NPORT-EX 2 tiaa_NUV.htm
1
Portfolio
of
Investments
January
31,
2025
NUV
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
103.5%
1989636253
MUNICIPAL
BONDS
-
103
.5
%
1989636253
ALABAMA
-
1.2%
$
7,000,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Prepay
BP
PLC,
Series
2024D,
(Mandatory
Put
11/01/34)
5
.000
%
03/01/55
$
7,483,797
4,640,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2024C,
(Mandatory
Put
7/01/31)
5
.000
05/01/55
4,918,870
2,455,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.500
10/01/53
2,633,455
2,000,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024A,
(AMT)
5
.000
06/01/54
2,023,791
5,720,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds,
Cooperative
District
Energy
Supply
Series
2025A,
(Mandatory
Put
6/01/35)
5
.000
01/01/56
6,005,679
TOTAL
ALABAMA
23,065,592
ALASKA
-
0.5%
9,750,000
Anchorage,
Alaska,
Solid
Waste
Services
Revenue
Bonds,
Refunding
Series
2022A
4
.000
11/01/52
9,108,246
TOTAL
ALASKA
9,108,246
ARIZONA
-
1.6%
1,420,000
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2019,
(AMT),
(Mandatory
Put
6/01/29)
4
.000
06/01/49
1,419,293
21,745,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2023B
5
.250
01/01/53
23,637,037
5,600,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
6,037,120
TOTAL
ARIZONA
31,093,450
CALIFORNIA
-
5.5%
1,955,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024B,
(AMT)
5
.250
07/01/49
2,052,390
10,000,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-2
0
.000
06/01/55
1,986,956
4,080,000
(a)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
4,250,835
5,920,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/48
6,042,121
1,830,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2024A
5
.250
12/01/43
1,969,639
2,850,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2024A
5
.250
12/01/44
3,053,844
1,650,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A
5
.000
08/15/35
1,690,804
1,635,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/43
1,647,664
3,495,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/47
3,505,786
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018B,
(AMT)
5
.000
06/01/48
1,002,149
2,290,000
(b)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019
5
.000
07/01/39
2,357,857
3,500,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.000
12/01/46
3,517,958
4,505,000
Covina-Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2003B
-
FGIC
Insured
0
.000
06/01/28
4,035,524
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,180,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A
6
.850
%
01/15/42
$
2,547,645
1,000,000
Fresno,
California,
Airport
Revenue
Bonds,
Series
2023A
-
BAM
Insured,
(AMT)
5
.000
07/01/48
1,036,997
1,000,000
Fresno,
California,
Airport
Revenue
Bonds,
Series
2023A
-
BAM
Insured,
(AMT)
5
.000
07/01/53
1,032,866
34,020,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0
.000
06/01/66
3,995,741
345,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
356,566
2,780,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Series
2022I
5
.000
05/15/48
2,973,057
2,725,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2023A
5
.250
07/01/53
2,895,071
2,365,000
Montebello
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
1998
Series
2004
-
FGIC
Insured
0
.000
08/01/27
2,170,099
3,060,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
5
.875
08/01/28
3,335,347
2,315,000
(c)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
0
.000
08/01/43
2,281,992
3,550,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
6
.500
11/01/39
4,386,116
10,150,000
Placer
Union
High
School
District,
Placer
County,
California,
General
Obligation
Bonds,
Series
2004C
-
AGM
Insured
0
.000
08/01/33
7,556,764
2,660,000
San
Bruno
Park
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Series
2000B
-
FGIC
Insured
0
.000
08/01/25
2,615,195
185,000
San
Diego
Tobacco
Settlement
Revenue
Funding
Corporation,
California,
Tobacco
Settlement
Bonds,
Subordinate
Series
2018C
4
.000
06/01/32
186,329
2,825,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2024A,
(AMT)
5
.250
05/01/44
3,041,191
2,175,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2024A,
(AMT)
5
.250
05/01/49
2,298,525
6,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019D
5
.000
05/01/36
6,466,382
4,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019D
5
.000
05/01/39
4,277,691
500,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/42
493,402
13,220,000
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Series
2006A
-
NPFG
Insured
0
.000
09/01/28
11,867,298
5,815,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/48
1,656,712
2,075,000
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Clean
Energy
Project
Revenue
Bonds,
Series
2024A,
(Mandatory
Put
9/01/30)
5
.000
04/01/55
2,182,797
TOTAL
CALIFORNIA
106,767,310
COLORADO
-
6.2%
1,265,000
Adams
and
Weld
Counties
School
District
27J,
Brighton,
Colorado,
General
Obligation
Bonds,
Series
2024A
5
.000
12/01/47
1,364,855
1,750,000
Adams
and
Weld
Counties
School
District
27J,
Brighton,
Colorado,
General
Obligation
Bonds,
Series
2024A
5
.000
12/01/48
1,881,102
10,000,000
Aurora,
Colorado,
Water
Revenue
Bonds,
First
Lien
Series
2024
5
.000
08/01/49
10,749,521
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,135,000
Centennial
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Wastewater
Revenue
Bonds,
Series
2019
5
.250
%
12/01/48
$
2,221,227
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2024A,
(Mandatory
Put
11/15/29)
5
.000
11/15/59
1,078,231
1,575,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2024A,
(Mandatory
Put
11/15/31)
5
.000
11/15/59
1,748,155
4,155,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
3,750,475
1,255,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017
5
.000
12/31/56
1,229,532
4,500,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2018N
5
.000
03/15/37
4,693,732
1,000,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2020R
4
.000
03/15/45
967,094
620,000
Colorado
State,
Certificates
of
Participation,
Lease
Purchase
Financing
Program,
National
Western
Center,
Series
2018A
5
.000
09/01/33
651,297
3,790,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A
5
.000
12/15/37
3,974,797
3,400,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.250
