1
Portfolio
of
Investments
January
31,
2025
NDMO
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
140.2%
(100.0%
of
Total
Investments)
10046005
CORPORATE
BONDS
-
1
.5
%
(
1
.1
%
of
Total
Investments)
10046005
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.5%
(1.1%
of
Total
Investments)
$
2,750,000
Care
New
England
Health
System
5
.500
%
09/01/26
$
2,685,729
3,000,000
Toledo
Hospital/The
6
.015
11/15/48
2,655,000
4,363,000
Toledo
Hospital/The
5
.325
11/15/28
4,277,475
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
9,618,204
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
(0.0%
of
Total
Investments)
477,476
(a),(b)
Benloch
Ranch
Improvement
Association
No
12022
9
.750
12/01/39
427,801
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
427,801
TOTAL
CORPORATE
BONDS
(Cost
$8,922,992)
10,046,005
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
903550416
MUNICIPAL
BONDS
-
138
.7
%
(
98
.9
%
of
Total
Investments)
903550416
ALABAMA
-
7.4%
(5.3%
of
Total
Investments)
5,000,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2023A,
(Mandatory
Put
10/01/30)
5
.250
01/01/54
5,317,952
2,360,000
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
2,668,205
475,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/40
518,778
585,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/41
635,105
705,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/42
761,987
705,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/43
758,244
705,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/44
754,920
565,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/45
603,102
870,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/49
919,430
1,000,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024A,
(AMT)
5
.000
06/01/54
1,011,896
1,650,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024B,
(AMT)
4
.750
12/01/54
1,621,465
4,515,000
(b)
Mobile
County,
Alabama,
Limited
Obligation
Warrants,
Gomesa
Projects,
Series
2020
4
.000
11/01/45
4,155,087
7,000,000
Southeast
Energy
Authority,
Alabama,
A
Cooperative
District
Energy
Supply
Revenue
Bonds
Series
2024A
5
.000
11/01/35
7,345,463
20,000,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
4,
Series
2022B-1,
(Mandatory
Put
8/01/28)
5
.000
05/01/53
20,755,046
500,000
UAB
Medicine
Finance
Authority,
Alabama,
Revenue
Bonds,
Series
2017B-2
5
.000
09/01/41
509,855
TOTAL
ALABAMA
48,336,535
ARIZONA
-
5.5%
(3.9%
of
Total
Investments)
7,650,000
(b)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021A
5
.000
07/01/51
7,000,910
1,500,000
(b)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Social
Bonds
?
Pensar
Academy
Project,
Series
2020
5
.000
07/01/55
1,375,299
4,500,000
(b)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1
4
.000
12/01/51
3,226,578
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
730,000
Arizona
Industrial
Development
Authority,
Senior
National
Charter
School
Revolving
Loan
Fund
Revenue
Bonds,
Social
Series
2023A
5
.250
%
11/01/48
$
775,372
730,000
Arizona
Industrial
Development
Authority,
Senior
National
Charter
School
Revolving
Loan
Fund
Revenue
Bonds,
Social
Series
2023A
5
.250
11/01/53
769,063
1,200,000
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
1,204,877
2,695,000
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
2,693,659
1,090,000
(b)
Coconino
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Flagstaff
Arts
&
Leadership
Academy
Project,
Refunding
Series
2020
5
.500
07/01/40
1,011,832
1,000,000
(b)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Ottawa
University
Projects,
Series
2020
5
.250
10/01/40
923,484
1,000,000
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
988,140
3,405,000
(b)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Northwest
Christian
School
Project,
Series
2020A
5
.000
09/01/55
2,926,198
5,265,000
(b),(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Refunding
Series
2020
5
.000
07/01/35
3,685,500
6,800,000
(b),(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Refunding
Series
2020
5
.000
07/01/40
4,760,000
4,545,000
(b)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Synergy
Public
Charter
School
Project,
Series
2020-1
5
.000
06/15/50
4,154,752
275,000
(b)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
American
Leadership
Academy
Project,
Series
2024
5
.000
06/15/64
263,150
TOTAL
ARIZONA
35,758,814
ARKANSAS
-
1.7%
(1.2%
of
Total
Investments)
4,500,000
(b)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
(AMT)
5
.450
09/01/52
4,645,909
6,500,000
(b)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
(AMT)
4
.500
09/01/49
6,451,995
TOTAL
ARKANSAS
11,097,904
CALIFORNIA
-
9.6%
(6.8%
of
Total
Investments)
1,960,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023C,
(Mandatory
Put
10/01/31)
5
.250
01/01/54
2,057,150
7,865,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E,
(Mandatory
Put
9/01/32)
5
.000
02/01/55
8,422,247
6,770,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
(Mandatory
Put
4/01/30)
5
.250
11/01/54
7,168,531
3,000,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024B,
(Mandatory
Put
12/01/32)
5
.000
01/01/55
3,164,755
4,500,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024D,
(Mandatory
Put
9/01/32)
5
.000
02/01/55
4,854,899
3,815,000
(b)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
2,512,225
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
6,290,000
(b)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
%
07/01/30
$
6,312,167
5,000,000
(b)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A
5
.125
07/01/55
4,250,147
465,000
(b)
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
Enso
Village,
Refunding
Green
Series
2021A
5
.000
11/15/46
444,749
2,000,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6
.500
06/01/54
1,997,162
1,000,000
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
The
James,
Senior
Series
2024A
6
.375
06/01/59
974,759
2,000,000
(b)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
?
