1
Portfolio of Investments July 31, 2026
NZF
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 165.2% (99.3% of Total Investments)
3991016371
MUNICIPAL BONDS - 165.2% (99.3% of Total Investments)
3991016371
ALABAMA - 3.6% (2.2% of Total Investments)
$
15,310,000
(a)
Alabama Corrections Institution Finance Authority, Revenue
Bonds, Series 2022A, (UB)
5
.250
%
07/01/52
$
15,687,384
8,585,000
(b)
Alabama Private Colleges and University Facilities Authority,
Limited Obligation Bonds, University of Mobile Project, Series
2015A
6
.000
09/01/45
8,530,656
2,280,000
(a)
Alabama Special Care Facilities Financing Authority, Revenue
Bonds, Ascension Health, Series 2016B
5
.000
11/15/46
2,280,782
2,720,000
Alabama Special Care Facilities Financing Authority, Revenue
Bonds, Ascension Health, Series 2016C
5
.000
11/15/46
2,720,932
14,840,000
(c)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024A, (Mandatory Put 9/01/32)
5
.250
05/01/55
15,178,763
10,000,000
(c)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5
.250
05/01/56
10,085,773
340,000
Hoover Industrial Development Board, Alabama,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Proejcet, Series 2019, (AMT)
5
.750
10/01/49
348,086
2,945,000
(a)
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024, (UB)
5
.500
10/01/53
3,061,174
3,800,000
Mobile County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC
Project, Series 2024B, (AMT)
4
.750
12/01/54
3,556,292
24,765,000
(c)
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
25,712,447
TOTAL ALABAMA
87,162,289
ARIZONA - 1.4% (0.8% of Total Investments)
2,131,023
(b),(d)
Cahava Springs Revitalization District, Cave Creek, Arizona,
Special Assessment Bonds, Series 2017A
7
.000
07/01/41
2,131,023
3,030,000
(b)
Eastmark Community Facilities District 1, Mesa, Arizona,
General Obligation Bonds, Series 2015
5
.000
07/15/39
2,982,859
3,615,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024B
4
.800
09/01/49
3,593,641
1,440,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024C
4
.850
09/01/54
1,418,001
10,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5
.000
07/01/47
10,018,992
140,000
Phoenix Mesa Gateway Airport Authority, Arizona, Special
Facility Revenue Bonds, Mesa Project, Series 2012, (AMT)
5
.000
07/01/27
140,055
950,000
Phoenix Mesa Gateway Airport Authority, Arizona, Special
Facility Revenue Bonds, Mesa Project, Series 2012, (AMT)
5
.000
07/01/32
951,042
1,790,000
(d)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Series 2016
5
.375
07/01/46
1,432,000
2,140,000
(d)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Series 2016
5
.500
07/01/51
1,712,000
2,060,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, San Tan Montessori School
Project, Series 2017
6
.750
02/01/50
2,060,609
50,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/32
52,116
7,235,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/37
7,402,493
TOTAL ARIZONA
33,894,831
Portfolio of Investments July 31, 2026
(continued)
NZF
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARKANSAS - 0.9% (0.6% of Total Investments)
$
10,055,000
(b)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2022, (AMT)
5
.450
%
09/01/52
$
10,202,297
12,410,000
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2023, (AMT)
5
.700
05/01/53
12,742,693
TOTAL ARKANSAS
22,944,990
CALIFORNIA - 18.3% (11.0% of Total Investments)
4,225,000
(e)
Alameda Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005B - AGM Insured
0
.000
08/01/28
3,990,613
1,900,000
Blythe Redevelopment Agency Successor Agency, California,
Tax Allocation Bonds, Redevelopment Project 1, Refunding
Series 2015
5
.000
05/01/38
1,900,932
165,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5
.000
09/02/36
165,066
4,070,000
(e)
Calexico Unified School District, Imperial County, California,
General Obligation Bonds, Election of 2004 Series 2005B -
FGIC Insured
0
.000
08/01/32
3,304,566
6,410,000
(e)
Calexico Unified School District, Imperial County, California,
General Obligation Bonds, Election of 2004 Series 2005B -
FGIC Insured
0
.000
08/01/34
4,797,667
19,925,000
(c)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024C,
(Mandatory Put 10/01/32)
5
.000
08/01/55
20,485,387
332,138
