | 06/01/32 | 1411609 |
| 2000000 (d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25) | 5.000 | 06/01/33 | 2002282 |
| 5870000 (d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25) | 5.000 | 06/01/40 | 5876697 |
| 6920000 (d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25) | 5.000 | 06/01/45 | 6927895 |
| 2035000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A | 5.250 | 05/15/47 | 2020968 |
| 13610000 | Colorado Housing and Finance Authority, Multifamily Project Bonds, Class I Series 2020B | 2.350 | 10/01/43 | 8741989 |
| 4105000 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.875 | 12/01/46 | 3938638 |

---

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| | |
|:---|:---|
| **24** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1480000 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A | 5.250% | 12/01/47 | $1364987 |
| 1244000 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B | 5.250 | 12/01/47 | 1144414 |
| 500000 | Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 5.250 | 12/01/40 | 500258 |
| 11855000 | 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 | 6775454 |
| 10000000 | Denver School District 1, Colorado, General Obligation Bonds, Series 2025C | 5.500 | 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10878218 |
| 2050000 (a) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 1945167 |
| 405000 (a) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 384289 |
| 11700000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/41 | 5477973 |
| 6525000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B - NPFG Insured | 0.000 | 09/01/26 | 6235559 |
| 17030000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/25 | 16823676 |
| 10005000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/32 | 7578165 |
| 43090000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/33 | 31157638 |
| 20000000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/27 | 18454594 |
| 1180000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/28 | 1049981 |
| 7000000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/34 | 4821577 |
| 5575000 (a) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 5378583 |
| 590000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | 548441 |
| 3215000 (a) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 3007741 |
| 1000000 | Independence Metropolitan District 3, Elbert County, Colorado, Limited Tax General Obligation Bonds, Special Revenue Refunding and Improvement Series 2024A | 5.375 | 12/01/54 | 914809 |
| 841000 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 5.000 | 12/01/35 | 841576 |
| 5155000 | North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B | 3.500 | 12/01/45 | 3962336 |
| 978000 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A | 5.625 | 12/01/37 | 952651 |
| 1000000 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A | 5.750 | 12/01/47 | 961428 |
| 3380000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 3105852 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **25** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $6900000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000% | 12/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823245 |
| 660000 | Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016 | 5.000 | 12/01/36 | 662471 |
| 1060000 | Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016 | 5.000 | 12/01/46 | 1014351 |
| 660000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A | 5.000 | 12/01/45 | 661104 |
| 1000000 (a) | Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A | 7.750 | 12/01/53 | 801050 |
| 1335000 (a) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/41 | 1159037 |
| 4000000 | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 | 8.000 | 12/01/52 | 2623980 |
| 2760000 (a) | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A | 5.000 | 12/15/41 | 2652797 |
| 1500000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021 | 4.000 | 12/01/41 | 1293860 |
| 1310000 | Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018 | 5.375 | 12/01/37 | 1322899 |
| 3265000 | Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018 | 5.500 | 12/01/47 | 3271421 |
| 4200000 | 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 | 2415504 |
| 5050000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 3.000 | 07/15/37 | 4337037 |
| 1320000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 5.000 | 12/01/52 | 1071323 |
| 1000000 | STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A | 5.000 | 12/01/38 | 1030181 |
| 570000 | STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A | 5.000 | 12/01/49 | 587203 |
| 765000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Refunding & Improvement Senior Series 2020A | 4.250 | 12/01/50 | 649255 |
| 523000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Special Improvement Revenue Bonds, Special District 1, Series 2024 | 5.625 | 12/01/43 | 522589 |
| 2765000 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.125 | 12/01/50 | 2382419 |
| 450000 | The Village at Dry Creek Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019 | 4.375 | 12/01/44 | 404893 |
| 500000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2 | 5.500 | 12/01/51 | 390407 |
| 900000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | 660795 |
| 3410000 | Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020 - AGM Insured | 5.000 | 12/01/50 | 3422145 |
| 8260000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 7485637 |

---

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| | |
|:---|:---|
| **26** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $3250000 (a) | West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement<br> District 1, Series 2024 | 5.750% | 12/01/44 | $3020459 |
|  | TOTAL COLORADO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276209754 |
|  | **CONNECTICUT - 4.0% (2.4% of Total Investments)** |  |  |  |
| 2800000 | Bridgeport, Connecticut, General Obligation Bonds, Series 2016D - AGM Insured | 5.000 | 08/15/41 | 2806995 |
| 1470000 | Bridgeport, Connecticut, General Obligation Bonds, Series 2017A | 5.000 | 11/01/36 | 1501955 |
| 750000 | Bridgeport, Connecticut, General Obligation Bonds, Series 2017A | 5.000 | 11/01/37 | 764984 |
| 1100000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc., Series 2014A | 5.000 | 08/01/44 | 1043730 |
| 590000 (a) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A | 5.000 | 09/01/46 | 540052 |
| 2540000 (a) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A | 5.000 | 09/01/53 | 2220441 |
| 3000000 (a) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1 | 5.000 | 10/01/54 | 2249629 |
| 1915000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2015O | 5.000 | 07/01/36 | 1916149 |
| 1770000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/41 | 1626832 |
| 2000000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/49 | 1734569 |
| 5000000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L | 4.125 | 07/01/41 | 4799188 |
| 1745000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L | 5.000 | 07/01/45 | 1708786 |
| 500000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2016M | 5.000 | 07/01/34 | 502099 |
| 1250000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2016M | 5.000 | 07/01/36 | 1252704 |
| 5145000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1 | 5.000 | 07/01/42 | 5181325 |
| 4025000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2016K | 4.000 | 07/01/46 | 3532440 |
| 2250000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of New Haven, Series 2018K-1 | 5.000 | 07/01/38 | 2256639 |
| 1775000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2023B | 4.500 | 11/15/43 | 1776756 |
| 13425000 (e) | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2023B, (UB) | 4.650 | 11/15/48 | 13519818 |
| 2940000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A | 4.450 | 11/15/44 | 2892975 |
| 5475000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1 | 4.650 | 11/15/51 | 5379090 |
| 1250000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Sustainability Green Series 2024D-1 | 4.750 | 11/15/49 | 1258322 |
| 2145000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Sustainability Green Series 2024D-1 | 4.800 | 11/15/54 | 2161681 |
| 2630000 | Connecticut State, General Obligation Bonds, Series 2015F | 5.000 | 11/15/34 | 2637451 |
| 3750000 | Connecticut State, General Obligation Bonds, Series 2017A | 5.000 | 04/15/35 | 3829301 |
| 2315000 | Connecticut State, General Obligation Bonds, Series 2018A | 5.000 | 04/15/37 | 2374815 |
| 5000000 | Connecticut State, General Obligation Bonds, Series 2018A | 5.000 | 04/15/38 | 5115640 |
| 1035000 | Connecticut State, General Obligation Bonds, Series 2018E | 5.000 | 09/15/37 | 1063779 |
| 2145000 | Connecticut State, General Obligation Bonds, Social Series 2024G | 3.000 | 11/15/42 | 1726737 |
| 2260000 | Connecticut State, General Obligation Bonds, Social Series 2024G | 3.000 | 11/15/43 | 1785941 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **27** |

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**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CONNECTICUT** (continued) |  |  |  |
| $1380000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2015A | 5.000% | 08/01/33 | $1381997 |
| 5300000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A | 5.000 | 09/01/33 | 5383108 |
| 1075000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A | 5.000 | 09/01/34 | 1090937 |
| 55000 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A - NPFG Insured | 5.000 | 08/15/35 | 55030 |
| 2315000 (a) | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Refunding Series 2017 | 5.000 | 04/01/39 | 2317863 |
| 2285000 | Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 2018 | 5.000 | 07/15/36 | 2369897 |
| 1550000 | New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A - AGM Insured | 5.000 | 08/15/35 | 1567999 |
| 790000 | New Haven, Connecticut, General Obligation Bonds, Series 2015 - AGM Insured | 5.000 | 09/01/32 | 792982 |
| 1620000 | New Haven, Connecticut, General Obligation Bonds, Series 2015 - AGM Insured | 5.000 | 09/01/33 | 1625480 |
| 500000 | New Haven, Connecticut, General Obligation Bonds, Series 2015 - AGM Insured | 5.000 | 09/01/35 | 501348 |
| 1045000 | New Haven, Connecticut, General Obligation Bonds, Series 2017A | 5.000 | 08/01/35 | 1062940 |
| 1425000 | New Haven, Connecticut, General Obligation Bonds, Series 2017A | 5.000 | 08/01/36 | 1446191 |
| 1300000 | Stamford Housing Authority, Connecticut, Revenue Bonds, Mozaic Concierge Living Project, Series 2025A | 6.500 | 10/01/55 | 1307429 |
| 500000 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A | 5.250 | 08/15/43 | 500496 |
| 1285000 | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Steelpointe Harbor Project, Series 2021 | 4.000 | 04/01/51 | 1031977 |
| 1005000 | Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A - BAM Insured | 5.000 | 08/15/30 | 1050674 |
| 2250000 | University of Connecticut, General Obligation Bonds, Series 2015A | 5.000 | 03/15/31 | 2278094 |
| 445000 | Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured | 5.000 | 08/01/30 | 446959 |
| 390000 | Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured | 5.000 | 08/01/31 | 391650 |
| 610000 | Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured | 5.000 | 08/01/32 | 612442 |
| 445000 | Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured | 5.000 | 08/01/33 | 446673 |
| 445000 | Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015 - BAM Insured | 5.000 | 08/01/34 | 446533 |
|  | TOTAL CONNECTICUT |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109269522 |
|  | **DELAWARE - 0.5% (0.3% of Total Investments)** |  |  |  |
| 780000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B | 4.650 | 07/01/49 | 771302 |
| 1000000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B | 4.750 | 07/01/54 | 989506 |
| 3475000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024D | 4.450 | 07/01/49 | 3385642 |
| 1890000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024D | 4.500 | 07/01/54 | 1819480 |
| 2200000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 4.650 | 07/01/50 | 2166357 |
| 1530000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 4.700 | 07/01/55 | 1501539 |

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| | |
|:---|:---|
| **28** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DELAWARE** (continued) |  |  |  |
| $3010000 | Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing Foundation - Dover LLC Delaware State University Project, Series 2018A | 5.000% | 07/01/48 | $2867572 |
| 1000000 | Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing Foundation - Dover LLC Delaware State University Project, Series 2018A | 5.000 | 07/01/58 | 918762 |
|  | TOTAL DELAWARE |  |  | 14420160 |
|  | **DISTRICT OF COLUMBIA - 4.0% (2.4% of Total Investments)** |  |  |  |
| 3780000 | District of Columbia Student Dormitory Revenue Bonds, Provident Group - Howard Properties LLC Issue, Series 2013 | 5.000 | 10/01/45 | 3506959 |
| 182000000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 45410802 |
| 6520000 | District of Columbia, General Obligation Bonds, Series 2024A | 5.000 | 08/01/49 | 6760514 |
| 1500000 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A | 5.000 | 07/01/42 | 1428913 |
| 4225000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured | 4.000 | 10/01/52 | 3704715 |
| 17595000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured | 2.750 | 10/01/53 | 10865650 |
| 22015000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured | 3.000 | 10/01/53 | 14482707 |
| 11000000 (d) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, (Pre-refunded 10/01/26) - AGC Insured | 6.500 | 10/01/41 | 11512085 |
| 10000000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B | 6.500 | 10/01/44 | 10652701 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108325046 |
|  | **FLORIDA - 4.4% (2.6% of Total Investments)** |  |  |  |
| 1105000 (a) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 5.000 | 05/01/44 | 1069538 |
| 990000 | Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016 | 4.700 | 05/01/36 | 981933 |
| 3350000 (a) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/50 | 2964937 |
| 1290000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.100 | 08/15/38 | 1315283 |
| 1045000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018 | 6.200 | 08/15/48 | 1048224 |
| 1290000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021 | 4.000 | 08/15/51 | 971623 |
| 1065000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A | 5.375 | 07/01/37 | 1069454 |
| 1470000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A | 5.500 | 07/01/47 | 1471182 |
| 6050000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A | 5.125 | 06/15/37 | 5850661 |
| 1885000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A | 5.250 | 06/15/47 | 1729104 |
| 880000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A | 5.000 | 10/15/37 | 872270 |
| 735000 (a) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2019A | 5.000 | 10/15/49 | 685184 |
| 4670000 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015 | 5.000 | 09/01/41 | 4684712 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **29** |

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**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $275000 | Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012 | 5.000% | 05/01/26 | $276692 |
| 240000 | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 5.250 | 11/01/37 | 242822 |
| 305000 | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 5.600 | 11/01/46 | 308128 |
| 280000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.250 | 05/01/35 | 281269 |
| 315000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.300 | 05/01/36 | 316562 |
| 475000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.500 | 05/01/45 | 476116 |
| 655000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.500 | 05/01/46 | 656397 |
| 255000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A | 6.000 | 06/15/37 | 256763 |
| 665000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A | 6.125 | 06/15/46 | 668175 |
| 415000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A | 6.000 | 06/15/37 | 417869 |
| 2375000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.650 | 07/01/37 | 2399799 |
| 3735000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.750 | 07/01/47 | 3713340 |
| 2075000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 4.750 | 07/15/36 | 1986603 |
| 1335000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 5.000 | 07/15/46 | 1226069 |
| 3330000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A | 5.000 | 06/15/50 | 3191969 |
| 3405000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A | 5.000 | 06/15/55 | 3228815 |
| 3090000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.000 | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091931 |
| 3450000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.125 | 06/15/46 | 3450446 |
| 550000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A | 6.125 | 06/15/44 | 550106 |
| 4380000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A | 6.125 | 06/15/47 | 4322146 |
| 1485000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A | 6.250 | 06/15/36 | 1497990 |
| 4350000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A | 6.375 | 06/15/46 | 4371167 |
| 3905000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5 | 4.600 | 07/01/49 | 3837160 |
| 2500000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5 | 4.650 | 07/01/54 | 2446322 |

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| | |
|:---|:---|
| **30** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $4230000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2025-1 | 4.600% | 07/01/50 | $4134465 |
| 5490000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series 2021-1 | 2.150 | 07/01/51 | 3118212 |
| 1435000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016 | 4.750 | 05/01/36 | 1422130 |
| 2215000 (a) | Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University Project, Series 2018B | 5.000 | 06/01/53 | 1845897 |
| 625000 (a) | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017 | 5.000 | 05/01/37 | 630000 |
| 1080000 (a) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 5.875 | 07/01/37 | 1083382 |
| 1920000 (a) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 6.000 | 07/01/47 | 1920347 |
| 4710000 | Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014 | 5.000 | 10/01/43 | 4711541 |
| 5000000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A | 5.000 | 07/01/39 | 5003345 |
| 4785000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015 | 5.350 | 08/01/35 | 4828507 |
| 5070000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022 | 4.000 | 10/01/52 | 4366776 |
| 2890000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1 | 5.000 | 10/01/49 | 2924450 |
| 3345000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1 | 4.000 | 10/01/54 | 2879850 |
| 2000000 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter Medical Center, Series 2022 | 5.000 | 11/01/47 | 1962322 |
| 825000 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016 | 5.000 | 11/01/46 | 815866 |
| 1000000 | Sarasota County Public Hospital District, Florida, Hospital Revenue Bonds, Sarasota Memorial Hospital Project, Series 2018 | 4.000 | 07/01/48 | 883906 |
| 220000 (a) | Seminole County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A | 4.000 | 06/15/51 | 172295 |
| 120000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016 | 4.750 | 11/01/28 | 121475 |
| 365000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016 | 5.375 | 11/01/36 | 371639 |
| 900000 | South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016 | 5.375 | 05/01/37 | 908616 |
| 2000000 (a) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.800 | 05/01/55 | 1894466 |
| 5015000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015 | 5.000 | 06/01/40 | 4804430 |
|  | TOTAL FLORIDA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118732678 |
|  | **GEORGIA - 3.6% (2.2% of Total Investments)** |  |  |  |
| 1890000 | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 6.500 | 12/15/48 | 1628643 |
| 17085000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Transmission Corporation Vogtle Project, Series 2012 | 2.750 | 01/01/52 | 10518782 |
| 5775000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C | 4.125 | 11/01/45 | 5143804 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **31** |

---

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**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA** (continued) |  |  |  |
| $11280000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D | 4.125% | 11/01/45 | $10047119 |
| 11100000 (e) | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B, (UB) | 5.125 | 04/01/48 | 11302851 |
| 2680000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A | 3.950 | 12/01/43 | 2370225 |
| 3085000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A | 4.000 | 12/01/48 | 2724193 |
| 2215000 (e) | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2023A, (UB) | 4.350 | 12/01/43 | 2216864 |
| 3000000 (e) | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2023A, (UB) | 4.550 | 12/01/48 | 2939557 |
| 4470000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A | 4.600 | 12/01/49 | 4382983 |
| 635000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A | 4.700 | 12/01/54 | 629254 |
| 5000000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C | 4.550 | 12/01/49 | 4933910 |
| 1000000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C | 4.600 | 12/01/54 | 972068 |
| 2325000 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2019A | 5.000 | 01/01/56 | 2315009 |
| 1300000 (a) | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017 | 5.750 | 06/15/37 | 1321665 |
| 10000000 (a) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 9920863 |
| 5000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023E-1, (Mandatory Put 6/01/31) | 5.000 | 12/01/53 | 5245578 |
| 2000000 (a) | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A | 5.000 | 11/01/47 | 1825266 |
| 5000000 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Green Series 2025A | 5.250 | 07/01/50 | 5339536 |
| 5870000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.000 | 07/01/60 | 5833795 |
| 6390000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015 | 5.000 | 10/01/40 | 6396889 |
|  | TOTAL GEORGIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98008854 |
|  | **GUAM - 0.3% (0.2% of Total Investments)** |  |  |  |
| 1500000 | Government of Guam, Business Privilege Tax Bonds, Refunding<br>Series 2015D | 5.000 | 11/15/39 | 1503062 |
| 750000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/41 | 752249 |
| 875000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/42 | 875121 |
| 750000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 07/01/43 | 747876 |
| 1095000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2024A | 5.000 | 01/01/46 | 1075440 |
| 1665000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017 | 5.000 | 07/01/40 | 1669605 |
| 1080000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2020A | 5.000 | 01/01/50 | 1070496 |
|  | TOTAL GUAM |  |  | 7693849 |
|  | **HAWAII - 0.1% (0.0% of Total Investments)** |  |  |  |
| 1500000 (a) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A | 5.000 | 01/01/45 | 1269711 |
|  | TOTAL HAWAII |  |  | 1269711 |

---

---

| | |
|:---|:---|
| **32** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **IDAHO - 2.2% (1.3% of Total Investments)** |  |  |  |
| $3300000 | Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014 | 4.375% | 07/01/34 | $3300314 |
| 12495000 | Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014 | 4.750 | 07/01/44 | 11703523 |
| 1250000 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016 | 5.000 | 09/01/37 | 1209220 |
| 8335000 | Idaho Housing & Finance Association, Idaho, Sales Tax Revenue Bonds, Transportation Expansion & Congestion Mitigation Fund, Series 2025A | 5.000 | 08/15/49 | 8704721 |
| 8590000 | Idaho Housing & Finance Association, Idaho, Sales Tax Revenue Bonds, Transportation Expansion & Congestion Mitigation Fund, Series 2025A | 4.000 | 08/15/50 | 7802696 |
| 500000 (a) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A | 5.000 | 07/01/40 | 438802 |
| 1415000 (a) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A | 5.250 | 07/01/55 | 1174665 |
| 11445000 (e) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2023C, (UB) | 4.800 | 07/01/53 | 11533833 |
| 2275000 | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A | 4.600 | 01/01/49 | 2231044 |
| 10769000 (a) | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2021 | 3.750 | 09/01/51 | 9621463 |
| 2500000 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024 | 6.250 | 09/01/53 | 2563806 |
|  | TOTAL IDAHO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60284087 |
|  | **ILLINOIS - 20.5% (12.1% of Total Investments)** |  |  |  |
| 67135000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 68425429 |
| 1000000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017 | 5.000 | 04/01/46 | 990502 |
| 1110000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.750 | 04/01/48 | 1166573 |
| 5440000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A | 5.000 | 12/01/42 | 5060510 |
| 8400000 (a) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 7.000 | 12/01/42 | 8693004 |
| 5835000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H | 5.000 | 12/01/36 | 5652793 |
| 4940000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H | 5.000 | 12/01/46 | 4595643 |
| 6055000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D | 5.000 | 12/01/46 | 5632918 |
| 38905000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 39215972 |
| 14805000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B | 6.500 | 12/01/46 | 15001493 |
| 19585000 (a) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 20230866 |
| 1410000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured | 0.000 | 12/01/30 | 1110004 |
| 1500000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A | 5.000 | 12/01/55 | 1437163 |
| 5000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2022B | 5.250 | 01/01/56 | 5120800 |
| 6000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2024B | 5.500 | 01/01/59 | 6317462 |
| 1355000 | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A | 5.500 | 01/01/39 | 1416432 |
| 32670000 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured | 0.000 | 01/01/32 | 24811816 |
| 2605000 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C | 5.000 | 01/01/38 | 2583531 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **33** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $2500000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 4.450% | 11/01/36 | $2519021 |
| 3400000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 5.500 | 11/01/36 | 3406295 |
| 1700000 (a) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 5.750 | 12/01/35 | 1705293 |
| 115000 (a) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 6.000 | 12/01/45 | 115224 |
| 8835000 | Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident Group - UIC Surgery Center, LLC - University of Illinois Health Services Facility Project, Series 2020 | 4.000 | 10/01/50 | 7447848 |
| 1125000 (d) | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 1138994 |
| 29630000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C | 4.000 | 02/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27259295 |
| 80000 (d) | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 80995 |
| 1755000 (d) | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 1776831 |
| 500000 (a) | Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A | 5.625 | 08/01/53 | 512720 |
| 4000000 (b) | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A | 5.000 | 11/01/49 | 2680000 |
| 10000000 (e) | Illinois Finance Authority, Revenue Bonds, Northshore - Edward- Elmhurst Health Credit Group, Series 2022A, (UB) | 5.000 | 08/15/47 | 10282804 |
| 12000000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/45 | 11833523 |
| 1000000 | Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research Building Project, Series 2017C | 5.000 | 08/01/42 | 994901 |
| 1000000 | Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research Building Project, Series 2017C | 5.000 | 08/01/46 | 978394 |
| 1000000 | Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research Building Project, Series 2017C | 5.000 | 08/01/47 | 972156 |
| 560000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/35 | 560850 |
| 5140000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/44 | 4999608 |
| 10000000 (e) | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A, (UB) | 5.000 | 08/15/52 | 10085894 |
| 17765000 (d) | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, (Pre-refunded 10/01/25) | 5.000 | 10/01/46 | 17878961 |
| 5670000 | Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, Series 2021C | 2.850 | 07/01/56 | 3739304 |
| 10000000 | Illinois Housing Development Authority, Revenue Bonds, Social Series 2024I | 4.625 | 04/01/50 | 9820861 |
| 3665000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014 - AGM Insured | 5.250 | 06/15/31 | 3671170 |
| 11800000 | Illinois State, General Obligation Bonds, December Series 2017A | 5.000 | 12/01/38 | 11968007 |
| 1330000 | Illinois State, General Obligation Bonds, December Series 2017A | 5.000 | 12/01/39 | 1346924 |
| 5200000 | Illinois State, General Obligation Bonds, January Series 2016 | 5.000 | 01/01/29 | 5242675 |
| 4460000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/39 | 4679366 |
| 3000000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.000 | 05/01/38 | 3149594 |
| 12180000 | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/41 | 12183991 |
| 28845000 | Illinois State, General Obligation Bonds, November Series 2017C | 5.000 | 11/01/29 | 29734551 |
| 2040000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/27 | 2110797 |
| 5000000 | Illinois State, General Obligation Bonds, November Series 2019B | 4.000 | 11/01/35 | 4827163 |
| 5000000 | Illinois State, General Obligation Bonds, October Series 2016 | 5.000 | 02/01/29 | 5113041 |
| 5875000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/38 | 6180575 |
| 19920000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B | 5.000 | 01/01/40 | 19964533 |

---

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| | |
|:---|:---|
| **34** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $10570000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A | 5.000% | 01/01/44 | $10746549 |
| 1615000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Series 2023A | 5.250 | 01/01/45 | 1707046 |
| 540000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B | 5.000 | 06/15/52 | 526088 |
| 8805000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 4.000 | 06/15/50 | 7204076 |
| 12445000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 4.000 | 12/15/47 | 10395517 |
| 4500000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 4.000 | 06/15/52 | 3625890 |
| 2890000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 0.000 | 12/15/52 | 646125 |
| 5185000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 5.000 | 06/15/53 | 5056662 |
| 25000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/44 | 9580590 |
| 43200000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/45 | 15602380 |
| 10000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/46 | 3396607 |
| 8750000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B - NPFG Insured | 0.000 | 06/15/28 | 7709479 |
| 20045000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - AGM Insured | 0.000 | 12/15/35 | 12889960 |
| 9010000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/37 | 5094679 |
| 465000 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment Project, Senior Lien Series 2019 | 5.000 | 01/01/39 | 438194 |
| 1842000 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014 - AGM Insured | 5.000 | 03/01/34 | 1843279 |
| 2615000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A - NPFG Insured | 6.500 | 07/01/30 | 2894650 |
| 3000000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Refunding Second Lien Series 2024A | 5.000 | 01/01/37 | 3252598 |
| 4000000 | Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006 - NPFG Insured | 0.000 | 10/01/25 | 3931298 |
|  | TOTAL ILLINOIS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554966737 |
|  | **INDIANA - 2.3% (1.4% of Total Investments)** |  |  |  |
| 2000000 | Carmel Redevelopment Authority, Indiana, Ad Valorem Property Tax Lease Rental Bonds, Series 2024B | 1.125 | 01/15/44 | 1038706 |
| 1000000 | Carmel, Indiana, Waterworks Revenue Bonds, Refunding, Series 2024C - BAM Insured | 4.250 | 05/01/53 | 906140 |
| 5000000 | Hamilton County Public Building Corporation, Indiana, Lease Rental Revenue Bonds, Series 2024 | 4.000 | 01/10/50 | 4400055 |
| 11845000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014 | 5.000 | 10/01/44 | 11376223 |
| 9720000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024B-1 | 4.750 | 07/01/49 | 9704321 |
| 10000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured | 0.000 | 02/01/26 | 9728474 |
| 20000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured | 0.000 | 02/01/28 | 18078862 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **35** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA** (continued) |  |  |  |
| $5015000 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Social Series 2023 | 4.250% | 07/15/43 | $4869751 |
| 1485000 | Terre Haute Sanitary District, Indiana, Revenue Bonds, Refunding Series 2024 - BAM Insured | 4.375 | 01/01/49 | 1366006 |
| 1000000 | Westfield-Washington Multi-School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Series 2024A - BAM Insured | 5.250 | 01/15/44 | 1050620 |
|  | TOTAL INDIANA |  |  | 62519158 |
|  | **IOWA - 1.5% (0.9% of Total Investments)** |  |  |  |
| 9045000 (d) | 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 | 10098850 |
| 10860000 (d) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 12125319 |
| 5700000 | Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project, Series 2018 | 5.250 | 08/01/55 | 4549317 |
| 1525000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A | 4.750 | 07/01/49 | 1522540 |
| 10000000 (e) | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Taxable Series 2023C, (UB) | 4.850 | 07/01/43 | 9995319 |
| 10850000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Class 2 Capital Appreciation Senior Lien Series 2021B-2 | 0.000 | 06/01/65 | 1600510 |
| 440000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset- Backed Bonds, Seenior Lien Series Class 2 Series 2021B-1 | 4.000 | 06/01/49 | 415259 |
|  | TOTAL IOWA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40307114 |
|  | **KANSAS - 0.4% (0.2% of Total Investments)** |  |  |  |
| 1000000 | Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series 2017A | 5.000 | 05/15/43 | 948173 |
| 1440000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015 | 5.000 | 09/01/27 | 1430221 |
| 2380000 | 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 | 2187295 |
| 2575000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015 | 6.000 | 09/01/35 | 2224339 |
| 2500000 (a) | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Village East Project Areas 2B 3 and 5, Series 2022 | 5.750 | 09/01/39 | 2544333 |
|  | TOTAL KANSAS |  |  | 9334361 |
|  | **KENTUCKY - 2.9% (1.7% of Total Investments)** |  |  |  |
| 6400000 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016 | 5.500 | 02/01/44 | 6405023 |
| 10140000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/37 | 10172374 |
| 4345000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/37 | 4348353 |
| 15620000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 01/01/45 | 15622305 |
| 1190000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2023A | 4.800 | 07/01/48 | 1205156 |
| 1030000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024A | 4.550 | 07/01/49 | 1015204 |
| 1000000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024A | 4.625 | 01/01/54 | 974803 |
| 1055000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C | 4.600 | 07/01/49 | 1033944 |

---

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| | |
|:---|:---|
| **36** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY** (continued) |  |  |  |
| $3535000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C | 4.650% | 01/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458427 |
| 1000000 | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.625 | 07/01/49 | 986208 |
| 4360000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.750 | 07/01/43 | 4917324 |
| 8510000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.875 | 07/01/46 | 9627213 |
| 2720000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A | 5.000 | 10/01/42 | 2863064 |
| 2755000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A | 5.000 | 10/01/43 | 2880792 |
| 1600000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A | 5.000 | 10/01/44 | 1663383 |
| 2640000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A | 5.000 | 05/15/52 | 2527604 |
| 8875000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds,<br> Refunding Series 2024B, (Mandatory Put 8/01/32) | 5.000 | 01/01/55 | 9298882 |
|  | TOTAL KENTUCKY |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000059 |
|  | **LOUISIANA - 1.3% (0.8% of Total Investments)** |  |  |  |
| 2295000 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013 | 6.000 | 07/01/36 | 2295450 |
| 8000000 | East Baton Rouge Parish Capital Improvement District, Louisiana, Movebr Sales Tax Revenue Bonds, Series 2024 | 5.000 | 08/01/46 | 8312840 |
| 5000000 | Lafayette, Louisiana, Utilities Revenue Bonds, Electric Projects Series 2024 | 5.000 | 11/01/46 | 5153274 |
| 560000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A | 4.650 | 12/01/54 | 548769 |
| 950000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.600 | 12/01/50 | 928252 |
| 5370000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2020A | 4.000 | 05/15/49 | 4741218 |
| 1780000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A | 5.750 | 07/01/25 | 1787576 |
| 135000 (d) | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, (ETM) | 5.750 | 07/01/25 | 135508 |
| 7395000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017 | 5.250 | 10/01/46 | 7455663 |
| 3275000 (a) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,<br> L.P. Project, Series 2010A | 6.350 | 10/01/40 | 3477057 |
|  | TOTAL LOUISIANA |  |  | 34835607 |
|  | **MAINE - 1.2% (0.7% of Total Investments)** |  |  |  |
| 5505000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/41 | 4425856 |
| 10265000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/46 | 7940148 |
| 4500000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A | 2.200 | 11/15/51 | 2424099 |
| 8885000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2022A | 2.600 | 11/15/46 | 5924778 |
| 7695000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D | 2.800 | 11/15/45 | 5720866 |
| 915000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021C | 2.300 | 11/15/46 | 579108 |
| 2000000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2023A | 4.600 | 11/15/48 | 2007611 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **37** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MAINE** (continued) |  |  |  |
| $1560000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2023B-1 | 4.750% | 11/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563687 |
| 1055000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2024B | 4.650 | 11/15/49 | 1041503 |
| 1255000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2024C | 4.750 | 11/15/49 | 1253260 |
|  | TOTAL MAINE |  |  | 32880916 |
|  | **MARYLAND - 2.4% (1.4% of Total Investments)** |  |  |  |
| 1280000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/33 | 1286283 |
| 3050000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/39 | 2987368 |
| 3025000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/46 | 2891201 |
| 1000000 (a) | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A | 4.375 | 02/15/39 | 927898 |
| 6600000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C | 2.450 | 09/01/41 | 4773207 |
| 12000000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C | 2.550 | 09/01/44 | 8153195 |
| 4660000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Social Series 2025A | 4.600 | 03/01/51 | 4630493 |
| 7975000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist HealthCare Issue, Series 2021B | 4.000 | 01/01/51 | 6620808 |
| 13315000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A | 5.500 | 01/01/46 | 13364706 |
| 4000000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016 | 5.000 | 07/01/47 | 3949032 |
| 6000000 | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2020A | 5.000 | 05/01/50 | 6372876 |
| 2000000 (a) | Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016 | 4.750 | 07/01/36 | 1989092 |
| 2300000 (a) | Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016 | 5.000 | 07/01/46 | 2203109 |
| 1335000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 4.250 | 11/01/37 | 1204600 |
| 1250000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 4.500 | 11/01/43 | 1085587 |
| 2650000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 5.000 | 11/01/47 | 2396696 |
|  | TOTAL MARYLAND |  |  | 64836151 |
|  | **MASSACHUSETTS - 2.8% (1.7% of Total Investments)** |  |  |  |
| 2245000 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.250 | 07/01/34 | 2110389 |
| 6195000 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.500 | 07/01/44 | 5690552 |
| 8200000 (a) | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017 | 4.125 | 10/01/42 | 7252352 |
| 3000000 (a) | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017 | 5.000 | 10/01/57 | 2758362 |
| 3000000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2025W | 4.250 | 07/01/55 | 2835459 |
| 1000000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015 | 4.500 | 01/01/45 | 912559 |
| 4280000 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A | 4.000 | 10/01/46 | 3405276 |

---

---

| | |
|:---|:---|
| **38** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MASSACHUSETTS** (continued) |  |  |  |
| $900000 (d) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre-refunded 7/15/30) | 5.000% | 07/15/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973469 |
| 9905000 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Issue Series 2025N-1 | 4.500 | 07/01/54 | 9224726 |
| 6000000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A - AMBAC Insured | 5.750 | 01/01/42 | 6874456 |
| 7405000 (e) | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, (UB) | 5.500 | 07/01/32 | 8594740 |
| 2785000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D | 3.875 | 12/01/39 | 2544957 |
| 3340000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1 | 2.375 | 12/01/46 | 2140475 |
| 3600000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1 | 2.450 | 12/01/51 | 2135395 |
| 8310000 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1 | 2.550 | 12/01/56 | 4982659 |
| 250000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1 | 4.700 | 12/01/49 | 251348 |
| 455000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1 | 4.800 | 12/01/54 | 458407 |
| 4500000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2020-220 | 2.300 | 12/01/44 | 3073137 |
| 3000000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2023-227 | 4.900 | 12/01/48 | 3057811 |
| 1240000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2024-234 | 4.700 | 12/01/49 | 1229465 |
| 3375000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2025-242 | 4.750 | 12/01/50 | 3359404 |
| 3345000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B | 2.000 | 04/01/50 | 1854855 |
|  | TOTAL MASSACHUSETTS |  |  | 75720253 |
|  | **MICHIGAN - 1.9% (1.1% of Total Investments)** |  |  |  |
| 3610000 (h) | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A - AGM Insured, (UB) | 6.000 | 05/01/29 | 3844007 |
| 145000 (d) | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, (Pre-refunded 6/01/26) | 5.000 | 12/01/45 | 147878 |
| 3595000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI | 5.000 | 12/01/45 | 3585429 |
| 2705000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts Senior Current Interest Series 2020A-2 | 5.000 | 06/01/40 | 2749650 |
| 1000000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest Series 2020A-CL-1 | 4.000 | 06/01/49 | 847183 |
| 180000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A | 3.700 | 04/01/30 | 175894 |
| 5000000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2023B | 4.800 | 12/01/43 | 4965016 |
| 21675000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A | 2.350 | 12/01/46 | 14222784 |
| 8280000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A | 2.500 | 06/01/52 | 5181928 |
| 6000000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2020-I | 2.625 | 10/15/56 | 3671839 |
| 5080000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2023II | 4.000 | 10/15/47 | 4687978 |
| 3550000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D | 5.000 | 12/01/40 | 3553479 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **39** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $2730000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D | 5.000% | 12/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732591 |
|  | TOTAL MICHIGAN |  |  | 50365656 |
|  | **MINNESOTA - 2.0% (1.2% of Total Investments)** |  |  |  |
| 155000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/36 | 141259 |
| 440000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/41 | 378321 |
| 1720000 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A | 5.500 | 07/01/50 | 1720101 |
| 7020000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/43 | 6524429 |
| 22960000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/48 | 20794055 |
| 340000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A | 5.250 | 06/01/42 | 311241 |
| 215000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A | 5.500 | 06/01/57 | 190422 |
| 1400000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A | 5.500 | 07/01/52 | 1292711 |
| 2475000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E | 2.700 | 07/01/44 | 1778419 |
| 2320000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I | 2.150 | 07/01/45 | 1489025 |
| 3625000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I | 2.200 | 01/01/51 | 2072575 |
| 5585000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H | 2.550 | 01/01/46 | 3752734 |
| 4275000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2025A | 4.250 | 11/15/50 | 4098436 |
| 405000 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A | 5.000 | 04/01/36 | 363944 |
| 605000 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A | 5.000 | 04/01/46 | 487591 |
| 1395000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A | 4.000 | 07/01/35 | 1360779 |
| 2785000 (d) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25) | 5.000 | 11/15/40 | 2808914 |
| 3190000 (d) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25) | 5.000 | 11/15/44 | 3217391 |
|  | TOTAL MINNESOTA |  |  | 52782347 |
|  | **MISSISSIPPI - 0.8% (0.5% of Total Investments)** |  |  |  |
| 3900000 | Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc. Project, Refunding Series 2021 | 2.375 | 06/01/44 | 2379110 |
| 1000000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A | 2.125 | 12/01/44 | 620124 |
| 13000000 (e) | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2023C, (UB) | 4.650 | 12/01/48 | 13091681 |
| 1760000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024A | 4.550 | 12/01/49 | 1736736 |
| 2500000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024C | 4.850 | 12/01/54 | 2504386 |
|  | TOTAL MISSISSIPPI |  |  | 20332037 |

---

---

| | |
|:---|:---|
| **40** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MISSOURI - 2.0% (1.2% of Total Investments)** |  |  |  |
| $400000 (a) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000% | 04/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380030 |
| 1520000 (a) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000 | 04/01/46 | 1324811 |
| 15000000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/28 | 13392949 |
| 2345000 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.250 | 05/15/50 | 1981931 |
| 1575000 (a) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 5.750 | 06/01/35 | 1449214 |
| 1055000 (a) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 6.000 | 06/01/46 | 937314 |
| 5000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A | 4.000 | 04/01/45 | 4542166 |
| 1000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023 | 5.000 | 12/01/52 | 1013369 |
| 2515000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C | 4.650 | 11/01/49 | 2482947 |
| 2480000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024G | 4.450 | 11/01/49 | 2415538 |
| 1255000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2023C | 4.950 | 11/01/48 | 1282853 |
| 3445000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2023E | 5.150 | 11/01/53 | 3507775 |
| 1510000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2024A | 4.600 | 11/01/49 | 1482027 |
| 405000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A | 5.875 | 09/01/43 | 405017 |
| 1650000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A | 5.000 | 12/01/35 | 1589239 |
| 455000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A | 5.125 | 12/01/45 | 406476 |
| 4125000 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005 - NPFG Insured | 5.500 | 07/01/29 | 4491835 |
| 15350000 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A - AMBAC Insured | 0.000 | 06/01/30 | 12001952 |
|  | TOTAL MISSOURI |  |  | 55087443 |
|  | **MONTANA - 0.7% (0.4% of Total Investments)** |  |  |  |
| 1175000 | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.250 | 05/15/37 | 1093394 |
| 375000 | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.250 | 05/15/47 | 318033 |
| 2915000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2023A | 4.550 | 12/01/48 | 2864436 |
| 2250000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2023A | 4.700 | 06/01/53 | 2216283 |
| 2000000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2023B | 4.875 | 12/01/48 | 2037654 |
| 2200000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2023C | 4.600 | 12/01/43 | 2171365 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **41** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MONTANA** (continued) |  |  |  |
| $1000000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2023C | 4.850% | 12/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017240 |
| 2215000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024A | 4.600 | 12/01/49 | 2170576 |
| 1530000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B | 4.400 | 12/01/49 | 1478888 |
| 1000000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B | 4.450 | 12/01/53 | 947753 |
| 1750000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2025A | 4.850 | 12/01/50 | 1768445 |
| 655000 | Montana State Board of Regents of Higher Education, General Revenue Bonds, University of Montana, Series 2025 | 4.500 | 11/15/54 | 641659 |
|  | TOTAL MONTANA |  |  | 18725726 |
|  | **NEBRASKA - 1.2% (0.7% of Total Investments)** |  |  |  |
| 2125000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 4.125 | 11/01/36 | 2054701 |
| 1765000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 5.000 | 11/01/45 | 1741154 |
| 3115000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 5.000 | 11/01/48 | 3070178 |
| 7825000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2020A | 2.700 | 09/01/43 | 5640432 |
| 5000000 (e) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2023A, (UB) | 4.550 | 09/01/48 | 4901882 |
| 5000000 (e) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2023A, (UB) | 4.600 | 09/01/53 | 4847740 |
| 3250000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2023C | 4.650 | 09/01/48 | 3274158 |
| 6800000 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project,<br> Refunding & Improvement Series 2016A | 5.250 | 02/01/37 | 6398758 |
|  | TOTAL NEBRASKA |  |  | 31929003 |
|  | **NEVADA - 1.6% (1.0% of Total Investments)** |  |  |  |
| 4000000 (c) | Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building Series 2025A | 4.000 | 06/15/42 | 3771548 |
| 410000 (a) | Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A | 5.000 | 12/15/38 | 405383 |
| 730000 | Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black Mountain Ranch, Series 2022 | 3.500 | 09/01/45 | 554559 |
| 485000 | Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black Mountain Ranch, Series 2022 | 4.000 | 09/01/51 | 382124 |
| 18435000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B | 4.000 | 07/01/49 | 15891378 |
| 2150000 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series 2017B | 4.000 | 07/01/36 | 2107886 |
| 1115000 | Las Vegas, Nevada, Local Improvement Revenue Bonds, Special Improvement District 818 Summerlin Village 27, Series 2024 | 5.000 | 12/01/49 | 1050242 |
| 1200000 | Las Vegas, Nevada, Local Improvement Revenue Bonds, Special Improvement District 818 Summerlin Village 27, Series 2024 | 5.000 | 12/01/54 | 1113932 |
| 695000 (a) | Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement District, Series 2016 | 4.375 | 06/15/35 | 654787 |
| 4710000 | Nevada System of Higher Education, Certificates of Participation, Series 2025 - BAM Insured | 4.250 | 07/01/50 | 4343695 |
| 5800000 | Nevada System of Higher Education, Certificates of Participation, Series 2025 - BAM Insured | 4.250 | 07/01/55 | 5287809 |
| 500000 | Neveda State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A | 5.000 | 07/15/37 | 499959 |

---

---

| | |
|:---|:---|
| **42** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEVADA** (continued) |  |  |  |
| $3950000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018A | 4.000% | 06/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707736 |
| 2500000 (a) | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018C | 0.000 | 07/01/58 | 355574 |
| 3210000 | Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue<br> Bonds, Series 2020 | 5.000 | 07/01/51 | 3083888 |
|  | TOTAL NEVADA |  |  | 43210500 |
|  | **NEW HAMPSHIRE - 1.8% (1.1% of Total Investments)** |  |  |  |
| 8950000 | National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint Elizabeth Medical Center, Inc., Series 2021A | 4.000 | 05/01/51 | 8132554 |
| 11646713 | National Finance Authority, New Hampshire, Municipal Certificates Series 2022-1 Class A | 4.375 | 09/20/36 | 11458705 |
| 2794291 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-2 Class A | 3.625 | 08/20/39 | 2559393 |
| 2989627 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-4 Class A | 4.180 | 11/20/39 | 2908296 |
| 5000000 (a) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018B | 4.625 | 11/01/42 | 4464126 |
| 5630000 (a) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020A, (Mandatory Put 7/02/40) | 3.625 | 07/01/43 | 4551429 |
| 2775000 (a) | National Finance Authority, New Hampshire, Special Revenue Bonds, The Chambers Creek Project, Montgomery County, Texas Municipal Utility Districts, Capital Appreciation Series 2025 | 0.000 | 12/15/32 | 1689216 |
| 500000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016 | 5.000 | 10/01/40 | 502144 |
| 2350000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2023D | 5.125 | 07/01/53 | 2383018 |
| 4000000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024A | 4.650 | 07/01/49 | 3959154 |
| 1675000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024C | 4.625 | 07/01/48 | 1681153 |
| 4920000 | New Hampshire Housing Finance Authority, Single Family<br> Mortgage Acquisition Bonds, Social Series 2025A | 4.650 | 01/01/49 | 4868913 |
|  | TOTAL NEW HAMPSHIRE |  |  | 49158101 |
|  | **NEW JERSEY - 4.7% (2.8% of Total Investments)** |  |  |  |
| 34310000 (d) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) | 5.500 | 06/15/29 | 35671143 |
| 2110000 (d) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) | 5.500 | 06/15/30 | 2193708 |
| 5045000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1 - NPFG Insured | 5.500 | 09/01/28 | 5388809 |
| 655000 (d) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25) | 5.250 | 06/15/40 | 656419 |
| 11335000 (d) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25) | 5.250 | 06/15/40 | 11359554 |
| 2050000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/26 | 1937032 |
| 20000000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured | 0.000 | 12/15/33 | 14287010 |
| 5000000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA | 5.250 | 06/15/43 | 5105207 |
| 5000000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2024AA | 5.250 | 06/15/41 | 5362732 |
| 10700000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2024CC | 4.125 | 06/15/55 | 9405861 |
| 29330000 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1 - AGM Insured | 5.250 | 01/01/26 | 29781855 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **43** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $1420000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000% | 06/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401724 |
| 1580000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.250 | 06/01/46 | 1586611 |
| 2970000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B | 5.000 | 06/01/46 | 2883235 |
| 1330000 | Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005 - AGM Insured | 5.250 | 01/01/26 | 1345194 |
|  | TOTAL NEW JERSEY |  |  | 128366094 |
|  | **NEW MEXICO - 0.6% (0.3% of Total Investments)** |  |  |  |
| 3345000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C | 2.250 | 07/01/46 | 2089729 |
| 350000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2023C | 4.650 | 09/01/48 | 352602 |
| 4000000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G | 4.600 | 09/01/49 | 3928076 |
| 4715000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G | 4.650 | 09/01/54 | 4613463 |
| 1600000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding & Acquisition Series 2025, (Mandatory Put 11/01/30) | 5.000 | 06/01/54 | 1676934 |
| 670000 | Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2019A | 5.000 | 05/15/44 | 636725 |
| 1200000 | Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2019A | 5.000 | 05/15/49 | 1104300 |
| 1000000 (a) | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2022 | 4.250 | 05/01/40 | 892218 |
|  | TOTAL NEW MEXICO |  |  | 15294047 |
|  | **NEW YORK - 10.1% (6.0% of Total Investments)** |  |  |  |
| 1000000 | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 6.400 | 02/01/43 | 997493 |
| 2270000 | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 6.650 | 02/01/53 | 2268261 |
| 10000000 | Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Series 2023A | 5.000 | 11/01/48 | 10367185 |
| 13965000 (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015 | 5.500 | 09/01/45 | 13980091 |
| 1350000 (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 1412244 |
| 9320000 (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.500 | 06/01/55 | 8197742 |
| 7390000 (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020B-1 | 5.000 | 06/01/55 | 6009977 |
| 14215000 (e) | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2022A, (UB) | 4.250 | 05/01/52 | 13084276 |
| 7000000 | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2024A | 4.000 | 05/01/54 | 5965772 |
| 9700000 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2017A | 5.000 | 10/01/47 | 10491505 |
| 3115000 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A | 5.000 | 07/01/45 | 3001444 |
| 2700000 (a) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015 | 5.000 | 12/01/40 | 2446670 |
| 5600000 (a) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015 | 5.000 | 12/01/45 | 4844290 |
| 9050000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024B | 4.000 | 03/15/54 | 8271790 |
| 2095000 | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2022A | 5.250 | 12/01/52 | 2106947 |

