NPORT-EX 2 tiaa_NZF.htm
1
Portfolio
of
Investments
Janaury
31,
2025
NZF
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
162.4%
(100.0%
of
Total
Investments)
4185751016
MUNICIPAL
BONDS
-
162
.4
%
(
100
.0
%
of
Total
Investments)
4185751016
ALABAMA
-
3.1%
(1.9%
of
Total
Investments)
$
15,310,000
(a)
Alabama
Corrections
Institution
Finance
Authority,
Revenue
Bonds,
Series
2022A,
(UB)
5
.250
%
07/01/52
$
16,246,349
8,585,000
(b)
Alabama
Private
Colleges
and
University
Facilities
Authority,
Limited
Obligation
Bonds,
University
of
Mobile
Project,
Series
2015A
6
.000
09/01/45
8,607,659
2,280,000
(a)
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016B
5
.000
11/15/46
2,293,356
2,720,000
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016C
5
.000
11/15/46
2,735,933
24,765,000
Energy
Southeast
Cooperative
District,
Alabama,
Energy
Supply
Revenue
Bonds,
Series
2024B,
(Mandatory
Put
6/01/32)
5
.250
07/01/54
26,701,999
340,000
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Series
2019,
(AMT)
5
.750
10/01/49
354,475
2,945,000
(a)
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
(UB)
5
.500
10/01/53
3,159,073
3,800,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024B,
(AMT)
4
.750
12/01/54
3,734,283
14,840,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds,
Cooperative
District
Energy
Supply
Series
2025A,
(Mandatory
Put
6/01/35)
5
.000
01/01/56
15,581,168
TOTAL
ALABAMA
79,414,295
ARIZONA
-
1.3%
(0.8%
of
Total
Investments)
2,131,023
(b),(c)
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A
7
.000
07/01/41
1,491,716
3,185,000
(b)
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2015
5
.000
07/15/39
3,130,096
3,865,000
Maricopa
County
and
Phoenix
City
Industrial
Development
Authority,
Arizona,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
4
.800
09/01/49
3,872,154
1,500,000
Maricopa
County
and
Phoenix
City
Industrial
Development
Authority,
Arizona,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4
.850
09/01/54
1,510,581
10,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
(AMT)
5
.000
07/01/47
10,074,211
400,000
Phoenix
Mesa
Gateway
Airport
Authority,
Arizona,
Special
Facility
Revenue
Bonds,
Mesa
Project,
Series
2012,
(AMT)
5
.000
07/01/27
401,445
950,000
Phoenix
Mesa
Gateway
Airport
Authority,
Arizona,
Special
Facility
Revenue
Bonds,
Mesa
Project,
Series
2012,
(AMT)
5
.000
07/01/32
953,456
1,790,000
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2016
5
.375
07/01/46
1,253,000
2,140,000
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2016
5
.500
07/01/51
1,498,000
2,060,000
(b)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
San
Tan
Montessori
School
Project,
Series
2017
6
.750
02/01/50
2,115,923
35,000
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
The
Paideia
Academies
Project,
2019
5
.125
07/01/39
34,146
50,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/32
53,635
7,235,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
7,799,743
TOTAL
ARIZONA
34,188,106
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARKANSAS
-
1.2%
(0.7%
of
Total
Investments)
$
10,055,000
(b)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
(AMT)
5
.450
%
09/01/52
$
10,381,026
12,410,000
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
(AMT)
5
.700
05/01/53
13,005,460
6,000,000
(b)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
(AMT)
4
.500
09/01/49
5,955,688
2,000,000
(b)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2020A,
(AMT)
4
.750
09/01/49
2,001,868
TOTAL
ARKANSAS
31,344,042
CALIFORNIA
-
19.5%
(12.0%
of
Total
Investments)
4,225,000
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2005B
-
AGM
Insured
0
.000
08/01/28
3,789,842
535,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.000
03/01/41
503,934
1,900,000
Blythe
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
1,
Refunding
Series
2015
5
.000
05/01/38
1,912,337
165,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
165,062
4,070,000
Calexico
Unified
School
District,
Imperial
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2005B
-
FGIC
Insured
0
.000
08/01/32
3,096,073
6,410,000
Calexico
Unified
School
District,
Imperial
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2005B
-
FGIC
Insured
0
.000
08/01/34
4,503,361
19,925,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024C,
(Mandatory
Put
10/01/32)
5
.000
08/01/55
21,120,141
1,510,000
(b)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
1,125,539
1,515,000
(b)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A
5
.000
08/01/49
1,406,429
1,235,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A
5
.000
06/01/36
1,207,766
22,650,000
(a)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
(UB)
5
.000
11/15/49
22,850,097
3,500,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/45
3,366,191
825,000
(b)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015
5
.375
07/01/45
826,635
34,780,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A
-
AGM
Insured
4
.000
02/01/51
33,520,369
2,000,000
(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
2,059,264
2,000,000
(b)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/51
1,200,000
2,500,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/44
2,501,122
16,712,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.500
12/01/54
16,718,954
31,280,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
31,460,955
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
22,205,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.500
%
12/01/58
$
22,724,457
3,878
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
07/01/39
3,878
2,618
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H
5
.750
07/01/25
2,618
9,955,000
Capistrano
Unified
School
District,
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
98-2,
Series
2005
-
FGIC
Insured
0
.000
09/01/31
7,757,573
14,085,000
Central
Valley
Energy
Authority,
California,
Commodity
Supply
Revenue
Bonds,
Series
2025,
(Mandatory
Put
8/01/35)
5
.000
12/01/55
15,350,639
3,795,000
Colton
Joint
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2006C
-
FGIC
Insured
0
.000
02/01/37
2,421,268
6,215,000
(b)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
4,856,226
2,330,000
(b)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.000
07/01/43
1,833,210
10,145,000
(b)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
6,833,005
3,005,000
(b)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1
3
.000
06/01/47
2,100,196
20,855,000
(b)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2
3
.125
06/01/57
12,737,736
15,120,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
10,236,604
1,320,000
Davis,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Series
2015
5
.000
09/01/40
1,325,389
2,510,000
Folsom
Cordova
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
1,
Series
2004B
-
NPFG
Insured
0
.000
10/01/28
2,243,858
3,360,000
Folsom
Cordova
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2,
Series
2002A
-
NPFG
Insured
0
.000
07/01/27
3,117,331
3,725,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A
-
AGM
Insured
0
.000
01/15/34
2,695,188
3,000,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A
5
.800
01/15/26
3,079,183
4,505,000
Foothill-De
Anza
Community
College
District,
Santa
Clara
County,
California,
Election
of
1999
General
Obligation
Bonds,
Series
A
-
NPFG
Insured
0
.000
08/01/30
3,818,581
2,315,000
Gateway
Unified
School
District,
California,
General
Obligation
Bonds,
Series
2004B
-
FGIC
Insured
0
.000
08/01/32
1,787,158
3,170,000
(e)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A
-
AGM
Insured,
(ETM)
0
.000
06/01/26
3,046,711
2,445,000
(a),(b),(e)
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Tender
Option
Bond
Trust
2015-XF1038,
(Pre-refunded
6/01/25),
(IF)
11
.460
06/01/40
2,522,141
1,250,000
(a),(b)
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Tender
Option
Bond
Trust
2015-XF1038,
(IF)
11
.464
06/01/40
1,289,459
3,190,000
Hillsborough
City
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Series
2006B
0
.000
09/01/27
2,953,390
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
5,000,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2005
-
NPFG
Insured
0
.000
%
08/01/31
$
4,042,208
2,500,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007
-
FGIC
Insured
0
.000
08/01/32
1,948,552
10,000,000
(a)
Irvine
Facilities
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Great
Park
Infrastructure
Project
Series
2023A
-
BAM
Insured,
(UB)
4
.000
09/01/58
9,801,078
225,000
(f)
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007B
(TSFR3M*0.67%
+
1.450%)
4
.656
11/15/27
227,103
12,000,000
(a)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
(AMT),
(UB)
5
.000
05/15/41
12,022,622
2,155,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Series
2022H,
(AMT)
5
.000
05/15/42
2,242,970
70,000
(e)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(Pre-refunded
11/15/31),
(AMT)
4
.000
05/15/46
72,687
1,000,000
(e)
Mendocino-Lake
Community
College
District,
Mendocino
and
Lake
Counties,
California,
General
Obligation
Bonds,
Election
2006,
Series
2011B,
(Pre-refunded
8/01/26)
-
AGM
Insured
5
.600
08/01/31
1,043,992
2,335,000
(b)
Morongo
Band
of
Mission
Indians,
California,
Enterprise
Revenue
Bonds,
Series
2018A
5
.000
10/01/42
2,372,288
1,030,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
5
.875
08/01/28
1,122,682
2,320,000
(g)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
0
.000
08/01/43
2,286,921
5,420,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009B
6
.500
11/01/39
6,696,548
2,700,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
7
.000
11/01/34
3,318,697
5,180,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
6
.500
11/01/39
6,400,022
7,735,000
North
Orange
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2003B
-
FGIC
Insured
0
.000
08/01/25
7,626,957
4,180,000