Obligated
Group,
Series
2020A
5
.000
06/01/60
1,790,727
1,220,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.000
12/01/41
1,230,675
1,175,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
1,181,797
6,180,000
(b)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
5,351,256
275,000
Fontana,
California,
Special
Tax
Bonds,
Narra
Hills
Community
Facilities
District
109,
Refunding
Series
2024
5
.000
09/01/49
285,994
985,432
(c)
Northstar
Community
Services
District,
California,
California
Special
Tax
Bonds
Community
Facilities
District
1
Series
2006
1
.750
09/01/37
275,921
1,615,000
Pajaro
Valley
Health
Care
District,
Santa
Cruz
and
Monterey
Counties,
California,
General
Obligation
Bonds,
Social
Series
2024A
5
.000
09/01/54
1,659,074
1,070,000
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
1,148,185
1,070,000
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
1,101,313
1,790,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2024A,
(AMT)
5
.000
05/01/37
1,939,313
2,190,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2024A,
(AMT)
5
.000
05/01/38
2,358,281
750,000
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Taxable
Election
2020
Series
2020A-1
3
.165
06/15/41
580,360
1,200,000
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1,
Series
2024A
5
.000
09/01/49
1,253,680
TOTAL
CALIFORNIA
62,315,367
COLORADO
-
18.3%
(13.1%
of
Total
Investments)
2,370,000
64th
Avenue
ARI
Authority,
Adams
County,
Colorado,
Special
Revenue
Bonds,
Series
2020
6
.500
12/01/43
2,370,879
500,000
(b)
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2024
5
.750
12/01/54
507,918
1,060,000
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.000
12/01/50
1,059,998
2,285,000
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2020B
7
.750
12/15/50
2,196,616
5,220,000
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
5
.750
12/01/51
4,950,973
499,000
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A
4
.000
12/01/29
489,451
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,725,000
Belford
North
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020A
5
.500
%
12/01/50
$
1,552,397
1,000,000
Bennett
Ranch
Metropolitan
District
1,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax
Series
2021A
5
.000
12/01/51
897,367
500,000
(b)
Broadway
Park
North
Metropolitan
District
2,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2020
5
.000
12/01/40
485,300
1,000,000
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
826,491
1,450,000
Citadel
on
Colfax
Business
Improvement
District,
Aurora,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Senior
Series
2020A
5
.350
12/01/50
1,347,026
525,000
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
-
AGM
Insured
5
.250
12/01/49
576,901
655,000
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
-
AGM
Insured
5
.500
12/01/54
730,023
100,000
(b)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A
4
.000
07/01/41
85,568
100,000
(b)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A
4
.000
07/01/51
77,839
1,000,000
(b)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Global
Village
Academy
-
Northglenn
Project,
Series
2020
5
.000
12/01/50
942,170
500,000
(b),(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Cappella
of
Grand
Junction
Project,
Series
2019
5
.000
12/01/54
335,000
16,000,000
Colorado
International
Center
Metropolitan
District
8,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020
6
.500
12/01/50
15,592,314
500,000
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2,  Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Subordinate
Series
2024B
6
.125
12/15/54
497,020
2,280,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0
.000
12/01/31
1,321,409
1,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.000
11/15/31
1,083,273
1,355,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.500
11/15/38
1,506,688
4,000,000
(b)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6
.750
12/01/34
3,911,919
1,000,000
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014
6
.000
12/01/38
972,140
1,425,000
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
1,442,261
1,200,000
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
1,207,220
2,000,000
(b)
Future
Legends
Sports
Park
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.500
06/01/50
1,771,529
825,000
(b)
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
2,
Series
2024
5
.500
12/01/44
820,886
1,360,000
(b)
Hogback
Metropolitan
District,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2021A
5
.000
12/01/51
1,205,199
500,000
Independence
Water
&
Sanitation
District,
Elbert
County,
Colorado,
Special
Revenue
Bonds,
Refunding
and
Improvement
Series
2024
5
.125
12/01/33
488,657
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
5,250,000
Jefferson
Center
Metropolitan
District
1,
Arvada,
Jefferson
County,
Colorado,
Special
Revenue
Bonds,
Subordinate
Series
2020B
5
.750
%
12/15/50
$
5,298,185
2,000,000
Jones
District
Community
Authority
Board,
Centennial,
Colorado,
Special
Revenue
Convertible
Capital
Appreciaiton
Bonds,
Series
2020A
5
.750
12/01/50
1,876,676
1,000,000
Kinston
Metropolitan
District
5,
Loveland,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.125
12/01/50
967,569
1,500,000
(b)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
6
.125
12/01/44
1,463,755
1,200,000
(b)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
6
.625
12/01/56
1,186,573
1,030,000
Lanterns
Metropolitan
District
3,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
Capital
Appreciation
Series
2023A-2
8
.000
12/01/53
819,486
560,000
Lanterns
Metropolitan
District
3,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2023A-1
7
.250
12/01/53
590,977
3,000,000
(b)
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022
7
.375
11/01/52
3,046,080
500,000
Mayberry
Community
Authority,
Colorado
Springs,
El
Paso
County,
Colorado,
Special
Revenue
Bonds,
Series
2021A
5
.000
12/01/41
474,459
500,000
Mayberry
Community
Authority,
Colorado
Springs,
El
Paso
County,
Colorado,
Special
Revenue
Bonds,
Series
2021A
5
.000
04/15/51
447,366
480,000
Mountain
Sky
Metropolitan
District,
Fort
Lupton,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.000
12/01/49
450,990
2,000,000
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3
5
.000
12/01/40
2,008,458
1,000,000
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3
5
.250
12/01/50
1,005,505
1,810,000
Northfield
Metropolitan
District
2,
Fort
Collins,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.000
12/01/50
1,644,681
500,000
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
4
.000
12/01/29
479,097
1,250,000
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
12/01/39
1,205,878
285,000
(b)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
5
.000
12/01/51
246,355
1,100,000
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1
7
.500
12/01/52
1,114,675
925,000
Pinon
Pines
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020
5
.000
12/01/40
908,510
7,000,000
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022
6
.500
12/01/34
6,795,545
3,665,000
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/42
3,761,984
2,000,000
Rampart
Range
Metropolitan
District
5,
Lone
Tree,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Series
2021
4
.000
12/01/41
1,825,805
1,045,000
(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
1,015,599
2,320,000
Silverstone
Metropolitan
District
3,
Weld
County,
Colorado,
General
Obligation
and
Special
Revenue
Bonds,
Limited
Tax
Series
2023
7
.750
12/01/45
2,376,849
1,215,000
SouthGlenn
Metropolitan
District,
Colorado,
Special
Revenue
Bonds,
Refunding
Series
2016
5
.000
12/01/30
1,215,250
500,000
(b),(d)
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
363,347
502,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
District
2,
Subordinate
Series
2020B
7
.125
12/15/50
503,714
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,350,000
Sterling
Ranch
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020
5
.000
%
12/01/40
$
2,280,912
2,300,000
Sterling
Ranch
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020
5
.125
12/01/50
2,143,346
1,000,000
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
795,992
1,270,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5
.000
12/01/41
1,103,973
5,000,000
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
3,809,845
10,000,000
Velocity
Metropolitan
District
5,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-1
5
.375
12/01/50
9,500,689
1,500,000
Verve
