NPORT-EX 2 tiaa_NUV.htm
1
Portfolio of Investments July 31, 2025
NUV
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 105.4%
6601180
EXCHANGE-TRADED FUNDS - 0.3%
6601180
150,000
(a)
Nuveen High Yield Municipal Bond ETF
$
3,574,380
125,000
(a)
Nuveen Municipal Income ETF
3,026,800
TOTAL EXCHANGE-TRADED FUNDS
(Cost $6,749,250)
6,601,180
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1931623628
MUNICIPAL BONDS - 105.1%
1931623628
ALABAMA - 1.2%
$
7,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Prepay BP PLC, Series 2024D, (Mandatory Put 11/01/34)
5.000
%
03/01/55
7,368,397
4,640,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024C, (Mandatory Put 7/01/31)
5.000
05/01/55
4,893,814
2,455,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5.500
10/01/53
2,494,754
2,000,000
Mobile County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC
Project, Series 2024A, (AMT)
5.000
06/01/54
1,821,718
5,720,000
Southeast Energy Authority, Alabama, Revenue Bonds,
Cooperative District Energy Supply Series 2025A, (Mandatory
Put 6/01/35)
5.000
01/01/56
5,775,656
TOTAL ALABAMA
22,354,339
ALASKA - 0.4%
9,750,000
Anchorage, Alaska, Solid Waste Services Revenue Bonds,
Refunding Series 2022A
4.000
11/01/52
8,266,560
TOTAL ALASKA
8,266,560
ARIZONA - 1.9%
5,000,000
(b)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4.150
12/01/57
3,232,137
1,420,000
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2019, (AMT), (Mandatory Put 6/01/29)
4.000
06/01/49
1,412,587
1,500,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2025
5.000
07/01/42
1,557,756
16,500,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023A
5.000
01/01/50
16,696,743
5,245,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023B
5.250
01/01/53
5,436,280
5,600,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.000
12/01/37
5,822,263
TOTAL ARIZONA
34,157,766
CALIFORNIA - 5.1%
1,955,000
Burbank-Glendale-Pasadena Airport Authority, California,
Airport Revenue Bonds, Senior Series 2024B, (AMT)
5.250
07/01/49
1,976,925
10,000,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020B-2
0.000
06/01/55
1,693,855
4,080,000
(c)
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-
refunded 11/15/26)
5.000
11/15/46
4,221,851
5,920,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2018A
5.000
11/15/48
5,896,512
1,830,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2024A
5.250
12/01/42
1,840,969
2,850,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2024A
5.250
12/01/44
2,826,636
1,650,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5.000
08/15/35
1,660,932
Portfolio of Investments July 31, 2025
(continued)
NUV
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,585,000
(b)
California Housing Finance Agency, Multifamily Housing
Revenue Bonds, Redwood Gardens Apartments, Subordinate
Lien Series 2021N-S
4.000
%
03/01/37
$
1,331,870
1,635,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/43
1,586,401
3,495,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/47
3,319,634
1,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018B, (AMT)
5.000
06/01/48
940,755
2,290,000
(b)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, San Diego County Water Authoriity
Desalination Project Pipeline, Refunding Series 2019
5.000
07/01/39
2,306,825
3,500,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.000
12/01/46
3,271,484
4,505,000
Covina-Valley Unified School District, Los Angeles County,
California, General Obligation Bonds, Series 2003B - FGIC
Insured
0.000
06/01/28
4,139,122
2,180,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Series 2013A
6.850
01/15/42
2,458,600
1,000,000
Fresno, California, Airport Revenue Bonds, Series 2023A - BAM
Insured, (AMT)
5.000
07/01/48
989,545
1,000,000
Fresno, California, Airport Revenue Bonds, Series 2023A - BAM
Insured, (AMT)
5.000
07/01/53
976,365
12,020,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0.000
06/01/66
1,154,763
345,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2022A-1
5.000
06/01/51
330,502
1,475,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2023A
5.000
07/01/49
1,478,636
1,250,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2023A
5.250
07/01/53
1,271,769
2,365,000
Montebello Unified School District, Los Angeles County,
California, General Obligation Bonds, Election 1998 Series
2004 - FGIC Insured
0.000
08/01/27
2,221,105
3,060,000
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
5.875
08/01/28
3,317,325
2,315,000
(d)
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
0.000
08/01/43
2,208,968
3,550,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6.500
11/01/39
4,202,331
10,150,000
Placer Union High School District, Placer County, California,
General Obligation Bonds, Series 2004C - AGM Insured
0.000
08/01/33
7,703,407
2,660,000
San Bruno Park School District, San Mateo County, California,
General Obligation Bonds, Series 2000B - FGIC Insured
0.000
08/01/25
2,660,000
115,000
San Diego Tobacco Settlement Revenue Funding Corporation,
California, Tobacco Settlement Bonds, Subordinate Series
2018C
4.000
06/01/32
114,336
2,825,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2024A, (AMT)
5.250
05/01/43
2,903,875
2,175,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A,
(AMT)
5.250
05/01/55
2,195,743
6,000,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019D
5.000
05/01/36
6,325,528
500,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Refunding Senior Lien Toll Road Revenue
Bonds, Series 2021A
4.000
01/15/42
457,849
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
13,220,000
San Mateo County Community College District, California,
General Obligation Bonds, Series 2006A - NPFG Insured
0.000
%
09/01/28
$
12,198,042
2,075,000
Southern California Public Power Authority, California, Revenue
Bonds, Clean Energy Project Revenue Bonds, Series 2024A,
(Mandatory Put 9/01/30)
5.000
04/01/55
2,171,914
TOTAL CALIFORNIA
94,354,374
COLORADO - 6.2%
1,265,000
Adams and Weld Counties School District 27J, Brighton,
Colorado, General Obligation Bonds, Series 2024A
5.000
12/01/47
1,284,922
1,750,000
Adams and Weld Counties School District 27J, Brighton,
Colorado, General Obligation Bonds, Series 2024A
5.000
12/01/48
1,773,680
3,000,000
Centennial Water and Sanitation District, Douglas County,
Colorado, Water and Wastewater Revenue Bonds, Series 2019
5.000
12/01/43
3,026,192
3,265,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5.250
12/01/54
3,322,000
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2024A, (Mandatory Put
11/15/29)
5.000
11/15/59
1,080,510
1,575,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2024A, (Mandatory Put
11/15/31)
5.000
11/15/59
1,732,649
4,155,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4.000
08/01/49
3,435,432
1,255,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5.000
12/31/56
1,159,241
1,000,000
Colorado State, Building Excellent Schools Today, Certificates
of Participation, Series 2020R
4.000
03/15/45
873,777
3,790,000
Colorado State, Certificates of Participation, Rural Series 2018A
5.000
12/15/37
3,894,352
