NPORT-EX 2 tiaa_NMI.htm
1
Portfolio of Investments July 31, 2025
NMI
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 92.6%
96458911
MUNICIPAL BONDS - 92.6%
96458911
ALABAMA - 1.8%
$
260,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.250
%
10/01/49
$
261,094
535,000
Mobile County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC
Project, Series 2024B, (AMT)
4
.750
12/01/54
467,882
1,000,000
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 5, Series 2023A, (Mandatory Put
7/01/29)
5
.250
01/01/54
1,051,352
100,000
(a)
Tuscaloosa County Industrial Development Authority,
Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,
Refunding Series 2019A
5
.250
05/01/44
96,444
TOTAL ALABAMA
1,876,772
ARIZONA - 3.6%
275,000
Arizona Industrial Development Authority Education Revenue
Bonds, Academies of Math & Science Projects, Series 2023
5
.250
07/01/43
262,233
665,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2024
4
.250
07/01/44
568,148
1,495,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
5
.000
07/01/49
1,494,664
515,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.250
12/01/28
542,663
1,000,000
(a)
Sierra Vista Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Desert Heights Charter
School Project, Refunding Series 2024
6
.125
06/01/57
898,948
TOTAL ARIZONA
3,766,656
ARKANSAS - 0.4%
200,000
(a)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2022, (AMT)
5
.450
09/01/52
195,572
200,000
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2023, (AMT)
5
.700
05/01/53
200,782
TOTAL ARKANSAS
396,354
CALIFORNIA - 5.2%
250,000
California Housing Finance Agency, California, Multifamily
Housing Revenue Bonds, Power Station Block 7B, Limited
Obligation Senior Series 2024L
5
.200
12/01/27
255,081
1,000,000
(a)
California Infrastructure and Economic Development Bank,
Revenue Bonds, Brightline West Passenger Rail Project, Green
Bond Series 2025A, (AMT), (Mandatory Put 1/01/35)
9
.500
01/01/65
892,171
625,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2023B
5
.500
09/01/43
637,073
375,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024A
5
.000
09/01/48
364,607
500,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
462,247
300,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
7
.000
11/01/34
356,343
525,000
Palm Desert, California, Special Tax Bonds, Community
Facilities District 2021-1 University Park, Series 2024
5
.000
09/01/53
511,040
500,000
(a)
San Francisco City and County Special Tax District 2020-1,
California, Special Tax Bonds, Mission Rock Facilities and
Services, Shoreline Tax Zone 1 Series 2023C
5
.750
09/01/53
511,300
710,000
(a)
San Francisco City and County, California, Special Tax
Bonds, Community Facilities District 2016-1 Treasure Island
Improvement Area 2, Series 2023A
5
.000
09/01/38
729,328
Portfolio of Investments July 31, 2025
(continued)
NMI
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
490,000
(a)
San Francisco City and County, California, Special Tax
Bonds, Community Facilities District 2016-1 Treasure Island
Improvement Area 2, Series 2023A
5
.000
%
09/01/43
$
485,179
160,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5
.250
01/15/44
160,008
TOTAL CALIFORNIA
5,364,377
COLORADO - 10.7%
500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Christian Living Neighborhoods Project, Refunding Series 2016
5
.000
01/01/37
499,978
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
979,829
1,395,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/43
1,374,584
250,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2025A
6
.000
12/01/55
261,358
500,000
Erie Highlands Metropolitan District 2, Weld County, Colorado,
General Obligation Bonds, Limited Tax Series 2018A
5
.250
12/01/48
476,358
700,000
(a)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6
.750
12/01/34
680,474
140,000
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 1,
Series 2024A-2
6
.500
12/01/43
139,512
250,000
(a)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5
.500
12/01/44
241,394
500,000
(a)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.625
12/01/56
460,113
500,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Series 2017A
5
.000
12/01/46
482,247
500,000
(a)
Parkdale Community Authority, Erie County, Colorado, Limited
Tax Supported Convertible Capital Appreciation Revenue
Bonds, District 2, Series 2024A
7
.750
12/01/53
395,723
500,000
(a)
Peak Metropolitan District 1, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series 2021A