11/15/53
3,656,855
2,000,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/35
2,028,442
9,660,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/29
8,279,564
24,200,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/31
19,234,487
17,000,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/32
12,964,482
7,600,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Refunding
Series
2006B
-
NPFG
Insured
0
.000
09/01/39
3,692,287
600,000
Hunters
Overlook
Metropolitan
District
5,
Severance,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024
5
.000
12/01/44
641,291
575,000
Hunters
Overlook
Metropolitan
District
5,
Severance,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024
5
.000
12/01/49
607,350
1,480,000
Ptarmigan
West
Metropolitan
District
2,
Windsor,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021-3
4
.125
12/01/51
1,090,862
8,000,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008
6
.500
11/15/38
9,581,317
1,400,000
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A
4
.000
07/15/34
1,412,923
4,945,000
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Series
2017A
5
.000
11/01/40
5,062,007
5,355,000
State
of
Colorado,
Rural
Colorado,
Certificates
of
Participation,
Series
2022
6
.000
12/15/38
6,313,566
3,000,000
State
of
Colorado,
Rural
Colorado,
Certificates
of
Participation,
Series
2022
6
.000
12/15/41
3,491,492
4,250,000
(a)
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Series
2018B,
(Pre-refunded
6/01/28)
5
.000
06/01/43
4,538,208
3,160,000
(b)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
4
.125
12/01/51
2,452,968
TOTAL
COLORADO
119,358,119
CONNECTICUT
-
0.2%
1,000,000
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A,
(AMT)
5
.000
07/01/49
1,006,182
2,125,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Children's
Medical
Center
and
Subsidiaries,
Series
2023E
5
.250
07/15/48
2,278,469
TOTAL
CONNECTICUT
3,284,651
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT
OF
COLUMBIA
-
1.6%
$
15,000,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0
.000
%
06/15/46
$
3,977,466
5,260,000
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Senior
Lien
Series
2018B
5
.000
10/01/43
5,429,188
10,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B
6
.500
10/01/44
10,814,649
2,300,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.250
10/01/49
2,432,341
4,435,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.500
10/01/54
4,762,004
1,060,000
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
10/01/38
1,060,960
1,265,000
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
10/01/39
1,252,992
1,775,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A
5
.000
07/15/45
1,857,664
TOTAL
DISTRICT
OF
COLUMBIA
31,587,264
FLORIDA
-
6.1%
1,000,000
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2022
Project
Series
2022
5
.000
05/01/53
991,208
23,000,000
Broward
County,
Florida,
Tourist
Development
Tax
Revenue
Bonds,
Convention
Center
Expansion
Project,
Series
2021
4
.000
09/01/51
21,514,954
565,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A
6
.000
06/15/35
567,035
1,800,000
Florida
Development
Finance
Corporation,
Healthcare
Facilities
Revenue
Bonds,
UF
Health
-
Jacksonville
Project,
Series
2022A
-
AGM
Insured
4
.000
02/01/41
1,741,963
1,875,000
Florida
Development
Finance
Corporation,
Healthcare
Facilities
Revenue
Bonds,
UF
Health
-
Jacksonville
Project,
Series
2022A
-
AGM
Insured
4
.000
02/01/42
1,807,907
1,500,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5
.250
07/01/47
1,566,410
1,615,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.250
07/01/47
1,618,937
4,390,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5
.250
07/01/53
4,560,248
1,400,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.500
07/01/53
1,414,747
10,650,000
(b)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2024A,
(AMT),
(Mandatory
Put
2/14/25)
8
.250
07/01/57
11,059,837
4,000,000
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A
5
.000
10/01/36
4,157,326
15,000
(a)
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2019A,
(Pre-refunded
10/01/29)
5
.000
10/01/47
16,337
3,485,000
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2019A
5
.000
10/01/47
3,613,002
15,000,000
Greater
Orlando
Aviation
Authority,
Florida,
Airport
Facilities
Revenue
Bonds,
Priority
Subordinate
Series
2024,
(AMT)
5
.250
10/01/51
15,847,353
3,000,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.250
11/15/49
3,235,012
2,735,000
Miami
Beach
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Mount
Sinai
Medical
Center
of
Florida
Project,
Series
2021B
4
.000
11/15/46
2,495,234
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
5,090,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A
5
.000
%
07/01/40
$
5,110,471
5,685,000
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
(AMT)
5
.250
10/01/52
5,831,335
3,000,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022
5
.000
07/01/51
3,144,797
6,500,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2024A
5
.250
10/01/54
6,981,823
5,330,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022
4
.000
10/01/52
4,796,620
3,500,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/43
1,446,975
3,575,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/44
1,388,151
4,000,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/45
1,468,530
5,000,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/50
1,369,353
11,000,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/53
2,550,456
1,020,000
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018B
5
.000
03/15/42
1,041,722
6,865,000
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015
4
.000
05/01/34
6,869,584
TOTAL
FLORIDA
118,207,327
GEORGIA
-
3.5%
2,290,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
5
.000
04/01/47
2,304,573
2,500,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B
5
.250
02/15/45
2,558,363
4,575,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2024D,
(Mandatory
Put
4/01/31)
5
.000
04/01/54
4,858,325
10,000,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2025A,
(Mandatory
Put
6/01/32)
5
.000
06/01/55
10,689,422
17,010,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A
-
BAM
Insured
5
.000
01/01/49
17,360,911