Metropolitan
District
1,
Jefferson
County
and
the
City
and
County
of
Broomfield,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Limited
Tax
Series
2021
5
.000
12/01/51
1,287,744
2,200,000
(b)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2024A-2
8
.000
12/01/54
1,283,202
630,000
(b)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024
5
.750
12/01/44
626,182
2,000,000
(b)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4
.125
12/01/51
1,552,512
937,000
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
903,716
TOTAL
COLORADO
119,633,913
CONNECTICUT
-
1.6%
(1.2%
of
Total
Investments)
1,325,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
4
.000
07/01/34
1,331,211
1,250,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
4
.000
07/01/36
1,250,359
1,255,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2016B-1
2
.950
11/15/31
1,186,386
3,835,000
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2024G
5
.000
11/15/39
4,322,939
1,315,000
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2024G
5
.000
11/15/41
1,466,736
1,040,000
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2024G
5
.000
11/15/44
1,133,144
TOTAL
CONNECTICUT
10,690,775
DELAWARE
-
0.4%
(0.3%
of
Total
Investments)
400,000
(b)
Bridgeville,
Delaware,
Special
Obligation
Bonds,
Heritage
Shores
Special
Development
District,
Series
2024
5
.625
07/01/53
414,883
500,000
(e)
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B,
(UB)
4
.600
07/01/44
502,883
500,000
(e)
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B,
(UB)
4
.650
07/01/49
504,495
960,000
(e)
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B,
(UB)
4
.750
07/01/54
967,028
TOTAL
DELAWARE
2,389,289
DISTRICT
OF
COLUMBIA
-
0.0%
(0.0%
of
Total
Investments)
325,000
District
of
Columbia
Revenue
Bonds,
Rocketship
Education
DC
Public
Charter
School
Inc.,
Obligated
Group
-Issue
3,
Series
2024A
5
.750
06/01/54
332,748
TOTAL
DISTRICT
OF
COLUMBIA
332,748
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
-
12.6%
(9.0%
of
Total
Investments)
$
1,565,000
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Ave
Maria
National
Project,
Series
2021
3
.750
%
05/01/41
$
1,367,842
1,215,000
(b)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Lease
Revenue
Bonds,
South
Tech
Schools
Project,
Series
2020A
5
.000
06/15/40
1,180,663
1,260,000
(b)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Lease
Revenue
Bonds,
South
Tech
Schools
Project,
Series
2020A
5
.000
06/15/55
1,150,147
1,010,000
(b)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Babcock
Neighborhood
School
Inc
Project,
Series
2024
5
.750
08/15/54
977,944
3,950,000
(b)
Currents
Community
Development
District,
Collier
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2020B
4
.250
05/01/41
3,561,650
240,000
Edgewater
West
Community
Development
District,
Osceola
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Series
2024
5
.500
05/01/54
232,996
10,000,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Discovery
High
School
Project,
Series
2020A
5
.000
06/01/55
7,086,328
835,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2023A
6
.000
06/15/33
914,766
1,000,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2023A
6
.500
06/15/38
1,089,805
1,000,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2023A
6
.625
06/15/43
1,085,729
1,200,000
(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
1,209,642
2,450,000
(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
2,503,980
4,375,000
(b)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT),
(Mandatory
Put
7/15/28)
12
.000
07/15/32
4,689,712
1,900,000
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
1,891,453
1,300,000
(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
.000
07/01/44
1,336,415
1,760,000
(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
1,828,255
1,400,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.500
07/01/53
1,414,747
20,835,000
(b)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2024A,
(AMT),
(Mandatory
Put
2/14/25)
8
.250
07/01/57
21,636,779
420,000
(b)
Florida
Development
Finance
Corporation,
Student
Housing
Revenue
Bonds,
SPP
-
Tampa
I
-
LLC
The
Henry
Project,
Series
2024A-1
5
.250
06/01/54
420,889
1,095,000
Grand
Oaks
Community
Development
District,
Saint
Johns
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2,
Series
2020
4
.250
05/01/40
1,021,351
1,500,000
Grand
Oaks
Community
Development
District,
Saint
Johns
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2,
Series
2020
4
.500
05/01/52
1,346,730
2,500,000
Greater
Orlando
Aviation
Authority,
Florida,
Special
Purpose
Airport
Facilities
Revenue
Bonds,
JetBlue
Airways
Corporation,
Series
2013,
(AMT)
5
.000
11/15/36
2,501,391
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,000,000
Hammock
Reserve
Community
Development
District,
Haines
City,
Florida,
Special
Assessment
Revenue
Bonds,
Area1
Project,
Series
2020
4
.000
%
05/01/51
$
855,131
1,425,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.250
11/15/49
1,536,631
415,000
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024
4
.750
05/01/31
423,898
450,000
Langley
South
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Mascotte
Assessment
Area
One
Series
2024
5
.125
05/01/44
448,374
1,685,000
Langley
South
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Mascotte
Assessment
Area
One
Series
2024
5
.400
05/01/55
1,677,618
1,225,000
(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
1,133,365
3,380,000
Miami,
Florida,
Limited
Ad
Valorem
Tax
Bonds,
Forever
Infrastructure
Programs
Series
2024A
5
.500
01/01/49
3,751,018
870,000
(e)
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
(AMT),
(UB)
5
.250
10/01/52
892,394
1,360,000
Miami-Dade
County,
Florida,
Special
Obligation
Bonds,
Subordinate
Series
2009
-
BAM
Insured
0
.000
10/01/37
841,123
1,480,000
Miami-Dade
County,
Florida,
Special
Obligation
Bonds,
Subordinate
Series
2009
-
BAM
Insured
0
.000
10/01/42
705,579
3,000,000
Miami-Dade
County,
Florida,
Special
Obligation
Bonds,
Subordinate
Series
2009
0
.000
10/01/42
1,381,627
2,750,000
Miami-Dade
County,
Florida,
Special
Obligation
Bonds,
Subordinate
Series
2009
0
.000
10/01/45
1,072,627
2,860,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2024A
5
.250
10/01/54
3,072,002
100,000
(b)
Mirada
Community
Development
District,
Florida,
Capital
Improvement
Bonds,  Assessment
Area
3
Series
2024
4
.750
05/01/31
100,206
250,000
(b)
Mirada
Community
Development
District,
Florida,
Capital
Improvement
Bonds,  Assessment
Area
3
Series
2024
5
.625
05/01/44
250,960
320,000
(b)
North
AR-1
of
Pasco
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
5,
Series
2024
5
.750
05/01/44
324,108
1,145,000
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
South
Broward
Hospital
District
Obligated
Group,
Refunding
Series
2016A
4
.000
05/01/44
1,077,408
310,000
(b)
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B
4
.625
05/01/36
302,675
425,000
Tradition
Community
Development
District
9,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Series
2021
2
.700
05/01/31
385,693
250,000
Two
Lakes
Community
Development
District,
Hialeah,
Florida,
Special
Assessment
Bonds,
Series
2024
5
.000
05/01/44
258,017
250,000
(b),(f)
V-Dana
Community
Development
District,
Lee
County,
Florida,
Special
Assessment
Bonds,
Area
2
-
2025
Project,
Series
2025
5
.375
05/01/45
250,622
450,000
(b)
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2023
4
.250
05/01/28
453,548
810,000
(b)
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2024
4
.800
05/01/55
793,853
50,000
Windward
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2020A-2
4
.400
11/01/35
49,100
TOTAL
FLORIDA
82,486,791
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
-
1.8%
(1.3%
of
Total
Investments)
$
1,700,000
Atlanta
Development
Authority,
Georgia,
Economic
Development
Certificates,
Gulch
Enterprise
Zone
Project,
Convertible
Capital
Appreciation
Series
2024A-1
Class
A
6
.500
%
12/15/48
$
1,461,724
1,000,000
(b)
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
Westside
Gulch
Area
Project,
Senior
Series
2024A-2
5
.500
04/01/39
1,025,676
1,120,000
Atlanta,
Georgia,
Airport
Passenger
Facilities
Charge
and
General
Revenue
Bonds,
Subordinate
Lien
Green
Series
2023E,
(AMT)
5
.250
07/01/41
1,214,108
1,395,000
Atlanta,
Georgia,
Airport
Passenger
Facilities
Charge
and
General
Revenue
Bonds,
Subordinate
Lien
Green
Series
2023E,
(AMT)
5
.250
07/01/43
1,499,909
505,000
Fayette
County
Development
Authority,
Georgia,
Revenue
Bonds,
United
States
Soccer
Federation,
Inc.