North
Orange
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2003B
-
FGIC
Insured
0
.000
08/01/26
4,004,944
10,885,000
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005B
-
FGIC
Insured
0
.000
08/01/25
10,722,502
7,750,000
Oxnard
Union
High
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
2018
Series
2022C
4
.000
08/01/47
7,716,801
12,210,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A
6
.750
08/01/40
13,729,327
5,000,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A
-
AGC
Insured
7
.000
08/01/38
5,632,621
3,200,000
Redlands
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2003
-
AGM
Insured
0
.000
07/01/27
2,944,342
2,755,000
Sacramento
City
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Series
2007
-
AGM
Insured
0
.000
07/01/25
2,723,039
22,345,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.250
07/01/58
23,507,487
6,500,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2023A
5
.000
07/01/58
6,969,947
2,750,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A,
(AMT)
5
.000
07/01/47
2,769,161
2,360,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/51
2,419,573
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
6,650,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
%
05/01/44
$
6,784,481
25,670,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/43
26,044,120
33,485,000
(a)
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT),
(UB)
5
.000
05/01/48
33,784,701
5,000,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/50
4,756,190
860,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
860,407
5,760,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/45
1,966,071
37,555,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A
0
.000
06/01/47
10,208,159
1,800,000
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2000
Series
2003D
-
FGIC
Insured
0
.000
08/01/27
1,667,136
4,005,000
(g)
Wiseburn
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2011B
-
AGM
Insured
0
.000
08/01/36
4,512,583
TOTAL
CALIFORNIA
503,018,789
COLORADO
-
7.7%
(4.7%
of
Total
Investments)
980,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
12/01/51
924,059
1,101,000
Base
Village
Metropolitan
District
2,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016A
5
.500
12/01/36
1,101,817
770,000
(b)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/37
766,041
2,210,000
(b)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/47
2,102,781
859,000
Cherry
Creek
Corporate
Center
Metropolitan
District,
Arapahoe
County,
Colorado,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A
5
.000
06/01/37
853,813
5,500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/34
5,819,913
1,105,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/37
1,154,347
1,105,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/38
1,149,657
5,035,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/39
5,222,672
28,345,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
28,870,068
820,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
740,166
5,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.500
11/01/47
5,405,823
8,300,000
(a)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A,
(UB)
5
.250
11/01/52
8,763,270
2,100,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Craig
Hospital
Project,
Series
2012
4
.000
12/01/42
1,942,698
3,655,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A,
(Pre-refunded
6/01/25)
5
.000
06/01/45
3,678,899
2,105,000
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
5
.875
12/01/46
2,111,364
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
7,580,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0
.000
%
12/01/31
$
4,393,104
35,500,000
(a)
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT),
(UB)
5
.250
12/01/43
36,500,049
10,695,000
(a)
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT),
(UB)
5
.000
12/01/48
10,821,599
13,965,000
(a)
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT),
(UB)
5
.250
12/01/48
14,275,938
1,160,000
(b)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5
.250
12/01/39
1,167,799
330,000
(b)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5
.250
12/01/39
332,219
10,000,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
0
.000
09/01/41
4,875,787
8,845,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
1997B
-
NPFG
Insured
0
.000
09/01/26
8,418,079
7,550,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/29
6,471,087
11,100,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/31
8,822,430
10,000,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/32
7,626,166
4,000,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Refunding
Series
2006B
-
NPFG
Insured
0
.000
09/01/39
1,943,309
1,125,000
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014
5
.750
12/01/30
1,124,905
1,000,000
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014
6
.000
12/01/38
972,140
825,000
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A
5
.750
12/01/47
826,107
4,945,000
Overlook
Park
Metropolitan
District,
Routt
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Senior
Series
2023A
7
.250
12/01/53
5,016,625
4,310,000
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
12/01/39
4,157,866
490,000
(e)
Parker
Automotive
Metropolitan
District
(In
the
Town
of
Parker,
Colorado),
General
Obligation
Bonds,
Refunding
Series
2016,
(Pre-refunded
12/01/26)
5
.000
12/01/45
505,828
395,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008
6
.250
11/15/28
414,831
4,060,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008
6
.500
11/15/38
4,862,518
902,000
Reserve
Metropolitan
District
2,
Mount
Crested
Butte,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016A
5
.000
12/01/45
867,482
55,000
Water
Valley
Metropolitan
District
1,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016
5
.250
12/01/40
55,142
105,000
Water
Valley
Metropolitan
District
2,
Windsor,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016
5
.250
12/01/40
104,818
1,000,000
(b)
West
Meadow
Metropolitan
District,
Town
of
Fraser,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2023A
6
.000
12/01/38
1,037,625
1,000,000
(b)
West
Meadow
Metropolitan
District,
Town
of
Fraser,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2023A
6
.500
12/01/50
1,041,888
TOTAL
COLORADO
197,242,729
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONNECTICUT
-
0.4%
(0.3%
of
Total
Investments)
$
6,345,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2022U
4
.000
%
07/01/52
$
5,804,443
4,975,000
(h)
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2025A-1
4
.650
11/15/51
4,984,498
TOTAL
CONNECTICUT
10,788,941
DISTRICT
OF
COLUMBIA
-
0.9%
(0.6%
of
Total
Investments)
12,230,000
District
of
Columbia
Housing
Finance
Agency,
Multifamily
Development
Program
Revenue
Bonds,
Series
2024A-1
4
.750
09/01/46
12,276,121
5,000,000
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Series
2019A
4
.000
03/01/39
5,002,939
10,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
10/01/37
5,929,145
TOTAL
DISTRICT
OF
COLUMBIA
23,208,205
FLORIDA
-
7.1%
(4.4%
of
Total
Investments)
1,005,000
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A
5
.000
09/01/43
1,005,016
865,000
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A
5
.000
09/01/45
864,977
615,000
Belmont
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2016A
5
.375
11/01/36
626,207
665,000
Bexley
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2016
4
.700
05/01/36
665,772
870,000
Bonterra
Community
Development
District,
Hialeah,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Project,
Series
2016
4
.500
05/01/34
871,450
3,315,000
Brevard
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Health
First
Obligated
Group,
Series
2022A
5
.000
04/01/41
3,539,646
3,000,000
Brevard
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Health
First
Obligated
Group,
Series
2022A
5
.000
04/01/47
3,127,048
4,390,000
Capital
Trust
Agency,
Florida,
Multifamily
Housing
Revenue
Bonds,
The
Gardens
Apartments
Project,
Series
2015A
5
.000
07/01/50
2,878,605
325,000
(b)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Renaissance
Charter
School
Project,
Series
2019A
5
.000
06/15/39
314,625
150,000
(b)
Charlotte
County
Industrial
Development
Authority,
Florida,
Utility
System
Revenue
Bonds,
Town
&
Country
Utilities
Project,
Series
2019,
(AMT)
5
.000
10/01/49
150,170
120,000
Creekside
at
Twin
Creeks
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Area
1
Project,
Series
2016A-1
5
.250
11/01/37
122,448
155,000
Creekside
at
Twin
Creeks
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Area
1
Project,
Series
2016A-1
5
.600
11/01/46
157,871
555,000
Downtown
Doral
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2015
5
.250
05/01/35
559,402
615,000
Downtown
Doral
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2015
5
.300
05/01/36
620,177
955,000
Downtown
Doral
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2015
5
.500
05/01/45
960,454
1,305,000
Downtown
Doral
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2015
5
.500
05/01/46
1,311,913
12,505,000
Escambia
County
Health
Facilities
Authority,
Florida,
Health
Care
Facilities
Revenue
Bonds,
Baptist
Health
Care
Corporation
Obligated,
Series
2020A
4
.000
08/15/45
11,284,715
6,740,000
Escambia
County
Health
Facilities
Authority,
Florida,
Health
Care
Facilities
Revenue
Bonds,
Baptist
Health
Care
Corporation
Obligated,
Series
2020A
4
.000
08/15/50
5,869,450
1,115,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Downtown
Doral
Charter
Upper
School
Project,
Series
2017C
5
.650
07/01/37
1,141,977
3,385,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Downtown
Doral
Charter
Upper
School
Project,
Series
2017C
5
.750
07/01/47
3,416,034
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,420,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Florida
Charter
Foundation
Inc.
