NPORT-EX 2 tiaa_NDMO.htm
1
Portfolio of Investments January 31, 2026
NDMO
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 141.9% (100.0% of Total Investments)
3118831
CORPORATE BONDS - 0.5% (0.4% of Total Investments)
3118831
HEALTH CARE EQUIPMENT & SERVICES - 0.4% (0.3% of Total Investments)
$
2,750,000
Care New England Health System
5
.500
%
09/01/26
$
2,747,068
TOTAL HEALTH CARE EQUIPMENT & SERVICES
2,747,068
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% (0.1% of Total Investments)
477,476
(a)
Benloch Ranch Improvement Association No 12022 2022
9
.750
12/01/39
371,763
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
371,763
TOTAL CORPORATE BONDS
(Cost $3,177,543)
3,118,831
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
890480527
MUNICIPAL BONDS - 141.4% (99.6% of Total Investments)
890480527
ALABAMA - 6.3% (4.4% of Total Investments)
500,000
Alabama State University, General Tuition and Fee Revenue
Bonds, Series 2025
5
.500
09/01/45
542,382
550,000
Alabama State University, General Tuition and Fee Revenue
Bonds, Series 2025
5
.750
09/01/50
596,989
560,000
(a),(b)
Baldwin County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, Novelis Corporation
Project, Series 2025B, (AMT), (Mandatory Put 6/01/32)
4
.625
06/01/55
564,640
5,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2023A, (Mandatory Put 10/01/30)
5
.250
01/01/54
5,354,176
1,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5
.250
05/01/56
1,040,503
2,360,000
(b)
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
2,592,469
7,000,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/35
7,457,915
20,000,000
(b)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put
8/01/28)
5
.000
05/01/53
20,831,001
500,000
UAB Medicine Finance Authority, Alabama, Revenue Bonds,
Series 2017B-2
5
.000
09/01/41
506,704
TOTAL ALABAMA
39,486,779
ARIZONA - 5.7% (4.0% of Total Investments)
1,240,000
(a)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Series 2021B
5
.000
07/01/51
1,070,794
7,650,000
(a)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Taxable Series 2021A
5
.000
07/01/51
6,588,423
1,500,000
(a)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds Pensar Academy Project, Series
2020
5
.000
07/01/55
1,296,044
4,630,000
(a)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4
.000
12/01/51
2,822,461
1,625,000
(a)
Arizona Industrial Development Authority, Development First
Lien Revenue Bonds, Montanero Project, Alternative Minimum
Tax Series 2025, (AMT)
6
.750
12/01/55
1,660,168
1,200,000
(b)
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
1,215,305
555,000
(b)
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
566,311
1,000,000
Chandler, Arizona, Excise Tax Revenue Bonds, Series 2026
5
.000
07/01/40
1,161,244
Portfolio of Investments January 31, 2026
(continued)
NDMO
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
1,090,000
(a)
Coconino County Industrial Development Authority, Arizona,
Education Revenue Bonds, Flagstaff Arts & Leadership
Academy Project, Refunding Series 2020
5
.500
%
07/01/40
$
1,020,492
1,000,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Ottawa University
Projects, Series 2020
5
.250
10/01/40
890,934
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
1,000,090
3,405,000
(a)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Northwest Christian School Project,
Series 2020A
5
.000
09/01/55
2,779,428
5,265,000
(a),(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Refunding Series 2020
5
.000
07/01/35
4,212,000
6,800,000
(a),(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Refunding Series 2020
5
.000
07/01/40
5,440,000
4,545,000
(a)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Synergy Public Charter
School Project, Series 2020-1
5
.000
06/15/50
4,036,435
TOTAL ARIZONA
35,760,129
ARKANSAS - 1.0% (0.7% of Total Investments)
6,500,000
(a)
Arkansas Development Finance Authority, Industrial
Development Revenue Bonds, Big River Steel Project, Series
2019, (AMT)
4
.500
09/01/49
6,327,927
TOTAL ARKANSAS
6,327,927
CALIFORNIA - 17.6% (12.4% of Total Investments)
80,000
Alameda County Fire Department, California, General
Obligation Bonds, Series 2025
5
.000
06/01/43
89,800
95,000
Alameda County Fire Department, California, General
Obligation Bonds, Series 2025
5
.000
06/01/44
105,305
1,960,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023C,
(Mandatory Put 10/01/31)
5
.250
01/01/54
2,086,305
6,770,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023G,
(Mandatory Put 4/01/30)
5
.250
11/01/54
7,276,407
3,000,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B,
(Mandatory Put 12/01/32)
5
.000
01/01/55
3,167,734
1,455,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024G,
(Mandatory Put 8/01/32)
5
.000
11/01/55
1,533,380
5,000,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D,
(Mandatory Put 7/01/34)
5
.000
10/01/55
5,262,088
3,815,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4
.000
02/01/56
2,543,103
2,280,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2025A
5
.000
12/01/32
2,548,546
310,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2025A
5
.000
12/01/35
354,574
2,440,000
(b)
California Infrastructure and Economic Development Bank,
Revenue Bonds, Brightline West Passenger Rail Project, Green
Series 2025B, (AMT), (Mandatory Put 11/02/26)
12
.000
01/01/65
1,830,000
400,000
(a)
California Municipal Finance Authority, Revenue Bonds,
California Baptist University, Refunding Series 2025A
5
.125
11/01/40
421,189
6,290,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside
LP Desalination Project, Series 2012, (AMT)
5
.000
07/01/30
6,332,538
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
5,000,000
(a)
California Public Finance Authority, Charter School Lease
Revenue Bonds, California Crosspoint Academy Project, Series
2020A
5
.125
%
07/01/55
$
4,289,769
465,000
(a)
California Public Finance Authority, Senior Living Revenue
Bonds, Enso Village, Refunding Green Series 2021A
5
.000
11/15/46
429,894
275,000
California Public Finance Authority, Senior Living Revenue
Bonds, The James, Senior Series 2024A
6
.375
06/01/59
262,965
2,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public School'sObligated Group,
Series 2020A
5
.000
06/01/60
1,691,490
440,000
California State Public Works Board, Lease Revenue Bonds,
Various Capital Projects, Series 2025C
5
.000
11/01/46
477,134
835,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5
.000
08/01/45
915,572
710,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/39
829,255
1,165,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/42
1,325,450
1,070,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/43
1,200,349
1,085,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/44
1,203,588
1,000,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/45
1,096,494
1,220,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/41
1,223,599
6,180,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Center City Anaheim, Series
2020A
5
.000
01/01/54
5,398,006
1,000,000
Fontana Public Facilities Financing Authority, California, Lease
Revenue Bonds, Series 2025A
5
.000
11/01/50
1,055,492
305,000
Los Angeles County Public Works Financing Authority,
California, Lease Revenue Bonds, Series 2025J
5
.000
12/01/40
357,409
810,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/40
918,326
1,865,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/41
2,088,601
1,625,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/42
1,794,105
1,300,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/43
1,419,791
1,460,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/44
1,580,550
1,640,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/45
1,760,485
1,700,000
(d)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/46
1,806,241
610,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5
.000
07/01/43
666,325
570,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5
.000
07/01/45
611,961
765,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5
.000
07/01/49
799,294
2,075,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5
.000
05/01/45
2,233,007