---

---

| | |
|:---|:---|
| **44** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $2120000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Refunding Series 2020B | 5.570% | 02/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958486 |
| 2695000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A | 6.240 | 02/01/47 | 2615566 |
| 2965000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2018A | 6.760 | 02/01/48 | 2983794 |
| 400000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.530 | 02/01/40 | 372029 |
| 1270000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.730 | 02/01/50 | 1139653 |
| 1210000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.450 | 02/01/41 | 973702 |
| 2380000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.600 | 02/01/51 | 1766469 |
| 2840000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 | 5.000 | 11/15/50 | 2849973 |
| 3155000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 | 5.250 | 11/15/55 | 3222454 |
| 5000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-2 | 4.000 | 11/15/47 | 4393922 |
| 4115000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-3 | 4.000 | 11/15/49 | 3589045 |
| 3500000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 5.250 | 11/15/45 | 3662358 |
| 3420000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 4.625 | 11/15/50 | 3382035 |
| 1585000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Climate Certified Series 2020E | 4.000 | 11/15/45 | 1399227 |
| 3585000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann's Community Project, Series 2019 | 5.000 | 01/01/50 | 3015974 |
| 1000000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014 | 5.000 | 07/01/31 | 1000280 |
| 20000000 | New York City Housing Development Corporation, New<br> York, Sustainable Impact Revenue Bonds, Williamsburg Housing Preservation LP, Series 2020A | 2.800 | 02/01/50 | 13591400 |
| 5000000 | New York City Housing Development Corporation, New York, House Impact Revenue Bonds, Green Series 2023A | 4.800 | 02/01/53 | 5002993 |
| 10000000 (e) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2023 Series DD, (UB) | 4.125 | 06/15/46 | 9491910 |
| 3245000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series BB | 5.000 | 06/15/48 | 3390451 |
| 1740000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025E | 5.500 | 11/01/49 | 1882120 |
| 5650000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1 | 5.250 | 11/01/48 | 6004760 |
| 4670000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series E | 5.250 | 08/01/50 | 4936098 |
| 445000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series E | 4.250 | 08/01/55 | 413686 |
| 2500000 | New York City, New York, General Obligation Bonds, Fiscal 2025 Series G-1 | 5.250 | 02/01/50 | 2648222 |
| 5000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M - FGIC Insured | 5.000 | 04/01/26 | 5006 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **45** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $28615000 (a) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000% | 11/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28491698 |
| 20510000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade Center Project, Refunding Green Series 2022A-CL2 | 3.125 | 09/15/50 | 14722070 |
| 2560000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3 | 2.800 | 09/15/69 | 2338601 |
| 7385000 | New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2024A | 5.250 | 03/15/52 | 7771024 |
| 3500000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Series 2019P | 3.050 | 11/01/49 | 2564632 |
| 5350000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Green Series 2024C-1 | 4.500 | 11/01/49 | 5234544 |
| 6500000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211 | 3.750 | 10/01/43 | 5640881 |
| 1140000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 252 | 4.550 | 10/01/48 | 1120630 |
| 1000000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 252 | 4.650 | 10/01/53 | 977248 |
| 2025000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 264 | 4.550 | 10/01/49 | 1993162 |
| 1000000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 264 | 4.600 | 10/01/54 | 972147 |
| 1745000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 266 | 4.700 | 10/01/52 | 1737613 |
| 3500000 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Syracuse University Project, Series 2025 | 4.500 | 12/01/50 | 3424176 |
| 5000000 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2024A-1 | 5.250 | 11/15/51 | 5253990 |
| 5000000 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2024A-1 | 4.000 | 11/15/54 | 4542661 |
| 7110000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/48 | 6424442 |
|  | TOTAL NEW YORK |  |  | 272346819 |
|  | **NORTH CAROLINA - 0.5% (0.3% of Total Investments)** |  |  |  |
| 260000 | Harnett County, North Carolina, Limited Obligation Bonds, Series 2025 | 4.250 | 04/01/45 | 248999 |
| 3585000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A | 4.700 | 07/01/50 | 3566743 |
| 1185000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A | 4.800 | 01/01/55 | 1185144 |
| 2090000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Social Series 53-A | 4.375 | 07/01/44 | 2084397 |
| 4325000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Social Series 53-A | 4.550 | 01/01/50 | 4300010 |
| 1795000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 52-A | 4.900 | 07/01/43 | 1796487 |
| 2150000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A | 5.000 | 07/01/47 | 1454305 |
|  | TOTAL NORTH CAROLINA |  |  | 14636085 |
|  | **NORTH DAKOTA - 2.6% (1.5% of Total Investments)** |  |  |  |
| 9950000 | Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health Obligated Group, Series 2018B | 4.250 | 02/15/48 | 8998735 |
| 4525000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A | 5.000 | 12/01/42 | 4480999 |
| 1000000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 - AGM Insured | 3.000 | 12/01/46 | 736871 |

---

---

| | |
|:---|:---|
| **46** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH DAKOTA** (continued) |  |  |  |
| $5000000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 - AGM Insured | 3.000% | 12/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432509 |
| 1000000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017 | 5.000 | 12/01/36 | 948917 |
| 2000000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2023A, | 5.000 | 05/01/48 | 1963888 |
| 715000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 4.750 | 05/01/44 | 688199 |
| 3000000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/50 | 2904330 |
| 3820000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B | 2.500 | 07/01/44 | 2597638 |
| 980000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2022F | 4.250 | 01/01/47 | 913452 |
| 1000000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023A | 4.700 | 07/01/47 | 996613 |
| 1500000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023D | 4.500 | 07/01/43 | 1504324 |
| 555000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023D | 4.550 | 07/01/48 | 545210 |
| 2750000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2023F | 5.100 | 07/01/48 | 2765672 |
| 1300000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2024A | 4.750 | 01/01/52 | 1277327 |
| 8300000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/38 | 7998565 |
| 1700000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/43 | 1612271 |
| 28050000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/53 | 25913232 |
| 1741770 (b) | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013 | 7.750 | 09/01/38 | 182886 |
|  | TOTAL NORTH DAKOTA |  |  | 70461638 |
|  | **OHIO - 7.5% (4.5% of Total Investments)** |  |  |  |
| 2000000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020 | 3.000 | 11/15/40 | 1800310 |
| 40220000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 11.310 | 06/01/57 | 3848173 |
| 54795000 | 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 | 38020190 |
| 9560000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/48 | 8031660 |
| 25400000 | 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 | 22197949 |
| 2750000 | Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, Refunding & Improvement Series 2017 | 5.250 | 11/01/37 | 2690760 |
| 3200000 | Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, Refunding & Improvement Series 2017 | 5.250 | 11/01/47 | 2911817 |
| 4000000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A | 5.250 | 11/15/48 | 3918048 |
| 1165000 | Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A | 4.000 | 09/01/40 | 993014 |
| 1750000 | Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A | 4.000 | 09/01/45 | 1400593 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **47** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $2000000 | Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A | 5.000% | 09/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839715 |
| 4590000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019 | 5.000 | 12/01/51 | 4156796 |
| 4065000 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A | 3.250 | 12/01/42 | 3381202 |
| 4380000 | Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured | 5.250 | 12/01/27 | 4590567 |
| 6000000 | Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured | 5.250 | 12/01/31 | 6538074 |
| 12000000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013 | 5.000 | 02/15/48 | 11322035 |
| 25880000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A | 4.750 | 06/01/33 | 26240107 |
| 490000 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, University Circle Incorporated 2020 Project, Series 2020 | 5.000 | 01/15/50 | 492342 |
| 3270000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A | 4.650 | 09/01/54 | 3199581 |
| 1270000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3 | 5.800 | 02/15/36 | 1424874 |
| 20505000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A | 4.750 | 06/01/33 | 20790317 |
| 20480000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, (Mandatory Put 6/01/22) | 4.750 | 06/01/33 | 20764969 |
| 2930000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A | 5.000 | 11/01/51 | 2315655 |
| 1330000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 6.000 | 03/01/45 | 1283853 |
| 9495000 | Washington County, Ohio, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group, Series 2022 | 6.750 | 12/01/52 | 10169197 |
|  | TOTAL OHIO |  |  | 204321798 |
|  | **OKLAHOMA - 1.5% (0.9% of Total Investments)** |  |  |  |
| 3965000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 3980303 |
| 20510000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 20583192 |
| 1150000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/41 | 1160859 |
| 1390000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/44 | 1376958 |
| 500000 (c) | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2025B | 5.000 | 03/01/49 | 500814 |
| 9800000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.250 | 01/01/50 | 10394082 |
| 2340000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017 | 5.250 | 11/15/45 | 2306909 |
|  | TOTAL OKLAHOMA |  |  | 40303117 |

---

---

| | |
|:---|:---|
| **48** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OREGON - 0.0% (0.0% of Total Investments)** |  |  |  |
| $500000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A | 5.125% | 11/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492063 |
| 220000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A | 5.250 | 11/15/50 | 205369 |
| 315000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A | 5.375 | 11/15/55 | 294778 |
|  | TOTAL OREGON |  |  | 992210 |
|  | **PENNSYLVANIA - 4.9% (2.9% of Total Investments)** |  |  |  |
| 13660000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 4.000 | 04/01/44 | 12009119 |
| 1970000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A | 4.000 | 04/01/44 | 1832382 |
| 2540000 (a) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017 | 5.000 | 05/01/42 | 2397105 |
| 13235000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33) | 4.750 | 01/01/35 | 13392903 |
| 9365000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B | 3.750 | 10/01/47 | 7440581 |
| 991000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 1036033 |
| 13279000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 12290343 |
| 6636000 (g) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 4780896 |
| 2078000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 2080576 |
| 2410000 | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016 | 5.125 | 03/15/36 | 2418844 |
| 6420000 | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016 | 5.125 | 03/15/46 | 6063492 |
| 1000000 | Butler County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Butler Health System Project, Series 2015A | 5.000 | 07/01/39 | 906103 |
| 9855000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 - AGM Insured | 4.000 | 06/01/39 | 9079044 |
| 295000 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015 | 5.000 | 01/01/29 | 295053 |
| 1500000 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A | 5.000 | 07/01/45 | 1410117 |
| 1750000 | McCandless IDA, Pennsylvania, University Revenue Bonds Series A and B of 2022 La Roche University | 6.750 | 12/01/46 | 1588428 |
| 675000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-1 | 4.250 | 11/01/51 | 622815 |
| 3500000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-131A | 3.100 | 10/01/44 | 2808770 |
| 3415000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2021-135A | 2.500 | 10/01/50 | 2107482 |
| 4490000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A | 4.600 | 10/01/44 | 4458747 |
| 13550000 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A | 5.250 | 12/01/44 | 13883902 |
| 3205000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1 | 5.000 | 12/01/45 | 3208657 |
| 11000000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C - AGM Insured | 6.250 | 06/01/33 | 11321868 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **49** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $15000000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1 | 5.000% | 12/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15008552 |
|  | TOTAL PENNSYLVANIA |  |  | 132441812 |
|  | **PUERTO RICO - 6.7% (4.0% of Total Investments)** |  |  |  |
| 4933765 | Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit Exchanged From Cusip 74529JAN5 | 0.000 | 08/01/47 | 1447503 |
| 9760928 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip 74529JAP0 | 0.000 | 08/01/54 | 1875561 |
| 8000000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 8138498 |
| 14625000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/47 | 13844061 |
| 10090000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/33 | 10320986 |
| 5000000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/37 | 5067226 |
| 7510000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 6465876 |
| 8070000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/47 | 6595918 |
| 2000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/29 | 1686175 |
| 49000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/33 | 34484 |
| 837000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 821512 |
| 4729000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.550 | 07/01/40 | 4470322 |
| 53881000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 17393143 |
| 2564000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 608715 |
| 11421000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 10618323 |
| 16609000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 15890443 |
| 723000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019B-2 | 4.536 | 07/01/53 | 635042 |
| 10684000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 10045995 |
| 2485000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 2336606 |
| 7061000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 6517891 |
| 5761000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/29 | 5991339 |
| 3919000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.750 | 07/01/31 | 4157713 |
| 21886000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 14692602 |
| 10302336 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/33 | 9845234 |
| 8816000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 8214199 |
| 10216000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 9376079 |
| 4799000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 4090490 |
| 1756000 | Puerto Rico, General Obligation Bonds, Restructured Series<br> 2022A-1 | 4.000 | 07/01/46 | 1437654 |
|  | TOTAL PUERTO RICO |  |  | 182619590 |

---

---

| | |
|:---|:---|
| **50** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **RHODE ISLAND - 2.4% (1.5% of Total Investments)** |  |  |  |
| $3430000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2019 Series 71 | 3.100% | 10/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752594 |
| 11005000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2022 Series 76A | 2.550 | 10/01/42 | 8083889 |
| 295135000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 53302355 |
| 2050000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2015B | 4.500 | 06/01/45 | 2050032 |
|  | TOTAL RHODE ISLAND |  |  | 66188870 |
|  | **SOUTH CAROLINA - 3.1% (1.8% of Total Investments)** |  |  |  |
| 175000 | Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2025 | 4.375 | 02/01/55 | 167352 |
| 7600000 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured | 0.000 | 01/01/31 | 6101618 |
| 1175000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2022B | 4.350 | 07/01/47 | 1102100 |
| 965000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2023A | 4.900 | 07/01/48 | 983127 |
| 980000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024A | 4.625 | 07/01/49 | 963943 |
| 2790000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024B | 4.600 | 07/01/49 | 2741530 |
| 1995000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2024B | 4.625 | 07/01/54 | 1944369 |
| 6715000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A | 4.650 | 07/01/50 | 6612312 |
| 890000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A | 5.000 | 04/01/49 | 869905 |
| 1165000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A | 4.000 | 04/01/54 | 928175 |
| 1630000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A | 5.000 | 04/01/54 | 1558885 |
| 395000 (a) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020 | 5.000 | 01/01/40 | 359220 |
| 1000000 (a) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020 | 5.000 | 01/01/55 | 825894 |
| 1000000 | South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc., Refunding Series 2017B | 5.000 | 05/01/37 | 902074 |
| 750000 | South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc., Refunding Series 2017B | 5.000 | 05/01/42 | 633615 |
| 28140000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A | 5.000 | 12/01/50 | 28138998 |
| 7565000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2020A - BAM Insured | 3.000 | 12/01/41 | 5861705 |
| 2620000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A | 4.000 | 12/01/52 | 2262644 |
| 10000000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2024B | 5.250 | 12/01/54 | 10297929 |
| 9545000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E | 5.250 | 12/01/55 | 9558275 |
|  | TOTAL SOUTH CAROLINA |  |  | 82813670 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **51** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH DAKOTA - 0.9% (0.5% of Total Investments)** |  |  |  |
| $3765000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017 | 5.000% | 09/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761809 |
| 6000000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2022B | 2.500 | 11/01/42 | 4360045 |
| 5000000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C | 4.700 | 11/01/49 | 4957926 |
| 6250000 (e) | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Social Series 2023A, (UB) | 4.350 | 11/01/43 | 6256747 |
| 4000000 (e) | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Social Series 2023A, (UB) | 4.550 | 05/01/48 | 3924627 |
|  | TOTAL SOUTH DAKOTA |  |  | 23261154 |
|  | **TENNESSEE - 0.9% (0.5% of Total Investments)** |  |  |  |
| 1490000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2019 | 4.000 | 11/15/48 | 1249394 |
| 2645000 (b) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 5.500 | 07/01/37 | 1939874 |
| 4100000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2022A, (Mandatory Put 12/01/30) | 5.500 | 10/01/53 | 4298844 |
| 830000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A | 2.550 | 01/01/45 | 582858 |
| 10000000 (e) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2023-3A, (UB) | 5.350 | 07/01/48 | 10348841 |
| 185000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-1A | 4.800 | 07/01/54 | 184212 |
| 1000000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-2A | 4.600 | 07/01/49 | 981692 |
| 1200000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-2A | 4.650 | 07/01/54 | 1176084 |
| 600000 (c) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2025-1A | 5.000 | 07/01/50 | 602504 |
| 1500000 (e) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Tender Option Bond Trust Series 2023-XL0448, (UB) | 4.550 | 07/01/48 | 1473541 |
| 2000000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B | 5.625 | 09/01/26 | 2036140 |
|  | TOTAL TENNESSEE |  |  | 24873984 |
|  | **TEXAS - 12.7% (7.5% of Total Investments)** |  |  |  |
| 2340000 | Aldine Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2024A | 3.000 | 02/15/42 | 1907854 |
| 5480000 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A | 5.000 | 11/15/45 | 5483659 |
| 2500000 | Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015 | 5.000 | 12/01/45 | 2348250 |
| 16280000 (e) | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2019B, (UB) | 5.000 | 08/15/49 | 17506779 |
| 5000000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2020A | 3.500 | 08/15/50 | 4073633 |
| 3335000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E | 5.000 | 01/01/45 | 3379658 |
| 5390000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2021B | 5.000 | 01/01/46 | 5461765 |
| 13685000 (d) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/45 | 13722008 |
| 6375000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016 | 3.375 | 01/01/41 | 5419841 |
| 765000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A | 4.350 | 12/01/42 | 699382 |
| 685000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A | 4.400 | 12/01/47 | 602520 |

---

---

| | |
|:---|:---|
| **52** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $4000000 |  | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A | 5.000% | 12/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906498 |
| 300000 |  | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 5.750 | 09/01/28 | 303565 |
| 675000 |  | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 6.500 | 09/01/46 | 682120 |
| 14685000 |  | Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building Series 2025 | 4.000 | 02/15/50 | 13414830 |
| 12000000 | (e) | Denton Independent School District, Denton County, Texas, General Obligation Bonds, School Building Series 2023, (UB) | 5.000 | 08/15/53 | 12318355 |
| 5000000 |  | East Central Independent School District, Bexar County, Texas, General Obligation Bonds, School Building Series 2024 | 4.000 | 08/15/54 | 4440961 |
| 5325000 |  | Ector County, Texas, Certificates of Obligation, Series 2024 | 4.000 | 02/15/47 | 4957843 |
| 1260000 |  | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT | 4.750 | 05/01/38 | 1242704 |
| 6010000 |  | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 5820342 |
| 3910000 |  | Grayson County Junior College District, Texas, General Obligation Bonds, Series 2024 | 4.000 | 02/15/49 | 3543725 |
| 1000000 |  | Greater Texoma Utility Authority, Texas, Contract Revenue Bonds, City of Sherman Project Series 2023A - BAM Insured | 4.375 | 10/01/53 | 946699 |
| 570000 |  | Greater Texoma Utility Authority, Texas, Contract Revenue Bonds, City of Sherman Project Series 2024 - BAM Insured | 4.250 | 10/01/54 | 521947 |
| 4275000 |  | Greenville, Texas, General Obligation Bonds, Series 2024 - AGM Insured | 4.125 | 02/15/51 | 3928690 |
| 3105000 |  | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 | 5.000 | 12/01/45 | 3104835 |
| 1000000 |  | Harris County Flood Control District, Texas, General Obligation Bonds, Refunding Improvement, Green Series 2023A | 4.000 | 09/15/48 | 907507 |
| 1000000 |  | Harris County, Texas, General Obligation Bonds, Permanent Improvement Series 2024 | 4.000 | 09/15/49 | 906866 |
| 4080000 | (a),(h) | Harris County, Texas, General Obligtion Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074 - AGM Insured, (IF) | 8.943 | 08/15/32 | 5655734 |
| 6000000 |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A | 0.000 | 11/15/48 | 1802527 |
| 2295000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/42 | 920470 |
| 3000000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/43 | 1140647 |
| 3000000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/44 | 1081305 |
| 4000000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/45 | 1372251 |
| 7165000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/46 | 2342228 |
| 7580000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/47 | 2335165 |
| 7095000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/48 | 2064058 |
| 7550000 |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/49 | 2058449 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **53** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $5140000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000% | 12/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321627 |
| 4000000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000 | 12/01/51 | 968716 |
| 5000000 | Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015 | 4.000 | 08/15/44 | 4547177 |
| 20290000 | Houston, Texas, General Obligation Bonds, Refunding Series 2024A | 5.250 | 03/01/49 | 21382821 |
| 4090000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/26 | 3900898 |
| 4865000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AGM Insured | 0.000 | 09/01/27 | 4466499 |
| 4715000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015 | 5.000 | 09/01/40 | 4717515 |
| 17000000 (d) | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A - AGM Insured, (ETM) | 5.750 | 12/01/32 | 19893638 |
| 2405000 | Humble Independent School District, Harris County, Texas, General Obligation Bonds, School Building Refunding Series 2025 | 4.000 | 02/15/52 | 2154183 |
| 4460000 | Hutto, Texas, Certificates of Obligation Bonds, Combination Tax & Waterworks & Sewer System Revenue Series 2024 - BAM Insured | 4.125 | 08/01/49 | 4159639 |
| 940000 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015 | 5.000 | 08/15/30 | 942114 |
| 1275000 | Mansfield Economic Development Corporation, Tarrant, Johnson and Ellis Counties, Texas, Sales Tax Revenue Bonds, Series 2025 - BAM Insured | 4.000 | 08/01/49 | 1129999 |
| 13050000 | Mansfield Economic Development Corporation, Texas, Sales Tax Revenue Bonds, Tax-Exempt New Series 2025 | 4.000 | 08/01/54 | 11125841 |
| 3095000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.750 | 12/01/33 | 3099521 |
| 3125000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 6.125 | 12/01/38 | 3128747 |
| 1220000 | New Braunfels, Comal County, Texas, Utility System Revenue Bonds, Refunding Series 2024 | 4.000 | 07/01/55 | 1098009 |
| 645000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025A | 6.250 | 10/01/45 | 629165 |
| 2335000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016 | 5.000 | 11/01/46 | 1838232 |
| 6015000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016 | 5.000 | 11/01/51 | 4561188 |
| 745000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014 | 5.500 | 01/01/43 | 685209 |
| 210000 (d) | 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 | 213085 |
| 4530000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - College Station I LLC - Texas A&M University Project, Series 2014A - AGM Insured | 4.100 | 04/01/34 | 4480209 |
| 820000 (d) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - San Antonio 1, L.L.C. - Texas A&M University - San Antonio Project, Series 2016A, (Pre-refunded 4/01/26) | 5.000 | 04/01/48 | 832045 |

---

---

| | |
|:---|:---|
| **54** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $2590000 (d) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 7.000% | 09/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071558 |
| 3910000 (d) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 6.750 | 09/01/45 | 4655190 |
| 10000000 | Northwest Independent School District, Denton, Tarrant and Wise Counties, Texas, General Obligation Bonds, School Building Series 2024A | 5.000 | 02/15/49 | 10296664 |
| 610000 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.125 | 02/01/39 | 580980 |
| 1080000 | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward's University Project, Series 2016 | 4.000 | 06/01/41 | 895256 |
| 15650000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A | 4.000 | 07/01/53 | 13732255 |
| 11540000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A | 5.000 | 02/15/47 | 11395327 |
| 3955000 | Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012 | 4.125 | 12/01/45 | 3373937 |
| 2655000 | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2024A | 5.000 | 01/01/49 | 2676754 |
| 2565000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2018A | 4.250 | 09/01/43 | 2540824 |
| 7155000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A | 2.250 | 09/01/46 | 4460709 |
| 6905000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A | 2.350 | 09/01/51 | 3985982 |
| 2415000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2023A | 4.600 | 09/01/43 | 2402659 |
| 4000000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2023C | 5.125 | 09/01/53 | 4056911 |
| 5250000 | Texas Municipal Gas Acquisition and Supply Corporation V, Texas, Gas Supply Revenue Bonds, Series 2024, (Mandatory Put 1/01/34) | 5.000 | 01/01/55 | 5461209 |
| 3500000 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A | 4.000 | 12/31/38 | 3332245 |
| 2000000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000 | 06/30/38 | 1905982 |
| 2115000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000 | 12/31/38 | 2005320 |
| 4400000 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured | 0.000 | 08/15/25 | 4351189 |
| 14830000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A | 5.000 | 10/15/49 | 15445535 |
|  | TOTAL TEXAS |  |  | 344228233 |
|  | **UTAH - 0.7% (0.4% of Total Investments)** |  |  |  |
| 510000 (a) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 3.750 | 03/01/41 | 426421 |
| 1095000 (a) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Series 2021A | 4.000 | 03/01/51 | 853411 |
| 5085000 (a) | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake County, Utah, Limited Tax General Obligation Bonds, Series 2022A | 6.000 | 03/01/53 | 4966265 |
| 3360000 (a) | MIDA Military Installation Development Authority Golf and Equestrian Center Public Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021 | 4.500 | 06/01/51 | 2508315 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **55** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTAH** (continued) |  |  |  |
| $1500000 (a) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1 | 5.125% | 06/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362604 |
| 500000 (a) | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 4.375 | 02/01/51 | 348547 |
| 2185000 | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024A | 4.750 | 01/01/44 | 2213515 |
| 650000 | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024A | 5.000 | 01/01/54 | 658270 |
| 6290000 | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024E | 4.700 | 01/01/50 | 6297591 |
|  | TOTAL UTAH |  |  | 19634939 |
|  | **VERMONT - 0.1% (0.1% of Total Investments)** |  |  |  |
| 1835000 | Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Series 2021A | 4.000 | 05/01/45 | 1529887 |
| 1080000 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Social Series 2023E | 4.800 | 11/01/43 | 1072044 |
|  | TOTAL VERMONT |  |  | 2601931 |
|  | **VIRGIN ISLANDS - 0.2% (0.1% of Total Investments)** |  |  |  |
| 1580000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A - AGM Insured | 5.000 | 10/01/32 | 1588238 |
| 4715000 (a) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A | 6.375 | 04/01/52 | 4463109 |
|  | TOTAL VIRGIN ISLANDS |  |  | 6051347 |
|  | **VIRGINIA - 1.8% (1.0% of Total Investments)** |  |  |  |
| 11972881 (a) | Federal Home Loan Mortgage Corporation, Virginia, Multifamily Variable Rate Certificates Relating to Municipal Securities Class A Green Series 2024M-027 | 4.759 | 08/25/41 | 12400531 |
| 1300000 | Hampton Roads Transportation Accountability Commision, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2020A | 5.000 | 07/01/60 | 1320770 |
| 1170000 | Henrico County Economic Development Authority, Virginia, Health Facilities Revenue Bonds, Bon Secours Mercy Health, Series 2025A-VA | 5.000 | 11/01/48 | 1175234 |
| 7980000 | Isle Economic Development Authority, Wight County, Virginia, Health System Revenue Bonds, Riverside Health System Series 2023 - AGM Insured | 4.750 | 07/01/53 | 7945851 |
| 1115000 | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A | 4.000 | 12/01/40 | 967792 |
| 2690000 | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A | 4.000 | 12/01/50 | 2062818 |
| 2000000 (a) | Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Refunding Series 2018 | 5.000 | 09/01/45 | 1836321 |
| 1000000 (a) | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B | 5.250 | 07/01/35 | 888133 |
| 1000000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023C | 4.700 | 07/01/43 | 1001045 |
| 1070000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023C | 4.950 | 01/01/54 | 1079967 |
| 3005000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-4 | 4.625 | 07/01/50 | 2948089 |
| 790000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5 | 4.625 | 07/01/50 | 775038 |
| 590000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-I | 4.600 | 10/01/54 | 572660 |
| 1200000 (c) | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2024F-1 | 5.050 | 07/01/50 | 1211285 |
| 1125000 (c) | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2024F-1 | 5.100 | 07/01/55 | 1144864 |
| 1500000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2023D | 4.700 | 08/01/48 | 1517799 |

---

---

| | |
|:---|:---|
| **56** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VIRGINIA** (continued) |  |  |  |
| $1350000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H | 4.625% | 12/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327794 |
| 1000000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H | 4.700 | 12/01/54 | 990951 |
| 2100000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A | 4.600 | 09/01/50 | 2054111 |
| 2745000 | Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A | 4.000 | 12/01/49 | 2388315 |
| 1900000 (a) | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A | 8.375 | 04/01/41 | 1823365 |
|  | TOTAL VIRGINIA |  |  | 47432733 |
|  | **WASHINGTON - 1.9% (1.1% of Total Investments)** |  |  |  |
| 5000000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A | 5.000 | 07/01/38 | 5002683 |
| 4120000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014C | 5.000 | 10/01/44 | 4120506 |
| 5450000 (a) | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A | 5.000 | 01/01/46 | 4940161 |
| 3650000 (a) | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A | 5.000 | 01/01/51 | 3181536 |
| 7639834 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A | 3.500 | 12/20/35 | 7039135 |
| 9307633 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2024A-1 | 4.221 | 03/20/40 | 8568747 |
| 21510000 (e) | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C - NPFG Insured, (UB) | 0.000 | 06/01/28 | 19418688 |
|  | TOTAL WASHINGTON |  |  | 52271456 |
|  | **WEST VIRGINIA - 0.6% (0.3% of Total Investments)** |  |  |  |
| 1900000 (a) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A | 5.500 | 06/01/37 | 1913788 |
| 430000 (a) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2021A | 4.125 | 06/01/43 | 357678 |
| 1000000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc. Project, Refunding & Improvement Series 2018A | 5.000 | 01/01/43 | 995061 |
| 2750000 (e) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB) | 4.250 | 06/01/47 | 2580102 |
| 5000000 (e) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB) | 4.375 | 06/01/53 | 4632236 |
| 3000000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2023D | 4.600 | 11/01/43 | 2984925 |
| 2000000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024A | 4.550 | 11/01/49 | 1972805 |
|  | TOTAL WEST VIRGINIA |  |  | 15436595 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **57** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN - 6.2% (3.7% of Total Investments)** |  |  |  |
| $1750000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A | 5.000% | 02/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755591 |
| 305000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A | 5.125 | 02/01/46 | 301022 |
| 1715000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/49 | 1449619 |
| 500000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A | 5.125 | 06/15/47 | 436535 |
| 1480000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A | 5.125 | 05/01/36 | 1424465 |
| 6000000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A | 5.625 | 06/15/37 | 5782558 |
| 1000000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A | 5.500 | 06/15/37 | 1006683 |
| 1790000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A | 5.625 | 06/15/47 | 1776415 |
| 1500000 | (a) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A | 6.250 | 06/15/53 | 1480567 |
| 420000 | (a) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A | 5.000 | 12/15/44 | 401346 |
| 245000 | (a) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Mater Academy of Nevada, - East Las Vegas Campus Project, Series 2024A | 5.000 | 12/15/54 | 224396 |
| 13690000 |  | Public Finance Authority of Wisconsin, Health Care System Revenue Bonds, Cone Health, Series 2022A | 4.000 | 10/01/52 | 11977523 |
| 35100000 | (a) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 35547662 |
| 1700000 | (a),(b) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A | 7.000 | 10/01/47 | 170000 |
| 665000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A | 5.000 | 12/01/27 | 672762 |
| 1815000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A | 5.200 | 12/01/37 | 1847204 |
| 75000 | (a),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (Pre-refunded 4/01/30) | 5.000 | 04/01/40 | 80661 |
| 1225000 | (a) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020 | 5.000 | 04/01/40 | 1194638 |
| 245000 | (a),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (Pre-refunded 4/01/30) | 5.000 | 04/01/50 | 263493 |
| 4520000 | (a) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020 | 5.000 | 04/01/50 | 4164563 |
| 5625000 | (a) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A | 5.000 | 06/15/48 | 5419632 |
| 4300000 |  | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A | 5.000 | 06/15/64 | 4082917 |
| 2500000 |  | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.050 | 11/01/30 | 2440510 |
| 7925000 |  | Sheboygan Area School District, Manitowoc and Sheboygan Counties, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024 | 3.500 | 03/01/44 | 6676487 |
| 1300000 |  | Sparta Area School District, Monroe County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024 | 3.000 | 03/01/40 | 1086567 |
| 1000000 |  | Sparta Area School District, Monroe County, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024 | 3.000 | 03/01/41 | 815415 |
| 6640000 |  | West Allis-West Milwaukee, et al School District, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 3.000 | 04/01/40 | 5618257 |

---

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| | |
|:---|:---|
| **58** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WISCONSIN** (continued) |  |  |  |
| $11000000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000% | 06/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020079 |
| 1000000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/39 | 1001021 |
| 2405000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/51 | 1733619 |
| 3845000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/61 | 2592872 |
| 1450000 (a) | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education Obligated Group, Series 2017C | 5.250 | 06/01/40 | 1392897 |
| 1000000 (b) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017 | 5.000 | 08/01/37 | 670426 |
| 1000000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 | 5.375 | 10/01/44 | 943179 |
| 1500000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 | 5.500 | 10/01/49 | 1399595 |
| 3000000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A | 5.000 | 02/15/42 | 2984965 |
| 2275000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021 | 4.000 | 01/01/57 | 1706201 |
| 1000000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A | 5.000 | 07/01/34 | 1000023 |
| 1850000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint Camillus Health System Inc, Series 2019A | 5.000 | 11/01/54 | 1604234 |
| 10520000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2019 | 4.000 | 12/15/49 | 9109412 |
| 2565000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014 | 5.000 | 12/01/44 | 2183310 |
| 1775000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014 | 5.250 | 12/01/49 | 1519750 |
| 7500000 (e) | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024A, (UB) | 4.750 | 09/01/50 | 7537473 |
| 16935000 | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024C | 4.750 | 03/01/51 | 17014652 |
| 2800000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A | 3.150 | 11/01/44 | 2236708 |
| 3000000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A | 3.200 | 11/01/49 | 2244300 |
|  | TOTAL WISCONSIN |  |  | 167992204 |
|  | **WYOMING - 0.2% (0.1% of Total Investments)** |  |  |  |
| 2500000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 1 | 4.400 | 12/01/43 | 2508143 |
| 3585000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 3 | 4.700 | 12/01/43 | 3582421 |
|  | TOTAL WYOMING |  |  | 6090564 |
|  | **TOTAL MUNICIPAL BONDS<br>(Cost $4,678,836,160)** |  |  | **4493128191** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** |  |  |  |
|  | **CONSUMER DURABLES & APPAREL - 0.0% (0.0% of Total Investments)** |  |  |  |
| 359835 (f) | Cahava Springs Advance | 7.500 | 12/31/26 | 359835 |
|  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 359835 |
|  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $359,835)** |  |  | **359835** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $4,679,195,995)** |  |  | **4493488026** |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **59** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NVG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SHORT-TERM INVESTMENTS - 2.8%(1.7% of Total Investments)** |  |  |  |
|  |  | **MUNICIPAL BONDS - 2.8% (1.7% of Total Investments)** |  |  |  |
|  |  | **KANSAS - 0.4% (0.2% of Total Investments)** |  |  |  |
| $9375000 | (a),(i) | Wyandotte County Unified School District 500, Kansas, General Obligation Bonds, Tender Option Bond Trust 2025-XM1214 | 3.103% | 09/01/32 | $9375000 |
|  |  | TOTAL KANSAS |  |  | 9375000 |
|  |  | **MASSACHUSETTS - 0.2% (0.2% of Total Investments)** |  |  |  |
| 6495000 | (i) | Massachusetts Water Resources Authority, General Revenue Refunding Bonds, Variable Rate Demand Obligations Series 2008E | 3.050 | 08/01/37 | 6495000 |
|  |  | TOTAL MASSACHUSETTS |  |  | 6495000 |
|  |  | **NEW YORK - 2.2% (1.3% of Total Investments)** |  |  |  |
| 6670000 | (i) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Adjustable Rate Series AA-1 | 2.500 | 06/15/50 | 6670000 |
| 20400000 | (i) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Adjustable Rate Series AA-2 | 2.500 | 06/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400000 |
| 16000000 | (i) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series E-3 | 2.500 | 02/01/45 | 16000000 |
| 12375000 | (i) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Taxable Subordinate Fiscal 2019 Series A-4 | 2.500 | 08/01/45 | 12375000 |
| 5080000 | (i) | New York City, New York, General Obligation Bonds, Fiscal 2015 Series F-6 | 2.500 | 06/01/44 | 5080000 |
|  |  | TOTAL NEW YORK |  |  | 60525000 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $76,395,000)** |  |  | **76395000** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $76,395,000)** |  |  | **76395000** |
|  |  | **TOTAL INVESTMENTS - 168.7%<br>(Cost $4,755,590,995)** |  |  | **4569883026** |
|  |  | **FLOATING RATE OBLIGATIONS - (6.7)%** |  |  | **(181785000)** |
|  |  | **MFP SHARES, NET - (19.1)%(j)** |  |  | **(515987220)** |
|  |  | **VRDP SHARES, NET - (45.6)%(k)** |  |  | **(1234140481)** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - 2.7%** |  |  | **70580951** |
|  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**2708551276** |

---

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

ETM Escrowed to maturity

---

| | |
|:---|:---|
| 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 reporting period, the aggregate value of these securities is $570,892,247
or 12.5% of Total Investments.

(b) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under
the protection of bankruptcy.

(c) When-issued or delayed delivery security.

(d) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which
ensure the timely payment of principal and interest.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments
in inverse floating rate transactions.

(f) For fair value measurement disclosure purposes, investment classified as Level 3.

(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 reporting period.

(h) Inverse floating rate trust is a non recourse trust.

(i) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it
as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market
index.

(j) MFP Shares, Net as a percentage of Total Investments is 11.3%.

---

| | |
|:---|:---|
| **60** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(k) VRDP Shares, Net as a percentage of Total Investments is 27.0%.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **61** |

---

------

**Portfolio of Investments April 30, 2025** 

**NZF** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 164.7% (100.0% of Total Investments)** |  |  |  |
|  |  | **MUNICIPAL BONDS - 164.7% (100.0% of Total Investments)** |  |  |  |
|  |  | **ALABAMA - 3.1% (1.9% of Total Investments)** |  |  |  |
| $15310000 | (a) | Alabama Corrections Institution Finance Authority, Revenue Bonds, Series 2022A, (UB) | 5.250% | 07/01/52 | $15706295 |
| 8585000 | (b) | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A | 6.000 | 09/01/45 | 8403379 |
| 2280000 | (a) | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016B | 5.000 | 11/15/46 | 2282765 |
| 2720000 |  | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016C | 5.000 | 11/15/46 | 2723299 |
| 340000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750 | 10/01/49 | 340812 |
| 2945000 | (a) | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024, (UB) | 5.500 | 10/01/53 | 3016272 |
| 3800000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 3468296 |
| 24765000 |  | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32) | 5.000 | 06/01/49 | 25908462 |
| 14840000 |  | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35) | 5.000 | 01/01/56 | 15221045 |
|  |  | TOTAL ALABAMA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77070625 |
|  |  | **ARIZONA - 1.4% (0.8% of Total Investments)** |  |  |  |
| 2131024 | (b),(c) | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A | 7.000 | 07/01/41 | 1491716 |
| 3185000 | (b) | Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015 | 5.000 | 07/15/39 | 3047345 |
| 3830000 |  | Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024B | 4.800 | 09/01/49 | 3863442 |
| 1500000 |  | Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C | 4.850 | 09/01/54 | 1502132 |
| 10000000 |  | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, (AMT) | 5.000 | 07/01/47 | 10011047 |
| 400000 |  | Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, (AMT) | 5.000 | 07/01/27 | 400059 |
| 950000 |  | Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, (AMT) | 5.000 | 07/01/32 | 950166 |
| 1790000 | (c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.375 | 07/01/46 | 1253000 |
| 2140000 | (c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.500 | 07/01/51 | 1498000 |
| 2060000 | (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017 | 6.750 | 02/01/50 | 2091910 |
| 35000 |  | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019 | 5.125 | 07/01/39 | 32848 |
| 50000 |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/32 | 52595 |
| 7235000 |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 7527465 |
|  |  | TOTAL ARIZONA |  |  | 33721725 |

---

---

| | |
|:---|:---|
| **62** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARKANSAS - 1.2% (0.7% of Total Investments)** |  |  |  |
| $10055000 (b) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450% | 09/01/52 | $10063014 |
| 12410000 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) | 5.700 | 05/01/53 | 12581210 |
| 6000000 (b) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 5374199 |
| 2000000 (b) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT) | 4.750 | 09/01/49 | 1859546 |
|  | TOTAL ARKANSAS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29877969 |
|  | **CALIFORNIA - 19.8% (12.0% of Total Investments)** |  |  |  |
| 4225000 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B - AGM Insured | 0.000 | 08/01/28 | 3792337 |
| 535000 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A | 5.000 | 03/01/41 | 504740 |
| 1900000 | Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015 | 5.000 | 05/01/38 | 1905541 |
| 165000 | Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B | 5.000 | 09/02/36 | 165041 |
| 4070000 | Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured | 0.000 | 08/01/32 | 3094921 |
| 6410000 | Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured | 0.000 | 08/01/34 | 4489931 |
| 19925000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024C, (Mandatory Put 10/01/32) | 5.000 | 08/01/55 | 20895913 |
| 1510000 (b) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A | 5.000 | 02/01/50 | 1056501 |
| 1515000 (b) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A | 5.000 | 08/01/49 | 1363075 |
| 1235000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A | 5.000 | 06/01/36 | 1177304 |
| 22650000 (a) | California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2019, (UB) | 5.000 | 11/15/49 | 22370019 |
| 3500000 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A | 4.000 | 04/01/45 | 3239980 |
| 825000 (b) | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015 | 5.375 | 07/01/45 | 783128 |
| 34780000 | California Municipal Finance Authority, Revenue Bonds, Community Health System, Series 2021A - AGM Insured | 4.000 | 02/01/51 | 32394655 |
| 2000000 (b) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019 | 5.000 | 07/01/39 | 2030950 |
| 2000000 (b) | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016 | 5.000 | 06/01/51 | 1200000 |
| 2500000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/44 | 2484989 |
| 16712000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.500 | 12/01/54 | 16525946 |
| 33780000 (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 33741197 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **63** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $22205000 | (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.500% | 12/01/58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22355539 |
| 2186 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 2186 |
| 1476 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H | 5.750 | 07/01/25 | 1476 |
| 9955000 |  | Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005 - FGIC Insured | 0.000 | 09/01/31 | 7756989 |
| 14085000 |  | Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35) | 5.000 | 12/01/55 | 14885852 |
| 3795000 |  | Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C - FGIC Insured | 0.000 | 02/01/37 | 2362280 |
| 6215000 | (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2 | 4.000 | 10/01/56 | 4673000 |
| 2330000 | (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1 | 3.000 | 07/01/43 | 1777119 |
| 10145000 | (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1 | 3.125 | 07/01/56 | 6563348 |
| 3005000 | (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-1 | 3.000 | 06/01/47 | 2041045 |
| 20855000 | (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2 | 3.125 | 06/01/57 | 12246999 |
| 15120000 |  | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Senior Lien Series 2021A-1 | 3.000 | 12/01/49 | 9726190 |
| 1320000 |  | Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015 | 5.000 | 09/01/40 | 1321522 |
| 2510000 |  | Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B - NPFG Insured | 0.000 | 10/01/28 | 2244250 |
| 3360000 |  | Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A - NPFG Insured | 0.000 | 07/01/27 | 3126764 |
| 3725000 |  | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured | 0.000 | 01/15/34 | 2716071 |
| 3000000 |  | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A | 5.800 | 01/15/26 | 3052458 |
| 4505000 |  | Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A - NPFG Insured | 0.000 | 08/01/30 | 3816225 |
| 2315000 |  | Gateway Unified School District, California, General Obligation Bonds, Series 2004B - FGIC Insured | 0.000 | 08/01/32 | 1783077 |
| 3170000 | (e) | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A - AGM Insured, (ETM) | 0.000 | 06/01/26 | 3063821 |
| 2445000 | (a),(b),(e) | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, (Pre-refunded 6/01/25), (IF) | 7.352 | 06/01/40 | 2459308 |
| 1250000 | (a),(b) | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, (IF) | 7.354 | 06/01/40 | 1257318 |
| 3190000 |  | Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B | 0.000 | 09/01/27 | 2965113 |

---

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| | |
|:---|:---|
| **64** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $5000000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005 - NPFG Insured | 0.000% | 08/01/31 | $4049138 |
| 2500000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007 - FGIC Insured | 0.000 | 08/01/32 | 1940715 |
| 10000000 (a) | Irvine Facilities Financing Authority, California, Special Tax Revenue Bonds, Great Park Infrastructure Project Series 2023A - BAM Insured, (UB) | 4.000 | 09/01/58 | 9161133 |
| 225000 (f) | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007B (TSFR3M\*0.67% + 1.450%) | 4.522 | 11/15/27 | 226938 |
| 2155000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Series 2022H, (AMT) | 5.000 | 05/15/42 | 2177220 |
| 70000 (e) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (Pre-refunded 11/15/31), (AMT) | 4.000 | 05/15/46 | 71698 |
| 1000000 (e) | Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General Obligation Bonds, Election 2006, Series 2011B, (Pre-refunded 8/01/26) - AGM Insured | 5.600 | 08/01/31 | 1034221 |
| 2335000 (b) | Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2018A | 5.000 | 10/01/42 | 2340954 |
| 1030000 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 5.875 | 08/01/28 | 1109520 |
| 2320000 (g) | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 0.000 | 08/01/43 | 2235988 |
| 8120000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C | 7.000 | 11/01/34 | 9600421 |
| 5180000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C | 6.500 | 11/01/39 | 6156357 |
| 7735000 | North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B - FGIC Insured | 0.000 | 08/01/25 | 7674634 |
| 4180000 | North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B - FGIC Insured | 0.000 | 08/01/26 | 4019885 |
| 10885000 | Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2005B - FGIC Insured | 0.000 | 08/01/25 | 10793358 |
| 7750000 | Oxnard Union High School District, Ventura County, California, General Obligation Bonds, Election 2018 Series 2022C | 4.000 | 08/01/47 | 7262613 |
| 12210000 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A | 6.750 | 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12884889 |
| 5000000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured | 7.000 | 08/01/38 | 5494003 |
| 3200000 | Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003 - AGM Insured | 0.000 | 07/01/27 | 2955762 |
| 2755000 | Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007 - AGM Insured | 0.000 | 07/01/25 | 2739630 |
| 22345000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT) | 5.250 | 07/01/58 | 22944545 |
| 6500000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2023A | 5.000 | 07/01/58 | 6694047 |
| 2750000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A, (AMT) | 5.000 | 07/01/47 | 2750243 |
| 2360000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT) | 5.000 | 07/01/51 | 2361544 |
| 6650000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT) | 5.000 | 05/01/44 | 6666893 |
| 25670000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT) | 5.000 | 05/01/43 | 25732329 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **65** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $33485000 (a) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT), (UB) | 5.000% | 05/01/48 | $33461872 |
| 5000000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Refunding Senior Lien Toll Road Revenue Bonds, Series 2021A | 4.000 | 01/15/50 | 4464490 |
| 860000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B | 5.250 | 01/15/44 | 860225 |
| 5760000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015 | 0.000 | 08/01/45 | 1993657 |
| 37555000 | Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A | 0.000 | 06/01/47 | 8875448 |
| 1800000 | Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D - FGIC Insured | 0.000 | 08/01/27 | 1671725 |
| 4005000 (g) | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B - AGM Insured | 0.000 | 08/01/36 | 4473813 |
|  | TOTAL CALIFORNIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482294026 |
|  | **COLORADO - 7.9% (4.8% of Total Investments)** |  |  |  |
| 980000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/51 | 888750 |
| 1101000 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A | 5.500 | 12/01/36 | 1101282 |
| 770000 (b) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/37 | 734027 |
| 2210000 (b) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 1959570 |
| 859000 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A | 5.000 | 06/01/37 | 813002 |
| 5500000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/34 | 5709927 |
| 1105000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/37 | 1129354 |
| 1105000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/38 | 1125032 |
| 5035000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/39 | 5109208 |
| 28345000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 28131681 |
| 820000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 4.000 | 08/01/49 | 709060 |
| 5000000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A | 5.500 | 11/01/47 | 5205977 |
| 8300000 (a) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A, (UB) | 5.250 | 11/01/52 | 8513245 |
| 2100000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012 | 4.000 | 12/01/42 | 1853250 |
| 3655000 (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, (Pre-refunded 6/01/25) | 5.000 | 06/01/45 | 3659170 |
| 2105000 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.875 | 12/01/46 | 2019691 |
| 7580000 | 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 | 4332175 |
| 35500000 (a) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.250 | 12/01/43 | 36004721 |
| 10695000 (a) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.000 | 12/01/48 | 10658311 |

---

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| | |
|:---|:---|
| **66** | *See Notes to Financial Statements* |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $13965000 (a) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.250% | 12/01/48 | $14075490 |
| 1160000 (b) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 1100680 |
| 330000 (b) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 313124 |
| 10000000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/41 | 4682028 |
| 8845000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B - NPFG Insured | 0.000 | 09/01/26 | 8452647 |
| 7550000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/29 | 6468789 |
| 11100000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/31 | 8783214 |
| 10000000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/32 | 7574378 |
| 4000000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B - NPFG Insured | 0.000 | 09/01/39 | 1956563 |
| 1125000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 5.750 | 12/01/30 | 1096261 |
| 1000000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | 929562 |
| 825000 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A | 5.750 | 12/01/47 | 793179 |
| 4945000 | Overlook Park Metropolitan District, Routt County, Colorado, General Obligation Bonds, Limited Tax Senior Series 2023A | 7.250 | 12/01/53 | 4872463 |
| 4310000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 3960420 |
| 490000 (e) | Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation Bonds, Refunding Series 2016, (Pre-refunded 12/01/26) | 5.000 | 12/01/45 | 502134 |
| 395000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 | 6.250 | 11/15/28 | 412034 |
| 4060000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 | 6.500 | 11/15/38 | 4744355 |
| 902000 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A | 5.000 | 12/01/45 | 828433 |
| 55000 | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016 | 5.250 | 12/01/40 | 53567 |
| 105000 | Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding Series 2016 | 5.250 | 12/01/40 | 102264 |
| 1000000 (b) | West Meadow Metropolitan District, Town of Fraser, Grand County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2023A | 6.000 | 12/01/38 | 1008480 |
| 1000000 (b) | West Meadow Metropolitan District, Town of Fraser, Grand County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2023A | 6.500 | 12/01/50 | 1008901 |
|  | TOTAL COLORADO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193376399 |
|  | **CONNECTICUT - 0.4% (0.3% of Total Investments)** |  |  |  |
| 6345000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2022U | 4.000 | 07/01/52 | 5442973 |
| 4975000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2025A-1 | 4.650 | 11/15/51 | 4887849 |
|  | TOTAL CONNECTICUT |  |  | 10330822 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **67** |

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**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DISTRICT OF COLUMBIA - 0.9% (0.6% of Total Investments)** |  |  |  |
| $12230000 | District of Columbia Housing Finance Agency, Multifamily Development Program Revenue Bonds, Series 2024A-1 | 4.750% | 09/01/46 | $12031154 |
| 5000000 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2019A | 4.000 | 03/01/39 | 4806765 |
| 10000000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured | 0.000 | 10/01/37 | 5742671 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22580590 |
|  | **FLORIDA - 7.3% (4.4% of Total Investments)** |  |  |  |
| 1005000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/43 | 976503 |
| 865000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/45 | 837505 |
| 615000 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A | 5.375 | 11/01/36 | 621846 |
| 665000 | Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016 | 4.700 | 05/01/36 | 659581 |
| 800000 | Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016 | 4.500 | 05/01/34 | 793195 |
| 3315000 | Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health First Obligated Group, Series 2022A | 5.000 | 04/01/41 | 3415962 |
| 3000000 | Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health First Obligated Group, Series 2022A | 5.000 | 04/01/47 | 3024242 |
| 4390000 | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A | 5.000 | 07/01/50 | 2719941 |
| 325000 (b) | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2019A | 5.000 | 06/15/39 | 303697 |
| 150000 (b) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2019, (AMT) | 5.000 | 10/01/49 | 141973 |
| 120000 | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 5.250 | 11/01/37 | 121411 |
| 155000 | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1 | 5.600 | 11/01/46 | 156590 |
| 555000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.250 | 05/01/35 | 557515 |
| 615000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.300 | 05/01/36 | 618050 |
| 955000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.500 | 05/01/45 | 957243 |
| 1305000 | Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015 | 5.500 | 05/01/46 | 1307784 |
| 12505000 | Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue Bonds, Baptist Health Care Corporation Obligated, Series 2020A | 4.000 | 08/15/45 | 10971266 |
| 6740000 | Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue Bonds, Baptist Health Care Corporation Obligated, Series 2020A | 4.000 | 08/15/50 | 5658949 |
| 1115000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.650 | 07/01/37 | 1126642 |
| 3385000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C | 5.750 | 07/01/47 | 3365370 |
| 1420000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 4.750 | 07/15/36 | 1359507 |
| 1465000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 5.000 | 07/15/46 | 1345461 |