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments,
Series 2020A
5
.000
02/01/50
6,311
1,515,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Verdant at Green Valley Apartments,
Series 2019A
5
.000
08/01/49
1,387,404
965,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Golden Gate Tobacco
Funding Corporation, Turbo, Series 2007A
5
.000
06/01/36
941,531
22,650,000
(a)
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019, (UB)
5
.000
11/15/49
22,664,652
3,500,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/45
3,249,683
825,000
(b)
California Municipal Finance Authority, Charter School Lease
Revenue Bonds, Santa Rosa Academy Project, Series 2015
5
.375
07/01/45
795,742
34,780,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A - AGM Insured
4
.000
02/01/51
30,884,084
2,000,000
(b)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, San Diego County Water Authoriity
Desalination Project Pipeline, Refunding Series 2019
5
.000
07/01/39
2,037,123
2,000,000
(b),(d)
California School Finance Authority, Charter School Revenue
Bonds, Downtown College Prep - Obligated Group, Series
2016
5
.000
06/01/51
1,200,000
2,500,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.250
12/01/44
2,500,555
16,712,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.500
12/01/54
16,715,135
33,780,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
33,782,148
22,205,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.500
12/01/58
22,339,362
9,955,000
(e)
Capistrano Unified School District, Orange County, California,
Special Tax Bonds, Community Facilities District 98-2, Series
2005 - FGIC Insured
0
.000
09/01/31
8,306,695
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
14,085,000
(c)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5
.000
%
12/01/55
$
14,716,116
3,795,000
(e)
Colton Joint Unified School District, San Bernardino County,
California, General Obligation Bonds, Series 2006C - FGIC
Insured
0
.000
02/01/37
2,551,593
6,215,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Altana Glendale, Series
2021A-2
4
.000
10/01/56
4,734,558
2,330,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Monterrey Station
Apartments, Senior Lien Series 2021A-1
3
.000
07/01/43
1,809,039
10,145,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Monterrey Station
Apartments, Senior Lien Series 2021A-1
3
.125
07/01/56
6,349,370
3,005,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-1
3
.000
06/01/47
2,132,053
20,855,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3
.125
06/01/57
12,407,613
15,120,000
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Wood Creek Apartments,
Senior Lien Series 2021A-1
3
.000
12/01/49
10,666,667
1,320,000
Davis, California, Special Tax Bonds, Community Facilities
District 2015-1 Series 2015
5
.000
09/01/40
1,320,378
2,510,000
(e)
Folsom Cordova Unified School District, Sacramento County,
California, General Obligation Bonds, School Facilities
Improvement District 1, Series 2004B - NPFG Insured
0
.000
10/01/28
2,365,709
3,360,000
(e)
Folsom Cordova Unified School District, Sacramento County,
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2002A - NPFG Insured
0
.000
07/01/27
3,276,671
3,725,000
(e)
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Senior Lien Series 2015A -
AGM Insured
0
.000
01/15/34
2,832,313
4,505,000
(e)
Foothill-De Anza Community College District, Santa Clara
County, California, Election of 1999 General Obligation Bonds,
Series A - NPFG Insured
0
.000
08/01/30
4,012,063
2,315,000
(e)
Gateway Unified School District, California, General Obligation
Bonds, Series 2004B - FGIC Insured
0
.000
08/01/32
1,884,059
3,190,000
(e)
Hillsborough City School District, San Mateo County, California,
General Obligation Bonds, Series 2006B
0
.000
09/01/27
3,103,336
5,000,000
(e)
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2005 - NPFG
Insured
0
.000
08/01/31
4,246,613
2,500,000
(e)
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2007 - FGIC
Insured
0
.000
08/01/32
2,040,625
10,000,000
(a)
Irvine Facilities Financing Authority, California, Special Tax
Revenue Bonds, Great Park Infrastructure Project Series 2023A
- BAM Insured, (UB)
4
.000
09/01/58
9,007,389
225,000
(c)