2,490,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5
.000
05/01/46
2,654,965
2,490,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5
.000
05/01/47
2,639,102
2,590,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5
.250
05/01/50
2,750,155
535,000
Modesto, California, Wastewater Revenue Bonds, Series 2025
5
.000
11/01/50
568,633
Portfolio of Investments January 31, 2026
(continued)
NDMO
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
985,432
(c)
Northstar Community Services District, California, California
Special Tax Bonds Community Facilities District 1 Series 2006
1
.750
%
09/01/37
$
246,358
885,000
Oakland, California, General Obligation Bonds, Measure U
Series 2025B-1
5
.000
07/15/50
927,335
465,000
Oakland, California, General Obligation Bonds, Refunding
Series 2025
5
.000
07/15/38
540,205
3,905,000
Pasadena Unified School District, Los Angeles County,
California, General Obligation Bonds, 2020 Election Series
2025D
5
.250
08/01/50
4,234,118
2,500,000
Peralta Community College District, Alameda County,
California, General Obligation, Election of 2018 , Series
2025C-1
5
.000
08/01/50
2,658,059
1,100,000
Peralta Community College District, Alameda County,
California, General Obligation, Election of 2018 , Series
2025C-1
5
.000
08/01/54
1,162,717
460,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/41
240,273
465,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/42
227,457
850,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/48
285,525
760,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/50
229,172
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
1,099,591
2,540,000
Sacramento City Unified School District, Sacramento County,
California, General Obligation Bonds, Election of 2024
Measure D Series 2025A
5
.000
08/01/50
2,674,944
2,200,000
San Francisco City and County Public Utilities Commission,
California, Wastewater Revenue Bonds, Series 2013B
4
.000
10/01/42
2,199,898
1,025,000
San Francisco City and County, California, Multifamily Housing
Revenue Bonds, Sunnydale Hope SF Block 9, Series 2025B-1
5
.000
02/01/46
1,059,230
1,075,000
(b)
San Francisco City and County, California, Multifamily Housing
Revenue Bonds, Sunnydale Hope SF Block 9, Series 2025B-2,
(Mandatory Put 8/01/28)
3
.350
08/01/29
1,091,621
750,000
San Francisco Community College District, California, General
Obligation Bonds, Taxable Election 2020 Series 2020A-1
3
.165
06/15/41
605,105
500,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure T, Series
2025C - BAM Insured
5
.000
08/01/47
534,879
1,000,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure U, Series
2025C - BAM Insured
5
.000
08/01/47
1,069,759
1,500,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure U, Series
2025C - BAM Insured
5
.000
08/01/48
1,599,371
1,000,000
Stockton Unified School District, San Joaquin County,
California, General Obligation Bonds, 2022 Election, Series
2025A - BAM Insured
5
.000
08/01/49
1,061,929
3,110,000
University of California, General Revenue Bonds, Series
2025CD
5
.000
05/15/36
3,767,027
905,000
University of California, General Revenue Bonds, Series
2025CD
5
.000
05/15/40
1,052,964
575,000
University of California, General Revenue Bonds, Series
2025CD
5
.250
05/15/40
715,730
1,835,000
University of California, General Revenue Bonds, Series
2025CD
5
.500
05/15/40
2,220,758
TOTAL CALIFORNIA
111,103,001
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO - 20.2% (14.2% of Total Investments)
$
2,370,000
64th Avenue ARI Authority, Adams County, Colorado, Special
Revenue Bonds, Series 2020
6
.500
%
12/01/43
$
2,396,161
1,000,000
(a)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.500
12/01/44
1,017,870
750,000
(a)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.750
12/01/54
747,618
5,220,000
Aurora Highlands Community Authority Board, Adams
County, Colorado, Special Tax Revenue Bonds, Refunding &
Improvement Series 2021A
5
.750
12/01/51
5,004,127
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
500,367
1,725,000
Belford North Metropolitan District, Douglas County, Colorado,
General Obligation Limited Tax Bonds, Series 2020A
5
.500
12/01/50
1,554,155
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
834,108
500,000
(a)
Broadway Park North Metropolitan District 2, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020
5
.000
12/01/40
502,724
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
700,143
1,415,000
Citadel on Colfax Business Improvement District, Aurora,
Colorado, Special Revenue and Tax Supported Bonds, Senior
Series 2020A
5
.350
12/01/50
1,341,806
835,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5
.250
12/01/50
883,208
550,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5
.250
12/01/54
578,029
100,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, New Summit Charter Academy Project,
Series 2021A
4
.000
07/01/41
84,766
6,680,000
(a)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Senior Lien Series
2025A-1
6
.875
02/01/59
7,027,726
2,500,000
(a)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Taxable Senior Lien
Series 2025A-2
10
.000
02/01/45
2,562,542
1,000,000
(a)
Colorado Educational and Cultural Facilities Authority,
Revenue Bonds, Global Village Academy - Northglenn Project,
Series 2020
5
.000
12/01/50
891,380
500,000
(a),(c)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Cappella of Grand Junction Project, Series 2019
5
.000
12/01/54
352,500
475,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2025A
5
.125
12/01/45
483,878
16,000,000
Colorado International Center Metropolitan District 8, Adams
County, Colorado, Limited Tax General Obligation Bonds,
Series 2020
6
.500
12/01/50
16,042,939
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
484,375
2,277,830
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
1,471,565
4,000,000
(a)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6
.750
12/01/34
4,065,192
1,000,000
Foothills Metropolitan District, Fort Collins, Colorado, Special
Revenue Bonds, Series 2014
6
.000
12/01/38
999,715
1,378,000
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
1,405,783
Portfolio of Investments January 31, 2026
(continued)
NDMO
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
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
$
1,203,125
1,990,000
(a)
Future Legends Sports Park Metropolitan District 2, Colorado,
Limited Tax General Obligation Bonds, Series 2020A
1
.375
06/01/50
995,694
370,000
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 1,
Series 2024A-2
6
.500
12/01/43
380,926
825,000
(a)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5
.500
12/01/44
835,186
1,360,000
(a)
Hogback Metropolitan District, Jefferson County, Colorado,
Limited Tax General Obligation Bonds, Convertible to
Unlimited Tax Series 2021A
5
.000
12/01/51
1,259,781
500,000
Independence Water & Sanitation District, Elbert County,
Colorado, Special Revenue Bonds, Refunding and
Improvement Series 2024
5
.125
12/01/33
522,775
5,250,000
Jefferson Center Metropolitan District 1, Arvada, Jefferson
County, Colorado, Special Revenue Bonds, Subordinate Series
2020B
5
.750
12/15/50
5,255,064
2,000,000
Jones District Community Authority Board, Centennial,
Colorado, Special Revenue Convertible Capital Appreciaiton
Bonds, Series 2020A
5
.750
12/01/50
1,955,135
1,500,000
(a)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.125
12/01/44
1,505,509
1,200,000
(a)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.625
12/01/56
1,184,461
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
864,635
560,000
Lanterns Metropolitan District 3, Douglas County, Colorado,
General Obligation Bonds, Limited Tax Series 2023A-1
7
.250
12/01/53
579,989
3,000,000
(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
3,144,285
500,000
Mayberry Community Authority, Colorado Springs, El Paso
County, Colorado, Special Revenue Bonds, Series 2021A
5
.000
12/01/41
487,695
500,000
Mayberry Community Authority, Colorado Springs, El Paso
County, Colorado, Special Revenue Bonds, Series 2021A
5
.000
04/15/51
444,087
480,000
Mountain Sky Metropolitan District, Fort Lupton, Weld County,
Colorado, Limited Tax General Obligation Bonds, Series 2020A