5
.000
12/01/41
434,949
802,000
(a)
Platte River Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Refunding Series
2023A
6
.500
08/01/53
794,807
500,000
Raindance Metropolitan District 1, Acting by and through its
Water Activity Enterprise In the Town of Windsor, Weld County,
Colorado, Non-Potable Water Enterprise Revenue Bonds,
Series 2020
5
.250
12/01/50
457,038
750,000
Silverstone Metropolitan District 3, Weld County, Colorado,
General Obligation and Special Revenue Bonds, Limited Tax
Series 2023
7
.750
12/01/45
748,643
500,000
(a)
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported and Special Revenue Bonds,
Special District 4 Subdistrict B, Refunding & Improvement
Series 2024A
5
.750
12/01/54
475,149
1,275,000
(a)
Ventana Metropolitan District, El Paso County, Colorado,
General Obligation Bonds, Limited Tax Refunding and
Improvement Series 2023A
6
.500
09/01/53
1,289,463
525,000
Waterview II Metropolitan District, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2022A
4
.500
12/01/31
514,866
500,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6
.750
12/01/52
479,962
TOTAL COLORADO
11,186,447
DELAWARE - 0.1%
100,000
Delaware Health Facilities Authroity, Revenue Bonds, Beebe
Medical Center Project, Series 2018
5
.000
06/01/48
92,588
TOTAL DELAWARE
92,588
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA - 10.3%
$
250,000
(a)
Babcock Ranch Community Independent Special District,
Charlotte County, Florida, Special Assessment Bonds, 2024
Project Series 2024
5
.250
%
05/01/55
$
233,927
790,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A
5
.000
09/01/33
790,465
500,000
(a)
Bridgewalk Community Development District, Osceola County,
Florida, Special Assessment Bonds, Assessment Area 2 Series
2023
6
.500
12/15/53
512,757
550,000
(a)
Capital Projects Finance Authority, Florida, Educational
Revenue Bonds, Imagine Kissimmee Charter Academy Project,
Series 2024
6
.500
06/15/54
548,476
500,000
(a)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Babcock Neighborhood School Inc Project, Series 2024
6
.000
08/15/63
441,911
1,000,000
(a)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A
6
.250
06/15/53
1,005,360
140,000
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, KIPP Miami North Campus Project, Refunding Series
2024A
6
.000
06/15/54
139,026
210,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.500
06/15/38
220,889
1,000,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.500
07/01/53
814,916
350,000
(a)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025A, (AMT), (Mandatory Put 8/13/25)
8
.250
07/01/57
297,502
500,000
Greater Orlando Aviation Authority, Florida, Orlando Airport
Facilities Revenue Bonds, Priority Subordinated Series 2017A,
(AMT)
5
.000
10/01/42
498,620
255,000
(a)
Hamilton Bluff Community Development District, Lake
Hamilton, Florida, Special Assessment Bonds, Area 1 Project,
Series 2024
5
.800
05/01/54
241,064
885,000
(a)
Highland Trails Community Development District, Pasco
County, Florida, Special Assessment Revenue Bonds,
Assessment Area One Capital Improvement Series 2024
5
.850
05/01/54
847,094
150,000
Hobe-Saint Lucie Conservancy District, Florida, Special
Assessment Revenue Bonds, Improvement Unit 1A, Series
2024
5
.875
05/01/55
146,571
985,000
Lakeside Preserve Community Development District, Lakeland,
Florida, Special Assessment Bonds, 2023 Project Series 2023
6
.375
05/01/54
1,003,093
300,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Taylor Ranch Project, Series 2023
6
.125
05/01/43
309,595
105,000
(a)
North AR-1 of Pasco Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 4,
Series 2024
5
.750
05/01/54
99,232
1,000,000
(a)
River Hall Community Development District, Lee County,
Florida, Capital Improvement Revenue Bonds, Assessment
Area 4 Series 2023A
6
.500
05/01/54
1,027,428
225,000
Sawgrass Village Community Development District, Manatee
County, Florida, Special Assessment Bonds, Assessment Area 2
Series 2023
6
.125
11/01/43
229,203
400,000
Stonegate Preserve Community Development District, Florida,
Manatee County Special Assessment Revenue Bonds 2023
Project Area Series 2023
6
.125
12/15/53
414,262
250,000
(a)
Village Community Development District 15, Florida, Special
Assessment Revenue Bonds, Series 2024
4
.800
05/01/55
223,136
645,000
(a)
Woodsdale Community Development District, Pasco County,
Florida, Revenue Bonds, Capital Improvement Series 2023
6
.125
11/01/43
658,743
TOTAL FLORIDA
10,703,270