3,400,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022B
5.250
11/15/53
3,467,678
2,000,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
12/01/35
2,011,677
1,345,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2025A
5.125
12/01/50
1,297,180
9,660,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/29
8,595,612
24,200,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/31
19,901,766
17,000,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/32
13,385,764
7,600,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Refunding Series 2006B - NPFG Insured
0.000
09/01/39
3,756,188
3,500,000
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited
Tax General Obligation Bonds, Series 2020A-1
5.000
12/01/49
3,055,325
600,000
Hunters Overlook Metropolitan District 5, Severance, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Series 2024
5.000
12/01/44
607,652
575,000
Hunters Overlook Metropolitan District 5, Severance, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Series 2024
5.000
12/01/49
569,265
1,480,000
Ptarmigan West Metropolitan District 2, Windsor, Larimer
County, Colorado, Limited Tax General Obligation Bonds,
Series 2021-3
4.125
12/01/51
999,069
8,000,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6.500
11/15/38
9,325,944
3,475,000
Range View Estates Metropolitan District, Mead, Weld County,
Colorado, Limited Tax General Obligation Bonds, Series 2020A
5.000
12/01/49
3,174,281
1,400,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
4.000
07/15/34
1,389,131
5,355,000
State of Colorado, Rural Colorado, Certificates of Participation,
Series 2022
6.000
12/15/38
6,077,362
Portfolio of Investments July 31, 2025
(continued)
NUV
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,000,000
State of Colorado, Rural Colorado, Certificates of Participation,
Series 2022
6.000
%
12/15/41
$
3,339,223
3,730,000
(b)
Tree Farm Metropolitan District, Eagle County, Colorado,
General Obligation Limited Tax Bonds, Series 2021
4.750
12/01/50
3,015,695
2,000,000
Verve Metropolitan District 1, Jefferson County and the City
and County of Broomfield, Colorado, General Obligation
Bonds, Refunding and Improvement Limited Tax Series 2021
5.000
12/01/51
1,667,652
8,160,000
(b)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4.125
12/01/51
5,966,886
TOTAL COLORADO
113,186,105
CONNECTICUT - 0.2%
1,000,000
Connecticut Airport Authority, Connecticut, Customer Facility
Charge Revenue Bonds, Ground Transportation Center Project,
Series 2019A, (AMT)
5.000
07/01/49
963,314
2,125,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Connecticut Children's Medical Center and
Subsidiaries, Series 2023E
5.250
07/15/48
2,152,842
TOTAL CONNECTICUT
3,116,156
DISTRICT OF COLUMBIA - 2.2%
15,000,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0.000
06/15/46
3,611,357
5,260,000
District of Columbia Water and Sewer Authority, Public Utility
Revenue Bonds, Senior Lien Series 2018B
5.000
10/01/43
5,297,321
10,000,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital
Appreciation, Second Senior Lien Series 2010B
6.500
10/01/44
10,511,750
2,300,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5.250
10/01/49
2,319,383
4,435,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5.500
10/01/54
4,545,377
10,000,000
(e)
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2025A, (AMT), (UB)
5.500
10/01/55
10,326,801
1,060,000
Washington Convention and Sports Authority, Washington
D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien
Series 2021A
4.000
10/01/38
1,002,429
1,265,000
Washington Convention and Sports Authority, Washington
D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien
Series 2021A
4.000
10/01/39
1,177,927
1,775,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Dedicated Revenue Bonds, Series 2020A
5.000
07/15/45
1,776,109
TOTAL DISTRICT OF COLUMBIA
40,568,454
FLORIDA - 5.8%
1,000,000
Babcock Ranch Community Independent Special District,
Charlotte County, Florida, Special Assessment Bonds, 2022
Project Series 2022
5.000
05/01/53
918,872
23,000,000
Broward County, Florida, Tourist Development Tax Revenue
Bonds, Convention Center Expansion Project, Series 2021
4.000
09/01/51
18,807,157
565,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2015A
6.000
06/15/35
565,225
1,800,000
Florida Development Finance Corporation, Healthcare
Facilities Revenue Bonds, UF Health - Jacksonville Project,
Series 2022A - AGM Insured
4.000
02/01/41
1,659,335
1,875,000
Florida Development Finance Corporation, Healthcare
Facilities Revenue Bonds, UF Health - Jacksonville Project,
Series 2022A - AGM Insured
4.000
02/01/42
1,718,025
1,615,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.250
07/01/47
1,314,792
1,500,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)
5.250
07/01/47
1,434,500
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
4,390,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)
5.250
%
07/01/53
$
4,203,702
1,400,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.500
07/01/53
1,140,882
8,570,000
(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025A, (AMT), (Mandatory Put 8/13/25)
8.250
07/01/57
7,284,549
4,000,000
Gainesville, Florida, Utilities System Revenue Bonds, Series
2017A
5.000
10/01/36
4,109,911
15,000
(c)
Gainesville, Florida, Utilities System Revenue Bonds, Series
2019A, (Pre-refunded 10/01/29)
5.000
10/01/47
16,388
3,485,000
Gainesville, Florida, Utilities System Revenue Bonds, Series
2019A
5.000
10/01/47
3,451,173
13,745,000
Greater Orlando Aviation Authority, Florida, Airport Facilities
Revenue Bonds, Priority Subordinate Series 2024, (AMT)
5.250
10/01/45
14,007,381
3,000,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5.250
11/15/49
3,056,890
2,735,000
Miami Beach Health Facilities Authority, Florida, Hospital
Revenue Bonds, Mount Sinai Medical Center of Florida Project,
Series 2021B
4.000
11/15/46
2,286,076
4,090,000
Miami-Dade County Expressway Authority, Florida, Toll System
Revenue Bonds, Series 2010A
5.000
07/01/40
4,091,008
5,685,000
Miami-Dade County, Florida, Seaport Revenue Bonds,
Refunding Series 2022A, (AMT)
5.250
10/01/52
5,644,813
3,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2022
5.000
07/01/51
3,032,188
6,500,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5.250
10/01/54
6,643,749
5,330,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Obligated Group, Inc., Series
2022
4.000
10/01/52
4,391,972
3,575,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0.000
10/01/44
1,224,771
4,000,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0.000
10/01/45
1,280,914
4,250,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0.000
10/01/49
1,047,178
2,500,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0.000
10/01/50
578,192
8,000,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0.000
10/01/53
1,538,165
3,335,000
(f)
Peace River Manasota Regional Water Supply Authority,
Florida, Utility System Revenue Bonds, Series 2025A
5.250
10/01/50
3,445,149
1,020,000
Putnam County Development Authority, Florida, Pollution
Control Revenue Bonds, Seminole Electric Cooperatice, Inc.