5
.000
12/01/49
456,097
2,000,000
North Range Metropolitan District 3, Adams County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-3
5
.000
12/01/40
2,025,148
1,000,000
North Range Metropolitan District 3, Adams County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-3
5
.250
12/01/50
1,002,714
1,810,000
Northfield Metropolitan District 2, Fort Collins, Larimer County,
Colorado, Limited Tax General Obligation Bonds, Series 2020A
5
.000
12/01/50
1,602,592
500,000
(c)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
4
.000
12/01/29
457,886
1,250,000
(c)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
5
.000
12/01/39
1,108,750
285,000
(a)
Peak Metropolitan District 1, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series 2021A
5
.000
12/01/51
241,556
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
1,112,576
855,000
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
778,103
6,965,000
Pioneer Community Authority Board (Weld County, Colorado),
Special Revenue Bonds, Series 2022
6
.500
12/01/34
6,880,310
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
3,716,925
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
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
$
1,807,388
1,000,000
(a)
Reagan Ranch Metropolitan District 1, Colorado Springs,
Colorado, General Obligation Bonds, Limited Tax & Special
Revenue, Series 2025
6
.125
12/01/54
989,603
1,000,000
Redtail Ridge Metropolitan District, City of Louisville, Boulder
County, Colorado, General Obligation Limited Tax Capital
Appreciation Turbo Bonds, Series 2025
0
.000
12/01/32
637,389
911,617
(a)
Ridge at Johnstown Metropolitan District 8, Larimer County,
Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Series 2024
5
.875
12/01/44
876,466
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
2,366,634
1,215,000
SouthGlenn Metropolitan District, Colorado, Special Revenue
Bonds, Refunding Series 2016
5
.000
12/01/30
1,216,287
500,000
(a),(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
364,533
510,000
(a)
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
512,250
2,350,000
Sterling Ranch Metropolitan District 1, El Paso County,
Colorado, General Obligation Limited Tax Bonds, Series 2020
5
.000
12/01/40
2,363,420
2,300,000
Sterling Ranch Metropolitan District 1, El Paso County,
Colorado, General Obligation Limited Tax Bonds, Series 2020
5
.125
12/01/50
2,197,884
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
844,917
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
1,122,286
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
4,346,264
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
9,669,557
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
1,314,973
2,200,000
(a)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8
.000
12/01/54
1,440,288
630,000
(a)
West Globeville Metropolitan District 1, Denver, Colorado,
Special Assessment Revenue Bonds, Special Improvement
District 1, Series 2024
5
.750
12/01/44
628,893
2,000,000
(a)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4
.125
12/01/51
1,515,041
912,000
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
902,583
TOTAL COLORADO
127,050,337
CONNECTICUT - 1.3% (0.9% of Total Investments)
1,320,000
Connecticut Health and Educational Facilities Authority, Chefa
Revenue Bonds, Yale University, Remarketing Series 2015A
5
.000
07/01/35
1,576,241
1,325,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4
.000
07/01/34
1,344,534
1,250,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4
.000
07/01/36
1,257,638
2,075,000
(d)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Variable Rate Demand
Obligations, Series 2001V-1
5
.000
07/01/36
2,485,547
Portfolio of Investments January 31, 2026
(continued)
NDMO
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONNECTICUT
(continued)
$
1,255,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2016B-1
2
.950
%
11/15/31
$
1,248,856
TOTAL CONNECTICUT
7,912,816
DELAWARE - 0.9% (0.6% of Total Investments)
500,000
(a)
Bridgeville, Delaware, Special Obligation Bonds, Heritage
Shores Special Development District, Series 2024
5
.625
07/01/53
503,631
2,945,000
(b)
Delaware Economic Development Authority, Exempt Facility
Revenue Bonds, NRG Energy Project, Refunding Series 2020A,
(Mandatory Put 10/01/35)
4
.000
10/01/45
3,001,887
495,000
(f)
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B, (UB)
4
.600
07/01/44
500,110
495,000
(f)
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B, (UB)
4
.650
07/01/49
495,780
945,000
(f)
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B, (UB)
4
.750
07/01/54
942,349
TOTAL DELAWARE
5,443,757
DISTRICT OF COLUMBIA - 0.5% (0.3% of Total Investments)
1,580,000
Delaware State Housing Authority, District Of Columbia,Senior
Single Family Mortgage Revenue Bonds, Series 2024C.
5
.000
10/01/37
1,828,193
1,255,000
District of Columbia, Income Tax Secured Revenue Bonds,
Series 2019A
4
.000
03/01/37
1,292,583
TOTAL DISTRICT OF COLUMBIA
3,120,776
FLORIDA - 9.0% (6.4% of Total Investments)
1,260,000
(a)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, South Tech Schools Project, Series 2020A
5
.000
06/15/55
1,140,234
650,000
(a)
Charlotte County Industrial Development Authority, Florida,
Utility System Revenue Bonds, Town & Country Utilities Project,
Series 2025, (AMT)
6
.125
10/01/55
672,986
240,000
Edgewater West Community Development District, Osceola
County, Florida, Special Assessment Revenue Bonds,
Assessment Area One Series 2024
5
.500
05/01/54
232,095
10,000,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Discovery High School Project, Series
2020A
5
.000
06/01/55
6,640,814
835,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.000
06/15/33
923,860
1,000,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.500
06/15/38
1,080,405
1,000,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.625
06/15/43
1,069,924
2,450,000
(a),(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
2,457,713
4,240,000
(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
946,860
1,300,000
(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
1,287,730
1,760,000
(f)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (UB)
5
.250
07/01/53
1,733,889
16,155,000
(a),(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
10
.000
07/01/57
11,308,500
420,000
(a)
Florida Development Finance Corporation, Student Housing
Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series
2024A-1
5
.250
06/01/54
399,948
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
755,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5
.000
%
07/01/43
$
836,043
825,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5
.000
07/01/45
893,121
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
1,082,071
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
1,349,276
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
2,500,547
1,000,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5
.250
11/01/34
1,077,777
650,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5
.500
11/01/36
705,849
415,000
Hobe-Saint Lucie Conservancy District, Florida, Special
Assessment Revenue Bonds, Improvement Unit 1A, Series
2024
4
.750
05/01/31
434,934
1,240,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Southeast Project, Series 2025
5
.000
05/01/35
1,304,862
1,000,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Southeast Project, Series 2025
5
.500
05/01/40
1,068,522
445,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Southeast Project, Series 2025
5
.800
05/01/45
462,603
320,000
Langley South Community Development District, Florida,
Special Assessment Revenue Bonds, Mascotte Assessment
Area One Series 2024
5
.125
05/01/44
322,669
500,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5
.000
02/01/42
536,338
1,060,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5
.000
02/01/43
1,119,540
465,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5
.000
02/01/44
488,042
880,000
Miami, Florida, Limited Ad Valorem Tax Bonds, Forever
Infrastructure Programs Series 2024A
5
.500
01/01/49
945,270
870,000
(f)
Miami-Dade County, Florida, Seaport Revenue Bonds,