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007B (TSFR3M*0.67% +
1.450%)
4
.071
11/15/27
227,316
70,000
(f)
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Subordinate Lien
Series 2021D, (Pre-refunded 11/15/31), (AMT)
4
.000
05/15/46
72,490
2,335,000
(b),(f)
Morongo Band of Mission Indians, California, Enterprise
Revenue Bonds, Series 2018A, (Pre-refunded 10/01/28)
5
.000
10/01/42
2,450,780
775,000
(g)
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
5
.875
08/01/28
809,054
2,320,000
(g)
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
0
.000
08/01/43
2,419,985
Portfolio of Investments July 31, 2026
(continued)
NZF
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
8,120,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
7
.000
%
11/01/34
$
9,498,138
5,180,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6
.500
11/01/39
6,115,284
4,180,000
(e)
North Orange County Community College District, California,
General Obligation Bonds, Election of 2002 Series 2003B -
FGIC Insured
0
.000
08/01/26
4,180,000
7,750,000
Oxnard Union High School District, Ventura County, California,
General Obligation Bonds, Election 2018 Series 2022C
4
.000
08/01/47
7,315,682
12,210,000
(g)
Palomar Pomerado Health, California, General Obligation
Bonds, Convertible Capital Appreciation, Election 2004 Series
2010A
6
.750
08/01/40
13,384,060
5,000,000
(g)
Palomar Pomerado Health, California, General Obligation
Bonds, Series 2009A - AGC Insured
7
.000
08/01/38
5,415,287
3,200,000
(e)
Redlands Unified School District, San Bernardino County,
California, General Obligation Bonds, Series 2003 - AGM
Insured
0
.000
07/01/27
3,110,848
22,345,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, International Senior Series 2023B,
(AMT)
5
.250
07/01/58
22,818,386
6,500,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Senior Series 2023A
5
.000
07/01/58
6,704,846
2,750,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2017A, (AMT)
5
.000
07/01/47
2,753,766
2,360,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2021B, (AMT)
5
.000
07/01/51
2,366,560
5,650,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5
.000
05/01/44
5,747,488
25,670,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D,
(AMT)
5
.000
05/01/43
25,969,610
33,485,000
(a)
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D,
(AMT), (UB)
5
.000
05/01/48
33,588,144
425,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5
.250
01/15/44
425,153
37,555,000
(e)
Silicon Valley Tobacco Securitization Authority, California,
Tobacco Settlement Asset-Backed Bonds, Santa Clara County
Tobacco Securitization Corporation, Series 2007A
0
.000
06/01/47
9,234,921
1,800,000
(e)
Walnut Valley Unified School District, Los Angeles County,
California, General Obligation Bonds, Election 2000 Series
2003D - FGIC Insured
0
.000
08/01/27
1,752,360
4,005,000
(g)
Wiseburn School District, Los Angeles County, California,
General Obligation Bonds, Series 2011B - AGM Insured
7
.300
08/01/36
4,707,924
TOTAL CALIFORNIA
441,978,903
COLORADO - 8.5% (5.1% of Total Investments)
960,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2019
5
.000
12/01/51
882,658
1,101,000
Base Village Metropolitan District 2, Colorado, General
Obligation Bonds, Refunding Series 2016A
5
.500
12/01/36
1,101,656
2,000,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2025
4
.250
06/01/55
1,855,698
1,168,000
CCP Metropolitan District 3, Colorado, General Obligation
Bonds, Limited Tax Refunding Series 2024
5
.000
12/01/53
1,136,975
770,000
(b)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/37
770,188
2,210,000
(b)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/47
2,157,999
851,000
Cherry Creek Corporate Center Metropolitan District,
Arapahoe County, Colorado, Revenue Bonds, Refunding
Senior Lien Series 2015A
5
.000
06/01/37
851,223
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
5,500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
%
08/01/34
$
5,704,300
1,105,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/37
1,136,192
1,105,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/38
1,133,454
5,035,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/39
5,151,324
30,270,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
30,753,866