Project, Refunding Series 2018B
5.000
03/15/42
1,015,980
6,865,000
South Broward Hospital District, Florida, Hospital Revenue
Bonds, Refunding Series 2015
4.000
05/01/34
6,865,488
TOTAL FLORIDA
106,774,425
Portfolio of Investments July 31, 2025
(continued)
NUV
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA - 3.4%
$
2,500,000
Gainesville and Hall County Hospital Authority, Georgia,
Revenue Anticipation Certificates, Northeast Georgia Health
Services Inc., Series 2017B
5.250
%
02/15/45
$
2,503,752
10,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A, (Mandatory Put 6/01/32)
5.000
06/01/55
10,644,072
4,165,000
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax
Revenue Bonds, Green Series 2025A
5.250
07/01/50
4,352,608
17,010,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2019A - BAM Insured
5.000
01/01/49
17,013,239
4,025,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project M Bonds, Series 19A - AGM Insured
5.000
01/01/59
3,983,897
17,350,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project M Bonds, Series 2022A - AGM Insured
5.000
07/01/52
17,251,332
1,000,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2020A
5.000
01/01/45
1,001,037
5,500,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2020A
5.000
01/01/50
5,405,945
TOTAL GEORGIA
62,155,882
IDAHO - 0.1%
2,220,000
(b)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Gem Prep Meridian South Charter School
Project, Series 2021
4.000
05/01/56
1,467,534
TOTAL IDAHO
1,467,534
ILLINOIS - 9.9%
5,000,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2016
6.000
04/01/46
5,059,843
5,000,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2016A
7.000
12/01/44
5,018,387
2,945,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2016B
6.500
12/01/46
2,968,576
4,710,000
(b)
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2017A
7.000
12/01/46
4,840,595
7,495,000
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1999A -
NPFG Insured
0.000
12/01/31
5,759,153
2,325,000
Chicago Greater Metropolitan Water Reclamation District,
Illinois, General Obligation Bonds, Limited Tax Capital
Improvement Green Series 2021A
4.000
12/01/46
2,008,993
4,000,000
Chicago Greater Metropolitan Water Reclamation District,
Illinois, General Obligation Bonds, Limited Tax Capital
Improvement Green Series 2021A
4.000
12/01/51
3,317,357
1,875,000
Chicago Transit Authority, Illinois, Capital Grant Receipts
Revenue Bonds, Federal Transit Administration Section 5307
Urbanized Area Formula Funds, Refunding Series 2021
5.000
06/01/29
2,008,296
5,000,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2022A - BAM Insured
5.000
12/01/46
5,044,971
1,000,000
Cook County, Illinois, General Obligation Bonds, Refunding
Series 2018
5.000
11/15/35
1,018,189
1,500,000
Cook County, Illinois, General Obligation Bonds, Refunding
Series 2021A
5.000
11/15/32
1,621,812
2,040,000
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A
4.000
11/15/40
1,872,254
1,000,000
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A
4.000
11/15/41
904,942
3,700,000
Illinois Finance Authority, Revenue Bonds, Rush University
Medical Center Obligated Group, Series 2015B
5.000
11/15/39
3,685,252
1,175,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2024A
5.250
04/01/43
1,212,853
1,130,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2024A
5.250
04/01/47
1,148,785
3,500,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/43
3,567,145
2,000,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/44
2,027,679
2,400,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/48
2,401,217
5,125,000
Illinois State, General Obligation Bonds, November Series
2017C
5.000
11/01/29
5,336,037
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,755,000
Illinois State, General Obligation Bonds, October Series 2016
5.000
%
02/01/27
$
1,810,579
4,000,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2016B
5.000
01/01/41
4,000,594
5,000,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2020A
5.000
01/01/45
5,002,886
9,015,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
4.000
06/15/50
7,211,034
1,500,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2024B
5.000
06/15/53
1,455,970
5,245,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1994B -
NPFG Insured
0.000
06/15/28
4,780,108
11,675,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1994B -
FGIC Insured
0.000
06/15/29
10,264,513
4,950,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
12/15/32
3,724,580
21,375,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
06/15/34
14,868,390
21,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
12/15/35
13,451,111
20,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
06/15/36
12,445,204
10,375,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
12/15/36
6,268,557
10,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
12/15/37
5,682,664
25,825,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
06/15/39
13,196,487
6,095,000
Regional Transportation Authority, Cook, DuPage, Kane, Lake,
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 2002A - NPFG Insured
6.000
07/01/32
7,146,266
8,000,000
Regional Transportation Authority, Cook, DuPage, Kane, Lake,
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 2003A - NPFG Insured
6.000
07/01/33
9,083,476
TOTAL ILLINOIS
181,214,755
INDIANA - 1.2%
2,250,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
Unversity Health Obligation Group, Refunding 2015A
4.000
12/01/40
2,086,474
2,000,000
Indiana Municipal Power Agency Power Supply System
Revenue Bonds, Refunding Series 2016A
5.000
01/01/42
2,016,925
4,250,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Community Justice Campus Bonds, Courthouse & Jail Project,
Series 2019A
5.000
02/01/54
4,148,290
14,595,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Series 1999E - AMBAC Insured
0.000
02/01/27
13,929,697
TOTAL INDIANA
22,181,386
Portfolio of Investments July 31, 2025
(continued)
NUV
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY - 1.7%
$
1,280,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
%
09/01/37
$
1,311,182
1,435,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
09/01/38
1,461,904
4,000,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
09/01/43
4,017,979
2,000,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
09/01/48
1,949,724
8,935,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5.000
01/01/45
8,746,599
6,000,000
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Convertible
Capital Appreciation First Tier Series 2013C
6.600
07/01/39
6,739,220
2,465,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024A-1, (Mandatory Put 2/01/32)
5.250
04/01/54
2,643,931
4,205,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5.000
01/01/55
4,449,673
TOTAL KENTUCKY
31,320,212
LOUISIANA - 0.8%
4,175,000