4,025,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
19A
-
AGM
Insured
5
.000
01/01/59
4,090,418
17,350,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2022A
-
AGM
Insured
5
.000
07/01/52
18,115,725
1,000,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2020A
5
.000
01/01/45
1,040,970
5,500,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2020A
5
.000
01/01/50
5,675,357
TOTAL
GEORGIA
66,694,064
HAWAII
-
0.2%
3,000,000
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Senior
Series
2018A
5
.000
07/01/37
3,124,935
TOTAL
HAWAII
3,124,935
IDAHO
-
0.1%
2,220,000
(b)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
South
Charter
School
Project,
Series
2021
4
.000
05/01/56
1,633,654
TOTAL
IDAHO
1,633,654
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
-
9.9%
$
5,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
%
04/01/46
$
5,139,994
5,000,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/44
5,085,469
2,945,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B
6
.500
12/01/46
3,023,678
4,710,000
(b)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A
7
.000
12/01/46
4,976,185
7,495,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A
-
NPFG
Insured
0
.000
12/01/31
5,648,119
2,325,000
Chicago
Greater
Metropolitan
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Green
Series
2021A
4
.000
12/01/46
2,186,845
4,000,000
Chicago
Greater
Metropolitan
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Green
Series
2021A
4
.000
12/01/51
3,687,962
1,875,000
Chicago
Transit
Authority,
Illinois,
Capital
Grant
Receipts
Revenue
Bonds,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
Funds,
Refunding
Series
2021
5
.000
06/01/29
2,018,777
5,000,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2022A
-
BAM
Insured
5
.000
12/01/46
5,225,528
1,000,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018
5
.000
11/15/35
1,030,629
1,500,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2021A
5
.000
11/15/32
1,638,671
2,040,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A
4
.000
11/15/40
2,007,567
1,000,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A
4
.000
11/15/41
983,073
3,700,000
Illinois
Finance
Authority,
Revenue
Bonds,
Rush
University
Medical
Center
Obligated
Group,
Series
2015B
5
.000
11/15/39
3,707,487
560,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/35
563,228
825,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/44
826,096
1,175,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2024A
5
.250
04/01/43
1,302,856
1,130,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2024A
5
.250
04/01/47
1,226,633
3,500,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/43
3,818,883
2,000,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/44
2,171,656
2,400,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/47
2,574,235
5,125,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C
5
.000
11/01/29
5,360,573
1,755,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016
5
.000
02/01/27
1,816,774
4,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2016B
5
.000
01/01/41
4,043,086
5,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2020A
5
.000
01/01/45
5,249,034
9,015,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
4
.000
06/15/50
7,944,410
1,500,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2024B
5
.000
06/15/53
1,555,328
5,245,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
1994B
-
NPFG
Insured
0
.000
06/15/28
4,686,852
11,675,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
1994B
-
FGIC
Insured
0
.000
06/15/29
10,075,434
4,950,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/32
3,737,369
21,375,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/34
15,119,991
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
21,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
%
12/15/35
$
13,930,888
21,970,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/36
14,258,427
10,375,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/36
6,586,064
10,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/37
6,045,943
25,825,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/39
14,325,107
6,095,000
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2002A
-
NPFG
Insured
6
.000
07/01/32
7,195,533
8,000,000
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2003A
-
NPFG
Insured
6
.000
07/01/33
9,270,104
TOTAL
ILLINOIS
190,044,488
INDIANA
-
1.3%
2,250,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
4
.000
12/01/40
2,176,182
2,000,000
Indiana
Municipal
Power
Agency
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
01/01/42
2,037,614
4,250,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Community
Justice
Campus
Bonds,
Courthouse
&
Jail
Project,
Series
2019A
5
.000
02/01/54
4,352,892
2,400,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/25
2,400,000
14,595,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/27
13,640,411
TOTAL
INDIANA
24,607,099
KENTUCKY
-
1.7%
1,280,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A
5
.000
09/01/37
1,327,604
1,435,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A
5
.000
09/01/38
1,482,124
4,000,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A
5
.000
09/01/43
4,085,038
2,000,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A
5
.000
09/01/48
2,024,250
8,935,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A
5
.000
01/01/45
8,906,657
6,000,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.600
07/01/39
6,937,537
2,465,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024A-1,
(Mandatory
Put
2/01/32)
5
.250
04/01/54
2,652,805
4,205,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024B,
(Mandatory
Put
8/01/32)
5
.000
01/01/55
4,476,504
TOTAL
KENTUCKY
31,892,519
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
-
0.8%
$
2,365,000
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.500
%
09/01/59
$
2,503,935
1,810,000
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.750
09/01/64
1,959,557
9,040,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2017A
-
AGM
Insured
5
.000
01/01/48
9,155,077
1,470,000
New
Orleans
Aviation
Board,
Louisiana,
Special
Facility
Revenue
Bonds,
Parking
Facilities
Corporation
Consolidated
Garage
System,
Series
2018A
-
AGM
Insured
5
.000
10/01/43
1,505,767