820,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4
.000
08/01/49
707,741
5,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.500
11/01/47
5,245,691
8,300,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A, (UB)
5
.250
11/01/52
8,503,816
2,135,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Craig Hospital Project, Series 2012
4
.000
12/01/42
1,930,817
8,325,000
(e)
Dawson Trails Metropolitan District 1, Castle Rock, Colorado,
Limited Tax General Obligation Bonds, Special Revenue
Capital Appreciation Turbo, Refunding & Improvement Series
2026
0
.000
12/01/33
4,987,328
35,500,000
(a)
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT), (UB)
5
.250
12/01/43
38,123,663
10,695,000
(a)
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT), (UB)
5
.000
12/01/48
10,638,281
13,965,000
(a)
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT), (UB)
5
.250
12/01/48
14,101,092
4,795,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2025A
5
.125
12/01/50
4,675,928
1,115,000
(b)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopement
Area, Series 2018A
5
.250
12/01/39
1,116,297
310,000
(b)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopement
Area, Series 2018A
5
.250
12/01/39
310,310
10,000,000
(e)
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation Series 2010A
0
.000
09/01/41
5,192,954
8,845,000
(e)
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 1997B - NPFG Insured
0
.000
09/01/26
8,826,620
7,550,000
(e)
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/29
6,895,696
11,100,000
(e)
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/31
9,440,620
10,000,000
(e)
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/32
8,175,120
4,000,000
(e)
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Refunding Series 2006B - NPFG Insured
0
.000
09/01/39
2,078,880
982,000
Foothills Metropolitan District, Fort Collins, Colorado, Special
Revenue Bonds, Series 2014
5
.750
12/01/30
981,903
1,000,000
Foothills Metropolitan District, Fort Collins, Colorado, Special
Revenue Bonds, Series 2014
6
.000
12/01/38
977,877
2,450,000
Metropolitan Wastewater Reclamation District, Colorado,
Sewer Revenue Bonds, Improvement Series 2026A
5
.000
04/01/51
2,546,040
825,000
North Range Metropolitan District 2, Adams County, Colorado
, Limited Tax General Obligation Bonds, Refunding Special
Revenue & Improvement Series 2017A
5
.750
12/01/47
825,038
4,945,000
Overlook Park Metropolitan District, Routt County, Colorado,
General Obligation Bonds, Limited Tax Senior Series 2023A
7
.250
12/01/53
4,995,763
4,310,000
(d)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
5
.000
12/01/39
3,764,950
490,000
(f)
Parker Automotive Metropolitan District (In the Town of Parker,
Colorado), General Obligation Bonds, Refunding Series 2016,
(Pre-refunded 12/01/26)
5
.000
12/01/45
493,606
Portfolio of Investments July 31, 2026
(continued)
NZF
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
310,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6
.250
%
11/15/28
$
321,147
4,060,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6
.500
11/15/38
4,714,749
878,000
Reserve Metropolitan District 2, Mount Crested Butte,
Colorado, Limited Tax General Obligation Bonds, Refunding
Series 2016A
5
.000
12/01/45
867,397
55,000
Water Valley Metropolitan District 1, Colorado, General
Obligation Bonds, Refunding Series 2016
5
.250
12/01/40
55,047
105,000
Water Valley Metropolitan District 2, Windsor, Colorado,
General Obligation Bonds, Refunding Series 2016
5
.250
12/01/40
105,089
1,000,000
(b)
West Meadow Metropolitan District, Town of Fraser, Grand
County, Colorado, Limited Tax General Obligation Bonds,
Senior Series 2023A
6
.000
12/01/38
1,032,086
1,000,000
(b)
West Meadow Metropolitan District, Town of Fraser, Grand
County, Colorado, Limited Tax General Obligation Bonds,
Senior Series 2023A
6
.500
12/01/50
1,024,698
TOTAL COLORADO
206,291,777
CONNECTICUT - 0.3% (0.2% of Total Investments)
700,000
Aquarion Water Authority, Connecticut, Water System Revenue
Bonds, Subordinate Series 2026D - BAM Insured
5
.250
08/01/42
763,772
6,345,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Fairfield University, Series 2022U
4
.000
07/01/52
5,659,697
TOTAL CONNECTICUT