Projects,
Series
2016A
4
.750
%
07/15/36
$
1,408,830
1,465,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Florida
Charter
Foundation
Inc.
Projects,
Series
2016A
5
.000
07/15/46
1,407,220
1,000,000
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
Inc.,
Series
2016A
5
.000
07/01/36
998,233
6,785,000
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
Inc.,
Series
2016A
5
.125
07/01/46
6,313,578
900,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A
6
.000
06/15/35
903,242
560,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A
6
.125
06/15/46
561,147
120,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C
5
.000
09/15/40
115,954
1,015,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
The
Florida
Charter
Educational
Foundation
Inc.
Projects,
Series
2016A
6
.250
06/15/36
1,031,217
2,475,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
The
Florida
Charter
Educational
Foundation
Inc.
Projects,
Series
2016A
6
.375
06/15/46
2,500,986
5,000,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.000
07/01/41
4,977,509
4,120,000
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
4,130,043
10,900,000
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
11,382,580
11,375,000
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
11,816,133
7,500,000
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
7,579,003
17,750,000
(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
18,433,061
320,000
Grand
Bay
at
Doral
Community
Development
District,
Miami-
Dade
County,
Florida,
Special
Assessment
Bonds,
South
Parcel
Assessment
Area
Project,
Series
2016
4
.750
05/01/36
320,322
4,500,000
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
(AMT)
5
.000
10/01/42
4,564,731
12,410,000
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018E,
(AMT)
5
.000
10/01/48
12,580,202
7,665,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2019A,
(AMT)
5
.000
10/01/49
7,768,877
2,140,000
Northern
Palm
Beach
County
Improvement
District,
Florida,
Water
Control
and
Improvement
Bonds,
Development
Unit
53,
Series
2015
5
.350
08/01/35
2,169,639
6,495,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022
4
.000
10/01/52
5,845,037
7,500,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health,
Inc.,
Series
2019A
5
.000
10/01/47
7,701,182
500,000
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Jupiter
Medical
Center,
Series
2022
5
.000
11/01/52
500,671
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
5,225,000
(b)
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
PBAU
Properties
LLC
-
Palm
Beach
Atlantic
University
Housing
Project,
Series
2019A
5
.000
%
04/01/51
$
4,844,032
545,000
Reunion
West
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Area
3
Project,
Series
2016
5
.000
11/01/46
546,387
90,000
Six
Mile
Creek
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2016
4
.750
11/01/28
91,543
265,000
Six
Mile
Creek
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2016
5
.375
11/01/36
271,661
10,075,000
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
South
Broward
Hospital
District
Obligated
Group,
Refunding
Series
2016A
4
.000
05/01/44
9,480,249
85,000
South
Village
Community
Development
District,
Clay
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Refunding
Series
2016A2
4
.350
05/01/26
85,183
100,000
South
Village
Community
Development
District,
Clay
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Refunding
Series
2016A2
4
.875
05/01/35
100,445
1,350,000
Sumter
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Central
Florida
Health
Alliance
Projects,
Series
2014A
5
.125
07/01/34
1,351,335
1,000,000
Tallahassee,
Florida,
Health
Facilities
Revenue
Bonds,
Tallahassee
Memorial
HealthCare
Inc.
Project,
Refunding
Series
2015A
5
.000
12/01/40
982,666
7,780,000
(a)
Tallahassee,
Florida,
Health
Facilities
Revenue
Bonds,
Tallahassee
Memorial
HealthCare
Inc.
Project,
Refunding
Series
2015A,
(UB)
5
.000
12/01/44
7,513,811
2,600,000
(a)
Tallahassee,
Florida,
Health
Facilities
Revenue
Bonds,
Tallahassee
Memorial
HealthCare
Inc.
Project,
Series
2016A,
(UB)
5
.000
12/01/55
2,467,023
300,000
Union
Park
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2016A-1
5
.375
11/01/37
305,289
TOTAL
FLORIDA
182,536,978
GEORGIA
-
2.0%
(1.2%
of
Total
Investments)
285,000
(c)
Atlanta
Development
Authority,
Georgia,
Senior
Health
Care
Facilities
Revenue
Bonds,
Georgia
Proton
Treatment
Center
Project,
Current
Interest
Series
2017A-1
6
.500
01/01/29
114,000
1,205,000
Atlanta
Urban
Residential
Finance
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Testletree
Village
Apartments,
Series
2013A
4
.500
11/01/35
1,012,318
2,030,000
Atlanta,
Georgia,
General
Obligation
Bonds,
Public
Improvement
Social
Series
2022A-1
5
.000
12/01/41
2,223,692
725,000
Atlanta,
Georgia,
Tax
Allocation
Bonds,
Perry
Bolton
Project
Series
2014
5
.000
07/01/41
725,232
4,245,000
Brookhaven
Development
Authority,
Georgia,
Revenue
Bonds,
Children's
Healthcare
of
Atlanta,
Inc.
Project,
Series
2019A
4
.000
07/01/49
4,081,129
1,250,000
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017C
4
.125
11/01/45
1,159,787
1,250,000
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017D
4
.125
11/01/45
1,159,787
1,925,000
(a)
Carroll
City-County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Tanner
Medical
Center
Inc.
Project,
Series
2020
4
.000
07/01/50
1,814,796
5,000
Cherokee
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Series
2001
-
AGM
Insured
5
.000
08/01/35
5,006
1,690,000
Cobb-Marietta
Coliseum
and
Exhibit
Hall
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
1993
-
NPFG
Insured
5
.625
10/01/26
1,733,057
8,200,000
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B
5
.125
04/01/53
8,552,981
1,000,000
Dalton,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020
4
.000
03/01/40
979,887
3,485,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2014A
5
.000
07/01/44
3,455,001
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
3,505,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024C
4
.600
%
12/01/54
$
3,506,405
3,020,000
Georgia
Local
Governments,
Certificates
of
Participation,
Georgia
Municipal
Association,
Series
1998A
-
NPFG
Insured
4
.750
06/01/28
3,074,831
3,000,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021
4
.000
07/01/51
2,918,253
840,000
(b)
Macon-Bibb
County
Urban
Development
Authority,
Georgia,
Revenue
Bonds,
Academy
for
Classical
Education,
Series
2017
5
.875
06/15/47
856,343
260,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Project
Revenue
Bonds,
Series
2007A
5
.500
09/15/26
267,720
1,070,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/43
1,096,854
3,000,000
(b)
Marietta
Development
Authority,
Georgia,
University
Facilities
Revenue
Bonds,
Life
University,
Inc.