Project
Series
2024
5
.000
10/01/42
533,549
555,000
Fayette
County
Development
Authority,
Georgia,
Revenue
Bonds,
United
States
Soccer
Federation,
Inc.
Project
Series
2024
5
.000
10/01/43
583,635
515,000
Fayette
County
Development
Authority,
Georgia,
Revenue
Bonds,
United
States
Soccer
Federation,
Inc.
Project
Series
2024
5
.000
10/01/44
539,496
750,000
(b)
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority,
Georgia,
Revenue
Bonds,
Canterbury
Court
Project,
Series
2019A
5
.000
04/01/47
726,513
500,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2021A
-
BAM
Insured
3
.000
02/15/51
388,114
1,000,000
Griffin-Spalding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System
Inc.,
Series
2017A
4
.000
04/01/42
977,387
2,750,000
(b)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
(Mandatory
Put
11/01/27)
4
.000
08/01/52
2,728,873
TOTAL
GEORGIA
11,678,984
HAWAII
-
0.1%
(0.1%
of
Total
Investments)
500,000
(b)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University
Project,
Refunding
Series
2024
5
.000
07/01/39
493,413
TOTAL
HAWAII
493,413
IDAHO
-
0.3%
(0.2%
of
Total
Investments)
640,000
(e)
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.050
01/01/39
644,690
560,000
(e)
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.650
01/01/54
562,065
630,000
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024
6
.250
09/01/53
660,147
TOTAL
IDAHO
1,866,902
ILLINOIS
-
6.8%
(4.8%
of
Total
Investments)
1,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
5
.250
04/01/34
1,093,420
1,055,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
5
.000
04/01/41
1,099,948
1,275,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
5
.500
04/01/43
1,362,497
2,000,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2021A
5
.000
12/01/34
2,051,947
4,565,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
5
.000
12/01/33
4,755,371
4,900,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
5
.250
12/01/36
5,148,974
120,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A
-
BAM
Insured
5
.000
01/01/29
126,422
190,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A
-
BAM
Insured
5
.000
01/01/30
201,928
2,250,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A
-
BAM
Insured
5
.000
01/01/31
2,410,705
1,485,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A
-
BAM
Insured
5
.000
01/01/32
1,605,329
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
200,000
Chicago,
Illinois,
Water
Revenue
Bonds,
Refunding
Second
Lien
Series
2023B
-
AGM
Insured
5
.000
%
11/01/37
$
217,358
25,000
(g)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Alliance,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
25,460
725,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Alliance,
Series
2016C
4
.000
02/15/41
695,090
240,000
Illinois
Finance
Authority,
Revenue
Bonds,
Dominican
University,
Refunding
Series
2022
5
.000
03/01/34
243,385
875,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Lutheran
Home
and
Services,
Series
2019A
5
.000
11/01/49
520,684
815,000
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A
5
.000
08/15/47
853,523
695,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2024A
5
.250
04/01/44
766,103
740,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2024A
5
.250
04/01/45
809,190
4,500,000
(b)
Illinois
Finance
Authority,
Surface
Freight
Transfer
Facilities
Revenue
Bonds,
CenterPointJoliet
Terminal
Railroad
Project,
Series
2016,
(AMT),
(Mandatory
Put
12/31/34)
4
.125
12/01/43
4,440,505
1,455,000
(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
1,430,989
2,500,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2023C
5
.000
12/01/47
2,621,657
4,710,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.750
05/01/45
5,094,417
1,300,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/42
1,425,607
1,205,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/44
1,308,422
930,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/45
1,005,040
930,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/49
992,082
1,800,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2022A
0
.000
06/15/39
991,457
1,500,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2022A
0
.000
06/15/40
780,018
TOTAL
ILLINOIS
44,077,528
INDIANA
-
2.7%
(1.9%
of
Total
Investments)
1,415,000
(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
1,333,947
1,190,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Depauw
University
Project,
Series
2019
5
.000
07/01/37
1,221,679
3,125,000
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2020,
(AMT)
6
.750
05/01/39
3,548,191
1,500,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Airport
Authority
Project
Revenue
Bonds,
Refunding
Series
2015I,
(AMT)
5
.000
01/01/32
1,501,369
730,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
5
.750
03/01/43
781,008
680,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6
.000
03/01/53
725,391
4,060,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1
7
.750
03/01/67
4,550,802
3,770,000
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
3,864,330
TOTAL
INDIANA
17,526,717
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IOWA
-
0.9%
(0.6%
of
Total
Investments)
$
2,500,000
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012
4
.750
%
08/01/42
$
2,502,262
1,745,000
(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
1,997,015
60,000
Iowa
Finance
Authority,
Revenue
Bonds,
Lifespace
Communities,
Inc.,
Series
2024A
5
.000
05/15/39
62,390
75,000
Iowa
Finance
Authority,
Revenue
Bonds,
Lifespace
Communities,
Inc.,
Series
2024A
5
.000
05/15/44
75,995
1,250,000
Iowa
Finance
Authority,
Revenue
Bonds,
Lifespace
Communities,
Inc.,
Series
2024A
5
.125
05/15/59
1,250,358
TOTAL
IOWA
5,888,020
KANSAS
-
0.1%
(0.1%
of
Total
Investments)
500,000
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2024VIII
5
.750
05/15/45
507,131
TOTAL
KANSAS
507,131
KENTUCKY
-
0.8%
(0.6%
of
Total
Investments)
2,805,000
Bell
County,
Kentucky,
Special
Assessment
Industrial
Building
Revenue
Bonds,
Boone's
Ridge
Project,
Series
2020
6
.000
12/01/40
2,532,476
2,175,000
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Refunding
Series
2006B,
(AMT)
2
.125
10/01/34
1,753,966
990,000
Newport,
Kentucky,
Special
Obligation
Revenue
Bonds,
Newport
Clifton
Project,
Series
2020B
5
.500
12/01/60
839,875
TOTAL
KENTUCKY
5,126,317
LOUISIANA
-
1.9%
(1.4%
of
Total
Investments)
1,150,000
(b)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2021A
5
.250
06/01/51
977,148
450,000
(b)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Lake
Charles
Charter
Academy
Foundation
Project,
Refunding
Series
2024A
5
.000
12/15/43
445,096
2,010,000
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
2,128,080
1,295,000
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
1,402,003
1,505,000
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
1,525,574
2,720,000
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
5
.000
07/01/43
2,897,885
500,000
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Public
Improvement
Series
2024A
5
.000
12/01/38
552,300
500,000
(b)
Plaquemines
Port,
Louisiana,
Harbor
and
Terminal
District
Facilities
Revenue
Bonds
NOLA
Terminal
LLC
Project
Dock
and
Wharf
Series
2024A
9
.000
12/01/44
503,120
2,000,000
(b)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010
6
.350
07/01/40
2,192,231
TOTAL
LOUISIANA
12,623,437
MAINE
-
0.3%
(0.2%
of
Total
Investments)
215,000
(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
216,434
2,000,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5
.000
07/01/46
1,935,506
TOTAL
MAINE
2,151,940
MARYLAND
-
0.0%
(0.0%
of
Total
Investments)
200,000
(b)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2022
4
.500
06/01/33
202,593
TOTAL
MARYLAND
202,593
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
-
0.1%
(0.1%
of
Total
Investments)
$
425,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
%
07/01/44
$
419,791
TOTAL
MASSACHUSETTS
419,791
MICHIGAN
-
3.0%
(2.1%
of
Total
Investments)
1,455,000
Detroit
Downtown
Development
Authority,
Michigan,
Tax
Increment
Revenue
Bonds,
Catalyst
Development
Project,
Refunding
Series
2024
5
.000
07/01/48
1,516,278
690,000
Detroit
Regional
Convention
Authority,
Michigan,
Special
Tax
Revenue
Bonds,
Refunding
Series
2024C
5
.000
10/01/34
770,421
925,000
Detroit
Regional
Convention
Authority,
Michigan,
Special
Tax
Revenue
Bonds,
Refunding
Series
2024C
5
.000
10/01/35
1,029,250
925,000
Detroit
Regional
Convention
Authority,
Michigan,
Special
Tax
Revenue
Bonds,
Refunding
Series
2024C
5
.000
10/01/36
1,025,271
830,000
Detroit
Regional
Convention
Authority,
Michigan,
Special
Tax
Revenue
Bonds,
Refunding
Series
2024C
5
.000
10/01/37
916,330
925,000
Detroit
Regional
Convention
Authority,
Michigan,
Special
Tax
Revenue
Bonds,
Refunding
Series
2024C
5
.000
10/01/38
1,019,785
5,000,000
Detroit,
Wayne
County,
Michigan,
General
Obligation
Bonds,
Financial
Recovery
Series
2014B-1
4
.000
04/01/44
3,891,914
710,000
Gerald
R.