Refunding Series 2022A, (AMT), (UB)
5
.250
10/01/52
882,130
1,360,000
Miami-Dade County, Florida, Special Obligation Bonds,
Subordinate Series 2009 - BAM Insured
0
.000
10/01/37
905,997
95,000
(a)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
4
.750
05/01/31
96,892
235,000
(a)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
5
.625
05/01/44
238,458
195,000
(a)
North AR-1 of Pasco Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 5,
Series 2024
5
.750
05/01/44
201,176
585,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/41
663,663
720,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/42
806,894
740,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/43
818,263
580,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/44
634,131
900,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/45
972,559
Portfolio of Investments January 31, 2026
(continued)
NDMO
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,000,000
Sarasota County Public Hospital District, Florida, Hospital
Revenue Bonds, Sarasota Memorial Hospital Project, Series
2018
5
.000
%
07/01/41
$
1,025,172
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
1,088,925
975,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5
.000
03/01/38
1,079,347
530,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5
.000
03/01/39
584,567
455,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5
.250
03/01/41
501,898
175,000
(a)
Three Rivers Community Development District, Florida, Special
Assessment Revenue Bonds, South Assessment Area Series
2021B
4
.625
05/01/36
175,025
250,000
Two Lakes Community Development District, Hialeah, Florida,
Special Assessment Bonds, Series 2024
5
.000
05/01/44
255,762
250,000
(a)
V-Dana Community Development District, Lee County, Florida,
Special Assessment Bonds, Area 2 - 2025 Project, Series 2025
5
.375
05/01/45
252,369
805,000
(a)
Village Community Development District 15, Florida, Special
Assessment Revenue Bonds, Series 2024
4
.800
05/01/55
770,047
TOTAL FLORIDA
56,975,697
GEORGIA - 1.7% (1.2% 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
1,531,946
1,000,000
(a)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5
.500
04/01/39
1,037,125
1,765,000
Columbia County School District, Georgia, General Obligation
Bonds, Series 2026
5
.000
10/01/38
2,059,344
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
364,465
1,000,000
Griffin-Spalding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Wellstar Health System Inc., Series
2017A
4
.000
04/01/42
957,944
2,750,000
(a),(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022C, (Mandatory Put 11/01/27)
4
.000
08/01/52
2,751,089
1,365,000
(a)
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Second Tier Revenue Bonds, Series 2025B
6
.000
06/01/50
1,349,887
750,000
(a)
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Second Tier Revenue Bonds, Series 2025B
6
.250
06/01/61
749,477
TOTAL GEORGIA
10,801,277
HAWAII - 0.1% (0.1% of Total Investments)
500,000
(a)
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific University Project, Refunding
Series 2024
5
.000
07/01/39
500,173
TOTAL HAWAII
500,173
IDAHO - 0.3% (0.2% of Total Investments)
530,000
(f)
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4
.650
01/01/54
524,775
500,000
(a)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Assessment Area Two, Series 2025
6
.250
09/01/54
514,553
630,000
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2024
6
.250
09/01/53
645,306
TOTAL IDAHO
1,684,634
ILLINOIS - 5.5% (3.8% of Total Investments)
120,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.000
01/01/29
127,325
1,440,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.000
01/01/31
1,577,009
200,000
Chicago, Illinois, Water Revenue Bonds, Refunding Second
Lien Series 2023B - AGM Insured
5
.000
11/01/37
219,135
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
240,000
Illinois Finance Authority, Revenue Bonds, Dominican
University, Refunding Series 2022
5
.000
%
03/01/34
$
249,712
1,900,000
(a)
Illinois Finance Authority, Revenue Bonds, Illinois Institute of
Technology, Series 2025A
5
.875
09/01/46
1,861,046
875,000
(c)
Illinois Finance Authority, Revenue Bonds, Lutheran Home and
Services, Series 2019A
5
.000
11/01/49
605,938
815,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
5
.000
08/15/47
829,159
920,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5
.000
08/15/40
1,011,870
805,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5
.000
08/15/41
878,809
2,000,000
Illinois Finance Authority, Revenue Bonds, The University of
Chicago, Series 2018A
5
.000
10/01/48
2,013,077
2,500,000
Illinois State, General Obligation Bonds, December Series
2023C
5
.000
12/01/47
2,554,651
3,210,000
Illinois State, General Obligation Bonds, May Series 2020
5
.750
05/01/45
3,394,596
1,300,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/42
1,412,222
1,205,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/44
1,283,100
930,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/45
979,267
930,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/49
961,370
4,000,000
Illinois State, General Obligation Bonds, September Series
2025E
5
.000
09/01/44
4,178,274
3,000,000
Illinois State, General Obligation Bonds, September Series
2025F
5
.250
09/01/48
3,115,290
4,870,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Series 2025A
5
.000
01/01/46
5,190,587
1,800,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2022A
0
.000
06/15/39
1,075,990
1,500,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2022A
0
.000
06/15/40
844,932
TOTAL ILLINOIS
34,363,359
INDIANA - 2.5% (1.8% of Total Investments)
1,415,000
(a)
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
1,264,629
1,190,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Depauw University Project, Series 2019
5
.000
07/01/37
1,228,515
3,125,000
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, United States Steel Corporation Project, Series
2020, (AMT)
6
.750
05/01/39
3,516,549
730,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
5
.750
03/01/43
776,769
680,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
707,586
4,060,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1
7
.750
03/01/67
4,466,132
3,770,000
(b)
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
3,968,804
TOTAL INDIANA
15,928,984
IOWA - 0.8% (0.6% of Total Investments)
1,500,000
Iowa Finance Authority, Healthcare Revenue Bonds, Pella
Regional Health Center, Series 2025
5
.750
12/01/55
1,555,297
2,500,000
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Alcoa Inc. Project, Series 2012
4
.750
08/01/42
2,500,416
60,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5
.000
05/15/39
63,153
75,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5
.000
05/15/44
75,314
Portfolio of Investments January 31, 2026
(continued)
NDMO
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IOWA
(continued)
$
910,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5
.000
%
05/15/49
$
865,548
TOTAL IOWA
5,059,728
KANSAS - 0.4% (0.3% of Total Investments)
305,000
(a)
Garden City, Kansas, Sales Tax Special Obligation Revenue
Bonds, Sports of the World Star Bond Project Phase II, Series
2025
4
.000
06/01/29
304,756
1,500,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5
.000
05/01/42
1,693,791
500,000
Wichita, Kansas, Health Care Facilities Revenue Bonds,
Presbyterian Manors, Series 2024VIII
5
.750
05/15/45
493,175
TOTAL KANSAS
2,491,722
KENTUCKY - 1.3% (0.9% of Total Investments)
2,695,000
Bell County, Kentucky, Special Assessment Industrial Building
Revenue Bonds, Boone's Ridge Project, Series 2020
6
.000
12/01/40
2,750,169
2,175,000
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Refunding Series
2006B, (AMT)
2
.125
10/01/34
1,895,453
1,545,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/44
1,673,416
720,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/45
769,056
980,000
Newport, Kentucky, Special Obligation Revenue Bonds,
Newport Clifton Project, Series 2020B
5
.500
12/01/60
821,583
TOTAL KENTUCKY
7,909,677
LOUISIANA - 0.8% (0.5% of Total Investments)
1,150,000