6,423,469
DISTRICT OF COLUMBIA - 1.5% (0.9% of Total Investments)
12,230,000
District of Columbia Housing Finance Agency, Multifamily
Development Program Revenue Bonds, Series 2024A-1
4
.750
09/01/46
12,032,225
5,000,000
District of Columbia, Income Tax Secured Revenue Bonds,
Series 2019A
4
.000
03/01/39
4,891,454
10,000,000
(e)
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien Series 2009B - AGC
Insured
0
.000
10/01/37
6,100,980
8,000,000
Washington Metropolitan Area Transit Authority, District
of Columbia, Dedicated Revenue Bonds, Second Lien
Sustainability- Climate Transition, Green Series 2024A
4
.375
07/15/56
7,555,020
5,000,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Green Series 2024A
4
.375
07/15/59
4,701,604
TOTAL DISTRICT OF COLUMBIA
35,281,283
FLORIDA - 5.9% (3.5% of Total Investments)
1,005,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A
5
.000
09/01/43
996,484
865,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A
5
.000
09/01/45
852,613
610,000
Belmont Community Development District, Florida, Capital
Improvement Revenue Bonds, Series 2016A
5
.375
11/01/36
616,592
665,000
Bexley Community Development District, Pasco County,
Florida, Special Assessment Revenue Bonds, Series 2016
4
.700
05/01/36
665,015
730,000
Bonterra Community Development District, Hialeah, Florida,
Special Assessment Bonds, Assessment Area 2 Project, Series
2016
4
.500
05/01/34
730,458
3,315,000
Brevard County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Health First Obligated Group, Series 2022A
5
.000
04/01/41
3,422,899
3,000,000
Brevard County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Health First Obligated Group, Series 2022A
5
.000
04/01/47
3,031,303
4,390,000
Capital Trust Agency, Florida, Multifamily Housing Revenue
Bonds, The Gardens Apartments Project, Series 2015A
5
.000
07/01/50
3,248,524
325,000
(b)
Capital Trust Agency, Florida, Revenue Bonds, Renaissance
Charter School Project, Series 2019A
5
.000
06/15/39
310,251
150,000
(b)
Charlotte County Industrial Development Authority, Florida,
Utility System Revenue Bonds, Town & Country Utilities Project,
Series 2019, (AMT)
5
.000
10/01/49
143,916
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
120,000
Creekside at Twin Creeks Community Development District,
Florida, Special Assessment Bonds, Area 1 Project, Series
2016A-1
5
.250
%
11/01/37
$
121,439
155,000
Creekside at Twin Creeks Community Development District,
Florida, Special Assessment Bonds, Area 1 Project, Series
2016A-1
5
.600
11/01/46
156,868
555,000
Downtown Doral Community Development District, Florida,
Special Assessment Bonds, Series 2015
5
.250
05/01/35
555,243
610,000
Downtown Doral Community Development District, Florida,
Special Assessment Bonds, Series 2015
5
.300
05/01/36
610,287
955,000
Downtown Doral Community Development District, Florida,
Special Assessment Bonds, Series 2015
5
.500
05/01/45
955,308
1,305,000
Downtown Doral Community Development District, Florida,
Special Assessment Bonds, Series 2015
5
.500
05/01/46
1,305,378
12,505,000
Escambia County Health Facilities Authority, Florida, Health
Care Facilities Revenue Bonds, Baptist Health Care Corporation
Obligated, Series 2020A
4
.000
08/15/45
10,885,914
6,740,000
Escambia County Health Facilities Authority, Florida, Health
Care Facilities Revenue Bonds, Baptist Health Care Corporation
Obligated, Series 2020A
4
.000
08/15/50
5,705,123
1,115,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Downtown Doral Charter Upper
School Project, Series 2017C
5
.650
07/01/37
1,125,144
3,385,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Downtown Doral Charter Upper
School Project, Series 2017C
5
.750
07/01/47
3,379,796
1,420,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Florida Charter Foundation Inc.
Projects, Series 2016A
4
.750
07/15/36
1,408,507
1,465,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Florida Charter Foundation Inc.
Projects, Series 2016A
5
.000
07/15/46
1,388,003
1,000,000
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A
5
.000
07/01/36
949,799
6,785,000
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A
5
.125
07/01/46
5,858,925
120,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School, Inc.