Ford
International
Airport
Authority,
Kent
County,
Michigan,
Revenue
Bonds,
Limited
Tax
General
Obligation
Series
2021,
(AMT)
5
.000
01/01/46
737,599
1,135,000
Great
Lakes
Water
Authority,
Michigan,
Sewer
Disposal
System
Revenue
Bonds,
Senior
Lien
Series
2023C
5
.250
07/01/48
1,232,724
3,480,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Senior
Lien
Series
2023B
5
.250
07/01/53
3,763,876
2,230,000
(e)
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2023A,
(UB)
5
.100
10/01/53
2,236,303
1,070,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2023B
-
AGM
Insured,
(AMT)
5
.250
12/01/37
1,178,139
TOTAL
MICHIGAN
19,317,890
MINNESOTA
-
0.7%
(0.5%
of
Total
Investments)
3,745,000
(b)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023
5
.500
03/01/53
3,820,640
1,140,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2020A
5
.000
12/01/55
821,167
TOTAL
MINNESOTA
4,641,807
MISSISSIPPI
-
0.5%
(0.3%
of
Total
Investments)
1,190,000
(e)
Warren
County,
Mississippi,
Certificates
of
Participation,
Lease
Purchase
Jail
Project
Series
2023,
(UB)
6
.000
09/01/48
1,334,985
1,580,000
(e)
Warren
County,
Mississippi,
Certificates
of
Participation,
Lease
Purchase
Jail
Project
Series
2023,
(UB)
6
.000
09/01/53
1,753,547
TOTAL
MISSISSIPPI
3,088,532
MISSOURI
-
1.1%
(0.8%
of
Total
Investments)
550,000
(b)
Kansas
City
Industrial
Development
Authority,
Missouri,
Economic
Activity
Tax
Revenue
Bonds,
Historic
Northeast
Redevelopment
Plan
Series
2024A-1
5
.000
06/01/54
533,599
3,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F
4
.000
11/15/45
2,792,767
1,000,000
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020
-
AGM
Insured
5
.000
10/01/40
1,049,606
2,625,000
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020
-
AGM
Insured
5
.000
10/01/45
2,691,814
TOTAL
MISSOURI
7,067,786
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MONTANA
-
0.3%
(0.2%
of
Total
Investments)
$
1,975,000
Forsyth,
Rosebud
County,
Montana,
Pollution
Control
Revenue
Refunding
Bonds,
Northwestern
Corporation
Colstrip
Project,
Series
2023
3
.875
%
07/01/28
$
2,002,337
TOTAL
MONTANA
2,002,337
NEBRASKA
-
1.3%
(0.9%
of
Total
Investments)
3,750,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
Revenue
Bonds,
Project
5,
Series
2022-1,
(Mandatory
Put
10/01/29)
5
.000
05/01/53
3,910,854
4,665,000
(e)
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024C,
(UB)
4
.700
09/01/49
4,692,399
TOTAL
NEBRASKA
8,603,253
NEVADA
-
0.1%
(0.0%
of
Total
Investments)
1,842,684
(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
7,555
435,000
Las
Vegas,
Nevada,
Local
Improvement
Bonds,
Special
Improvement
District
611
Sunstone
Phase
I
and
II,
Series
2020
4
.000
06/01/40
390,906
TOTAL
NEVADA
398,461
NEW
HAMPSHIRE
-
0.6%
(0.4%
of
Total
Investments)
4,000,000
(b)
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Covenant
Health
Group
Series
2023
4
.000
07/01/37
3,657,718
TOTAL
NEW
HAMPSHIRE
3,657,718
NEW
JERSEY
-
0.6%
(0.5%
of
Total
Investments)
1,390,000
(b)
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A
7
.000
06/15/30
1,389,760
750,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A
3
.375
07/01/30
722,512
1,175,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024AA
5
.000
06/15/40
1,306,741
625,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024AA
5
.250
06/15/41
702,747
TOTAL
NEW
JERSEY
4,121,760
NEW
MEXICO
-
1.0%
(0.7%
of
Total
Investments)
7,000,000
(b)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Subordinate
Lien
Series
2020
8
.000
05/01/40
6,752,174
TOTAL
NEW
MEXICO
6,752,174
NEW
YORK
-
19.6%
(14.0%
of
Total
Investments)
1,240,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2023
7
.250
06/01/55
1,323,288
5,000,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020A-1
5
.500
06/01/55
4,639,124
1,310,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
5
.000
06/01/40
1,253,111
3,000,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
5
.000
06/01/55
2,575,567
10,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Catholic
Health
System
Obligated
Group
Series
2019A
4
.000
07/01/45
8,471,038
955,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Medical
Center,
Series
2024
5
.250
11/01/42
1,021,928
770,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Medical
Center,
Series
2024
5
.250
11/01/43
820,118
150,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Medical
Center,
Series
2024
5
.500
11/01/47
160,627
450,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.250
10/01/49
467,540
7,940,000
(e)
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024A,
(UB)
5
.000
03/15/55
8,399,540
1,235,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024B
5
.000
03/15/41
1,374,907
1,795,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024B
5
.000
03/15/42
1,981,001
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
3,370,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024B
5
.000
%
03/15/43
$
3,689,175
7,630,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/32
7,761,818
1,095,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/35
1,111,545
750,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C
5
.625
01/01/55
683,257
3,345,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Refunding
Series
2024B
4
.000
11/15/43
3,216,505
1,210,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Refunding
Series
2024B
4
.000
11/15/44
1,151,073
1,000,000
(e)
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Development
Series
2024A-1,
(UB)
4
.650
11/01/49
1,003,822
1,720,000
(e)
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Development
Series
2024A-1,
(UB)
4
.750
11/01/54
1,722,175
975,000
(e)
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Development
Series
2024B-1-A,
(UB)
4
.750
11/01/54
978,013
410,000
(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
418,969
140,000
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
142,479
5,845,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
CC-1
5
.250
06/15/54
6,328,496
2,785,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2018
Series
A-3
5
.000
08/01/41
2,871,166
840,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2023F-1
5
.250
02/01/40
939,803
8,305,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025E
5
.000
11/01/41
9,202,452
2,245,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025E
5
.000
11/01/44
2,428,363
870,000
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
858,298
450,000
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
446,411
630,000
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
614,359
1,335,000
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
1,316,922
670,000
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
660,988
2,500,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/41
2,500,013
9,175,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.250
08/01/31
9,579,588
3,400,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.375
08/01/36
3,536,122
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
1,955,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024,
(AMT)