(a)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Lincoln Preparatory School Project, Series 2021A
5
.250
06/01/51
894,011
450,000
(a)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Lake Charles Charter Academy Foundation Project, Refunding
Series 2024A
5
.000
12/15/43
437,043
880,000
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
907,333
500,000
(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
433,578
2,000,000
(a)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010
6
.350
07/01/40
2,200,591
TOTAL LOUISIANA
4,872,556
MAINE - 0.3% (0.2% of Total Investments)
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
1,850,951
TOTAL MAINE
1,850,951
MARYLAND - 0.3% (0.2% of Total Investments)
185,000
(a)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2022
4
.500
06/01/33
190,230
1,405,000
(b),(d)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2026B,
(Mandatory Put 8/15/36)
1
.000
08/15/56
1,603,369
TOTAL MARYLAND
1,793,599
MASSACHUSETTS - 0.5% (0.4% of Total Investments)
425,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5
.000
07/01/44
420,989
980,000
Massachusetts Development Finance Agency, Revenue Bonds,
Smith College, Series 2025
4
.000
07/01/45
958,476
420,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2025N-2
5
.000
07/01/35
479,772
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
495,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025G
5
.000
%
12/01/45
$
537,348
780,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025G
5
.000
12/01/50
819,117
TOTAL MASSACHUSETTS
3,215,702
MICHIGAN - 3.2% (2.3% of Total Investments)
2,884,160
(c)
Detroit City & General Retirement System Service Corporation,
Michigan, Certificates of Participation, Taxable Series 2005A -
FGIC Insured
3
.000
06/15/26
3,147,340
830,000
Detroit Regional Convention Authority, Michigan, Special Tax
Revenue Bonds, Refunding Series 2024C
5
.000
10/01/37
922,266
4,971,590
(b)
Detroit, Wayne County, Michigan, General Obligation Bonds,
Financial Recovery Series 2014B-1
4
.000
04/01/44
3,916,020
510,000
Great Lakes Water Authority, Michigan, Sewer Disposal System
Revenue Bonds, Second Lien Series 2025C
5
.500
07/01/50
549,657
870,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Second Lien Series 2025D
5
.500
07/01/50
937,650
1,100,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2025C
5
.250
07/01/50
1,172,770
665,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/41
734,756
690,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/42
753,513
1,100,000
Michigan Hospital Finance Authority, Hospital Revenue Bonds,
Corewell Health, Series 2025A
5
.000
08/15/43
1,180,251
1,500,000
Michigan Hospital Finance Authority, Hospital Revenue Bonds,
Corewell Health, Series 2025A
5
.000
08/15/46
1,567,272
2,230,000
(f)
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2023A, (UB)
5
.100
10/01/53
2,267,588
1,720,000
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
I-75 Improvement Project, Series 2018, (AMT)
5
.000
12/31/43
1,728,128
230,000
Southfield Public Schools, County Of Oakland, State Of
Michigan, General Obligation Bonds, School Building and Site
Series 2025
5
.250
05/01/55
241,428
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
1,198,682
TOTAL MICHIGAN
20,317,321
MINNESOTA - 1.3% (0.9% of Total Investments)
1,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
4
.250
02/15/48
908,517
1,550,000
Minnesota State, General Obligation Bonds, State Trunk
Highway Series 2024B
5
.000
08/01/36
1,813,036
3,745,000
(a)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Community School of
Excellence, Series 2023
5
.500
03/01/53
3,706,128
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
829,185
1,210,000
(a)
Woodbury, Minnesota, Charter School Lease Revenue Bonds,
Math and Science Academy, Refunding Series 2025
5
.500
06/01/55
1,138,397
TOTAL MINNESOTA
8,395,263
MISSISSIPPI - 0.5% (0.3% of Total Investments)
1,190,000
(f)
Warren County, Mississippi, Certificates of Participation, Lease
Purchase Jail Project Series 2023 - BAM Insured, (UB)
6
.000
09/01/48
1,294,349
1,580,000
(f)
Warren County, Mississippi, Certificates of Participation, Lease
Purchase Jail Project Series 2023 - BAM Insured, (UB)
6
.000
09/01/53
1,705,107
TOTAL MISSISSIPPI
2,999,456
Portfolio of Investments January 31, 2026
(continued)
NDMO
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI - 0.6% (0.4% of Total Investments)
$
775,000
(a)
Missouri Development Finance Board, Tax Increment and
Special District Revenue Bonds, Lakeport Village Project, Series
2025A
6
.500
%
06/15/45
$
769,110
500,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Truman Medical Center, Inc., Pass-
Through Certificate Series 2017
4
.250
12/01/42
461,858
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
2,691,427
TOTAL MISSOURI
3,922,395
NEBRASKA - 2.9% (2.0% of Total Investments)
9,300,000
Boys Town Village, Nebraska, Revenue Bonds, Boys Town
Project Series 2026
5
.000
07/01/46
9,654,929
3,750,000
(b)
Central Plains Energy Project, Nebraska, Gas Project Revenue
Bonds, Project 5, Series 2022-1, (Mandatory Put 10/01/29)
5
.000
05/01/53
3,944,924
4,665,000
(f)
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Social Series 2024C, (UB)
4
.700
09/01/49
4,678,605
TOTAL NEBRASKA
18,278,458
NEVADA - 0.3% (0.2% of Total Investments)
1,832,349
(a),(c)
Director of Nevada State Department of Business & Industry,
Environmental Improvement Revenue Bonds, Fulcrum Sierra
BioFuels LLC Project, Green Series 2020
6
.750
02/15/38
18
1,735,000
(b)
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Brightline West Passenger Rail Project, Senior
Subordinated Secured Series 2025B, (AMT), (Mandatory Put
11/02/26)
12
.000
01/01/65
1,301,250
420,000
Las Vegas, Nevada, Local Improvement Bonds, Special
Improvement District 611 Sunstone Phase I and II, Series 2020
4
.000
06/01/40
389,873
TOTAL NEVADA
1,691,141
NEW HAMPSHIRE - 1.9% (1.3% of Total Investments)
500,000
(a)
National Finance Authority, New Hampshire, Resource
Recovery Revenue Bonds, Covanta Project, Refunding Series
2018B
4
.625
11/01/42
448,076
5,130,000
(a)
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
5,132,180
393,000
(a)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Mill Creek Project, Montgomery County, Texas Series
2025
5
.950
12/01/31
393,468
1,000,000
(a)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Tamarron Project, Fort Bend County, Texas, Series 2024
5
.250
12/01/35
999,927
1,855,000
(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
1,185,151
283,000
(a)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Wildflower Project, Denton County, Texas, Capital
Appreciation Series 2025
0
.000
12/15/33
171,339
4,000,000
(a)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Covenant Health Group Series 2023
4
.000
07/01/37
3,531,804
TOTAL NEW HAMPSHIRE
11,861,945
NEW JERSEY - 1.9% (1.3% of Total Investments)
1,180,000
(a)
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A
7
.000
06/15/30
1,180,567
650,000
(a)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6
.375
01/01/35
678,155
750,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
750,702
2,935,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2025AA
5
.000
06/15/50
3,039,785
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
555,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2025AA
5
.250
%
06/15/50
$
590,328
2,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0
.000
12/15/37
1,319,348
1,295,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0
.000
12/15/38
812,276
4,970,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0
.000
12/15/39
2,946,342
490,000
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
497,093
TOTAL NEW JERSEY
11,814,596
NEW MEXICO - 1.1% (0.8% of Total Investments)
6,927,000
(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
6,932,983
TOTAL NEW MEXICO
6,932,983
NEW YORK - 9.0% (6.4% of Total Investments)
3,745,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Green Series 2025
5
.000
11/01/50
3,949,765
1,240,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Albert Einstein College of Medicine, Inc, Series 2023
7
.250
06/01/55
1,288,922