---

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| | |
|:---|:---|
| **68** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1000000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A | 5.000% | 07/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964031 |
| 6785000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A | 5.125 | 07/01/46 | 6045375 |
| 900000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.000 | 06/15/35 | 900563 |
| 560000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A | 6.125 | 06/15/46 | 560072 |
| 120000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 5.000 | 09/15/40 | 110937 |
| 1015000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A | 6.250 | 06/15/36 | 1023879 |
| 2475000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The Florida Charter Educational Foundation Inc. Projects, Series 2016A | 6.375 | 06/15/46 | 2487043 |
| 5000000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 4853729 |
| 4120000 | 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 | 4023576 |
| 22275000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.250 | 07/01/53 | 22382261 |
| 7500000 | 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 | 7504877 |
| 17750000 (b) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 18299188 |
| 320000 | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016 | 4.750 | 05/01/36 | 317130 |
| 4500000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT) | 5.000 | 10/01/42 | 4522778 |
| 12410000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2018E, (AMT) | 5.000 | 10/01/48 | 12423095 |
| 7665000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, (AMT) | 5.000 | 10/01/49 | 7635779 |
| 2140000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015 | 5.350 | 08/01/35 | 2159458 |
| 6495000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022 | 4.000 | 10/01/52 | 5594124 |
| 7500000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2019A | 5.000 | 10/01/47 | 7497808 |
| 500000 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter Medical Center, Series 2022 | 5.000 | 11/01/52 | 479989 |
| 5225000 (b) | Palm Beach County, Florida, Revenue Bonds, Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project, Series 2019A | 5.000 | 04/01/51 | 4595948 |
| 545000 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016 | 5.000 | 11/01/46 | 538966 |
| 90000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016 | 4.750 | 11/01/28 | 91107 |
| 265000 | Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016 | 5.375 | 11/01/36 | 269820 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **69** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $10075000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A | 4.000% | 05/01/44 | $9078451 |
| 85000 | South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2 | 4.350 | 05/01/26 | 85060 |
| 100000 | South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2 | 4.875 | 05/01/35 | 100168 |
| 1350000 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A | 5.125 | 07/01/34 | 1350821 |
| 1000000 | Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Refunding Series 2015A | 5.000 | 12/01/40 | 999998 |
| 7780000 (a) | Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Refunding Series 2015A, (UB) | 5.000 | 12/01/44 | 7732358 |
| 2600000 (a) | Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Series 2016A, (UB) | 5.000 | 12/01/55 | 2564915 |
| 300000 | Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1 | 5.375 | 11/01/37 | 303241 |
|  | TOTAL FLORIDA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178536778 |
|  | **GEORGIA - 2.0% (1.2% of Total Investments)** |  |  |  |
| 285000 (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 | 114000 |
| 1205000 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A | 4.500 | 11/01/35 | 987264 |
| 725000 | Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014 | 5.000 | 07/01/41 | 725011 |
| 4245000 | Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A | 4.000 | 07/01/49 | 3728497 |
| 1250000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C | 4.125 | 11/01/45 | 1113377 |
| 1250000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D | 4.125 | 11/01/45 | 1113378 |
| 1925000 (a) | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2020 | 4.000 | 07/01/50 | 1728275 |
| 5000 | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001 - AGM Insured | 5.000 | 08/01/35 | 5004 |
| 1690000 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993 - NPFG Insured | 5.625 | 10/01/26 | 1720949 |
| 8200000 | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B | 5.125 | 04/01/53 | 8283340 |
| 1000000 | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020 | 4.000 | 03/01/40 | 943120 |
| 3485000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2014A | 5.000 | 07/01/44 | 3461223 |
| 3505000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C | 4.600 | 12/01/54 | 3407097 |
| 3020000 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A - NPFG Insured | 4.750 | 06/01/28 | 3072282 |
| 3000000 | Georgia Ports Authority, Revenue Bonds, Series 2021 | 4.000 | 07/01/51 | 2720691 |
| 840000 (b) | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017 | 5.875 | 06/15/47 | 848759 |
| 260000 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A | 5.500 | 09/15/26 | 265729 |
| 1070000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A | 5.000 | 05/15/43 | 1081193 |

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| | |
|:---|:---|
| **70** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA** (continued) |  |  |  |
| $3000000 (b) | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A | 5.000% | 11/01/47 | $2737898 |
| 3325000 | Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020 - AGM Insured | 4.000 | 12/01/45 | 3071395 |
| 3700000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.500 | 07/01/60 | 3702016 |
| 3000000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2013A | 5.000 | 10/01/43 | 3000361 |
|  | TOTAL GEORGIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47830859 |
|  | **GUAM - 0.1% (0.0% of Total Investments)** |  |  |  |
| 1805000 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D | 5.000 | 11/15/39 | 1808685 |
|  | TOTAL GUAM |  |  | 1808685 |
|  | **HAWAII - 0.1% (0.1% of Total Investments)** |  |  |  |
| 2320000 | Hawaii State, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 07/01/41 | 2325294 |
|  | TOTAL HAWAII |  |  | 2325294 |
|  | **IDAHO - 0.0% (0.0% of Total Investments)** |  |  |  |
| 595000 | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A | 5.000 | 09/01/32 | 595388 |
|  | TOTAL IDAHO |  |  | 595388 |
|  | **ILLINOIS - 21.2% (12.9% of Total Investments)** |  |  |  |
| 55000000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 56057177 |
| 2255000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project Series 2015C | 5.250 | 12/01/35 | 2254500 |
| 15500000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2012B | 5.000 | 12/01/33 | 15501252 |
| 8400000 (b) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 7.000 | 12/01/42 | 8693004 |
| 1800000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/26 | 1825384 |
| 51780000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 52193883 |
| 1335000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B | 6.500 | 12/01/46 | 1352718 |
| 6210000 (b) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 6414791 |
| 450000 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A - NPFG Insured | 0.000 | 12/01/26 | 422029 |
| 1715000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured | 0.000 | 12/01/26 | 1608398 |
| 1000000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured | 0.000 | 12/01/27 | 898817 |
| 1765000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - NPFG Insured | 0.000 | 12/01/30 | 1389474 |
| 2585000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured | 0.000 | 12/01/27 | 2323442 |
| 8565000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured | 0.000 | 12/01/31 | 6429053 |
| 20155000 (a) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2017, (UB) | 5.000 | 12/01/51 | 19699176 |
| 2430000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A | 5.000 | 12/01/45 | 2431233 |
| 6000000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A | 5.000 | 12/01/57 | 6014025 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **71** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ILLINOIS** (continued) |  |  |  |
| $25755000 |  | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - NPFG Insured | 0.000% | 01/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22302553 |
| 8765000 |  | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured | 0.000 | 01/01/34 | 6024786 |
| 17310000 |  | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured | 0.000 | 01/01/37 | 10094205 |
| 350000 |  | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C | 5.000 | 01/01/29 | 351746 |
| 765000 |  | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C | 5.000 | 01/01/35 | 765531 |
| 1610000 |  | Chicago, Illinois, General Obligation Bonds, Series 1999 | 0.000 | 01/01/30 | 1348617 |
| 10125000 | (a) | Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB) | 5.000 | 01/01/44 | 9575355 |
| 5000000 |  | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.500 | 01/01/53 | 5193507 |
| 5000000 |  | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured | 5.500 | 01/01/62 | 5214193 |
| 12190000 |  | Illinois Finance Authority Revenue Bonds, OSF Healthcare System, Refunding Series 2018A | 4.125 | 05/15/47 | 10981103 |
| 800000 | (b) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 5.500 | 12/01/30 | 802287 |
| 17770000 |  | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016 | 5.000 | 12/01/46 | 17159199 |
| 20000000 | (a) | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, (UB) | 5.000 | 12/01/46 | 19312548 |
| 3375000 |  | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/44 | 3282817 |
| 2700000 | (a),(e) | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, (Pre-refunded 10/01/25), (UB) | 5.000 | 10/01/46 | 2717320 |
| 6355000 | (b) | Illinois Finance Authority, Surface Freight Transfer Facilities Revenue Bonds, CenterPointJoliet Terminal Railroad Project, Series 2020, (AMT), (Mandatory Put 12/31/34) | 4.125 | 12/01/50 | 6193861 |
| 9395000 |  | Illinois Housing Development Authority, Revenue Bonds, Social Series 2024A | 4.750 | 10/01/49 | 9358811 |
| 1785000 |  | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/39 | 1872796 |
| 7605000 | (a) | Illinois State, General Obligation Bonds, May Series 2023B, (UB) | 5.500 | 05/01/47 | 7837760 |
| 3100000 |  | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/35 | 3127838 |
| 3000000 |  | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/37 | 3019738 |
| 2400000 |  | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/40 | 2403828 |
| 5795000 |  | Illinois State, General Obligation Bonds, November Series 2017C | 5.000 | 11/01/29 | 5973712 |
| 3800000 |  | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/27 | 3931876 |
| 5000000 |  | Illinois State, General Obligation Bonds, October Series 2016 | 5.000 | 02/01/27 | 5128676 |
| 5350000 |  | Illinois State, General Obligation Bonds, Refunding April Series 2019B | 5.125 | 09/01/26 | 5468023 |
| 5000000 |  | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A | 5.000 | 01/01/40 | 4960821 |
| 5400000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B | 5.000 | 06/15/52 | 5260878 |
| 10000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 4.000 | 06/15/50 | 8181801 |
| 13000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 5.000 | 06/15/50 | 12907358 |
| 8000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2012B - BAM Insured | 0.000 | 12/15/51 | 1963726 |
| 64110000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 0.000 | 12/15/52 | 14333233 |
| 2455000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 5.000 | 06/15/53 | 2394234 |
| 1945000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A | 5.000 | 06/15/57 | 1894177 |
| 45000000 |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/43 | 18349033 |

---

---

| | |
|:---|:---|
| **72** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $2255000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A - NPFG Insured | 5.500% | 06/15/29 | $2355896 |
| 8400000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/30 | 6648822 |
| 7940000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/33 | 5596092 |
| 450000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/34 | 294116 |
| 12500000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/35 | 7956944 |
| 10620000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/35 | 6578373 |
| 11505000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/36 | 6718202 |
| 65000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/38 | 33574164 |
| 38040000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/40 | 17945674 |
| 3720000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/41 | 1643808 |
| 4005000 | Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 4004836 |
|  | TOTAL ILLINOIS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518513230 |
|  | **INDIANA - 0.6% (0.3% of Total Investments)** |  |  |  |
| 2000000 (b) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.875 | 06/01/55 | 1790535 |
| 1230000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 1229950 |
| 10000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured | 0.000 | 02/01/26 | 9728474 |
| 1000000 | Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016 | 5.750 | 04/01/36 | 931784 |
|  | TOTAL INDIANA |  |  | 13680743 |
|  | **IOWA - 1.2% (0.7% of Total Investments)** |  |  |  |
| 5750000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 5486425 |
| 21525000 (e) | 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 | 24032919 |
|  | TOTAL IOWA |  |  | 29519344 |
|  | **KANSAS - 0.5% (0.3% of Total Investments)** |  |  |  |
| 2085000 | Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, Refunding & improvement Series 2019 | 5.000 | 03/01/44 | 2062737 |
| 3565000 (c) | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012 | 6.000 | 12/15/32 | 1033850 |
| 10000000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of Kansas Health System, Series 2017A | 5.000 | 03/01/47 | 10026213 |
|  | TOTAL KANSAS |  |  | 13122800 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **73** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY - 1.0% (0.6% of Total Investments)** |  |  |  |
| $5000000 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016 | 5.375% | 02/01/36 | $5023016 |
| 435000 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016 | 5.500 | 02/01/44 | 435341 |
| 2355000 | Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022A, (AMT) | 4.700 | 01/01/52 | 2178419 |
| 500000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015 | 5.750 | 11/15/45 | 413823 |
| 2250000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015 | 5.750 | 11/15/50 | 1794371 |
| 6000000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 5954845 |
| 2510000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/49 | 2456189 |
| 1305000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/40 | 1305387 |
| 1335000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.750 | 07/01/43 | 1505649 |
| 2295000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.875 | 07/01/46 | 2596293 |
| 210000 | Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A | 4.000 | 10/01/29 | 210015 |
|  | TOTAL KENTUCKY |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23873348 |
|  | **LOUISIANA - 0.9% (0.5% of Total Investments)** |  |  |  |
| 500000 (b) | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A | 5.625 | 06/15/48 | 484722 |
| 5000000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/42 | 5010619 |
| 5610000 (b) | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT) | 6.500 | 07/01/36 | 5610982 |
| 10000 (e) | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 07/01/39 | 10025 |
| 2000000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A | 5.250 | 10/01/53 | 1988943 |
| 3730000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/46 | 3701354 |
| 1775000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017 | 5.250 | 10/01/36 | 1864309 |
| 3000000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017 | 5.250 | 10/01/46 | 3024610 |
|  | TOTAL LOUISIANA |  |  | 21695564 |
|  | **MAINE - 0.2% (0.1% of Total Investments)** |  |  |  |
| 4965000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 4507507 |
|  | TOTAL MAINE |  |  | 4507507 |

---

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| | |
|:---|:---|
| **74** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MARYLAND - 1.5% (0.9% of Total Investments)** |  |  |  |
| $2795000 | Maryland Economic Development Corporation, Private Activity Revenue Bonds, Purple Line Light Rail Project, Green Series 2022B, (AMT) | 5.000% | 12/31/41 | $2772835 |
| 2000000 (c) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/31 | 1340000 |
| 4590000 | Maryland Health and HIgher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical Systems, Series 2025A | 5.250 | 07/01/52 | 4681196 |
| 7145000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A | 5.500 | 01/01/46 | 7171673 |
| 20000000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A | 5.000 | 05/15/45 | 19755298 |
| 355000 (b) | Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016 | 5.000 | 07/01/46 | 340045 |
|  | TOTAL MARYLAND |  |  | 36061047 |
|  | **MASSACHUSETTS - 0.1% (0.1% of Total Investments)** |  |  |  |
| 525000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D | 5.000 | 07/01/44 | 515489 |
| 1525000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015 | 4.500 | 01/01/45 | 1391652 |
|  | TOTAL MASSACHUSETTS |  |  | 1907141 |
|  | **MICHIGAN - 1.7% (1.1% of Total Investments)** |  |  |  |
| 645000 | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013 | 6.000 | 10/01/33 | 621111 |
| 1250000 | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013 | 6.000 | 10/01/43 | 1142084 |
| 9895000 (h) | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A - AGM Insured, (UB) | 6.000 | 05/01/29 | 10536413 |
| 5000 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A - NPFG Insured | 4.500 | 07/01/35 | 5002 |
| 2495000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B - NPFG Insured | 5.500 | 07/01/29 | 2600240 |
| 5000 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B - FGIC Insured | 5.000 | 07/01/36 | 5008 |
| 10000 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A - NPFG Insured | 5.000 | 07/01/34 | 10017 |
| 10000000 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Series 2016A | 5.000 | 11/01/44 | 9990615 |
| 6800000 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A | 5.000 | 11/15/48 | 6784155 |
| 6695000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2025A | 5.000 | 12/01/55 | 6784641 |
| 5000000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2019-I | 4.000 | 04/15/54 | 4365300 |
|  | TOTAL MICHIGAN |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42844586 |
|  | **MINNESOTA - 2.0% (1.2% of Total Investments)** |  |  |  |
| 700000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A | 5.000 | 07/01/47 | 601259 |
| 10000000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/53 | 9639398 |
| 15830000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.250 | 02/15/53 | 15890760 |
| 7105000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/58 | 6777612 |
| 1500000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A | 5.750 | 08/01/44 | 1500363 |
| 800000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2022A | 5.500 | 07/01/52 | 738692 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **75** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MINNESOTA** (continued) |  |  |  |
| $750000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 5.750% | 09/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753178 |
| 4000000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 6.000 | 09/01/51 | 4019916 |
| 6000000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A | 5.000 | 07/01/32 | 6002954 |
| 3635000 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1 | 5.000 | 08/01/36 | 3636014 |
|  | TOTAL MINNESOTA |  |  | 49560146 |
|  | **MISSOURI - 2.0% (1.2% of Total Investments)** |  |  |  |
| 750000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A | 6.000 | 03/01/33 | 758477 |
| 55000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A | 5.000 | 03/01/36 | 55477 |
| 10090000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT) | 5.000 | 03/01/46 | 10096942 |
| 135000 (b) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000 | 04/01/46 | 117664 |
| 12005000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/29 | 10290649 |
| 650000 (b) | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B | 5.000 | 02/01/40 | 616640 |
| 350000 (b) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 5.125 | 06/01/25 | 350203 |
| 3810000 (b) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 5.750 | 06/01/35 | 3505718 |
| 3695000 (b) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A | 6.000 | 06/01/46 | 3282821 |
| 1590000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A | 5.000 | 06/01/30 | 1590224 |
| 2700000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A | 5.000 | 06/01/33 | 2699936 |
| 50000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A | 5.000 | 11/15/44 | 49507 |
| 2000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F | 5.000 | 11/15/45 | 1972254 |
| 10920000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C | 4.700 | 11/01/54 | 10719822 |
| 430000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A | 5.875 | 09/01/43 | 430018 |
| 450000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A | 5.000 | 12/01/35 | 433429 |
| 130000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A | 5.125 | 12/01/45 | 116136 |
| 760000 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B | 6.000 | 03/01/37 | 768897 |
|  | TOTAL MISSOURI |  |  | 47854814 |

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| | |
|:---|:---|
| **76** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEBRASKA - 0.4% (0.2% of Total Investments)** |  |  |  |
| $5835000 |  | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A | 5.000% | 09/01/42 | $6065993 |
| 3435000 |  | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017 | 5.000 | 11/15/47 | 3414495 |
|  |  | TOTAL NEBRASKA |  |  | 9480488 |
|  |  | **NEVADA - 0.2% (0.1% of Total Investments)** |  |  |  |
| 4410000 |  | Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax Additionally Secured by Pledged Revenues, Series 2018A | 5.000 | 05/01/48 | 4440506 |
|  |  | TOTAL NEVADA |  |  | 4440506 |
|  |  | **NEW HAMPSHIRE - 0.3% (0.2% of Total Investments)** |  |  |  |
| 2995000 | (b) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018C, (AMT) | 4.875 | 11/01/42 | 2756897 |
| 6060000 | (b) | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023 | 4.000 | 07/01/37 | 5003746 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 7760643 |
|  |  | **NEW JERSEY - 7.2% (4.4% of Total Investments)** |  |  |  |
| 1100000 |  | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) | 5.125 | 07/01/42 | 1101731 |
| 17580000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) | 5.500 | 06/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18277432 |
| 40000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25), (UB) | 5.250 | 06/15/40 | 40087 |
| 755000 | (a),(e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, (Pre-refunded 6/15/25), (UB) | 5.250 | 06/15/40 | 756635 |
| 1000000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26) | 5.000 | 06/15/36 | 1031814 |
| 10000000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26) | 5.000 | 06/15/41 | 10318137 |
| 2175000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, (Pre-refunded 6/15/27) | 5.000 | 06/15/42 | 2271461 |
| 16000000 |  | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2019LLL | 5.000 | 06/15/49 | 16120803 |
| 1415000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT) | 5.250 | 09/15/29 | 1415068 |
| 2900000 |  | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB | 4.000 | 06/15/41 | 2719093 |
| 19650000 | (e) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022CC, (Pre-refunded 12/15/32) | 5.000 | 06/15/48 | 22090740 |
| 15280000 | (a) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023BB, (UB) | 5.250 | 06/15/50 | 15836676 |
| 3130000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/28 | 2747333 |
| 3000000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/31 | 2336944 |
| 12715000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/33 | 9044651 |
| 610000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/34 | 412833 |
| 2480000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/40 | 1211207 |
| 10000000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured | 0.000 | 12/15/33 | 7143505 |
| 20000000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/36 | 12180394 |
| 19175000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A | 0.000 | 12/15/35 | 12304876 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **77** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $15000000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A | 0.000% | 12/15/39 | $7708511 |
| 8595000 (a) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, (UB) | 5.000 | 12/15/34 | 8885922 |
| 1595000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/46 | 1574472 |
| 18060000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B | 5.000 | 06/01/46 | 17532399 |
|  | TOTAL NEW JERSEY |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175062724 |
|  | **NEW YORK - 21.8% (13.3% of Total Investments)** |  |  |  |
| 3400000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009 | 0.000 | 07/15/44 | 1280687 |
| 12020000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009 | 0.000 | 07/15/46 | 4009320 |
| 450000 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015 | 5.250 | 07/01/35 | 439582 |
| 200000 (c) | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014 | 5.000 | 11/01/39 | 120000 |
| 470000 (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015 | 5.500 | 09/01/45 | 470508 |
| 18000000 | Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center Series 2022-1A | 4.000 | 07/01/51 | 16172122 |
| 15270000 (b) | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A | 5.500 | 12/01/46 | 12652378 |
| 5000000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Bidding Group 5 Series 2021E | 4.000 | 03/15/48 | 4576051 |
| 7250000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B | 5.000 | 07/01/46 | 7158061 |
| 81270000 (b) | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C | 0.000 | 06/01/50 | 9927634 |
| 6280000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 | 5.250 | 11/15/55 | 6414266 |
| 4210000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B | 5.000 | 11/15/34 | 4277064 |
| 3320000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B | 5.000 | 11/15/37 | 3352736 |
| 1000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2015F | 5.000 | 11/15/35 | 1002020 |
| 5000000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2017D | 5.000 | 11/15/32 | 5157504 |
| 6000000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Green Sustainable Development Series 2024F-1-A | 4.550 | 11/01/54 | 5878690 |
| 6895000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2019 Series FF-2 | 4.000 | 06/15/41 | 6539938 |
| 10000000 (a) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series AA | 4.000 | 06/15/40 | 9527912 |
| 9750000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series CC-1 | 4.000 | 06/15/49 | 8775693 |
| 5000000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series GG-1 | 4.000 | 06/15/50 | 4573904 |
| 10000000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2022 Series AA-1 | 4.000 | 06/15/51 | 9115902 |

---

---

| | |
|:---|:---|
| **78** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $2500000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series BB | 5.250% | 06/15/55 | $2641143 |
| 5000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1 | 5.000 | 02/01/43 | 5024961 |
| 11000000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024C | 5.250 | 05/01/48 | 11605436 |
| 10000000 | New York City, New York, Educational Construction Fund Revenue Bonds, Series 2021B | 5.000 | 04/01/52 | 10237343 |
| 5750000 | New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1 | 5.000 | 03/01/40 | 5886733 |
| 2860000 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1 | 5.000 | 08/01/47 | 2930340 |
| 61665000 (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 | 61399286 |
| 5700000 (b) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014 | 5.150 | 11/15/34 | 5701172 |
| 7525000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A | 5.250 | 01/01/56 | 7549438 |
| 8265000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C | 5.000 | 03/15/47 | 8476965 |
| 14650000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 14352755 |
| 68360000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 67794649 |
| 49350000 | 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50133002 |
| 1105000 | 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 | 08/01/26 | 1105118 |
| 28700000 | 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 | 28703123 |
| 7085000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.250 | 08/01/31 | 7338060 |
| 19545000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.000 | 06/30/60 | 18771860 |
| 3945000 (a) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT), (UB) | 6.000 | 06/30/54 | 4137484 |
| 15465000 (a) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT), (UB) | 5.375 | 06/30/60 | 15510267 |
| 5350000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) | 5.000 | 01/01/31 | 5421814 |
| 2100000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 5.000 | 10/01/40 | 2104847 |
| 13750000 | 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 | 14241763 |
| 3000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Eighth Series 2016 | 5.250 | 11/15/56 | 3015297 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **79** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $14500000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 | 0.000% | 06/01/66 | $1356968 |
| 2320000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2015B | 5.000 | 11/15/45 | 2332221 |
| 30000000 (a) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax Series 2023A, (UB) | 4.500 | 05/15/63 | 28598163 |
| 11235000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2024A-1 | 4.125 | 05/15/64 | 9872180 |
| 2150000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/48 | 1942694 |
| 9705581 | Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2014A | 5.000 | 11/01/44 | 9031605 |
| 3640000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016 | 5.000 | 11/01/46 | 3323100 |
| 565000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023 | 6.250 | 11/01/52 | 613525 |
|  | TOTAL NEW YORK |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532575284 |
|  | **NORTH CAROLINA - 0.2% (0.1% of Total Investments)** |  |  |  |
| 5000000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019 | 5.000 | 01/01/49 | 4967421 |
|  | TOTAL NORTH CAROLINA |  |  | 4967421 |
|  | **NORTH DAKOTA - 2.3% (1.4% of Total Investments)** |  |  |  |
| 1075000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 4.000 | 12/01/46 | 900431 |
| 10315000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/43 | 9782691 |
| 10950000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/48 | 10259354 |
| 37840000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/53 | 34957459 |
|  | TOTAL NORTH DAKOTA |  |  | 55899935 |
|  | **OHIO - 9.0% (5.5% of Total Investments)** |  |  |  |
| 1430000 | American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Green Series 2016A | 5.000 | 02/15/46 | 1432757 |
| 28980000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 11.310 | 06/01/57 | 2772751 |
| 9495000 | 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 | 8298013 |
| 3250000 | Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017 | 5.000 | 12/01/37 | 3272592 |
| 7200000 | Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 7051403 |
| 2500000 | Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2017 | 5.000 | 11/01/54 | 2514254 |
| 6500000 | Cleveland Clinic Health System Obligated Group, Ohio, Martin County Health Facilities Authority, Hospital Revenue Bonds, Series 2019B | 4.000 | 01/01/46 | 6031622 |
| 2000000 | Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2 - NPFG Insured | 0.000 | 11/15/28 | 1752379 |
| 6895000 | Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2 - NPFG Insured | 0.000 | 11/15/32 | 5021506 |
| 2155000 | Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2 - NPFG Insured | 0.000 | 11/15/34 | 1425195 |

---

---

| | |
|:---|:---|
| **80** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $165000 (e) | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured, (ETM) | 0.000% | 12/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151382 |
| 4145000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured | 0.000 | 12/01/27 | 3809676 |
| 5615000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured | 0.000 | 12/01/28 | 4981058 |
| 220000 (e) | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Refunding Series 2006 - AGM Insured, (ETM) | 0.000 | 12/01/28 | 195024 |
| 670000 (b) | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, Easton Project, Series 2020 | 5.000 | 06/01/28 | 670366 |
| 19495000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.500 | 02/15/52 | 19473035 |
| 20650000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.500 | 02/15/57 | 20472815 |
| 2400000 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013 | 5.000 | 06/15/43 | 2032878 |
| 1010000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019 | 5.000 | 12/01/34 | 1010550 |
| 1000000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019 | 5.000 | 12/01/44 | 934040 |
| 4780000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019 | 5.000 | 12/01/51 | 4328863 |
| 10000000 | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015 | 5.000 | 05/15/40 | 10003086 |
| 1730000 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH | 5.000 | 12/01/46 | 1733179 |
| 2500000 | Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018 | 5.000 | 06/01/43 | 2537899 |
| 8020000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A | 5.000 | 08/15/47 | 7935603 |
| 5565000 | Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B - AGM Insured | 0.000 | 12/01/28 | 4884826 |
| 1000000 | Mahoning County, Ohio, Sewer System Revenue Bonds, Refunding and Improvement Series 2022 | 5.000 | 12/01/42 | 1027624 |
| 4500000 | Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured | 5.250 | 12/01/31 | 4903555 |
| 6105000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013 | 5.000 | 02/15/44 | 5839807 |
| 1600000 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2017 | 4.000 | 11/15/43 | 1518725 |
| 2845000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 2721727 |
| 1250000 | Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, John Carroll University 2022 Project, Series 2022 | 4.000 | 10/01/42 | 1064863 |
| 1250000 | Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, John Carroll University 2022 Project, Series 2022 | 4.000 | 10/01/47 | 1018098 |
| 950000 | Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project - Joint Venture 5, Series 2001 - NPFG Insured | 0.000 | 02/15/29 | 822858 |
| 5000000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2 | 0.000 | 02/15/37 | 3000756 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **81** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $11260000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2 | 0.000% | 02/15/38 | $6386142 |
| 5000000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2 | 0.000 | 02/15/40 | 2515203 |
| 27880000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A | 4.750 | 06/01/33 | 28267936 |
| 22820000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, (Mandatory Put 6/01/22) | 4.750 | 06/01/33 | 23137529 |
| 1500000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Kestrel Verifiers, Green Series 2021A | 5.000 | 12/01/46 | 1557144 |
| 4250000 | Pickerington Local School District, Fairfield and Franklin Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement, Series 2023 | 5.250 | 12/01/59 | 4434070 |
| 1845000 | Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A - AGM Insured | 4.250 | 12/01/36 | 1845330 |
| 480000 (b) | Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue Bonds, Series 2021 | 4.250 | 12/01/50 | 438604 |
| 385000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development - Phase 2B Project, Series 2018A | 6.000 | 12/01/50 | 372706 |
| 980000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A | 5.000 | 11/01/51 | 774519 |
| 1500000 | Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007 | 5.250 | 12/01/32 | 1653302 |
| 1000000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 6.000 | 03/01/45 | 965303 |
|  | TOTAL OHIO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218992553 |
|  | **OKLAHOMA - 2.8% (1.7% of Total Investments)** |  |  |  |
| 12690000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.250 | 08/15/43 | 12825514 |
| 9715000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.250 | 08/15/48 | 9759385 |
| 18235000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 18305380 |
| 16570000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 16629132 |
| 1550000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/41 | 1564636 |
| 7700000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.500 | 01/01/54 | 8299631 |
| 1500000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2015, (AMT), (Mandatory Put 6/01/25) | 5.000 | 06/01/35 | 1498905 |
|  | TOTAL OKLAHOMA |  |  | 68882583 |
|  | **OREGON - 0.3% (0.2% of Total Investments)** |  |  |  |
| 7330000 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2020-27A, (AMT) | 5.000 | 07/01/45 | 7344132 |
| 1150000 (b) | Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series 2019B | 5.000 | 11/01/36 | 1199611 |
|  | TOTAL OREGON |  |  | 8543743 |

---

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| | |
|:---|:---|
| **82** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA - 9.3% (5.7% of Total Investments)** |  |  |  |
| $380000 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750% | 08/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379984 |
| 7355000 (b) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017 | 5.000 | 05/01/42 | 6941222 |
| 11700000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33) | 4.750 | 01/01/35 | 11839589 |
| 2030000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B | 3.750 | 10/01/47 | 1612854 |
| 1236000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 1292167 |
| 16570000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 15336319 |
| 8280000 (g) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 5965313 |
| 2594000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 2597216 |
| 2405000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 | 5.000 | 06/01/34 | 2461863 |
| 700000 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015 | 5.000 | 01/01/38 | 699976 |
| 8710000 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020A | 4.000 | 04/01/39 | 8357308 |
| 5085000 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020A | 4.000 | 04/01/50 | 4372644 |
| 5000000 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2020A | 5.000 | 04/01/50 | 5004507 |
| 15220000 (a) | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2019A, (UB) | 5.000 | 07/01/44 | 15131499 |
| 20335000 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2022B | 5.000 | 05/01/52 | 19900220 |
| 9400000 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2022B | 5.000 | 05/01/57 | 9126674 |
| 2205724 (c) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2 | 2.200 | 06/30/27 | 970518 |
| 1214992 (c) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, (cash 5.000%, PIK 5.000%) | 0.900 | 06/30/27 | 218699 |
| 4135000 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, (AMT) | 5.500 | 11/01/44 | 4141800 |
| 19250000 | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT) | 5.750 | 06/30/48 | 19807083 |
| 24890000 (a) | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022 - AGM Insured, (AMT), (UB) | 5.000 | 12/31/57 | 24273383 |
| 24005000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-2 | 4.375 | 11/01/54 | 20852860 |
| 4660000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2019 | 4.000 | 08/15/49 | 4095792 |
| 4400000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Trustees, Series 2025A | 5.000 | 02/15/55 | 4538151 |
| 30355000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-146A | 4.750 | 04/01/53 | 30087199 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **83** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $3000000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E | 6.000% | 12/01/30 | $3187359 |
| 4000000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, University of the Sciences in Philadelphia, Series 2017 | 5.000 | 11/01/47 | 3961475 |
| 735000 | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A | 5.000 | 11/15/28 | 735178 |
|  | TOTAL PENNSYLVANIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227888852 |
|  | **PUERTO RICO - 7.2% (4.4% of Total Investments)** |  |  |  |
| 75000000 | Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2008A | 0.000 | 05/15/57 | 4565138 |
| 1804623 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip 74529JAP0 | 0.000 | 08/01/54 | 346758 |
| 1595000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Forward Delivery Series 2022A | 5.000 | 07/01/37 | 1619389 |
| 16000000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 16276995 |
| 5255000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/47 | 4974396 |
| 8180000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/33 | 8367262 |
| 2745000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/37 | 2781907 |
| 5785000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 4980705 |
| 6055000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 5942954 |
| 46230000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 10975390 |
| 2260000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 2101166 |
| 108619000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 103919805 |
| 1780000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A | 4.550 | 07/01/40 | 1682633 |
| 493000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.536 | 07/01/53 | 433023 |
| 529318 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 324869 |
| 8007861 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 6825604 |
|  | TOTAL PUERTO RICO |  |  | 176117994 |
|  | **RHODE ISLAND - 0.2% (0.1% of Total Investments)** |  |  |  |
| 21570000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 3895613 |
|  | TOTAL RHODE ISLAND |  |  | 3895613 |
|  | **SOUTH CAROLINA - 4.8% (2.9% of Total Investments)** |  |  |  |
| 21570000 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured | 0.000 | 01/01/30 | 18051579 |
| 7220000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2023B | 4.850 | 07/01/48 | 7333788 |
| 5000000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A | 4.700 | 01/01/55 | 4954561 |
| 32615000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 4.250 | 11/01/47 | 31098027 |
| 8045000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 4.500 | 11/01/54 | 7585149 |
| 9985000 (a) | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB) | 5.000 | 05/01/43 | 9900617 |

---

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| | |
|:---|:---|
| **84** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA** (continued) |  |  |  |
| $8560000 (a) | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB) | 5.000% | 05/01/48 | $8473746 |
| 4915000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A | 5.000 | 12/01/50 | 4914825 |
| 4915000 (a) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, (UB) | 5.000 | 12/01/50 | 4914825 |
| 7500000 (a) | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B, (UB) | 5.000 | 12/01/46 | 7506671 |
| 10295000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A | 5.000 | 12/01/55 | 10326721 |
| 2585000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E | 5.250 | 12/01/55 | 2588595 |
|  | TOTAL SOUTH CAROLINA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117649104 |
|  | **SOUTH DAKOTA - 0.2% (0.1% of Total Investments)** |  |  |  |
| 4455000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015 | 5.000 | 11/01/45 | 4458326 |
|  | TOTAL SOUTH DAKOTA |  |  | 4458326 |
|  | **TENNESSEE - 1.3% (0.8% of Total Investments)** |  |  |  |
| 1000000 (b) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A | 5.125 | 12/01/42 | 932417 |
| 4000000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 4.000 | 08/01/44 | 3618857 |
| 21500000 (a) | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured, (UB) | 5.250 | 07/01/53 | 22429647 |
| 5000000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, (AMT) | 5.000 | 07/01/54 | 4979185 |
|  | TOTAL TENNESSEE |  |  | 31960106 |
|  | **TEXAS - 11.1% (6.7% of Total Investments)** |  |  |  |
| 3135000 | Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015 | 5.250 | 12/01/35 | 3137234 |
| 3340000 | Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015 | 5.000 | 12/01/40 | 3190008 |
| 9000000 (a) | Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2023 | 4.000 | 02/15/53 | 8030918 |
| 480000 | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 6.250 | 09/01/35 | 485964 |
| 455000 | Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016 | 6.500 | 09/01/46 | 459799 |
| 21000000 | Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2023 | 4.250 | 02/01/53 | 19673489 |
| 1000000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT | 4.750 | 05/01/38 | 986273 |
| 150000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 145267 |
| 5000000 | Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2024 | 4.250 | 02/15/50 | 4696089 |
| 10000000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, (AMT) | 8.000 | 04/01/28 | 10009998 |
| 295000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/41 | 132887 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **85** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $590000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000% | 11/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250096 |
| 1000000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/43 | 399432 |
| 2000000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/44 | 753461 |
| 2600000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/45 | 926832 |
| 4180000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/53 | 937406 |
| 605000 (e) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/37 | 330343 |
| 1315000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/37 | 667501 |
| 40500000 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured | 0.000 | 11/15/40 | 17067854 |
| 2000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, (AMT) | 5.000 | 07/15/35 | 1968482 |
| 235000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, (AMT) | 5.000 | 07/01/29 | 234997 |
| 3105000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/37 | 3146912 |
| 28305000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/28 | 24907486 |
| 5000000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/30 | 4038535 |
| 5765000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/31 | 4449792 |
| 6000000 (e) | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B - NPFG Insured, (ETM) | 5.500 | 12/01/29 | 6381180 |
| 7500000 (e) | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A - AGM Insured, (ETM) | 5.750 | 12/01/32 | 8776605 |
| 3500000 | Hutto, Texas, Certificates of Obligation Bonds, Combination Tax & Waterworks & Sewer System Revenue Series 2024 - BAM Insured | 4.250 | 08/01/54 | 3273487 |
| 2605000 | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Refunding Series 2024 | 4.000 | 02/15/45 | 2456175 |
| 720000 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015 | 5.000 | 08/15/35 | 720034 |
| 2505000 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997 - AMBAC Insured, (AMT) | 5.125 | 11/01/28 | 2588856 |
| 8630000 (b) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 8566032 |
| 825000 (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 | 07/01/47 | 796427 |
| 6330000 (e) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 7.000 | 09/01/43 | 7506936 |

---

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| | |
|:---|:---|
| **86** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS** (continued) |  |  |  |
| $9130000 | (e) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 6.750% | 09/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10870046 |
| 10000000 |  | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D - AGC Insured | 0.000 | 01/01/28 | 9081861 |
| 1570000 |  | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.000 | 02/01/34 | 1520559 |
| 1000000 | (c) | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012 | 3.000 | 12/15/47 | 460000 |
| 595000 |  | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D | 6.250 | 12/15/26 | 611540 |
| 1800000 |  | Texas Private Activity Bond Surface Transpiration Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2023, (AMT) | 5.500 | 12/31/58 | 1846346 |
| 300000 |  | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/42 | 308909 |
| 1660000 |  | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/43 | 1702382 |
| 90930000 |  | 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 | 88382887 |
| 3600000 |  | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured | 0.000 | 08/15/25 | 3560064 |
|  |  | TOTAL TEXAS |  |  | 270437381 |
|  |  | **UTAH - 0.1% (0.1% of Total Investments)** |  |  |  |
| 1945000 | (b),(c) | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A, (AMT) | 8.000 | 12/01/39 | 1856009 |
|  |  | TOTAL UTAH |  |  | 1856009 |
|  |  | **VIRGINIA - 3.6% (2.2% of Total Investments)** |  |  |  |
| 12000000 |  | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016 | 5.000 | 07/01/51 | 11884632 |
| 22405000 | (a) | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, (UB) | 5.000 | 07/01/51 | 22189598 |
| 2000000 |  | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1 | 5.000 | 06/01/47 | 1792919 |
| 1250000 |  | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5 | 4.650 | 07/01/55 | 1222700 |
| 8995000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/49 | 8749603 |
| 16520000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/52 | 15855860 |
| 27570000 |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/56 | 26195087 |
|  |  | TOTAL VIRGINIA |  |  | 87890399 |
|  |  | **WASHINGTON - 3.1% (1.9% of Total Investments)** |  |  |  |
| 590000 |  | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999 - FGIC Insured | 4.750 | 02/01/28 | 591863 |
| 105000 |  | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013 | 5.750 | 04/01/43 | 98509 |
| 6065000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015 | 4.000 | 07/01/36 | 5792399 |
| 10420000 | (a) | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015A, (UB) | 5.000 | 08/15/45 | 10283230 |
| 10500000 |  | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2017B | 4.000 | 08/15/41 | 9559940 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **87** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WASHINGTON** (continued) |  |  |  |
| $10785000 | (a) | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014C, (UB) | 5.000% | 10/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10786325 |
| 21320000 | (a) | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D, (UB) | 5.000 | 10/01/38 | 21326863 |
| 2000000 |  | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020 | 4.000 | 09/01/45 | 1783257 |
| 14875000 | (a) | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020, (UB) | 5.000 | 09/01/55 | 14539643 |
|  |  | TOTAL WASHINGTON |  |  | 74762029 |
|  |  | **WEST VIRGINIA - 0.3% (0.2% of Total Investments)** |  |  |  |
| 6000000 |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2023B | 6.000 | 09/01/48 | 6487283 |
|  |  | TOTAL WEST VIRGINIA |  |  | 6487283 |
|  |  | **WISCONSIN - 1.7% (1.0% of Total Investments)** |  |  |  |
| 25000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School, North Carolina, Series 2017A | 5.000 | 06/15/37 | 23460 |
| 1000000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A | 5.125 | 05/01/36 | 962476 |
| 5545000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/36 | 4942189 |
| 4430000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/46 | 3499871 |
| 79862 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/47 | 2269 |
| 69810 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/48 | 1866 |
| 68693 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/49 | 1720 |
| 66459 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/50 | 1537 |
| 65342 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/51 | 1423 |
| 84889 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/52 | 1712 |
| 83772 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/53 | 1593 |
| 80979 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/54 | 1441 |
| 79304 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/55 | 1329 |
| 77628 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/56 | 1232 |
| 4224917 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 5.500 | 07/01/56 | 3044054 |
| 86006 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/57 | 1280 |

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| | |
|:---|:---|
| **88** | *See Notes to Financial Statements* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $83772 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000% | 01/01/58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 |
| 81538 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/59 | 1082 |
| 79862 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/60 | 992 |
| 78745 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/61 | 918 |
| 76511 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/62 | 841 |
| 74836 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/63 | 778 |
| 73161 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/64 | 722 |
| 72044 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/65 | 665 |
| 77628 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/66 | 662 |
| 934897 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/67 | 7205 |
| 69385 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/46 | 2140 |
| 68408 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/47 | 1944 |
| 67919 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/48 | 1815 |
| 67431 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/49 | 1689 |
| 66454 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/50 | 1537 |
| 72806 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/51 | 1586 |
| 1874234 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 3.750 | 07/01/51 | 1259550 |
| 72317 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/52 | 1458 |
| 71340 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/53 | 1356 |
| 70851 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/54 | 1261 |
| 69874 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/55 | 1171 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **89** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NZF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $68897 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 |
| 68408 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/57 | 1018 |
| 67431 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/58 | 946 |
| 66942 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/59 | 889 |
| 66454 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/60 | 825 |
| 65476 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/61 | 764 |
| 64988 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/62 | 714 |
| 64010 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/63 | 665 |
| 63522 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/64 | 627 |
| 63033 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/65 | 582 |
| 62056 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/66 | 529 |
| 808203 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/67 | 6229 |
| 500000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A | 6.250 | 06/15/48 | 500663 |
| 1200000 |  | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT) | 4.000 | 08/01/35 | 1128776 |
| 1690000 | (b),(c) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.250 | 08/01/27 | 1635075 |
| 1350000 | (b) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 1367218 |
| 160000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A | 5.200 | 12/01/37 | 162839 |
| 2905000 |  | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation - Cullowhee LLC - Western California University Project, Series 2015A | 5.000 | 07/01/35 | 2904764 |
| 1000000 |  | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.300 | 11/01/30 | 981103 |
| 1000000 |  | Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A | 0.000 | 12/15/31 | 764449 |
| 2105000 |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/32 | 2108842 |
| 2500000 |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/39 | 2502553 |
| 12650000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A | 5.000 | 11/15/39 | 12707331 |

---

---

| | |
|:---|:---|
| **90** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WISCONSIN** (continued) |  |  |  |
| $1120000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 | 5.250% | 10/01/39 | $1087562 |
|  | TOTAL WISCONSIN |  |  | 41646055 |
|  | **WYOMING - 0.2% (0.1% of Total Investments)** |  |  |  |
| 4660000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2024 Series 1 | 4.700 | 12/01/49 | 4620407 |
|  | TOTAL WYOMING |  |  | 4620407 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $4,018,748,520)** |  |  | **4019764868** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** |  |  |
|  | **CONSUMER DURABLES & APPAREL - 0.0% (0.0% of Total Investments)** | **CONSUMER DURABLES & APPAREL - 0.0% (0.0% of Total Investments)** |  |  |
| 243974 (d) | Cahava Springs Advance | 7.500 | 12/31/26 | 243974 |
|  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 243974 |
|  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $243,974)** |  |  | **243974** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $4,018,992,494)** |  |  | **4020008842** |
|  | **FLOATING RATE OBLIGATIONS - (14.9)%** |  |  | **(363825000)** |
|  | **MFP SHARES, NET - (26.2)%(i)** |  |  | **(640174241)** |
|  | **VRDP SHARES, NET - (27.6)%(j)** |  |  | **(673862828)** |
|  | **OTHER ASSETS & LIABILITIES, NET - 4.0%** |  |  | **98138228** |
|  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**2440285001** |

---

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

AMT Alternative Minimum Tax

ETM Escrowed to maturity

---

| | |
|:---|:---|
| 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.  |

---

---

| | |
|:---|:---|
| 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.  |

---

TSFR3M CME Term Secured Overnight Financing Rate 3 Month

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments
in inverse floating rate transactions.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities
are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $386,569,954
or 9.6% 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) For fair value measurement disclosure purposes, investment classified as Level 3.

(e) 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.

(f) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end.

(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 reporting period.

(h) Inverse floating rate trust is a non recourse trust.

(i) MFP Shares, Net as a percentage of Total Investments is 15.9%.