TOTAL
LOUISIANA
15,124,336
MAINE
-
0.8%
5,125,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A
5
.000
07/01/43
5,195,423
2,005,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A
5
.000
07/01/48
2,020,438
7,990,000
University
of
Maine,
System
Revenue
Bonds,
Series
2022
5
.000
03/01/47
8,336,645
TOTAL
MAINE
15,552,506
MARYLAND
-
1.4%
1,140,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/29
1,155,707
1,945,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/32
1,965,596
385,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/34
387,932
2,750,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/35
2,767,307
2,550,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/42
2,526,745
6,665,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/46
6,541,997
1,050,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
5
.000
07/01/40
1,051,615
3,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Lifebridge
Health
Issue
Series
2023
5
.000
07/01/54
3,138,326
4,375,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A
5
.000
05/01/47
4,481,299
2,260,000
(a)
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A,
(Pre-refunded
5/01/28)
5
.000
05/01/47
2,406,218
TOTAL
MARYLAND
26,422,742
MASSACHUSETTS
-
1.5%
2,905,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
2,869,395
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E
5
.000
07/01/35
1,519,780
2,765,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5
.000
12/01/46
2,798,846
20,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2024I,
(UB)
5
.000
12/01/54
21,254,324
980,000
Massachusetts
Turnpike
Authority,
Metropolitan
Highway
System
Revenue
Bonds,
Senior
Series
1997A
-
NPFG
Insured
0
.000
01/01/29
865,154
TOTAL
MASSACHUSETTS
29,307,499
MICHIGAN
-
3.3%
1,475,000
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
5
.000
05/01/44
1,564,881
625,000
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
5
.000
05/01/48
654,310
820,000
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
5
.000
05/01/50
858,211
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
1,300,000
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013
6
.000
%
10/01/33
$
1,281,793
2,520,000
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013
6
.000
10/01/43
2,397,697
15,000
Detroit,
Michigan,
Second
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2005A
-
NPFG
Insured
4
.500
07/01/35
15,010
2,495,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B
-
NPFG
Insured
5
.500
07/01/29
2,624,013
5,000
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Second
Lien
Series
2003B
-
NPFG
Insured
5
.000
07/01/34
5,010
5,000
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Senior
Lien
Series
2003A
-
NPFG
Insured
5
.000
07/01/34
5,010
4,000,000
Kalamazoo
County,
Michigan,
General
Obligation
Bonds,
Limitied
Tax
Series
2022
4
.000
05/01/45
3,857,036
3,315,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018
5
.000
11/01/43
3,400,310
6,385,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
-
BAM
Insured
4
.000
11/01/55
5,761,728
2,000,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A
5
.000
11/15/48
2,044,372
1,000,000
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Madison
Academy
Project,
Refunding
Series
2021
5
.000
12/01/46
882,431
1,015,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Series
2020B-1-CL2
5
.000
06/01/49
1,026,689
5,265,000
(a)
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6,
(Pre-refunded
11/15/26)
4
.000
11/15/47
5,345,458
735,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6
4
.000
11/15/47
680,824
435,000
(a)
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I,
(Pre-refunded
10/15/25)
5
.000
04/15/30
441,389
9,565,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/30
9,687,576
2,100,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2023II
4
.000
10/15/43
2,055,885
3,020,000
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A
4
.000
11/15/37
3,102,262
6,510,000
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A
4
.000
11/15/38
6,655,608
1,515,000
Michigan
Technological
University,
General
Revenue
Bonds,
Series
2023A
-
AGM
Insured
5
.000
10/01/47
1,557,701
675,000
Michigan
Technological
University,
General
Revenue
Bonds,
Series
2023A
-
AGM
Insured
5
.250
10/01/52
699,647
1,100,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D
5
.000
12/01/45
1,104,448
5,000,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2023A
-
AGM
Insured
5
.250
12/01/48
5,446,386
TOTAL
MICHIGAN
63,155,685
MINNESOTA
-
0.1%
1,480,000
University
of
Minnesota,
General
Obligation
Bonds,
Series
2016A
5
.000
04/01/41
1,501,738
TOTAL
MINNESOTA
1,501,738
MISSOURI
-
0.3%
3,465,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/48
3,465,062
1,500,000
Orchard
Farm
R-V
School
District,
St.
Charles
County,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
School
Series
2024A
5
.500
03/01/43
1,711,834
TOTAL
MISSOURI
5,176,896
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MONTANA
-
0.5%
$
1,040,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
%
07/01/29
$
1,085,557
2,475,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
07/01/30
2,581,144
1,415,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
07/01/31
1,472,917
1,980,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
07/01/32
2,055,528
3,045,000
Montana
Facility
Finance
Authority,
Revenue
Bonds,
Billings
Clinic
Obligated
Group,
Series
2018A
5
.000
08/15/48
3,078,738
TOTAL
MONTANA
10,273,884
NEBRASKA
-
0.9%
1,710,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A
5
.000
09/01/35
1,843,067
1,400,000
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
5
.000
11/01/45
1,405,465
10,500,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2022B
5
.250
02/01/52
11,235,934
2,415,000
Omaha
Public
Power
District,
Nebraska,
Separate
Electric
System
Revenue
Bonds,
Nebraska
City
2,
Series
2015A
5
.250
02/01/42
2,417,927
TOTAL
NEBRASKA
16,902,393
NEVADA
-
1.3%
2,000,000
Clark
County,
Nevada,
General
Obligation
Bonds,
Transportation
Improvement,
Limited
Tax,
Additionally
Secured
by
Pledged
Revenue
Series
2018B
5
.000
12/01/33
2,142,096
5,000,000
Clark
County,
Nevada,
General
Obligation
Bonds,
Transportation
Improvement,
Limited
Tax,
Additionally
Secured
by
Pledged
Revenue
Series
2018B
5