Projects, Series 2020C
5
.000
09/15/40
116,276
1,015,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, The Florida Charter Educational
Foundation Inc. Projects, Series 2016A
6
.250
06/15/36
1,015,728
2,475,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, The Florida Charter Educational
Foundation Inc. Projects, Series 2016A
6
.375
06/15/46
2,475,815
3,025,000
Florida Development Finance Corporation, Healthcare
Facilities Revenue Bonds, Tampa General Hospital Project,
Series 2026A. Fixed Mode
5
.250
08/01/51
3,129,141
5,000,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.000
07/01/41
3,675,000
4,120,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.250
07/01/47
3,028,200
10,900,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.250
07/01/53
10,671,241
7,500,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.500
07/01/53
5,512,500
12,815,000
(b),(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 7/30/26)
1
.000
07/01/57
8,329,750
Portfolio of Investments July 31, 2026
(continued)
NZF
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
320,000
Grand Bay at Doral Community Development District, Miami-
Dade County, Florida, Special Assessment Bonds, South Parcel
Assessment Area Project, Series 2016
4
.750
%
05/01/36
$
320,004
4,500,000
Greater Orlando Aviation Authority, Florida, Orlando Airport
Facilities Revenue Bonds, Priority Subordinated Series 2017A,
(AMT)
5
.000
10/01/42
4,526,522
12,410,000
Hillsborough County Aviation Authority, Florida, Revenue
Bonds, Tampa International Airport, Series 2018E, (AMT)
5
.000
10/01/48
12,424,433
7,665,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2019A, (AMT)
5
.000
10/01/49
7,613,283
165,000
Northern Palm Beach County Improvement District, Florida,
Water Control and Improvement Bonds, Development Unit 53,
Series 2015
5
.350
08/01/35
165,128
6,495,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Obligated Group, Inc., Series
2022
4
.000
10/01/52
5,455,579
7,500,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health, Inc., Series 2019A
5
.000
10/01/47
7,564,894
500,000
Palm Beach County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Jupiter Medical Center, Series 2022
5
.000
11/01/52
475,722
5,225,000
(b)
Palm Beach County, Florida, Revenue Bonds, Provident Group
- PBAU Properties LLC - Palm Beach Atlantic University Housing
Project, Series 2019A
5
.000
04/01/51
4,912,960
545,000
Reunion West Community Development District, Florida,
Special Assessment Bonds, Area 3 Project, Series 2016
5
.000
11/01/46
540,075
70,000
Six Mile Creek Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 2,
Series 2016
4
.750
11/01/28
70,655
265,000
Six Mile Creek Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 2,
Series 2016
5
.375
11/01/36
267,704
100,000
South Village Community Development District, Clay County,
Florida, Capital Improvement Revenue Bonds, Refunding
Series 2016A2
4
.875
05/01/35
100,003
1,000,000
Tallahassee, Florida, Health Facilities Revenue Bonds,
Tallahassee Memorial HealthCare Inc. Project, Refunding Series
2015A
5
.000
12/01/40
1,000,052
7,780,000
(a)
Tallahassee, Florida, Health Facilities Revenue Bonds,
Tallahassee Memorial HealthCare Inc. Project, Refunding Series
2015A, (UB)
5
.000
12/01/44
7,674,862
2,600,000
(a)
Tallahassee, Florida, Health Facilities Revenue Bonds,
Tallahassee Memorial HealthCare Inc. Project, Series 2016A,
(UB)
5
.000
12/01/55
2,483,794
300,000
Union Park Community Development District, Florida, Capital
Improvement Revenue Bonds, Series 2016A-1
5
.375
11/01/37
302,010
TOTAL FLORIDA
142,275,120
GEORGIA - 2.1% (1.3% of Total Investments)
285,000
(d)
Atlanta Development Authority, Georgia, Senior Health Care
Facilities Revenue Bonds, Georgia Proton Treatment Center
Project, Current Interest Series 2017A-1
6
.500
01/01/29
128,250
1,160,000
Atlanta Urban Residential Finance Authority, Georgia,
Multifamily Housing Revenue Bonds, Testletree Village
Apartments, Series 2013A
4
.500
11/01/35
1,013,217
725,000
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project
Series 2014
5
.000
07/01/41
725,051
3,500,000
Atlanta, Georgia, Water and Wastewater Revenue Bonds,
Subordinate Lien Green Series 2026
5
.000
11/01/40
3,840,358
4,245,000
Brookhaven Development Authority, Georgia, Revenue Bonds,
Children's Healthcare of Atlanta, Inc. Project, Series 2019A
4
.000
07/01/49
3,826,941
1,250,000
Burke County Development Authority, Georgia, Pollution
Control Revenue Bonds, Oglethorpe Power Corporation Vogtle
Project, Series 2017C
4
.125
11/01/45
1,176,034
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
1,250,000
Burke County Development Authority, Georgia, Pollution
Control Revenue Bonds, Oglethorpe Power Corporation Vogtle
Project, Series 2017D
4