(j) VRDP Shares, Net as a percentage of Total Investments is 16.8%.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **91** |

---

------

**Portfolio of Investments April 30, 2025** 

**NMZ** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | | | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 162.7% (100.0% of Total Investments)** |  |  |  |
|  |  | **COMMON STOCKS - 0.0% (0.0% of Total Investments)** |  |  |  |
|  |  | **MATERIALS - 0.0% (0.0% of Total Investments)** |  |  |  |
| 39 | (a),(b) | PALOUSE FIBER HOLDINGS |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | TOTAL MATERIALS |  |  | 0 |
|  |  | **TOTAL COMMON STOCKS<br>(Cost $5,850)** |  |  | **0** |
| **SHARES** |  | **DESCRIPTION** |  |  | **VALUE** |
|  |  | **EXCHANGE-TRADED FUNDS - 1.4% (0.9% of Total Investments)** |  |  |  |
| 675000 |  | Nuveen High Yield Municipal Bond ETF |  |  | 16516238 |
|  |  | **TOTAL EXCHANGE-TRADED FUNDS<br>(Cost $16,995,750)** |  |  | **16516238** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 161.3% (99.1% of Total Investments)** |  |  |  |
|  |  | **ALABAMA - 3.2% (1.9% of Total Investments)** |  |  |  |
| $182352 | (c),(d) | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Refunding Taxable Series 2017C | 1.000% | 09/01/37 | 2 |
| 1000000 | (c),(d) | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Series 2017A | 6.750 | 09/01/37 | 700000 |
| 212352 | (c),(d) | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Taxable Series 2017B | 6.750 | 09/01/37 | 148646 |
| 2000000 | (d) | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A | 6.000 | 09/01/45 | 1957689 |
| 2500000 |  | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 5.000 | 07/01/48 | 2511108 |
| 785000 |  | 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 | 863298 |
| 13765000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750 | 10/01/49 | 13797886 |
| 6430000 | (e) | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024, (UB) | 5.250 | 10/01/49 | 6487764 |
| 250000 |  | MidCity Improvement District, Alabama, Special Assessment Revenue Bonds, Series 2022 | 4.750 | 11/01/49 | 205759 |
| 1200000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) | 5.000 | 06/01/54 | 1140040 |
| 1810000 | (d) | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020 | 4.000 | 11/01/45 | 1576994 |
| 1000000 |  | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32) | 5.000 | 06/01/49 | 1046173 |
| 3905000 | (e) | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35), (UB) | 5.000 | 01/01/56 | 4005268 |
| 3450000 | (d) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 3369221 |
|  |  | TOTAL ALABAMA |  |  | 37809848 |
|  |  | **ALASKA - 1.3% (0.8% of Total Investments)** |  |  |  |
| 5000000 | (e) | Anchorage, Alaska, Port Revenue Bonds, Series 2024A, (AMT), (UB) | 4.500 | 02/01/60 | 4525547 |
| 12500000 | (e) | Anchorage, Alaska, Port Revenue Bonds, Series 2024A, (AMT), (UB) | 4.375 | 02/01/65 | 11300660 |
|  |  | TOTAL ALASKA |  |  | 15826207 |

---

---

| | |
|:---|:---|
| **92** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA - 3.4% (2.1% of Total Investments)** |  |  |  |
| $400000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Christian University Project, Series 2019A | 5.500% | 10/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357427 |
| 800000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Christian University Project, Series 2019A | 5.625 | 10/01/49 | 683953 |
| 10000000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A | 5.000 | 07/01/51 | 8607259 |
| 900000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021C | 6.000 | 07/01/29 | 892112 |
| 10100000 | (d) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B | 5.000 | 07/01/51 | 8693332 |
| 2765000 | (d) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group Falcon Properties LLC, Project, Senior Series 2022A-1 | 4.150 | 12/01/57 | 1852167 |
| 2590000 | (d) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group Falcon Properties LLC, Project, Subordinate Series 2022B | 5.750 | 12/15/57 | 1902157 |
| 1000000 | (c),(d) | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A | 6.500 | 06/01/50 | 700000 |
| 985000 | (d) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Gateway Academy Project, Series 2019A | 5.750 | 01/01/50 | 829867 |
| 3000000 | (c),(d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020 | 5.000 | 07/01/49 | 2100000 |
| 245000 | (c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.250 | 07/01/36 | 171500 |
| 400000 | (c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.375 | 07/01/46 | 280000 |
| 475000 | (c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016 | 5.500 | 07/01/51 | 332500 |
| 1000000 | (c),(d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019 | 5.875 | 07/01/51 | 700000 |
| 290000 | (d) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020 | 5.000 | 06/15/35 | 282267 |
| 100000 |  | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, The Paideia Academies Project, 2019 | 5.125 | 07/01/39 | 93850 |
| 7500000 | (d) | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.500 | 12/01/37 | 7759156 |
| 2000000 | (f) | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A | 0.000 | 10/01/56 | 1578301 |
| 500000 | (d) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024 | 5.000 | 06/15/59 | 458984 |
| 1960000 | (d) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, AmeriSchools Academy Project, Series 2022 | 6.000 | 06/15/57 | 1879956 |
|  |  | TOTAL ARIZONA |  |  | 40154788 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **93** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ARKANSAS - 0.6% (0.4% of Total Investments)** |  |  |  |
| $1750000 (d) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450% | 09/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751395 |
| 3500000 (d) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A | 7.000 | 07/01/59 | 3198688 |
| 2500000 (d) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT) | 4.750 | 09/01/49 | 2324433 |
|  | TOTAL ARKANSAS |  |  | 7274516 |
|  | **CALIFORNIA - 13.5% (8.3% of Total Investments)** |  |  |  |
| 18390000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured | 5.450 | 10/01/52 | 10293843 |
| 4000000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.300 | 10/01/47 | 2286577 |
| 18905000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.350 | 10/01/48 | 10748101 |
| 4585000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.375 | 10/01/49 | 2574299 |
| 3055000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2022B | 5.400 | 10/01/50 | 1710744 |
| 1000000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2 | 4.000 | 08/01/47 | 771570 |
| 1000000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Senior Series 2021A-1 | 4.000 | 02/01/56 | 818458 |
| 1000000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A | 5.000 | 02/01/50 | 699669 |
| 200000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1 | 3.000 | 02/01/57 | 132944 |
| 2000000 (d) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-2 | 4.000 | 02/01/50 | 1511855 |
| 9155000 (d) | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A | 5.000 | 04/01/49 | 7414118 |
| 500000 (d) | California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science & Language Academy Project, Series 2021 | 4.000 | 07/01/61 | 366952 |
| 2215000 (d) | California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science and Language Academy Project, Series 2020 | 6.250 | 07/01/58 | 2262926 |
| 10450000 (e) | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A | 4.000 | 08/15/48 | 9678355 |
| 6650000 (d) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 6422544 |
| 220000 (d) | California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc. AMDA Inc Project, Taxable Series 2023B | 9.500 | 07/01/30 | 228999 |
| 500000 (d) | California Municipal Finance Authority, Revenue Bonds, California Baptist University, Series 2016A | 5.000 | 11/01/36 | 501456 |
| 2165000 | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2020-6, County of Placer- PV400, Series 2022 | 5.250 | 09/01/52 | 2191446 |
| 1130000 | California Municipal Financing Authority, Certificates of Participation, Palomar Health, Series 2022A - AGM Insured | 5.250 | 11/01/52 | 1142739 |
| 1000000 (d) | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A | 5.125 | 07/01/55 | 808249 |

---

---

| | |
|:---|:---|
| **94** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $3260000 |  | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.375% | 06/01/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978142 |
| 1000000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Alta Public Schools - Obligated Group, Series 2020A | 6.000 | 06/01/59 | 911807 |
| 1000000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Girls Athletic Leadership School Los Angeles Project, Series 2021A | 4.000 | 06/01/61 | 680377 |
| 1355000 | (d) | California School Finance Authority, California, Charter School Revenue Bonds, Hayward Twin Oaks Montessori Charter School Project, Series 2024A | 6.000 | 06/15/54 | 1252218 |
| 1000000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A | 5.000 | 06/01/40 | 896964 |
| 5185000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not Academy Obligated Group, Series 2021A | 4.000 | 06/01/61 | 3657035 |
| 1000000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A | 5.000 | 06/01/60 | 844396 |
| 1600000 | (d) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2023A | 6.000 | 06/01/63 | 1570022 |
| 9030000 | (d) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 9019627 |
| 500000 | (d) | California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational Student Housing Project, Refunding Series 2016A | 5.000 | 06/01/46 | 472517 |
| 745000 |  | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A | 8.000 | 09/02/41 | 711632 |
| 3279 | (a),(c) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 3279 |
| 1300000 | (d) | CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Subordinate Series 2021B | 8.000 | 04/01/56 | 946452 |
| 1750000 | (d) | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior Lien Series 2021A-1 | 3.000 | 08/01/56 | 1158945 |
| 300000 |  | Corona, California, Special Tax Bonds, Community Facilities District 2018-2 Sierra Bella, Series 2022A | 5.000 | 09/01/42 | 306743 |
| 23800000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2 | 4.000 | 10/01/56 | 17894996 |
| 2000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Dublin Mezzanine Lien Series 2021B | 4.000 | 02/01/57 | 1442456 |
| 2000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-2 | 4.000 | 06/01/58 | 1540801 |
| 1000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2 | 4.000 | 10/01/56 | 746053 |
| 2000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Series 2021B | 4.000 | 07/01/58 | 1321407 |
| 4250000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B | 4.000 | 12/01/56 | 3100664 |
| 2000000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Mezzanine Lien Series 2021B | 4.000 | 06/01/57 | 594900 |
| 535000 | (d) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2 | 3.125 | 06/01/57 | 314176 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **95** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $5000000 |  | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2 | 4.000% | 12/01/58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552512 |
| 2145000 |  | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021B | 4.000 | 12/01/59 | 1033504 |
| 3430000 |  | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Senior Lien Series 2021A-1 | 3.000 | 12/01/49 | 2206404 |
| 1660000 |  | Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C | 6.500 | 12/15/47 | 1660060 |
| 2000000 |  | Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park, Refunding Series 2007A | 5.000 | 12/15/37 | 2001391 |
| 8855000 |  | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 952976 |
| 7000000 |  | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation | 0.000 | 06/01/36 | 3135191 |
| 1000000 |  | Los Angeles County Community Facilities District 2021-01, California, Special Tax Bond, Valencia-Facilities Improvement Area 1, Series 2022 | 5.000 | 09/01/52 | 1006801 |
| 7000000 |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A, (AMT), (UB) | 5.000 | 05/15/55 | 7056389 |
| 535000 |  | Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2011-1, Improvement Area 6, Series 2021 | 4.000 | 09/01/50 | 459972 |
| 2140000 |  | Oroville, California, Revenue Bonds, Oroville Hospital Series 2019 | 5.250 | 04/01/54 | 1641544 |
| 750000 | (d),(e) | Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF) | 11.387 | 12/01/30 | 1024965 |
| 2015000 | (d),(e) | Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100 - AMBAC Insured, (IF) | 11.387 | 12/01/33 | 3030419 |
| 10000000 | (e) | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT), (UB) | 5.000 | 05/01/43 | 10024281 |
| 1055000 | (d) | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017 | 6.250 | 09/01/47 | 1085670 |
| 6000000 |  | 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 | 1453205 |
| 5000000 | (e) | University of California Regents, Medical Center Pooled Revenue Bonds, Series 2022P, (UB) | 4.000 | 05/15/53 | 4650987 |
|  |  | TOTAL CALIFORNIA |  |  | 160907724 |
|  |  | **COLORADO - 16.3% (10.0% of Total Investments)** |  |  |  |
| 4500000 | (d) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 4520884 |
| 703000 |  | Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Junior Lien Series Series 2021B | 5.500 | 12/15/37 | 652811 |
| 1089000 |  | Aspen Street Metropolitan District, Broomfield County and City, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3 | 5.125 | 12/01/50 | 876667 |
| 12000000 |  | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 5.750 | 12/01/51 | 10963891 |
| 500000 |  | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2019B | 7.750 | 12/15/48 | 501144 |

---

---

| | |
|:---|:---|
| **96** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $1500000 |  | Belford North Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2020A | 5.500% | 12/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285695 |
| 1000000 |  | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/51 | 827387 |
| 4820000 |  | Berthoud-Heritage Metropolitan District 10, Larimer County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2022A | 4.750 | 12/01/52 | 3835827 |
| 2000000 |  | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 4.750 | 12/01/51 | 1500647 |
| 1000000 |  | 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 | 737988 |
| 500000 |  | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Improvement Bonds, Series 2022 | 6.500 | 12/01/53 | 500588 |
| 460000 |  | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Subordinate Lien Series 2016B | 8.000 | 06/15/37 | 459842 |
| 506000 |  | Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/41 | 385421 |
| 500000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008 | 6.250 | 07/01/28 | 500700 |
| 100000 | (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/51 | 73566 |
| 1225000 | (d) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/61 | 850236 |
| 720000 | (d) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020 | 5.000 | 12/01/55 | 628029 |
| 3000000 | (c) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2013 | 8.000 | 08/01/43 | 1876919 |
| 1000000 | (c),(d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016 | 6.125 | 02/01/46 | 664105 |
| 3144000 |  | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 6.500 | 12/01/50 | 3077165 |
| 1625000 |  | Conestoga Metropolitan District 2, Ault, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2021A-3 | 5.250 | 12/01/51 | 1380720 |
| 500000 |  | Copperleaf Metropolitan District 3, Arapahoe County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B | 5.500 | 12/15/36 | 472235 |
| 4050000 |  | 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 | 2314685 |
| 3400000 |  | DC Metropolitan District, Denver County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2024A | 5.875 | 12/01/54 | 3083872 |
| 5000000 | (e) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.250 | 12/01/48 | 5039559 |
| 1500000 |  | Denver Gateway Center Metropolitan District, In the City and County of Denver, Colorado, General Obligation Limited Tax Bonds, Series 2018A | 5.625 | 12/01/48 | 1430325 |
| 1030000 |  | E-86 Metropolitan District, Elizabeth, Elbert County, Colorado, General Obligation Limited Tax Cash Flow Bonds, Series 2021A-3 | 5.125 | 12/01/51 | 851132 |
| 1000000 | (d) | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A | 5.000 | 12/01/51 | 883234 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **97** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $960000 | Erie Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Series 2021 | 4.000% | 12/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781613 |
| 4150000 (d) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 4003788 |
| 3080000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | 2863049 |
| 1500000 | Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax Supported Revenue Bonds, Series 2022 | 6.000 | 12/01/52 | 1465661 |
| 8380000 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.500 | 12/01/42 | 7980857 |
| 1000000 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.750 | 12/01/52 | 935418 |
| 2260000 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Subordinate Series 2022B | 8.125 | 12/15/52 | 2272173 |
| 3000000 | Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B | 6.000 | 12/01/52 | 2587563 |
| 1000000 | Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B | 8.500 | 12/15/52 | 922494 |
| 2995000 (d) | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.500 | 06/01/50 | 2437282 |
| 500000 (d) | Glen Metropolitan District 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.250 | 12/01/51 | 372031 |
| 500000 | Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021 | 4.500 | 12/01/41 | 397611 |
| 500000 | Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, Colorado, Special Revenue Bonds, Series 2021 | 4.750 | 12/01/51 | 371645 |
| 750000 | Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, Series 2022B(3) | 6.250 | 12/01/52 | 682196 |
| 1000000 | Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, Series 2022B(3) | 9.000 | 12/15/52 | 1003095 |
| 1480000 (d) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 1384590 |
| 540000 | Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021 | 5.000 | 12/01/41 | 480038 |
| 810000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B | 5.750 | 12/15/50 | 803009 |
| 1700000 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A | 5.750 | 12/01/50 | 1547254 |
| 1000000 (d) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.625 | 12/01/56 | 951574 |
| 1000000 | Lakota Pointe Metropolitan District 1, Winter Park, Colorado, Limited Tax General Obligation Bonds, Series 2025A | 6.000 | 12/01/55 | 952036 |
| 500000 | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3 | 4.500 | 12/01/50 | 365391 |

---

---

| | |
|:---|:---|
| **98** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1000000 | Larkridge Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, Refunding Series 2019 | 5.250% | 12/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927596 |
| 5000000 (d) | 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 | 5000712 |
| 4000000 | Legato Community Authority, Colorado, Commerce City Colorado Limited Tax Supported Revenue Bonds District 12 3 & 7 Convertible Capital Appreciation Series 2021A-2 | 5.000 | 12/01/51 | 2969610 |
| 1000000 | Legato Community Authority, Colorado, Commerce City Limited Tax Supported Revenue Bonds District 12 3 & 7 Series 2021B | 8.250 | 12/15/51 | 977943 |
| 500000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 12/01/41 | 444480 |
| 500000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 04/15/51 | 413306 |
| 1000000 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A(3) | 4.875 | 12/01/51 | 836702 |
| 1100000 | Mirabelle Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2025B | 6.125 | 12/15/49 | 1091784 |
| 500000 | 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 | 469105 |
| 500000 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2021B - AGM Insured | 4.625 | 12/15/51 | 416207 |
| 4000000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.250 | 12/01/50 | 3773744 |
| 1535000 | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 5.125 | 12/01/49 | 1357937 |
| 1000000 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 840115 |
| 1500000 | Overlook Park Metropolitan District, Routt County, Colorado, General Obligation Bonds, Limited Tax Senior Series 2023A | 7.250 | 12/01/53 | 1477997 |
| 6555000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/49 | 5532083 |
| 500000 (d) | Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A | 7.750 | 12/01/53 | 400525 |
| 500000 | Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, District 1, Series 2020A | 5.250 | 12/01/50 | 432481 |
| 2050000 (d) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/51 | 1651609 |
| 9300000 | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 | 8.000 | 12/01/52 | 6100753 |
| 4663000 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022 | 6.500 | 12/01/34 | 4349251 |
| 870000 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported District Improvements Revenue Bonds, Refunding Series 2024B | 5.875 | 12/15/46 | 893932 |
| 500000 (d) | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A | 5.000 | 12/15/41 | 480579 |
| 500000 (d) | Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 4.875 | 12/01/51 | 397120 |
| 1000000 (d) | Prairie Song Metropolitan District 4, Windsor, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 6.000 | 12/01/51 | 923756 |
| 1000000 (d) | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A | 4.750 | 12/01/45 | 872711 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **99** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1000000 | Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue Bonds, Series 2020 | 5.250% | 12/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918214 |
| 1900000 (d) | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025 | 6.125 | 12/01/54 | 1736691 |
| 2000000 | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax Series 2021-3 | 5.375 | 12/01/51 | 1695221 |
| 2900000 | 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 | 1667848 |
| 1000000 | Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 837889 |
| 703067 | Reunion Metropolitan District, Acting By and Through its Water Activity Enterprise, Adams County, Colorado, Special Revenue Bonds, Series 2021 | 3.625 | 12/01/44 | 489017 |
| 1000000 (d) | Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.875 | 12/01/44 | 910016 |
| 1000000 | Riverpark Metropolitan District, Arapahoe County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2024 | 6.375 | 12/01/54 | 984509 |
| 570000 | Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021 | 5.000 | 12/01/51 | 477990 |
| 1000000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue Bonds, Series 2022A | 5.000 | 12/01/52 | 811609 |
| 1000000 | Rock Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2025A | 5.625 | 12/01/54 | 936151 |
| 2000000 | RRC Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2021 | 5.250 | 12/01/51 | 1688275 |
| 2000000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A | 6.750 | 12/01/52 | 2027825 |
| 1205000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Subordinate Series 2024 | 8.000 | 12/15/54 | 1214610 |
| 1740000 | Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 3.750 | 12/01/41 | 1312410 |
| 1440000 | Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.000 | 12/01/51 | 993745 |
| 1025000 | Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 5.250 | 12/01/50 | 876810 |
| 1000000 | South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2018 | 6.250 | 12/01/57 | 911571 |
| 5000000 | 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 | 5165080 |
| 1250000 (d) | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 4 Subdistrict B, Refunding & Improvement Series 2024A | 5.750 | 12/01/54 | 1208089 |
| 1000000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Special District 4, Series 2024A | 6.500 | 12/01/54 | 1012757 |
| 2790000 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.125 | 12/01/50 | 2403960 |
| 3000000 (c) | Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007 | 7.250 | 12/01/31 | 480000 |
| 685000 | Three Springs Metropolitan District 1, Durango, La Plata County, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2020B | 7.125 | 12/15/50 | 685294 |

---

---

| | |
|:---|:---|
| **100** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1000000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000% | 12/01/41 | $818164 |
| 3000000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202651 |
| 1000000 (d) | Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.750 | 12/01/50 | 811702 |
| 1000000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2019 | 5.375 | 12/01/39 | 944127 |
| 1500000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 | 6.000 | 12/01/50 | 1225011 |
| 1570000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.375 | 12/01/50 | 1402739 |
| 1000000 | 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 | 793039 |
| 500000 | Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.250 | 12/01/50 | 435897 |
| 1100000 | Village Metropolitan District In the Town of Avon, Eagle County, Colorado, Special Revenue and Limited Property Tax Bonds, Refunding & Improvement Series 2020 | 5.000 | 12/01/40 | 1074276 |
| 3000000 | Villages at Johnstown Metropolitan District 7, Johnstown, Colorado, Limited Tax General Obligation Bonds, Series 2022A(3) | 6.250 | 12/01/52 | 2917901 |
| 1000000 | Waterfront at Foster Lake Metropolitan District 2, Weld County, Colorado, Special Revenue Bonds, Series 2022 | 4.625 | 12/01/28 | 959964 |
| 1730000 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A | 5.000 | 12/01/41 | 1636406 |
| 500000 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A | 5.000 | 12/01/51 | 439791 |
| 1750000 (d) | Waterview North Metropolitan District 1, Colorado, General Obligation Bonds, Limited Tax Series 2024A | 5.750 | 12/01/54 | 1596940 |
| 1500000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 1359377 |
| 3500000 (d) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 1990444 |
| 1100000 (d) | West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.750 | 12/01/44 | 1022309 |
| 600000 | West Valley Metropolitan District 3, Colorado, General Obligation Bonds, Limited Tax Windsor Series 2024A | 5.250 | 12/01/54 | 557313 |
| 1000000 | Westgate Metropolitan District, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 5.125 | 12/01/51 | 791894 |
| 1000000 (d) | Westwood Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2021A | 4.000 | 12/01/51 | 858666 |
| 4390000 (d) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Convertible Capital Appreciation Series 2021A-2 | 4.625 | 12/01/51 | 2821977 |
| 7500000 (d) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 5664782 |
| 705000 | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/49 | 601253 |
| 1000000 (d) | Winsome Metropolitan District No. 3, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A | 5.125 | 12/01/50 | 842100 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **101** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $778000 | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1 | 6.250% | 12/15/40 | $757127 |
|  | TOTAL COLORADO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194739111 |
|  | **CONNECTICUT - 0.4% (0.3% of Total Investments)** |  |  |  |
| 2000000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Forward Delivery Series 2022M | 4.000 | 07/01/41 | 1846767 |
| 3570000 (e) | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A, (UB) | 4.600 | 11/15/49 | 3503225 |
|  | TOTAL CONNECTICUT |  |  | 5349992 |
|  | **DISTRICT OF COLUMBIA - 1.4% (0.8% of Total Investments)** |  |  |  |
| 5000000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 1247549 |
| 1971000 (d) | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A | 5.250 | 05/15/55 | 1643527 |
| 5100000 (e) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B - AGM Insured, (UB) | 4.000 | 10/01/53 | 4417522 |
| 4750000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured | 4.000 | 10/01/52 | 4165065 |
| 5640000 (e) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured, (UB) | 4.000 | 10/01/52 | 4945466 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 16419129 |
|  | **FLORIDA - 19.5% (12.0% of Total Investments)** |  |  |  |
| 350000 | Abbott Square Community Development District, Zephyrhills, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022 | 5.500 | 06/15/52 | 346147 |
| 1645000 (d) | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces at Bonita Springs Project, Refunding Series 2022A | 5.000 | 11/15/61 | 1185042 |
| 1680000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 2015 Assessment Project, Series 2015 | 5.375 | 05/01/45 | 1679988 |
| 1245000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021 | 4.000 | 05/01/51 | 991754 |
| 2000000 (d) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 3 Master Improvements Project, Series 2021 | 4.000 | 05/01/52 | 1553163 |
| 1000000 (d) | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Phase 4 Master Improvement Project, Series 2023 | 5.500 | 05/01/53 | 990479 |
| 1955000 | Avenir Community Development District, Palm Beach Gardens, Florida, Special Assessment Bonds, Area 3 - Master Infrastructure Project, Series 2023 | 5.625 | 05/01/54 | 1967262 |
| 1020000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2021 Project Series 2021 | 4.000 | 05/01/52 | 816145 |
| 1100000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.000 | 05/01/53 | 1052512 |
| 500000 (d) | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2024 Project Series 2024 | 5.250 | 05/01/55 | 484075 |
| 995000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, Series 2015 | 5.250 | 11/01/46 | 995751 |

---

---

| | |
|:---|:---|
| **102** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FLORIDA** (continued) |  |  |  |
| $1905000 |  | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 4.125% | 11/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548244 |
| 335000 |  | Belmond Reserve Community Development District, Florida, Hillsborough County Special Assessment Revenue Bonds 2020 Project Series 2020 | 4.000 | 05/01/51 | 278615 |
| 885000 |  | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A | 6.125 | 11/01/33 | 941216 |
| 1445000 |  | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2013 | 5.125 | 05/01/43 | 1412267 |
| 600000 |  | Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016 | 4.750 | 05/01/46 | 562235 |
| 500000 | (d) | Buckhead Trails Community Development District, Manatee County Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.750 | 05/01/52 | 498134 |
| 1625000 |  | Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, PRG - UnionWest Properties LLC Project, Senior Series 2024A-1 | 5.000 | 06/01/54 | 1537440 |
| 285000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A | 4.000 | 07/01/41 | 242098 |
| 1070000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter Schools, Series 2021A | 4.000 | 07/01/51 | 818383 |
| 2500000 | (d) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South Bay Project, Series 2020A | 6.000 | 06/15/55 | 2493851 |
| 500000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021 | 4.000 | 08/15/51 | 376598 |
| 1000000 | (d) | Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021 | 4.250 | 08/15/61 | 748573 |
| 1000000 | (c),(d) | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, Series 2017A | 7.000 | 10/01/49 | 470000 |
| 1000000 | (d) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.875 | 08/01/52 | 827261 |
| 1500000 | (d) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 6.000 | 08/15/63 | 1391004 |
| 955000 | (c) | Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.125 | 05/01/45 | 908551 |
| 1000000 | (d) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2019, (AMT) | 5.000 | 10/01/49 | 946485 |
| 1000000 | (d) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2021A, (AMT) | 4.000 | 10/01/41 | 879260 |
| 210000 | (d) | Coddington Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2022 | 5.750 | 05/01/42 | 216529 |
| 1491387 | (c),(d) | Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A | 0.000 | 05/15/35 | 149 |
| 995000 | (d) | Cross Creek North Community Development District, Clay County, Florida, Special Assessment Bonds, Series 2018 | 5.375 | 11/01/50 | 999999 |
| 1610000 | (d) | Crossings Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.600 | 05/01/54 | 1546116 |
| 1000000 | (d) | Crosswinds East Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.750 | 05/01/54 | 993448 |
| 1440000 |  | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Assessment Area 2 Series 2024 | 5.800 | 05/01/54 | 1365328 |
| 1485000 |  | Cypress Mill Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020 | 4.000 | 06/15/40 | 1322034 |
| 1395000 | (d) | Del Webb Sunchase Community Development District, Manatee County, Florida, Special Assessment Bonds, Series 2025 | 5.625 | 05/01/55 | 1382583 |
| 1605000 |  | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Wildlight Village Phase 3 Series 2024 | 5.500 | 05/01/55 | 1535343 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **103** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1000000 (d) | East Palm Drive Community Development District, Florida, Special Assessment Bonds, Assessment Area 1, Series 2024 | 5.375% | 06/15/54 | $956987 |
| 1500000 | Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2022 | 4.000 | 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196611 |
| 820000 (d) | Epperson North Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 | 5.600 | 05/01/55 | 789246 |
| 1320000 | Epperson Ranch II Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2020 | 4.375 | 05/01/51 | 1121322 |
| 1215000 | Esplanade Lake Club Community Development District, Lee County, Florida, Capital Improvement Bonds, Series 2019A-1 | 4.125 | 11/01/50 | 1006505 |
| 1000000 (d) | Everlands II Community Development District, Palm Bay, Florida, Special Assessment Revenue Bonds, Series 2024 | 5.450 | 06/15/54 | 971767 |
| 1245000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/51 | 1063147 |
| 1850000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A | 6.500 | 07/01/44 | 1850680 |
| 1000000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017A | 5.750 | 07/01/44 | 965356 |
| 2000000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers Academy Project, Series 2022A | 6.000 | 01/15/57 | 1798124 |
| 565000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A | 5.000 | 07/15/46 | 518898 |
| 655000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A | 5.000 | 01/01/50 | 536207 |
| 120000 (d) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 5.000 | 09/15/50 | 104123 |
| 1000000 (d) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2019, (AMT) | 5.000 | 05/01/29 | 1005566 |
| 16105000 (d) | 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 | 16718298 |
| 1000000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 970746 |
| 12585000 (e) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/53 | 12645600 |
| 5000000 | 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 | 5003251 |
| 19410000 (d) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 20010549 |
| 2500000 (d) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.250 | 06/01/59 | 2368429 |
| 3075000 (d) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024B | 6.500 | 06/01/59 | 3059238 |
| 1260000 (d) | GIR East Community Development District, Osceola County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, Series 2025 | 5.500 | 05/01/55 | 1189979 |

---

---

| | |
|:---|:---|
| **104** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1900000 (d) | Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2021 | 4.000% | 05/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486518 |
| 1000000 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2 | 6.500 | 05/01/39 | 1001247 |
| 10000000 (e) | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT), (UB) | 5.000 | 10/01/42 | 10050619 |
| 1845000 | Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special Assessment, Refunding Series 2014 | 5.250 | 05/01/32 | 1845764 |
| 1000000 | Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 4, Series 2023 | 5.500 | 05/01/53 | 1000799 |
| 2015000 (d) | Hickory Tree Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2024 | 5.450 | 05/01/55 | 1907853 |
| 1500000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2018A, (AMT) | 5.000 | 10/01/48 | 1486718 |
| 5000000 (e) | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2018A, (AMT), (UB) | 5.000 | 10/01/48 | 4955726 |
| 560000 | Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024 | 5.875 | 05/01/55 | 558262 |
| 1000000 (d) | Keys Edge Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024 | 5.375 | 05/01/55 | 948439 |
| 610000 | Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021 | 4.000 | 05/01/52 | 485163 |
| 610000 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood Centre North Project, Series 2015 | 4.875 | 05/01/45 | 582910 |
| 2000000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.375 | 06/15/37 | 1984890 |
| 1630000 (d) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.750 | 12/01/52 | 1171007 |
| 2760000 | LTC Rance Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 1 Project, Series 2021A | 4.000 | 05/01/52 | 2185316 |
| 2000000 | LTC Ranch Residential Community Development District, Port Saint Lucie, Florida, Special Assessment Bonds, Assessment Area 3 Project, Series 2024AA3 | 6.050 | 05/01/54 | 1989998 |
| 1995000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.375 | 05/01/40 | 1797893 |
| 2985000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2019 | 4.500 | 05/01/51 | 2521480 |
| 750000 (d) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017 | 6.000 | 07/01/47 | 750136 |
| 1085000 | Miami World Center Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, Series 2017 | 5.250 | 11/01/49 | 1092857 |
| 5000000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A | 5.000 | 07/01/39 | 5003345 |
| 1750000 (d) | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A | 6.000 | 09/15/45 | 1750314 |
| 1000000 | Miami-Dade County Industrual Development Authority, Florida, Revenue Bonds, Doral Academy, Seres 2018 | 5.000 | 01/15/48 | 948604 |
| 5100000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, (AMT), (UB) | 5.000 | 10/01/40 | 5123921 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **105** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $11250000 (e) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB) | 5.250% | 10/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11368212 |
| 980000 (d) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 6.000 | 05/01/55 | 969619 |
| 290000 (d) | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2022 | 5.750 | 05/01/53 | 294039 |
| 1000000 (d) | Normandy Community Development District, Florida, Capital Improvement Revenue Bonds, Jacksonville Assessment Area One Series 2024 | 5.550 | 05/01/54 | 933715 |
| 355000 | North Park Isle Community Development District, Plant City, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2019 | 4.750 | 05/01/50 | 325363 |
| 930000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015 | 5.500 | 08/01/46 | 933289 |
| 9305000 (e) | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Series 2019, (UB) | 4.000 | 08/15/49 | 7883818 |
| 250000 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter Medical Center, Series 2022 | 5.000 | 11/01/52 | 239995 |
| 1355000 (d) | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2021A | 5.000 | 06/01/57 | 1178983 |
| 1120000 | Palm Beach County, Florida, Revenue Bonds, Provident Group - LU Properties LLC Lynn University Housing Project, Series 2024A | 6.250 | 06/01/59 | 1092621 |
| 500000 (d) | Palm Beach County, Florida, Revenue Bonds, Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project, Series 2019A | 5.000 | 04/01/51 | 439804 |
| 250000 | Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, Sawmill Branch Phase 2 Flager, Series 2022 | 5.125 | 05/01/51 | 235918 |
| 1560000 | Pasadena Ridge Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024 | 5.375 | 05/01/55 | 1475307 |
| 905000 (d) | Peace Creek Village Community Development District, Florida, Special Assessment Revenue Bonds, Winter Haven Series 2024 | 5.750 | 05/01/54 | 887863 |
| 500000 | Portico Community Development District, Lee County, Florida, Special Assessment, Improvement Series 2020-2 | 4.000 | 05/01/50 | 406940 |
| 905000 (d) | Rivers Edge III Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021 | 4.000 | 05/01/51 | 707288 |
| 2490000 | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016 | 6.000 | 11/01/47 | 2533019 |
| 1725000 | Rustic Oaks Community Development District, Florida, Capital Improvement Revenue Bonds Series 2022 | 4.000 | 05/01/52 | 1367870 |
| 986399 (d) | Saint Johns County Housing Authority, Florida, Multifamily Mortgage Revenue Bonds, Victoria Crossing, Series 2021A, (Mandatory Put 4/01/39) | 3.920 | 04/01/59 | 776265 |
| 700000 | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 | 6.375 | 11/01/53 | 723288 |
| 990000 | Shingle Creek Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Series 2015 | 5.400 | 11/01/45 | 991003 |
| 15000000 (e) | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017, (UB) | 5.000 | 08/15/47 | 15024943 |
| 490000 (d) | Summit View Community Development District, Dade City, Florida, Special Assessment Area Two Revenue Bonds, Series 2024 | 6.000 | 05/01/54 | 491792 |
| 615000 (d) | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B | 4.625 | 05/01/36 | 588829 |
| 1230000 | Touchstone Community Development District, Hillsborough County, Florida, Special Assessment Bonds, 2019 Project, Series 2019 | 4.000 | 12/15/40 | 1067945 |

---

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| | |
|:---|:---|
| **106** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $1265000 | Tradition Community Development District 1, Port Saint Lucie, Florida, Irrigation System Revenue Bonds, Existing System Series 2017 | 4.500% | 10/01/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140533 |
| 1000000 | Turtle Run Community Development District, Florida, Special Assessment Benefit Tax Bonds, Series 2017-2 | 5.000 | 05/01/37 | 1008113 |
| 1490000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-1 | 6.375 | 11/01/47 | 1545344 |
| 2625000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-2 | 6.375 | 11/01/47 | 2725386 |
| 500000 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Expansion Area Project, Series 2019 | 4.000 | 12/15/49 | 402264 |
| 1000000 | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2023 Project, Series 2023 | 6.125 | 11/01/53 | 1025462 |
| 1000000 | Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Area One Project, Series 2013 | 6.500 | 11/01/43 | 1055302 |
| 500000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 Assessment Area, Series 2022 | 6.625 | 11/01/52 | 524105 |
| 1000000 (d) | Waterford Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area Two, Series 2024 | 5.450 | 05/01/54 | 946208 |
| 960000 | Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014 | 5.500 | 11/01/45 | 960110 |
| 395000 (d) | Westside Haines City Community Development District, Polk County, Florida, Special Assessment Bonds, Area 2 Project, Series 2024 | 6.000 | 05/01/54 | 396718 |
| 135000 (d) | Willowbrook Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area One Project Series 2024 | 5.900 | 05/01/55 | 131717 |
| 1000000 (d) | Windsor at Westside Community Development District, Lake County, Florida, Special Assessment Bonds, Area 1 Project, Series 2024 | 5.750 | 05/01/54 | 1027062 |
| 720000 (d) | Woodland Ranch Estates Community Development District, Dundee, Florida, Special Assessment Bonds, Series 2025 | 5.750 | 05/01/55 | 700242 |
|  | TOTAL FLORIDA |  |  | 233310764 |
|  | **GEORGIA - 0.8% (0.5% of Total Investments)** |  |  |  |
| 4730000 | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 6.500 | 12/15/48 | 4075916 |
| 1000000 (d) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 1003881 |
| 870000 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A | 5.000 | 11/01/48 | 662946 |
| 1610000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.000 | 07/01/60 | 1600070 |
| 2215000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2023A - AGM Insured | 5.000 | 07/01/64 | 2256195 |
|  | TOTAL GEORGIA |  |  | 9599008 |
|  | **HAWAII - 0.2% (0.1% of Total Investments)** |  |  |  |
| 2000000 (d) | Hawaii County, Hawaii, Special Tax Revenue Bonds, Community Facilities District 1-2021, Kaloko Heights Project, Series 2023 | 7.250 | 05/15/52 | 1960959 |
| 1000000 (d) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.125 | 07/01/43 | 924373 |
|  | TOTAL HAWAII |  |  | 2885332 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **107** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **IDAHO - 0.2% (0.2% of Total Investments)** |  |  |  |
| $1000000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy of Idaho, Series 2021A | 5.000% | 07/15/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764166 |
| 565000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian North LLC, Series 2020A | 5.250 | 07/01/55 | 469036 |
| 1000000 (d) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep Meridian South Charter School Project, Series 2021 | 4.000 | 05/01/56 | 694749 |
| 1050000 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024 | 6.250 | 09/01/53 | 1076799 |
|  | TOTAL IDAHO |  |  | 3004750 |
|  | **ILLINOIS - 15.9% (9.7% of Total Investments)** |  |  |  |
| 60545 (c) | Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005 | 6.250 | 01/01/26 | 60544 |
| 10670000 (e) | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, (UB) | 6.000 | 04/01/46 | 10875092 |
| 15385000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 15507974 |
| 2025000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B | 6.500 | 12/01/46 | 2051876 |
| 9910000 (d) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 10236808 |
| 10000000 (e) | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A - BAM Insured, (UB) | 5.000 | 12/01/46 | 10279499 |
| 1548387 | Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopoment Project, Series 2012 | 6.100 | 01/15/29 | 1548329 |
| 1318549 (c) | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006 | 7.460 | 02/15/26 | 922984 |
| 8065000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2022A | 5.000 | 01/01/48 | 8071385 |
| 4000000 (e) | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2016D, (UB) | 5.000 | 01/01/52 | 4004319 |
| 5200000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2024B, (UB) | 5.500 | 01/01/59 | 5475134 |
| 4000000 (e) | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A, (UB) | 5.500 | 01/01/43 | 4066034 |
| 9400000 (e) | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, (UB) | 6.000 | 01/01/38 | 9579645 |
| 130000 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C | 5.000 | 01/01/38 | 128929 |
| 11000000 (e) | Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB) | 5.000 | 01/01/44 | 10402855 |
| 8000000 (e) | Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB) | 5.500 | 01/01/49 | 8015211 |
| 5000000 (d) | Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A | 6.375 | 11/01/46 | 4077040 |
| 1000000 (d) | Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A | 5.000 | 07/01/51 | 730522 |
| 1000000 (d) | Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, Series 2021A | 5.000 | 07/01/56 | 712288 |
| 1000000 (d) | Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A | 5.625 | 08/01/53 | 1025440 |
| 550000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/36 | 542717 |
| 600000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/38 | 576985 |
| 700000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/40 | 656639 |
| 2000000 (d) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B | 6.125 | 04/01/58 | 1894086 |
| 1000000 (d) | Illinois Finance Authority, Solid Waste Revenue Bonds, LRS Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33) | 7.375 | 09/01/42 | 1107209 |
| 7955000 (e) | Illinois State, General Obligation Bonds, June Series 2022A, (UB) | 5.500 | 03/01/47 | 8195893 |
| 1715000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 1790397 |
| 1000000 | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/35 | 1008980 |
| 1000000 | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/37 | 1006579 |

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| | |
|:---|:---|
| **108** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ILLINOIS** (continued) |  |  |  |
| $5000000 |  | Illinois State, General Obligation Bonds, October Series 2020C | 4.250% | 10/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428722 |
| 10000000 | (e) | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A, (UB) | 4.000 | 01/01/46 | 9245749 |
| 1000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 4.000 | 06/15/50 | 818180 |
| 7075000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A - BAM Insured | 4.000 | 06/15/50 | 5878270 |
| 12215000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 5.000 | 06/15/50 | 12127953 |
| 5000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A | 5.000 | 06/15/57 | 4869350 |
| 35635000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B | 0.000 | 12/15/54 | 7108085 |
| 5000000 |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B - BAM Insured | 0.000 | 12/15/54 | 1035443 |
| 1000000 |  | Palos Heights, Illinois, Revenue Bonds, Trinity Christian College Association, Series 2024A | 7.000 | 01/01/50 | 934248 |
| 7750000 | (e) | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018A, (UB) | 5.000 | 01/01/48 | 7796588 |
| 10000000 | (e) | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018C - BAM Insured, (UB) | 5.250 | 01/01/48 | 10238503 |
| 895000 | (c) | Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007 | 4.800 | 01/01/26 | 331150 |
|  |  | TOTAL ILLINOIS |  |  | 189363634 |
|  |  | **INDIANA - 1.7% (1.1% of Total Investments)** |  |  |  |
| 1000000 | (d),(e) | Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 2016-XL0019 - AMBAC Insured, (IF) | 10.637 | 04/01/30 | 1305762 |
| 1000000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School Project, Series 2015A | 7.250 | 12/01/45 | 1007293 |
| 850000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, Series 2021A | 5.000 | 06/01/41 | 772888 |
| 550000 |  | Indiana Finance Authority, Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, Series 2021A | 5.000 | 06/01/56 | 456394 |
| 7725000 | (e) | Indiana Finance Authority, Educational Facilities Revenue Bonds, University of Evansville Project, Series 2022A, (UB) | 5.250 | 09/01/57 | 7303617 |
| 2000000 |  | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 1999918 |
| 5000000 | (e) | Indiana Finance Authority, Indiana, Health Facilities Project Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2017A, (UB) | 5.000 | 08/15/51 | 4908777 |
| 1000000 |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.125 | 03/01/57 | 1047207 |
| 730000 |  | Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A | 7.500 | 07/01/35 | 731765 |
| 1000000 | (d) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 5.000 | 01/01/54 | 956840 |
|  |  | TOTAL INDIANA |  |  | 20490461 |
|  |  | **IOWA - 2.0% (1.3% of Total Investments)** |  |  |  |
| 1000000 |  | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 954161 |
| 2500000 | (g) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 2791280 |
| 17940000 | (e),(g) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (UB) | 5.000 | 12/01/50 | 20030223 |
| 600000 |  | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Series 2025 | 6.000 | 10/01/55 | 614566 |
|  |  | TOTAL IOWA |  |  | 24390230 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **109** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **KANSAS - 0.1% (0.0% of Total Investments)** |  |  |  |
| $1000000 |  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919031 |
|  |  | TOTAL KANSAS |  |  | 919031 |
|  |  | **KENTUCKY - 3.0% (1.9% of Total Investments)** |  |  |  |
| 1290000 |  | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone's Ridge Project, Series 2020 | 6.000 | 12/01/40 | 1119060 |
| 5450000 |  | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/41 | 5407896 |
| 11675000 | (e) | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, (UB) | 5.000 | 06/01/41 | 11584805 |
| 5525000 |  | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/45 | 5417904 |
| 980000 |  | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Christian Care Communities, Inc. Obligated Group, Series 2021 | 5.125 | 07/01/55 | 791004 |
| 1000000 |  | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 07/01/30 | 1001636 |
| 3000000 |  | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A | 5.000 | 05/15/52 | 2872278 |
| 995000 |  | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B | 5.500 | 12/01/60 | 795065 |
| 5200000 | (e) | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1, (Mandatory Put 2/01/32), (UB) | 5.250 | 04/01/54 | 5527949 |
| 1000000 | (d) | Union Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022B | 5.500 | 12/01/52 | 921164 |
| 1000000 | (d) | Union, Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022D | 5.750 | 12/01/52 | 923108 |
|  |  | TOTAL KENTUCKY |  |  | 36361869 |
|  |  | **LOUISIANA - 1.1% (0.7% of Total Investments)** |  |  |  |
| 1705000 |  | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013 | 6.000 | 07/01/36 | 1705334 |
| 1480000 | (d) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Mentorship STEAM Academy, Series 2021A | 5.000 | 06/01/56 | 1179026 |
| 4465000 | (d) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/57 | 3579600 |
| 1620000 | (d) | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT) | 6.500 | 07/01/36 | 1620284 |
| 89199 | (c),(d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A | 5.000 | 06/01/41 | 19035 |
| 88261 | (c),(d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, Series 2021A | 5.000 | 06/01/51 | 18835 |
| 500000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A | 6.250 | 06/01/52 | 480554 |
| 1000000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter School Project, Series 2022A | 6.375 | 06/01/62 | 961276 |
| 200000 | (d) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2022A | 6.500 | 06/01/62 | 188134 |
| 2000000 |  | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017 | 5.250 | 10/01/33 | 2138039 |
| 2000000 | (c),(d) | Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, (AMT) | 7.000 | 07/01/26 | 20 |
| 1000000 | (d) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 854663 |
| 540000 | (d) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010 | 6.350 | 07/01/40 | 573317 |
|  |  | TOTAL LOUISIANA |  |  | 13318117 |

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| | |
|:---|:---|
| **110** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MAINE - 0.2% (0.1% of Total Investments)** |  |  |  |
| $1000000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000% | 07/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928570 |
| 1000000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 907856 |
|  | TOTAL MAINE |  |  | 1836426 |
|  | **MARYLAND - 0.8% (0.5% of Total Investments)** |  |  |  |
| 1595000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/42 | 1532296 |
| 4000000 (c) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/31 | 2680000 |
| 2500000 (c) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B | 5.250 | 12/01/31 | 1675000 |
| 5000000 | Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2021 | 2.750 | 06/01/51 | 3311732 |
|  | TOTAL MARYLAND |  |  | 9199028 |
|  | **MASSACHUSETTS - 1.1% (0.7% of Total Investments)** |  |  |  |
| 7080000 (e) | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2, (UB) | 5.000 | 07/01/53 | 7082100 |
| 5535000 (e) | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2017B, (AMT), (UB) | 4.250 | 07/01/46 | 4846478 |
| 1200000 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, Subordinate Series 2021C, (AMT) | 3.000 | 07/01/51 | 775527 |
|  | TOTAL MASSACHUSETTS |  |  | 12704105 |
|  | **MICHIGAN - 3.2% (2.0% of Total Investments)** |  |  |  |
| 2269786 | Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured | 3.000 | 06/15/25 | 2405973 |
| 1740000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Social Series 2021A | 5.000 | 04/01/46 | 1748428 |
| 3500000 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas College Project, Refunding Series 2021 | 5.000 | 05/01/46 | 2624254 |
| 3675000 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A | 5.000 | 11/15/48 | 3666437 |
| 6480000 (e) | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A, (UB) | 5.000 | 11/15/48 | 6464901 |
| 5000000 (e) | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A-MI, (UB) | 4.000 | 12/01/40 | 4633307 |
| 830000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Cesar Chavez Academy Project, Refunding Series 2019 | 5.000 | 02/01/33 | 838806 |
| 905000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2021 | 4.000 | 12/01/41 | 748910 |
| 1000000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2021 | 4.000 | 12/01/51 | 763853 |
| 130000 (d) | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Refunding Series 2021 | 4.400 | 04/01/31 | 115077 |
| 315000 (d) | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Refunding Series 2021 | 4.900 | 04/01/41 | 241287 |
| 1200000 (d) | Michigan Finance AuthorIty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017 | 5.900 | 07/15/46 | 892770 |
| 28335000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts, Taxable Series 2020B | 0.000 | 06/01/45 | 7505324 |
| 1295000 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007 | 6.500 | 12/01/37 | 1295109 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **111** |

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**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $1000000 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008 | 6.500% | 11/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000307 |
| 100000000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Capital Appreciation Turbo Term Series 2008C | 0.000 | 06/01/58 | 3017890 |
|  | TOTAL MICHIGAN |  |  | 37962633 |
|  | **MINNESOTA - 0.9% (0.6% of Total Investments)** |  |  |  |
| 2000000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Level Up Academy, Series 2021A | 5.000 | 06/15/56 | 1424827 |
| 665000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 5.500 | 07/01/35 | 614708 |
| 1000000 | Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A | 6.000 | 07/01/45 | 925709 |
| 505000 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A | 5.000 | 07/01/47 | 423605 |
| 1190000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A | 5.500 | 06/01/57 | 1053963 |
| 100000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep Project, Series 2020A | 5.000 | 07/01/55 | 76143 |
| 1125000 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A | 5.000 | 09/01/44 | 978053 |
| 2000000 (d) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.500 | 03/01/58 | 1964875 |
| 3000000 (d) | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012- 7, (AMT) | 4.500 | 10/01/37 | 2796113 |
| 1125000 | Spring Lake Park, Minnesota, Charter School Lease Revenue Bonds, Excell Academy for Higher Learning Inc., Series 2019A | 5.000 | 06/15/49 | 1023762 |
|  | TOTAL MINNESOTA |  |  | 11281758 |
|  | **MISSISSIPPI - 0.1% (0.0% of Total Investments)** |  |  |  |
| 335000 (d) | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward Mixed-Use Project, Taxable Refunding Series 2019A, (Mandatory Put 6/15/25) | 6.000 | 10/15/49 | 334300 |
| 453273 | Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, (AMT) | 6.125 | 09/01/34 | 399866 |
|  | TOTAL MISSISSIPPI |  |  | 734166 |
|  | **MISSOURI - 4.5% (2.8% of Total Investments)** |  |  |  |
| 13045000 (e) | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT), (UB) | 5.000 | 03/01/54 | 12932088 |
| 5000000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT), (UB) | 5.000 | 03/01/55 | 4986406 |
| 655000 (d) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000 | 04/01/46 | 570889 |
| 9740000 (e) | Kansas City, Missouri, Special Obligation Bonds, Main Streetcar Expansion Project, Refunding & Improvement Series 2022C, (UB) | 4.000 | 09/01/46 | 9012052 |
| 2000000 (d) | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Subordinate Lien Series 2015B | 8.500 | 06/15/46 | 1868560 |
| 2000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023 | 5.000 | 12/01/52 | 2026738 |
| 3510000 (e) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2023, (UB) | 5.000 | 12/01/52 | 3556926 |
| 1000000 | Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021 | 4.000 | 10/01/44 | 836154 |
| 471451 (d) | North Outer Forty Transportation Development District, Chesterfield, Missouri, Transportation Development Revenue Notes, Refunding Series 2021A | 4.000 | 12/01/46 | 333210 |

---

---

| | |
|:---|:---|
| **112** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MISSOURI** (continued) |  |  |  |
| $8050000 | (e) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.000% | 12/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762219 |
| 8970000 | (e) | Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A, (UB) | 4.000 | 12/01/41 | 8628748 |
| 1351000 |  | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A | 6.300 | 08/22/26 | 283710 |
| 732000 | (c) | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A | 2.100 | 12/31/26 | 21960 |
| 1230000 |  | Universal City Industrial Development Authority, Missouri, Revenue Bonds, Tax Increment and Special District Markets at Olive Project Series 2023A | 5.500 | 06/15/42 | 1185811 |
|  |  | TOTAL MISSOURI |  |  | 54005471 |
|  |  | **NEBRASKA - 1.2% (0.7% of Total Investments)** |  |  |  |
| 5495000 | (e) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2023E, (UB) | 4.750 | 09/01/48 | 5548258 |
| 8425000 | (e) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024A, (UB) | 4.800 | 09/01/54 | 8384570 |
|  |  | TOTAL NEBRASKA |  |  | 13932828 |
|  |  | **NEVADA - 0.1% (0.0% of Total Investments)** |  |  |  |
| 1842684 | (c),(d) | 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 | 7555 |
| 785794 | (c),(d) | 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 | 79 |
| 1840107 | (c),(d) | 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 | 7544 |
| 830000 |  | Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement Bonds, Series 2018 | 5.375 | 09/01/48 | 781880 |
|  |  | TOTAL NEVADA |  |  | 797058 |
|  |  | **NEW HAMPSHIRE - 0.4% (0.3% of Total Investments)** |  |  |  |
| 1000000 | (d) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018C, (AMT) | 4.875 | 11/01/42 | 920500 |
| 4135000 | (d),(h) | National Finance Authority, New Hampshire, Special Revenue Bonds, Bridgeland Water & Utility Districts 418,489,492,493,157 & 159, Series 2025 | 5.875 | 12/15/33 | 4135769 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 5056269 |
|  |  | **NEW JERSEY - 4.1% (2.5% of Total Investments)** |  |  |  |
| 2500000 | (e) | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Portal North Bridge Project Series 2022A, (UB) | 5.000 | 11/01/52 | 2544076 |
| 9500000 | (e),(g) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, (Pre-refunded 6/15/27), (UB) | 5.000 | 06/15/42 | 9921325 |
| 2080000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, (AMT) | 5.625 | 11/15/30 | 2080283 |
| 40000000 | (e) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured, (UB) | 0.000 | 12/15/35 | 25668580 |
| 6790000 | (e) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA, (UB) | 5.000 | 06/15/50 | 6879299 |
| 1915000 |  | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B | 5.000 | 06/01/46 | 1859055 |
|  |  | TOTAL NEW JERSEY |  |  | 48952618 |
|  |  | **NEW MEXICO - 0.4% (0.2% of Total Investments)** |  |  |  |
| 265000 |  | Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital Appreciation Taxable Series 2015D | 0.000 | 03/01/32 | 142320 |
| 35000 |  | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015A | 5.900 | 09/01/32 | 33399 |
| 155000 |  | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015B | 5.900 | 09/01/32 | 148601 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **113** |