Louisiana Publics Facilities Authority, Louisiana, Revenue
Bonds, I-10 Calcasieu River Bridge Public-Private Partnership
Project, Senior Lien Series 2024, (AMT)
5.750
09/01/64
4,241,631
9,040,000
New Orleans Aviation Board, Louisiana, General Airport
Revenue Bonds, North Terminal Project, Series 2017A - AGM
Insured
5.000
01/01/48
8,863,588
1,470,000
New Orleans Aviation Board, Louisiana, Special Facility
Revenue Bonds, Parking Facilities Corporation Consolidated
Garage System, Series 2018A - AGM Insured
5.000
10/01/43
1,471,418
TOTAL LOUISIANA
14,576,637
MAINE - 0.8%
3,935,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, MaineHealth Issue, Series 2018A
5.000
07/01/43
3,940,517
2,005,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, MaineHealth Issue, Series 2018A
5.000
07/01/48
1,960,549
7,990,000
University of Maine, System Revenue Bonds, Series 2022
5.000
03/01/47
8,018,258
TOTAL MAINE
13,919,324
MARYLAND - 1.4%
1,140,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/29
1,162,007
1,945,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/32
1,966,994
385,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/34
387,303
2,750,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/35
2,758,969
2,550,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/42
2,401,143
6,665,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/46
6,175,052
3,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Lifebridge Health Issue Series 2023
5.000
07/01/54
2,967,313
4,210,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5.000
07/01/55
4,130,797
4,375,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Series
2018A
5.000
05/01/47
4,386,032
TOTAL MARYLAND
26,335,610
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS - 1.2%
$
2,905,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5.000
%
07/01/44
$
2,762,353
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
5.000
07/01/35
1,515,918
2,765,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute Issue, Series 2016N
5.000
12/01/46
2,733,081
15,000,000
(e)
Massachusetts State, General Obligation Bonds, Consolidated
Series 2024B, (UB)
5.000
05/01/54
15,112,982
980,000
Massachusetts Turnpike Authority, Metropolitan Highway
System Revenue Bonds, Senior Series 1997A - NPFG Insured
0.000
01/01/29
891,173
TOTAL MASSACHUSETTS
23,015,507
MICHIGAN - 3.8%
625,000
Bloomfield Hills Schools, Oakland County, Michigan, General
Obligation Bonds, School Building & Site Series 2023
5.000
05/01/48
627,738
820,000
Bloomfield Hills Schools, Oakland County, Michigan, General
Obligation Bonds, School Building & Site Series 2023
5.000
05/01/50
822,536
1,300,000
Detroit Academy of Arts and Sciences, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2013
6.000
10/01/33
1,262,270
2,520,000
Detroit Academy of Arts and Sciences, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2013
6.000
10/01/43
2,228,033
15,000
Detroit, Michigan, Second Lien Sewerage Disposal System
Revenue Bonds, Series 2005A - NPFG Insured
4.500
07/01/35
15,007
2,045,000
Detroit, Michigan, Senior Lien Sewerage Disposal System
Revenue Bonds, Series 2001B - NPFG Insured
5.500
07/01/29
2,130,630
5,000
Detroit, Michigan, Water Supply System Revenue Bonds,
Second Lien Series 2003B - NPFG Insured
5.000
07/01/34
5,010
5,000
Detroit, Michigan, Water Supply System Revenue Bonds, Senior
Lien Series 2003A - NPFG Insured
5.000
07/01/34
5,010
4,000,000
Kalamazoo County, Michigan, General Obligation Bonds,
Limitied Tax Series 2022
4.000
05/01/45
3,544,244
3,315,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne Criminal Justice Center
Project, Senior Lien Series 2018
5.000
11/01/43
3,318,710
6,385,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne, Second Lien Refunding
Series 2020 - BAM Insured
4.000
11/01/55
5,224,562
2,000,000
Michigan Finance Authority, Hospital Revenue Bonds, Henry
Ford Health System, Series 2019A
5.000
11/15/48
1,933,470
1,000,000
Michigan Finance Authority, Public School Academy Limited
Obligation Revenue Bonds, Madison Academy Project,
Refunding Series 2021
5.000
12/01/46
810,430
22,655,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Series 2020B2-CL2
0.000
06/01/65
2,076,535
5,265,000
(c)
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6, (Pre-refunded 11/15/26)
4.000
11/15/47
5,362,008
735,000
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6
4.000
11/15/47
623,354
435,000
(c)
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2015-I, (Pre-refunded 10/15/25)
5.000
04/15/30
437,058
4,385,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2015-I
5.000
04/15/31
4,405,750
2,100,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2023II
4.000
10/15/43
1,915,389
6,520,000
(e)
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I, (UB)
5.250
10/15/50
6,688,820
10,000,000
(e)
Michigan State University, General Revenue Bonds, Series
2025A, (UB)
5.000
02/15/55
10,044,138
3,020,000
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan
Program, Series 2021A
4.000
11/15/37
2,971,280
5,000,000
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan
Program, Series 2021A
4.000
11/15/41
4,651,275
Portfolio of Investments July 31, 2025
(continued)
NUV
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
2,350,000
Michigan Technological University, General Revenue Bonds,
Series 2023A - AGM Insured
5.250
%
10/01/52
$
2,363,482
1,100,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2015D
5.000
12/01/45
1,086,511
5,000,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023A -
AGM Insured
5.250
12/01/48
5,157,072
TOTAL MICHIGAN
69,710,322
MISSOURI - 0.2%
3,465,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2013A
5.000
11/15/48
3,371,097
TOTAL MISSOURI
3,371,097
MONTANA - 0.6%
1,040,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5.000
07/01/29
1,086,611
2,475,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5.000
07/01/30
2,579,819
1,415,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5.000
07/01/31
1,467,756
1,980,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5.000
07/01/32
2,045,049
3,045,000
Montana Facility Finance Authority, Revenue Bonds, Billings
Clinic Obligated Group, Series 2018A
5.000
08/15/48
2,988,734
TOTAL MONTANA
10,167,969
NEBRASKA - 0.9%
1,710,000
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue
Bonds, Refunding Crossover Series 2017A
5.000
09/01/35
1,815,589
1,400,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
5.000
11/01/45
1,358,873
10,500,000
Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Series 2024C
5.000
02/01/54
10,600,450
2,415,000
Omaha Public Power District, Nebraska, Separate Electric
System Revenue Bonds, Nebraska City 2, Series 2015A
5.250
02/01/42
2,417,102
TOTAL NEBRASKA
16,192,014
NEVADA - 1.5%
5,000,000
Las Vegas Convention and Visitors Authority, Nevada,
Convention Center Expansion Revenue Bonds, Series 2018B
