NPORT-EX 2 tiaa_NUW.htm
1
Portfolio
of
Investments
January
31,
2025
NUW
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
101.1%
273892878
MUNICIPAL
BONDS
-
101
.1
%
273892878
ALABAMA
-
2.0%
$
2,000,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Prepay
BP
PLC,
Series
2024D,
(Mandatory
Put
11/01/34)
5
.000
%
03/01/55
$
2,138,227
1,990,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2024C,
(Mandatory
Put
7/01/31)
5
.000
05/01/55
2,109,602
1,000,000
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
2,
Refunding
Series
2024B,
(Mandatory
Put
5/01/32)
5
.000
06/01/49
1,062,275
TOTAL
ALABAMA
5,310,104
ARIZONA
-
1.6%
1,000,000
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Green
Series
2016B
5
.000
06/01/46
1,016,858
3,045,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
3,282,684
TOTAL
ARIZONA
4,299,542
CALIFORNIA
-
11.5%
1,730,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/30
1,435,283
1,250,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024A
-
AGM
Insured
4
.000
07/01/54
1,209,344
1,170,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2024A
5
.250
12/01/43
1,259,278
340,000
(a)
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
350,075
450,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A
6
.500
11/01/39
555,987
10,200,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A
-
AGC
Insured
7
.000
08/01/38
11,490,546
1,030,000
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Series
2011A
0
.000
08/01/35
711,127
2,470,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B
5
.000
05/01/47
2,533,631
12,955,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G
-
AGM
Insured
0
.000
08/01/35
8,620,550
5,185,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/44
1,869,358
1,000,000
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Clean
Energy
Project
Revenue
Bonds,
Series
2024A,
(Mandatory
Put
9/01/30)
5
.000
04/01/55
1,051,950
TOTAL
CALIFORNIA
31,087,129
COLORADO
-
5.0%
1,205,000
Adams
and
Weld
Counties
School
District
27J,
Brighton,
Colorado,
General
Obligation
Bonds,
Series
2024A
5
.000
12/01/47
1,300,118
3,000,000
Aurora,
Colorado,
Water
Revenue
Bonds,
First
Lien
Series
2024
5
.000
08/01/49
3,224,856
375,000
Bennett,
Colorado,
Wastewater
Revenue
Bonds,
Series
2024
5
.000
12/01/44
403,947
1,500,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/36
1,519,118
1,750,000
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2019A
4
.000
12/01/38
1,666,566
5,885,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
09/01/34
4,114,687
200,000
Hunters
Overlook
Metropolitan
District
5,
Severance,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024
5
.000
12/01/44
213,764
Portfolio
of
Investments
January
31,
2025
(continued)
NUW
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,000,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008
6
.500
%
11/15/38
$
1,197,665
TOTAL
COLORADO
13,640,721
DISTRICT
OF
COLUMBIA
-
0.3%
725,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A
5
.000
07/15/45
758,764
TOTAL
DISTRICT
OF
COLUMBIA
758,764
FLORIDA
-
3.3%
1,655,000
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A
4
.000
10/01/49
1,565,924
500,000
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A
5
.000
10/01/36
519,666
1,000,000
Highlands
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Adventist
Health
Obligated
Group,
Series
2024C,
(Mandatory
Put
11/15/31)
5
.000
11/15/59
1,109,940
1,500,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.250
11/15/49
1,617,506
1,000,000
JEA,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2020A
5
.000
10/01/34
1,083,035
535,000
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A
-
AGM
Insured
5
.000
02/01/44
537,668
1,965,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2024A
5
.250
10/01/54
2,110,659
510,000
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018B
5
.000
03/15/42
520,861
TOTAL
FLORIDA
9,065,259
GEORGIA
-
2.3%
2,000,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B
5
.250
02/15/45
2,046,690
1,145,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2024D,
(Mandatory
Put
4/01/31)
5
.000
04/01/54
1,215,909
1,470,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A
-
BAM
Insured
5
.000
01/01/49
1,500,326
1,790,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A
0
.000
01/01/32
1,343,874
TOTAL
GEORGIA
6,106,799
ILLINOIS
-
7.9%
2,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
2,055,997
7,500,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2023A
5
.250
05/15/54
7,968,362
375,000
(b)
Illinois
Finance
Authority,
State
of
Illinois
Clean
Water
Initiative
Revolving
Fund
Revenue
Bonds,
Series
2017,
(Pre-refunded
1/01/27)
5
.000
07/01/37
389,455
1,000,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2024B
5
.250
05/01/47
1,072,598