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**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW MEXICO** (continued) |  |  |  |
| $270000 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015C | 5.900% | 09/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252749 |
| 1210000 | Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013 | 7.250 | 10/01/43 | 1174067 |
| 545000 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project, Series 2019A | 5.000 | 07/01/32 | 544198 |
| 600000 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project, Series 2019A | 5.000 | 07/01/49 | 530115 |
| 1484000 (d) | 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 | 1439179 |
|  | TOTAL NEW MEXICO |  |  | 4264628 |
|  | **NEW YORK - 13.9% (8.5% of Total Investments)** |  |  |  |
| 1095000 | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 6.650 | 02/01/53 | 1094161 |
| 2000000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015 | 5.500 | 09/01/45 | 2002161 |
| 1000000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 1046107 |
| 5000000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.250 | 06/01/40 | 4715844 |
| 2000000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.500 | 06/01/55 | 1759172 |
| 3000000 (d) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/40 | 2754892 |
| 5780000 (d) | Dormitory Authority of the State of New York, General Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A | 7.250 | 07/01/53 | 5718212 |
| 9000000 (e) | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2022A - AGM Insured, (UB) | 4.250 | 05/01/52 | 8545894 |
| 200000 (d) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/36 | 191028 |
| 650000 | Dormitory Authority of the State of New York, Revenue Bonds, Saint Josephs College, Series 2021 | 5.000 | 07/01/51 | 546195 |
| 2000000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Bidding Group 5 Series 2021E | 4.000 | 03/15/49 | 1820132 |
| 1500000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C | 5.625 | 01/01/55 | 1285781 |
| 1000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.730 | 02/01/50 | 897365 |
| 2260000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.050 | 02/01/31 | 2102521 |
| 1000000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2021A | 4.600 | 02/01/51 | 742214 |
| 1000000 (c) | Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College Project, Series 2019A | 5.500 | 09/01/26 | 520000 |
| 10000000 (e) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, (UB) | 5.000 | 11/15/50 | 10035115 |
| 1000000 (e) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-1, (UB) | 5.000 | 11/15/43 | 1015827 |
| 1000000 (e) | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020D-3, (UB) | 4.000 | 11/15/49 | 872186 |

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| | |
|:---|:---|
| **114** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $11850000 (e) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Neighborhood Green Series 2018K, (UB) | 4.125% | 11/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10786000 |
| 300000 (d) | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024 | 5.250 | 12/15/31 | 303644 |
| 1500000 (c) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.300 | 10/01/37 | 960000 |
| 5000000 (c) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.350 | 10/01/46 | 3200000 |
| 2500000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 2489227 |
| 2250000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014 | 5.150 | 11/15/34 | 2250463 |
| 7000000 (d) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014 | 7.250 | 11/15/44 | 7004438 |
| 2000000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 2021A | 3.000 | 03/15/50 | 1431014 |
| 1000000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 979710 |
| 1000000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 991730 |
| 15990000 (e) | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT), (UB) | 5.250 | 01/01/50 | 15857759 |
| 2040000 (e) | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT), (UB) | 4.500 | 12/31/54 | 1880968 |
| 10000000 | 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 | 10001088 |
| 3070000 | 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 | 3152083 |
| 8485000 (e) | 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) | 5.000 | 06/30/49 | 8514349 |
| 5000000 | 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) | 5.250 | 06/30/60 | 5073492 |
| 3895000 (e) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT), (UB) | 5.000 | 06/30/49 | 3909702 |
| 2000000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 6.000 | 06/30/54 | 2097583 |
| 1000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 4.375 | 10/01/45 | 906288 |
| 5000000 | 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 | 5178823 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **115** |

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**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $1000000 | Niagara Area Development Corporation, New York, Revenue Bonds; Catholic Health System, Inc, Series 2022 | 4.500% | 07/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858496 |
| 9000000 (e) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty Two Series 2022, (AMT), (UB) | 4.625 | 08/01/52 | 8711566 |
| 10620000 (e) | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Four Series 2022, (AMT), (UB) | 5.250 | 08/01/47 | 10884106 |
| 855000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 | 0.000 | 06/01/66 | 80014 |
| 3000000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien Green Climate Bond Certified Series 2024A | 5.000 | 05/15/54 | 3099772 |
| 2000000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/48 | 1807157 |
| 2500000 (d) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 4.500 | 07/01/56 | 2075157 |
| 1025000 (d) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 5.000 | 07/01/56 | 935133 |
| 2475000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016 | 5.000 | 11/01/46 | 2259526 |
| 420000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023 | 6.250 | 11/01/52 | 456072 |
| 250000 (d) | Western Regional Off-Track Betting Corporation, New York, Tax Exempt Revenue Bonds, Additional Secured General Obligation Series 2021 | 4.125 | 12/01/41 | 217818 |
|  | TOTAL NEW YORK |  |  | 166017985 |
|  | **NORTH CAROLINA - 0.3% (0.2% of Total Investments)** |  |  |  |
| 10000000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital Appreciation Series 2019 | 0.000 | 01/01/48 | 3297652 |
|  | TOTAL NORTH CAROLINA |  |  | 3297652 |
|  | **NORTH DAKOTA - 0.0% (0.0% of Total Investments)** |  |  |  |
| 1374177 (c) | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013 | 7.750 | 09/01/38 | 144289 |
|  | TOTAL NORTH DAKOTA |  |  | 144289 |
|  | **OHIO - 4.1% (2.5% of Total Investments)** |  |  |  |
| 99335000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 11.310 | 06/01/57 | 9504184 |
| 10140000 | 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 | 8861701 |
| 900000 (d) | Cleveland-Cuyahoga County Port Authority, Ohio, Tax Increment Financing Revenue Bonds, Flats East Bank Project, Refunding Senior Series 2021A | 4.000 | 12/01/55 | 677858 |
| 3900000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A | 5.250 | 11/15/48 | 3820096 |
| 340000 | Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020 | 4.000 | 12/01/46 | 258355 |
| 1000000 | Greater Cincinnati Port Development Authority, Ohio, Tax Increment Revenue Bonds, RBM Phase 3 Garage Project Series 2024 | 5.125 | 12/01/55 | 924321 |
| 3890000 (d) | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) | 5.000 | 12/01/53 | 3913110 |
| 5000000 (d) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000 | 07/01/49 | 4513157 |

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| | |
|:---|:---|
| **116** | *See Notes to Financial Statements* |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $1775000 (e) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.550% | 09/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748856 |
| 11300000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, (Mandatory Put 6/01/22) | 4.750 | 06/01/33 | 11457234 |
| 1215000 (e) | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B - AGM Insured, (UB) | 4.375 | 12/01/58 | 1141344 |
| 980000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A | 5.000 | 11/01/51 | 774519 |
| 2000000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 6.000 | 03/01/45 | 1930607 |
|  | TOTAL OHIO |  |  | 49525342 |
|  | **OKLAHOMA - 1.7% (1.1% of Total Investments)** |  |  |  |
| 1000000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 1003860 |
| 1000000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 1003568 |
| 1200000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/44 | 1188741 |
| 15000000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2000B, (AMT) | 5.500 | 06/01/35 | 15002801 |
| 2600000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2001B, (AMT) | 5.500 | 12/01/35 | 2602378 |
|  | TOTAL OKLAHOMA |  |  | 20801348 |
|  | **PENNSYLVANIA - 2.6% (1.6% of Total Investments)** |  |  |  |
| 2280000 (d) | Allentown Commercial and Industrial Development Authority, Pennsylvania, Revenue Bonds, Arts Academy Charter Middle School Foundation Project, Series 2022A | 5.000 | 06/15/57 | 1917974 |
| 870000 (d) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021 | 6.000 | 05/01/42 | 890010 |
| 1250000 (d) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Subordinate Lien, Series 2018 | 5.125 | 05/01/32 | 1257440 |
| 490000 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E Allen Street Project, Subordinate Series 2024B | 6.000 | 05/01/42 | 493923 |
| 500000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B | 3.750 | 10/01/47 | 397255 |
| 1000000 (d) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2017 | 5.125 | 10/15/41 | 703124 |
| 1500000 (d) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020 | 6.250 | 10/15/53 | 1085284 |
| 1245000 | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2021A | 4.000 | 11/01/51 | 1000587 |
| 2000000 | Lehigh County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds Seven Generations Charter School Series 2021A | 4.000 | 05/01/51 | 1535987 |
| 3250000 (d) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project First Tier Series 2025A-2 | 5.750 | 01/01/65 | 3072478 |
| 1065000 (d) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project Second Tier Series 2025C | 6.750 | 01/01/65 | 1012002 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **117** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PENNSYLVANIA** (continued) |  |  |  |
| $1000000 |  | Montgomery County Redevelopment Authority, Pennsylvania, Special Obligation Revenue Bonds, River Pointe Project Series 2023 | 6.500% | 09/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983648 |
| 1720000 | (a),(c),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1 | 10.000 | 12/01/40 | 172 |
| 1720000 | (a),(c),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT) | 10.000 | 12/01/40 | 172 |
| 2970000 | (a),(c) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A | 10.000 | 12/01/31 | 297 |
| 500000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27) | 5.250 | 12/01/37 | 500865 |
| 7730000 | (e) | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022 - AGM Insured, (AMT), (UB) | 5.000 | 12/31/57 | 7538499 |
| 1650000 |  | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/49 | 1469461 |
| 1000000 | (d) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A | 5.375 | 06/15/50 | 902057 |
| 1000000 | (d) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Taxable Series 2020B | 5.125 | 12/15/44 | 899986 |
| 5325000 |  | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, (AMT), (UB) | 5.000 | 07/01/47 | 5323029 |
| 105000 |  | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A | 5.000 | 11/15/28 | 105026 |
|  |  | TOTAL PENNSYLVANIA |  |  | 31089276 |
|  |  | **PUERTO RICO - 9.7% (5.9% of Total Investments)** |  |  |  |
| 2000000 | (d) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 2034624 |
| 8625000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build America Bonds, Series 2010YY | 6.125 | 07/01/40 | 3528686 |
| 2000000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN | 5.500 | 01/01/26 | 821475 |
| 5690000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 01/01/26 | 2397019 |
| 1000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 420 |
| 1185000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 498323 |
| 890000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/29 | 374268 |
| 655000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/31 | 275444 |
| 3000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/31 | 1262 |
| 3000000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/25 | 1219570 |
| 4000000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 01/01/26 | 1780620 |
| 185000 | (c) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.050 | 01/01/26 | 77196 |
| 1025000 | (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/37 | 431413 |
| 360000 | (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 149915 |

---

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| | |
|:---|:---|
| **118** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $710000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375% | 01/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295666 |
| 375000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.250 | 07/01/33 | 155265 |
| 405000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/28 | 169103 |
| 1350000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/40 | 575632 |
| 1000000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 6.750 | 07/01/36 | 404302 |
| 4835000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 5.000 | 07/01/42 | 2050243 |
| 5500000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Taxable Series 2010EEE | 6.050 | 07/01/32 | 2252400 |
| 682134 | Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022 | 5.250 | 07/01/38 | 682302 |
| 42500000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 13719280 |
| 183530000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 43571564 |
| 7750000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 7414711 |
| 14000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 12923165 |
| 4507235 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 2766316 |
| 91 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 93 |
| 4201027 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 2820251 |
| 4000000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/46 | 3274838 |
| 14486516 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.000 | 11/01/43 | 8673801 |
|  | TOTAL PUERTO RICO |  |  | 115339167 |
|  | **RHODE ISLAND - 0.2% (0.1% of Total Investments)** |  |  |  |
| 10260000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 1852990 |
|  | TOTAL RHODE ISLAND |  |  | 1852990 |
|  | **SOUTH CAROLINA - 2.0% (1.2% of Total Investments)** |  |  |  |
| 100000 (d) | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement District, Series 2021 | 4.000 | 05/01/52 | 63081 |
| 5560000 | Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Capital Appreciation Series 2007-A&B | 0.000 | 11/01/39 | 1360761 |
| 5725000 | Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Capital Appreciation Series 2007-A&B | 0.000 | 11/01/39 | 1660686 |
| 400000 (d) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020 | 5.000 | 01/01/55 | 330358 |
| 930000 (d) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Midland Valley Preparatory School Project, Series 2014 | 7.750 | 11/15/45 | 960106 |
| 2960000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Patriots Place Apartments Project, Series 2022A-1 | 5.750 | 06/01/52 | 2097735 |
| 3000000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Horse Creek Academy Project, Series 2021A | 5.000 | 11/15/55 | 2598152 |
| 1585000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Riverwalk Academy Project Series 2023A | 7.250 | 06/15/58 | 1609327 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **119** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA** (continued) |  |  |  |
| $235000 (d) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2023A | 7.125% | 06/15/58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238078 |
| 2980000 (e) | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB) | 5.000 | 05/01/38 | 3006905 |
| 9895000 (e) | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, (UB) | 5.000 | 05/01/48 | 9795294 |
|  | TOTAL SOUTH CAROLINA |  |  | 23720483 |
|  | **TENNESSEE - 0.6% (0.3% of Total Investments)** |  |  |  |
| 1000000 (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 | 655984 |
| 6045000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B | 5.625 | 09/01/26 | 6154232 |
|  | TOTAL TENNESSEE |  |  | 6810216 |
|  | **TEXAS - 7.3% (4.5% of Total Investments)** |  |  |  |
| 2000000 (d) | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Second-Lien Series 2021B | 5.000 | 10/01/50 | 1623821 |
| 2750000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2021A | 4.500 | 02/15/56 | 1999688 |
| 500000 (d) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025 | 5.625 | 12/31/55 | 462820 |
| 680000 | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Estancia Hill Country Public Improvement District, Series 2013 | 6.000 | 11/01/28 | 680159 |
| 300000 (d) | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public Improvement District Project, Series 2021 | 5.250 | 09/01/51 | 271479 |
| 500000 (d) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 6.750 | 09/01/55 | 470170 |
| 500000 (d) | Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019 | 4.250 | 09/01/49 | 411174 |
| 750000 (d) | Celina, Texas, Special Assessment Revenue Bonds, Lakes at Mustang Ranch Public Improvement District Phase 8-9 Project, Series 2025 | 5.625 | 09/01/55 | 706163 |
| 625000 (d) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Improvement Area 2 Project Series 2024 | 5.500 | 09/01/54 | 579597 |
| 1000000 (d) | Celina, Texas, Special Assessment Revenue Bonds, North Sky Public Improvement District Major Improvements Area Project, Series 2023 | 6.125 | 09/01/52 | 960768 |
| 2935000 (d) | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 5 Project, Series 2022 | 4.000 | 09/01/51 | 2190896 |
| 1000000 (d) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021 | 4.250 | 09/01/41 | 852340 |
| 900000 (d) | Decatur, Texas, Special Assessment Revenue Bonds, Paloma Trails Public Improvement District Major Improvement Area Project, Series 2025 | 6.375 | 09/15/55 | 848058 |
| 500000 (d) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.625 | 12/31/55 | 473323 |
| 165000 (d) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public Improvement District 1 Phase 2B, 2C & 3A1, Series 2019 | 4.250 | 08/15/49 | 135731 |
| 1500000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT | 4.750 | 05/01/38 | 1479410 |

---

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| | |
|:---|:---|
| **120** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1045000 | Friendswood, Harris and Galveston Counties, Texas, Special Assessment Revenue Bonds, City Center Public Improvement District, Initial Major Improvements Project Series 2024 | 7.000% | 09/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004626 |
| 1000000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, (AMT) | 8.000 | 04/01/28 | 1001000 |
| 125000 (d) | Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 Improvement Area 1 Project, Series 2019 | 4.375 | 09/01/49 | 104420 |
| 630000 | Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A | 6.000 | 02/15/36 | 630000 |
| 1000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. - Terminal Improvement Project, Refunding Series 2011, (AMT) | 6.625 | 07/15/38 | 1002307 |
| 500000 (d) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 1 Project Series 2021 | 4.000 | 09/01/56 | 368539 |
| 1075000 (d) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement Area 2 Project Series 2023 | 5.625 | 09/01/58 | 1052385 |
| 1045000 (d) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 3 Project, Series 2021 | 4.000 | 09/01/46 | 831672 |
| 1500000 (d) | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement District Major Improvement Area Project, Series 2021 | 4.375 | 09/15/51 | 1165870 |
| 1170000 (d) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 2 Project, Series 2019 | 4.250 | 09/15/39 | 1051901 |
| 300000 (d) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 5.750 | 09/15/39 | 297976 |
| 500000 (d) | Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District Project, Series 2019 | 6.000 | 09/15/49 | 501181 |
| 1125000 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, Road Series 2021 | 3.000 | 09/01/46 | 794455 |
| 825000 (d) | Montgomery County, Texas, Special Assessment Revenue Bonds, Meadow Park Public Improvement District, Improvement Area 1, Series 2025 | 5.375 | 09/15/54 | 783464 |
| 8000000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.500 | 01/01/57 | 7322261 |
| 1000000 (g) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - San Antonio 1, L.L.C. - Texas A&M University - San Antonio Project, Series 2016A, (Pre-refunded 4/01/26) | 5.000 | 04/01/48 | 1014689 |
| 1000000 (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 | 07/01/30 | 981421 |
| 3250000 (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 | 3171859 |
| 3445000 (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 | 07/01/47 | 3325686 |
| 1070000 (d) | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public Imporvement District 2 Project, Series 2020 | 4.000 | 09/01/50 | 826209 |
| 250000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone A Improvement Area 1 Project, Series 2022 | 5.625 | 09/15/52 | 238057 |
| 325000 (d) | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement District Zone B Improvement Area 1 Project, Series 2022 | 5.625 | 09/15/52 | 309475 |
| 2464000 (d) | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek East Public Improvement District Project, Series 2021 | 4.375 | 09/15/51 | 1891239 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **121** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $1000000 (d) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, (AMT) | 4.000% | 01/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793902 |
| 7000000 (d) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, (AMT) | 3.000 | 01/01/50 | 4622330 |
| 1650000 | Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2019A, (AMT) | 4.000 | 06/01/38 | 1534105 |
| 1620000 | Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2019A, (AMT) | 4.000 | 06/01/39 | 1483243 |
| 1000000 | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Winchester Public Improvement District 2 Project, Series 2022 | 5.250 | 09/01/52 | 915916 |
| 600000 (d) | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Windmore Public Improvement District Improvement Area 1 Project, Series 2022 | 5.500 | 09/01/54 | 579601 |
| 205000 (d) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 1 Project, Series 2019 | 4.750 | 09/01/49 | 185650 |
| 185000 (d) | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement District 2 Phase 2-6 Major Improvement Project, Series 2019 | 5.500 | 09/01/39 | 185166 |
| 1000000 (d) | Red Oak, Ellis County, Texas, Special Assessment Revenue Bonds, Red Oak Public Improvement District 1 Improvement Area 1 Project, Series 2021 | 4.000 | 09/15/51 | 760464 |
| 2000000 (c) | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012 | 3.000 | 12/15/32 | 920000 |
| 145000 | Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District North Improvement Area, Series 2016 | 5.750 | 09/15/36 | 145473 |
| 400000 (d) | Royse City, Rockwall, Collin and Hunt Counties, Texas, Special Assessment Revenue Bonds, Liberty Crossing Public Improvement District Improvement Area 2 Project, Series 2024 | 5.625 | 09/15/54 | 369003 |
| 1442000 (d) | San Marcos, Hays, Caldwell and Guadalupe Counties, Texas, Special Assessment Revenue Bonds, Whisper South Public Improvement District, Series 2020 | 4.250 | 09/01/42 | 1213534 |
| 7000000 (e) | Sherman, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2023, (UB) | 5.000 | 08/15/53 | 7143595 |
| 1500000 (e) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A, (UB) | 5.000 | 07/01/53 | 1513621 |
| 5000000 (e) | Tarrant County Cultural Education Facilities, Texas, Finance Corporation Revenue Bonds, Christus Health, Refunding Series 2018B, (UB) | 5.000 | 07/01/48 | 5003228 |
| 1250000 | Texas Private Activity Bond Surface Transpiration Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2023, (AMT) | 5.500 | 12/31/58 | 1282184 |
| 10000000 | 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 | 9719882 |
| 5000000 (e) | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A, (UB) | 4.375 | 10/15/59 | 4734359 |
|  | TOTAL TEXAS |  |  | 86921545 |
|  | **UTAH - 1.3% (0.8% of Total Investments)** |  |  |  |
| 1000000 (d) | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds Subordinate Series 2021B | 7.375 | 09/15/51 | 859291 |
| 3615000 (d) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 3520607 |
| 1255000 (d) | Courtyards at Shurtz Canyon Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Series 2025A-1 | 7.000 | 03/01/55 | 1265751 |
| 1010000 (d) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2 | 6.000 | 06/15/54 | 1011873 |
| 1000000 | Military Installation Development Authority, Utah, Tax Allocation and Hotel Tax Revenue Bonds Series 2021A-1 | 4.000 | 06/01/52 | 759115 |

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| | |
|:---|:---|
| **122** | *See Notes to Financial Statements* |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTAH** (continued) |  |  |  |
| $2000000 (d) | ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 4.250% | 03/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386639 |
| 1000000 (d) | Sage Creek Infrastructure Financing District, Utah, Special Assessment Revenue Bonds, Sage Creek Assessment Area Series 2024 | 5.750 | 12/01/53 | 946028 |
| 1000000 (d) | Sun Stone Infrastructure Financing District, Utah, Special Assessment Bonds, Assessment Area 1, Series 2024 | 6.750 | 06/01/54 | 924052 |
| 1810000 (d) | Trails at Shurtz Canyon Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, Series 2025A-1 | 6.750 | 03/01/55 | 1825684 |
| 830000 (d) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Mountain West Montessori Academy Project, Series 2020A | 5.000 | 06/15/49 | 713538 |
| 955000 (d) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A | 5.125 | 07/15/51 | 799195 |
| 1000000 (d) | Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025 | 5.625 | 12/01/54 | 991694 |
|  | TOTAL UTAH |  |  | 15003467 |
|  | **VIRGIN ISLANDS - 1.3% (0.8% of Total Investments)** |  |  |  |
| 1000000 (d) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C | 5.000 | 10/01/30 | 990191 |
| 5000000 (d) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C | 5.000 | 10/01/39 | 4718001 |
| 2780000 (d) | Virgin Islands Public Finance Authority, Revenue Bonds, Frenchman's Reef Hotel Development Hotel Occupancy Series 2024A | 6.000 | 04/01/53 | 2795703 |
| 2600000 (d) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A | 6.750 | 07/01/26 | 2550641 |
| 3085000 (d) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Series 2024A | 8.000 | 07/01/26 | 3070352 |
| 215000 (d) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2024B | 10.250 | 07/01/26 | 214594 |
| 1480000 (d) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022B, (AMT) | 6.250 | 10/01/42 | 1428718 |
|  | TOTAL VIRGIN ISLANDS |  |  | 15768200 |
|  | **VIRGINIA - 3.3% (2.1% of Total Investments)** |  |  |  |
| 762000 (c) | Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B | 4.125 | 03/01/26 | 480060 |
| 1500000 (d) | Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment Revenue Bonds, Cutalong II Project, Series 2022 | 4.500 | 03/01/55 | 1174296 |
| 5000000 (d) | Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue Bonds, Riverside Health System, Series 2017A | 5.000 | 07/01/46 | 4654890 |
| 11495000 (e) | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2021, (UB) | 4.000 | 01/01/55 | 9591227 |
| 1000000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1 | 5.000 | 06/01/47 | 896460 |
| 2340000 | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A | 7.000 | 09/01/59 | 2565572 |
| 4500000 (e) | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023A, (UB) | 5.000 | 11/01/38 | 4672140 |
| 7000000 (d) | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019A | 5.500 | 07/01/54 | 5507292 |
| 8977327 (d) | 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 | 5386396 |
| 4665000 (d) | Virginia Small Business Financing Authority, Sports and Entertainment Facilities Revenue Bonds, P3 VB Holdings LLC, Senior Series 2023A | 8.500 | 12/01/52 | 4440174 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **123** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **VIRGINIA** (continued) |  |  |  |
| $550000 (d) | West Falls Community Development Authority, Arlington County, Virginia, Revenue Bonds, Series 2022A | 5.375% | 09/01/52 | $545610 |
|  | TOTAL VIRGINIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39914117 |
|  | **WASHINGTON - 1.5% (0.9% of Total Investments)** |  |  |  |
| 1000000 | King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley Hospital, Series 2015A | 6.250 | 12/01/45 | 970044 |
| 1000000 | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, (AMT) | 5.600 | 06/01/37 | 925730 |
| 1300000 | Port of Seattle Industrial Development Corporation, Washington, Special Facilities Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, (AMT) | 5.000 | 04/01/30 | 1300110 |
| 2500000 | Seattle Housing Authority, Washington, Revenue Bonds, Lam Bow Apartments Project, Series 2021 | 2.500 | 06/01/54 | 1527244 |
| 150000 | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013 | 5.750 | 04/01/43 | 140726 |
| 13915000 (e) | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020, (UB) | 5.000 | 09/01/55 | 13601286 |
|  | TOTAL WASHINGTON |  |  | 18465140 |
|  | **WEST VIRGINIA - 0.7% (0.4% of Total Investments)** |  |  |  |
| 1214000 | Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial Development Revenue Bonds, Scattered Site Housing Projects, Series 2010 | 5.750 | 12/01/44 | 1142449 |
| 1125000 (d) | 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 | 1131112 |
| 925000 (d) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2021A | 4.125 | 06/01/43 | 769424 |
| 915000 (d) | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020 | 7.625 | 12/01/40 | 713411 |
| 1000000 (d) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 991367 |
| 4000000 (e) | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A, (UB) | 4.375 | 06/01/53 | 3705788 |
|  | TOTAL WEST VIRGINIA |  |  | 8453551 |
|  | **WISCONSIN - 8.8% (5.4% of Total Investments)** |  |  |  |
| 2500000 (d) | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A | 5.500 | 12/01/32 | 1942910 |
| 1850000 | Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue Bonds, Refunding Series 2017 | 6.750 | 06/01/32 | 1816661 |
| 1255000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership Academy Project, Series 2021A | 5.000 | 06/15/51 | 995000 |
| 1000000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership Academy Project, Series 2021A | 5.000 | 06/15/56 | 774864 |
| 150000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of Las Vegas, Series 2020A | 5.000 | 07/01/55 | 124197 |
| 2015000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Guilford Preparatory Academy, North Carolina, Taxable Series 2022A | 5.000 | 04/01/57 | 1678711 |
| 1280000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, High Desert Montessori Charter School, Series 2021A | 5.000 | 06/01/61 | 945122 |
| 4985000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/46 | 3938343 |
| 500000 (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College Preparatory, Series 2020A | 5.000 | 06/15/55 | 385934 |

---

---

| | |
|:---|:---|
| **124** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $1155000 | (d) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Vegas Vista Academy, Series 2024A | 7.000% | 06/01/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060830 |
| 12606 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/47 | 358 |
| 11020 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/48 | 295 |
| 10843 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/49 | 271 |
| 10491 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/50 | 243 |
| 10314 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/51 | 225 |
| 13400 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/52 | 270 |
| 13224 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/53 | 251 |
| 12783 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/54 | 228 |
| 12518 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/55 | 210 |
| 12254 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/56 | 194 |
| 666929 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 5.500 | 07/01/56 | 480523 |
| 13576 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/57 | 202 |
| 13224 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/58 | 185 |
| 12871 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/59 | 171 |
| 12606 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/60 | 157 |
| 12430 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/61 | 145 |
| 12077 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/62 | 133 |
| 11813 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/63 | 123 |
| 11548 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/64 | 114 |
| 11372 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/65 | 105 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **125** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $12254 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000% | 01/01/66 | $104 |
| 147580 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/67 | 1137 |
| 24119 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/46 | 744 |
| 23780 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/47 | 676 |
| 23609 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/48 | 631 |
| 23439 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/49 | 587 |
| 23100 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/50 | 534 |
| 25308 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/51 | 551 |
| 651519 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 3.750 | 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437843 |
| 25138 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/52 | 507 |
| 24798 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/53 | 472 |
| 24628 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/54 | 438 |
| 24289 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/55 | 407 |
| 23949 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/56 | 380 |
| 23780 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/57 | 354 |
| 23439 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/58 | 329 |
| 23270 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/59 | 309 |
| 23100 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/60 | 287 |
| 22761 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/61 | 266 |
| 22590 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/62 | 248 |
| 22250 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/63 | 231 |

---

---

| | |
|:---|:---|
| **126** | *See Notes to Financial Statements* |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $22081 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/64 | $218 |
| 21911 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/65 | 202 |
| 21571 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/66 | 184 |
| 280946 | (c),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/67 | 2165 |
| 4700000 | (d) | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017 | 7.000 | 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778564 |
| 1000000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A | 6.250 | 06/15/53 | 987045 |
| 1500000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs Community School, Series 2020A | 6.250 | 06/15/40 | 1434151 |
| 1000000 | (d) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A | 5.000 | 06/01/56 | 819285 |
| 500000 |  | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Cincinnati Classical Academy, Series 2024A | 6.000 | 06/15/64 | 478447 |
| 2000000 | (c),(d) | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie College, Series 2019A | 5.875 | 10/01/54 | 1236312 |
| 1875000 | (d) | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lindenwood Education system, Series 2025A | 5.500 | 06/01/40 | 1911606 |
| 1550000 | (d) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021 | 5.000 | 08/01/51 | 1103978 |
| 3000000 |  | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Lenoir-Rhyne University, Refunding Series 2022 | 5.125 | 04/01/52 | 2784309 |
| 335000 |  | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, (AMT) | 4.000 | 08/01/35 | 315117 |
| 5000000 |  | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A | 5.000 | 02/01/62 | 4799162 |
| 6665000 | (d) | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B | 6.000 | 02/01/62 | 6843640 |
| 1665000 | (c),(d) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.250 | 08/01/27 | 1610887 |
| 1000000 | (c),(d) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.750 | 08/01/31 | 897500 |
| 3000000 | (d) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 3027181 |
| 20835000 | (d) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 21100727 |
| 3500000 | (c),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A | 6.500 | 09/01/48 | 2100000 |
| 500000 | (c),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A | 7.000 | 10/01/47 | 50000 |
| 4415000 | (c),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 6.950 | 07/01/38 | 3090500 |
| 6585000 | (c),(d) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 7.000 | 07/01/48 | 4609500 |
| 1060000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2015 | 5.875 | 04/01/45 | 1060372 |
| 1000000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 5.000 | 06/01/37 | 991391 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **127** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMZ** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $4000000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 5.000% | 06/01/52 | $3571200 |
| 1000000 | (c),(d) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.125 | 01/01/33 | 450000 |
| 2000000 | (c),(d) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.250 | 01/01/38 | 900000 |
| 3500000 | (c),(d) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.375 | 01/01/48 | 1575000 |
| 285000 | (a),(c) | Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B | 15.000 | 12/31/25 | 28 |
| 1699786 |  | Public Finance Authority Wisconsin, Tax Exempt Pooled Securities, Certificates Series 2024-2 Class A, (Mandatory Put 8/01/27) | 4.000 | 08/01/59 | 1671463 |
| 1130000 | (d) | Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series 2021 | 5.000 | 10/15/51 | 984902 |
| 815000 | (d) | Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series 2021 | 5.000 | 10/15/56 | 698547 |
| 1000000 | (d) | Public Finance Authority, Wisconsin, Revenue Bonds, Two Step Project, Series 2024 | 0.000 | 12/15/34 | 559839 |
| 4215000 | (d) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 4219699 |
| 1000000 | (d) | Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B | 8.000 | 06/15/42 | 992932 |
| 1000000 | (d) | Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds, Refunding Senior Series 2021 | 5.000 | 09/30/41 | 871491 |
| 970000 | (g) | 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 | 241101 |
| 4030000 |  | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured | 0.000 | 12/15/60 | 643467 |
| 7250000 | (e) | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health System, Inc., Series 2017C, (UB) | 5.000 | 02/15/47 | 7171409 |
|  |  | TOTAL WISCONSIN |  |  | 105177531 |
|  |  | **WYOMING - 0.4% (0.3% of Total Investments)** |  |  |  |
| 5000000 | (e) | Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 3, (UB) | 4.950 | 12/01/53 | 5081259 |
|  |  | TOTAL WYOMING |  |  | 5081259 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $2,049,523,091)** |  |  | **1926235057** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0% (0.0% of Total Investments)** |  |  |  |
| 450366 | (a),(c),(i) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 45 |
|  |  | TOTAL CAPITAL GOODS |  |  | 45 |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% (0.0% of Total Investments)** |  |  |  |
| 60377 | (a) | Tuscan Gardens of Palm Coast | 15.000 | 10/12/25 | 60377 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 60377 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $510,743)** |  |  | **60422** |
|  |  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $2,067,035,434)** |  |  | **1942811717** |
|  |  | **FLOATING RATE OBLIGATIONS - (38.0)%** |  |  | **(454147000)** |
|  |  | **AMTP SHARES, NET - (29.9)%(j)** |  |  | **(356624119)** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - 5.2%** |  |  | **62403407** |
|  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**1194444005** |

---

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

---

| | |
|:---|:---|
| **128** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

AMT Alternative Minimum Tax

ETF Exchange-Traded Fund

---

| | |
|:---|:---|
| 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.  |

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| | |
|:---|:---|
| PIK | Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.  |

---

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(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) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities
are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $544,596,293
or 28.0% of Total Investments.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments
in inverse floating rate transactions.

(f) Step-up coupon bond, a bond with a coupon that increases ("steps
up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(g) 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.

(h) When-issued or delayed delivery security.

(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) AMTP Shares, Net as a percentage of Total Investments is 18.4%.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **129** |

---

------

**Portfolio of Investments April 30, 2025** 

**NMCO** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 164.4% (100.0% of Total Investments)** |  |  |  |
|  |  | **MUNICIPAL BONDS - 164.4% (100.0% of Total Investments)** |  |  |  |
|  |  | **ALABAMA - 6.0% (3.6% of Total Investments)** |  |  |  |
| $395000 |  | 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 | $434398 |
| 20925000 |  | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2019, (AMT) | 5.750 | 10/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20974992 |
| 6100000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) | 5.000 | 06/01/54 | 5795206 |
| 8875000 | (a) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 8667200 |
|  |  | TOTAL ALABAMA |  |  | 35871796 |
|  |  | **ALASKA - 1.3% (0.8% of Total Investments)** |  |  |  |
| 7765000 |  | Anchorage, Alaska, Port Revenue Bonds, Series 2020A, (AMT) | 5.000 | 12/01/50 | 7519242 |
|  |  | TOTAL ALASKA |  |  | 7519242 |
|  |  | **ARIZONA - 2.4% (1.5% of Total Investments)** |  |  |  |
| 1000000 | (a) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A | 5.000 | 07/01/51 | 860726 |
| 2000000 | (a) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B | 5.000 | 07/01/51 | 1721452 |
| 340000 | (a) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy-Cadence Campus Project, Series 2020A | 4.000 | 07/15/40 | 302884 |
| 985000 | (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Gateway Academy Project, Series 2019A | 5.750 | 01/01/50 | 829867 |
| 1100000 | (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/39 | 1105183 |
| 4025000 | (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/54 | 3724688 |
| 315000 | (a) | Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020 | 5.500 | 10/01/51 | 263012 |
| 600000 | (a) | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A | 5.000 | 07/01/35 | 600222 |
| 280000 | (a) | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A | 5.000 | 09/01/55 | 228514 |
| 1000000 | (a),(b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2019 | 5.875 | 07/01/51 | 700000 |
| 50000 | (a) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Imagine East Mesa Charter Schools Project, Series 2019 | 5.000 | 07/01/49 | 45490 |
| 380000 | (a) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020 | 5.250 | 06/15/50 | 342566 |
| 1000000 | (c) | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A | 0.000 | 10/01/56 | 789151 |
| 2205000 | (a) | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A | 6.000 | 10/01/37 | 1636666 |
| 2350000 | (a) | Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A | 6.125 | 10/01/52 | 1495499 |
|  |  | TOTAL ARIZONA |  |  | 14645920 |

---

---

| | |
|:---|:---|
| **130** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARKANSAS - 2.6% (1.6% of Total Investments)** |  |  |  |
| $13085000 | (a) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450% | 09/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13095429 |
| 3000000 | (a) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT) | 4.750 | 09/01/49 | 2789319 |
|  |  | TOTAL ARKANSAS |  |  | 15884748 |
|  |  | **CALIFORNIA - 9.8% (5.9% of Total Investments)** |  |  |  |
| 3000000 | (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, K Street Flats, Series 2021A-2 | 4.000 | 08/01/50 | 2272568 |
| 4500000 | (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A | 5.000 | 02/01/50 | 3148513 |
| 8000000 | (a) | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A | 5.000 | 04/01/49 | 6478749 |
| 1555000 |  | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-2 | 0.000 | 06/01/55 | 295219 |
| 1510000 | (a) | California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science and Language Academy Project, Series 2020 | 6.250 | 07/01/58 | 1542672 |
| 2400000 | (a) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 2317911 |
| 275000 | (a) | California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc. AMDA Inc Project, Taxable Series 2023B | 9.500 | 07/01/30 | 286248 |
| 1505000 |  | California Municipal Finance Authority, Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A | 7.250 | 07/01/53 | 1488911 |
| 4000000 | (a) | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A | 6.000 | 10/01/50 | 3945779 |
| 1385000 | (a) | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A | 5.125 | 07/01/55 | 1119425 |
| 320000 | (a) | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A | 5.000 | 11/15/51 | 284650 |
| 4850000 |  | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.200 | 06/01/44 | 4569135 |
| 4020000 | (a) | California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A | 0.000 | 06/01/42 | 3819000 |
| 4380000 | (a) | California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A | 0.000 | 06/01/52 | 4161000 |
| 1410000 | (a) | California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A | 5.000 | 06/01/50 | 1192380 |
| 1200000 | (a) | California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A | 5.000 | 06/01/59 | 976926 |
| 1000000 | (a) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A | 5.000 | 06/01/60 | 844396 |
| 2500000 | (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 2497128 |
| 6909 | (b),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 12/31/25 | 6909 |
| 88 | (b),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 88 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **131** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CALIFORNIA** (continued) |  |  |  |
| $3312 | (b),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750% | 07/01/35 | $3312 |
| 5422 | (b),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G | 5.500 | 12/31/25 | 5422 |
| 2470 | (b),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H | 5.750 | 07/01/25 | 2471 |
| 15000000 |  | California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A | 0.000 | 06/01/46 | 3745863 |
| 1000000 | (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A | 5.000 | 01/01/54 | 852539 |
| 2500000 | (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Vineyard Gardens Apartments, Senior Lien Series 2021A | 3.250 | 10/01/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650437 |
| 23500000 |  | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 2529072 |
| 10000000 |  | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation | 0.000 | 06/01/36 | 4478844 |
| 615000 | (e) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Lien Private Activity Series 2021A, (AMT) | 5.000 | 05/15/39 | 630112 |
| 15000000 |  | 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 | 3633012 |
|  |  | TOTAL CALIFORNIA |  |  | 58778691 |
|  |  | **COLORADO - 19.0% (11.5% of Total Investments)** |  |  |  |
| 4975000 | (a) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 4998088 |
| 1940000 |  | Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding and Improvement Series 2023B | 8.250 | 12/15/39 | 1959094 |
| 3000000 |  | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 5.750 | 12/01/51 | 2740973 |
| 2000000 |  | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-3 | 4.750 | 12/01/51 | 1500647 |
| 961000 |  | 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 | 833084 |
| 3000000 |  | 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 | 2213964 |
| 1000000 |  | 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 | 675935 |
| 3985000 |  | Broadway Station Metropolitan District 3, Denver County, Colorado, Tax Increment Supported Revenue Bonds, Series 2023A | 7.000 | 12/15/32 | 3960762 |
| 500000 |  | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds World Compass Academy Project, Series 2017 | 5.375 | 10/01/37 | 444268 |
| 3145000 | (a) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Series 2022A | 5.250 | 03/15/52 | 2994433 |

---

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| | |
|:---|:---|
| **132** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $500000 | (a) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Loveland Classical Schools Project, Series 2016 | 5.000% | 07/01/36 | $501531 |
| 3520000 | (a) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019 | 5.000 | 10/01/49 | 3246481 |
| 6650000 | (a) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain Classical Academy Project, Refunding Series 2019 | 5.000 | 10/01/59 | 5926243 |
| 2000000 |  | Crossroads Metropolitan District 1, El Paso County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2022 | 6.500 | 12/01/51 | 1879285 |
| 2695000 |  | 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 | 1540265 |
| 1000000 |  | DC Metropolitan District, Denver County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2024A | 5.875 | 12/01/54 | 907021 |
| 1750000 |  | Green Valley Ranch East Metropolitan District 6, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.875 | 12/01/50 | 1651490 |
| 980000 | (a) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 916823 |
| 14000000 |  | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 | 5.750 | 12/01/49 | 12148095 |
| 5500000 |  | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.000 | 12/01/49 | 4690625 |
| 1060000 | (a),(f) | Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A, (Pre-refunded 6/01/25) | 5.500 | 12/01/50 | 1093396 |
| 500000 |  | Johnstown North Metropolitan District 2, Johnstown, Colorado, General Obligation Bonds, Refunding & Improvement Series 2022A | 7.000 | 08/15/52 | 503612 |
| 1000000 |  | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2021A-3 | 4.500 | 12/01/50 | 730782 |
| 2000000 | (a) | Ledge Rock Center Commercial Metropolitan District (In the Town of Johnstown, Weld County, Colorado), Limited Tax General Obligation Bonds, Series 2022 | 7.375 | 11/01/52 | 2000285 |
| 500000 |  | Ledge Rock Center Residential Metropolitan District 1, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2024A | 6.375 | 12/01/54 | 480842 |
| 352000 |  | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 4.000 | 12/01/26 | 349414 |
| 1000000 |  | 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 | 938210 |
| 2320000 |  | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.250 | 12/01/50 | 2188772 |
| 515000 |  | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 5.125 | 12/01/49 | 455594 |
| 10180000 |  | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/49 | 8591397 |
| 4420000 |  | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022 | 6.500 | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122601 |
| 1000000 |  | 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 | 575120 |
| 1500000 |  | RM Mead Metropolitan District, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.250 | 12/01/50 | 1351711 |
| 5000000 |  | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2022A | 6.750 | 12/01/52 | 5069561 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **133** |

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------

**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $8515000 (a) | Settler's Crossing Metropolitan District 1, Lakewood, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.125% | 12/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804757 |
| 500000 | STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A | 5.000 | 12/01/49 | 515091 |
| 6500000 (g) | 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 | 6509518 |
| 1000000 | 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 | 1033016 |
| 760000 (b) | Talon Pointe Metropolitan District, Adams County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Refunding & Improvement Series 2019A | 5.250 | 12/01/51 | 542238 |
| 2200000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/41 | 1799961 |
| 1000000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | 734217 |
| 2000000 | 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 | 1586078 |
| 8000000 (a) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Convertible Capital Appreciation Series 2021A-2 | 4.625 | 12/01/51 | 5142554 |
| 2000000 (a) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.000 | 12/01/36 | 1754047 |
| 3500000 (a) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 2643565 |
|  | TOTAL COLORADO |  |  | 114245446 |
|  | **CONNECTICUT - 0.4% (0.2% of Total Investments)** |  |  |  |
| 3200000 (a) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1 | 5.000 | 10/01/54 | 2399604 |
|  | TOTAL CONNECTICUT |  |  | 2399604 |
|  | **DISTRICT OF COLUMBIA - 4.0% (2.5% of Total Investments)** |  |  |  |
| 89500000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 22331136 |
| 3335000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006C | 0.000 | 06/15/55 | 327000 |
| 1971000 (a) | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A | 5.250 | 05/15/55 | 1643527 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 24301663 |
|  | **FLORIDA - 16.4% (10.0% of Total Investments)** |  |  |  |
| 140000 (a) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/35 | 136542 |
| 100000 (a) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin Academy Projects, Series 2020 | 5.000 | 12/15/50 | 88506 |
| 100000 (a) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at Land O'Lakes Project, Series 2020A | 5.000 | 12/15/49 | 88131 |
| 2500000 (a) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South Bay Project, Series 2020A | 6.000 | 06/15/55 | 2493851 |
| 1950000 (a) | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove Classical Academy, Series 2019A | 5.125 | 07/01/39 | 1855454 |
| 1490000 (a) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.625 | 08/01/37 | 1353498 |
| 3735000 (a) | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017 | 5.875 | 08/01/52 | 3089820 |
| 1230000 (a) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.750 | 08/15/54 | 1130759 |
| 2030000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative Inspiration Journey School of St. Cloud, Series 2021A | 5.000 | 06/15/51 | 1733484 |

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| | |
|:---|:---|
| **134** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $2315000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A | 5.000% | 01/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026918 |
| 500000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies of Pasco County Inc., Series 2020A | 5.000 | 01/01/50 | 409319 |
| 1600000 (a) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A | 6.000 | 06/15/37 | 1606801 |
| 14450000 (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put 7/15/28) | 12.000 | 07/15/32 | 15000273 |
| 6500000 | 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 | 6499845 |
| 1515000 | 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 | 1479543 |
| 7475000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.250 | 07/01/53 | 7510994 |
| 10765000 | 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 | 10772000 |
| 3000000 (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024A, (AMT), (Mandatory Put 7/15/28) | 10.000 | 07/15/59 | 3098980 |
| 15385000 (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 15861015 |
| 595000 (a) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.250 | 06/01/54 | 569536 |
| 1500000 (a) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024B | 6.500 | 06/01/59 | 1492311 |
| 1650000 (a) | Lake County, Florida, Educational Facilities Revenue Bonds, Imagine South Lake Charter School Project, Series 2019A | 5.000 | 01/15/49 | 1488708 |
| 150000 (a) | Lake Hideaway Community Development District, Hernando County, Florida, Capital Improvement Revenue Bonds, Assessment Area One, Series 2024 | 5.900 | 05/01/54 | 146802 |
| 640000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A | 5.250 | 06/15/27 | 640074 |
| 1000000 (a) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.375 | 12/01/32 | 771016 |
| 1100000 (a) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.625 | 12/01/37 | 827763 |
| 1300000 (a) | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A | 5.750 | 12/01/52 | 933932 |
| 750000 | Leomas Landing Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2021 | 4.000 | 05/01/52 | 587658 |
| 690000 | LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2019 | 4.000 | 05/01/40 | 630716 |
| 975000 (a) | Mandarin Grove Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, 2022 Project Series 2022 | 6.625 | 05/01/53 | 1108242 |
| 2390000 (a) | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, Series 2022 | 6.200 | 05/01/53 | 2488291 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **135** |

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**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $770000 (a) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 | 5.750% | 05/01/54 | $751239 |
| 2130000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 | 0.000 | 10/01/48 | 660282 |
| 500000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 | 0.000 | 10/01/54 | 109908 |
| 835000 | Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2023 | 5.400 | 05/01/43 | 835421 |
| 100000 | Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, Refudning Series 2020 | 3.875 | 05/01/40 | 82022 |
| 6410000 | Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue Bonds, Legacy Pointe At UCF Project, Series 2019A | 5.750 | 11/15/54 | 6060468 |
| 1490000 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-1 | 6.375 | 11/01/47 | 1545344 |
| 1000000 (a) | Woodland Crossing Community Development District, Sumter County, Florida, Special Assessment Bonds, Series 2025 | 5.875 | 05/01/45 | 1005188 |
|  | TOTAL FLORIDA |  |  | 98970654 |
|  | **GEORGIA - 6.0% (3.6% of Total Investments)** |  |  |  |
| 3920000 | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 6.500 | 12/15/48 | 3377926 |
| 4750000 (a) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 4768431 |
| 1250000 (b) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.500 | 01/01/29 | 500000 |
| 7030000 (b) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 6.750 | 01/01/35 | 2812000 |
| 18430000 (b) | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center Project, Current Interest Series 2017A-1 | 7.000 | 01/01/40 | 7372000 |
| 3800000 | Atlanta Urban Residential Finance Authority Flats at Stone Hogan Multifamily Housing Revenue Bonds | 4.370 | 05/01/44 | 3699642 |
| 10000000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A | 5.000 | 05/15/43 | 10104608 |
| 2500000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A | 5.000 | 01/01/49 | 2480299 |
| 850000 | White County Development Authority, Georgia, Revenue Bonds Truett McConnell University, Series 2019 | 5.125 | 10/01/39 | 742808 |
|  | TOTAL GEORGIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35857714 |
|  | **HAWAII - 0.2% (0.1% of Total Investments)** |  |  |  |
| 1150000 (a) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A | 5.000 | 01/01/45 | 973445 |
|  | TOTAL HAWAII |  |  | 973445 |
|  | **IDAHO - 1.5% (0.9% of Total Investments)** |  |  |  |
| 9655000 (a) | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual Appropriation Series 2021 | 5.250 | 05/15/51 | 9135531 |
|  | TOTAL IDAHO |  |  | 9135531 |
|  | **ILLINOIS - 9.6% (5.9% of Total Investments)** |  |  |  |
| 2750000 | Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2019 | 5.250 | 03/01/41 | 2708915 |
| 4605000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 6.000 | 12/01/49 | 4853820 |
| 2800000 (e) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (UB) | 5.000 | 01/01/38 | 2776923 |
| 5000000 (e) | Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB) | 5.500 | 01/01/49 | 5009506 |