Project,
Refunding
Series
2017A
5
.000
11/01/47
2,828,683
3,325,000
Monroe,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020
-
AGM
Insured
4
.000
12/01/45
3,292,772
3,700,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.500
07/01/60
3,714,160
3,000,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Emory
University,
Refunding
Series
2013A
5
.000
10/01/43
3,006,363
TOTAL
GEORGIA
51,579,057
GUAM
-
0.1%
(0.0%
of
Total
Investments)
1,805,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
1,814,436
TOTAL
GUAM
1,814,436
HAWAII
-
0.1%
(0.1%
of
Total
Investments)
2,320,000
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2015A,
(AMT)
5
.000
07/01/41
2,323,645
TOTAL
HAWAII
2,323,645
IDAHO
-
0.0%
(0.0%
of
Total
Investments)
595,000
Idaho
Water
Resource
Board,
Water
Resource
Loan
Program
Revenue,
Ground
Water
Rights
Mitigation
Series
2012A
5
.000
09/01/32
595,630
TOTAL
IDAHO
595,630
ILLINOIS
-
20.9%
(12.9%
of
Total
Investments)
55,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
56,539,928
2,255,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Project
Series
2015C
5
.250
12/01/35
2,255,105
15,500,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2012B
5
.000
12/01/33
15,504,087
8,400,000
(b)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017B
7
.000
12/01/42
8,922,089
1,800,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/26
1,838,812
51,780,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/44
52,665,122
1,335,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B
6
.500
12/01/46
1,370,666
6,210,000
(b)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A
7
.000
12/01/46
6,560,958
450,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Series
1999A
-
NPFG
Insured
0
.000
12/01/26
419,475
1,715,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
NPFG
Insured
0
.000
12/01/26
1,598,665
1,000,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
NPFG
Insured
0
.000
12/01/27
895,028
1,765,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
NPFG
Insured
0
.000
12/01/30
1,392,961
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
2,585,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A
-
NPFG
Insured
0
.000
%
12/01/27
$
2,313,647
8,565,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A
-
NPFG
Insured
0
.000
12/01/31
6,454,455
20,155,000
(a)
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2017,
(UB)
5
.000
12/01/51
20,270,123
2,430,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A
5
.000
12/01/45
2,483,615
6,000,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2022A
5
.000
12/01/57
6,178,003
25,755,000
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
-
NPFG
Insured
0
.000
01/01/29
22,261,120
8,765,000
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
-
FGIC
Insured
0
.000
01/01/34
6,096,001
17,310,000
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
-
FGIC
Insured
0
.000
01/01/37
10,345,147
350,000
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C
5
.000
01/01/29
352,963
765,000
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C
5
.000
01/01/35
767,251
1,610,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
1999
0
.000
01/01/30
1,350,342
10,125,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A,
(UB)
5
.000
01/01/44
10,187,677
5,000,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A
-
BAM
Insured
5
.500
01/01/53
5,296,996
5,000,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
-
AGM
Insured
5
.500
01/01/62
5,456,541
12,190,000
Illinois
Finance
Authority
Revenue
Bonds,
OSF
Healthcare
System,
Refunding
Series
2018A
4
.125
05/15/47
11,343,552
800,000
(b)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Intrinsic
Charter
Schools
Belmont
School
Project,
Series
2015A
5
.500
12/01/30
805,274
17,770,000
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016
5
.000
12/01/46
17,865,533
20,000,000
(a)
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016,
(UB)
5
.000
12/01/46
20,107,522
3,375,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/44
3,379,486
2,700,000
(a),(e)
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Refunding
Series
2015A,
(Pre-refunded
10/01/25),
(UB)
5
.000
10/01/46
2,736,584
6,355,000
(b)
Illinois
Finance
Authority,
Surface
Freight
Transfer
Facilities
Revenue
Bonds,
CenterPointJoliet
Terminal
Railroad
Project,
Series
2020,
(AMT),
(Mandatory
Put
12/31/34)
4
.125
12/01/50
6,250,129
9,595,000
Illinois
Housing
Development
Authority,
Revenue
Bonds,
Social
Series
2024A
4
.750
10/01/49
9,679,467
1,785,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/39
1,936,742
7,605,000
(a)
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B,
(UB)
5
.500
05/01/47
8,211,809
3,100,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2016
5
.000
11/01/35
3,170,015
3,000,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2016
5
.000
11/01/37
3,061,306
2,400,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2016
5
.000
11/01/40
2,439,373
5,795,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C
5
.000
11/01/29
6,061,370
3,800,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/27
3,977,163
5,000,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016
5
.000
02/01/27
5,175,994
5,350,000
Illinois
State,
General
Obligation
Bonds,
Refunding
April
Series
2019B
5
.125
09/01/26
5,512,933
5,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A
5
.000
01/01/40
5,030,611
5,400,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2015B
5
.000
06/15/52
5,414,311
10,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
4
.000
06/15/50
8,812,435
13,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
5
.000
06/15/50
13,297,015
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
64,110,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
0
.000
%
12/15/52
$
16,332,946
2,455,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
5
.000
06/15/53
2,461,143
1,945,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A
5
.000
06/15/57
1,962,986
8,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017B
-
AGM
Insured
0
.000
12/15/56
1,726,768
45,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Capital
Appreciation
Refunding
Series
2010B-1
-
AGM
Insured
0
.000
06/15/43
20,052,391
2,255,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Refunding
Series
1998A
-
NPFG
Insured
5
.500
06/15/29
2,350,062
8,400,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/30
6,878,918
7,940,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/33
5,861,926
450,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/34
311,705
12,500,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/35
8,474,724
10,620,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/35
7,045,049
11,505,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/36
7,303,390
65,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/38
37,287,867
38,040,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/40
19,930,624
3,720,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/41
1,836,333
4,005,000
Southwestern
Illinois
Development
Authority,
Environmental
Improvement
Revenue
Bonds,
US
Steel
Corporation
Project,
Series
2012,
(AMT)
5
.750
08/01/42
4,008,457
TOTAL
ILLINOIS
537,870,690
INDIANA
-
0.6%
(0.4%
of
Total
Investments)
2,705,000
Carmel
Redevelopment
Authority,
Indiana,
Lease
Rent
Revenue
Bonds,
Series
2005
0
.000
02/01/25
2,705,000
2,000,000
(b)
Gary
Local
Public
Improvement
Bond
Bank,
Indiana,
Economic
Development
Revenue
Bonds,
Drexel
Foundation
for
Educational
Excellence
Project,
Refunding
Series
2020A
5
.875
06/01/55
1,885,437
1,230,000
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2012,
(AMT)
5
.750
08/01/42
1,231,062
10,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/26
9,673,138
1,000,000
Merrillville,
Indiana,
Economic
Development
Revenue
Bonds,
Belvedere
Housing
Project,
Series
2016
5
.750
04/01/36
962,483
TOTAL
INDIANA
16,457,120
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IOWA
-
1.2%
(0.7%
of
Total
Investments)
$
5,750,000
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012
4
.750
%
08/01/42
$
5,755,202
21,525,000
(e)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32)
5
.000
12/01/50
24,633,675
TOTAL
IOWA
30,388,877
KANSAS
-
0.5%
(0.3%
of
Total
Investments)
2,085,000
Overland
Park
Development
Corporation,
Kansas,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
&
improvement
Series
2019
5
.000
03/01/44
2,091,788
3,565,000
(c)
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012
6
.000
12/15/32
1,033,850
10,000,000
University
of
Kansas
Hospital
Authority,
Health
Facilities
Revenue
Bonds,
University
of
Kansas
Health
System,
Series
2017A
5
.000
03/01/47
10,132,934
TOTAL
KANSAS
13,258,572
KENTUCKY
-
1.0%
(0.6%
of
Total
Investments)
5,000,000
Christian
County,
Kentucky,
Hospital
Revenue
Bonds,
Jennie
Stuart
Medical
Center,
Series
2016
5
.375
02/01/36
5,044,982
435,000
Christian
County,
Kentucky,
Hospital
Revenue
Bonds,
Jennie
Stuart
Medical
Center,
Series
2016
5
.500
02/01/44
436,958
2,355,000
Henderson,
Kentucky,
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Series
2022A,
(AMT)
4
.700
01/01/52
2,312,546
500,000
Kentucky
Economic
Development
Finance
Authority,
Kentucky,
Healthcare
Facilities
Revenue
Bonds,
Rosedale
Green
Project,
Refunding
Series
2015
5
.750
11/15/45
458,050
2,250,000
Kentucky
Economic
Development
Finance
Authority,
Kentucky,
Healthcare
Facilities
Revenue
Bonds,
Rosedale
Green
Project,
Refunding
Series
2015
5
.750
11/15/50
2,021,958
6,000,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
6,111,145
2,510,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/49
2,536,493
1,305,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A
5
.000
07/01/40
1,306,360
1,335,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.750
07/01/43
1,538,321
2,295,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.875
07/01/46
2,646,246
210,000
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-Warren
County
Community
Hospital
Corporation,
Series
2012A
4
.000
10/01/29
210,115
TOTAL