Portfolio of Investments July 31, 2025
(continued)
NMI
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA - 2.2%
$
250,000
(a)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5
.500
%
04/01/39
$
249,678
40,000
Atlanta Urban Residential Finance Authority, Georgia,
Multifamily Housing Revenue Bonds, Testletree Village
Apartments, Series 2013A
4
.000
11/01/25
39,761
600,000
Cobb County Development Authority, Georgia, Charter School
Revenue Bonds, Northwest Classical Academy, Inc. Project,
Series 2023A
6
.400
06/15/53
575,243
500,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
4
.000
04/01/50
417,155
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023B, (Mandatory Put 3/01/30)
5
.000
07/01/53
1,055,855
TOTAL GEORGIA
2,337,692
GUAM - 1.2%
1,250,000
(b)
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2025A
5
.250
07/01/50
1,249,683
TOTAL GUAM
1,249,683
HAWAII - 0.2%
250,000
(a)
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific University Project, Refunding
Series 2024
5
.125
07/01/43
224,010
TOTAL HAWAII
224,010
IDAHO - 1.4%
1,000,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2025A
5
.250
03/01/53
992,799
500,000
(a)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, The College of Idaho Project, Series 2023
5
.875
11/01/53
480,951
TOTAL IDAHO
1,473,750
ILLINOIS - 9.9%
250,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2016
6
.000
04/01/46
252,992
500,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2023
5
.750
04/01/48
513,425
435,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Refunding Series 2018D
5
.000
12/01/46
387,857
650,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2016A
7
.000
12/01/44
652,390
500,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2023A
6
.000
12/01/49
511,169
1,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2022A
5
.500
01/01/55
1,008,362
200,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
4
.500
11/01/36
199,540
500,000
Illinois Finance Authority, Revenue Bonds, Bradley University,
Refunding Series 2021A
4
.000
08/01/51
375,237
1,105,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/45
1,070,956
845,000
(a)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,
Series 2017, (AMT), (Mandatory Put 7/02/35)
4
.800
12/01/43
844,739
540,000
Illinois State, General Obligation Bonds, June Series 2022A
5
.500
03/01/47
548,966
500,000
Illinois State, General Obligation Bonds, March Series 2021A
5
.000
03/01/46
487,017
400,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/39
415,745
1,000,000
Illinois State, General Obligation Bonds, October Series 2022C
5
.500
10/01/41
1,043,249
1,900,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2019A
5
.000
01/01/44
1,901,228
205,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/35
131,308
TOTAL ILLINOIS
10,344,180
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA - 3.2%
$
735,000
(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
$
630,214
1,000,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Obligation Group, Fixed Rate Series 2023A
5
.000
10/01/46
1,006,378
1,000,000
Indiana Finance Authority, Student Housing Revenue Bonds,
SFP-PUFW I, LLC Series 2024A
5
.000
07/01/54
937,297
500,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
510,166
250,000
(a)
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt
Paper LLC Project, Refunding Series 2024, (AMT)
5
.000
01/01/54
228,602
TOTAL INDIANA
3,312,657
IOWA - 0.5%
500,000
(c)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5
.000
12/01/50
564,677
TOTAL IOWA
564,677
LOUISIANA - 2.2%
1,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, Womans Hospital Foundation Project, Refunding Series
2017A
5
.000
10/01/44
980,662
400,000
(a)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds,
Christwood Project, Refunding Series 2024
5
.250
11/15/59
348,585
1,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/48
950,155
TOTAL LOUISIANA
2,279,402
MINNESOTA - 1.7%
75,000
Baytown Township, Minnesota Charter School Lease Revenue
Bonds, Saint Croix Preparatory Academy, Refunding Series
2016A
4
.250
08/01/46
59,871
1,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/48
978,402
555,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Twin Cities German
Immersion School Project, Series 2019
5
.000
07/01/49
481,213
300,000
Saint Paul Park, Minnesota, Senior Housing and Health Care
Revenue Bonds, Presbyterian Homes Bloomington Project,
Refunding Series 2017
4
.250
09/01/37
275,696
TOTAL MINNESOTA
1,795,182