---

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| | |
|:---|:---|
| **136** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $10850000 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 2017 | 5.250% | 05/15/54 | $8011114 |
| 3000000 (a) | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B | 6.125 | 04/01/58 | 2841130 |
| 3500000 (a) | Illinois Finance Authority, Solid Waste Revenue Bonds, LRS Holdings LLC Project, Series 2023B, (Mandatory Put 9/01/33) | 7.375 | 09/01/42 | 3875230 |
| 4840000 | Illinois State, General Obligation Bonds, May Series 2018A | 5.000 | 05/01/32 | 4998574 |
| 890000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/39 | 933775 |
| 10000000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2012B - AGM Insured | 0.000 | 12/15/50 | 2611174 |
| 2980000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A | 5.000 | 06/15/57 | 2902132 |
| 29815000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B - BAM Insured | 0.000 | 12/15/54 | 6174347 |
| 12500000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/44 | 4790295 |
| 4545000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/45 | 1641500 |
| 425000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 4.000 | 10/01/39 | 399290 |
| 800000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 4.000 | 10/01/40 | 742963 |
| 700000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021 - BAM Insured | 4.000 | 10/01/41 | 644083 |
| 150000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Second Lien Series 2020A | 4.000 | 01/01/38 | 148645 |
| 120000 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Second Lien Series 2020A | 4.000 | 01/01/39 | 115853 |
| 1000000 (b) | Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007 | 4.800 | 01/01/26 | 370000 |
| 756634 (b) | Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall Marketplace Project, Series 2007 | 6.000 | 01/01/26 | 756634 |
| 575000 | Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006- 113 Cannoball & Beecher, Series 2007 | 5.750 | 03/01/28 | 573218 |
|  | TOTAL ILLINOIS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57879121 |
|  | **INDIANA - 1.8% (1.1% of Total Investments)** |  |  |  |
| 140000 (a) | Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam Project, Series 2020A | 5.375 | 01/01/40 | 122091 |
| 3105000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, Refunding Series 2013A | 5.000 | 10/01/32 | 3023308 |
| 500000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, (AMT) | 6.750 | 05/01/39 | 553861 |
| 1005000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 1050464 |
| 1000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.125 | 03/01/57 | 1047207 |
| 1000000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 | 7.750 | 03/01/67 | 1098994 |
| 2260000 (a) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 4.875 | 01/01/44 | 2186663 |
| 1675000 (a) | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) | 5.000 | 01/01/54 | 1602707 |
|  | TOTAL INDIANA |  |  | 10685295 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **137** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **IOWA - 0.6% (0.4% of Total Investments)** |  |  |  |
| $2540000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750% | 08/01/42 | $2423569 |
| 1100000 (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 | 1228163 |
|  | TOTAL IOWA |  |  | 3651732 |
|  | **KANSAS - 1.3% (0.8% of Total Investments)** |  |  |  |
| 1365000 | 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 | 1254478 |
| 6475000 (a) | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Village East Project Areas 2B 3 and 5, Series 2022 | 5.750 | 03/01/41 | 6569021 |
|  | TOTAL KANSAS |  |  | 7823499 |
|  | **KENTUCKY - 0.1% (0.0% of Total Investments)** |  |  |  |
| 500000 | Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022A, (AMT) | 4.700 | 01/01/52 | 462509 |
|  | TOTAL KENTUCKY |  |  | 462509 |
|  | **LOUISIANA - 2.7% (1.7% of Total Investments)** |  |  |  |
| 1000000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Entergy Louisiana, LLC Project, Refunding Series 2021B | 2.500 | 04/01/36 | 807248 |
| 895000 (a) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019 | 4.000 | 11/01/44 | 781029 |
| 260000 (a) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lake Charles College Prep Project, Series 2019A | 5.000 | 06/01/58 | 229632 |
| 2000000 (e) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/42 | 2004248 |
| 1800000 (a) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/49 | 1503964 |
| 2000000 (a) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/57 | 1603404 |
| 1185000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A | 5.250 | 10/01/48 | 1190683 |
| 2500000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A | 5.250 | 10/01/53 | 2486178 |
| 235000 (f) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Tulane University, Refunding Series 2020A, (Pre-refunded 4/01/30) | 4.000 | 04/01/50 | 241622 |
| 15000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Tulane University, Refunding Series 2020A | 4.000 | 04/01/50 | 12765 |
| 2000000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.750 | 09/01/64 | 2076291 |
| 500000 (a) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 427331 |
| 200000 (a) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2008, (Mandatory Put 6/01/30) | 6.100 | 06/01/38 | 211495 |
| 1235000 (a) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010 | 6.350 | 07/01/40 | 1311197 |
| 800000 (a) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010A | 6.350 | 10/01/40 | 849357 |
| 695000 (a) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010B, (Mandatory Put 6/01/30) | 6.100 | 12/01/40 | 734949 |
|  | TOTAL LOUISIANA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16471393 |

---

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| | |
|:---|:---|
| **138** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MARYLAND - 1.0% (0.6% of Total Investments)** |  |  |  |
| $1000000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000% | 09/01/36 | $1000373 |
| 1000000 |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/39 | 979465 |
| 1935000 | (a) | Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020A | 5.000 | 07/01/43 | 1851717 |
| 2000000 | (a) | Prince George's County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018 | 5.250 | 07/01/48 | 1984366 |
|  |  | TOTAL MARYLAND |  |  | 5815921 |
|  |  | **MASSACHUSETTS - 0.5% (0.3% of Total Investments)** |  |  |  |
| 3900000 |  | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2017 | 5.000 | 07/01/47 | 3291207 |
|  |  | TOTAL MASSACHUSETTS |  |  | 3291207 |
|  |  | **MICHIGAN - 0.9% (0.6% of Total Investments)** |  |  |  |
| 1845000 |  | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding Series 2019 | 5.000 | 11/01/44 | 1734947 |
| 74130000 |  | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Capital Appreciation Turbo Term Series 2008C | 0.000 | 06/01/58 | 2237162 |
| 1810000 | (a) | Warren Academy, Macomb County, Michigan, Revenue Bonds, Public School Academy, Refunding Series 2020A | 5.500 | 05/01/50 | 1628893 |
|  |  | TOTAL MICHIGAN |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5601002 |
|  |  | **MINNESOTA - 1.3% (0.8% of Total Investments)** |  |  |  |
| 500000 |  | Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, Series 2018A | 5.000 | 07/01/53 | 395065 |
| 1300000 |  | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A | 5.750 | 07/01/46 | 1126465 |
| 2440000 |  | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, Series 2019A | 5.000 | 07/01/54 | 2067703 |
| 130000 | (a) | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the Arts Project, Series 2019A | 5.250 | 12/01/52 | 89368 |
| 30000 |  | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep Project, Series 2020A | 5.000 | 07/01/40 | 25465 |
| 2040000 | (a),(b) | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series 2022A | 5.875 | 06/01/57 | 1479000 |
| 1000000 |  | Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services Project, Refunding Series 2020 | 3.950 | 03/01/50 | 653771 |
| 1885000 | (a) | Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy, Refunding Series 2025 | 5.500 | 06/01/55 | 1780034 |
|  |  | TOTAL MINNESOTA |  |  | 7616871 |
|  |  | **MISSISSIPPI - 0.4% (0.2% of Total Investments)** |  |  |  |
| 2285000 |  | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A | 5.000 | 09/01/46 | 2258826 |
|  |  | TOTAL MISSISSIPPI |  |  | 2258826 |
|  |  | **MISSOURI - 1.3% (0.8% of Total Investments)** |  |  |  |
| 315000 |  | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016 | 4.000 | 08/01/38 | 225248 |
| 2900000 |  | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.250 | 05/15/42 | 2624647 |
| 1750000 |  | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A | 5.250 | 05/15/50 | 1479053 |
| 3500000 | (a) | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B | 5.000 | 02/01/50 | 3183591 |
|  |  | TOTAL MISSOURI |  |  | 7512539 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **139** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **NEVADA - 0.7% (0.4% of Total Investments)** |  |  |  |
| $8454619 | (a),(b) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, (AMT) | 6.950% | 02/15/38 | $34664 |
| 1842684 | (a),(b) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020 | 6.750 | 02/15/38 | 7555 |
| 1297735 | (a),(b) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 5.875 | 12/15/27 | 130 |
| 267170 | (a),(b) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, (AMT) | 6.250 | 12/15/37 | 27 |
| 2530148 | (a),(b) | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, (AMT) | 5.750 | 02/15/38 | 10374 |
| 1000000 | (a) | Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33) | 9.500 | 01/01/65 | 963261 |
| 22000000 | (a) | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018C | 0.000 | 07/01/58 | 3129053 |
|  |  | TOTAL NEVADA |  |  | 4145064 |
|  |  | **NEW JERSEY - 2.8% (1.7% of Total Investments)** |  |  |  |
| 4000000 | (a) | New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal LLC Project, Series 2019A | 5.000 | 10/01/39 | 3077770 |
| 1500000 |  | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014 | 5.000 | 01/01/34 | 1473086 |
| 5475000 | (a),(b) | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal LLC Project, Series 2020 | 5.000 | 01/01/40 | 3526614 |
| 760000 |  | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Refunding Series 2012, (AMT) | 5.750 | 09/15/27 | 760096 |
| 15000000 |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A | 0.000 | 12/15/39 | 7708511 |
| 500000 |  | South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate Series 2017B, (AMT) | 5.000 | 01/01/42 | 501934 |
|  |  | TOTAL NEW JERSEY |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17048011 |
|  |  | **NEW MEXICO - 0.1% (0.1% of Total Investments)** |  |  |  |
| 816000 | (a) | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020 | 8.000 | 05/01/40 | 791355 |
|  |  | TOTAL NEW MEXICO |  |  | 791355 |
|  |  | **NEW YORK - 15.8% (9.6% of Total Investments)** |  |  |  |
| 250000 |  | Babylon Local Development Corporation II, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2023A | 5.750 | 02/01/33 | 251626 |
| 950000 | (b) | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014 | 5.250 | 11/01/34 | 570000 |
| 2910000 | (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.500 | 06/01/55 | 2559596 |
| 1590000 | (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/55 | 1293080 |
| 1220000 | (a) | Dormitory Authority of the State of New York, General Revenue Bonds, American Musical and Dramatic Academy Inc., Series 2023A | 7.250 | 07/01/53 | 1206958 |
| 36150000 | (a) | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/01/60 | 1731057 |
| 4760000 |  | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016B | 0.000 | 01/01/45 | 1225384 |
| 18500000 |  | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C | 5.625 | 01/01/55 | 15857963 |

---

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| | |
|:---|:---|
| **140** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $650000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2020A | 5.730% | 02/01/50 | $583287 |
| 1570000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 | 5.250 | 11/15/55 | 1603567 |
| 380000 (a) | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of Health Sciences Charter School Project, Social Impact Series 2022 | 5.875 | 07/01/52 | 377711 |
| 625000 | 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 | 549925 |
| 5000000 (a) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 4978455 |
| 1740000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 1725610 |
| 12235000 (e) | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT), (UB) | 5.250 | 12/31/54 | 12431718 |
| 8000000 | 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 | 8126930 |
| 3000000 | 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 | 3000326 |
| 875000 | 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 | 898395 |
| 310000 | 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 | 314304 |
| 1190000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.375 | 06/30/60 | 1193483 |
| 4900000 | 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 | 5075247 |
| 10000000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 | 0.000 | 06/01/66 | 935840 |
| 2950000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/32 | 2241589 |
| 4000000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/33 | 3016749 |
| 3320000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/35 | 2476117 |
| 2775000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/36 | 2060822 |
| 17700000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/48 | 15993338 |
| 3000000 (a) | Westchester County Local Development Corporation, New York, Revenue Bond, Purchase Senior Learning Community, Inc. Project, Accd Inv Series 2021A | 5.000 | 07/01/36 | 3053456 |
|  | TOTAL NEW YORK |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95332533 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **141** |

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**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO - 8.1% (4.9% of Total Investments)** |  |  |  |
| $19235000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 11.310% | 06/01/57 | $1840368 |
| 195000 | 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 | 135303 |
| 1915000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/48 | 1608853 |
| 7500000 | 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 | 6554512 |
| 2610000 | Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project, Series 1998, (AMT) | 5.375 | 09/15/27 | 2610328 |
| 1275000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A | 5.250 | 11/15/48 | 1248878 |
| 2865000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.500 | 02/15/57 | 2840417 |
| 2170000 | Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020 | 3.750 | 12/01/38 | 1751842 |
| 140000 | Evans Farm New Communty Authority, Ohio, Community Development Charge Revenue Bonds, Evans Farm Mixed-Use Project, Series 2020 | 4.000 | 12/01/46 | 106381 |
| 500000 | Greater Cincinnati Port Development Authority, Ohio, Tax Increment Revenue Bonds, RBM Phase 3 Garage Project Series 2024 | 5.125 | 12/01/55 | 462161 |
| 850000 (a) | Hilliard Hickory Chase Community Authority, Ohio, Infustructure Improvement Revenue Bonds, Hickory Chase Project, Senior Series 2019A | 5.000 | 12/01/40 | 817846 |
| 2000000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013 | 5.000 | 02/15/44 | 1913123 |
| 3000000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013 | 5.000 | 02/15/48 | 2830508 |
| 7450000 (a) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000 | 07/01/49 | 6724603 |
| 16050000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A | 4.750 | 06/01/33 | 16273328 |
| 980000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A | 5.000 | 11/01/51 | 774519 |
|  | TOTAL OHIO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48492970 |
|  | **OKLAHOMA - 1.4% (0.8% of Total Investments)** |  |  |  |
| 975000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/38 | 983604 |
| 1000000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.250 | 08/15/48 | 1004569 |
| 2685000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 2694582 |
| 1000000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017 | 5.250 | 11/15/45 | 985859 |
| 2475000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2000B, (AMT) | 5.500 | 06/01/35 | 2475462 |
|  | TOTAL OKLAHOMA |  |  | 8144076 |

---

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| | |
|:---|:---|
| **142** | *See Notes to Financial Statements* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **OREGON - 0.7% (0.4% of Total Investments)** |  |  |  |
| $1355000 | (a) | Oregon Facilities Authority Charter School Revenue Bonds, Oregon, Portland Village School Project, Series 2024 | 6.750% | 12/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275340 |
| 2000000 | (a) | Oregon Facilities Authority Charter School Revenue Bonds, Oregon, Portland Village School Project, Series 2024 | 7.000 | 12/15/60 | 1907659 |
| 100000 | (a) | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 2019A | 5.000 | 06/15/49 | 88609 |
| 1000000 |  | Yamhill County Hospital Authority, Oregon, Revenue Bonds, Friendsview Retirement Community, Refunding Series 2021A | 5.000 | 11/15/56 | 803582 |
|  |  | TOTAL OREGON |  |  | 4075190 |
|  |  | **PENNSYLVANIA - 3.6% (2.2% of Total Investments)** |  |  |  |
| 1125000 |  | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, (AMT) | 5.750 | 08/01/42 | 1124954 |
| 315000 | (a) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021 | 6.000 | 05/01/42 | 322245 |
| 3300000 |  | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33) | 4.750 | 01/01/35 | 3339371 |
| 2565000 |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University Project, Series 2020 | 5.000 | 10/01/49 | 2141769 |
| 162000 |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 169362 |
| 2170000 |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 2008438 |
| 1084000 | (c) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 780966 |
| 339000 |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 339420 |
| 4430000 |  | Butler County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Butler Health System Project, Series 2015A | 5.000 | 07/01/39 | 4014038 |
| 1000000 |  | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A | 5.000 | 12/01/30 | 930859 |
| 2350000 |  | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014 | 5.000 | 05/01/37 | 2232552 |
| 3555000 | (a) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020 | 6.250 | 10/15/53 | 2572123 |
| 1720000 | (a),(b),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1 | 10.000 | 12/01/40 | 172 |
| 1720000 | (a),(b),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, (AMT) | 10.000 | 12/01/40 | 172 |
| 1260000 | (b),(d) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A | 10.000 | 12/01/31 | 126 |
| 1000000 |  | 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 | 1046291 |
| 545000 | (a) | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana Bracetti Academy Project, Series 2020A | 5.375 | 06/15/50 | 491621 |
|  |  | TOTAL PENNSYLVANIA |  |  | 21514479 |
|  |  | **PUERTO RICO - 9.0% (5.5% of Total Investments)** |  |  |  |
| 130000 | (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT | 5.000 | 01/01/26 | 56780 |
| 4000 | (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 1696 |
| 1120000 | (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/28 | 474733 |
| 3000 | (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/29 | 1262 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **143** |

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**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $465000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250% | 07/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195544 |
| 1000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/31 | 421 |
| 345000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA | 5.250 | 07/01/31 | 145081 |
| 500000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC | 5.250 | 07/01/28 | 208512 |
| 100000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX | 5.250 | 07/01/27 | 41769 |
| 400000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ | 5.250 | 07/01/26 | 165810 |
| 1000000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.050 | 01/01/26 | 419710 |
| 1000000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 10.000 | 01/01/26 | 350762 |
| 2070000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A | 5.000 | 07/01/29 | 878612 |
| 3000 (b) | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW | 5.375 | 01/01/26 | 1249 |
| 3750000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/26 | 1576429 |
| 310000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/32 | 133570 |
| 1860000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2007TT | 5.000 | 07/01/37 | 799745 |
| 190000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 79122 |
| 370000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.375 | 01/01/26 | 154079 |
| 25000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2008WW | 5.250 | 07/01/33 | 10426 |
| 2995000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010CCC | 5.000 | 07/01/28 | 1259041 |
| 4000000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/35 | 1668100 |
| 5000000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 7.000 | 07/01/33 | 1967667 |
| 10000000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 6.750 | 07/01/36 | 3968893 |
| 3170000 (b) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2013A | 5.000 | 07/01/42 | 1370219 |
| 26502046 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 8555035 |
| 7550338 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 1792514 |
| 3829000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 3663346 |
| 901447 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 553263 |
| 3 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 3 |
| 239593 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.750 | 07/01/31 | 254187 |
| 23533027 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 15798291 |
| 378 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 347 |
| 182567 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 155613 |
| 11639 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/46 | 9529 |

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| | |
|:---|:---|
| **144** | *See Notes to Financial Statements* |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO (continued)** |  |  |  |
| $12193798 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.000% | 11/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301037 |
|  | TOTAL PUERTO RICO |  |  | 54012397 |
|  | **SOUTH CAROLINA - 0.3% (0.2% of Total Investments)** |  |  |  |
| 600000 (a) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020 | 5.000 | 01/01/55 | 495536 |
| 1450000 (a) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Palmetto Scholars Academy Project, Series 2015A | 5.125 | 08/15/35 | 1368258 |
|  | TOTAL SOUTH CAROLINA |  |  | 1863794 |
|  | **TENNESSEE - 1.3% (0.8% of Total Investments)** |  |  |  |
| 1000000 (a) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B | 0.000 | 12/01/31 | 694991 |
| 5000000 (a) | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A | 5.125 | 12/01/42 | 4662085 |
| 1000000 (b) | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A | 5.625 | 01/01/46 | 655984 |
| 2000000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B | 5.625 | 09/01/26 | 2036140 |
|  | TOTAL TENNESSEE |  |  | 8049200 |
|  | **TEXAS - 5.3% (3.2% of Total Investments)** |  |  |  |
| 500000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/31 | 498915 |
| 500000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/32 | 497542 |
| 475000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/29 | 473016 |
| 850000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding Second Tier Series 2017B | 5.000 | 01/01/34 | 828405 |
| 3000000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A | 5.000 | 12/01/45 | 2929874 |
| 2065000 | Conroe Local Government Corporation, Texas, Hotel Revenue Bonds, Conroe Convention Center Hotel, Second-Lien Series 2021B | 5.000 | 10/01/50 | 1552882 |
| 1350000 (a) | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Monterra Public Improvement District Improvement Area 2, Series 2024 | 5.750 | 08/15/54 | 1270003 |
| 520000 (a) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2019A | 5.000 | 08/15/49 | 472167 |
| 70000 (b) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1 | 7.500 | 11/15/37 | 54916 |
| 445000 (b) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2 | 7.500 | 11/15/36 | 362920 |
| 4168362 (b) | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B | 5.625 | 11/15/61 | 1507323 |
| 12525000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1 | 5.500 | 01/01/57 | 11463914 |
| 125000 (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 | 126836 |
| 5000000 (b) | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A | 5.000 | 07/01/35 | 4879783 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **145** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $110000 (a) | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public Improvement District Zone B Project, Series 2019 | 5.375% | 09/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104073 |
| 2000000 (a) | Rockdale, Milam County, Texas, Special Assessment Revenue Bonds, Cornerstone Public Improvement District Improvement Area 1, Series 2023 | 7.500 | 09/15/54 | 2023132 |
| 1000000 (b) | Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A | 3.750 | 02/15/41 | 550000 |
| 4575000 (b) | Tarrant County Cultural Education Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A | 3.750 | 02/15/48 | 2516250 |
|  | TOTAL TEXAS |  |  | 32111951 |
|  | **UTAH - 3.3% (2.0% of Total Investments)** |  |  |  |
| 6000000 (a) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 5843332 |
| 13925000 (e) | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT), (UB) | 5.000 | 07/01/42 | 13942743 |
|  | TOTAL UTAH |  |  | 19786075 |
|  | **VIRGIN ISLANDS - 2.3% (1.4% of Total Investments)** |  |  |  |
| 630000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A | 5.000 | 10/01/32 | 608951 |
| 9650000 (a) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C | 5.000 | 10/01/30 | 9555341 |
| 500000 (a) | Virgin Islands Public Finance Authority, Revenue Bonds, Frenchman's Reef Hotel Development Hotel Occupancy Series 2024A | 6.000 | 04/01/53 | 502824 |
| 1735000 (a) | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Senior Series 2021A | 6.750 | 07/01/26 | 1702062 |
| 1400000 (a) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A | 6.375 | 04/01/52 | 1325208 |
|  | TOTAL VIRGIN ISLANDS |  |  | 13694386 |
|  | **VIRGINIA - 2.4% (1.5% of Total Investments)** |  |  |  |
| 440000 | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024A | 6.750 | 12/01/53 | 469974 |
| 4880000 | 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 | 4768892 |
| 1000000 | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A | 7.000 | 09/01/53 | 1102129 |
| 641235 (a) | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident Resource Group - Rixey Student Housing Project, Series 2019B, (cash 7.500%, PIK 7.500%) | 4.500 | 07/01/52 | 384741 |
| 8290000 (e) | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT), (UB) | 5.000 | 12/31/56 | 7876579 |
|  | TOTAL VIRGINIA |  |  | 14602315 |
|  | **WASHINGTON - 0.1% (0.1% of Total Investments)** |  |  |  |
| 1000000 (a) | Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds, Rockwood Retirement Communities Project, Series 2020A | 5.000 | 01/01/51 | 883563 |
|  | TOTAL WASHINGTON |  |  | 883563 |

---

---

| | |
|:---|:---|
| **146** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WEST VIRGINIA - 0.6% (0.4% of Total Investments)** |  |  |  |
| $625000 | (a) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A | 5.750% | 06/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628396 |
| 2500000 | (a) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement and Refunding Series 2023B | 8.000 | 06/01/53 | 511949 |
| 2195000 | (a) | Monongalia County, West Virginia, Tax Increment Revenue Bonds, University Town Centre Development District 4, Senior Refunding and Improvement Series 2023A | 6.000 | 06/01/53 | 2267415 |
| 500000 |  | Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, The Highlands Project, Refunding & Improvement Series 2024 | 5.250 | 06/01/53 | 489374 |
|  |  | TOTAL WEST VIRGINIA |  |  | 3897134 |
|  |  | **WISCONSIN - 15.5% (9.4% of Total Investments)** |  |  |  |
| 10000000 |  | Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Brown County Expo Center Project, Series 2019 | 0.000 | 06/01/54 | 2217286 |
| 750000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public Academy Project, Series 2020A | 5.000 | 06/01/40 | 668629 |
| 1340000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public Academy Project, Series 2020A | 5.000 | 06/01/49 | 1116972 |
| 365000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/49 | 308519 |
| 4420000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A | 5.000 | 01/01/42 | 4018817 |
| 3000000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/36 | 2673862 |
| 4240000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A | 5.000 | 06/15/46 | 3349764 |
| 3315000 | (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2022A | 5.000 | 06/15/52 | 3018111 |
| 1250000 | (a) | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017 | 7.000 | 03/01/47 | 1270895 |
| 500000 | (a) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Corvian Community School, North Carolina Series 2023A | 6.250 | 06/15/48 | 500664 |
| 2000000 | (a),(b) | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie College, Series 2019A | 5.875 | 10/01/54 | 1236312 |
| 4000000 |  | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A | 5.000 | 02/01/62 | 3839330 |
| 14695000 | (a),(b) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.250 | 08/01/27 | 14217412 |
| 1375000 | (a),(b) | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A | 6.750 | 08/01/31 | 1234063 |
| 2500000 | (a) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.500 | 12/01/37 | 2519845 |
| 2555000 | (a) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 2578149 |
| 19415000 | (a) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 19662617 |
| 2000000 | (a) | Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024 | 6.250 | 02/01/39 | 2010067 |
| 1000000 | (a),(b) | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017B | 8.500 | 10/01/47 | 10 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **147** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN** (continued) |  |  |  |
| $1765000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A | 5.200% | 12/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796317 |
| 2000000 | (a),(b) | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior Series 2018A | 7.000 | 07/01/48 | 1400000 |
| 35000 | (a),(f) | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2020, (Pre-refunded 4/01/30) | 5.000 | 04/01/50 | 37642 |
| 1430000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.250 | 07/01/54 | 1152816 |
| 5885000 | (a),(b) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.125 | 01/01/33 | 2648250 |
| 250000 | (a),(b) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.250 | 01/01/38 | 112500 |
| 8735000 | (a),(b) | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment Center, Series 2018A-1 | 6.375 | 01/01/48 | 3930750 |
| 210000 | (b),(d) | Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B | 15.000 | 12/31/25 | 21 |
| 2000000 | (a) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 2002230 |
| 5725000 |  | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured | 0.000 | 12/15/45 | 2061107 |
| 5190000 |  | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured | 0.000 | 12/15/50 | 1424601 |
| 3625000 |  | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral Obligation Junior Series 2020D - AGM Insured | 0.000 | 12/15/60 | 578801 |
| 875000 | (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 | 217488 |
| 500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024 | 6.000 | 10/01/54 | 495114 |
| 6165000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A | 5.000 | 02/15/42 | 6134102 |
| 3000000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint Camillus Health System Inc, Series 2019A | 5.000 | 11/01/46 | 2702048 |
|  |  | TOTAL WISCONSIN |  |  | 93135111 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $1,085,483,172)** |  |  | **989233973** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0% (0.0% of Total Investments)** |  |  |  |
| 321690 | (b),(d),(h) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 32 |
|  |  | TOTAL CAPITAL GOODS |  |  | 32 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $321,690)** |  |  | **32** |
|  |  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $1,085,804,862)** |  |  | **989234005** |
|  |  | **FLOATING RATE OBLIGATIONS - (5.5)%** |  |  | **(32990000)** |
|  |  | **MFP SHARES, NET - (67.0)%(i)** |  |  | **(403352306)** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - 8.1%** |  |  | **48853994** |
|  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**601745693** |

---

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

---

| | |
|:---|:---|
| **148** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

AMT Alternative Minimum Tax

---

| | |
|:---|:---|
| PIK | Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.  |

---

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are
deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $378,296,989 or
38.2% of Total Investments.

(b) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under
the protection of bankruptcy.

(c) Step-up coupon bond, a bond with a coupon that increases ("steps
up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(d) For fair value measurement disclosure purposes, investment classified as Level 3.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments
in inverse floating rate transactions.

(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) When-issued or delayed delivery security.

(h) 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.

(i) MFP Shares, Net as a percentage of Total Investments is 40.8%.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **149** |

---

------

**Portfolio of Investments April 30, 2025** 

**NDMO** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 146.4% (98.5% of Total Investments)** |  |  |  |
|  |  | **CORPORATE BONDS - 1.6% (1.1% of Total Investments)** |  |  |  |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 1.5% (1.0% of Total Investments)** |  |  |  |
| $2750000 |  | Care New England Health System | 5.500% | 09/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729375 |
| 4363000 |  | Toledo Hospital/The | 5.325 | 11/15/28 | 4199606 |
| 3000000 |  | Toledo Hospital/The | 6.015 | 11/15/48 | 2619060 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 9548041 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% (0.1% of Total Investments)** |  |  |  |
| 477476 | (a),(b) | Benloch Ranch Improvement Association2022 2022 | 9.750 | 12/01/39 | 434598 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 434598 |
|  |  | **TOTAL CORPORATE BONDS<br>(Cost $8,978,635)** |  |  | **9982639** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 144.8% (97.4% of Total Investments)** |  |  |  |
|  |  | **ALABAMA - 7.4% (5.0% of Total Investments)** |  |  |  |
| 5000000 |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023A, (Mandatory Put 10/01/30) | 5.250 | 01/01/54 | 5261546 |
| 2360000 |  | 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 | 2595393 |
| 425000 |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/49 | 428818 |
| 4500000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) | 5.000 | 06/01/54 | 4275152 |
| 1650000 |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 1505971 |
| 4515000 | (b) | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020 | 4.000 | 11/01/45 | 3933772 |
| 7000000 |  | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 7212047 |
| 20000000 |  | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28) | 5.000 | 05/01/53 | 20548918 |
| 500000 |  | UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2017B-2 | 5.000 | 09/01/41 | 504071 |
|  |  | TOTAL ALABAMA |  |  | 46265688 |
|  |  | **ARIZONA - 5.4% (3.6% of Total Investments)** |  |  |  |
| 7650000 | (b) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A | 5.000 | 07/01/51 | 6584553 |
| 1240000 | (b) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Projects, Series 2021B | 5.000 | 07/01/51 | 1067300 |
| 1500000 | (b) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds Pensar Academy Project, Series 2020 | 5.000 | 07/01/55 | 1299880 |
| 4500000 | (b) | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group Falcon Properties LLC, Project, Senior Series 2022A-1 | 4.000 | 12/01/51 | 3092477 |
| 730000 |  | Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A | 5.250 | 11/01/48 | 741541 |
| 730000 |  | Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Revenue Bonds, Social Series 2023A | 5.250 | 11/01/53 | 735962 |
| 1200000 |  | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2007, (AMT), (Mandatory Put 6/15/28) | 4.100 | 12/01/37 | 1199897 |

---

---

| | |
|:---|:---|
| **150** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ARIZONA** (continued) |  |  |  |
| $815000 |  | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2019, (AMT), (Mandatory Put 6/01/29) | 4.000% | 06/01/49 | $810762 |
| 1090000 | (b) | Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, Flagstaff Arts & Leadership Academy Project, Refunding Series 2020 | 5.500 | 07/01/40 | 973132 |
| 1000000 | (b) | Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020 | 5.250 | 10/01/40 | 878419 |
| 1000000 |  | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company Palo Verde Project, Refunding Series 2012A | 4.500 | 08/01/42 | 953306 |
| 3405000 | (b) | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A | 5.000 | 09/01/55 | 2778897 |
| 5265000 | (b),(c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020 | 5.000 | 07/01/35 | 3685500 |
| 6800000 | (b),(c) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020 | 5.000 | 07/01/40 | 4760000 |
| 4545000 | (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020-1 | 5.000 | 06/15/50 | 3951003 |
| 275000 | (b) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024 | 5.000 | 06/15/64 | 249428 |
|  |  | TOTAL ARIZONA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33762057 |
|  |  | **ARKANSAS - 1.6% (1.1% of Total Investments)** |  |  |  |
| 4500000 | (b) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450 | 09/01/52 | 4503586 |
| 6500000 | (b) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 5822049 |
|  |  | TOTAL ARKANSAS |  |  | 10325635 |
|  |  | **CALIFORNIA - 16.8% (11.3% of Total Investments)** |  |  |  |
| 1960000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 2037266 |
| 7865000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023E, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 8290040 |
| 6770000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30) | 5.250 | 11/01/54 | 7117384 |
| 3000000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32) | 5.000 | 01/01/55 | 3095906 |
| 4500000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024D, (Mandatory Put 9/01/32) | 5.000 | 02/01/55 | 4734464 |
| 1455000 |  | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 1499736 |
| 3815000 | (b) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A | 4.000 | 02/01/56 | 2397803 |
| 6200000 | (b) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 5987936 |
| 6290000 | (b) | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT) | 5.000 | 07/01/30 | 6295106 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **151** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $5000000 (b) | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A | 5.125% | 07/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041245 |
| 465000 (b) | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A | 5.000 | 11/15/46 | 428872 |
| 2000000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.500 | 06/01/54 | 1872130 |
| 1000000 | California Public Finance Authority, Senior Living Revenue Bonds, The James, Senior Series 2024A | 6.375 | 06/01/59 | 913541 |
| 2000000 (b) | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A | 5.000 | 06/01/60 | 1688791 |
| 1515000 | California State, General Obligation Bonds, Various Purpose Refunding Series 2025 | 4.125 | 03/01/45 | 1494570 |
| 600000 | California State, General Obligation Bonds, Various Purpose Refunding Series 2025 | 5.000 | 03/01/45 | 641015 |
| 935000 | California State, General Obligation Bonds, Various Purpose Series 2025 | 5.000 | 03/01/44 | 1002546 |
| 1195000 | California State, General Obligation Bonds, Various Purpose Series 2025 | 5.000 | 03/01/49 | 1265667 |
| 2245000 | California State, General Obligation Bonds, Various Purpose Series 2025 | 5.000 | 03/01/55 | 2359291 |
| 1220000 (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000 | 12/01/41 | 1222618 |
| 1175000 (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 1173650 |
| 6180000 (b) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A | 5.000 | 01/01/54 | 5268691 |
| 275000 | Fontana, California, Special Tax Bonds, Narra Hills Community Facilities District 109, Refunding Series 2024 | 5.000 | 09/01/49 | 277289 |
| 1440000 (d) | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, Refunding Series 2025A | 5.000 | 07/01/38 | 1600026 |
| 2615000 (d) | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, Refunding Series 2025A | 5.000 | 07/01/39 | 2887910 |
| 1105000 (d) | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2024, Dedicated Unlimited Ad Valorem Property Tax, Series 2025A-1 | 5.000 | 07/01/36 | 1248229 |
| 1610000 (d) | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2024, Dedicated Unlimited Ad Valorem Property Tax, Series 2025A-1 | 5.000 | 07/01/39 | 1778025 |
| 2235000 (d) | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2024, Dedicated Unlimited Ad Valorem Property Tax, Series 2025A-1 | 5.000 | 07/01/43 | 2403781 |
| 985432 (c) | Northstar Community Services District, California, California Special Tax Bonds Community Facilities District 1 Series 2006 | 1.750 | 09/01/37 | 275921 |
| 1615000 | Pajaro Valley Health Care District, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Social Series 2024A | 5.000 | 09/01/54 | 1562561 |
| 1085000 | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/44 | 1156695 |
| 2500000 | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/50 | 2630962 |
| 1100000 | Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1 | 5.000 | 08/01/54 | 1151419 |
| 1555000 (d) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/35 | 1786702 |
| 730000 (d) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/36 | 832334 |

---

---

| | |
|:---|:---|
| **152** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $1070000 | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Refunding Series 2022A-1 - AGM Insured | 5.000% | 09/01/42 | $1110924 |
| 1070000 | River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2 | 5.000 | 09/01/42 | 1076196 |
| 1790000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) | 5.000 | 05/01/37 | 1872246 |
| 2190000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) | 5.000 | 05/01/38 | 2282829 |
| 750000 | San Francisco Community College District, California, General Obligation Bonds, Taxable Election 2020 Series 2020A-1 | 3.165 | 06/15/41 | 585188 |
| 830000 | San Francisco Unified School District, California, General Obligation Bonds, 2024 Election Series 2025A | 5.000 | 06/15/43 | 876320 |
| 560000 | San Francisco Unified School District, California, General Obligation Bonds, 2024 Election Series 2025A | 5.000 | 06/15/44 | 587579 |
| 1500000 (d) | San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure T, Series 2025C - BAM Insured | 5.000 | 08/01/46 | 1561601 |
| 500000 (d) | San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure T, Series 2025C - BAM Insured | 5.000 | 08/01/47 | 519651 |
| 500000 (d) | San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured | 5.000 | 08/01/45 | 522110 |
| 1500000 (d) | San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured | 5.000 | 08/01/46 | 1561601 |
| 1500000 (d) | San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured | 5.000 | 08/01/47 | 1558953 |
| 1500000 (d) | San Ysidro School District, San Diego County, California, General Obligation Bonds, 2020 Election Measure U, Series 2025C - BAM Insured | 5.000 | 08/01/48 | 1555849 |
| 1200000 | Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2019-1, Series 2024A | 5.000 | 09/01/49 | 1201961 |
| 3575000 | University of California, General Revenue Bonds, Series 2025CB | 5.000 | 05/15/38 | 3962704 |
|  | TOTAL CALIFORNIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105255834 |
|  | **COLORADO - 19.8% (13.3% of Total Investments)** |  |  |  |
| 2370000 | 64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020 | 6.500 | 12/01/43 | 2328694 |
| 1000000 (b) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500 | 12/01/44 | 987384 |
| 500000 (b) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750 | 12/01/54 | 502321 |
| 1060000 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 981989 |
| 2285000 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B | 7.750 | 12/15/50 | 2285305 |
| 5220000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 5.750 | 12/01/51 | 4769293 |
| 499000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 4.000 | 12/01/29 | 482087 |
| 1725000 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2020A | 5.500 | 12/01/50 | 1478549 |
| 1000000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A | 5.000 | 12/01/51 | 827387 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **153** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $500000 | (b) | Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020 | 5.000% | 12/01/40 | $456871 |
| 1000000 |  | Broadway Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A | 5.125 | 12/01/48 | 770956 |
| 1450000 |  | Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2020A | 5.350 | 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287525 |
| 525000 |  | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.250 | 12/01/49 | 552976 |
| 655000 |  | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.500 | 12/01/54 | 697272 |
| 835000 | (d) | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2025A | 5.250 | 12/01/50 | 867335 |
| 1145000 | (d) | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2025A | 5.250 | 12/01/54 | 1187927 |
| 100000 | (b) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/41 | 81749 |
| 100000 | (b) | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A | 4.000 | 07/01/51 | 73566 |
| 1000000 | (b) | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020 | 5.000 | 12/01/50 | 888948 |
| 500000 | (b),(c) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand Junction Project, Series 2019 | 5.000 | 12/01/54 | 352500 |
| 475000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/45 | 484323 |
| 955000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/50 | 962514 |
| 765000 |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/55 | 767139 |
| 16000000 |  | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020 | 6.500 | 12/01/50 | 15659875 |
| 500000 |  | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Subordinate Series 2024B | 6.125 | 12/15/54 | 492542 |
| 2280000 |  | 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 | 1303082 |
| 1355000 |  | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.500 | 11/15/38 | 1475739 |
| 4000000 | (b) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 3859073 |
| 1000000 |  | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014 | 6.000 | 12/01/38 | 929562 |
| 1425000 |  | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.250 | 12/01/32 | 1398819 |
| 1200000 |  | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A | 5.750 | 12/01/52 | 1122501 |
| 1990000 | (b) | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.500 | 06/01/50 | 1619430 |
| 500000 |  | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024A-2 | 6.500 | 12/01/43 | 510109 |
| 825000 | (b) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 771815 |

---

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| | |
|:---|:---|
| **154** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $1360000 (b) | Hogback Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2021A | 5.000% | 12/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214591 |
| 500000 | Independence Water & Sanitation District, Elbert County, Colorado, Special Revenue Bonds, Refunding and Improvement Series 2024 | 5.125 | 12/01/33 | 487000 |
| 5250000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B | 5.750 | 12/15/50 | 5204689 |
| 2000000 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A | 5.750 | 12/01/50 | 1820299 |
| 1000000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.125 | 12/01/50 | 893285 |
| 1500000 (b) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.125 | 12/01/44 | 1408247 |
| 1200000 (b) | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 | 6.625 | 12/01/56 | 1141889 |
| 1030000 | Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Convertible Capital Appreciation Series 2023A-2 | 8.000 | 12/01/53 | 802915 |
| 560000 | Lanterns Metropolitan District 3, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2023A-1 | 7.250 | 12/01/53 | 572763 |
| 3000000 (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 | 3000428 |
| 500000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 12/01/41 | 444480 |
| 500000 | Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A | 5.000 | 04/15/51 | 413306 |
| 480000 | Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/49 | 432297 |
| 2000000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.000 | 12/01/40 | 1906063 |
| 1000000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3 | 5.250 | 12/01/50 | 943436 |
| 1810000 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 1520609 |
| 500000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 4.000 | 12/01/29 | 473205 |
| 1250000 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 1148614 |
| 285000 (b) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/51 | 229614 |
| 1100000 | Peak Metropolitan District 3, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A-1 | 7.500 | 12/01/52 | 1085603 |
| 925000 | Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.000 | 12/01/40 | 864954 |
| 855000 | Pinon Pines Metropolitan District No. 3, El Paso County, Colorado, General Obligation Limited Tax Convertible Capital Appreciation Bonds, Series 2025 | 5.875 | 12/01/54 | 714564 |
| 7000000 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series 2022 | 6.500 | 12/01/34 | 6529006 |
| 3665000 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/42 | 3708201 |
| 2000000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021 | 4.000 | 12/01/41 | 1725147 |
| 1000000 (b) | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025 | 6.125 | 12/01/54 | 914048 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **155** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COLORADO** (continued) |  |  |  |
| $1000000 |  | 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 | $575120 |
| 1045000 | (b) | Ridge at Johnstown Metropolitan District 8, Larimer County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.875 | 12/01/44 | 950967 |
| 2320000 |  | Silverstone Metropolitan District 3, Weld County, Colorado, General Obligation and Special Revenue Bonds, Limited Tax Series 2023 | 7.750 | 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326090 |
| 1215000 |  | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016 | 5.000 | 12/01/30 | 1200498 |
| 500000 | (b),(e) | St. Vrain Lakes Metropolitan District 4, Weld County, Colorado, General Obligation Bonds, Firestone Convertible Capital Appreciation Limited Tax Series 2024A | 0.000 | 09/20/54 | 332698 |
| 510000 | (b),(d) | STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding Second Lien Series 2025A-2 | 6.250 | 12/01/55 | 514235 |
| 502000 |  | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Subordinate Series 2020B | 7.125 | 12/15/50 | 503142 |
| 2350000 |  | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.000 | 12/01/40 | 2147293 |
| 2300000 |  | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020 | 5.125 | 12/01/50 | 1981759 |
| 1000000 |  | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2 | 5.500 | 12/01/51 | 780814 |
| 1270000 |  | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/41 | 1039068 |
| 5000000 |  | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 | 6.000 | 12/01/50 | 4083369 |
| 10000000 |  | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1 | 5.375 | 12/01/50 | 8934644 |
| 1500000 |  | 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 | 1189558 |
| 2200000 | (b) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 1251136 |
| 630000 | (b) | West Globeville Metropolitan District 1, Denver, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024 | 5.750 | 12/01/44 | 585504 |
| 2000000 | (b) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 1510609 |
| 937000 |  | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1 | 6.250 | 12/15/40 | 911861 |
|  |  | TOTAL COLORADO |  |  | 123634775 |
|  |  | **CONNECTICUT - 0.6% (0.4% of Total Investments)** |  |  |  |
| 1325000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/34 | 1310853 |
| 1250000 |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A | 4.000 | 07/01/36 | 1217906 |
| 1255000 |  | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2016B-1 | 2.950 | 11/15/31 | 1167602 |
|  |  | TOTAL CONNECTICUT |  |  | 3696361 |

---

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| | |
|:---|:---|
| **156** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DELAWARE - 0.4% (0.3% of Total Investments)** |  |  |  |
| $400000 (b) | Bridgeville, Delaware, Special Obligation Bonds, Heritage Shores Special Development District, Series 2024 | 5.625% | 07/01/53 | $404597 |
| 500000 (f) | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB) | 4.600 | 07/01/44 | 495336 |
| 500000 (f) | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB) | 4.650 | 07/01/49 | 494424 |
| 960000 (f) | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B, (UB) | 4.750 | 07/01/54 | 949926 |
|  | TOTAL DELAWARE |  |  | 2344283 |
|  | **DISTRICT OF COLUMBIA - 0.0% (0.0% of Total Investments)** |  |  |  |
| 325000 | District of Columbia Revenue Bonds, Rocketship Education DC Public Charter School Inc., Obligated Group - Issue 3, Series 2024A | 5.750 | 06/01/54 | 326175 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 326175 |
|  | **FLORIDA - 10.9% (7.3% of Total Investments)** |  |  |  |
| 1565000 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021 | 3.750 | 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326514 |
| 1215000 (b) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A | 5.000 | 06/15/40 | 1133497 |
| 1260000 (b) | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A | 5.000 | 06/15/55 | 1087301 |
| 1010000 (b) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 | 5.750 | 08/15/54 | 928510 |
| 3485000 (b) | Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Series 2020B | 4.250 | 05/01/41 | 3058992 |
| 240000 | Edgewater West Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area One Series 2024 | 5.500 | 05/01/54 | 225260 |
| 10000000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery High School Project, Series 2020A | 5.000 | 06/01/55 | 6636002 |
| 835000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A | 6.000 | 06/15/33 | 890397 |
| 1000000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A | 6.500 | 06/15/38 | 1064435 |
| 1000000 (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A | 6.625 | 06/15/43 | 1062689 |
| 1200000 (b) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, GFL Solid Waste Southeast LLC Project Series 2024A, (AMT), (Mandatory Put 10/01/31) | 4.375 | 10/01/54 | 1192259 |
| 2450000 (b) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2023, (AMT), (Mandatory Put 7/01/26) | 6.125 | 07/01/32 | 2483070 |
| 4375000 (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 | 4541605 |
| 1900000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 1844417 |
| 1300000 (f) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.000 | 07/01/44 | 1299969 |
| 1760000 (f) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/53 | 1768475 |
| 1400000 | 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 | 1400911 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **157** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA** (continued) |  |  |  |
| $15830000 (b) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250% | 07/01/57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16319783 |
| 420000 (b) | Florida Development Finance Corporation, Student Housing Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series 2024A-1 | 5.250 | 06/01/54 | 402025 |
| 1095000 | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020 | 4.250 | 05/01/40 | 997097 |
| 1500000 | Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020 | 4.500 | 05/01/52 | 1304049 |
| 2500000 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue Bonds, JetBlue Airways Corporation, Series 2013, (AMT) | 5.000 | 11/15/36 | 2500269 |
| 1000000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area1 Project, Series 2020 | 4.000 | 05/01/51 | 820565 |
| 415000 | Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024 | 4.750 | 05/01/31 | 418415 |
| 450000 | Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024 | 5.125 | 05/01/44 | 434924 |
| 1685000 | Langley South Community Development District, Florida, Special Assessment Revenue Bonds, Mascotte Assessment Area One Series 2024 | 5.400 | 05/01/55 | 1615733 |
| 1225000 (b) | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A | 5.000 | 06/01/47 | 1085102 |
| 3380000 | Miami, Florida, Limited Ad Valorem Tax Bonds, Forever Infrastructure Programs Series 2024A | 5.500 | 01/01/49 | 3610227 |
| 870000 (f) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB) | 5.250 | 10/01/52 | 879142 |
| 1360000 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009 - BAM Insured | 0.000 | 10/01/37 | 830961 |
| 2750000 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009 | 0.000 | 10/01/45 | 1070321 |
| 100000 (b) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 4.750 | 05/01/31 | 99528 |
| 245000 (b) | Mirada Community Development District, Florida, Capital Improvement Bonds, Assessment Area 3 Series 2024 | 5.625 | 05/01/44 | 239019 |
| 275000 (b) | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 5, Series 2024 | 5.750 | 05/01/44 | 272201 |
| 1145000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital District Obligated Group, Refunding Series 2016A | 4.000 | 05/01/44 | 1031745 |
| 310000 (b) | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B | 4.625 | 05/01/36 | 296808 |
| 425000 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2021 | 2.700 | 05/01/31 | 383879 |
| 250000 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2024 | 5.000 | 05/01/44 | 251815 |
| 250000 (b) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2025 Project, Series 2025 | 5.375 | 05/01/45 | 243698 |
| 345000 (b) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2023 | 4.250 | 05/01/28 | 346215 |
| 810000 (b) | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024 | 4.800 | 05/01/55 | 767259 |
| 20000 | Windward Community Development District, Florida, Special Assessment Bonds, Series 2020A-2 | 4.400 | 11/01/35 | 19309 |
|  | TOTAL FLORIDA |  |  | 68184392 |

---

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| | |
|:---|:---|
| **158** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **GEORGIA - 1.6% (1.1% of Total Investments)** |  |  |  |
| $1700000 | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 6.500% | 12/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464917 |
| 1000000 (b) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 1003880 |
| 1120000 | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Green Series 2023E, (AMT) | 5.250 | 07/01/41 | 1189353 |
| 505000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.000 | 10/01/42 | 518570 |
| 555000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.000 | 10/01/43 | 567447 |
| 515000 | Fayette County Development Authority, Georgia, Revenue Bonds, United States Soccer Federation, Inc. Project Series 2024 | 5.000 | 10/01/44 | 525085 |
| 750000 (b) | Fulton County Residential Care Facilities for the Elderly Authority, Georgia, Revenue Bonds, Canterbury Court Project, Series 2019A | 5.000 | 04/01/47 | 711735 |
| 500000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2021A - BAM Insured | 3.000 | 02/15/51 | 359467 |
| 1000000 | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System Inc., Series 2017A | 4.000 | 04/01/42 | 909393 |
| 2750000 (b) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 2728238 |
|  | TOTAL GEORGIA |  |  | 9978085 |
|  | **HAWAII - 0.1% (0.1% of Total Investments)** |  |  |  |
| 500000 (b) | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 | 5.000 | 07/01/39 | 474861 |
|  | TOTAL HAWAII |  |  | 474861 |
|  | **IDAHO - 0.3% (0.2% of Total Investments)** |  |  |  |
| 623000 (f) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.050 | 01/01/39 | 611717 |
| 546000 (f) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.650 | 01/01/54 | 535194 |
| 630000 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024 | 6.250 | 09/01/53 | 646079 |
|  | TOTAL IDAHO |  |  | 1792990 |
|  | **ILLINOIS - 6.0% (4.0% of Total Investments)** |  |  |  |
| 1000000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.250 | 04/01/34 | 1077756 |
| 1055000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.000 | 04/01/41 | 1084053 |
| 1275000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.500 | 04/01/43 | 1339519 |
| 2000000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2021A | 5.000 | 12/01/34 | 2025607 |
| 4565000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.000 | 12/01/33 | 4679240 |
| 4900000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 5.250 | 12/01/36 | 5041297 |
| 120000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/29 | 125196 |
| 190000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/30 | 199636 |
| 2250000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/31 | 2382492 |
| 1485000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023A - BAM Insured | 5.000 | 01/01/32 | 1581806 |
| 200000 | Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2023B - AGM Insured | 5.000 | 11/01/37 | 211601 |
| 25000 (g) | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 25311 |

---

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **159** |

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**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $725000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C | 4.000% | 02/15/41 | $666992 |
| 240000 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022 | 5.000 | 03/01/34 | 239397 |
| 875000 (c) | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A | 5.000 | 11/01/49 | 586250 |
| 815000 | Illinois Finance Authority, Revenue Bonds, Northshore - Edward- Elmhurst Health Credit Group, Series 2022A | 5.000 | 08/15/47 | 838049 |
| 920000 (d) | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2025A | 5.000 | 08/15/40 | 957363 |
| 805000 (d) | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2025A | 5.000 | 08/15/41 | 829813 |
| 2500000 | Illinois State, General Obligation Bonds, December Series 2023C | 5.000 | 12/01/47 | 2503159 |
| 4710000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 4917067 |
| 1300000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/42 | 1354346 |
| 1205000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/44 | 1240082 |
| 930000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/45 | 951980 |
| 930000 | Illinois State, General Obligation Bonds, May Series 2024B | 5.250 | 05/01/49 | 943703 |
| 1800000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 0.000 | 06/15/39 | 902605 |
| 1500000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A | 0.000 | 06/15/40 | 707637 |
|  | TOTAL ILLINOIS |  |  | 37411957 |
|  | **INDIANA - 3.2% (2.1% of Total Investments)** |  |  |  |
| 1415000 (b) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.875 | 06/01/55 | 1266803 |
| 1190000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Depauw University Project, Series 2019 | 5.000 | 07/01/37 | 1206300 |
| 3125000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, (AMT) | 6.750 | 05/01/39 | 3461631 |
| 2535000 | Indiana Finance Authority, Revenue Bonds, First Lien Thermal Energy System Utility, Citizens Energy Group Project, Series 2025A | 5.500 | 10/01/50 | 2698279 |
| 1500000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2015I, (AMT) | 5.000 | 01/01/32 | 1500264 |
| 730000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 5.750 | 03/01/43 | 763186 |
| 680000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 710762 |
| 4060000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 | 7.750 | 03/01/67 | 4461916 |
| 3770000 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, (AMT), (Mandatory Put 6/10/31) | 4.400 | 11/01/45 | 3779452 |
|  | TOTAL INDIANA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19848593 |
|  | **IOWA - 0.9% (0.6% of Total Investments)** |  |  |  |
| 2500000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 2385402 |
| 1745000 (g) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 1948314 |
| 60000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/39 | 60911 |
| 75000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.000 | 05/15/44 | 73365 |
| 1250000 | Iowa Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Series 2024A | 5.125 | 05/15/59 | 1184208 |
|  | TOTAL IOWA |  |  | 5652200 |