.000
12/01/35
5,316,567
5,000,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B
5
.000
07/01/43
5,160,879
8,500,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C
5
.250
07/01/43
8,826,894
1,205,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Water
Improvement
Series
2016A
5
.000
06/01/41
1,226,726
2,000,000
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018A
5
.000
06/01/48
2,038,302
250,000
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018B
-
AGM
Insured
5
.000
06/01/33
262,998
TOTAL
NEVADA
24,974,462
NEW
JERSEY
-
5.3%
2,500,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A
5
.000
01/01/36
2,648,764
930,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.125
01/01/39
930,976
6,000,000
(a)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
(Pre-refunded
12/15/26)
5
.500
06/15/31
6,306,948
5,990,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1
-
AGM
Insured
5
.500
09/01/25
6,083,890
3,070,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
4
.125
07/01/54
2,880,346
4,500,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
5
.250
07/01/54
4,876,425
3,380,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB
4
.000
06/15/46
3,275,577
9,420,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/31
7,383,424
30,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
FGIC
Insured
0
.000
12/15/30
24,482,706
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
27,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
%
12/15/32
$
20,448,763
2,750,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
5
.250
06/15/32
2,767,720
2,150,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
5
.250
06/15/34
2,162,393
1,220,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA
4
.000
06/15/50
1,167,876
9,675,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024CC
5
.250
06/15/50
10,479,135
3,760,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2017G
4
.000
01/01/43
3,734,194
2,370,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
2,377,792
TOTAL
NEW
JERSEY
102,006,929
NEW
YORK
-
12.7%
3,000,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
5
.000
06/01/55
2,575,567
4,200,000
Dormitory
Authority
of
the
State
of
New
York,  State
Personal
Income
Tax
Revenue
Bonds,  General
Purpose,
Series
2021B
4
.000
03/15/47
4,014,596
2,970,000
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Series
2017A
5
.000
07/01/42
3,045,852
780,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Series
2017A,
(Pre-
refunded
7/01/27)
5
.000
07/01/42
821,391
4,350,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.500
10/01/54
4,725,414
10,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024A,
(UB)
5
.000
03/15/55
10,578,766
3,710,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024B
5
.000
03/15/49
3,951,923
1,950,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018
5
.000
09/01/39
2,048,849
2,100,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2021A
4
.000
09/01/41
2,089,778
2,345,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024A
4
.000
11/15/51
2,204,821
3,100,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
4
.750
11/15/45
3,165,243
8,325,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.000
11/15/50
8,521,715
2,000,000
(b)
New
York
City
Housing
Development
Corporation,
New
York,
Multi-Family
Mortgage
Revenue
Bonds,
8
Spruce
Street,
Class
F
Series
2024
5
.250
12/15/31
2,043,750
350,000
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
356,197
1,500,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A
-
AGM
Insured
5
.000
01/01/29
1,604,605
4,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2019
Series
FF-2
4
.000
06/15/37
4,076,781
17,425,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2019
Subseries
S-3A
5
.000
07/15/37
18,228,577
1,650,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2015
Series
E-1
5
.000
02/01/41
1,652,069
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1
5
.000
02/01/51
5,227,592
7,500,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025D
5
.500
05/01/52
8,337,480
13,805,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025E
5
.000
11/01/53
14,617,246
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
10,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024F-1,
(UB)
5
.250
%
02/01/53
$
10,760,187
3,465,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C
5
.000
08/01/42
3,669,665
11,755,000
(b)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
11,763,219
3,180,000
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021
-
BAM
Insured
4
.000
02/15/43
3,083,589
4,000,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A
4
.000
11/15/50
3,832,571
1,000,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A
4
.000
03/15/49
960,425
1,620,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A
-
AGM
Insured,
(AMT)
4
.000
07/01/32
1,604,651
8,270,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/41
8,270,041
6,250,000
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)
4
.500
12/31/54
6,165,471
11,380,000
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
.250
12/31/54
12,043,540
5,190,000
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
5,463,150
2,000,000
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
2,061,635
5,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/40
5,206,319
3,250,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/34
3,337,557
5,250,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/36
5,374,871
7,495,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty-Fourth
Series
2024
5
.000
07/15/54
7,998,764
8,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2017A
5
.000
11/15/37
8,295,974
3,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/50
3,009,235
7,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2024A-1
4
.000
11/15/54
6,574,665
6,620,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
MTA
Bridges
and
Tunnels,
Senior
Lien
Green
Climate
Bond
Certified
Series
2024B-2
5
.250
05/15/54
7,152,928
7,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Green
Bonds,
Series
2022D-2
4
.500
05/15/52
7,133,184
5,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1
5
.000
05/15/51
5,220,559
5,085,000
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
5,493,581