1,500,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/27
1,569,933
525,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016
5
.000
02/01/27
543,479
495,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
4
.000
06/15/50
436,216
500,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2024B
5
.000
06/15/53
518,443
11,420,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/37
6,904,467
TOTAL
ILLINOIS
21,458,950
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
-
0.6%
$
1,500,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
%
02/01/25
$
1,500,000
TOTAL
INDIANA
1,500,000
KENTUCKY
-
2.9%
1,000,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A
5
.000
09/01/43
1,021,259
1,000,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
5
.000
08/01/32
1,066,853
3,750,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A
5
.000
01/01/45
3,738,105
1,080,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Refunding
First
Tier
Series
2021B
-
AGM
Insured
4
.000
07/01/53
986,429
1,050,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024B,
(Mandatory
Put
8/01/32)
5
.000
01/01/55
1,117,795
TOTAL
KENTUCKY
7,930,441
MAINE
-
0.9%
2,425,000
University
of
Maine,
System
Revenue
Bonds,
Series
2022
5
.000
03/01/47
2,530,208
TOTAL
MAINE
2,530,208
MARYLAND
-
3.5%
3,420,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/33
3,450,271
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Lifebridge
Health
Issue
Series
2023
5
.000
07/01/54
1,046,109
5,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A
5
.000
05/15/45
5,059,639
TOTAL
MARYLAND
9,556,019
MASSACHUSETTS
-
2.0%
5,000,000
(c)
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2024I,
(UB)
5
.000
12/01/54
5,313,581
TOTAL
MASSACHUSETTS
5,313,581
MICHIGAN
-
1.4%
1,000,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018
5
.000
11/01/43
1,025,734
2,500,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
-
BAM
Insured
4
.000
11/01/55
2,255,963
550,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Series
2020B-1-CL2
5
.000
06/01/49
556,334
TOTAL
MICHIGAN
3,838,031
MINNESOTA
-
0.8%
1,145,000
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A
5
.000
12/01/47
1,167,181
1,000,000
University
of
Minnesota,
General
Obligation
Bonds,
Series
2017A
5
.000
09/01/36
1,038,824
TOTAL
MINNESOTA
2,206,005
NEBRASKA
-
0.7%
2,000,000
Omaha
Public
Power
District,
Nebraska,
Separate
Electric
System
Revenue
Bonds,
Nebraska
City
2,
Series
2015A
5
.250
02/01/42
2,002,424
TOTAL
NEBRASKA
2,002,424
NEVADA
-
1.5%
4,000,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C
5
.250
07/01/43
4,153,832
35,000
(a)
Sparks,
Nevada,
Sales
Tax
Revenue
Bonds,
Tourism
Improvement
District
1
Legends
at
Sparks
Marina,
Refunding
Senior
Series
2019A
2
.750
06/15/28
34,213
TOTAL
NEVADA
4,188,045
Portfolio
of
Investments
January
31,
2025
(continued)
NUW
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
-
7.5%
$
80,000
Cumberland
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Correctional
Facility
Project,
Series
2018
-
BAM
Insured
4
.000
%
10/01/43
$
78,517
125,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A
5
.000
01/01/38
131,647
35,000
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018
-
BAM
Insured
3
.125
03/01/31
34,447
30,000
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018
-
BAM
Insured
3
.250
03/01/32
29,544
50,000
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018
-
BAM
Insured
3
.500
03/01/36
49,518
25,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A
5
.000
07/01/38
25,200
220,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017
4
.000
07/15/37
214,657
25,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017
5
.000
07/15/47
25,160
100,000
(a)
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A
5
.125
09/01/52
100,295
35,000
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014
5
.250
01/01/44
34,098
100,000
New
Jersey
Economic
Development
Authority,
Lease
Revenue
Bonds,
State
House
Project,
Series
2017B
4
.500
06/15/40
101,424
125,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A
3
.375
07/01/30
120,419
55,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A
5
.000
07/01/47
53,410
100,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Rowan
Properties
LLC
-
Rowan
University
Student
Housing
Project,
Series
2015A
5
.000
01/01/48
93,157
155,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015
5
.000
07/01/47
141,615
100,000
(a),(d)
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020
5
.000
01/01/40
66,097
935,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1
-
NPFG
Insured
5
.500
09/01/27
995,361
100,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H
-
AGM
Insured
4
.000
07/01/39
99,590
5,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
3
.750
07/01/37
3,837
100,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