5.000
07/01/43
4,961,564
8,500,000
Las Vegas Convention and Visitors Authority, Nevada, Revenue
Bonds, Series 2018C
5.250
07/01/43
8,566,851
11,000,000
(e)
Las Vegas Valley Water District, Nevada, General Obligation
Bonds, Limited Tax Water Improvement Series 2025A, (UB)
5.250
06/01/55
11,363,245
505,000
Las Vegas Valley Water District, Nevada, General Obligation
Bonds, Refunding Water Improvement Series 2016A
5.000
06/01/41
506,985
2,000,000
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding
Bonds, ReTrac-Reno Transporation Rail Access Corridor Project,
Series 2018A
5.000
06/01/48
1,999,170
250,000
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding
Bonds, ReTrac-Reno Transporation Rail Access Corridor Project,
Series 2018B - AGM Insured
5.000
06/01/33
261,772
TOTAL NEVADA
27,659,587
NEW JERSEY - 5.5%
930,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013
- AGM Insured, (AMT)
5.125
01/01/39
930,911
6,000,000
(c)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2016BBB, (Pre-refunded
12/15/26)
5.500
06/15/31
6,238,498
5,990,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2005N-1 - AGM Insured
5.500
09/01/25
6,004,209
4,500,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
5.250
07/01/49
4,609,153
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
3,070,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
4.125
%
07/01/54
$
2,578,272
3,380,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4.000
06/15/46
2,909,140
9,420,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0.000
12/15/31
7,609,110
30,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - FGIC Insured
0.000
12/15/30
25,321,815
27,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0.000
12/15/32
20,958,221
2,750,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5.250
06/15/32
2,752,978
2,150,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5.250
06/15/34
2,151,498
1,220,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
4.000
06/15/50
1,030,101
10,545,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024CC
5.250
06/15/55
10,689,731
3,760,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2017G
4.000
01/01/43
3,380,751
1,200,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.250
06/01/46
1,192,395
2,230,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5.000
06/01/46
2,152,017
TOTAL NEW JERSEY
100,508,800
NEW YORK - 14.1%
3,000,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5.000
06/01/55
2,331,938
4,200,000
Dormitory Authority of the State of New York,  State Personal
Income Tax Revenue Bonds,  General Purpose, Series 2021B
4.000
03/15/47
3,620,417
780,000
(c)
Dormitory Authority of the State of New York, Lease Revenue
Bonds, State University Dormitory Facilities, Series 2017A, (Pre-
refunded 7/01/27)
5.000
07/01/42
817,053
14,380,000
(e)
Dormitory Authority of the State of New York, Revenue Bonds,
New York University Series 2025A, (UB)
5.250
07/01/51
14,696,018
4,350,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.500
10/01/54
4,459,137
13,265,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2024B
5.000
03/15/49
13,384,006
1,950,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5.000
09/01/39
2,006,838
2,100,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2021A
4.000
09/01/41
1,975,395
2,345,000
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Green Series 2024A
4.000
11/15/51
2,005,088
3,100,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
4.750
11/15/45
2,949,680
8,325,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5.000
11/15/50
8,065,150
2,000,000
(b)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class
F Series 2024
5.250
12/15/31
2,049,450
350,000
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street,
Taxable Class E Series 2024
4.375
12/15/31
358,728
1,500,000
New York City Industrial Development Agency, New York,
PILOT Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Refunding Series 2021A - AGM
Insured
5.000
01/01/29
1,605,750
Portfolio of Investments July 31, 2025
(continued)
NUV
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
4,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2019 Series FF-2
4.000
%
06/15/37
$
3,952,827
17,425,000
New York City Transitional Finance Authority, New York,
Building Aid Revenue Bonds, Fiscal 2019 Subseries S-3A
5.000
07/15/37
18,078,753
3,750,000
(f)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series
A-1, (UB)
5.000
05/01/54
3,763,994
7,500,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
5.500
05/01/52
7,865,833
4,305,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025E
5.000
11/01/53
4,323,531
2,825,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025H-1
5.250
11/01/48
2,922,845
3,465,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series C
5.000
08/01/42
3,514,915
11,755,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5.000
11/15/44
11,269,337
3,180,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, Secured by Port Authority Consolidated
Bonds, Refunding Series 1WTC-2021 - BAM Insured
4.000
02/15/43
2,862,737
8,825,000
New York State Power Authority, General Revenue Bonds,
Series 2020A
4.000
11/15/45
7,762,191
3,000,000
New York State Power Authority, General Revenue Bonds,
Series 2020A
4.000
11/15/50
2,560,168
1,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
4.000
03/15/49
873,678
25,000,000
(e)
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A-4, (UB)
5.000
03/15/51
25,243,763
1,620,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A - AGM Insured, (AMT)
4.000
07/01/32
1,619,982
8,270,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/41
8,269,726
6,250,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green
Series 2024A, (AMT)
4.500
12/31/54
5,423,653
5,190,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5.500
06/30/54
5,013,485
11,380,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024 - AGM
Insured, (AMT)
5.250
06/30/60
11,039,230
2,000,000
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT)
5.375
06/30/60
1,903,794
5,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
12/01/40
4,993,028
3,250,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/34
3,291,479
5,250,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/36
5,287,940
7,495,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fourth Series 2024
5.000
07/15/54
7,574,577
8,000,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A
5.000
11/15/37
8,180,150
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
7,000,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2024A-1
4.000
%
11/15/54
$
5,879,075
6,620,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien
Green Climate Bond Certified Series 2024B-2
5.250
05/15/54
6,782,522
7,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2
4.500
05/15/52
6,546,677