5
.250
%
06/30/49
$
2,031,428
2,340,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024,
(AMT)
5
.500
06/30/54
2,463,154
395,000
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
424,548
165,000
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
176,926
215,000
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
230,805
240,000
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
256,807
845,000
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
909,815
1,590,000
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
1,630,521
3,315,000
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
3,417,160
3,000,000
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
3,087,043
1,600,000
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
1,786,990
2,805,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
(AMT)
5
.625
04/01/40
2,990,052
460,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty
Second
Series
2023,
(AMT)
5
.000
12/01/41
487,923
1,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Eighth
Series
2023,
(AMT)
5
.000
07/15/38
1,068,828
1,760,000
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
12/01/43
1,922,146
1,225,000
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
1,338,178
1,630,000
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
1,730,156
1,370,000
(e)
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
1,480,080
4,370,000
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
4,814,993
TOTAL
NEW
YORK
127,897,154
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
CAROLINA
-
0.1%
(0.1%
of
Total
Investments)
$
370,000
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
The
Forest
at
Duke,
Inc.,
Series
2021
4
.000
%
09/01/46
$
323,701
230,000
North
Carolina
Medical
Care
Commission,
Retirement
Facility
Revenue
Bonds,
Penick
Village
Project
First
Mortgage
Series
2024A
5
.500
09/01/54
231,520
TOTAL
NORTH
CAROLINA
555,221
NORTH
DAKOTA
-
0.5%
(0.3%
of
Total
Investments)
3,000,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Program
Revenue
Bonds,
Social
Series
2024D
4
.500
07/01/44
3,016,635
TOTAL
NORTH
DAKOTA
3,016,635
OHIO
-
1.3%
(0.9%
of
Total
Investments)
1,995,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
1,797,230
225,000
Dayton-Montgomery
County
Port
Authority,
Ohio,
Development
Revenue
Bonds,
Dayton
Regional
Stem
Schools
Inc.
Project,
Series
2024
5
.000
12/01/44
229,810
400,000
Dayton-Montgomery
County
Port
Authority,
Ohio,
Development
Revenue
Bonds,
Dayton
Regional
Stem
Schools
Inc.
Project,
Series
2024
5
.000
12/01/60
399,982
3,450,000
(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
3,499,497
400,000
Montgomery
County,
Ohio,
Health
Care
Facilities
Revenue
Bonds,
Solvita
Project
Refunding
and
Improvement
Series
2024
5
.250
09/01/49
420,210
1,000,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
(Mandatory
Put
9/15/21)
3
.375
08/01/29
981,351
250,000
(b)
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Silver
Birch
of
Mansfield
Project,
Series
2024
6
.000
01/01/45
251,654
625,000
(e)
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A,
(UB)
4
.650
09/01/54
627,487
TOTAL
OHIO
8,207,221
OKLAHOMA
-
0.5%
(0.4%
of
Total
Investments)
1,000,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.000
01/01/43
1,098,298
970,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.000
01/01/45
1,052,881
1,000,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.250
01/01/46
1,102,060
TOTAL
OKLAHOMA
3,253,239
OREGON
-
0.2%
(0.1%
of
Total
Investments)
1,165,000
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Columbia
Memorial
Hospital
Project,
Series
2024
5
.250
08/01/49
1,218,380
TOTAL
OREGON
1,218,380
PENNSYLVANIA
-
5.2%
(3.7%
of
Total
Investments)
700,000
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2023A
-
AGM
Insured,
(AMT)
5
.250
01/01/39
756,799
700,000
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2023A
-
AGM
Insured,
(AMT)
5
.500
01/01/43
761,682
1,000,000
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2019A
4
.000
07/15/37
1,003,753
900,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021
6
.000
05/01/42
945,019
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
3,000,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017
5
.000
%
05/01/42
$
2,998,347
1,625,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023
6
.250
05/01/42
1,633,721
1,000,000
(b)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2017
5
.125
10/15/41
737,474
2,000,000
(b)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2020
6
.250
10/15/53
1,529,731
9,000,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-2
5
.000
02/15/39
9,200,405
1,300,000
(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
300,000
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
303,296
2,960,000
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Junior
Guaranteed
Series
2013B
-
BAM
Insured
0
.000
01/01/45
1,169,378
2,040,000
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2017A
4
.000
11/15/42
1,949,353
3,000,000
(e)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2023-143A,
(UB)
5
.450
04/01/51
3,077,010
340,000
(e)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
(UB)
4
.450
10/01/44
341,969
1,850,000
(e)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
(UB)
4
.600
10/01/49
1,858,834
2,545,000
(e)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-145A,
(UB)
4
.750
10/01/49
2,568,588
2,545,000
(e)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-145A,
(UB)
4
.800
10/01/51
2,499,377
30,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B
5
.250
12/01/41
33,297
485,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B
5
.250
12/01/42
535,436
TOTAL
PENNSYLVANIA
33,903,599
PUERTO
RICO
-
6.8%
(4.9%
of
Total
Investments)
5,950,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-
Backed
Bonds,
Series
2008A
0
.000
05/15/57
400,019
3,500,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
3,645,082
6,500,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
4
.000
07/01/42
6,077,283
8,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
5
.250
07/01/40
4,420,000
409,281
Puerto
Rico
Highway
and
Transportation
Authority
Highway
Revenue
Bonds
Series
2022
5
.250
07/01/38
409,382
2,150,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.550
07/01/40
2,155,417
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
985,901
11,357,498
Puerto
Rico,
GDB
Debt
Recovery
Authority
Commonwealth
Bonds,
Taxable
Series
2018
7
.500
08/20/40
11,130,348
9,014,471
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022
0
.000
11/01/51
5,753,486
4,570,000
Puerto
Rico,
General
Obligation
Bonds,
Commonwealth
Clawback
CVIS
Taxable
Series
2022
1
.000
11/01/51
1,505,815
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
(continued)
$
4,128,207
Puerto
Rico,
General
Obligation
Bonds,
Commonwealth
Clawback
CVIS
Taxable
Series
2022
1
.000
%
11/01/51
$
1,862,853
1,029,483
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
718,427
64
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/35
64
1,117,147
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/37