4
.000
07/01/42
71,835
100,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
5
.000
07/01/47
76,243
75,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D
5
.000
07/01/38
75,035
435,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
3
.000
07/01/41
350,613
25,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
4
.000
07/01/46
22,151
200,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
4
.000
07/01/47
186,528
30,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
5
.000
07/01/47
30,386
150,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A
5
.000
07/01/57
151,452
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
110,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A
4
.000
%
07/01/45
$
99,415
360,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A
5
.000
07/01/42
365,959
1,875,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
4
.125
07/01/54
1,759,169
2,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
5
.250
07/01/54
2,167,300
30,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A
5
.000
07/01/34
30,679
125,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A
5
.000
07/01/43
126,531
10,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
3
.000
07/01/32
9,093
405,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
4
.000
07/01/48
357,799
130,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A
-
AGM
Insured
4
.125
07/01/38
130,069
110,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A
-
AGM
Insured
5
.000
07/01/46
110,181
50,000
(a)
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018
5
.750
10/01/38
36,856
120,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A
4
.000
11/01/45
111,602
270,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B
3
.600
11/01/40
254,496
435,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
3
.875
11/01/38
427,245
125,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A
3
.600
04/01/33
122,916
75,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A
3
.750
10/01/35
74,643
665,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C
3
.950
10/01/44
638,036
200,000
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A
5
.000
07/01/45
200,999
5,020,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/31
3,934,691
2,170,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A
0
.000
12/15/39
1,166,065
255,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
5
.250
06/15/41
255,874
50,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A
4
.000
12/15/39
49,982
225,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
3
.500
06/15/46
197,967
100,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
4
.000
06/15/50
95,727
30,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA
4
.000
06/15/50
28,718
2,905,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024CC
5
.250
06/15/50
3,146,448
215,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
4
.000
06/01/37
210,885
305,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.250
06/01/46
310,656
420,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
421,381
Portfolio
of
Investments
January
31,
2025
(continued)
NUW
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
170,000
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A
5
.000
%
06/15/41
$
170,183
TOTAL
NEW
JERSEY
20,373,801
NEW
YORK
-
7.1%
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.500
10/01/54
1,086,302
3,000,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007
5
.500
10/01/37
3,531,372
1,500,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017
5
.000
09/01/42
1,544,923
2,050,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018
5
.000
09/01/39
2,153,918
1,390,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.000
11/15/50
1,422,845
750,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2020E
5
.000
11/15/30
828,540
200,000
New
York
City
Housing
Development
Corporation,
New
York,
Multi-Family
Mortgage
Revenue
Bonds,
8
Spruce
Street,
Class
D
Series
2024
4
.000
12/15/31
203,855
1,450,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2024A-1
4
.000
05/01/53
1,372,985
1,510,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2024A-1
5
.000
05/01/53
1,587,413
2,500,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025D
5
.500
05/01/52
2,779,160
1,230,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C
5
.000
08/01/42
1,302,652
1,325,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
MTA
Bridges
and
Tunnels,
Senior
Lien
Green
Climate
Bond
Certified
Series
2024B-2
5
.250
05/15/54
1,431,666
TOTAL
NEW
YORK
19,245,631
NORTH
CAROLINA
-
0.7%
285,000
Mebane,
North
Carolina,
Combined
Utilities
Revenue
Bonds,
Series
2024
4
.000
08/01/49
270,408
1,000,000
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B
5
.000
07/01/42
1,028,084