KENTUCKY
24,623,174
LOUISIANA
-
1.1%
(0.7%
of
Total
Investments)
500,000
(b)
Jefferson
Parish
Economic
Development
and
Port
District,
Louisiana,
Kenner
Discovery
Health
Sciences
Academy
Project,
Series
2018A
5
.625
06/15/48
501,860
5,000,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5
.000
05/15/42
5,065,301
3,730,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5
.000
05/15/46
3,759,877
5,610,000
(b)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
(AMT)
6
.500
07/01/36
5,612,765
10,000
(e)
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Refunding
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
07/01/39
10,091
2,000,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A
5
.250
10/01/53
2,036,350
1,775,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Project,
Refunding
Series
2017
5
.250
10/01/36
1,910,995
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
3,000,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Project,
Refunding
Series
2017
5
.250
%
10/01/46
$
3,098,360
7,000,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015
5
.000
05/15/47
7,007,842
TOTAL
LOUISIANA
29,003,441
MAINE
-
0.2%
(0.1%
of
Total
Investments)
4,965,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5
.000
07/01/46
4,804,894
TOTAL
MAINE
4,804,894
MARYLAND
-
1.4%
(0.9%
of
Total
Investments)
2,795,000
Maryland
Economic
Development
Corporation,
Private
Activity
Revenue
Bonds,
Purple
Line
Light
Rail
Project,
Green
Series
2022B,
(AMT)
5
.000
12/31/41
2,839,798
2,000,000
(c)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A
5
.000
12/01/31
1,297,500
4,590,000
(h)
Maryland
Health
and
HIgher
Educational
Facilities
Authority,  Revenue
Bonds,
University
of
Maryland
Medical
Systems,
Series
2025A
5
.250
07/01/52
4,925,032
7,145,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A
5
.500
01/01/46
7,213,889
20,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A
5
.000
05/15/45
20,238,556
355,000
(b)
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016
5
.000
07/01/46
355,335
TOTAL
MARYLAND
36,870,110
MASSACHUSETTS
-
0.7%
(0.4%
of
Total
Investments)
525,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
518,566
1,525,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
4
.500
01/01/45
1,429,643
14,450,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2024I
5
.000
12/01/54
15,356,249
TOTAL
MASSACHUSETTS
17,304,458
MICHIGAN
-
1.5%
(0.9%
of
Total
Investments)
645,000
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013
6
.000
10/01/33
635,966
1,250,000
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013
6
.000
10/01/43
1,189,334
11,285,000
(i)
Detroit
City
School
District,
Wayne
County,
Michigan,
Unlimited
Tax
School
Building
and
Site
Improvement
Bonds,
Series
2001A
-
AGM
Insured,
(UB)
6
.000
05/01/29
12,148,644
5,000
Detroit,
Michigan,
Second
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2005A
-
NPFG
Insured
4
.500
07/01/35
5,003
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,
Sewer
Disposal
System
Revenue
Bonds,
Second
Lien,
Series
2006B
-
FGIC
Insured
5
.000
07/01/36
5,010
10,000
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Senior
Lien
Series
2003A
-
NPFG
Insured
5
.000
07/01/34
10,020
10,000,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Beaumont
Health
Credit
Group,
Series
2016A
5
.000
11/01/44
10,075,350
6,800,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A
5
.000
11/15/48
6,950,866
5,000,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2019-I
4
.000
04/15/54
4,616,931
TOTAL
MICHIGAN
38,261,137
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
-
2.0%
(1.2%
of
Total
Investments)
$
700,000
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A
5
.000
%
07/01/47
$
627,797
10,000,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/53
10,028,771
15,830,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.250
02/15/53
16,012,499
7,105,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/58
7,116,817
1,500,000
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A
5
.750
08/01/44
1,500,836
800,000
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hiawatha
Academies
Project,
Series
2022A
5
.500
07/01/52
778,980
750,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
5
.750
09/01/46
757,718
4,000,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
6
.000
09/01/51
4,047,072
6,000,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A
5
.000
07/01/32
6,030,261
3,635,000
Saint
Paul
Port
Authority,
Minnesota,
Lease
Revenue
Bonds,
Regions
Hospital
Parking
Ramp
Project,
Series
2007-1
5
.000
08/01/36
3,636,945
TOTAL
MINNESOTA
50,537,696
MISSOURI
-
1.9%
(1.2%
of
Total
Investments)
750,000
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2016A
6
.000
03/01/33
765,959
55,000
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2017A
5
.000
03/01/36
56,367
10,090,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
(AMT)
5
.000
03/01/46
10,207,385
135,000
(b)
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016
5
.000
04/01/46
124,259
12,005,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/29
10,279,098
650,000
(b)
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B
5
.000
02/01/40
639,819
350,000
(b)
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Series
2015A
5
.125
06/01/25
349,432
3,810,000
(b)
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Series
2015A
5
.750
06/01/35
3,609,315
3,695,000
(b)
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Series
2015A
6
.000
06/01/46
3,452,918
1,590,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2013A
5
.000
06/01/30
1,590,047
2,700,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2013A
5
.000
06/01/33
2,699,962
50,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/44
50,010
2,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F
5
.000
11/15/45
1,999,991
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
10,920,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Home
Ownership
Loan
Program
Series
2024C
4
.700
%
11/01/54
$
10,952,167
430,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A
5
.875
09/01/43
428,772
450,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Saint
Andrew's
Resources
for
Seniors,
Series
2015A
5
.000
12/01/35
447,739
130,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Saint
Andrew's
Resources
for
Seniors,
Series
2015A
5
.125
12/01/45
122,453
760,000
Stoddard
County
Industrial
Development
Authority,
Missouri,
Health
Facility
Revenue
Bonds,
Southeasthealth,
Series
2016B
6
.000
03/01/37
769,101
TOTAL
MISSOURI
48,544,794
NEBRASKA
-
0.4%
(0.2%
of
Total
Investments)
5,835,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A
5
.000
09/01/42
6,335,995
3,435,000
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Series
2017
5
.000
11/15/47
3,455,254
TOTAL
NEBRASKA
9,791,249
NEVADA
-
0.2%
(0.1%
of
Total
Investments)
4,410,000
Clark
County,
Nevada,
General
Obligation
Bonds,
Stadium
Improvement,
Limited
Tax
Additionally
Secured
by
Pledged
Revenues,
Series
2018A
5
.000
05/01/48
4,530,230
TOTAL
NEVADA
4,530,230
NEW
HAMPSHIRE
-
0.3%
(0.2%
of
Total
Investments)
2,995,000
(b)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018C,
(AMT)
4
.875
11/01/42
2,872,804
6,060,000
(b)
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Covenant
Health
Group
Series
2023
4
.000
07/01/37
5,541,443
TOTAL
NEW
HAMPSHIRE
8,414,247
NEW
JERSEY
-
6.9%
(4.3%
of
Total
Investments)
1,100,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.125
07/01/42
1,100,942
17,580,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
(Pre-refunded
12/15/26)
5
.500
06/15/31
18,479,358
40,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW,
(Pre-refunded
6/15/25),
(UB)
5
.250
06/15/40
40,366
755,000
(a),(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW,
(Pre-refunded
6/15/25),
(UB)
5
.250
06/15/40
761,910
1,000,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2016AAA,
(Pre-refunded
12/15/26)
5
.000
06/15/36
1,042,116
10,000,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2016AAA,
(Pre-refunded
12/15/26)
5
.000
06/15/41
10,421,155
2,175,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2017DDD,
(Pre-refunded
6/15/27)
5
.000
06/15/42
2,291,000
16,000,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2019LLL
5
.000
06/15/49
16,446,162
1,415,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999,
(AMT)
5
.250
09/15/29
1,416,569
2,900,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB
4
.000
06/15/41
2,851,692
19,650,000
(e)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
(Pre-refunded
12/15/32)
5
.000
06/15/48
22,649,698
15,280,000
(a)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
(UB)
5
.250
06/15/50
16,448,093
3,130,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/28
2,752,601
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
3,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
%
12/15/31
$
2,351,409
12,715,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/33
9,150,616
610,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/34
419,679
2,480,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/40
1,264,443
10,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/33
7,259,636
20,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/36
12,549,120
19,175,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2008A
0
.000
12/15/35
12,571,933
15,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A
0
.000
12/15/39
8,060,355
8,595,000
(a)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2018A,
(UB)
5
.000
12/15/34
9,105,665
1,595,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/46
1,610,036
18,060,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
18,119,379
TOTAL
NEW
JERSEY
179,163,933
NEW
YORK
-
21.3%
(13.1%
of
Total
Investments)
3,400,000
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009
0
.000
07/15/44
1,369,575
12,020,000
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009
0
.000
07/15/46
4,372,862
450,000
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Catholic
Health
System,
Inc.