1,093,159
839,085
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
793,640
5,657,155
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022
0
.000
11/01/43
3,554,108
TOTAL
PUERTO
RICO
44,504,984
SOUTH
CAROLINA
-
0.9%
(0.6%
of
Total
Investments)
1,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Columbia
College,
Refunding
Series
2020A
5
.625
10/01/40
965,121
1,000,000
(b)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Horse
Creek
Academy
Project,
Series
2021A
5
.000
11/15/55
916,442
2,170,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
5
.500
11/01/49
2,385,207
1,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
5
.500
11/01/54
1,091,626
250,000
South
Carolina
Jobs-Economic
Development
Authority,
Healthcare
Revenue
Bonds,
Beaufort
Memorial
Hospital
&
South
of
Broad
Healthcare
Project,
Series
2024
5
.500
11/15/44
262,722
TOTAL
SOUTH
CAROLINA
5,621,118
TENNESSEE
-
2.8%
(2.0%
of
Total
Investments)
410,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Health
System
Revenue
Bonds,
Erlanger
Health
Series
2024
5
.250
12/01/40
453,549
485,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Health
System
Revenue
Bonds,
Erlanger
Health
Series
2024
5
.250
12/01/41
533,183
1,395,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Health
System
Revenue
Bonds,
Erlanger
Health
Series
2024
5
.250
12/01/42
1,525,019
1,195,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Health
System
Revenue
Bonds,
Erlanger
Health
Series
2024
5
.250
12/01/43
1,298,452
2,205,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Health
System
Revenue
Bonds,
Erlanger
Health
Series
2024
5
.250
12/01/44
2,382,756
1,895,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.000
07/01/40
2,087,917
1,345,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.000
07/01/41
1,473,428
1,650,000
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
1,796,000
650,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Series
2023
5
.000
05/01/40
700,268
2,705,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University,
Series
2023A
5
.000
07/01/28
2,869,014
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
2,905,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University,
Series
2023A
5
.000
%
07/01/33
$
3,248,793
TOTAL
TENNESSEE
18,368,379
TEXAS
-
7.4%
(5.3%
of
Total
Investments)
500,000
(b)
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B
5
.000
10/01/50
422,189
325,000
(b),(f)
Buda,
Texas,
Special
Assessment
Revenue
Bonds,
Persimmon
Public
improvement
District
Improvement
Area
1
Project,
Series
2025
5
.875
09/01/45
325,766
500,000
(b),(f)
Buda,
Texas,
Special
Assessment
Revenue
Bonds,
Persimmon
Public
improvement
District
Major
Improvement
Area
Project,
Series
2025
6
.750
09/01/55
496,810
2,370,000
Chambers
County
Justice
Center
Public
Facilities
Corporation,
Texas,
Lease
Revenue
Bonds,
Series
2024
5
.500
06/01/49
2,546,293
3,720,000
Chambers
County
Justice
Center
Public
Facilities
Corporation,
Texas,
Lease
Revenue
Bonds,
Series
2024
5
.500
06/01/55
3,973,185
225,000
(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
223,101
225,000
(b)
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Valor
Education
Foundation,
Series
2024A
6
.000
06/15/54
223,444
330,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
Series
2023C,
(AMT)
5
.000
11/01/27
343,984
4,605,000
Dallas,
Texas,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2023A
5
.000
02/15/42
4,976,959
1,280,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B
4
.750
11/01/42
1,279,938
570,000
Galveston,
Texas,
Wharves
and
Terminal
First
Lien
Revenue
Bonds,
Series
2023,
(AMT)
6
.000
08/01/43
627,288
1,000,000
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
997,773
3,335,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
First
Lien
Series
2024A
5
.250
08/15/49
3,623,677
1,000,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5
.500
07/15/36
1,079,118
1,000,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5
.500
07/15/38
1,074,631
5,610,000
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds,
Refunding
Series
2021
-
AGM
Insured,
(AMT)
4
.000
11/01/38
5,510,792
500,000
(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
442,262
1,500,000
Matagorda
County
Navigation
District
1,
Texas,
Pollution
Control
Revenue
Bonds,
AEP
Texas
Central
Company
Project,
Remarketing,
Series
2008-1
4
.000
06/01/30
1,500,425
625,000
(b)
McLendon-Chisholm,
Texas,
Special
Assessment
Revenue
Bonds,
Sonoma
Public
Improvement  District
Improvement
Area
3
Project,
Series
2021
3
.625
09/15/41
523,295
500,000
(b)
Mesquite,
Texas,
Special
Assessment
Revenue
Bonds,
Solterra
Public
Improvement
District
Improvement
Area
A-1
Projects,
Series
2023
5
.500
09/01/43
515,310
4,175,000
(b)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School,
Series
2020A
5
.000
08/15/50
3,928,478
3,500,000
(b)
Port
Beaumont
Industrial
Development
Authority,
Texas,
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021B
4
.100
01/01/28
3,134,480
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
345,000
(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
$
353,207
155,000
(b)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Winchester
Crossing
Public
Improvement
District
3
Project,
Series
2024
5
.125
09/01/44
153,038
1,955,000
(b)
Sachse,
Texas,
Special
Assessment
Bonds,
Sachse
Public
Improvement
District
1
Major
Improvement
Area
Project,
Series
2020
5
.375
09/15/40
1,981,141
475,000
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
505,249
465,000
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
494,253
700,000
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
687,259
650,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021
4
.000
10/15/51
600,537
735,000
Waco,
Texas,
Certificates
of
Obligation,
Combination
Tax
&
Revenue
Series
2024A
5
.000
02/01/39
819,660
1,330,000
Waco,
Texas,
Certificates
of
Obligation,
Combination
Tax
&
Revenue
Series
2024A
5
.000
02/01/42
1,453,947
1,450,000
Waco,
Texas,
Certificates
of
Obligation,
Combination
Tax
&
Revenue
Series
2024A
5
.000
02/01/43
1,574,634
375,000
Waco,
Texas,
Certificates
of
Obligation,
Combination
Tax
&
Revenue
Series
2024A
5
.000
02/01/44
405,454
1,160,000
Waco,
Texas,
Certificates
of
Obligation,
Combination
Tax
&
Revenue
Series
2024A
5
.250
02/01/54
1,248,358
TOTAL
TEXAS
48,045,935
UTAH
-
0.9%
(0.6%
of
Total
Investments)
205,000
(b)
Black
Desert
Public
Infrastructure
District,
Washington
County,
Utah,
Special
Assessment
Bonds,
Black
Desert
Assessment
Area
1,
Series
2024
5
.625
12/01/53
206,753
500,000
(b)
Red
Bridge
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
4
.125
02/01/41
404,428
645,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.250
07/01/43
685,045
950,000
(b)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Paradigm
High
School
Project,
Series
2020A
5
.125
07/15/51
838,149
1,185,000
(e)
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024C,
(UB)
4
.650
01/01/49
1,194,984
2,540,000
(b)
Wohali
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1
Series
2023
7