5,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Subseries 2021A-1
5.000
05/15/51
5,000,742
6,000,000
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2022A
5.250
05/15/57
6,085,307
10,000,000
(e)
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2024A-1, (UB)
5.250
05/15/59
10,215,642
TOTAL NEW YORK
258,426,229
NORTH CAROLINA - 0.6%
1,140,000
Mebane, North Carolina, Combined Utilities Revenue Bonds,
Series 2024
4.000
08/01/49
980,077
4,175,000
North Carolina Department of Transportation, Private Activity
Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)
5.000
06/30/54
3,924,788
2,995,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Series 2017A
5.000
07/01/54
2,853,301
1,625,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017
5.000
01/01/30
1,665,829
1,850,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017
5.000
01/01/32
1,889,154
TOTAL NORTH CAROLINA
11,313,149
NORTH DAKOTA - 0.1%
1,840,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
5.000
12/01/42
1,775,031
TOTAL NORTH DAKOTA
1,775,031
OHIO - 2.7%
1,325,000
American Municipal Power Inc., Ohio, Combined Hydroelectric
Projects Revenue Bonds, Refunding Series 2024A
5.000
02/15/48
1,326,016
36,390,000
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
29,600,765
4,975,000
Central Ohio Transit Authority, Ohio, General Obligation
Bonds, Capital Facilities Limited Tax Series 2023
5.000
12/01/53
5,054,539
1,165,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025B
5.250
01/01/50
1,194,245
3,485,000
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit
Group, Series 2017OH
4.000
12/01/46
2,959,373
3,190,000
Ohio State, Hospital Revenue Bonds, Children's Hospital
Medical Center of Akron, Series 2024A
5.250
08/15/48
3,297,182
1,755,000
Port of Greater Cincinnati Development Authority, Ohio, Duke
Energy Convention Center Project, TOT First Subordinate
Development Revenue Bonds, Refunding Series 2024B - AGM
Insured
4.250
12/01/48
1,554,255
1,015,000
Port of Greater Cincinnati Development Authority, Ohio, Duke
Energy Convention Center Project, TOT First Subordinate
Development Revenue Bonds, Refunding Series 2024B
5.000
12/01/53
983,400
1,835,000
(b)
Port of Greater Cincinnati Development Authority, Ohio, Public
Improvement TOT Revenue Bonds, Series 2021
4.250
12/01/50
1,593,864
2,250,000
Tolles Career and Technical Center, Madison, Franklin,
Delaware, Fayette, and Union Counties, Ohio, Certificates of
Participation, School Facilities Project Series 2024
5.250
12/01/53
2,266,578
TOTAL OHIO
49,830,217
Portfolio of Investments July 31, 2025
(continued)
NUV
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA - 0.8%
$
1,790,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.250
%
08/15/43
$
1,752,494
7,040,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.500
08/15/57
6,633,306
1,000,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2022
5.500
08/15/37
1,022,095
2,400,000
Oklahoma Water Resources Board, Oklahoma, State Loan
Program Revenue Bonds, Series 2024C
4.000
10/01/54
2,023,169
3,335,000
(f)
Oklahoma Water Resources Board, Revolving Fund Revenue
Bonds-Clean Water Program, 2019 Master Trust, Series 2025A,
(UB)
5.250
04/01/50
3,459,032
TOTAL OKLAHOMA
14,890,096
OREGON - 1.1%
1,250,000
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue
Bonds, Columbia Memorial Hospital Project, Series 2024
5.250
08/01/54
1,185,552
10,000,000
Clackamas County School District 62, Oregon City, Oregon,
General Obligation Bonds, Series 2025B
5.000
06/15/49
10,091,531
2,000,000
Oregon State, General Obligation Bonds, Article XI-Q State
Projects Series 2021A
4.000
05/01/40
1,882,766
7,500,000
Portland, Oregon, Sewer System Revenue Bonds, Second Lien
Refunding Series 2025A
5.000
10/01/49
7,619,477
TOTAL OREGON
20,779,326
PENNSYLVANIA - 2.3%
1,555,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2024
4.000
12/01/49
1,339,349
5,155,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2017A-1
5.000
02/15/45
5,056,806
3,035,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B
4.000
05/01/52
2,427,845
5,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A
4.600
10/01/44
4,829,025
10,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-146A
4.750
04/01/53
9,427,200
2,000,000
Pennsylvania State University, Revenue Bonds, Refunding
Series 2016A
5.000
09/01/41
2,027,436
1,250,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate
Series 2014A
4.750
12/01/37
1,262,399
2,685,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Lien Series 2021A
4.000
12/01/51
2,230,467
3,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2018A-2
5.000
12/01/48
3,002,033
4,750,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2025A
5.250
12/01/55
4,858,285
1,025,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2019A
4.000
12/01/49
851,857
3,180,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2025A
5.250
09/01/50
3,266,768
1,350,000
Susquehanna Area Regional Airport Authority, Pennsylvania,
Airport System Revenue Bonds, Series 2017, (AMT)
5.000
01/01/38
1,334,350
TOTAL PENNSYLVANIA
41,913,820
PUERTO RICO - 1.8%
10,046,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/33
7,282,876
5,985,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.500
07/01/34
5,984,699
3,250,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.750
07/01/53
2,917,127
5,125,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5.000
07/01/58
4,690,996
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
14,119,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
%
07/01/40
$
13,141,837
TOTAL PUERTO RICO
34,017,535
SOUTH CAROLINA - 2.8%
12,760,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AGC Insured
0.000
01/01/28
11,888,142
9,535,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AGC Insured
0.000
01/01/29
8,609,646
3,750,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, McLeod Health Project, Series
2024
5.250
11/01/54
3,845,804
2,600,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5.500
11/01/48
2,685,252
2,600,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5.500
11/01/50
2,680,976
4,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding & Improvement Series 2020A
4.000
12/01/39
3,760,483
5,500,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5.000
12/01/46
5,468,103
8,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5.000
12/01/56
7,785,391
1,500,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022A
5.000
12/01/55
1,460,292
3,750,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2024B
5.000
12/01/54
3,742,820
TOTAL SOUTH CAROLINA
51,926,909
SOUTH DAKOTA - 0.1%
2,630,000
Baltic School District No. 49-1, South Dakota, General
Obligation Bonds, Series 2022 - AGM Insured
5.250
12/01/47
2,666,866
TOTAL SOUTH DAKOTA
2,666,866
TENNESSEE - 1.8%
1,000,000
Loudon, Tennessee, Water and Sewer Revenue Bonds, Series
2023