Project,
Series
2015
5
.250
07/01/35
447,129
200,000
(c)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014
5
.000
11/01/39
122,000
470,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2015
5
.500
09/01/45
471,219
5,000,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2024A
4
.000
05/01/54
4,629,925
18,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Memorial
Sloan
Kettering
Cancer
Center
Series
2022-1A
4
.000
07/01/51
17,223,683
15,270,000
(b)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A
5
.500
12/01/46
13,166,840
5,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Bidding
Group
5
Series
2021E
4
.000
03/15/48
4,747,135
7,250,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/46
7,294,573
81,270,000
(b)
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005C
0
.000
06/01/50
10,436,588
6,280,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.250
11/15/55
6,537,906
4,210,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Series
2016B
5
.000
11/15/34
4,311,277
3,320,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Series
2016B
5
.000
11/15/37
3,379,710
1,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2015F
5
.000
11/15/35
1,007,514
5,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D
5
.000
11/15/32
5,262,242
6,000,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Green
Sustainable
Development
Series
2024F-1-A
4
.550
11/01/54
6,001,335
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
6,895,000
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
%
06/15/41
$
6,870,234
10,000,000
(a)
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
AA
4
.000
06/15/40
10,020,588
9,750,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
CC-1
4
.000
06/15/49
9,303,250
5,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
GG-1
4
.000
06/15/50
4,765,888
10,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2022
Series
AA-1
4
.000
06/15/51
9,493,530
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
E-1
5
.000
02/01/43
5,114,213
11,050,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025E
5
.000
11/01/53
11,700,150
11,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024C
5
.250
05/01/48
11,898,411
10,000,000
New
York
City,
New
York,
Educational
Construction
Fund
Revenue
Bonds,
Series
2021B
5
.000
04/01/52
10,403,731
5,750,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1
5
.000
03/01/40
5,973,727
2,860,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1
5
.000
08/01/47
3,000,615
45,260,000
(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
45,291,646
5,700,000
(b)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014
5
.150
11/15/34
5,705,571
5,000,000
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A
5
.000
01/01/46
5,055,309
7,525,000
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A
5
.250
01/01/56
7,618,175
8,265,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
5
.000
03/15/47
8,639,033
14,650,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/46
14,644,919
68,360,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.250
01/01/50
68,356,083
49,350,000
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
12/31/60
52,168,240
1,105,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/26
1,106,243
28,700,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/31
28,732,288
7,085,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.250
08/01/31
7,397,426
19,545,000
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
.000
06/30/60
19,745,133
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
3,945,000
(a)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT),
(UB)
6
.000
%
06/30/54
$
4,247,597
15,465,000
(a)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT),
(UB)
5
.375
06/30/60
15,941,593
5,350,000
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
01/01/31
5,516,113
2,100,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020,
(AMT)
5
.000
10/01/40
2,160,930
13,750,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
(AMT)
5
.625
04/01/40
14,657,118
3,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Eighth
Series
2016
5
.250
11/15/56
3,068,508
14,500,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
0
.000
06/01/66
1,426,677
2,320,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Series
2015B
5
.000
11/15/45
2,342,410
30,000,000
(a)
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax
Series
2023A,
(UB)
4
.500
05/15/63
30,081,339
11,235,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2024A-1
4
.125
05/15/64
10,501,062
2,150,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/48
2,009,507
9,705,581
Westchester
County
Health
Care
Corporation,
New
York,
Senior
Lien
Revenue
Bonds,
Series
2014A
5
.000
11/01/44
9,025,453
3,640,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016
5
.000
11/01/46
3,431,505
565,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023
6
.250
11/01/52
628,109
TOTAL
NEW
YORK
548,823,837
NORTH
CAROLINA
-
0.2%
(0.1%
of
Total
Investments)
5,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019
5
.000
01/01/49
5,115,152
TOTAL
NORTH
CAROLINA
5,115,152
NORTH
DAKOTA
-
2.3%
(1.4%
of
Total
Investments)
1,075,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021
4
.000
12/01/46
932,812
10,315,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/43
10,399,227
10,950,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/48
10,894,111
37,840,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/53
37,022,405
TOTAL
NORTH
DAKOTA
59,248,555
OHIO
-
8.7%
(5.4%
of
Total
Investments)
1,430,000
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Green
Series
2016A
5
.000
02/15/46
1,443,723
28,980,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2
0
.000
06/01/57
3,076,465
9,495,000
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
8,553,734
3,250,000
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017
5
.000
12/01/37
3,340,935
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
7,200,000
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017
5
.000
%
12/01/47
$
7,259,447
2,500,000
Clark-Shawnee
Local
School
District,
Clark
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2017
5
.000
11/01/54
2,565,785
6,500,000
Cleveland
Clinic
Health
System
Obligated
Group,
Ohio,
Martin
County
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Series
2019B
4
.000
01/01/46
6,207,731
2,000,000
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2
-
NPFG
Insured
0
.000
11/15/28
1,749,577
6,895,000
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2
-
NPFG
Insured
0
.000
11/15/32
5,058,294
2,155,000
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2
-
NPFG
Insured
0
.000
11/15/34
1,447,110
4,145,000
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
and
Improvement,
Refunding
Series
2006
-
AGM
Insured
0
.000
12/01/27
3,801,731
165,000
(e)
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
and
Improvement,
Refunding
Series
2006
-
AGM
Insured,
(ETM)
0
.000
12/01/27
151,041
220,000
(e)
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
and
Improvement,
Refunding
Series
2006
-
AGM
Insured,
(ETM)
0
.000
12/01/28
194,907
5,615,000
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
and
Improvement,
Refunding
Series
2006
-
AGM
Insured
0
.000
12/01/28
4,978,305
670,000
(b)
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Easton
Project,
Series
2020
5
.000
06/01/28
675,781
19,495,000
Cuyahoga
County,
Ohio,
Hospital
Revenue
Bonds,
MetroHealth
System,
Series
2017
5
.500
02/15/52
19,768,174
20,650,000
Cuyahoga
County,
Ohio,
Hospital
Revenue
Bonds,
MetroHealth
System,
Series
2017
5
.500
02/15/57
20,922,627
2,400,000
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013
5
.000
06/15/43
2,115,467
1,010,000
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019
5
.000
12/01/34
1,020,527
1,000,000
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019
5
.000
12/01/44
971,770
4,780,000
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019
5
.000
12/01/51
4,522,627
10,000,000
Franklin
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
OhioHealth
Corporation,
Series
2015
5
.000
05/15/40
10,028,020
1,730,000
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH
5
.000
12/01/46
1,757,036
2,500,000
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018
5
.000
06/01/43
2,593,350
8,020,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A
5
.000
08/15/47
8,066,380
5,565,000
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Subordinate
Series
2000B
-
AGM
Insured
0
.000
12/01/28
4,887,742
1,000,000
Mahoning
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
and
Improvement
Series
2022
5
.000
12/01/42
1,049,033
4,500,000
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007
-
AGM
Insured
5
.250
12/01/31
4,974,420
6,105,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013
5
.000
02/15/44
5,965,783
1,600,000
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
4
.000
11/15/43
1,575,076
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
2,845,000
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
$
2,791,944
1,250,000
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2022
Project,
Series
2022
4
.000
10/01/42
1,120,900
1,250,000
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2022
Project,
Series
2022
4
.000
10/01/47
1,071,085
950,000
Ohio
Municipal
Electric
Generation
Agency,
Beneficial
Interest
Certificates,
Belleville
Hydroelectric
Project
-
Joint
Venture
5,
Series
2001
-
NPFG
Insured
0
.000
02/15/29
821,799
5,000,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-2
0
.000
02/15/37
3,164,735
11,260,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-2
0
.000
02/15/38
6,760,141
5,000,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-2
0
.000
02/15/40
2,672,374
27,880,000
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A
4
.750
06/01/33
29,224,190
22,820,000
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2010B,
(Mandatory
Put
6/01/22)
4
.750
06/01/33
23,920,230
1,500,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Kestrel
Verifiers,
Green
Series
2021A
5
.000
12/01/46
1,594,934
4,250,000
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023
5
.250
12/01/59
4,521,616
1,845,000
Pinnacle
Community
Infrastructure
Financing
Authority,
Grove
City,
Ohio,
Community
Facilities
Bonds,
Series
2015A
-
AGM
Insured
4
.250
12/01/36
1,851,354
480,000
(b)
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Public
Improvement
TOT
Revenue
Bonds,