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
6,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2022A
5
.250
%
05/15/57
$
6,393,851
TOTAL
NEW
YORK
244,757,844
NORTH
CAROLINA
-
0.7%
1,140,000
Mebane,
North
Carolina,
Combined
Utilities
Revenue
Bonds,
Series
2024
4
.000
08/01/49
1,081,632
2,155,000
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015,
(AMT)
5
.000
12/31/37
2,158,420
4,175,000
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015,
(AMT)
5
.000
06/30/54
4,103,255
2,995,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Series
2017A
5
.000
07/01/54
2,999,580
1,625,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
5
.000
01/01/30
1,673,475
1,850,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
5
.000
01/01/32
1,900,060
TOTAL
NORTH
CAROLINA
13,916,422
NORTH
DAKOTA
-
0.1%
1,840,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
5
.000
12/01/42
1,853,432
TOTAL
NORTH
DAKOTA
1,853,432
OHIO
-
3.9%
1,325,000
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Refunding
Series
2024A
5
.000
02/15/48
1,396,999
44,100,000
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
39,728,244
4,975,000
Central
Ohio
Transit
Authority,
Ohio,
General
Obligation
Bonds,
Capital
Facilities
Limited
Tax
Series
2023
5
.000
12/01/53
5,267,549
1,165,000
(d)
Columbus
Regional
Airport
Authority,
Ohio,
Revenue
Bonds,
John
Glenn
Columbus
International
Airport,
Series
2025B
5
.250
01/01/50
1,261,966
3,485,000
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH
4
.000
12/01/46
3,288,330
14,500,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
(Mandatory
Put
9/15/21)
3
.375
08/01/29
14,229,589
3,190,000
Ohio
State,
Hospital
Revenue
Bonds,
Children's
Hospital
Medical
Center
of
Akron,
Series
2024A
5
.250
08/14/48
3,446,453
1,755,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Duke
Energy
Convention
Center
Project,
TOT
First
Subordinate
Development
Revenue
Bonds,
Refunding
Series
2024B
-
AGM
Insured
4
.250
12/01/48
1,716,502
1,015,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Duke
Energy
Convention
Center
Project,
TOT
First
Subordinate
Development
Revenue
Bonds,
Refunding
Series
2024B
5
.000
12/01/53
1,049,314
1,835,000
(b)
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Public
Improvement
TOT
Revenue
Bonds,
Series
2021
4
.250
12/01/50
1,792,675
2,250,000
Tolles
Career
and
Technical
Center,
Madison,
Franklin,
Delaware,
Fayette,
and
Union
Counties,
Ohio,
Certificates
of
Participation,
School
Facilities
Project
Series
2024
5
.250
12/01/53
2,351,661
TOTAL
OHIO
75,529,282
OKLAHOMA
-
1.2%
1,790,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.250
08/15/43
1,825,774
7,040,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
7,170,904
1,000,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022
5
.500
08/15/37
1,044,417
10,000,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2017A
5
.000
01/01/42
10,124,973
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
2,400,000
Oklahoma
Water
Resources
Board,
Oklahoma,
State
Loan
Program
Revenue
Bonds,
Series
2024C
4
.000
%
10/01/54
$
2,270,885
TOTAL
OKLAHOMA
22,436,953
OREGON
-
0.6%
1,300,000
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Columbia
Memorial
Hospital
Project,
Series
2024
5
.250
08/01/49
1,359,566
2,000,000
Oregon
State,
General
Obligation
Bonds,
Article
XI-Q
State
Projects
Series
2021A
4
.000
05/01/40
2,015,470
7,500,000
Portland,
Oregon,
Sewer
System
Revenue
Bonds,
Second
Lien
Refunding
Series
2023A
5
.000
12/01/47
8,015,881
TOTAL
OREGON
11,390,917
PENNSYLVANIA
-
2.2%
1,555,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2024
4
.000
12/01/49
1,473,258
3,155,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-1
5
.000
02/15/45
3,198,023
3,035,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
4
.000
05/01/52
2,724,458
5,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-145A
4
.600
10/01/44
5,054,051
10,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-146A
4
.750
04/01/53
10,066,311
2,000,000
Pennsylvania
State
University,
Revenue
Bonds,
Refunding
Series
2016A
5
.000
09/01/41
2,046,038
1,250,000
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A
4
.750
12/01/37
1,274,426
2,685,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
12/01/51
2,554,665
3,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2018A-2
5
.000
12/01/48
3,110,091
5,385,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2024C
5
.250
12/01/54
5,834,645
1,025,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A
4
.000
12/01/49
962,706
3,180,000
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2025A
5
.250
09/01/50
3,488,020
1,350,000
Susquehanna
Area
Regional
Airport
Authority,
Pennsylvania,
Airport
System
Revenue
Bonds,
Series
2017,
(AMT)
5
.000
01/01/38
1,361,095
TOTAL
PENNSYLVANIA
43,147,787
PUERTO
RICO
-
1.8%
10,046,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
7,327,983
5,985,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
5,999,717
3,250,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
3,193,720
5,125,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
5,126,422
14,119,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
14,009,716
TOTAL
PUERTO
RICO
35,657,558
SOUTH
CAROLINA
-
2.7%
12,760,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AGC
Insured
0
.000
01/01/28
11,457,663
9,535,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AGC
Insured
0
.000
01/01/29
8,228,854
3,750,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
McLeod
Health
Project,
Series
2024
5
.250
11/01/54
4,026,800
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
(continued)
$
2,600,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
5
.500
%
11/01/48
$
2,866,409
2,600,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
5
.500
11/01/50
2,853,199
3,750,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Improvement
Series
2024A
5
.500
12/01/54
4,071,866
4,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2020A
4
.000
12/01/39
3,951,902
5,500,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/46
5,551,023
8,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/56
8,046,669
1,500,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A
5
.000
12/01/55
1,547,266
TOTAL
SOUTH
CAROLINA
52,601,651
SOUTH
DAKOTA
-
0.1%
2,630,000
Baltic
School
District
No.