5.000
03/01/40
1,040,094
1,000,000
Loudon, Tennessee, Water and Sewer Revenue Bonds, Series
2023
5.000
03/01/41
1,031,807
1,495,000
Loudon, Tennessee, Water and Sewer Revenue Bonds, Series
2023
5.000
03/01/42
1,532,517
4,250,000
Loudon, Tennessee, Water and Sewer Revenue Bonds, Series
2023
4.375
03/01/48
3,835,509
3,570,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University, Refunding and Improvement
Series 2024
5.000
10/01/49
3,629,815
7,500,000
(e)
Metropolitan Government of Nashville-Davidson County,
Tennessee, Water and Sewerage Revenue Bonds, Refunding
and Improvement Series 2025, (UB)
5.250
07/01/55
7,756,796
2,000,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022A
5.250
07/01/47
2,041,983
1,375,000
New Memphis Arena Public Building Authority, Memphis
and Shelby County, Tennessee, Local Government Public
Improvement Bonds, Capital Appreciation Series 2021
0.000
04/01/40
648,305
3,000,000
Tennessee State School Bond Authority, Higher Educational
Facilities Second Program Bonds, Series 2017A
5.000
11/01/42
3,015,682
5,000,000
Tennessee State, General Obligation Bonds, Series 2023A
5.000
05/01/40
5,360,204
3,240,000
West Wilson Utility District, Wilson County, Tennessee, Water
Revenue Bonds, Improvement Series 2022
4.000
06/01/52
2,743,479
TOTAL TENNESSEE
32,636,191
Portfolio of Investments July 31, 2025
(continued)
NUV
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS - 12.8%
$
1,000,000
(b)
Bee Cave, Travis County, Texas, Special Assessment Revenue
Bonds, Backyard Public Improvement District Project, Series
2021
5.250
%
09/01/51
$
902,034
4,750,000
Bexar County Hospital District, Texas, Certificates of Obligation,
Series 2023
5.000
02/15/48
4,703,009
3,000,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2024B
4.000
08/15/54
2,510,540
1,500,000
Comal Independent School District, Comal, Bexar, Guadalupe,
Hays, and Kendall Counties, Texas, General Obligation Bonds,
Refunding School Building Series 2024
4.000
02/15/49
1,289,973
3,635,000
Crowley Independent School District, Tarrant and Johnson
Counties, Texas, General Obligation Bonds, School Building
Series 2024
4.250
02/01/54
3,195,027
2,600,000
Fort Bend County Municipal Utility District 50, Texas, General
Obligation Bonds, Series 2018A - AGM Insured
4.000
09/01/46
2,242,752
5,500,000
Fort Bend County Municipal Utility District 50, Texas, General
Obligation Bonds, Series 2018A - AGM Insured
4.000
09/01/48
4,664,704
2,190,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2024A, (AMT)
5.250
08/01/37
2,274,606
700,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2024A, (AMT)
5.250
08/01/39
714,472
2,000,000
Garland, Dallas, Collin and Rockwell Counties, Texas, Electric
Utility System Revenue Bonds, Refunding Series 2024
5.000
03/01/50
2,016,134
1,670,000
(f)
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/48
1,726,955
3,335,000
(f)
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/49
3,442,610
1,670,000
(f)
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/50
1,723,641
3,335,000
(f)
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/55
3,434,402
3,720,000
Greenwood Independent School District, Midland County,
Texas, School Building Bonds, Series 2024
4.000
02/15/54
3,134,387
2,765,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2024C, (Mandatory Put
7/01/29)
5.000
07/01/54
2,956,201
2,845,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Houston Methodist
Hospital System, Series 2015
4.000
12/01/45
2,444,207
3,525,000
Harris County, Texas, General Obligation Bonds, Permanent
Improvement Series 2024
4.000
09/15/49
2,947,496
7,295,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/50
1,785,761
845,000
(c)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (ETM)
0.000
11/15/27
789,729
11,055,000
(c)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (ETM)
0.000
11/15/27
10,331,894
4,565,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Refunding Second Lien Series 2024B
5.000
11/15/46
4,590,221
1,000,000
Hidalgo County Regional Mobility Authority, Texas, Toll and
Vehicle Registration Fee Revenue Bonds, Senior Lien Series
2022A
4.000
12/01/40
897,460
1,530,000
Houston, Texas, Airport System Revenue Bonds, Refunding &
Subordinate Lien Series 2018B
5.000
07/01/43
1,536,379
2,290,000
Houston, Texas, Airport System Revenue Bonds, Refunding &
Subordinate Lien Series 2018B
5.000
07/01/48
2,272,185
1,000,000
Houston, Texas, General Obligation Bonds, Refunding Series
2024A
4.125
03/01/51
859,158
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
24,755,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
%
09/01/29
$
21,537,048
12,940,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/30
10,785,529
10,000,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/31
7,943,623
19,500,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/32
14,726,749
3,255,000
Hutto, Texas, Certificates of Obligation Bonds, Combination
Tax & Waterworks & Sewer System Revenue Series 2024 - BAM
Insured
4.125
08/01/49
2,849,046
5,000,000
Hutto, Texas, Certificates of Obligation Bonds, Combination
Tax & Waterworks & Sewer System Revenue Series 2024 - BAM
Insured
4.250
08/01/54
4,362,556
2,500,000
(b)
Lago Vista, Travis County, Texas, Special Assessment Revenue
Bonds, Tessera on Lake Travis Public Improvement District
Major Improvement Area Project, Series 2020B
4.875
09/01/50
2,174,120
2,855,000
Lamar Consolidated Independent School District, Fort Bend
County, Texas, General Obligation Bonds, Schoolhouse
Refunding Series 2024
5.250
02/15/59
2,917,302
1,395,000
Love Field Airport Modernization Corporation, Texas, Special
Facilities Revenue Bonds, Southwest Airlines Company - Love
Field Modernization Program Project, Series 2012, (AMT)
5.000
11/01/28
1,395,154
9,005,000
Lower Colorado River Authority, Texas, Transmission Contract
Revenue Bonds, LCRA Transmission Services Corporation
Project, Refunding Series 2021A
5.000
05/15/51
8,894,370
3,335,000
(f)
Lubbock Independent School District, Lubbock County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5.250
02/15/55
3,440,007
2,000,000
New Caney Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2024
4.000
02/15/54
1,671,919
5,000,000
North Texas Municipal Water District, Texas, Wastewater System
Contract Revenue Bonds, Panther Creek, Series 2025
5.000
06/01/55
5,012,615
15,450,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2008D - AGC Insured
0.000
01/01/36
10,167,665
8,000,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2016A
5.000
01/01/39
8,021,821
5,000,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2017A
4.000
01/01/43
4,463,689
3,190,000
(e)
Northwest Independent School District, Denton, Tarrant and
Wise Counties, Texas, General Obligation Bonds, School
Building Series 2025, (UB)
5.250
02/15/55
3,290,533
3,855,000