Series
2021
4
.250
12/01/50
468,929
385,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Development
TIF
Revenue
Bonds,
RBM
Development
-
Phase
2B
Project,
Series
2018A
6
.000
12/01/50
387,340
980,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A
5
.000
11/01/51
821,305
1,500,000
Springboro
Community
City
School
District,
Warren
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007
5
.250
12/01/32
1,681,661
1,000,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015
6
.000
03/01/45
999,927
TOTAL
OHIO
224,597,062
OKLAHOMA
-
2.7%
(1.7%
of
Total
Investments)
12,690,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.250
08/15/43
12,943,615
9,715,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.250
08/15/48
9,850,019
18,235,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/52
18,604,804
16,570,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
16,878,107
1,550,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022
5
.500
08/15/41
1,600,064
7,700,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.500
01/01/54
8,521,790
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
1,500,000
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Refunding
Series
2015,
(AMT),
(Mandatory
Put
6/01/25)
5
.000
%
06/01/35
$
1,505,030
TOTAL
OKLAHOMA
69,903,429
OREGON
-
0.3%
(0.2%
of
Total
Investments)
7,330,000
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2020-27A,
(AMT)
5
.000
07/01/45
7,507,840
1,150,000
(b)
Warm
Springs
Reservation
Confederated
Tribes,
Oregon,
Hydroelectric
Revenue
Bonds,
Tribal
Economic
Development
Bond
Pelton
Round
Butte
Project,
Taxable
Refunding
Green
Series
2019B
5
.000
11/01/36
1,217,895
TOTAL
OREGON
8,725,735
PENNSYLVANIA
-
9.2%
(5.7%
of
Total
Investments)
380,000
Allegheny
Country
Industrial
Development
Authority,
Pennsylvania,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2012,
(AMT)
5
.750
08/01/42
380,328
7,355,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017
5
.000
05/01/42
7,350,948
11,700,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
(Mandatory
Put
7/01/33)
4
.750
01/01/35
12,212,793
2,030,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B
3
.750
10/01/47
1,708,984
1,236,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6
.000
06/30/34
1,343,559
16,570,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5
.000
06/30/39
16,511,152
8,280,000
(g)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0
.000
06/30/44
5,957,591
2,594,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8
.000
06/30/34
2,642,236
2,405,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
5
.000
06/01/34
2,523,581
700,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
5
.000
01/01/38
700,224
8,710,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2020A
4
.000
04/01/39
8,685,712
5,085,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2020A
4
.000
04/01/50
4,709,342
5,000,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2020A
5
.000
04/01/50
5,145,127
15,220,000
(a)
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2019A,
(UB)
5
.000
07/01/44
15,615,869
20,335,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
5
.000
05/01/52
20,880,838
9,400,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
5
.000
05/01/57
9,582,573
2,205,724
(c)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Series
2013A0
&
AE2
2
.200
06/30/27
970,519
1,214,992
(c)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Taxable
Series
2013B,
(cash
5.000%,
PIK
5.000%)
0
.900
06/30/27
218,699
4,135,000
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
(AMT)
5
.500
11/01/44
4,141,827
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
19,250,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022,
(AMT)
5
.750
%
06/30/48
$
20,720,589
24,890,000
(a)
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022
-
AGM
Insured,
(AMT),
(UB)
5
.000
12/31/57
25,610,172
24,005,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-2
4
.375
11/01/54
22,841,444
4,660,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019
4
.000
08/15/49
4,437,912
4,400,000
(h)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Trustees,
Series
2025A
5
.000
02/15/55
4,719,274
30,355,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-146A
4
.750
04/01/53
30,556,287
3,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E
6
.000
12/01/30
3,216,530
4,000,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2017
5
.000
11/01/47
4,016,609
735,000
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A
5
.000
11/15/28
735,289
TOTAL
PENNSYLVANIA
238,136,008
PUERTO
RICO
-
7.1%
(4.4%
of
Total
Investments)
75,000,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-
Backed
Bonds,
Series
2008A
0
.000
05/15/57
5,042,258
1,804,623
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0
0
.000
08/01/54
367,234
1,595,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Forward
Delivery
Series
2022A
5
.000
07/01/37
1,669,921
16,000,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/35
16,651,829
5,255,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
5,308,084
8,180,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/33
8,640,138
2,745,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
2,858,786
5,785,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
4
.000
07/01/42
5,408,782
6,055,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
6,069,888
46,230,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
11,184,868
2,260,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
2,220,864
108,619,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
108,649,142
1,780,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A
4
.550
07/01/40
1,784,485
493,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
481,674
529,318
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022
0
.000
11/01/51
337,837
8,007,861
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
7,574,157
TOTAL
PUERTO
RICO
184,249,947
RHODE
ISLAND
-
0.1%
(0.1%
of
Total
Investments)
21,570,000
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
0
.000
06/01/52
3,792,580
TOTAL
RHODE
ISLAND
3,792,580
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
-
4.6%
(2.8%
of
Total
Investments)
$
21,570,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AMBAC
Insured
0
.000
%
01/01/30
$
17,840,079
7,220,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2023B
4
.850
07/01/48
7,322,268
5,000,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2025A
4
.700
01/01/55
5,016,324
32,615,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
4
.250
11/01/47
30,749,660
8,045,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
4
.500
11/01/54
7,955,924
9,985,000
(a)
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Prisma
Health
Obligated
Group,
Series
2018A,
(UB)
5
.000
05/01/43
10,176,492
8,560,000
(a)
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Prisma
Health
Obligated
Group,
Series
2018A,
(UB)
5
.000
05/01/48
8,649,764
4,915,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A
5
.000
12/01/50
4,918,778
4,915,000
(a)
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A,
(UB)
5
.000
12/01/50
4,918,779
7,500,000
(a)
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B,
(UB)
5
.000
12/01/46
7,569,578
10,295,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A
5
.000
12/01/55
10,619,399
2,585,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2015E
5
.250
12/01/55
2,593,116
TOTAL
SOUTH
CAROLINA
118,330,161
SOUTH
DAKOTA
-
0.2%
(0.1%
of
Total
Investments)
4,455,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015
5
.000
11/01/45
4,475,637
TOTAL
SOUTH
DAKOTA
4,475,637
TENNESSEE
-
1.3%
(0.8%
of
Total
Investments)
1,000,000
(b)
Bristol
Industrial
Development
Board,
Tennessee,
State
Sales
Tax
Revenue
Bonds,
Pinnacle
Project,
Series
2016A
5
.125
12/01/42
957,657
4,000,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
4
.000
08/01/44
3,727,631
21,500,000
(a)
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured,
(UB)
5
.250
07/01/53
23,005,722
5,000,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
(AMT)
5
.000
07/01/54
5,072,326
TOTAL
TENNESSEE
32,763,336
TEXAS
-
10.8%
(6.6%
of
Total
Investments)
3,135,000
Board
of
Managers,
Joint
Guadalupe
County-Seguin
City
Hospital,
Texas,
Hospital
Mortgage
Revenue
Bonds,
Refunding
&
Improvement
Series
2015
5
.250
12/01/35
3,141,039
3,340,000
Board
of
Managers,
Joint
Guadalupe
County-Seguin
City
Hospital,
Texas,
Hospital
Mortgage
Revenue
Bonds,
Refunding
&
Improvement
Series
2015
5
.000
12/01/40
3,282,106
9,000,000
Carrollton-Farmers
Branch
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
4
.000
02/15/53
8,512,508
490,000
Club
Municipal
Management
District
1,
Texas,
Special
Assessment
Revenue
Bonds,
Improvement
Area
1
Project,
Series
2016
6
.250
09/01/35
498,599
460,000
Club
Municipal
Management
District
1,
Texas,
Special
Assessment
Revenue
Bonds,
Improvement
Area
1
Project,
Series
2016
6
.500
09/01/46
467,764
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
21,000,000
Crowley
Independent
School
District,
Tarrant
and
Johnson
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
4
.250
%
02/01/53
$
20,610,964
1,000,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012A.
RMKT
4
.750
05/01/38
999,999
150,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B
4
.750
11/01/42
149,993
5,000,000
Fort
Worth,
Texas,
Water
and
Sewerage
Revenue
Bonds,
Series
2024
4
.250
02/15/50
4,938,293
10,000,000
Gulf
Coast
Industrial
Development
Authority,
Texas,
Solid
Waste
Disposal
Revenue
Bonds,
Citgo
Petroleum
Corporation
Project,
Series
1998,
(AMT)
8
.000
04/01/28
10,013,038
295,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/41
136,493
590,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/42
259,059
1,000,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/43
416,806
2,000,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/44
791,216
2,600,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/45
972,780
4,180,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/53
1,010,226
605,000
(e)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H,
(Pre-refunded
11/15/31)
-
NPFG
Insured
0
.000
11/15/37
330,047
1,315,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/37
673,434
40,500,000
Harris
County-Houston
Sports
Authority,
Texas,
Special
Revenue
Bonds,
Refunding
Senior
Lien
Series
2001A
-
NPFG
Insured
0
.000
11/15/40
17,199,236
2,000,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines
Inc.