MISSISSIPPI - 0.9%
1,000,000
Mississippi Hospital Equipment and Facilities Authority,
Revenue Bonds, Baptist Memorial Healthcare, Series 2016A
5
.000
09/01/41
966,738
TOTAL MISSISSIPPI
966,738
MISSOURI - 2.5%
1,000,000
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Southwest Baptist
University Project, Series 2012
5
.000
10/01/33
956,528
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5
.000
02/01/46
449,312
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5
.250
02/01/54
468,730
100,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2017
5
.000
09/01/48
90,129
215,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2018A
5
.250
09/01/53
196,713
Portfolio of Investments July 31, 2025
(continued)
NMI
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
335,000
Saline County Industrial Development Authority, Missouri, First
Mortgage Revenue Bonds, Missouri Valley College, Series
2017
4
.500
%
10/01/40
$
276,169
225,000
(a)
Taney County Industrial Development Authority, Missouri, Sales
Tax Revenue Improvement Bonds, Big Cedar Infrastructure
Project Series 2023
6
.000
10/01/49
212,532
TOTAL MISSOURI
2,650,113
NEBRASKA - 0.5%
500,000
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue
Bonds, Refunding Crossover Series 2017A
5
.000
09/01/42
506,092
TOTAL NEBRASKA
506,092
NEVADA - 0.3%
350,000
Las Vegas Special Improvement District 817, Nevada, Local
Improvement Revenue Bonds, Summerlin Village 29 Series
2023
6
.000
06/01/48
360,031
TOTAL NEVADA
360,031
NEW HAMPSHIRE - 0.4%
498,560
National Finance Authority, New Hampshire, Municipal
Certificates Series 2025-1 Class A-2
4
.168
01/20/41
443,554
TOTAL NEW HAMPSHIRE
443,554
NEW JERSEY - 1.4%
500,000
(a)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6
.625
01/01/45
508,587
1,000,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/46
962,359
TOTAL NEW JERSEY
1,470,946
NEW YORK - 5.7%
60,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Catholic Health
System, Inc. Project, Series 2015
5
.250
07/01/35
58,460
250,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2022A
5
.250
12/01/52
241,588
315,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5
.250
11/15/55
315,061
500,000
(a)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5
.000
11/15/44
479,342
1,950,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green
Series 2024A, (AMT)
5
.500
12/31/54
1,907,609
1,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5
.500
06/30/54
965,989
445,000
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT)
6
.000
06/30/54
452,219
500,000
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
541,722
100,000
Oneida Indian Nation, New York, Tax Revenue Bonds, Series
2024B
6
.000
09/01/43
104,611
1,000,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/48
851,130
TOTAL NEW YORK
5,917,731
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH CAROLINA - 0.7%
$
685,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5
.000
%
10/01/31
$
692,281
TOTAL NORTH CAROLINA
692,281
NORTH DAKOTA - 0.1%
100,000
Grand Forks, North Dakota, Senior Housing & Nursing Facilities
Revenue Bonds, Valley Homes and Services Obligated Group,
Series 2017
5
.000
12/01/36
94,224
TOTAL NORTH DAKOTA
94,224
OHIO - 3.0%
500,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Bon
Secours Mercy Health, Inc., Series 2025A
5
.000
11/01/40
521,791
1,000,000
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
813,431
500,000
(a)
Columbus-Franklin County Finance Authority, Ohio, Revenue
Bonds, Bridge Park G Block Project, Public Infrastructure Series
2022
5
.000
12/01/45
479,257
500,000
(a)
Jefferson County Port Authority, Ohio, Economic Development
Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023,
(AMT), (Mandatory Put 12/01/28)
5
.000
12/01/53
500,908
500,000
(a)
Ohio Air Quality Development Authority, Ohio, Exempt
Facilities Revenue Bonds, AMG Vanadium Project, Series 2019,
(AMT)
5
.000
07/01/49
423,502
250,000
(a)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch of Mansfield Project, Series 2024
6
.000
01/01/45
231,317
200,000
(a)
Port of Greater Cincinnati Development Authority, Ohio,
Multifamily Housing Revenue Bonds, Vivera Northbrook
Project, Series 2025A
6
.500
01/01/45
197,973
TOTAL OHIO
3,168,179
OKLAHOMA - 0.9%
670,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/52
636,713
250,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Series 2025, (AMT)
6
.250
12/01/40
270,759
TOTAL OKLAHOMA
907,472
OREGON - 0.1%
55,000