.125
%
11/01/45
$
1,172,989
1,925,000
(a)
Carroll City-County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Tanner Medical Center Inc. Project,
Series 2020
4
.000
07/01/50
1,751,941
865,000
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,
Revenue Bonds, Refunding Series 1993 - NPFG Insured
5
.625
10/01/26
868,134
8,200,000
Columbia County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System, Inc. Project,
Series 2023B
5
.125
04/01/53
8,338,546
1,000,000
Dalton, Georgia, Combined Utilities Revenue Bonds, Series
2020
4
.000
03/01/40
957,603
3,485,000
Fulton County Development Authority, Georgia, Revenue
Bonds, Piedmont Healthcare, Inc. Project, Series 2014A
5
.000
07/01/44
3,494,623
3,505,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024C
4
.600
12/01/54
3,389,510
3,020,000
Georgia Local Governments, Certificates of Participation,
Georgia Municipal Association, Series 1998A - NPFG Insured
4
.750
06/01/28
3,069,209
3,000,000
Georgia Ports Authority, Revenue Bonds, Series 2021
4
.000
07/01/51
2,766,201
840,000
(b)
Macon-Bibb County Urban Development Authority, Georgia,
Revenue Bonds, Academy for Classical Education, Series 2017
5
.875
06/15/47
841,943
260,000
Main Street Natural Gas Inc., Georgia, Gas Project Revenue
Bonds, Series 2007A
5
.500
09/15/26
260,683
1,070,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5
.000
05/15/43
1,074,761
3,000,000
(b)
Marietta Development Authority, Georgia, University Facilities
Revenue Bonds, Life University, Inc. Project, Refunding Series
2017A
5
.000
11/01/47
2,649,598
3,325,000
Monroe, Georgia, Combined Utilities Revenue Bonds, Series
2020 - AGM Insured
4
.000
12/01/45
3,157,839
3,700,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2015A
5
.500
07/01/60
3,700,475
3,000,000
Private Colleges and Universities Authority, Georgia, Revenue
Bonds, Emory University, Refunding Series 2013A
5
.000
10/01/43
3,001,764
TOTAL GEORGIA
51,205,670
IDAHO - 0.0% (0.0% of Total Investments)
595,000
Idaho Water Resource Board, Water Resource Loan Program
Revenue, Ground Water Rights Mitigation Series 2012A
5
.000
09/01/32
595,619
TOTAL IDAHO
595,619
ILLINOIS - 16.7% (10.0% of Total Investments)
450,000
(e)
Chicago Board of Education, Illinois, General Obligation
Bonds, Series 1999A - NPFG Insured
0
.000
12/01/26
444,851
1,715,000
(e)
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -
NPFG Insured
0
.000
12/01/26
1,695,375
1,000,000
(e)
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -
NPFG Insured
0
.000
12/01/27
953,388
1,765,000
(e)
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -
NPFG Insured
0
.000
12/01/30
1,486,247
2,585,000
(e)
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1999A -
NPFG Insured
0
.000
12/01/27
2,464,507
8,565,000
(e)
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1999A -
NPFG Insured
0
.000
12/01/31
6,889,383
8,000,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5
.500
12/01/59
8,432,334
20,155,000
(a)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2017, (UB)
5
.000
12/01/51
20,166,738
Portfolio of Investments July 31, 2026
(continued)
NZF
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
2,430,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
5
.000
%
12/01/45
$
2,474,398
6,000,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
4
.000
12/01/50
5,219,200
22,500,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2022A
5
.000
12/01/57
22,682,252
25,110,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2024B
5
.500
01/01/59
26,314,828
10,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2025E - BAM Insured
5
.000
01/01/60
9,960,353
25,755,000
(e)
Chicago, Illinois, General Obligation Bonds, City Colleges,
Series 1999 - NPFG Insured
0
.000
01/01/29
23,595,582
8,765,000
(e)
Chicago, Illinois, General Obligation Bonds, City Colleges,
Series 1999 - FGIC Insured
0
.000
01/01/34
6,404,259
17,310,000
(e)
Chicago, Illinois, General Obligation Bonds, City Colleges,
Series 1999 - FGIC Insured
0
.000
01/01/37
10,791,113
290,000
Chicago, Illinois, General Obligation Bonds, Refunding Series
2016C
5
.000
01/01/29
290,111
1,610,000
(e)
Chicago, Illinois, General Obligation Bonds, Series 1999
0
.000
01/01/30
1,424,150
5,060,000
(a)
Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)
5
.000
01/01/44
4,831,210
5,000,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.500
01/01/53
5,160,779
2,500,000
Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Second Lien Project, Series 2023A - AGM Insured
5
.500
01/01/62
2,587,764
2,500,000
Chicago, Illinois, Water Revenue Bonds, Project Series 2026A
5
.500
11/01/66
2,596,235
12,190,000
Illinois Finance Authority Revenue Bonds, OSF Healthcare
System, Refunding Series 2018A
4
.125
05/15/47
11,059,576