Pasadena Economic Development Corporation, Harris County,
Texas, Sales Tax Revenue Bonds, Series 2023 - BAM Insured
5.000
08/15/53
3,854,527
4,187,000
(b)
Plano, Collin and Denton Counties, Texas, Special Assessment
Revenue Bonds, Collin Creek East Public Improvement District
Project, Series 2021
4.375
09/15/51
3,200,953
2,500,000
San Antonio, Texas, Electric and Gas Systems Revenue Bonds,
Refunding New Series 2024B
5.000
02/01/54
2,514,027
11,250,000
(f)
Spring Independent School District, Hardin County, Texas,
General Obligation Bonds, School Building and Refunding
Series 2025, (UB)
5.250
08/15/50
11,699,909
1,750,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2016A
5.000
02/15/41
1,755,076
5,000,000
Temple, Texas, General Obligation Bonds, Combination Tax
and Revenue Series 2022B
4.000
08/01/47
4,319,157
2,165,000
Texas Municipal Gas Acquisition and Supply Corporation I, Gas
Supply Revenue Bonds, Senior Lien Series 2008D
6.250
12/15/26
2,220,571
Portfolio of Investments July 31, 2025
(continued)
NUV
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
5,400,000
Texas Private Activity Bond Surface Transporation Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Refunding Senior Lien Series
2019A
5.000
%
12/31/35
$
5,603,668
5,500,000
Texas Turnpike Authority, Central Texas Turnpike System
Revenue Bonds, First Tier Series 2002A - AMBAC Insured
0.000
08/15/25
5,493,787
1,500,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2017A
5.000
10/15/42
1,508,453
5,000,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2018B
5.000
10/15/38
5,129,427
5,500,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2023A
5.000
10/15/58
5,509,345
TOTAL TEXAS
235,848,583
UTAH - 1.5%
4,625,000
Downtown Revitalization Public Infrastructure District, Utah,
Sales Tax Revenue Bonds, Seg Redevelopment Project, First
Lien Series 2025A
5.500
06/01/50
4,824,016
2,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2018B
5.000
07/01/43
2,000,265
9,550,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.250
07/01/48
9,527,587
4,250,000
Salt Lake City, Utah, Public Utilities Revenue Bonds, Series 2025
5.250
02/01/55
4,436,266
1,320,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Bridge Elementary Project, Series 2021A
4.250
06/15/51
952,315
2,000,000
(b)
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Renaissance Academy Project, Refunding
Series 2020
5.000
06/15/55
1,639,895
4,125,000
(e)
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025, (UB)
5.000
12/15/44
4,291,543
TOTAL UTAH
27,671,887
VIRGINIA - 0.7%
1,805,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5.000
07/01/51
1,739,893
1,350,000
Henrico County Economic Development Authority, Virginia,
Health Facilities Revenue Bonds, Bon Secours Mercy Health,
Series 2025A-VA
5.000
11/01/48
1,338,729
4,355,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset Backed Bonds, Series 2007B1
5.000
06/01/47
3,633,777
1,435,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-II
4.600
10/01/54
1,314,039
2,000,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5.000
12/31/47
1,872,485
4,100,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5.000
12/31/49
3,820,295
TOTAL VIRGINIA
13,719,218
WASHINGTON - 4.1%
2,235,000
Pierce County School District 10, Tacoma, Washington, General
Obligation Bonds, Series 2020B
4.000
12/01/43
2,001,158
2,665,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A, (UB)
5.250
12/01/55
2,747,719
5,000,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Series 2021A
5.000
12/01/51
5,019,337
10,000,000
(e)
Tacoma, Washington, Electric System Revenue Bonds, Green
Series 2025A, (UB)
5.250
01/01/50
10,304,261
12,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
5.000
10/01/33
12,006,127
1,310,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5.000
08/15/30
1,336,460
6,030,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Series2021B.
Exchange Purchase
4.000
07/01/37
5,714,769
19
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
WASHINGTON
(continued)
$
4,615,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Subordinate Series
2021B.  Exchange Purchase
4.000
%
07/01/43
$
3,923,684
7,830,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Subordinate Series
2021B.  Exchange Purchase
3.000
07/01/48
5,269,862
3,240,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Series 2018
4.000
07/01/58
2,431,893
3,000,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Series 2018
5.000
07/01/58
2,823,379
9,100,000
Washington State, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2002-03C - NPFG Insured
0.000
06/01/29
8,173,489
16,195,000
Washington State, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2002-03C - NPFG Insured
0.000
06/01/30
14,036,628
TOTAL WASHINGTON
75,788,766
WEST VIRGINIA - 0.5%
1,830,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Cabell Huntington Hospital, Inc. Project, Refunding &
Improvement Series 2018A
5.000
01/01/34
1,863,095
2,750,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Refunding &
Improvement Series 2019A
5.000
09/01/38
2,768,801
4,135,000
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds,
Senior Lien Series 2021
5.000
06/01/47
4,147,009
TOTAL WEST VIRGINIA
8,778,905
WISCONSIN - 1.3%
13,750,000
(b)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
7.000
12/01/50
13,062,500
4,410,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Mercy Alliance, Inc., Series 2012
5.000
06/01/39
4,413,707
560,000
(c)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A, (Pre-refunded 5/15/26)
4.000
11/15/46
566,408
3,075,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A
4.000
11/15/46
2,620,351
2,300,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic Health System Inc
Series 2024A
5.500
02/15/54
2,403,119
TOTAL WISCONSIN
23,066,085
TOTAL MUNICIPAL BONDS
(Cost $1,938,710,994)
1,931,623,628
TOTAL LONG-TERM INVESTMENTS
(Cost $1,945,460,244)
1,938,224,808
FLOATING RATE OBLIGATIONS - (6.6)%
(120,825,000)
OTHER ASSETS & LIABILITIES, NET -  1.2%
21,175,577
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
1,838,575,385
AMT
Alternative Minimum Tax
ETF
Exchange-Traded Fund
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
Affiliated holding
(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 $71,506,891 or 3.7% of Total Investments.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
Portfolio of Investments July 31, 2025
(continued)
NUV
20
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)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the reporting period.
(e)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(f)
When-issued or delayed delivery security.
NUV
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Exchange-Traded Funds
$
6,601,180
$
–
$
–
$
6,601,180
Municipal Bonds
–
1,931,623,628
–
1,931,623,628
Total
$
6,601,180
$
1,931,623,628
$
–
$
1,938,224,808