49-1,
South
Dakota,
General
Obligation
Bonds,
Series
2022
-
AGM
Insured
5
.250
12/01/47
2,769,838
TOTAL
SOUTH
DAKOTA
2,769,838
TENNESSEE
-
1.4%
1,000,000
Loudon,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Series
2023
5
.000
03/01/40
1,073,347
1,000,000
Loudon,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Series
2023
5
.000
03/01/41
1,067,690
1,495,000
Loudon,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Series
2023
5
.000
03/01/42
1,589,990
4,250,000
Loudon,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Series
2023
4
.375
03/01/48
4,134,252
3,570,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University,
Refunding
and
Improvement
Series
2024
5
.000
10/01/49
3,847,166
2,000,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022A
5
.250
07/01/47
2,143,118
1,375,000
New
Memphis
Arena
Public
Building
Authority,
Memphis
and
Shelby
County,
Tennessee,
Local
Government
Public
Improvement
Bonds,
Capital
Appreciation
Series
2021
0
.000
04/01/40
664,830
3,000,000
Tennessee
State
School
Bond
Authority,
Higher
Educational
Facilities
Second
Program
Bonds,
Series
2017A
5
.000
11/01/42
3,069,447
5,000,000
Tennessee
State,
General
Obligation
Bonds,
Series
2023A
5
.000
05/01/40
5,585,610
3,240,000
West
Wilson
Utility
District,
Wilson
County,
Tennessee,
Water
Revenue
Bonds,
Improvement
Series
2022
4
.000
06/01/52
3,060,723
TOTAL
TENNESSEE
26,236,173
TEXAS
-
12.6%
14,355,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2018,
(UB)
4
.000
02/15/43
13,711,188
4,750,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023
5
.000
02/15/48
4,962,420
3,000,000
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Series
2024B
4
.000
08/15/54
2,787,060
1,500,000
Comal
Independent
School
District,
Comal,
Bexar,
Guadalupe,
Hays,
and
Kendall
Counties,
Texas,
General
Obligation
Bonds,
Refunding
School
Building
Series
2024
4
.000
02/15/49
1,428,112
10,000,000
(d)
Conroe
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2025
4
.000
02/15/50
9,540,341
3,635,000
Crowley
Independent
School
District,
Tarrant
and
Johnson
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
4
.250
02/01/54
3,550,034
2,600,000
Fort
Bend
County
Municipal
Utility
District
50,
Texas,
General
Obligation
Bonds,
Series
2018A
-
AGM
Insured
4
.000
09/01/46
2,469,808
5,500,000
Fort
Bend
County
Municipal
Utility
District
50,
Texas,
General
Obligation
Bonds,
Series
2018A
-
AGM
Insured
4
.000
09/01/48
5,179,344
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,190,000
Galveston,
Texas,
Wharves
and
Terminal
First
Lien
Revenue
Bonds,
Series
2024A,
(AMT)
5
.250
%
08/01/37
$
2,342,071
700,000
Galveston,
Texas,
Wharves
and
Terminal
First
Lien
Revenue
Bonds,
Series
2024A,
(AMT)
5
.250
08/01/39
744,150
2,000,000
Garland,
Dallas,
Collin
and
Rockwell
Counties,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2024
5
.000
03/01/50
2,105,596
3,720,000
Greenwood
Independent
School
District,
Midland
County,
Texas,
School
Building
Bonds,
Series
2024
4
.000
02/15/54
3,498,675
2,765,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2024C,
(Mandatory
Put
7/01/29)
5
.000
07/01/54
2,961,376
2,845,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
4
.000
12/01/45
2,680,147
3,525,000
Harris
County,
Texas,
General
Obligation
Bonds,
Permanent
Improvement
Series
2024
4
.000
09/15/49
3,347,824
7,295,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/50
2,072,340
11,055,000
(a)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H,
(ETM)
0
.000
11/15/27
10,065,217
845,000
(a)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H,
(ETM)
0
.000
11/15/27
769,345
4,565,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2024B
5
.000
11/15/46
4,813,147
1,000,000
Hidalgo
County
Regional
Mobility
Authority,
Texas,
Toll
and
Vehicle
Registration
Fee
Revenue
Bonds,
Senior
Lien
Series
2022A
4
.000
12/01/40
949,112
1,590,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B
5
.000
07/01/43
1,638,652
2,290,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B
5
.000
07/01/48
2,344,873
1,000,000
Houston,
Texas,
General
Obligation
Bonds,
Refunding
Series
2024A
4
.125
03/01/51
958,820
24,755,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/29
20,886,083
12,940,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/30
10,479,019
10,000,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/31
7,750,458
19,500,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/32
14,424,484
3,255,000
Hutto,
Texas,
Certificates
of
Obligation
Bonds,
Combination
Tax
&
Waterworks
&
Sewer
System
Revenue
Series
2024
-
BAM
Insured
4
.125
08/01/49
3,135,130
5,000,000
Hutto,
Texas,
Certificates
of
Obligation
Bonds,
Combination
Tax
&
Waterworks
&
Sewer
System
Revenue
Series
2024
-
BAM
Insured
4
.250
08/01/54
4,851,423
2,855,000
Lamar
Consolidated
Independent
School
District,
Fort
Bend
County,
Texas,
General
Obligation
Bonds,
Schoolhouse
Refunding
Series
2024
5
.250
02/15/59
3,062,931
5,120,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
5
.000
08/15/39
5,157,733
1,395,000
Love
Field
Airport
Modernization
Corporation,
Texas,
Special
Facilities
Revenue
Bonds,
Southwest
Airlines
Company
-
Love
Field
Modernization
Program
Project,
Series
2012,
(AMT)
5
.000
11/01/28
1,395,389
9,005,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2021A
5
.000
05/15/51
9,321,716
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,000,000
New
Caney
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
4
.000
%
02/15/54
$
1,890,209
15,450,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D
-
AGC
Insured
0
.000
01/01/36
10,185,569
5,000,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A
4
.000
01/01/43
4,805,329
8,000,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B
5
.000
01/01/43
8,110,943
3,855,000
Pasadena
Economic
Development
Corporation,
Harris
County,
Texas,
Sales
Tax
Revenue
Bonds,
Series
2023
-
BAM
Insured
5
.000
08/15/53
4,010,990
2,500,000
San
Antonio,
Texas,
Electric
and
Gas