5,000,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5
.500
06/01/55
4,385,044
1,270,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/40
1,223,015
3,000,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/55
2,444,460
955,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5
.250
11/01/42
1,018,419
770,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5
.250
11/01/43
811,754
150,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5
.500
11/01/47
155,835
450,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.250
10/01/49
453,944
7,630,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
5
.000
07/01/32
7,677,656
1,095,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
5
.000
07/01/35
1,100,527
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
675,373
1,000,000
(f)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024A-1, (UB)
4
.650
11/01/49
999,167
1,720,000
(f)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024A-1, (UB)
4
.750
11/01/54
1,700,924
975,000
(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
964,187
410,000
(a)
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
425,008
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
144,183
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
456,418
Portfolio of Investments January 31, 2026
(continued)
NDMO
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
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
$
619,187
200,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5
.000
01/01/36
238,755
170,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5
.000
01/01/38
199,277
260,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5
.000
01/01/43
287,201
255,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5
.000
01/01/44
278,185
235,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5
.000
01/01/45
254,491
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
2,500,432
8,055,000
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
8,379,193
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
3,563,588
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
425,148
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
176,270
835,000
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
831,170
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
3,089,679
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
1,771,245
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
2,979,464
1,370,000
(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
1,443,007
TOTAL NEW YORK
56,910,893
NORTH CAROLINA - 0.1% (0.1% of Total Investments)
470,000
Charlotte, North Carolina, Storm Water Fee Revenue Bonds,
Refunding Series 2024
5
.000
12/01/36
551,626
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
318,772
TOTAL NORTH CAROLINA
870,398
NORTH DAKOTA - 0.2% (0.2% of Total Investments)
1,500,000
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2024D
4
.500
07/01/44
1,510,415
TOTAL NORTH DAKOTA
1,510,415
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO - 1.4% (1.0% 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
$
1,643,555
550,000
Dayton-Montgomery County Port Authority, Ohio,
Development Revenue Bonds, Dayton Regional Stem Schools
Inc. Project, Series 2024
5
.000
12/01/44
557,612
400,000
Dayton-Montgomery County Port Authority, Ohio,
Development Revenue Bonds, Dayton Regional Stem Schools
Inc. Project, Series 2024
5
.000
12/01/60
387,526
675,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5
.500
08/01/42
722,984
1,270,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5
.500
08/01/43
1,343,877
400,000
Montgomery County, Ohio, Health Care Facilities Revenue
Bonds, Solvita Project Refunding and Improvement Series 2024
5
.250
09/01/49
408,783
500,000
Montgomery County, Ohio, Health Care Facilities Revenue
Bonds, Solvita Project Refunding and Improvement Series 2024
5
.250
09/01/54
508,487
250,000
(a)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch of Mansfield Project, Series 2024
6
.000
01/01/45
252,766
610,000
(f)
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A, (UB)
4
.650
09/01/54
600,534
1,000,000
Ohio Water Development Authority, Water Pollution Control
Loan Fund Revenue Bonds, Series 2025
5
.000
12/01/35
1,197,505
1,010,000
University of Cincinnati, Ohio, General Receipts Bonds, Series
2025A
5
.250
06/01/43
1,111,281
TOTAL OHIO
8,734,910
OKLAHOMA - 0.2% (0.1% of Total Investments)
1,000,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Series 2025, (AMT)
6
.250
12/01/35
1,161,896
TOTAL OKLAHOMA
1,161,896
OREGON - 0.3% (0.2% 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
1,168,588
235,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/37
275,097
250,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/38
290,048
95,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/39
108,687
TOTAL OREGON
1,842,420
PENNSYLVANIA - 5.3% (3.8% of Total Investments)
1,000,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, University of Pittsburgh Medical
Center, Series 2019A
4
.000
07/15/37
1,004,344
870,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront
Project, Senior Series 2021
6
.000
05/01/42
915,566
3,000,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Refunding Project, Series 2017
5
.000
05/01/42
3,018,319
1,625,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6
.250
05/01/42
1,651,711
1,000,000
(a)
Dauphin County General Authority, Pennsylvania, Revenue
Bonds, Harrisburg University of Science & Technology Project,
Series 2017
5
.125
10/15/41
650,000
2,000,000
(a)
Dauphin County General Authority, Pennsylvania, Revenue
Bonds, Harrisburg University of Science & Technology Project,
Series 2020
6
.250
10/15/53
1,300,000
9,000,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2017A-2
5
.000
02/15/39
9,144,021
Portfolio of Investments January 31, 2026
(continued)
NDMO
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
1,000,000
(a)
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
$
966,216
1,065,000
(a)
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
1,031,675
1,300,000
(c),(g)
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
(b)
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
301,526
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
1,193,332
2,040,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2017A
4
.000
11/15/42
1,962,312
3,000,000
(b),(f)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2023-143A, (UB)
5
.450
04/01/51
3,105,043
340,000
(f)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4
.450
10/01/44
341,457
1,850,000
(f)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4
.600
10/01/49
1,843,272
2,545,000
(f)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A, (UB)
4
.750
10/01/49
2,557,365
2,545,000
(f)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2025-148A, (UB)
4
.800
10/01/55
2,532,585
TOTAL PENNSYLVANIA
33,518,874
PUERTO RICO - 6.9% (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
282,966
3,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
5
.000
07/01/37
3,629,086
6,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
4
.000
07/01/42
6,186,489
8,000,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010XX
5
.250
07/01/40
5,032,772
409,281
Puerto Rico Highway and Transportation Authority Highway
Revenue Bonds Series 2022
5
.250
07/01/38
409,378
2,150,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.550
07/01/40
2,153,631
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
955,573
10,450,945
Puerto Rico, GDB Debt Recovery Authority Commonwealth
Bonds, Taxable Series 2018
7
.500
08/20/40
10,253,161
8,359,678
Puerto Rico, General Obligation Bonds, Clawback Highway
Transportation Authority Claims Taxable Series 2022
0
.000
11/01/51
5,569,636
4,570,000
Puerto Rico, General Obligation Bonds, Commonwealth
Clawback CVIS Taxable Series 2022
1
.000
11/01/51
1,833,712
3,980,943
Puerto Rico, General Obligation Bonds, Commonwealth
Clawback CVIS Taxable Series 2022
1
.000
11/01/51
1,975,543
1,029,483
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
754,673
64
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/35
65
1,117,147
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/37