700,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
5
.000
01/01/32
718,941
TOTAL
NORTH
CAROLINA
2,017,433
OHIO
-
5.2%
8,560,000
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
7,711,423
3,095,000
Central
Ohio
Transit
Authority,
Ohio,
General
Obligation
Bonds,
Capital
Facilities
Limited
Tax
Series
2023
5
.000
12/01/48
3,302,492
1,000,000
Ohio
State,
Hospital
Revenue
Bonds,
Children's
Hospital
Medical
Center
of
Akron,
Series
2024A
5
.250
08/14/48
1,080,393
1,005,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Duke
Energy
Convention
Center
Project,
TOT
First
Subordinate
Development
Revenue
Bonds,
Refunding
Series
2024B
5
.000
12/01/63
1,030,577
1,000,000
Tolles
Career
and
Technical
Center,
Madison,
Franklin,
Delaware,
Fayette,
and
Union
Counties,
Ohio,
Certificates
of
Participation,
School
Facilities
Project
Series
2024
5
.250
12/01/53
1,045,182
TOTAL
OHIO
14,170,067
OKLAHOMA
-
0.4%
500,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
509,297
600,000
Oklahoma
Water
Resources
Board,
Oklahoma,
State
Loan
Program
Revenue
Bonds,
Series
2024C
4
.000
10/01/54
567,722
TOTAL
OKLAHOMA
1,077,019
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
-
5.0%
$
50,000
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2017
5
.000
%
10/15/37
$
47,733
465,000
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A
4
.000
04/01/44
433,832
500,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2024
4
.000
12/01/49
473,717
230,000
(a)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017
5
.000
05/01/42
229,873
155,000
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
Highlands
at
Wyomissing,
Series
2017A
5
.000
05/15/42
155,751
20,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6
.000
06/30/34
21,740
266,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5
.000
06/30/39
265,055
133,000
(e)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0
.000
06/30/44
95,696
42,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8
.000
06/30/34
42,781
70,000
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
School
Lane
Charter
School
Project,
Series
2016
5
.125
03/15/36
70,706
75,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A
4
.000
10/01/37
75,339
35,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2019
5
.000
12/01/51
23,914
20,000
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Avon
Grove
Charter
School
Revenue
Bonds,
Series
2017A
5
.000
12/15/47
19,574
15,000
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Student
Housing
Revenue
Bonds,
University
Student
Housing,
LLC
Project
at
West
Chester
University
Series
2013A
5
.000
08/01/45
14,262
35,000
Clarion
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Clarion
University
Foundation
Inc.
Student
Housing
Project
at
Clarion
University,
Series
2014A
5
.000
07/01/45
35,000
40,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
5
.000
06/01/33
42,089
355,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
-
AGM
Insured
4
.000
06/01/39
355,518
70,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Asbury
Pennsylvania
Obligated
Group,  Refunding
Series
2019
5
.000
01/01/45
66,198
40,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
4
.000
01/01/33
39,018
45,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
5
.000
01/01/38
45,014
100,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016
5
.000
01/01/29
100,606
25,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A
4
.125
01/01/38
24,041
20,000
(b)
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A,
(Pre-refunded
1/01/29)
5
.000
01/01/39
21,334
5,000
(b)
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A,
(Pre-refunded
1/01/29)
5
.000
01/01/39
5,333
5,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A
5
.000
01/01/39
5,078
30,000
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University
Project,
Series
2019
5
.000
05/01/48
27,179
Portfolio
of
Investments
January
31,
2025
(continued)
NUW
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
30,000
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014
5
.000
%
05/01/37
$
29,287
245,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/42
250,635
540,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/47
549,282
40,000
(b)
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A,
(Pre-refunded
7/01/26)
5
.000
07/01/41
41,035
185,000
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A
5
.000
07/01/41
186,596
25,000
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A
4
.000
07/01/45
22,903
150,000
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018
5
.000
07/15/48
139,753
100,000
(b)
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2015,
(Pre-refunded
7/01/25)
5
.000
07/01/47
100,782
25,000
Easton
Area
School
District,
Northampton
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020B
5