Clackamas County Hospital Facility Authority, Oregon, Revenue
Bonds, Rose Villa Inc., Series 2020A
5
.250
11/15/50
49,027
TOTAL OREGON
49,027
PENNSYLVANIA - 3.1%
400,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6
.250
05/01/42
383,913
245,000
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E
Allen Street Project, Subordinate Series 2024B
6
.000
05/01/42
238,408
53,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6
.000
06/30/34
55,386
700,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5
.000
06/30/39
634,549
350,000
(d)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0
.000
06/30/44
252,560
109,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8
.000
06/30/34
110,835
500,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5
.000
11/01/51
481,796
490,000
Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley
Dual Language Charter School, General Purpose Authority,
Series 2023
7
.000
06/01/53
510,941
Portfolio of Investments July 31, 2025
(continued)
NMI
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
350,000
Montgomery County Redevelopment Authority, Pennsylvania,
Special Obligation Revenue Bonds, River Pointe Project Series
2023
6
.500
%
09/01/43
$
343,391
200,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Core Natural Resources
Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35)
5
.450
01/01/51
203,174
TOTAL PENNSYLVANIA
3,214,953
PUERTO RICO - 1.9%
1,760,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/51
405,501
500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
448,789
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
915,316
200,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.329
07/01/40
186,158
TOTAL PUERTO RICO
1,955,764
SOUTH CAROLINA - 2.0%
620,000
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Bishop Gadsden
Episcopal Retirement Community, Series 2019A
4
.000
04/01/49
487,102
1,000,000
(a)
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Palmera Apartments
Project, Series 2025A
6
.750
12/01/60
983,567
560,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Riverwalk Academy
Project Series 2023A
7
.000
06/15/43
559,300
TOTAL SOUTH CAROLINA
2,029,969
SOUTH DAKOTA - 0.1%
100,000
Sioux Falls, South Dakota, Health Facilities Revenue Bonds,
Dow Rummel Village Project, Series 2017
5
.125
11/01/47
84,084
TOTAL SOUTH DAKOTA
84,084
TENNESSEE - 0.3%
250,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT)
5
.500
07/01/42
259,239
TOTAL TENNESSEE
259,239
TEXAS - 5.4%
500,000
(a)
Kyle, Texas, Special Assessment Revenue Bonds, Southwest
Kyle Public Improvement District 1 Improvement Area 2
Project, Series 2023
6
.750
09/01/48
508,685
125,000
(a)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4
.625
10/01/31
125,038
1,000,000
(a)
Mustang Ridge, Travis and Caldwell Counties, Texas, Special
Assessment Revenue Bonds, Durango Public Improvement
District Improvement Area 1 Series 2023
6
.375
09/01/53
1,015,691
1,000,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, CHF-Collegiate
Housing Foundation - College Station I LLC - Texas A&M
University Project, Series 2014A - AGM Insured
5
.000
04/01/46
962,698
200,000
(c)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
7
.000
09/01/43
239,619
535,000
(a)
Plano, Collin and Denton Counties, Texas, Special Assessment
Revenue Bonds, Haggard Farm Public Improvement District
Project, Area 1 Project Series 2023
7
.500
09/15/53
547,910
240,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5
.000
02/01/34
235,466
295,000
SA Energy Acquisition Public Facilities Corporation, Texas, Gas
Supply Revenue Bonds, Series 2007
5
.500
08/01/27
306,978
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,000,000
Texas Private Activity Bond Surface Transporation Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Segments 3C Project, Series 2019, (AMT)
5
.000
%
06/30/58
$
913,916
250,000
(a)
Travis County Development Authority, Texas, Contract
Assessment Revenue Bonds, Bella Fortuna Public Improvement
District, Series 2024
5
.625
09/01/51
245,222
500,000
(a)
Vista Lago, Travis County, Texas, Special Assessment Revenue
Bonds, Tessera on Lake Travis Public Improvement District
Improvement Area #3 Project, Series 2024
6
.000
09/01/54
479,240
TOTAL TEXAS
5,580,463
UTAH - 0.4%
410,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/53
409,955
TOTAL UTAH
409,955
VIRGIN ISLANDS - 0.4%
380,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/32
388,042
TOTAL VIRGIN ISLANDS
388,042
VIRGINIA - 2.0%