1,099,023
85
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
80
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
5,267,007
Puerto Rico, General Obligation Bonds, Vintage CW NT Claims
Taxable Series 2022
0
.000
%
11/01/43
$
3,456,473
TOTAL PUERTO RICO
43,592,261
SOUTH CAROLINA - 0.7% (0.5% 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
989,868
1,000,000
(a)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Horse Creek Academy
Project, Series 2021A
5
.000
11/15/55
867,840
2,170,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5
.500
11/01/49
2,314,827
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
259,335
TOTAL SOUTH CAROLINA
4,431,870
TENNESSEE - 2.1% (1.5% 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
454,838
485,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/41
535,723
1,395,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/42
1,521,149
1,195,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/43
1,287,457
2,205,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/44
2,348,048
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
701,574
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
2,860,522
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
3,299,311
TOTAL TENNESSEE
13,008,622
TEXAS - 9.7% (6.9% of Total Investments)
500,000
(a)
Abilene Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, Second-Lien Series 2021B
5
.000
10/01/50
429,280
1,190,000
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Brooks Academies, Series 2021A
4
.000
06/15/31
1,143,556
1,835,000
Austin, Texas, Certificates of Obligation, Series 2025
5
.000
09/01/40
2,080,670
725,000
Austin, Texas, General Obligation Bonds, Refunding & Public
Improvement Series 2025
5
.000
09/01/43
794,314
2,740,000
(d)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/39
3,178,718
1,565,000
(d)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/40
1,804,642
1,565,000
(d)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/41
1,781,313
1,255,000
(d)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/42
1,414,569
785,000
(d)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/43
874,354
940,000
(d)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
4
.000
08/15/44
935,237
Portfolio of Investments January 31, 2026
(continued)
NDMO
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
325,000
(a)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Improvement Area 1 Project,
Series 2025
5
.875
%
09/01/45
$
325,445
500,000
(a)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Major Improvement Area Project,
Series 2025
6
.750
09/01/55
491,801
3,720,000
Chambers County Justice Center Public Facilities Corporation,
Texas, Lease Revenue Bonds, Series 2024
5
.500
06/01/55
3,915,915
225,000
(a)
City of Midlothian, Texas, Westside Preserve Public
Improvement District Improvement Area #1 Project Special
Assessment Revenue Bonds Series 2022
4
.750
09/15/32
229,751
800,000
(d)
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/40
905,241
440,000
(d)
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/41
492,496
895,000
(d)
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/43
981,303
980,000
(d)
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/44
1,063,798
1,020,000
(d)
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/45
1,094,986
940,000
(d)
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/46
1,001,290
325,000
(a)
Denton County, Texas, Special Assessment Revenue
Bonds, Green Meadows Public Improvement District Major
Improvement Area Project, Series 2025
6
.125
12/31/55
334,503
215,000
(a)
Denton County, Texas, Special Assessment Revenue Bonds,
Green Meadows Public Improvement District, Improvement
Area 1 Project, Series 2025
5
.375
12/31/45
222,121
540,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/38
605,822
580,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/39
646,500
1,005,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/40
1,111,667
370,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/41
407,545
385,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/42
419,867
1,280,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4
.750
11/01/42
1,280,239
570,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2023, (AMT)
6
.000
08/01/43
620,037
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
1,095,094
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
1,084,262
5,610,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds, Refunding Series 2021 - AGM Insured,
(AMT)
4
.000
11/01/38
5,648,051
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
1,500,825
625,000
(a)
McLendon-Chisholm, Texas, Special Assessment Revenue
Bonds, Sonoma Public Improvement  District Improvement
Area 3 Project, Series 2021
3
.625
09/15/41
542,241
500,000
(a)
Mesquite, Texas, Special Assessment Revenue Bonds, Solterra
Public Improvement District Improvement Area A-1 Projects,
Series 2023
5
.500
09/01/43
517,686
375,000
(a)
Mission Economic Development Corporation, Texas, Utility
Revenue Bonds, Permian Basin Water Resources Project, Series
2025A, (AMT)
6
.750
08/15/45
386,408
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,025,000
(a)
Mission Economic Development Corporation, Texas, Utility
Revenue Bonds, Permian Basin Water Resources Project, Series
2025A, (AMT)
7
.000
%
08/15/60
$
1,055,526
4,175,000
(a)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Education Revenue Bonds, Southwest Preparatory
School, Series 2020A
5
.000
08/15/50
3,738,841
3,360,000
Pflugerville, Travis and Williamson Counties, Texas, Certificates
of Obligation, Combination Tax and Revenue Limited Series
2023
5
.250
08/01/55
3,542,135
450,000
(a)
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
465,978
185,000
(a)
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
190,090
8,845,000
(a)
Port Beaumont Industrial Development Authority, Texas, Facility
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series
2021B
4
.100
01/01/28
8,080,375
155,000
(a)
Princeton, Texas, Special Assessment Revenue Bonds,
Winchester Crossing Public Improvement District 3 Project,
Series 2024
5
.125
09/01/44
152,818
1,900,000
(a)
Sachse, Texas, Special Assessment Bonds, Sachse Public
Improvement District 1 Major Improvement Area Project, Series
2020
5
.375
09/15/40
1,968,417
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
696,971
TOTAL TEXAS
61,252,698
UTAH - 2.7% (1.9% of Total Investments)
205,000
(a)
Black Desert Public Infrastructure District, Washington County,
Utah, Special Assessment Bonds, Black Desert Assessment
Area 1, Series 2024
5
.625
12/01/53
206,316
500,000
(a)
Mida Cormont Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds, Series 2025A-2
6
.750
06/01/55
426,773
5,000,000
(a)
Nordic Village Public Infrastructure District 1, Weber County,
Utah, Limited Tax General Obligation and Special Revenue
Bonds, Series 2025
6
.500
03/01/55
5,141,374
500,000
(a)
Red Bridge Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Series 2021A
4
.125
02/01/41
437,297
1,000,000
(a)
Ridges Estates Infrastructure Financing District, Utah, Special
Assessment Bonds, Alpine Hollow Assessment Area, Series
2025
6
.250
12/01/53
1,029,575
1,400,000
(a)
Tech Ridge Public Infrastructure District, St. George,
Washington County, Utah, Special Assessment and Tax
Increment Bonds, Tech Ridge Assessment Area, Series 2025
6
.250
12/01/54
1,446,148
935,000
(a)
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Paradigm High School Project, Series 2020A
5
.125
07/15/51
782,112
1,140,000
(f)
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024C, (UB)
4
.650
01/01/49
1,141,171
2,015,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2024
5
.000
06/15/38
2,310,175
1,685,000
(a)
Verk Industrial Regional Public Infrastructure District, Utah, Tax
Differential Revenue Bonds, Series 2025
6
.625
09/01/47
1,773,378
500,000
(a)
Wakara Ridge Public Infrastructure District, Utah, Special
Assessment Bonds, Wakara Ridge Assessment Area, Series
2025
5
.625
12/01/54
509,357
2,540,000
(a)
Wohali Public Infrastructure District 1, Utah, Special Assessment
Revenue Bonds, Assessment Area 1 Series 2023