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| | |
|:---|:---|
| **160** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KANSAS - 0.1% (0.1% of Total Investments)** |  |  |  |
| $500000 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2024VIII | 5.750% | 05/15/45 | $485637 |
|  | TOTAL KANSAS |  |  | 485637 |
|  | **KENTUCKY - 0.8% (0.5% of Total Investments)** |  |  |  |
| 2805000 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone's Ridge Project, Series 2020 | 6.000 | 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433305 |
| 2175000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2006B, (AMT) | 2.125 | 10/01/34 | 1698528 |
| 990000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B | 5.500 | 12/01/60 | 791070 |
|  | TOTAL KENTUCKY |  |  | 4922903 |
|  | **LOUISIANA - 1.4% (0.9% of Total Investments)** |  |  |  |
| 1150000 (b) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A | 5.250 | 06/01/51 | 929192 |
| 450000 (b) | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Refunding Series 2024A | 5.000 | 12/15/43 | 426260 |
| 2010000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/59 | 2055899 |
| 1295000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.750 | 09/01/64 | 1344398 |
| 1505000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.000 | 09/01/66 | 1452165 |
| 500000 (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 | 427331 |
| 2000000 (b) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010 | 6.350 | 07/01/40 | 2123396 |
|  | TOTAL LOUISIANA |  |  | 8758641 |
|  | **MAINE - 0.3% (0.2% of Total Investments)** |  |  |  |
| 215000 (b) | Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2024, (AMT), (Mandatory Put 6/01/35) | 4.625 | 12/01/47 | 212766 |
| 2000000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 1815713 |
|  | TOTAL MAINE |  |  | 2028479 |
|  | **MARYLAND - 0.1% (0.1% of Total Investments)** |  |  |  |
| 185000 (b) | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2022 | 4.500 | 06/01/33 | 183241 |
| 305000 (b) | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, Core Natural Resources Inc. Project, Refunding Series 2025, (Mandatory Put 3/27/35) | 5.000 | 07/01/48 | 297810 |
|  | TOTAL MARYLAND |  |  | 481051 |
|  | **MASSACHUSETTS - 0.2% (0.1% of Total Investments)** |  |  |  |
| 425000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D | 5.000 | 07/01/44 | 417300 |
| 980000 | Massachusetts Development Finance Agency, Revenue Bonds, Smith College, Series 2025 | 4.000 | 07/01/45 | 930263 |
|  | TOTAL MASSACHUSETTS |  |  | 1347563 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **161** |

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**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN - 3.2% (2.2% of Total Investments)** |  |  |  |
| $2884160 | Detroit City & General Retirement System Service Corporation, Michigan, Certificates of Participation, Taxable Series 2005A - FGIC Insured | 3.000% | 06/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028368 |
| 1455000 | Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Refunding Series 2024 | 5.000 | 07/01/48 | 1480096 |
| 830000 | Detroit Regional Convention Authority, Michigan, Special Tax Revenue Bonds, Refunding Series 2024C | 5.000 | 10/01/37 | 876451 |
| 4971590 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series 2014B-1 | 4.000 | 04/01/44 | 3915761 |
| 710000 | Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, Limited Tax General Obligation Series 2021, (AMT) | 5.000 | 01/01/46 | 718859 |
| 1135000 | Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Senior Lien Series 2023C | 5.250 | 07/01/48 | 1201438 |
| 1100000 (d) | Michigan Hospital Finance Authority, Hospital Revenue Bonds, Corewell Health, Series 2025A | 5.000 | 08/15/43 | 1142113 |
| 1500000 (d) | Michigan Hospital Finance Authority, Hospital Revenue Bonds, Corewell Health, Series 2025A | 5.000 | 08/15/46 | 1538366 |
| 2230000 (f) | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2023A, (UB) | 5.100 | 10/01/53 | 2270233 |
| 1720000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, I-75 Improvement Project, Series 2018, (AMT) | 5.000 | 12/31/43 | 1721481 |
| 1150000 (d) | Southfield Public Schools, County Of Oakland, State Of Michigan, General Obligation Bonds, School Building and Site Series 2025 | 5.250 | 05/01/55 | 1188918 |
| 1070000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT) | 5.250 | 12/01/37 | 1159570 |
|  | TOTAL MICHIGAN |  |  | 20241654 |
|  | **MINNESOTA - 1.0% (0.7% of Total Investments)** |  |  |  |
| 1000000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/48 | 905664 |
| 3745000 (b) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.500 | 03/01/53 | 3704768 |
| 1140000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hope Community Academy Project, Series 2020A | 5.000 | 12/01/55 | 770107 |
| 675000 (b) | Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Refunding Series 2025A | 5.500 | 06/01/63 | 626794 |
| 535000 (b) | Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy, Refunding Series 2025 | 5.500 | 06/01/55 | 505209 |
|  | TOTAL MINNESOTA |  |  | 6512542 |
|  | **MISSISSIPPI - 0.5% (0.3% of Total Investments)** |  |  |  |
| 1190000 (f) | Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB) | 6.000 | 09/01/48 | 1305480 |
| 1580000 (f) | Warren County, Mississippi, Certificates of Participation, Lease Purchase Jail Project Series 2023, (UB) | 6.000 | 09/01/53 | 1713644 |
|  | TOTAL MISSISSIPPI |  |  | 3019124 |
|  | **MISSOURI - 1.2% (0.8% of Total Investments)** |  |  |  |
| 550000 (b) | Kansas City Industrial Development Authority, Missouri, Economic Activity Tax Revenue Bonds, Historic Northeast Redevelopment Plan Series 2024A-1 | 5.000 | 06/01/54 | 501564 |
| 3000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F | 4.000 | 11/15/45 | 2621769 |
| 500000 (b) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Truman Medical Center, Inc., Pass- Through Certificate Series 2017 | 4.250 | 12/01/42 | 435035 |

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| | |
|:---|:---|
| **162** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MISSOURI** (continued) |  |  |  |
| $1000000 |  | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured | 5.000% | 10/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030919 |
| 2625000 |  | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020 - AGM Insured | 5.000 | 10/01/45 | 2654428 |
|  |  | TOTAL MISSOURI |  |  | 7243715 |
|  |  | **MONTANA - 0.3% (0.2% of Total Investments)** |  |  |  |
| 1975000 |  | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2023 | 3.875 | 07/01/28 | 1988094 |
|  |  | TOTAL MONTANA |  |  | 1988094 |
|  |  | **NEBRASKA - 1.4% (0.9% of Total Investments)** |  |  |  |
| 3750000 |  | Central Plains Energy Project, Nebraska, Gas Project Revenue Bonds, Project 5, Series 2022-1, (Mandatory Put 10/01/29) | 5.000 | 05/01/53 | 3879212 |
| 4665000 | (f) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024C, (UB) | 4.700 | 09/01/49 | 4621507 |
|  |  | TOTAL NEBRASKA |  |  | 8500719 |
|  |  | **NEVADA - 0.4% (0.3% of Total Investments)** |  |  |  |
| 1842684 | (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 | 7555 |
| 2400000 | (b) | Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West Passenger Rail Project, Series 2025A, (AMT), (Mandatory Put 1/01/33) | 9.500 | 01/01/65 | 2311826 |
| 435000 |  | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 611 Sunstone Phase I and II, Series 2020 | 4.000 | 06/01/40 | 373880 |
|  |  | TOTAL NEVADA |  |  | 2693261 |
|  |  | **NEW HAMPSHIRE - 1.7% (1.1% of Total Investments)** |  |  |  |
| 6200000 | (b),(d) | National Finance Authority, New Hampshire, Special Revenue Bonds, Bridgeland Water & Utility Districts 418,489,492,493,157 & 159, Series 2025 | 5.875 | 12/15/33 | 6201154 |
| 1855000 | (b) | National Finance Authority, New Hampshire, Special Revenue Bonds, The Chambers Creek Project, Montgomery County, Texas Municipal Utility Districts, Capital Appreciation Series 2025 | 0.000 | 12/15/32 | 1129187 |
| 4000000 | (b) | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Group Series 2023 | 4.000 | 07/01/37 | 3302803 |
|  |  | TOTAL NEW HAMPSHIRE |  |  | 10633144 |
|  |  | **NEW JERSEY - 0.4% (0.3% of Total Investments)** |  |  |  |
| 1390000 | (b) | New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A | 7.000 | 06/15/30 | 1390353 |
| 750000 |  | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A | 3.375 | 07/01/30 | 712121 |
| 490000 |  | Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Paterson Charter School for Science and Technology, Inc. Project, Series 2025 | 4.500 | 07/01/40 | 473732 |
|  |  | TOTAL NEW JERSEY |  |  | 2576206 |
|  |  | **NEW MEXICO - 1.1% (0.7% of Total Investments)** |  |  |  |
| 6927000 | (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 | 6717786 |
|  |  | TOTAL NEW MEXICO |  |  | 6717786 |
|  |  | **NEW YORK - 16.7% (11.3% of Total Investments)** |  |  |  |
| 1240000 | (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023 | 7.250 | 06/01/55 | 1297172 |
| 5000000 | (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1 | 5.500 | 06/01/55 | 4397931 |
| 1310000 | (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/40 | 1202970 |
| 3000000 | (b) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1 | 5.000 | 06/01/55 | 2439774 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **163** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK (continued)** |  |  |  |
| $955000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024 | 5.250% | 11/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983516 |
| 770000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024 | 5.250 | 11/01/43 | 788397 |
| 150000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024 | 5.500 | 11/01/47 | 155821 |
| 450000 | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 | 5.250 | 10/01/49 | 455079 |
| 7940000 (f) | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A, (UB) | 5.000 | 03/15/55 | 8199223 |
| 7630000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B | 5.000 | 07/01/32 | 7719902 |
| 1095000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B | 5.000 | 07/01/35 | 1105227 |
| 750000 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C | 5.625 | 01/01/55 | 642890 |
| 3345000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B | 4.000 | 11/15/43 | 3015417 |
| 1210000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B | 4.000 | 11/15/44 | 1081594 |
| 7200000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 5.000 | 11/15/41 | 7589001 |
| 1000000 (f) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB) | 4.650 | 11/01/49 | 995873 |
| 1720000 (f) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024A-1, (UB) | 4.750 | 11/01/54 | 1718043 |
| 975000 (f) | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Sustainable Development Series 2024B-1-A, (UB) | 4.750 | 11/01/54 | 973887 |
| 410000 (b) | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F Series 2024 | 5.250 | 12/15/31 | 414981 |
| 140000 | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Taxable Class E Series 2024 | 4.375 | 12/15/31 | 141350 |
| 2035000 (d) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series DD | 5.000 | 06/15/35 | 2318059 |
| 2065000 (d) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series DD | 5.500 | 06/15/38 | 2382495 |
| 2560000 (d) | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series DD | 5.500 | 06/15/39 | 2929195 |
| 2785000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2018 Series A-3 | 5.000 | 08/01/41 | 2801610 |
| 870000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024B-1 | 4.550 | 12/15/54 | 816544 |
| 450000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.000 | 12/15/39 | 422810 |
| 630000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.300 | 12/15/44 | 582475 |
| 1335000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.500 | 12/15/49 | 1239728 |
| 670000 | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing Sustainability Green Series 2024C | 4.550 | 12/15/54 | 628833 |

---

---

| | |
|:---|:---|
| **164** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK (continued)** |  |  |  |
| $2500000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000% | 07/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500200 |
| 9175000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.250 | 08/01/31 | 9502710 |
| 3400000 | 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 | 3490906 |
| 4295000 | 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 | 4360402 |
| 395000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.500 | 06/30/39 | 416642 |
| 165000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.500 | 06/30/40 | 173329 |
| 215000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.500 | 06/30/43 | 223375 |
| 240000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.500 | 06/30/44 | 248477 |
| 845000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 6.000 | 06/30/54 | 886229 |
| 1590000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.125 | 06/30/60 | 1598045 |
| 3315000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 5.375 | 06/30/60 | 3324703 |
| 3000000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 5.000 | 10/01/40 | 3006924 |
| 1600000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 1746805 |
| 2805000 | 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 | 2905320 |
| 460000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT) | 5.000 | 12/01/41 | 473882 |
| 1000000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT) | 5.000 | 07/15/38 | 1043066 |
| 1225000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/47 | 1300857 |
| 1630000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.000 | 12/01/50 | 1683235 |
| 1370000 (f) | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A, (UB) | 5.250 | 12/01/54 | 1439221 |
| 4370000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.500 | 12/01/59 | 4638207 |
|  | TOTAL NEW YORK |  |  | 104402332 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **165** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH CAROLINA - 0.1% (0.1% of Total Investments)** |  |  |  |
| $370000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series 2021 | 4.000% | 09/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303626 |
| 230000 | North Carolina Medical Care Commission, Retirement Facility Revenue Bonds, Penick Village Project First Mortgage Series 2024A | 5.500 | 09/01/54 | 217208 |
|  | TOTAL NORTH CAROLINA |  |  | 520834 |
|  | **NORTH DAKOTA - 0.5% (0.3% of Total Investments)** |  |  |  |
| 3000000 | North Dakota Housing Finance Agency, Home Mortgage Program Revenue Bonds, Social Series 2024D | 4.500 | 07/01/44 | 2959846 |
|  | TOTAL NORTH DAKOTA |  |  | 2959846 |
|  | **OHIO - 1.9% (1.3% of Total Investments)** |  |  |  |
| 1995000 | 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 | 1743500 |
| 1760000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.500 | 02/15/52 | 1758017 |
| 550000 | Dayton-Montgomery County Port Authority, Ohio, Development Revenue Bonds, Dayton Regional Stem Schools Inc. Project, Series 2024 | 5.000 | 12/01/44 | 548666 |
| 400000 | Dayton-Montgomery County Port Authority, Ohio, Development Revenue Bonds, Dayton Regional Stem Schools Inc. Project, Series 2024 | 5.000 | 12/01/60 | 381033 |
| 675000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/42 | 693903 |
| 1270000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/43 | 1297641 |
| 3450000 (b) | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) | 5.000 | 12/01/53 | 3470496 |
| 400000 | Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024 | 5.250 | 09/01/49 | 408646 |
| 500000 | Montgomery County, Ohio, Health Care Facilities Revenue Bonds, Solvita Project Refunding and Improvement Series 2024 | 5.250 | 09/01/54 | 502641 |
| 250000 (b) | Ohio Housing Finance Agency, Multifamily Housing Revenue Bonds, Silver Birch of Mansfield Project, Series 2024 | 6.000 | 01/01/45 | 239673 |
| 625000 (f) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.650 | 09/01/54 | 611541 |
|  | TOTAL OHIO |  |  | 11655757 |
|  | **OKLAHOMA - 0.6% (0.4% of Total Investments)** |  |  |  |
| 300000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 301158 |
| 1280000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 1284568 |
| 970000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/45 | 1022736 |
| 1000000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.250 | 01/01/46 | 1071319 |
|  | TOTAL OKLAHOMA |  |  | 3679781 |
|  | **OREGON - 0.2% (0.1% of Total Investments)** |  |  |  |
| 1165000 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 | 5.250 | 08/01/49 | 1191396 |
|  | TOTAL OREGON |  |  | 1191396 |

---

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| | |
|:---|:---|
| **166** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PENNSYLVANIA - 5.6% (3.8% of Total Investments)** |  |  |  |
| $700000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.250% | 01/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737761 |
| 700000 |  | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2023A - AGM Insured, (AMT) | 5.500 | 01/01/43 | 739251 |
| 1000000 |  | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2019A | 4.000 | 07/15/37 | 966967 |
| 870000 | (b) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021 | 6.000 | 05/01/42 | 890010 |
| 3000000 | (b) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017 | 5.000 | 05/01/42 | 2831226 |
| 1625000 | (b) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts Project, Series 2023 | 6.250 | 05/01/42 | 1558739 |
| 1000000 | (b) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2017 | 5.125 | 10/15/41 | 703124 |
| 2000000 | (b) | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020 | 6.250 | 10/15/53 | 1447045 |
| 9000000 |  | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-2 | 5.000 | 02/15/39 | 9061557 |
| 1000000 | (b) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project First Tier Series 2025A-2 | 5.750 | 01/01/65 | 945378 |
| 1065000 | (b) | Lehigh County Industrial Development Authority, Pennsylvania, Revenue Bonds, Provident Group - Lehigh Valley International Airport Hotel Project Second Tier Series 2025C | 6.750 | 01/01/65 | 1012002 |
| 1300000 | (a),(c) | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A | 10.000 | 12/01/31 | 130 |
| 300000 |  | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27) | 5.250 | 12/01/37 | 300519 |
| 2960000 |  | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B - BAM Insured | 0.000 | 01/01/45 | 1110901 |
| 2040000 |  | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2017A | 4.000 | 11/15/42 | 1856760 |
| 3000000 | (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2023-143A, (UB) | 5.450 | 04/01/51 | 3098453 |
| 340000 | (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.450 | 10/01/44 | 333291 |
| 1850000 | (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.600 | 10/01/49 | 1815788 |
| 2545000 | (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB) | 4.750 | 10/01/49 | 2538837 |
| 2545000 | (f) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A, (UB) | 4.800 | 10/01/51 | 2547101 |
| 30000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/41 | 32421 |
| 485000 |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/42 | 520704 |
|  |  | TOTAL PENNSYLVANIA |  |  | 35047965 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **167** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO - 6.7% (4.5% of Total Investments)** |  |  |  |
| $5950000 | Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset- Backed Bonds, Series 2008A | 0.000% | 05/15/57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362168 |
| 3500000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 5.000 | 07/01/37 | 3547058 |
| 6500000 (b) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B | 4.000 | 07/01/42 | 5596298 |
| 8000000 (c) | Puerto Rico Electric Power Authority, Revenue Bonds, Series 2010XX | 5.250 | 07/01/40 | 3592772 |
| 409281 | Puerto Rico Highway and Transportation Authority Highway Revenue Bonds Series 2022 | 5.250 | 07/01/38 | 409382 |
| 2150000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.550 | 07/01/40 | 2032394 |
| 1000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 923083 |
| 11292681 | Puerto Rico, GDB Debt Recovery Authority Commonwealth Bonds, Taxable Series 2018 | 7.500 | 08/20/40 | 10915811 |
| 9014471 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 5532632 |
| 4128207 | Puerto Rico, General Obligation Bonds, Commonwealth Clawback CVIS Taxable Series 2022 | 1.000 | 11/01/51 | 1868014 |
| 4570000 | Puerto Rico, General Obligation Bonds, Commonwealth Clawback CVIS Taxable Series 2022 | 1.000 | 11/01/51 | 1496675 |
| 1029483 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 691117 |
| 64 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 60 |
| 1117147 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/37 | 1025299 |
| 839085 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/41 | 715205 |
| 5657155 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.000 | 11/01/43 | 3387222 |
|  | TOTAL PUERTO RICO |  |  | 42095190 |
|  | **SOUTH CAROLINA - 0.9% (0.6% of Total Investments)** |  |  |  |
| 1000000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Columbia College, Refunding Series 2020A | 5.625 | 10/01/40 | 927400 |
| 1000000 (b) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Horse Creek Academy Project, Series 2021A | 5.000 | 11/15/55 | 866051 |
| 2170000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/49 | 2321101 |
| 1000000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/54 | 1065942 |
| 250000 | South Carolina Jobs-Economic Development Authority, Healthcare Revenue Bonds, Beaufort Memorial Hospital & South of Broad Healthcare Project, Series 2024 | 5.500 | 11/15/44 | 252223 |
|  | TOTAL SOUTH CAROLINA |  |  | 5432717 |
|  | **TENNESSEE - 2.3% (1.6% of Total Investments)** |  |  |  |
| 410000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/40 | 436369 |
| 485000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/41 | 513229 |
| 1395000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/42 | 1463970 |
| 1195000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250 | 12/01/43 | 1246939 |

---

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| | |
|:---|:---|
| **168** | *See Notes to Financial Statements* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TENNESSEE (continued)** |  |  |  |
| $2205000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Health System Revenue Bonds, Erlanger Health Series 2024 | 5.250% | 12/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292332 |
| 1650000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.000 | 07/01/42 | 1731038 |
| 650000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023 | 5.000 | 05/01/40 | 671165 |
| 2705000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A | 5.000 | 07/01/28 | 2832308 |
| 2905000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2023A | 5.000 | 07/01/33 | 3158919 |
|  | TOTAL TENNESSEE |  |  | 14346269 |
|  | **TEXAS - 8.3% (5.6% of Total Investments)** |  |  |  |
| 500000 (b) | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Second-Lien Series 2021B | 5.000 | 10/01/50 | 405955 |
| 1350000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks Academies, Series 2021A | 4.000 | 06/15/31 | 1271326 |
| 500000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks Academies, Series 2021A | 5.000 | 06/15/51 | 428701 |
| 325000 (b) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Improvement Area 1 Project, Series 2025 | 5.875 | 09/01/45 | 309135 |
| 500000 (b) | Buda, Texas, Special Assessment Revenue Bonds, Persimmon Public improvement District Major Improvement Area Project, Series 2025 | 6.750 | 09/01/55 | 470170 |
| 2370000 | Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024 | 5.500 | 06/01/49 | 2491799 |
| 3720000 | Chambers County Justice Center Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2024 | 5.500 | 06/01/55 | 3890780 |
| 225000 (b) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 4.750 | 09/15/32 | 221399 |
| 225000 (b) | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Valor Education Foundation, Series 2024A | 6.000 | 06/15/54 | 212366 |
| 330000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2023C, (AMT) | 5.000 | 11/01/27 | 341828 |
| 4605000 | Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2023A | 5.000 | 02/15/42 | 4799124 |
| 325000 (b) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District Major Improvement Area Project, Series 2025 | 6.125 | 12/31/55 | 305691 |
| 215000 (b) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.375 | 12/31/45 | 201629 |
| 1280000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 1239607 |
| 570000 | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2023, (AMT) | 6.000 | 08/01/43 | 613709 |
| 1000000 | Harris County Industrial Development Corporation, Texas, Revenue Bonds, Energy Transfer LP Project, Marine Terminal Refunding Series 2023, (Mandatory Put 6/01/33) | 4.050 | 11/01/50 | 987757 |
| 1000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/36 | 1017834 |
| 1000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/38 | 1011945 |
| 5610000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, Refunding Series 2021 - AGM Insured, (AMT) | 4.000 | 11/01/38 | 5339419 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **169** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **TEXAS (continued)** |  |  |  |
| $500000 | (b) | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021 | 4.125% | 09/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420032 |
| 1500000 |  | Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, AEP Texas Central Company Project, Remarketing, Series 2008-1 | 4.000 | 06/01/30 | 1482921 |
| 625000 | (b) | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 3 Project, Series 2021 | 3.625 | 09/15/41 | 497260 |
| 500000 | (b) | Mesquite, Texas, Special Assessment Revenue Bonds, Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 | 5.500 | 09/01/43 | 497983 |
| 4175000 | (b) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Southwest Preparatory School, Series 2020A | 5.000 | 08/15/50 | 3729032 |
| 1960000 | (d) | Pflugerville, Travis and Williamson Counties, Texas, Certificates of Obligation, Combination Tax and Revenue Limited Series 2023 | 5.000 | 08/01/42 | 2068668 |
| 3360000 | (d) | Pflugerville, Travis and Williamson Counties, Texas, Certificates of Obligation, Combination Tax and Revenue Limited Series 2023 | 5.250 | 08/01/55 | 3492069 |
| 450000 | (b),(d) | Pilot Point, Denton, Grayson, and Cooke Counties, Texas, Special Assessment Revenue Bonds, Bryson Ranch Public Improvement District Zone A Improvement Area 1 Project, Series 2025 | 6.125 | 09/15/45 | 454050 |
| 185000 | (b),(d) | Pilot Point, Denton, Grayson, and Cooke Counties, Texas, Special Assessment Revenue Bonds, Bryson Ranch Public Improvement District Zone A Improvement Area 1 Project, Series 2025 | 7.125 | 09/15/55 | 186559 |
| 3500000 | (b) | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021B | 4.100 | 01/01/28 | 3203080 |
| 5345000 | (b) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.000 | 01/01/39 | 5287960 |
| 155000 | (b) | Princeton, Texas, Special Assessment Revenue Bonds, Winchester Crossing Public Improvement District 3 Project, Series 2024 | 5.125 | 09/01/44 | 142839 |
| 1955000 | (b) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major Improvement Area Project, Series 2020 | 5.375 | 09/15/40 | 1963850 |
| 475000 |  | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.375 | 06/30/38 | 494377 |
| 465000 |  | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/41 | 479645 |
| 700000 |  | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000 | 06/30/40 | 653722 |
| 1165000 |  | Waco, Texas, Certificates of Obligation, Combination Tax & Revenue Series 2024A | 5.000 | 02/01/43 | 1222772 |
|  |  | TOTAL TEXAS |  |  | 51836993 |
|  |  | **UTAH - 1.0% (0.7% of Total Investments)** |  |  |  |
| 205000 | (b) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 199647 |
| 500000 | (b) | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A | 4.125 | 02/01/41 | 386426 |
| 645000 |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250 | 07/01/43 | 663850 |
| 950000 | (b) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A | 5.125 | 07/15/51 | 795010 |
| 1185000 | (f) | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB) | 4.650 | 01/01/49 | 1170482 |
| 500000 | (b) | Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025 | 5.625 | 12/01/54 | 495847 |

---

---

| | |
|:---|:---|
| **170** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTAH (continued)** |  |  |  |
| $2540000 (b) | Wohali Public Infrastructure District 1, Utah, Special Assessment Revenue Bonds, Assessment Area 1 Series 2023 | 7.000% | 12/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462623 |
|  | TOTAL UTAH |  |  | 6173885 |
|  | **VIRGIN ISLANDS - 0.5% (0.4% of Total Investments)** |  |  |  |
| 2365000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/32 | 2432534 |
| 1000000 (b) | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds WICO Financing Series 2022A | 6.125 | 10/01/42 | 943470 |
|  | TOTAL VIRGIN ISLANDS |  |  | 3376004 |
|  | **VIRGINIA - 1.4% (0.9% of Total Investments)** |  |  |  |
| 775000 | Alexandria Sanitation Authority, Virginia, Wastewater Revenue Bonds, Alexrenew Green Series 2024 | 5.000 | 07/15/54 | 808232 |
| 1640000 (b) | Cherry Hill Community Development Authority, Virginia, Special Assesment Bonds, Potomac Shores Project, Series 2015 | 5.400 | 03/01/45 | 1640561 |
| 3580000 | Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion Clinic Obligated Group, Series 2020D, (Mandatory Put 7/01/30) | 5.000 | 07/01/53 | 3815156 |
| 1600000 | Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing OPCO, LLC Project, Refunding Senior Lien Series 2022, (AMT) | 4.000 | 01/01/40 | 1450467 |
| 985000 (b) | Virginia Small Business Financing Authority, Tourism Development Financing Program Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1 | 8.000 | 10/01/43 | 957232 |
|  | TOTAL VIRGINIA |  |  | 8671648 |
|  | **WASHINGTON - 2.3% (1.5% of Total Investments)** |  |  |  |
| 1370000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/43 | 1411085 |
| 1390000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/44 | 1427808 |
| 1600000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/45 | 1640359 |
| 940000 | Port of Seattle, Washington, General Obligation Bonds, Limited Tax Series, Refunding 2024A, (AMT) | 5.000 | 06/01/46 | 963546 |
| 1770000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D | 5.000 | 10/01/41 | 1770465 |
| 1915000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2021B, (Mandatory Put 10/01/30) | 4.000 | 10/01/42 | 1920815 |
| 5610609 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2023-1 Class A | 3.375 | 04/20/37 | 5057276 |
|  | TOTAL WASHINGTON |  |  | 14191354 |
|  | **WEST VIRGINIA - 0.8% (0.5% of Total Investments)** |  |  |  |
| 100000 (b) | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement Series 2023A | 7.000 | 06/01/43 | 102504 |
| 700000 | Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, The Highlands Project, Refunding & Improvement Series 2024 | 5.250 | 06/01/53 | 685124 |
| 3660000 (b) | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020 | 7.625 | 12/01/40 | 2853642 |
| 200000 (b) | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Core Natural Resources, INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/55 | 198274 |
| 1035000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System, Improvement Series 2023A | 5.000 | 06/01/41 | 1071941 |
|  | TOTAL WEST VIRGINIA |  |  | 4911485 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **171** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN - 5.9% (4.0% of Total Investments)** |  |  |  |
| $3000000 | (b) | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A | 5.500% | 12/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331492 |
| 6350000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A | 5.000 | 01/01/56 | 5311513 |
| 390000 |  | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North East Carolina Preparatory School Project, Refunding Series 2024A | 5.000 | 06/15/44 | 377420 |
| 2265000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, Bonnie Cone Classical Academy, Series 2024 | 5.500 | 06/15/49 | 2137958 |
| 175000 |  | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical Academy, Series 2022A | 6.125 | 06/15/57 | 164679 |
| 1000000 | (b) | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A | 5.000 | 06/01/56 | 819285 |
| 455000 |  | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cornerstone Charter Academy Series 2024 | 5.000 | 02/01/54 | 439692 |
| 1000000 | (b) | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021 | 5.000 | 08/01/51 | 712244 |
| 2000000 |  | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A | 5.000 | 02/01/52 | 1938280 |
| 1670000 | (b) | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B | 5.625 | 02/01/46 | 1705520 |
| 2000000 | (b) | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate Lien Series 2022B | 6.000 | 02/01/62 | 2053605 |
| 5000000 | (b) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 5063769 |
| 3000000 | (b) | Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024 | 6.250 | 02/01/39 | 3015100 |
| 1000000 |  | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy Progress Project, Refunding Series 2022B, (Mandatory Put 10/01/30) | 4.000 | 10/01/46 | 997243 |
| 1025000 | (b) | Public Finance Authority of Wisconsin, Revenue Bonds, Revolution Academy, Refunding Series 2023A | 6.250 | 10/01/58 | 1043478 |
| 1500000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.000 | 07/01/41 | 1307631 |
| 500000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, (AMT) | 4.250 | 07/01/54 | 403083 |
| 865000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.500 | 06/15/55 | 854008 |
| 750000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.250 | 06/15/65 | 710792 |
| 510000 |  | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.400 | 06/15/65 | 495545 |
| 100000 | (a),(c) | Public Finance Authority of Wisconsin, Wisconsin Revenue Note, KDC Agribusiness LLC Project, Series 2022B | 15.000 | 12/31/25 | 10 |
| 1000000 |  | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A | 5.000 | 06/15/64 | 949516 |
| 500000 | (b) | Public Finance Authority, Wisconsin, Revenue Bonds, Two Step Project, Series 2024 | 0.000 | 12/15/34 | 279920 |
| 1000000 | (b) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 1001115 |
| 500000 | (b) | Public Finance Authority, Wisconsin, Tax Increment Revenue Subordinate Bonds, World Center Project Series 2024B | 8.000 | 06/15/42 | 496466 |
| 150000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project, Series 2024 | 5.450 | 10/01/39 | 148607 |

---

---

| | |
|:---|:---|
| **172** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **WISCONSIN (continued)** |  |  |  |
| $2500000 |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A | 4.000% | 04/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341691 |
|  |  | TOTAL WISCONSIN |  |  | 37099662 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $948,550,265)** |  |  | **904697523** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** | **VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)** |  |
|  |  | **CAPITAL GOODS - 0.0% (0.0% of Total Investments)** |  |  |  |
| 128676 | (a),(c),(h) | KDC Agribusiness Fairless Hills LLC | 12.000 | 09/15/23 | 13 |
|  |  | TOTAL CAPITAL GOODS |  |  | 13 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS<br>(Cost $128,676)** |  |  | **13** |
|  |  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $957,657,576)** |  |  | **914680175** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SHORT-TERM INVESTMENTS - 2.2%(1.5% of Total Investments)** |  |  |  |
|  |  | **MUNICIPAL BONDS - 2.2% (1.5% of Total Investments)** |  |  |  |
|  |  | **CALIFORNIA - 0.6% (0.4% of Total Investments)** |  |  |  |
| 3600000 | (i) | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Variable Rate Demand Obligations Series 2002A-1 & 2002A-5 | 3.700 | 07/01/35 | 3600000 |
|  |  | TOTAL CALIFORNIA |  |  | 3600000 |
|  |  | **NATIONAL - 1.6% (1.1% of Total Investments)** |  |  |  |
| 10000000 | (b),(i) | Invesco Municipal Opportunity Trust Variable Rate Munifund Term Preferred Shares Series 2015/6VMO, (AMT) | 2.850 | 03/20/27 | 10000000 |
|  |  | TOTAL NATIONAL |  |  | 10000000 |
|  |  | **TOTAL MUNICIPAL BONDS<br>(Cost $13,600,000)** |  |  | **13600000** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $13,600,000)** |  |  | **13600000** |
|  |  | **TOTAL INVESTMENTS - 148.6%<br>(Cost $971,257,576)** |  |  | **928280175** |
|  |  | **FLOATING RATE OBLIGATIONS - (5.3)%** |  |  | **(33375000)** |
|  |  | **MFP SHARES, NET - (38.4)%(j)** |  |  | **(239677823)** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - (4.9)%** |  |  | **(30373206)** |
|  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**624854146** |

---

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

AMT Alternative Minimum Tax

UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities
are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $275,717,087
or 29.7% 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) When-issued or delayed delivery security.

(e) Step-up coupon bond, a bond with a coupon that increases ("steps
up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments
in inverse floating rate transactions.

(g) 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.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **173** |

---

------

**Portfolio of Investments April 30, 2025** (continued)

**NDMO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(h) 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 2021A, 10.000%, 12/01/31.

(i) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it
as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market
index.

(j) MFP Shares, Net as a percentage of Total Investments is 25.8%.

---

| | |
|:---|:---|
| **174** | *See Notes to Financial Statements* |

---

------

## Statement of Assets and Liabilities

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **April 30, 2025 (Unaudited)** | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
|  **ASSETS** |  |  |  |  |  |
|  Long-term investments, at value<sup>†</sup>  | $4493488026 | $4020008842 | $1926295479 | $989234005 | $914680175 |
|  Affiliated investments, at value<sup>++</sup>  |  |  | 16516238 |  |  |
|  Short-term investments, at value<sup>à</sup>  | 76395000 |  |  |  | 13600000 |
|  Cash | 4660610 |  | 5738567 | 3669350 | 49339 |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 65160194 | 65150468 | 46488015 | 20641798 | 21345521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 15678920 | 10180238 | 28552545 | 2011997 | 828000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser |  |  | 4699 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | 872043 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of Vistra Vision interest<sup>#(1)</sup>  | 25010294 | 55934936 | 27765905 | 31770537 |  |
|  Deferred offering costs |  |  | 107875 | 122040 | 101094 |
|  Unfunded commitments |  |  | 2925580 | 2716770 | 560000 |
|  Other | 1240728 | 423983 | 93183 | 121795 | 34571 |
|  **Total assets** | **4681633772** | **4151698467** | **2055360129** | **1050288292** | **951198700** |
|  **LIABILITIES** |  |  |  |  |  |
|  Cash overdraft |  | 5537743 |  |  |  |
|  Floating rate obligations | 181785000 | 363825000 | 454147000 | 32990000 | 33375000 |
|  AMTP Shares, Net<sup>\*</sup>  |  |  | 356624119 |  |  |
|  MFP Shares, Net<sup>\*\*</sup>  | 515987220 | 640174241 |  | 403352306 | 239677823 |
|  VRDP Shares, Net<sup>\*\*\*</sup>  | 1234140481 | 673862828 |  |  |  |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2285136 | 2044584 | 1019348 | 758998 | 614397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 15887146 | 14589503 | 7259270 | 3514924 | 3432604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 4331533 | 9459687 | 9223086 | 778666 | 482439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 6197218 |  | 27628059 |  | 1128508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement | 11109793 |  | 4099315 | 6253650 | 47491403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs |  |  | 2705 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Vision sale transactions costs<sup>(1)</sup>  | 587186 | 1313228 | 651882 | 745902 |  |
|  Accrued expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 194320 | 159717 | 95320 | 57633 | 51936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor relations | 56955 | 48318 | 18371 | 11939 | 12036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 408804 | 301385 | 80404 | 34897 | 30585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15864 | 6165 | 16979 | 14269 | 14988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 75601 | 71417 | 33119 | 8053 | 17848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 17152 | 11094 | 3782 | 2282 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3087 | 8556 | 13365 | 19080 | 12693 |
|  **Total liabilities** | **1973082496** | **1711413466** | **860916124** | **448542599** | **326344554** |
|  **Commitments and contingencies<sup>(2)</sup>**  |  |  |  |  |  |
|  **Net assets applicable to common shares** | $**2708551276** | $**2440285001** | $**1194444005** | $**601745693** | $**624854146** |
|  Common shares outstanding | 213522362 | 193729050 | 114092371 | 54801890 | 59562212 |
|  Net asset value ("NAV") per common share outstanding | $12.69 | $12.60 | $10.47 | $10.98 | $10.49 |
|  **NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:** |  |  |  |  |  |
|  Common shares, $0.01 par value per share | $2135224 | $1937291 | $1140924 | $548019 | $595622 |
|  Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039341903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733104472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484185524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810659484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821446035 |
|  Total distributable earnings (loss) | (332925851) | (294756762) | (290882443) | (209461810) | (197187511) |
|  Net assets applicable to common shares | $2708551276 | $2440285001 | $1194444005 | $601745693 | $624854146 |
|  Authorized shares: |  |  |  |  |  |
|  Common | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
|  Preferred | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
|  <sup>†</sup> Long-term investments, cost | $4679195995 | $4018992494 | $2050039684 | $1085804862 | $957657576 |
|  <sup>++</sup> Affiliated investments, cost | $— | $— | $16995750 | $— | $— |
|  à Short-term investments, cost | $76395000 | $— | $— | $— | $13600000 |
|  <sup>\*</sup> AMTP Shares, liquidation preference | $– | $– | $357000000 | $– | $– |
|  <sup>\*\*</sup> MFP Shares, liquidation preference | $517400000 | $641000000 | $– | $404000000 | $240000000 |
|  \*\*\* VRDP Shares, liquidation preference | $1236600000 | $677000000 | $– | $– | $– |
|  <sup>#</sup> Net of discount of | $1679984 | $3757245 | $1865083 | $2134081 | $– |

---

*See Notes to Financial Statements* 

**175** 

------

**Statement of Assets and Liabilities** (continued)

(1) Refer to Note 4 of the Notes to Financial Statements for more information.

(2) As disclosed in Notes to Financial Statements.

*See Notes to Financial Statements* 

**176** 

------

## Statement of Operations

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months Ended April 30, 2025 (Unaudited)** | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
|  **INVESTMENT INCOME** |  |  |  |  |  |
|  Dividends from affiliated investments | $— | $— | $46020 | $— | $— |
|  Interest | 112780789 | 104706411 | 54805831 | 30418073 | 23735270 |
|  Total investment income | 112780789 | 104706411 | 54851851 | 30418073 | 23735270 |
|  **EXPENSES** |  |  |  |  |  |
|  Management fees | 14242457 | 12683888 | 6407376 | 4730375 | 3802611 |
|  Shareholder servicing agent fees | 80357 | 45336 | 11683 | 7037 | 7122 |
|  Interest expense and amortization of offering costs | 31257243 | 32748248 | 15505292 | 8951494 | 5227565 |
|  Trustees fees | 83686 | 70905 | 29425 | 19192 | 16200 |
|  Custodian expenses, net | 208811 | 166236 | 107160 | 61189 | 53981 |
|  Excise tax liability expense | 34261 | 48102 | 68095 | 101635 | 143075 |
|  Investor relations expenses | 303820 | 280970 | 94222 | 48324 | 65669 |
|  Liquidity fees | 4617504 | 598108 |  | 409663 |  |
|  Professional fees | 114841 | 112734 | 121783 | 120388 | 51963 |
|  Remarketing fees | 1282429 | 36297 |  | 50278 |  |
|  Shareholder reporting expenses | 59742 | 58612 | 23927 | 8881 | 10690 |
|  Stock exchange listing fees | 33525 | 30417 | 17356 | 8608 | 9521 |
|  Other | 203849 | 53342 | 35904 | 34065 | 28163 |
|  Total expenses | 52522525 | 46933195 | 22422223 | 14551129 | 9416560 |
|  **Net investment income (loss)** | **60258264** | **57773216** | **32429628** | **15866944** | **14318710** |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
|  Realized gain (loss) from: |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (12712118) | (529586) | (8460322) | (2168164) | (1762392) |
|  Net realized gain (loss) | (12712118) | (529586) | (8460322) | (2168164) | (1762392) |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (146167989) | (141684673) | (60390827) | (31774479) | (26176197) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | (479512) |  |  |
|  Net change in unrealized appreciation (depreciation) | (146167989) | (141684673) | (60870339) | (31774479) | (26176197) |
|  Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158880107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142214259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69330661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33942643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27938589) |
|  **Net increase (decrease) in net assets applicable to common shares from operations** | $**(98621843)** | $**(84441043)** | $**(36901033)** | $**(18075699)** | $**(13619879)** |

---

*See Notes to Financial Statements* 

**177** 

------

## Statement of Changes in Net Assets

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NVG** | **NVG** | **NZF** | **NZF** |
| | **Unaudited**<br> **Six Months Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited**<br> **Six Months Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $60258264 | $111107092 | $57773216 | $106735265 |
|  Net realized gain (loss) | (12712118) | 21670247 | (529586) | 49594574 |
|  Net change in unrealized appreciation (depreciation) | (146167989) | 422871895 | (141684673) | 294425217 |
|  Net increase (decrease) in net assets applicable to common shares from operations | (98621843) | 555649234 | (84441043) | 450755056 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |  |  |
|  Dividends | (101209600) | (117345621) | (92408757) | (118816675) |
|  Return of Capital | – | (46959837) | – | (31517069) |
|  Total distributions | (101209600) | (164305458) | (92408757) | (150333744) |
|  Net increase (decrease) in net assets applicable to common shares | (199831443) | 391343776 | (176849800) | 300421312 |
|  Net assets applicable to common shares at the beginning of the period | 2908382719 | 2517038943 | 2617134801 | 2316713489 |
|  **Net assets applicable to common shares at the end of the period** | $**2708551276** | $**2908382719** | $**2440285001** | $**2617134801** |

---

*See Notes to Financial Statements* 

**178** 

------

**Statement of Changes in Net Assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NMZ** | **NMZ** | **NMCO** | **NMCO** |
| | **Unaudited**<br> **Six Months Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited**<br> **Six Months Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $32429628 | $61997848 | $15866944 | $30489604 |
|  Net realized gain (loss) | (8460322) | (17293455) | (2168164) | 30457604 |
|  Net change in unrealized appreciation (depreciation) | (60870339) | 214081537 | (31774479) | 67087425 |
|  Net increase (decrease) in net assets applicable to common shares from operations | (36901033) | 258785930 | (18075699) | 128034633 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |  |  |
|  Dividends | (44273489) | (63599238) | (22523577) | (29926147) |
|  Return of Capital | – | (7214783) | – | (7037728) |
|  Total distributions | (44273489) | (70814021) | (22523577) | (36963875) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Common shares: |  |  |  |  |
|  Proceeds from shelf offering, net of offering costs | 26191323 | 12444070 |  | (8194) |
|  Reinvestments of distributions | 702386 | 160070 |  |  |
|  Net increase (decrease) applicable to common shares from capital share transactions | 26893709 | 12604140 |  | (8194) |
|  Net increase (decrease) in net assets applicable to common shares | (54280813) | 200576049 | (40599276) | 91062564 |
|  Net assets applicable to common shares at the beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248724818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048148769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642344969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551282405 |
|  **Net assets applicable to common shares at the end of the period** | $**1194444005** | $**1248724818** | $**601745693** | $**642344969** |

---

*See Notes to Financial Statements* 

**179** 

------

**Statement of Changes in Net Assets** (continued)

---

| | | |
|:---|:---|:---|
|  | **NDMO** | **NDMO** |
| | **Unaudited**<br> **Six Months Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $14318710 | $26801898 |
|  Net realized gain (loss) | (1762392) | 6500180 |
|  Net change in unrealized appreciation (depreciation) | (26176197) | 88144732 |
|  Net increase (decrease) in net assets applicable to common shares from operations | (13619879) | 121446810 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |
|  Dividends | (22157143) | (25873142) |
|  Return of Capital | – | (18441144) |
|  Total distributions | (22157143) | (44314286) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Common shares: |  |  |
|  Proceeds from shelf offering, net of offering costs |  | (5522) |
|  Net increase (decrease) applicable to common shares from capital share transactions |  | (5522) |
|  Net increase (decrease) in net assets applicable to common shares | (35777022) | 77127002 |
|  Net assets applicable to common shares at the beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660631168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583504166 |
|  **Net assets applicable to common shares at the end of the period** | $**624854146** | $**660631168** |

---

*See Notes to Financial Statements* 

**180** 

------

## Statement of Cash Flows

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months Ended April 30, 2025 (Unaudited)** | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |  |  |
|  **Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations** | $(98621843) | $(84441043) | $(36901033) | $(18075699) | $(13619879) |
|  Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: |  |  |  |  |
|  Purchases of investments | (656717131) | (285255890) | (229742411) | (125801746) | (264550618) |
|  Proceeds from sale and maturities of investments | 754151276 | 305096458 | 195553812 | 141520087 | 232766783 |
|  Proceeds from (Purchase of) short-term investments, net | (76395000) |  | 8660000 |  | (4600000) |
|  Taxes paid |  |  |  |  | (5400) |
|  Amortization (Accretion) of premiums and discounts, net | (10564901) | (13366613) | (5103115) | (4698565) | 8612 |
|  Amortization of deferred offering costs | 102625 | 122349 | 887894 | 95191 | 42853 |
| (Increase) Decrease in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for interest | (1278345) | (6428345) | (4802108) | (1319116) | (1281974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 51710779 | (2558610) | (25321448) | 11511050 | 9637000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for reimbursement from Adviser |  |  | (4699) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for sale of Vistra Vision | 16466987 | 36828029 | 18281304 | 20917989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 42190 | 42272 | (6803) | (20114) | (1076) |
|  Increase (Decrease) in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for interest | 1532256 | 4007957 | 3152503 | 551293 | 260503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - regular settlement | 6034303 |  | 27628059 |  | (7303716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - when-issued/delayed-delivery settlement | (18198643) | (63426060) | (1127495) | (10149222) | 41647949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for management fees | (207709) | (166129) | (112501) | (55851) | (46030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Vistra Vision sale transactions costs | (410039) | (917042) | (455216) | (520871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian fees | (114391) | (74380) | (35883) | (25001) | (29906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investor relations fees | 53047 | 46288 | 8899 | 4580 | 11228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees fees | (77698) | (46345) | (4502) | (797) | (2517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | (20137) | (26627) | 898 | 11564 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reporting expenses | 2908 | 8893 | (4276) | (20595) | (7785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder servicing agent fees | 6190 | 4071 | 93 | 33 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shelf offering costs |  |  |  | (28614) | (29592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | (14882) | 7181 | 12083 | (9460) | (1142) |
|  Net realized (gain) loss from investments | 12712118 | 529586 | 8460322 | 2168164 | 1762392 |
|  Net realized (gain) loss from paydowns | (11980) | (21147) | (258726) | (444011) | (510127) |
|  Net change in unrealized (appreciation) depreciation of investments | 146167989 | 141684673 | 60390827 | 31774479 | 26176197 |
|  Net change in unrealized (appreciation) depreciation of affiliated investments |  |  | 479512 |  |  |
|  Net cash provided by (used in) operating activities | 126349969 | 31649526 | 19635990 | 47384768 | 20328170 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |  |  |
|  Proceeds from borrowings | 27806768 | 24200000 | 8688500 | 4286001 | 1945877 |
| (Repayments) of borrowings | (27806768) | (24200000) | (8688500) | (4286001) | (1945877) |
|  Proceeds from floating rate obligations | 280000 |  | 59632000 |  | 5275000 |
|  (Repayments of) floating rate obligations | (25435000) | (10295000) | (58560000) | (2970000) | (35000) |
|  (Repayments for) MFP Shares redeemed, at liquidation preference |  |  |  | (11000000) |  |
|  Increase (Decrease) in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash overdraft |  | 5537743 |  | (7206408) | (3363472) |
|  Cash distributions paid to common shareholders | (101244594) | (92415615) | (43442641) | (22513970) | (22134265) |
|  Proceeds from shelf offering | 115016 |  | 25337341 | (25040) | (21094) |
|  Net cash provided by (used in) financing activities | (126284578) | (97172872) | (17033300) | (43715418) | (20278831) |
|  **Net increase (decrease) in cash** | 65391 | (65523346) | 2602690 | 3669350 | 49339 |
|  Cash at the beginning of period | 4595219 | 65523346 | 3135877 |  |  |
|  Cash at the end of period | $4660610 | $— | $5738567 | $3669350 | $49339 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
|  Cash paid for interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29455338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28499884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12248257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925832 |
| Non-cash financing activities not included herein consists of reinvestments of common share distributions |  |  | 702386 |  |  |

---

*See Notes to Financial Statements* 

**181** 

------

## Financial Highlights

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | | **Common Share** | **Common Share** | **Common Share** |
| |<br>**Common**<br> **Share**<br> **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period** | **Net**<br> **Investment**<br> **Income (NII)**<br> **(Loss)<sup>(a)</sup>** | **Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** |<br>**From**<br> **NII** | **From Net**<br> **Realized**<br> **Gains** | **Return of**<br> **Capital** |<br>**Total** | **Discount**<br> **Per**<br> **Share**<br> **Repurchased**<br> **and Retired** | **Net Asset**<br> **Value,**<br> **End of**<br> **Period** | **Share**<br> **Price,** <br> **End of**<br> **Period** |
| **NVG** | | | | | | | | | | | |
|  4/30/25<sup>(d)</sup>  | $13.62 | $0.28 | $(0.74) | $(0.46) | $(0.47) | $— | $— | $(0.47) | $— | $12.69 | $11.92 |
|  10/31/24 | 11.79 | 0.52 | 2.08 | 2.60 | (0.55) |  | (0.22) | (0.77) |  | 13.62 | 12.79 |
|  10/31/23 | 12.19 | 0.53 | (0.40) | 0.13 | (0.53) |  |  | (0.53) |  | 11.79 | 10.03 |
|  10/31/22 | 17.28 | 0.73 | (5.01) | (4.28) | (0.78) | (0.03) |  | (0.81) |  | 12.19 | 11.03 |
|  10/31/21 | 16.76 | 0.82 | 0.60 | 1.42 | (0.81) | (0.09) |  | (0.90) |  | 17.28 | 17.29 |
| 10/31/20 | 17.17 | 0.82 | (0.41) | 0.41 | (0.79) | (0.03) |  | (0.82) |  | 16.76 | 15.62 |
| **NZF** |  |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup>  | 13.51 | 0.30 | (0.73) | (0.43) | (0.48) |  |  | (0.48) |  | 12.60 | 11.91 |
|  10/31/24 | 11.96 | 0.55 | 1.78 | 2.33 | (0.62) |  | (0.16) | (0.78) |  | 13.51 | 12.69 |
|  10/31/23 | 12.24 | 0.55 | (0.30) | 0.25 | (0.53) |  |  | (0.53) | —<sup>(f)</sup> | 11.96 | 10.10 |
|  10/31/22 | 16.98 | 0.71 | (4.72) | (4.01) | (0.73) |  |  | (0.73) |  | 12.24 | 10.83 |
|  10/31/21 | 15.96 | 0.78 | 1.03 | 1.81 | (0.79) |  |  | (0.79) |  | 16.98 | 16.73 |
| 10/31/20 | 16.63 | 0.80 | (0.71) | 0.09 | (0.76) |  |  | (0.76) |  | 15.96 | 14.74 |

---

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income
at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. <br>

**182** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** |
| **Common Share**<br> **Total Returns** | **Common Share**<br> **Total Returns** | | **Ratios to Average**<br>**Net Assets** | **Ratios to Average**<br>**Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>**  | **Based**<br> **on**<br> **Share**<br> **Price<sup>(b)</sup>**  |<br>**Net**<br> **Assets,**<br> **End of**<br> **Period (000)** | **Expenses<sup>(c)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(c)</sup>**  | <br>**Portfolio**<br> **Turnover**<br> **Rate** |
| (3.55)% | (3.22)% | $2708551 | 3.73%<sup>(e)</sup> | 4.27%<sup>(e)</sup> | 14% |
| 22.15 | 35.73 | 2908383 | 3.97 | 3.80 | 25 |
| 0.70 | (4.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| (25.56) | (32.54) | 2603767 | 2.16 | 4.83 | 19 |
| 8.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.65 | 3687336 | 1.52 | 4.70 | 12 |
| 2.53 | 0.06 | 3576356 | 1.98 | 4.89 | 15 |
| (3.32) | (2.49) | 2440285 | 3.70 <sup>(e)</sup> | 4.55 <sup>(e)</sup> | 7 |
| 19.50 | 33.80 | 2617135 | 3.88 | 4.03 | 16 |
| 1.62 | (2.35) | 2316713 | 3.87 | 4.14 | 26 |
| (24.20) | (31.77) | 2025136 | 2.20 | 4.78 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | 19.05 | 2414104 | 1.61 | 4.60 | 15 |
| 0.58 | (3.34) | 2267965 | 2.04 | 4.95 | 21 |

---

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to
preferred shares issued by the Fund, where applicable.