.000
12/01/42
2,561,575
TOTAL
UTAH
5,890,934
VIRGIN
ISLANDS
-
0.5%
(0.4%
of
Total
Investments)
2,365,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
2,495,575
1,000,000
(b)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds
WICO
Financing
Series
2022A
6
.125
10/01/42
988,388
TOTAL
VIRGIN
ISLANDS
3,483,963
VIRGINIA
-
1.4%
(1.0%
of
Total
Investments)
775,000
Alexandria
Sanitation
Authority,
Virginia,
Wastewater
Revenue
Bonds,
Alexrenew
Green
Series
2024
5
.000
07/15/54
842,257
1,640,000
(b)
Cherry
Hill
Community
Development
Authority,
Virginia,
Special
Assesment
Bonds,
Potomac
Shores
Project,
Series
2015
5
.400
03/01/45
1,640,290
3,580,000
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020D,
(Mandatory
Put
7/01/30)
5
.000
07/01/53
3,863,273
1,600,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
4
.000
01/01/40
1,533,732
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
990,000
(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
$
992,713
TOTAL
VIRGINIA
8,872,265
WASHINGTON
-
2.2%
(1.6%
of
Total
Investments)
1,370,000
Port
of
Seattle,
Washington,
General
Obligation
Bonds,
Limited
Tax
Series,
Refunding  2024A,
(AMT)
5
.000
06/01/43
1,450,558
1,390,000
Port
of
Seattle,
Washington,
General
Obligation
Bonds,
Limited
Tax
Series,
Refunding  2024A,
(AMT)
5
.000
06/01/44
1,466,242
1,600,000
Port
of
Seattle,
Washington,
General
Obligation
Bonds,
Limited
Tax
Series,
Refunding  2024A,
(AMT)
5
.000
06/01/45
1,681,564
940,000
Port
of
Seattle,
Washington,
General
Obligation
Bonds,
Limited
Tax
Series,
Refunding  2024A,
(AMT)
5
.000
06/01/46
985,482
1,770,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D
5
.000
10/01/41
1,773,569
1,915,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2021B,
(Mandatory
Put
10/01/30)
4
.000
10/01/42
1,958,794
5,626,212
Washington
State
Housing
Finance
Commission,
Social
Municipal
Certificates
Multifamily
Revenue
Bonds,
Series
2023-1
Class
A
3
.375
04/20/37
5,061,199
TOTAL
WASHINGTON
14,377,408
WEST
VIRGINIA
-
0.8%
(0.5%
of
Total
Investments)
150,000
(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
159,545
700,000
Ohio
County
Commission,
West
Virginia,
Tax
Increment
Revenue
Bonds,
The
Highlands
Project,
Refunding
&
Improvement
Series
2024
5
.250
06/01/53
708,430
3,660,000
(b)
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020
7
.625
12/01/40
2,963,161
1,035,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System,
Improvement
Series
2023A
5
.000
06/01/41
1,106,383
TOTAL
WEST
VIRGINIA
4,937,519
WISCONSIN
-
5.5%
(4.0%
of
Total
Investments)
3,000,000
(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
2,359,913
6,350,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A
5
.000
01/01/56
5,615,126
390,000
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
East
Carolina
Preparatory
School
Project,
Refunding
Series
2024A
5
.000
06/15/44
391,889
2,265,000
(b)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Bonnie
Cone
Classical
Academy,
Series
2024
5
.500
06/15/49
2,243,951
200,000
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Shining
Rock
Classical
Academy,
Series
2022A
6
.125
06/15/57
198,174
1,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
The
Capitol
Encore
Academy,
Series
2021A
5
.000
06/01/56
865,692
455,000
Public
Finance
Authority
of
Wisconsin,
Educational
Facility
Revenue
Bonds,
Cornerstone
Charter
Academy
Series
2024
5
.000
02/01/54
457,043
1,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Educational
Facility
Revenue
Bonds,
LEAD
Academy
Project,
Series
2021
5
.000
08/01/51
747,942
2,000,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A
5
.000
02/01/52
2,030,920
1,670,000
(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
1,741,745
Portfolio
of
Investments
January
31,
2025
(continued)
NDMO
22
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
2,000,000
(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
$
2,090,477
5,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
7
.000
12/01/50
5,093,704
3,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024
6
.250
02/01/39
3,076,655
1,000,000
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
1,008,549
1,025,000
(b)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Revolution
Academy,
Refunding
Series
2023A
6
.250
10/01/58
1,066,141
1,500,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
(AMT)
4
.000
07/01/41
1,352,031
500,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
(AMT)
4
.250
07/01/54
417,430
100,000
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B
15
.000
12/31/25
10
1,000,000
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2024A
5
.000
06/15/64
998,296
500,000
(b)
Public
Finance
Authority,
Wisconsin,
Revenue
Bonds,
Two
Step
Project,
Series
2024
0
.000
12/15/34
277,966
1,000,000
(b)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
World
Center
Project
Series
2024A
5
.000
06/01/41
1,028,518
500,000
(b)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Subordinate
Bonds,
World
Center
Project
Series
2024B
8
.000
06/15/42
507,014
150,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Phase
2
Project,
Series
2024
5
.450
10/01/39
153,724
2,500,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Froedtert
Health,
Inc.
Obligated
Group,
Series
2017A
4
.000
04/01/39
2,416,925
TOTAL
WISCONSIN
36,139,835
TOTAL
MUNICIPAL
BONDS
(Cost
$924,755,098)
903,550,416
PRINCIPAL
DESCRIPTION
RATE
(h)
MATURITY
(i)
VALUE
13
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
(h)
13
CAPITAL
GOODS
-
0.0%
(0.0%
of
Total
Investments)
128,676
(a),(c),(j)
KDC
Agribusiness
Fairless
Hills
LLC
12
.000
09/17/25
13
TOTAL
CAPITAL
GOODS
13
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$128,676)
13
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$933,806,766)
913,596,434
FLOATING
RATE
OBLIGATIONS
-
(5.1)%
(
33,400,000
)
MFP
SHARES,
NET
-
(36.8)%(k)
(
239,667,124
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  1.7%
11,173,134
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
651,702,444
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.
23
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(a)
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
$256,056,085
or
28.0%
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)
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.
(e)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(f)
When-issued
or
delayed
delivery
security.
(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)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
Secured
Overnight
Financing
Rate
(“SOFR”),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(i)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(j)
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.
(k)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
26.2%.
NDMO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
9,618,204
$
427,801
$
10,046,005
Municipal
Bonds
–
903,550,276
140
903,550,416
Variable
Rate
Senior
Loan
Interests
–
–
13
13
Total
$
–
$
913,168,480
$
427,954
$
913,596,434
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