7
.000
12/01/42
2,110,572
TOTAL UTAH
17,314,248
Portfolio of Investments January 31, 2026
(continued)
NDMO
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGIN ISLANDS - 1.2% (0.8% of Total Investments)
$
2,380,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5
.750
%
02/01/45
$
2,368,795
2,200,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6
.000
12/01/55
2,186,553
1,250,000
(a)
Virgin Islands Public Finance Authority, Revenue Bonds,
Frenchman's Reef Hotel Development Hotel Occupancy Series
2024A
6
.000
04/01/53
1,251,060
750,000
Virgin Islands Transportation & Infrastructure Corporation,
Virgin Islands, Grant Anticipation Revenue Bonds, Federal
Highway Grant Anticipation Revenue Loan Note, Series 2025
5
.000
09/01/42
817,347
1,000,000
(a)
West Indian Company Limited, Virgin Islands, Port Facilities
Revenue Bonds WICO Financing Series 2022A
6
.125
10/01/42
966,588
TOTAL VIRGIN ISLANDS
7,590,343
VIRGINIA - 0.7% (0.5% of Total Investments)
1,640,000
(a)
Cherry Hill Community Development Authority, Virginia,
Special Assesment Bonds, Potomac Shores Project, Series 2015
5
.400
03/01/45
1,641,196
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
1,568,166
985,000
(a)
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
979,554
TOTAL VIRGINIA
4,188,916
WASHINGTON - 2.4% (1.7% of Total Investments)
660,000
(b)
Washington Economic Development Finance Authority, Port
Revenue Bonds, Husky Terminal Improvement Project, Series
2025, (AMT), (Mandatory Put 12/01/30)
5
.875
12/01/45
665,902
1,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.000
09/01/41
1,098,992
1,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.000
09/01/42
1,088,330
1,550,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.000
09/01/45
1,633,015
1,795,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.250
09/01/50
1,880,145
1,770,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D
5
.000
10/01/41
1,771,728
1,915,000
(b)
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Refunding Series 2021B,
(Mandatory Put 10/01/30)
4
.000
10/01/42
1,989,489
5,557,598
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series 2023-
1 Class A
3
.375
04/20/37
5,314,784
TOTAL WASHINGTON
15,442,385
WEST VIRGINIA - 0.6% (0.4% of Total Investments)
700,000
.Ohio County Commission, West Virginia, Tax Increment
Revenue Bonds, The Highlands Project, Refunding &
Improvement Series 2024
5
.250
06/01/53
687,637
100,000
(a)
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
105,478
430,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5
.250
06/01/45
457,318
3,660,000
(a),(c)
West Virginia Economic Development Authority, Dock and
Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC
Project, Series 2020
7
.625
12/01/40
1,830,000
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST VIRGINIA
(continued)
$
200,000
(a),(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
$
218,383
700,000
(a),(b)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 5/15/32)
4
.625
04/15/55
716,331
TOTAL WEST VIRGINIA
4,015,147
WISCONSIN - 7.2% (5.1% of Total Investments)
3,000,000
(a),(c)
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
2,343,844
6,350,000
(a)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Freedom Classical Academy Inc., Series 2020A
5
.000
01/01/56
5,293,556
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
390,205
1,360,000
(a)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6
.150
01/01/55
1,360,121
2,265,000
(a)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Bonnie Cone Classical Academy, Series 2024
5
.500
06/15/49
1,791,466
175,000
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Shining Rock Classical Academy, Series 2022A
6
.125
06/15/57
154,950
1,000,000
(a)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, The Capitol Encore Academy, Series 2021A
5
.000
06/01/56
816,473
1,000,000
(a)
Public Finance Authority of Wisconsin, Educational Facility
Revenue Bonds, LEAD Academy Project, Series 2021
5
.000
08/01/51
740,072
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
1,964,753
1,670,000
(a)
Public Finance Authority of Wisconsin, Hotel Revenue
Bonds, Grand Hyatt San Antonio Hotel Acquisition Project,
Subordinate Lien Series 2022B
5
.625
02/01/46
1,710,659
2,000,000
(a)
Public Finance Authority of Wisconsin, Hotel Revenue
Bonds, Grand Hyatt San Antonio Hotel Acquisition Project,
Subordinate Lien Series 2022B
6
.000
02/01/62
2,053,148
5,000,000
(a)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
7
.000
12/01/50
4,000,000
3,000,000
(a)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Promenade Apartments Project, Series 2024
6
.250
02/01/39
3,073,863
1,000,000
(b)
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
1,032,745
1,025,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds,
Revolution Academy, Refunding Series 2023A
6
.250
10/01/58
1,040,278
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
1,418,623
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
416,066
100,000
(c),(g)
Public Finance Authority of Wisconsin, Wisconsin Revenue
Note, KDC Agribusiness LLC Project, Series 2022B
15
.000
12/31/26
10
1,000,000
Public Finance Authority, Wisconsin, Educational Revenue
Bonds, Lake Norman Charter School, Series 2024A
5
.000
06/15/64
936,344
500,000
(a)
Public Finance Authority, Wisconsin, Revenue Bonds, Two Step
Project, Series 2024
0
.000
12/15/34
295,723
1,000,000
(a)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5
.000
06/01/41
1,021,789
500,000
(a)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Subordinate Bonds, World Center Project Series 2024B
8
.000
06/15/42
509,729
Portfolio of Investments January 31, 2026
(continued)
NDMO
24
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)
$
4,460,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
%
06/30/60
$
4,622,309
3,320,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
12/31/65
3,435,838
2,450,000
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Senior Series 2020C
0
.000
12/15/45
973,168
150,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project,
Series 2024
5
.450
10/01/39
160,435
2,500,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated
Group, Series 2017A
4
.000
04/01/39
2,503,316
1,000,000
Wisconsin State, General Obligation Bonds, Series 2026A
5
.000
05/01/38
1,167,609
TOTAL WISCONSIN
45,227,092
TOTAL MUNICIPAL BONDS
(Cost $916,299,473)
890,480,527
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
13
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
13
CAPITAL GOODS - 0.0% (0.0% of Total Investments)
128,676
(c),(g),(h)
KDC Agribusiness Fairless Hills LLC
12
.000
09/17/26
13
TOTAL CAPITAL GOODS
13
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $128,676)
13
SHARES
DESCRIPTION
VALUE
52,020
WARRANTS - 0.0% (0.0% of Total Investments)
52,020
TRANSPORTATION - 0.0% (0.0% of Total Investments)
34,680
(g),(i)
BL TRAIN HOLDINGS WEST LLC
52,020
TOTAL TRANSPORTATION
52,020
TOTAL WARRANTS
(Cost $0)
52,020
TOTAL LONG-TERM INVESTMENTS
(Cost $919,605,692)
893,651,391
FLOATING RATE OBLIGATIONS - (4.2)%
(
26,445,000
)
MFP SHARES, NET - (38.1)%(j)
(
239,711,000
)
OTHER ASSETS & LIABILITIES, NET -  0.4%
2,415,879
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
629,911,270
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)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $261,242,763 or 29.2% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(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 fiscal period.
(f)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(g)
For fair value measurement disclosure purposes, investment classified as Level 3.
(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.
25
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:
(i)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(j)
MFP Shares, Net as a percentage of Total Investments is 26.8%.
NDMO
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Corporate Bonds
$
–
$
3,118,831
$
–
$
3,118,831
Municipal Bonds
–
890,480,387
140
890,480,527
Variable Rate Senior Loan Interests
–
–
13
13
Warrants
–
–
52,020
52,020
Total
$
–
$
893,599,218
$
52,173
$
893,651,391