• The expense ratios reflect, among other things, all interest expenses and other costs related to preferred shares (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows: <br>

---

| | | |
|:---|:---|:---|
| | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** |
| | **NVG** | **NZF** |
| 4/30/25<sup>(d)</sup>  | 2.63%<sup>(e)</sup> | 2.63%<sup>(e)</sup> |
| 10/31/24 | 2.89 | 2.82 |
| 10/31/23 | 2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| 10/31/22 | 1.10 | 1.14 |
| 10/31/21 | 0.52 | 0.62 |
| 10/31/20 | 0.97 | 1.01 |

---

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

*See Notes to Financial Statements* 

**183** 

------

## Financial Highlights (continuted)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | | **Common Share** | **Common Share** | **Common Share** | **Common Share** |
| |<br>**Common**<br> **Share**<br> **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period** | **Net**<br> **Investment**<br> **Income (NII)**<br> **(Loss)<sup>(a)</sup>** | **Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** |<br>**From**<br> **NII** | **From Net**<br> **Realized**<br> **Gains** | **Return of**<br> **Capital** |<br>**Total** | **Shelf**<br> **Offering**<br> **Costs** | **Premium**<br> **per**<br> **Share**<br> **Sold**<br> **through**<br> **Shelf**<br> **Offering** | **Net Asset**<br> **Value,**<br> **End of**<br> **Period** | **Share**<br> **Price,** <br> **End of**<br> **Period** |
| **NMZ** | | | | | | | | | | | | |
|  4/30/25<sup>(d)</sup>  | $11.19 | $0.29 | $(0.62) | $(0.33) | $(0.39) | $— | $— | $(0.39) | $— | $— | $10.47 | $10.53 |
|  10/31/24 | 9.48 | 0.56 | 1.79 | 2.35 | (0.57) |  | (0.07) | (0.64) | —<sup>(f)</sup> | —<sup>(f)</sup> | 11.19 | 11.15 |
|  10/31/23 | 9.97 | 0.51 | (0.44) | 0.07 | (0.55) |  | (0.01) | (0.56) |  | —<sup>(f)</sup> | 9.48 | 8.37 |
|  10/31/22 | 14.53 | 0.70 | (4.53) | (3.83) | (0.75) |  |  | (0.75) | —<sup>(f)</sup> | 0.02 | 9.97 | 9.85 |
|  10/31/21 | 13.22 | 0.72 | 1.30 | 2.02 | (0.77) |  |  | (0.77) | —<sup>(f)</sup> | 0.06 | 14.53 | 14.71 |
| 10/31/20 | 14.04 | 0.70 | (0.82) | (0.12) | (0.73) |  |  | (0.73) | —<sup>(f)</sup> | 0.03 | 13.22 | 13.22 |
| **NMCO** |  |  |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup>  | 11.72 | 0.29 | (0.62) | (0.33) | (0.41) |  |  | (0.41) |  |  | 10.98 | 10.26 |
|  10/31/24 | 10.06 | 0.56 | 1.77 | 2.33 | (0.54) |  | (0.13) | (0.67) | —<sup>(f)</sup> |  | 11.72 | 11.10 |
|  10/31/23 | 11.15 | 0.46 | (0.93) | (0.47) | (0.61) |  | (0.01) | (0.62) | —<sup>(f)</sup> | —<sup>(f)</sup> | 10.06 | 8.67 |
|  10/31/22 | 15.47 | 0.78 | (4.36) | (3.58) | (0.74) |  |  | (0.74) | —<sup>(f)</sup> | —<sup>(f)</sup> | 11.15 | 10.39 |
|  10/31/21 | 12.81 | 0.82 | 2.58 | 3.40 | (0.74) |  |  | (0.74) |  | —<sup>(f)</sup> | 15.47 | 15.04 |
| 10/31/20 | 15.08 | 0.71 | (2.25) | (1.54) | (0.73) |  |  | (0.73) |  |  | 12.81 | 11.68 |

---

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income
at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. <br>

**184** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** |
| **Common Share**<br> **Total Returns** | **Common Share**<br> **Total Returns** | | **Ratios to Average**<br> **Net Assets** | **Ratios to Average**<br> **Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>**  | **Based**<br> **on**<br> **Share**<br> **Price<sup>(b)</sup>**  |<br>**Net**<br> **Assets,**<br> **End of**<br> **Period (000)** | **Expenses<sup>(c)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(c)</sup>**  |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| (2.96)% | (2.13)% | $1194444 | 3.66%<sup>(e)</sup> | 5.28%<sup>(e)</sup> | 10% |
| 24.79 | 41.44 | 1248725 | 3.81 | 5.01 | 25 |
| 0.13 | (10.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048149 | 3.75 | 4.74 | 27 |
| (27.13) | (28.88) | 1092984 | 2.05 | 5.61 | 30 |
| 15.80 | 17.32 | 1404752 | 1.43 | 5.13 | 6 |
| (0.49) | (1.84) | 1097418 | 1.68 | 5.19 | 10 |
| (2.95) | (4.01) | 601746 | 4.62 <sup>(e)</sup> | 5.03 <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| 23.33 | 36.29 | 642345 | 4.74 | 4.76 | 38 |
| (4.85) | (11.69) | 551282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78 | 3.96 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26.91) | 610501 | 2.74 | 5.69 | 30 |
| 26.91 | 35.55 | 824271 | 2.18 | 5.52 | 12 |
| (10.33) | (19.78) | 682510 | 2.41 | 5.24 | 70 |

---

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to
preferred shares issued by the Fund, where applicable.

• The expense ratios reflect, among other things, all interest expenses and other costs related to preferred shares (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows: <br>

---

| | | |
|:---|:---|:---|
| | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** |
| | **NMZ** | **NMCO** |
| 4/30/25<sup>(d)</sup>  | 2.53%<sup>(e)</sup> | 2.98%<sup>(e)</sup> |
| 10/31/24 | 2.65 | 3.11 |
| 10/31/23 | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 |
| 10/31/22 | 0.93 | 1.21 |
| 10/31/21 | 0.36 | 0.72 |
| 10/31/20 | 0.66 | 0.10 |

---

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

*See Notes to Financial Statements* 

**185** 

------

## Financial Highlights (continuted)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | | **Common Share** | **Common Share** | **Common Share** | **Common Share** |
| |<br>**Common**<br> **Share**<br> **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period** | **Net**<br> **Investment**<br> **Income (NII)**<br> **(Loss)<sup>(a)</sup>** | **Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** |<br>**From**<br> **NII** | **From Net**<br> **Realized**<br> **Gains** | **Return of**<br> **Capital** |<br>**Total** | **Shelf**<br> **Offering**<br> **Costs** | **Premium**<br> **per**<br> **Share**<br> **Sold**<br> **through**<br> **Shelf**<br> **Offering** | **Net Asset**<br> **Value,**<br> **End of**<br> **Period** | **Share**<br> **Price,**<br> **End of**<br> **Period** |
| **NDMO** | | | | | | | | | | | | |
|  4/30/25<sup>(d)</sup>  | $11.09 | $0.24 | $(0.47) | $(0.23) | $(0.37) | $— | $— | $(0.37) | $— | $— | $10.49 | $9.91 |
|  10/31/24 | 9.80 | 0.45 | 1.58 | 2.03 | (0.43) |  | (0.31) | (0.74) | —<sup>(f)</sup> |  | 11.09 | 10.72 |
|  10/31/23 | 10.34 | 0.43 | (0.17) | 0.26 | (0.41) |  | (0.39) | (0.80) |  |  | 9.80 | 9.12 |
|  10/31/22 | 15.60 | 0.51 | (4.85) | (4.34) | (0.50) |  | (0.42) | (0.92) |  |  | 10.34 | 9.43 |
|  10/31/21 | 14.92 | 0.49 | 1.10 | 1.59 | (0.50) | (0.31) | (0.11) | (0.92) |  | 0.01 | 15.60 | 15.64 |
| 10/31/20<sup>(g)</sup> | 15.00 | 0.03 | (0.03) |  | (0.08) |  |  | (0.08) |  |  | 14.92 | 15.00 |

---

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income
at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. <br>

**186** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** |
| **Common Share**<br> **Total Returns** | **Common Share**<br> **Total Returns** | | **Ratios to Average**<br> **Net Assets** | **Ratios to Average**<br> **Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>**  | **Based**<br> **on**<br> **Share**<br> **Price<sup>(b)</sup>**  |<br>**Net**<br> **Assets,**<br> **End of**<br> **Period (000)** | **Expenses<sup>(c)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(c)</sup>**  | <br>**Portfolio**<br> **Turnover**<br> **Rate** |
|  (2.14)% | (4.18)% | $624854 | 2.92%<sup>(e)</sup> | 4.44%<sup>(e)</sup> | 26% |
| 20.99  | 26.01 | 660631 | 2.99 | 4.08 | 81 |
| 1.96  | 4.45 | 583504 | 2.76 | 3.97 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28.77)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615154 | 2.07 | 3.78 | 61 |
| 10.77  | 10.47 | 913547 | 1.55 | 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| (0.02) | 0.51 | 846790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 <sup>(e)</sup> | 1.06 <sup>(e)</sup> | 4 |

---

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to
preferred shares issued by the Fund, where applicable.

• The expense ratios reflect, among other things, all interest expenses and other costs related to preferred shares (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows: <br>

---

| | |
|:---|:---|
| | **Ratios of Interest**<br> **Expense to**<br> **Average Net Assets**<br> **Applicable**<br> **to Common Shares** |
| | **NDMO** |
| 4/30/25<sup>(d)</sup>  | 1.62%<sup>(e)</sup> |
| 10/31/24 | 1.68 |
| 10/31/23 | 1.54 |
| 10/31/22 | 0.75 |
| 10/31/21 | 0.33 |
| 10/31/20 | 0.03 |

---

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period August 26, 2020 (commencement of operations) through October 31, 2020.

*See Notes to Financial Statements* 

**187** 

------

## Financial Highlights (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information regarding each Fund's outstanding senior securities as of the end of each of the Fund's last five fiscal periods, as applicable.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMTP Shares** | **AMTP Shares** | **MFP Shares** | **MFP Shares** | **VRDP Shares** | **VRDP Shares** | |
| | **Aggregate**<br> **Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**<br> **(000)<sup>(a)</sup>**  | **Asset**<br> **Coverage**<br> **Per**<br> **$100,000**<br> **Share<sup>(b)</sup>**  | **Aggregate**<br> **Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**<br> **(000)<sup>(a)</sup>**  | **Asset**<br> **Coverage**<br> **Per**<br> **$100,000**<br> **Share<sup>(b),(c)</sup>**  | **Aggregate<br>Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**<br> **(000)<sup>(a)</sup>**  | **Asset**<br> **Coverage**<br> **Per**<br> **$100,000**<br> **Share<sup>(b)</sup>** | <br>**Asset**<br> **Coverage**<br> **Per $1**<br> **Liquidation**<br> **Preference<sup>(d)</sup>** |
|  **NVG** | | | | | | | |
|  4/30/25<sup>(e)</sup>  | $— | $— | $517400 | $254421 | $1236600 | $254421 | $2.54 |
|  10/31/24 |  |  | 517400 | 265814 | 1236600 | 265814 | 2.66 |
|  10/31/23 |  |  | 517400 | 243503 | 1236600 | 243503 | 2.44 |
|  10/31/22 |  |  | 610900 | 240935 | 1236600 | 240935 | 2.41 |
|  10/31/21 | 112000 | 291153 | 405400 | 291153 | 1411600 | 291153 | 2.91 |
|  10/31/20 | 112000 | 285399 | 405400 | 285399 | 1411600 | 285399 | 2.85 |
|  **NZF** |  |  |  |  |  |  |  |
|  4/30/25<sup>(e)</sup>  |  |  | 641000 | 285151 | 677000 | 285151 | 2.85 |
|  10/31/24 |  |  | 641000 | 298569 | 677000 | 298569 | 2.99 |
|  10/31/23 |  |  | 641000 | 275775 | 677000 | 275775 | 2.76 |
|  10/31/22 |  |  | 641000 | 243831 | 727000 | 243831 | 2.44 |
|  10/31/21 |  |  | 641000 | 276470 | 727000 | 276470 | 2.76 |
|  10/31/20 |  |  | 641000 | 265787 | 727000 | 265787 | 2.66 |

---

<sup>(a)</sup> Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. 

<sup>(b)</sup> Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. 

<sup>(c)</sup> NVG's Series B and Series C MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. The asset coverage per $1,000 share for NVG's Series B and Series C MFP Shares were as follows: 

---

| | |
|:---|:---|
| **NVG** | **Asset**<br> **Coverage**<br> **Per $1,000**<br> **<u>Share<sup>(f)</sup></u>**  |
| **Series B** |  |
| 4/30/25<sup>(e)</sup>  | $2544 |
| 10/31/24 | 2658 |
| 10/31/23 | 2435 |
| 10/31/22 | 2409 |
| 10/31/21 | 2912 |
| 10/31/20 | 2854 |
| **Series C** |  |
| 4/30/25<sup>(e)</sup>  | $2544 |
| 10/31/24 | 2658 |
| 10/31/23 | 2435 |
| 10/31/22 | 2409 |
| 10/31/21 |  |
| 10/31/20 |  |

---

<sup>(d)</sup> Includes all preferred shares presented for the Fund.

<sup>(e)</sup> Unaudited.

(f) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and
indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of
the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

**188** 

------

## Financial Highlights (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information regarding each Fund's outstanding senior securities as of the end of each of the Fund's last five fiscal periods, as applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Borrowings** | **Borrowings** | **AMTP Shares** | **AMTP Shares** | **MFP Shares** | **MFP Shares** |
| | **Aggregate**<br> **Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**<br> **(000)<sup>(a)</sup>**  | **Asset**<br> **Coverage**<br> **Per $1,000**<br> **Share<sup>(b)</sup>**  | **Aggregate**<br> **Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**<br> **(000)<sup>(a)</sup>**  | **Asset**<br> **Coverage**<br> **Per**<br> **$100,000**<br> **Share<sup>(c)</sup>**  | **Aggregate**<br> **Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**<br> **(000)<sup>(a)</sup>**  | **Asset**<br> **Coverage**<br> **Per**<br> **$100,000**<br> **Share<sup>(c)</sup>**  |
|  **NMZ** | | | | | | |
|  4/30/25<sup>(d)</sup>  | $— | $— | $357000 | $434578 | $— | $— |
|  10/31/24 |  |  | 357000 | 449783 |  |  |
|  10/31/23 |  |  | 357000 | 393599 |  |  |
|  10/31/22 |  |  | 357000 | 406158 |  |  |
|  10/31/21 |  |  | 257000 | 646596 |  |  |
|  10/31/20 |  |  | 87000 | 1361400 |  |  |
|  **NMCO** |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup>  |  |  |  |  | 404000 | 248947 |
|  10/31/24 |  |  |  |  | 415000 | 254782 |
|  10/31/23 |  |  |  |  | 430000 | 228205 |
|  10/31/22 |  |  |  |  | 450000 | 237489 |
|  10/31/21 |  |  |  |  | 450000 | 283171 |
|  10/31/20 |  |  |  |  | 450000 | 251669 |
|  **NDMO** |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup>  |  |  |  |  | 240000 | 360356 |
|  10/31/24 |  |  |  |  | 240000 | 375263 |
|  10/31/23 |  |  |  |  | 240000 | 343127 |
|  10/31/22 |  |  |  |  | 240000 | 356314 |
|  10/31/21 | 191900 | 5761 |  |  |  |  |
|  10/31/20<sup>(e)</sup>  |  |  |  |  |  |  |

---

(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of
the relevant fiscal year.

(b) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and
indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of
the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(c) Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities
and indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate
of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

(d) Unaudited.

(e) For the period August 26, 2020 (commencement of operations) through October 31, 2020.

**189** 

------

## Notes to Financial Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**(Unaudited)**

**1.** **General Information** 

**Fund Information:** The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen AMT-Free Municipal Credit Income Fund (NVG)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Municipal Credit Income Fund (NZF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Municipal High Income Opportunity Fund (NMZ)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Municipal Credit Opportunities Fund (NMCO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Dynamic Municipal Opportunities Fund (NDMO)

The Funds are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as closed-end management investment companies. NVG, NZF, NMZ, NMCO and NDMO were organized as Massachusetts business trusts on July 12, 1999, March 21, 2001, October 8, 2003, April 18, 2019 and November 4, 2019, respectively.

**Current Fiscal Period:** The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2025 (the "current fiscal period").

**Investment Adviser and Sub-Adviser:** The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolio, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

**2.** **Significant Accounting Policies** 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value ("NAV") for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

**Compensation:** The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

**Custodian Fee Credit:** As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the current reporting period, the Funds did not receive any custodian fee credits.

**Distributions to Common Shareholders:** Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares (stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode.

**190** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Indemnifications:** Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**Investments and Investment Income:** Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.

**Netting Agreements:** In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

**Segment Reporting:** In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

**New Accounting Pronouncement:** In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**3.** **Investment Valuation and Fair Value Measurements** 

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. 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).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

**191** 

------

**Notes to Financial Statements** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NVG** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $4493115149 | $13042 | $4493128191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 359835 | 359835 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 76395000 |  | 76395000 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569510149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569883026 |
| **NZF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $4019761206 | $3662 | $4019764868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 243974 | 243974 |
| Total | $– | $4019761206 | $247636 | $4020008842 |
| **NMZ** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $– | $– | $– \* | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 16516238 |  |  | 16516238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 1926231109 | 3948 | 1926235057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 60422 | 60422 |
| Unfunded Commitments\*\* |  |  | 2925580 | 2925580 |
| Total | $16516238 | $1926231109 | $2989950 | $1945737297 |
| **NMCO** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $989215280 | $18693 | $989233973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 32 | 32 |
| Unfunded Commitments\*\* |  |  | 2716770 | 2716770 |
| Total | $– | $989215280 | $2735495 | $991950775 |

---

**192** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NDMO** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $– | $9548041 | $434598 | $9982639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 904697383 | 140 | 904697523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  |  | 13 | 13 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 13600000 |  | 13600000 |
| Unfunded Commitments\*\* |  |  | 560000 | 560000 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927845424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928840175 |

---

\* Value equals zero as of the end of the reporting period.

\*\* Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds' liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described later in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which is not reflected in the tables above. The carrying value of this receivable approximates fair value. The "Receivable for sale of Vistra Vision interest" is generally classified as Level 2 and further described in these Notes to Financial Statements.

**4.** **Portfolio Securities** 

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

**193** 

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**Notes to Financial Statements** (continued)

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As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Floating Rate<br> Obligations: Self-<br>Deposited<br>Inverse Floaters** | **Floating Rate<br>Obligations:<br> Externally-Deposited<br>Inverse Floaters** | **Total** |
|  **NVG** | $181785000 | $8160000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189945000 |
|  **NZF** | 363825000 | 11080000 | 374905000 |
|  **NMZ** | 454147000 | 11290000 | 465437000 |
|  **NMCO** | 32990000 |  | 32990000 |
|  **NDMO** | 33375000 |  | 33375000 |

---

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Floating**<br> **Rate Obligations**<br> **Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Annual<br>Interest Rate**<br> **And Fees** |
|  **NVG** | $201426685 | 3.35% |
|  **NZF** | 374121904 | 3.55 |
|  **NMZ** | 453807033 | 3.53 |
|  **NMCO** | 35154438 | 3.51 |
|  **NDMO** | 29998932 | 3.68 |

---

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as "shortfall payments"). Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

As of the end of the current fiscal period, the Funds maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

**194** 

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maximum Exposure**<br> **to Recourse Trusts:**<br> **Self-Deposited**<br> **Inverse Floaters** | **Maximum Exposure**<br> **to Recourse Trusts:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Externally-Deposited**<br> **Inverse Floaters** | **Total** |
|  **NVG** | $179980000 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179980000 |
|  **NZF** | 358875000 | 11080000 | 369955000 |
|  **NMZ** | 454147000 | 11290000 | 465437000 |
|  **NMCO** | 32990000 |  | 32990000 |
|  **NDMO** | 33375000 |  | 33375000 |

---

**Zero Coupon Securities:** A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

**Purchases and Sales:** Long-term purchases and sales during the current fiscal period were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Non-U.S.<br> Government<br>Purchases** | **Non-U.S.<br> Government Sales**<br> **and Maturities** |
|  **NVG** | $656717131 | $754151276 |
|  **NZF** | 285255890 | 305096458 |
|  **NMZ** | 229742411 | 195553812 |
|  **NMCO** | 125801746 | 141520087 |
|  **NDMO** | 264550618 | 232766783 |

---

Each Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Each Fund is entitled to purchase future Puerto Rico Electric Power Authority ("PREPA") bonds, which has been reflected as an unfunded commitment as of April 30, 2025. Any unrealized appreciation (depreciation) for an unfunded commitment is separately presented on the Statements of Assets and Liabilities. An unfunded commitment is priced at its fair market value and any unrealized appreciation (depreciation) is separately presented on the Statement of Assets and Liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Class** | **Principal<br>Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **NMZ** | Unfunded Commitments | $31832407 | $2925580 | $2925580 |
|  **NMCO** | Unfunded Commitments | 29758494 | 2716770 | 2716770 |
|  **NDMO** | Unfunded Commitments | 6114996 | 560000 | 560000 |

---

**Puerto Rico Electric Power Authority Bonds:** On March 28, 2025, the Financial Oversight and Management Board for Puerto Rico (the "FOMB") filed the Fifth Amended Plan of Adjustment (the "Fifth Amended Plan") that would reduce PREPA debt from approximately $10 billion to the equivalent of $2.6 billion of Base Consideration for creditors in cash or bonds, reflecting the projections and findings of a new PREPA fiscal plan that was certified by the FOMB on February 6, 2025.

Given the new PREPA fiscal plan along with proposed amendments outlined in the Fifth Amended Plan, greater uncertainty exists as to whether PREPA will issue new bonds (the "Bonds") in accordance with the terms of the previously agreed upon Forward Delivery Bond Purchase Agreement ("Bond Purchase Agreement") for which the Funds have participated as a member of the Ad Hoc Group of Consenting PREPA bondholders (the "Ad Hoc Group"). If PREPA terminates the Bond Purchase Agreement and instead participates in an alternative exit financing transaction, the Ad Hoc Group is entitled to a "break-up fee" equivalent to the difference between the principal amount of Bonds each member of the Ad Hoc Group committed to purchase and the estimated market value of the Bonds as of the termination date of the Bond Purchase Agreement and/or confirmation of the Fifth Amended Plan. Management is monitoring the impact of the Fifth Amended and ongoing developments on the valuation of the unfunded commitment and the existing PREPA bonds held by the Funds. Additionally, there is potential that certain income associated with this arrangement could be considered taxable to Fund shareholders based on the confirmation of the Fifth Amended Plan.

**Sale of Vistra Vision interests:** On September 18, 2024, Vistra Corp. ("Vistra") and Nuveen agreed to terms for the sale of the Vistra Vision interest. In exchange for its interest in Vistra Vision, the Funds will receive proceeds from the sale over a series of payments from Vistra through December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related transaction costs are recognized as "Receivable for sale of Vistra Vision interest" and "Payable for Vistra Vision sale transactions costs," respectively, on the Statement of Assets and Liabilities.

**195** 

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**Notes to Financial Statements** (continued)

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**5.** **Derivative Investments** 

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**Market and Counterparty Credit Risk:** In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

**6.** **Fund Shares** 

**Common Shares Equity Shelf Programs and Offering Costs:** The following Funds have filed a registration statement with the Securities and Exchange Commission ("SEC") authorizing each Fund to issue additional common shares through one or more equity shelf programs ("Shelf Offering"), which became effective with the SEC during current and prior fiscal periods.

Under this Shelf Offering, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund's NAV per common share. In the event the Fund's Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under each Fund's Shelf Offering during the Funds' current and prior fiscal period were as follows:

---

| | | |
|:---|:---|:---|
|  | **NVG** | **NVG** |
| | **Six Months<br>Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
| Maximum aggregate offering | Unlimited | Unlimited |
| Common shares sold |  |  |
| Offering proceeds, net of offering costs | $– | $– |
|  | **NMZ** | **NMZ** |
|  | **Six Months<br>Ended**<br> **4/30/25** | **Year Ended<br>10/31/24** |
| Maximum aggregate offering | Unlimited | Unlimited |
| Common shares sold | 2397700 | 1078509 |
| Offering proceeds, net of offering costs | $26191323 | $12444070 |
|  | **NMCO** | **NMCO** |
|  | **Six Months<br>Ended**<br> **4/30/25** | **Year Ended<br>10/31/24** |
| Maximum aggregate offering | $70100000 | $70,100,000\* |
| Common shares sold |  |  |
| Offering proceeds, net of offering costs | $– | $(8194) |
|  | **NDMO** | **NDMO** |
|  | **Six Months<br>Ended**<br> **4/30/25** | **Year Ended<br>10/31/24** |
| Maximum aggregate offering | $363900000 | $363,900,000\*\* |
| Common shares sold |  |  |
| Offering proceeds, net of offering costs | $– | $(5522) |

---

\* For the period October 3, 2024 through October 31, 2024. For the period November 1, 2023 through October 2, 2024 the maximum aggregate offering was 90,000,000.

**196** 

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\*\* For the period August 26, 2024 through October 31, 2024. For the period November 1, 2023 through August 25, 2024 the maximum aggregate offering was 250,000,000.

Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as "Deferred offering costs" on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any deferred offering costs remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of "Other expenses" on the Statement of Operations.

**Common Share Transactions:** Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:

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| | | |
|:---|:---|:---|
|  | **NMZ** | **NMZ** |
| | **Six Months<br>Ended<br>4/30/25** | **Year Ended<br>10/31/24** |
| Common Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold through shelf offering | 2397700 | 1078509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued to shareholders due to reinvestment of distributions | 63025 | 13799 |
| Total | 2460725 | 1092308 |
| Weighted average common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium to NAV per shelf offering common share sold | 1.25% | 1.23% |

---

**Preferred Shares** 

**Adjustable Rate MuniFund Term Preferred Shares:** NMZ has issued and has outstanding Adjustable Rate MuniFund Term Preferred ("AMTP") Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NMZ had $356,624,119 AMTP Shares at liquidation preference, net of deferred offering costs. Further details of the Fund's AMTP Shares outstanding as of the end of the reporting period, were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Series** | **Shares<br>Outstanding** | **Liquidation<br>Preference** |
| **NMZ** | 2028 | 870 | $87000000 |
|  | 2031 | 1700 | $170000000 |
|  | 2032 | 1000 | $100000000 |

---

The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.

In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund's AMTP Shares are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Notice**<br> **Period** | **Series** | **Term<br>Redemption Date** | **Premium<br>Expiration Date** |
| **NMZ** | 360-day | 2028 | March 1, 2028\* | August 31, 2018 |
|  | 360-day | 2031 | April 1, 2031\* | April 17, 2023 |
|  | 360-day | 2032 | June 1, 2032\* | June 8, 2023 |

---

\* Subject to early termination by either the Fund or the holder.

**197** 

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**Notes to Financial Statements** (continued)

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The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Average**<br> **Liquidation**<br> **Preference of**<br> **AMTP**<br> **Shares**<br> **Outstanding** | **Annualized<br>Dividend Rate** |
| **NMZ** | $357000000 | 4.22% |

---

AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the AMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of "AMTP Shares, Net" on the Statement of Assets and Liabilities.

AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of "Payable for interest" on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Costs incurred in connection with the Fund's offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of "AMTP Shares, Net" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.

**MuniFund Preferred Shares:** NVG, NZF, NMCO and NDMO have issued and have outstanding MuniFund Preferred ("MFP") Shares, with a $100,000 ($1,000 for NVG's Series B and Series C) liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.

The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.

• Variable Rate Remarketed Mode ("VRRM") – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as "Remarketing fees" on the Statement of Operations.

• Variable Rate Mode ("VRM") – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed "spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.

• Variable Rate Demand Mode ("VRDM") – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement Operations.

**198** 

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For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of "MFP Shares, Net" on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on "Payable for interest" on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.

Costs incurred in connection with the Fund's offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of "MFP Shares, Net" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.

As of the end of the reporting period, NVG, NZF, NMCO and NDMO had $515,987,220, $640,174,241, $403,352,306 and $239,677,823 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund's MFP Shares outstanding as of the end of the reporting period, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Series** | **Shares<br>Outstanding** | **Liquidation<br>Preference** | **Term<br>Redemption Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mode** | **Mode<br>Termination Date** |
| **NVG** | A | 674 | $67400000 | January 3, 2028 | VRM | N/A\* |
|  | B | 2000 | $200000000 | March 1, 2029 | VRRM | March 1, 2029 |
|  | C | 2500 | $250000000 | December 1, 2031 | VRRM | December 1, 2031 |
| **NZF** | A | 1500 | $150000000 | May 1, 2047 | VRM | April 29, 2026 |
|  | B | 1550 | $155000000 | February 3, 2048 | VRM | February 3, 2048\* |
|  | C | 3360 | $336000000 | June 1, 2048 | VRM | N/A |
| **NMCO** | A | 1000 | $100000000 | October 1, 2031 | VRDM | N/A |
|  | B | 2050 | $205000000 | October 1, 2031 | VRM | N/A |
|  | C | 990 | $99000000 | October 1, 2031 | VRM | May 17, 2028 |
| **NDMO** | A | 2400 | $240000000 | September 1, 2032 | VRM | September 1, 2032 |

---

\* Subject to earlier termination by either the Fund or the holder.

The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Average**<br> **Liquidation**<br> **Preference of MFP**<br> **Shares**<br> **Outstanding** | **Annualized<br> Dividend Rate** |
| **NVG** | $517400000 | 3.55% |
| **NZF** | 641000000 | 3.99 |
| **NMCO** | 414453039 | 3.99 |
| **NDMO** | 240000000 | 3.94 |

---

**Variable Rate Demand Preferred Shares:** The following Funds have issued and have outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NVG and NZF had $1,234,140,481 and $673,862,828 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds' VRDP Shares outstanding as of the reporting period, were as follows:

**199** 

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**Notes to Financial Statements** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Series** | **Shares<br>Outstanding** | **Remarketing**<br> **Fees\*** | **Liquidation<br>Preference** | **Special Rate<br>Period Expiration** | **Maturity** |
| **NVG** | 1 | 1790 | 0.10% | $179000000 | N/A | December 1, 2043 |
|  | 2 | 2954 | 0.10% | $295400000 | N/A | December 1, 2040 |
|  | 4 | 1800 | 0.10% | $180000000 | N/A | June 1, 2046 |
|  | 5 | 2955 | 0.10% | $295500000 | N/A | December 1, 2040 |
|  | 6 | 2867 | 0.10% | $286700000 | N/A | December 1, 2040 |
| **NZF** | 1 | 2688 | N/A\*\* | $268800000 | March 1, 2040\*\*\* | March 1, 2040 |
|  | 2 | 2622 | N/A\*\* | $262200000 | March 1, 2040\*\*\* | March 1, 2040 |
|  | 3 | 1460 | 0.05% | $146000000 | N/A | June 1, 2040 |

---

\* Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series. 

\*\* Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.

\*\*\* Subject to earlier termination by either the Fund or the holder.

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.

NZF's Series 1 and Series 2 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by designated liquidity provider, or the Board may approve a subsequent special rate period. The fair value of Special Rate VRDP Shares is expected to approximate their liquidation preference so long as the fixed "spread" on the shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Average**<br> **Liquidation**<br> **Preference of**<br> **VRDP**<br> **Shares**<br> **Outstanding** | **Annualized<br>Dividend Rate** |
|  **NVG** | $1236600000 | 3.07% |
|  **NZF** | 677000000 | 4.00 |

---

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of "VRDP Shares, Net" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Payable for interest" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "VRDP Shares, Net" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.

**Preferred Share Transactions:** Transactions in preferred shares during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.

Transactions in MFP Shares for the Funds, where applicable, were as follows:

**200** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended** <br> **April 30, 2025** | **Six Months Ended** <br> **April 30, 2025** | **Six Months Ended** <br> **April 30, 2025** |
| <br>**NMCO** | **Series** | **Shares** | **Amount** |
| MFP Shares redeemed | C | (110) | (11000000) |
|  | **Year Ended** <br> **October 31, 2024** | **Year Ended** <br> **October 31, 2024** | **Year Ended** <br> **October 31, 2024** |
| **NMCO** | **Series** | **Shares** | **Amount** |
| MFP Shares redeemed | C | (350) | (35000000) |

---

**7. Income Tax Information**

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NVG, the AMT applicable to individuals to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross**<br> **Unrealized<br>(Depreciation)** | **Net**<br> **Unrealized**<br> **Appreciation<br>(Depreciation)** |
| **NVG** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569170212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93159957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274231602) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181071645) |
| **NZF** | 3654663475 | 100962701 | (99442275) | 1520426 |
| **NMZ** | 1609001957 | 31463885 | (151801125) | (120337240) |
| **NMCO** | 1051199659 | 19118471 | (114074125) | (94955654) |
| **NDMO** | 937152729 | 11652041 | (53899595) | (42247554) |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Tax-Exempt**<br> **Income<sup>1</sup>**  | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term**<br> **Capital Gains** | **Unrealized<br>Appreciation**<br> **(Depreciation)** | **Capital Loss<br>Carryforwards** | **Late-Year Loss<br>Deferrals** | **Other**<br> **Book-to-Tax<br>Differences** | **Total** |
|  **NVG** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(10478967) | $(105834118) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16868267) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133094408) |
|  **NZF** |  | 229058 |  | 189702846 | (292437405) |  | (15401460) | (117906961) |
|  **NMZ** |  | 256873 |  | (33751280) | (169395522) |  | (7297504) | (210187433) |
|  **NMCO** |  | 411394 |  | (34645847) | (130850406) |  | (3777675) | (168862534) |
|  **NDMO** |  | 681310 |  | (15875256) | (142506180) |  | (3715763) | (161415889) |

---

<sup>1</sup> Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared on October 1, 2024 and paid on November 1, 2024.

**201** 

------

**Notes to Financial Statements** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
| **NVG<sup>1</sup>** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104302352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105834118 |
| **NZF<sup>1</sup>** | 172160901 | 120276504 | 292437405 |
| **NMZ** | 43533176 | 125862346 | 169395522 |
| **NMCO** | 84341090 | 46509316 | 130850406 |
| **NDMO** | 56405135 | 86101045 | 142506180 |

---

<sup>1</sup> A portion of NVG's and NZF's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

**8.** **Management Fees and Other Transactions with Affiliates** 

**Management Fees:** Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Daily Managed Assets\*** | **NVG**<br> **NZF<br>Fund-Level Fee<br>Rate** | **NMZ<br>Fund-Level Fee<br>Rate** | **NMCO<br>Fund-Level Fee<br>Rate** | **NDMO<br>Fund-Level Fee<br>Rate** |
| For the first $125 million | 0.5000% | 0.5500% | 0.7500% | 0.7000% |
| For the next $125 million | 0.4875 | 0.5375 | 0.7375 | 0.6875 |
| For the next $250 million | 0.4750 | 0.5250 | 0.7250 | 0.6750 |
| For the next $500 million | 0.4625 | 0.5125 | 0.7125 | 0.6625 |
| For the next $1 billion | 0.4500 | 0.5000 | 0.7000 | 0.6500 |
| For the next $3 billion | 0.4250 | 0.4750 | 0.6750 | 0.6250 |
| For managed assets over $5 billion | 0.4125 | 0.4625 | 0.6625 | 0.6125 |

---

The annual complex-level fee, payable monthly, for each Fund was calculated according to the following schedule:

---

| | |
|:---|:---|
| **Complex-Level Asset Breakpoint Level\*** | **Complex-Level Fee** |
| For the first $124.3 billion | 0.1600% |
| For the next $75.7 billion | 0.1350 |
| For the next $200 billion | 0.1325 |
| For eligible assets over $400 billion | 0.1300 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. 

As of the end of the reporting period, the annual complex-level fee for each Fund was as follows:

**202** 

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---

| | |
|:---|:---|
| **Fund** | **Complex-Level Fee** |
| **NVG** | 0.1585% |
| **NZF** | 0.1585% |
| **NMZ** | 0.1585% |
| **NMCO** | 0.1585% |
| **NDMO** | 0.1585% |

---

Other Transactions with Affiliates: Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** |
| **NVG** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| **NZF** |  |  |  |
| **NMZ** | 16260834 |  |  |
| **NMCO** | 4611744 | 3677400 | (459297) |
| **NDMO** | – | – | – |

---

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. Information regarding transactions with affiliated companies is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issue** | **Value at<br>10/31/24** | **Purchases**<br> **Cost** | **Sales**<br> **Proceeds** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Shares at**<br> **4/30/25** | **Value at<br>4/30/25** | **Dividend<br>Income** |
| **NMZ** |  |  |  |  |  |  |  |  |
| **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
| Nuveen High Yield Municipal |  |  |  |  |  |  |  |  |
| Bond ETF | $– | $16995750 | $– | $– | $(479512) | 675000 | $16516238 | $46020 |
| Total | $– | $16995750 | $– | $– | $(479512) | 675000 | $16516238 | $46020 |

---

**9.** **Commitments and Contingencies** 

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when applicable.

From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds' rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds' financial statements.

**10.** **Borrowing Arrangements** 

**Committed Line of Credit:** The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser ("Participating Funds"), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to

**203** 

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**Notes to Financial Statements** (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2026 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. Each Fund's maximum outstanding balance during the utilization period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Maximum**<br> **Outstanding**<br> **Balance** |
| **NVG** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000000 |
| **NZF** | 24200000 |
| **NMZ** | 8688500 |
| **NMCO** | 4286001 |
| **NDMO** | 1945877 |

---

During the Funds' utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on Borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average<br>Daily Balance<br>Outstanding** | **Average Annual<br>Interest Rate** |
| **NVG** | 15 | $9720902 | 5.53% |
| **NZF** | 5 | 17160000 | 5.53 |
| **NMZ** | 2 | 8688500 | 5.53 |
| **NMCO** | 1 | 4286001 | 5.53 |
| **NDMO** | 2 | 1945877 | 5.53 |

---

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities, where applicable.

**11.** **Inter-Fund Borrowing and Lending** 

**Inter-Fund Borrowing and Lending:** The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

**204** 

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The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

**205** 

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## Shareholder Meeting Report
**(Unaudited)** 

The annual meeting of shareholders for NMCO was held on April 17, 2025; at this meeting the shareholders were asked to elect Board Members.

---

| | | |
|:---|:---|:---|
| | **NMCO** | **NMCO** |
| | Common<br> and Preferred<br> shares voting<br> together as a<br> class | Preferred<br> Shares voting<br> together as a<br> class |
|  **Approval of the Board Members was reached as follows:** |  |  |
| Michael A. Forrester |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 45975179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 935424 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 46910603 | – |
| Thomas J. Kenny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 46001231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 909372 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 46910603 | – |
| Robert L. Young |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 46000157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 910446 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 46910603 | – |
| Albin F. Moschner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For |  | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | – | 4150 |
| Margaret L. Wolff |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For |  | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | – | 4150 |

---

**206** 

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## Additional Fund Information
(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Board of Trustees** |  |  |  |  |  |  |
| Joseph A. Boateng | Michael A. Forrester | Thomas J. Kenny | Amy B.R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
| Loren M. Starr | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Adviser** | **Custodian** | **Legal Counsel** | **Independent Registered** | **Transfer Agent and** |
| Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler | **Public Accounting Firm** | **Shareholder Services** |
| 333 West Wacker Drive | & Trust Company | LLP | PricewaterhouseCoopers | Computershare Trust Company, |
| Chicago, IL 60606 | One Congress Street | Chicago, IL 60606 | LLP | N.A. |
|  | Suite 1 |  | One North Wacker Drive | 150 Royall Street |
|  | Boston, MA 02114-2016 |  | Chicago, IL 60606 | Canton, MA 02021 |
|  |  |  |  | (800) 257-8787 |

---

**Portfolio of Investments Information** Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.

**Nuveen Funds' Proxy Voting Information** You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

**CEO Certification Disclosure** Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

**Common Share Repurchases** Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NVG** | **NZF** | **NMZ** | **NMCO** | **NDMO** |
| Common shares repurchased | 0 | 0 | 0 | 0 | 0 |

---

**FINRA BrokerCheck:** The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

**207** 

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## Glossary of Terms Used in this Report
**(Unaudited)** 

**Average Annual Total Return:** This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

**Duration:** Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.

**Effective Leverage:** Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

**Industrial Development Revenue Bond (IDR):** A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.

**Leverage:** Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

**Net Asset Value (NAV) Per Share:** A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

**Pre-Refunded Bond/Pre-Refunding:** Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.

**Regulatory Leverage:** Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

**Tax Obligation/General Bonds:** Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.

**Tax Obligation/Limited Bonds:** Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn't have the ability to increase taxes by an unlimited amount to pay the bonds back.

**Total Investment Exposure:** Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

**Zero Coupon Bond:** A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at

**208** 

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issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

**209** 

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## Statement Regarding Basis for Approval of Investment Advisory Contract
**(Unaudited)** 

**Nuveen AMT-Free Municipal Credit Income Fund** 

**Nuveen Municipal Credit Income Fund** 

**Nuveen Municipal High Income Opportunity Fund** 

**Nuveen Municipal Credit Opportunities Fund** 

**Nuveen Dynamic Municipal Opportunities Fund** 

**The Approval Process** 

At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), including the Funds, and the group of funds advised by Teachers Advisors, LLC ("TAL" and all such funds, collectively, the "Nuveen funds") approved the renewal of the investment management agreements (each, an "Investment Management Agreement") with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). The Sub-Adviser is also an affiliate of the Adviser.

The Boards of Directors or Trustees of the Nuveen funds are each a "Board" or collectively the "Board" (as the context may dictate) and the directors or trustees (as the case may be) are each a "Board Member." The Board Members of each Board are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, each Board is deemed to be comprised of all disinterested Board Members. References to a Board and the Board Members are interchangeable.

In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively the "Fund Advisers" and each a "Fund Adviser." Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a "Fund" and, collectively, the "Funds").

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries; securities lending (as applicable); and closed-end fund market activity, capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value. The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe.

**210** 

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The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

**A. Nature, Extent and Quality of Services** 

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality of services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

**211** 

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**Statement Regarding Basis for Approval of Investment Advisory Contract** 

(continued)

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In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board considered that management actively monitors any discount from net asset value per share at which a fund's common stock trades and evaluates potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

**B. The Investment Performance of the Funds and Fund Advisers** 

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.

**212** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered, among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to build greater awareness and deepen understanding of closed-end funds. As applicable, the Board considered, among other things, the impact of leverage on a closed-end fund's common share earnings and total return.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Nuveen AMT-Free Municipal Credit Income Fund (the "AMT-Free Municipal Fund"), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and
five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and third quartile for the three-year period ended
December 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the
relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Nuveen Municipal Credit Income Fund (the "Municipal Credit Income Fund"), the Board considered that
although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its
Performance Peer Group for the one-year period, third quartile for the three-year period and first quartile for the five-year period ended December 31, 2024. In its review, the Board considered that the
Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the
Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Nuveen Municipal High Income Opportunity Fund (the "Municipal High Income Fund"), the Board considered
that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its
Performance Peer Group for the one- and three-year periods and second quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance
and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance
supported renewal of the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Nuveen Municipal Credit Opportunities Fund (the "Municipal Credit Opportunities Fund"), the Board
considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the
three-year period ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024 and ranked in the first quartile of its Performance Peer Group for the one-year period and third quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative
market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Nuveen Dynamic Municipal Opportunities Fund (the "Dynamic Municipal Fund"), the Board considered that
although the Fund's performance was below the performance of its benchmark and the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2024, the Fund outperformed its benchmark and
ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for
relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's
discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

**213** 

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**Statement Regarding Basis for Approval of Investment Advisory Contract** 

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C. Fees, Expenses and Profitability** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe"). In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and taxes) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further considered that differences between the applicable Fund and its Expense Universe, as well as changes to the composition of the Expense Universe from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage costs), as applicable, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered each closed-end fund's net total expense ratio and fees excluding investment-related costs and taxes. The Board also considered that the use of leverage may create a conflict of interest for the respective Adviser and Sub-Adviser given the increase of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the fund's return. The Board Members considered, however, that the Adviser and Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its common shareholders and by periodically reviewing with the Board the fund's performance and the impact of the use of leverage on that performance.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the AMT-Free Municipal Fund's actual management fee rate and
net total expense ratio were above the Expense Universe median, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the Municipal Credit Income Fund's actual management fee rate and net total expense ratio were above
the Expense Universe median, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the Municipal High Income Fund's contractual management fee rate and actual management fee rate were
each above the Expense Universe median, the Fund's net total expense ratio matched the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Municipal Credit Opportunities Fund's contractual management fee rate, actual management fee rate and net
total expense ratio were above the Expense Universe median. The Board, however, considered, among other things, that the Fund was launched, in part, due to its differentiation from other municipal products, the Fund's fees were initially
proposed in consideration of the Fund's unique mandates, the relative expense data reflected the differences in the Fund's investment strategy compared to the peer set, and the Fund's management fees on common assets and total
expenses continued to be lower than initial estimates prior to the Fund's launch.

**214** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Dynamic Municipal Fund's contractual management fee rate, actual management fee rate and net total expense
ratio were each above the Expense Universe median. The Board, however, considered, among other things, that the Fund was launched, in part, due to its differentiation from other municipal products, the Fund's fees were initially proposed in
consideration of the Fund's unique mandates, the relative expense data reflected the differences in the Fund's investment strategy compared to the peer set, and the Fund's management fees on common assets and total expenses continued
to be lower than initial estimates prior to the Fund's launch.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the Sub-Adviser) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both tbe Adviser and TAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with the Sub-Adviser) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

**215** 

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**Statement Regarding Basis for Approval of Investment Advisory Contract** 

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of their investment portfolios.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

**E. Indirect Benefits** 

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser (except as noted) may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

**F. Other Considerations** 

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

**216** 

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![LOGO](g947177dsp1.jpg)

## Nuveen:

## Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: **www.nuveen.com/closed-end-funds**

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Nuveen Securities, LLC, member FINRA and SIPC \| 333 West Wacker Drive \| Chicago, IL 60606 \| www.nuveen.com ESA-C-0425P 4476550

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**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

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**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

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**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

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**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

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**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

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**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

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| | |
|:---|:---|
| [(a)(3)](d947177dex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d947177dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d947177dex99906cert.htm) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d947177dex99906cert.htm) 

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Nuveen Municipal High Income Opportunity Fund</u> 

---

| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By:<br>| /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By:<br>| /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: July 7, 2025 | By:<br>| /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Municipal High
Income Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By:<br>| /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

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**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Municipal High
Income Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By:<br>| /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of the Nuveen Municipal High Income Opportunity Fund (the "Fund") on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By:<br>| /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: July 7, 2025 | By:<br>| /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---