100,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6
.875
12/01/58
104,440
100,000
Virginia Beach Development Authority, Virginia, Residential
Care Facility Revenue Bonds, Westminster Canterbury on
Chesapeake Bay, Series 2023A
7
.000
09/01/53
108,372
1,265,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/56
1,170,249
750,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/47
717,066
TOTAL VIRGINIA
2,100,127
WASHINGTON - 1.5%
1,000,000
Grays Harbor Public Hospital District 1, Washington, Revenue
Bonds, Summit Pacific Medial Center Series 2023
6
.750
12/01/44
1,081,334
500,000
Jefferson County Public Hospital District 2, Washington,
Hospital Revenue Bonds, Refunding Series 2023A
6
.875
12/01/53
500,079
TOTAL WASHINGTON
1,581,413
WEST VIRGINIA - 1.0%
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
102,252
1,000,000
West Virginia Hospital Finance Authority, Revenue Bonds,
West Virginia University Health System Obligated Group,
Improvement Series 2017A
5
.000
06/01/47
976,254
TOTAL WEST VIRGINIA
1,078,506
WISCONSIN - 3.4%
3,634
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/46
116
3,583
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/47
105
3,557
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/48
98
3,532
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/49
91
Portfolio of Investments July 31, 2025
(continued)
NMI
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
3,480
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
%
01/01/50
$
82
3,813
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/51
85
96,478
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
3
.750
07/01/51
64,425
3,788
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/52
78
3,736
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/53
73
3,711
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/54
67
3,660
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/55
62
3,608
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/56
58
3,583
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/57
54
3,532
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/58
50
3,506
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/59
47
3,480
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/60
44
3,429
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/61
40
3,404
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/62
38
3,352
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/63
35
3,327
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/64
33
3,301
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/65
31
3,250
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/66
28
42,334
(a),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/67
328
1,000,000
(a)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Promenade Apartments Project, Series 2024
6
.250
02/01/39
998,356
500,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds,
Revolution Academy, Refunding Series 2023A
6
.250
10/01/53
501,659
535,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds, Unity
Classical Charter School, A Challenge Foundation Academy,
Series 2023
6
.625
07/01/43
538,508
11
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
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:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
250,000
(a)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5
.000
%
06/01/41
$
243,419
200,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Project. Series
2014
5
.125
10/01/34
200,030
200,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4
.000
01/01/57
142,135
1,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, PHW Oconomowoc, Inc. Project,
Series 2018
5
.125
10/01/48
892,136
TOTAL WISCONSIN
3,582,311
TOTAL MUNICIPAL BONDS
(Cost $98,698,971)
96,458,911
TOTAL LONG-TERM INVESTMENTS
(Cost $98,698,971)
96,458,911
OTHER ASSETS & LIABILITIES, NET -  7.4%
7,703,553
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
104,162,464
AMT
Alternative Minimum Tax
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $28,383,679 or 29.4% of Total Investments.
(b)
When-issued or delayed delivery security.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(d)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the reporting period.
(e)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
Portfolio of Investments July 31, 2025
(continued)
NMI
12
NMI
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
96,458,911
$
–
$
96,458,911
Total
$
–
$
96,458,911
$
–
$
96,458,911