Systems
Revenue
Bonds,
Refunding
New
Series
2024B
5
.000
02/01/54
2,632,587
1,750,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A
5
.000
02/15/41
1,776,678
5,000,000
Temple,
Texas,
General
Obligation
Bonds,
Combination
Tax
and
Revenue
Series
2022B
4
.000
08/01/47
4,717,520
2,165,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D
6
.250
12/15/26
2,237,624
5,400,000
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A
5
.000
12/31/35
5,708,676
5,500,000
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A
-
AMBAC
Insured
0
.000
08/15/25
5,405,392
12,500,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
(UB)
4
.000
10/15/42
12,344,495
1,500,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A
5
.000
10/15/42
1,546,003
5,000,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2018B
5
.000
10/15/38
5,261,995
5,500,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2023A
5
.000
10/15/58
5,867,288
TOTAL
TEXAS
241,885,316
UTAH
-
1.3%
5,345,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
5
.000
07/01/42
5,458,033
3,500,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B
5
.000
07/01/43
3,612,728
9,550,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.250
07/01/48
10,028,191
4,250,000
(d)
Salt
Lake
City,
Utah,
Public
Utilities
Revenue
Bonds,
Series
2025
5
.250
02/01/55
4,651,173
1,320,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Bridge
Elementary
Project,
Series
2021A
4
.250
06/15/51
1,052,817
TOTAL
UTAH
24,802,942
VIRGINIA
-
0.7%
1,805,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/51
1,811,476
4,355,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1
5
.000
06/01/47
4,248,017
1,435,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-II
4
.600
10/01/54
1,435,567
2,000,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/47
2,016,183
4,100,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/49
4,126,452
TOTAL
VIRGINIA
13,637,695
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
-
3.8%
$
8,825,000
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Refunding
&
Improvement,
Green
Series
2021S-1
4
.000
%
11/01/46
$
8,623,766
2,235,000
Pierce
County
School
District
10,
Tacoma,
Washington,
General
Obligation
Bonds,
Series
2020B
4
.000
12/01/43
2,212,514
5,000,000
Snohomish
County
Public
Utility
District
1,
Washington,
Electric
System
Revenue
Bonds,
Series
2021A
5
.000
12/01/51
5,208,923
12,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
5
.000
10/01/33
12,004,635
1,310,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017
5
.000
08/15/30
1,351,222
6,030,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase
4
.000
07/01/37
5,874,462
4,615,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B.  Exchange
Purchase
4
.000
07/01/43
4,361,397
7,830,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B.  Exchange
Purchase
3
.000
07/01/48
5,712,242
3,240,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
4
.000
07/01/58
2,805,947
3,000,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/58
3,043,073
9,100,000
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2002-03C
-
NPFG
Insured
0
.000
06/01/29
7,931,055
16,195,000
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2002-03C
-
NPFG
Insured
0
.000
06/01/30
13,637,390
TOTAL
WASHINGTON
72,766,626
WEST
VIRGINIA
-
0.7%
1,830,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A
5
.000
01/01/34
1,893,785
2,750,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2019A
5
.000
09/01/38
2,815,487
3,570,000
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2018
5
.000
06/01/43
3,684,886
4,135,000
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021
5
.000
06/01/47
4,339,914
TOTAL
WEST
VIRGINIA
12,734,072
WISCONSIN
-
1.2%
8,750,000
(b)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
7
.000
12/01/50
8,913,982
4,410,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
06/01/39
4,411,856
2,975,000
(a)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A,
(Pre-refunded
5/15/26)
4
.000
11/15/46
3,015,454
3,075,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A
4
.000
11/15/46
2,877,545
935,000
(a)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A,
(Pre-refunded
5/15/26)
4
.000
11/15/46
947,714
19
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.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
2,300,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic
Health
System
Inc
Series
2024A
5
.500
%
02/15/54
$
2,477,406
TOTAL
WISCONSIN
22,643,957
TOTAL
MUNICIPAL
BONDS
(Cost
$1,936,042,909)
1,989,636,253
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,936,042,909)
1,989,636,253
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 0.3%
6,000,000
MUNICIPAL
BONDS
-
0
.3
%
6,000,000
NEW
YORK
-
0.3%
6,000,000
(e)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
3
1
.850
04/01/42
6,000,000
TOTAL
NEW
YORK
6,000,000
TOTAL
MUNICIPAL
BONDS
(Cost
$6,000,000)
6,000,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$6,000,000)
6,000,000
TOTAL
INVESTMENTS
-
103
.8
%
(Cost
$
1,942,042,909
)
1,995,636,253
FLOATING
RATE
OBLIGATIONS
-
(3.0)%
(
57,545,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  (0.8)%
(
15,540,352
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,922,550,901
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
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)
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.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$53,654,687
or
2.7%
of
Total
Investments.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
When-issued
or
delayed
delivery
security.
(e)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
Portfolio
of
Investments
January
31,
2025
(continued)
NUV
20
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:
NUV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,989,636,253
$
–
$
1,989,636,253
Short-Term
Investments:
Municipal
Bonds
–
6,000,000
–
6,000,000
Total
$
–
$
1,995,636,253
$
–
$
1,995,636,253