.000
02/01/31
26,505
60,000
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016
4
.000
05/01/46
49,906
35,000
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2
3
.500
05/01/41
28,491
20,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Masonic
Villages
Project,
Series
2015
5
.000
11/01/35
20,023
40,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020
5
.000
03/01/50
33,663
100,000
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016
4
.000
11/01/41
92,471
100,000
(a)
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014
6
.875
07/01/33
99,859
50,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
5
.000
09/01/48
50,639
90,000
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Lafayette
College,
Refunding
Series
2018
4
.000
11/01/38
90,206
55,000
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Morningstar
Senior
Living,
Inc.,
Series
2019
5
.000
11/01/44
50,407
35,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012
4
.000
11/01/39
30,709
60,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012
5
.000
11/01/42
58,489
450,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121
3
.200
10/01/41
383,382
65,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B
3
.450
10/01/32
64,323
45,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125B
3
.700
10/01/47
38,724
45,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133
2
.500
10/01/45
32,338
1,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-145A
4
.600
10/01/44
1,010,810
3,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-146A
4
.750
04/01/53
3,019,893
100,000
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A
4
.750
12/01/37
101,954
1,000,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
12/01/51
951,458
100,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B
5
.000
12/01/48
102,633
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
585,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
5
.000
%
12/01/45
$
588,244
1,615,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2024C
5
.250
12/01/54
1,749,852
50,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A
4
.000
12/01/49
46,961
25,000
(a)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Charter
School
Revenue
Bonds,
Philadelphia
Performing
Arts:
A
String
Theory
Charter
School,
Series
2020
5
.000
06/15/50
24,592
70,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017
3
.625
05/01/35
53,094
5,000
(a),(b),(d)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017,
(Pre-refunded
3/15/28)
5
.000
03/15/45
5,320
44,612
(a),(d)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017
5
.000
03/15/45
26,767
100,000
Pittsburgh
and
Allegheny
County
Sports
and
Exhibition
Authority,
Pennsylvania,
Parking
Revenue
Bonds,
Series
2017
5
.000
12/15/34
103,249
145,000
(b)
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
(Pre-
refunded
1/01/27)
5
.000
07/01/45
150,864
55,000
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B
5
.000
07/01/45
55,507
35,000
Rostraver
Township,
Westmoreland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018
-
AGM
Insured
3
.500
09/01/34
34,553
100,000
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016
5
.000
06/01/46
87,396
10,000
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A
5
.000
11/15/28
10,004
40,000
Upper
Allegheny
Joint
Sanitary
Authority,
Allegheny
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2019A
-
AGM
Insured
3
.000
09/01/44
33,083
145,000
Washington
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
AICUP
Financing
Program-Washington
and
Jefferson
College
Project,
Series
2017-PP5
3
.375
11/01/36
127,445
15,000
Washington
County
Redevelopment
Authority,
Pennsylvania,
Tanger
Outlet
Victory
Center
Tax
Increment
Bonds,
Series
2018
5
.000
07/01/35
15,003
TOTAL
PENNSYLVANIA
13,505,471
PUERTO
RICO
-
3.2%
1,170,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
853,448
1,739,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
1,743,276
3,812,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
3,813,058
710,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A
4
.550
07/01/40
711,789
1,360,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
1,349,473
10,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
9,923
49,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
48,309
TOTAL
PUERTO
RICO
8,529,276
Portfolio
of
Investments
January
31,
2025
(continued)
NUW
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
-
3.1%
$
5,435,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AGC
Insured
0
.000
%
01/01/29
$
4,690,490
1,250,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
McLeod
Health
Project,
Series
2024
5
.250
11/01/54
1,342,266
1,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
5
.500
11/01/54
1,091,626
1,250,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Improvement