Terminal
Improvement
Project,
Refunding
Series
2015B-1,
(AMT)
5
.000
07/15/35
2,001,903
235,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2014,
(AMT)
5
.000
07/01/29
235,139
3,105,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5
.500
07/15/39
3,331,772
28,305,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/28
24,852,795
5,000,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/30
4,049,080
5,765,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/31
4,468,139
6,000,000
(e)
Houston,
Texas,
Water
and
Sewerage
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2001B
-
NPFG
Insured,
(ETM)
5
.500
12/01/29
6,450,687
7,500,000
(e)
Houston,
Texas,
Water
and
Sewerage
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2002A
-
AGM
Insured,
(ETM)
5
.750
12/01/32
8,945,227
3,500,000
Hutto,
Texas,
Certificates
of
Obligation
Bonds,
Combination
Tax
&
Waterworks
&
Sewer
System
Revenue
Series
2024
-
BAM
Insured
4
.250
08/01/54
3,395,996
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,605,000
Katy
Independent
School
District,
Harris,
Fort
Bend
and
Waller
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2024
4
.000
%
02/15/45
$
2,555,064
720,000
Kerrville
Health
Facilities
Development
Corporation,
Texas,
Revenue
Bonds,
Sid
Peterson
Memorial
Hospital
Project,
Series
2015
5
.000
08/15/35
724,340
2,505,000
Matagorda
County
Navigation
District
1,
Texas,
Collateralized
Revenue
Refunding
Bonds,
Houston
Light
and
Power
Company,
Series
1997
-
AMBAC
Insured,
(AMT)
5
.125
11/01/28
2,608,071
8,630,000
(b)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
(AMT)
4
.625
10/01/31
8,627,051
825,000
(c)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project,  Series
2015A
5
.000
07/01/47
825,000
6,330,000
(e)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
7
.000
09/01/43
7,637,171
9,130,000
(e)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
6
.750
09/01/45
11,061,481
10,000,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D
-
AGC
Insured
0
.000
01/01/28
9,067,106
1,570,000
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A
5
.000
02/01/34
1,544,233
1,000,000
(c)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012
3
.000
12/15/47
460,000
595,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D
6
.250
12/15/26
614,959
1,800,000
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Senior
Lien
Series
2023,
(AMT)
5
.500
12/31/58
1,925,465
300,000
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Refunding
Series
2023,
(AMT)
5
.500
06/30/42
318,296
1,660,000
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Refunding
Series
2023,
(AMT)
5
.500
06/30/43
1,757,156
90,930,000
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
91,822,087
3,600,000
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A
-
AMBAC
Insured
0
.000
08/15/25
3,538,075
TOTAL
TEXAS
277,219,893
UTAH
-
0.1%
(0.0%
of
Total
Investments)
1,945,000
(b),(c)
Box
Elder
County,
Utah,
Solid
Waste
Disposal
Revenue
Bonds,
Promontory
Point
Res,
LLC,
Senior
Series
2017A,
(AMT)
8
.000
12/01/39
1,906,154
TOTAL
UTAH
1,906,154
VIRGINIA
-
4.3%
(2.7%
of
Total
Investments)
12,000,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/51
12,043,053
22,405,000
(a)
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016,
(UB)
5
.000
07/01/51
22,485,385
2,000,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1
5
.000
06/01/47
1,950,869
20,000,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
College
&
Equipment
Programs,
Series
2024A
4
.000
02/01/42
19,904,976
1,250,000
(h)
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-5
4
.650
07/01/55
1,253,741
8,995,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/49
9,053,032
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
16,520,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
%
12/31/52
$
16,601,895
27,570,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/56
27,674,383
TOTAL
VIRGINIA
110,967,334
WASHINGTON
-
2.9%
(1.8%
of
Total
Investments)
590,000
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Series
1999
-
FGIC
Insured
4
.750
02/01/28
594,075
105,000
Tacoma
Consolidated
Local
Improvement
District
65,
Washington,
Special
Assessment
Bonds,
Series
2013
5
.750
04/01/43
103,822
6,065,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Central
Washington
Health
Services
Association,
Refunding
Series
2015
4
.000
07/01/36
5,907,150
10,420,000
(a)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
MultiCare
Health
System,
Series
2015A,
(UB)
5
.000
08/15/45
10,245,758
10,500,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
MultiCare
Health
System,
Series
2017B
4
.000
08/15/41
10,031,582
10,785,000
(a)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014C,
(UB)
5
.000
10/01/44
10,801,671
21,320,000
(a)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D,
(UB)
5
.000
10/01/38
21,365,559
2,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Cancer
Center
Alliance,
Series
2020
4
.000
09/01/45
1,839,260
14,875,000
(a)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Cancer
Center
Alliance,
Series
2020,
(UB)
5
.000
09/01/55
15,091,457
TOTAL
WASHINGTON
75,980,334
WEST
VIRGINIA
-
0.3%
(0.2%
of
Total
Investments)
6,000,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2023B
6
.000
09/01/48
6,685,445
TOTAL
WEST
VIRGINIA
6,685,445
WISCONSIN
-
1.6%
(1.0%
of
Total
Investments)
25,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School,
North
Carolina,
Series
2017A
5
.000
06/15/37
24,324
1,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Envision
Science
Academy
Project,
Series
2016A
5
.125
05/01/36
996,117
5,545,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
5
.000
06/15/36
5,019,702
4,430,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
5
.000
06/15/46
3,571,980
79,862
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/47
2,326
69,810
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/48
1,920
68,693
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/49
1,777
66,459
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/50
1,595
65,342
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/51
1,482
84,889
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/52
1,789
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
83,772
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
%
01/01/53
$
1,671
80,979
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/54
1,518
79,304
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/55
1,405
77,628
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/56
1,307
4,224,917
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
5
.500
07/01/56
3,164,906
86,006
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/57
1,364
83,772
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/58
1,256
81,538
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/59
1,161
79,862
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/60
1,068
78,745
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/61
992
76,511
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/62
912
74,836
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/63
847
73,161
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/64
789
72,044
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/65
729
77,628
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/66
728
934,897
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/67
7,947
69,385
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/46
2,185
68,408
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/47
1,992
67,919
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/48
1,868
67,431
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/49
1,745
66,454
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/50
1,594
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
72,806
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
%
01/01/51
$
1,652
1,874,234
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
3
.750
07/01/51
1,314,609
72,317
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/52
1,524
71,340
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/53
1,423
70,851
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/54
1,328
69,874
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/55
1,238
68,897
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/56
1,160
68,408
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/57
1,084
67,431
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/58
1,011
66,942
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/59
953
66,454
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/60
889
65,476
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/61
825
64,988
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/62
775
64,010
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/63
724
63,522
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/64
685
63,033
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/65
638
62,056
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/66
582
808,203
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/67
6,870
500,000
(b)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A
6
.250
06/15/48
512,708
1,200,000
Public
Finance
Authority
of
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company
Project,
Refunding
Series
2016,
(AMT)
4
.000
08/01/35
1,161,960
1,690,000
(b),(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A
6
.250
08/01/27
1,635,075
Portfolio
of
Investments
Janaury
31,
2025
(continued)
NZF
30
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,350,000
(b)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
7
.000
%
12/01/50
$
1,375,300
160,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Prime
Healthcare
Foundation,
Inc.,
Series
2017A
5
.200
12/01/37
164,405
2,905,000
Public
Finance
Authority
of
Wisconsin,
Student
Housing
Revenue
Bonds,
Collegiate
Housing
Foundation
-
Cullowhee
LLC
-
Western
California
University
Project,
Series
2015A
5
.000
07/01/35
2,908,427
1,000,000
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C
4
.300
11/01/30
1,001,024
1,000,000
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Series
2003A
0
.000
12/15/31
774,347
2,105,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
06/01/32
2,109,563
2,500,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
06/01/39
2,501,053
12,650,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A
5
.000
11/15/39
12,816,484
1,120,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014
5
.250
10/01/39
1,120,017
TOTAL
WISCONSIN
42,239,329
WYOMING
-
0.2%
(0.1%
of
Total
Investments)
4,660,000
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2024
Series
1
4
.700
12/01/49
4,711,613
TOTAL
WYOMING
4,711,613
TOTAL
MUNICIPAL
BONDS
(Cost
$4,061,234,780)
4,185,751,016
PRINCIPAL
DESCRIPTION
RATE
(j)
MATURITY
(k)
VALUE
243,974
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
(j)
243,974
CONSUMER
DURABLES
&
APPAREL
-
0.0%
(0.0%
of
Total
Investments)
243,974
(d)
Cahava
Springs
Advance
7
.500
12/31/26
243,974
TOTAL
CONSUMER
DURABLES
&
APPAREL
243,974
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$243,974)
243,974
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$4,061,478,754)
4,185,994,990
FLOATING
RATE
OBLIGATIONS
-
(14.5)%
(
374,120,000
)
MFP
SHARES,
NET
-
(24.8)%(l)
(
640,165,364
)
VRDP
SHARES,
NET
-
(26.1)%(m)
(
673,811,544
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  3.0%
79,207,989
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
2,577,106,071
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
31
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(a)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$377,373,095
or
9.0%
of
Total
Investments.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(f)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(g)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(h)
When-issued
or
delayed
delivery
security.
(i)
Inverse
floating
rate
trust
is
a
non
recourse
trust.
(j)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
Secured
Overnight
Financing
Rate
(“SOFR”),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(k)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(l)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
15.3%.
(m)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
16.1%.
NZF
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
4,185,744,520
$
6,496
$
4,185,751,016
Variable
Rate
Senior
Loan
Interests
–
–
243,974
243,974
Total
$
–
$
4,185,744,520
$
250,470
$
4,185,994,990