Series
2024A
5
.500
12/01/54
1,357,289
TOTAL
SOUTH
CAROLINA
8,481,671
TENNESSEE
-
3.5%
3,090,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
3,147,240
4,000,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B
5
.625
09/01/26
4,119,918
2,160,000
West
Wilson
Utility
District,
Wilson
County,
Tennessee,
Water
Revenue
Bonds,
Improvement
Series
2022
4
.000
06/01/47
2,079,767
TOTAL
TENNESSEE
9,346,925
TEXAS
-
11.5%
1,000,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023
5
.000
02/15/48
1,044,720
500,000
Comal
Independent
School
District,
Comal,
Bexar,
Guadalupe,
Hays,
and
Kendall
Counties,
Texas,
General
Obligation
Bonds,
Refunding
School
Building
Series
2024
4
.000
02/15/49
476,037
500,000
Garland,
Dallas,
Collin
and
Rockwell
Counties,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2024
5
.000
03/01/50
526,399
1,595,000
Greenwood
Independent
School
District,
Midland
County,
Texas,
School
Building
Bonds,
Series
2024
4
.000
02/15/54
1,500,104
1,000,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2024C,
(Mandatory
Put
7/01/29)
5
.000
07/01/54
1,071,022
3,000,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/32
2,219,151
7,935,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/33
5,592,645
1,145,000
Lamar
Consolidated
Independent
School
District,
Fort
Bend
County,
Texas,
General
Obligation
Bonds,
Schoolhouse
Refunding
Series
2024
5
.250
02/15/59
1,228,391
2,430,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2021A
5
.000
05/15/51
2,515,466
1,000,000
New
Caney
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
4
.000
02/15/54
945,104
1,000,000
San
Antonio,
Texas,
Electric
and
Gas
Systems
Revenue
Bonds,
Refunding
New
Series
2024B
5
.000
02/01/54
1,053,035
250,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A
5
.000
02/15/41
253,811
1,600,000
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A
5
.000
12/31/35
1,691,460
1,000,000
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A
5
.000
08/01/57
1,011,911
7,635,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2016
4
.000
10/15/41
7,514,166
2,500,000
(c)
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
(UB)
4
.000
10/15/42
2,468,899
TOTAL
TEXAS
31,112,321
11
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
UTAH
-
0.6%
$
1,500,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
5
.000
%
07/01/47
$
1,523,435
TOTAL
UTAH
1,523,435
VIRGINIA
-
1.3%
1,160,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/51
1,164,162
1,400,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.875
07/15/40
1,432,242
1,000,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-II
4
.600
10/01/54
1,000,395
TOTAL
VIRGINIA
3,596,799
WASHINGTON
-
2.9%
3,330,000
Chelan
County
Public
Utility
District
1,
Washington,
Columbia
River-Rock
Island
Hydro-Electric
System
Revenue
Refunding
Bonds,
Series
1997A
-
NPFG
Insured
0
.000
06/01/29
2,880,086
690,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017
5
.000
08/15/30
711,712
2,165,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase
4
.000
07/01/37
2,109,156
2,000,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/58
2,028,715
TOTAL
WASHINGTON
7,729,669
WEST
VIRGINIA
-
0.9%
530,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A
5
.000
01/01/34
548,473
1,800,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2019A
5
.000
09/01/38
1,842,865
TOTAL
WEST
VIRGINIA
2,391,338
TOTAL
MUNICIPAL
BONDS
(Cost
$267,370,664)
273,892,878
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
16278
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0
.0
%
16278
CONSUMER
SERVICES
-
0.0%
9,122
(f)
University
of
the
Arts,
Term
Loan
12
.380
12/16/25
9,122
953
(f)
University
of
the
Arts,
Term
Loan
14
.340
08/16/25
953
3,466
(f)
University
of
the
Arts,
Term
Loan
14
.340
08/16/25
3,466
2,737
(f)
University
of
the
Arts,
Term
Loan
14
.340
09/16/25
2,737
TOTAL
CONSUMER
SERVICES
16,278
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$15,002)
16,278
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$267,385,666)
273,909,156
FLOATING
RATE
OBLIGATIONS
-
(2.2)%
(
6,000,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  1.1%
3,021,571
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
270,930,727
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$973,947
or
0.4%
of
Total
Investments.
(b)
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.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
Portfolio
of
Investments
January
31,
2025
(continued)
NUW
12
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:
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
NUW
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
273,892,878
$
–
$
273,892,878
Variable
Rate
Senior
Loan
Interests
–
–
16,278
16,278
Total
$
–
$
273,892,878
$
16,278
$
273,909,156