8,545,000
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2024A
4
.750
10/01/49
8,454,845
1,785,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/39
1,875,797
7,605,000
(a)
Illinois State, General Obligation Bonds, May Series 2023B,
(UB)
5
.500
05/01/47
7,909,845
3,100,000
Illinois State, General Obligation Bonds, November Series
2016
5
.000
11/01/35
3,107,980
3,000,000
Illinois State, General Obligation Bonds, November Series
2016
5
.000
11/01/37
3,006,258
2,400,000
Illinois State, General Obligation Bonds, November Series
2016
5
.000
11/01/40
2,403,309
5,795,000
Illinois State, General Obligation Bonds, November Series
2017C
5
.000
11/01/29
5,925,167
3,800,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/27
3,896,973
5,000,000
Illinois State, General Obligation Bonds, October Series 2016
5
.000
02/01/27
5,051,740
5,350,000
Illinois State, General Obligation Bonds, Refunding April Series
2019B
5
.125
09/01/26
5,358,949
5,000,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2015A
5
.000
01/01/40
5,016,131
5,400,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2015B
5
.000
06/15/52
5,269,011
10,000,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
4
.000
06/15/50
8,487,672
13,000,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
5
.000
06/15/50
12,904,772
8,000,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2012B - BAM Insured
0
.000
12/15/51
2,255,125
64,110,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2015A
0
.000
12/15/52
16,367,700
2,455,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2015A
5
.000
06/15/53
2,395,700
1,945,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017A
5
.000
06/15/57
1,916,489
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
45,000,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Capital
Appreciation Refunding Series 2010B-1 - AGM Insured
0
.000
%
06/15/43
$
20,915,820
1,445,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Refunding Series
1998A - NPFG Insured
5
.500
06/15/29
1,497,838
8,400,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/30
7,192,720
7,940,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/33
6,116,616
450,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/34
323,828
12,500,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/35
8,785,987
10,620,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/35
7,284,851
11,505,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/36
7,502,905
65,000,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/38
37,898,959
38,040,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/40
20,420,941
3,720,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/41
1,888,211
4,005,000
Southwestern Illinois Development Authority, Environmental
Improvement Revenue Bonds, US Steel Corporation Project,
Series 2012, (AMT)
5
.750
08/01/42
4,007,989
TOTAL ILLINOIS
403,364,761
INDIANA - 0.2% (0.1% of Total Investments)
2,000,000
(b)
Gary Local Public Improvement Bond Bank, Indiana, Economic
Development Revenue Bonds, Drexel Foundation for
Educational Excellence Project, Refunding Series 2020A
5
.875
06/01/55
1,774,242
1,230,000
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, United States Steel Corporation Project, Series
2012, (AMT)
5
.750
08/01/42
1,230,918
1,000,000
Merrillville, Indiana, Economic Development Revenue Bonds,
Belvedere Housing Project, Series 2016
5
.750
04/01/36
981,199
TOTAL INDIANA
3,986,359
IOWA - 1.2% (0.7% of Total Investments)
5,750,000
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Alcoa Inc. Project, Series 2012
4
.750
08/01/42
5,755,520
21,525,000
(f)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5
.000
12/01/50
23,897,356
TOTAL IOWA
29,652,876
Portfolio of Investments July 31, 2026
(continued)
NZF
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KANSAS - 0.6% (0.3% of Total Investments)
$
2,085,000
Overland Park Development Corporation, Kansas, Revenue
Bonds, Convention Center Hotel, Refunding & improvement
Series 2019
5
.000
%
03/01/44
$
2,085,158
3,565,000
(d)
Overland Park, Kansas, Sales Tax Special Obligation Revenue
Bonds, Prairiefire at Lionsgate Project, Series 2012
6
.000
12/15/32
1,319,050
10,000,000
University of Kansas Hospital Authority, Health Facilities
Revenue Bonds, University of Kansas Health System, Series
2017A
5
.000
03/01/47
10,024,009
TOTAL KANSAS
13,428,217
KENTUCKY - 0.8% (0.5% of Total Investments)
5,000,000
Christian County, Kentucky, Hospital Revenue Bonds, Jennie
Stuart Medical Center, Series 2016
5
.375
02/01/36
5,003,124
435,000
Christian County, Kentucky, Hospital Revenue Bonds, Jennie
Stuart Medical Center, Series 2016
5
.500
02/01/44
435,073
500,000
Kentucky Economic Development Finance Authority, Kentucky,
Healthcare Facilities Revenue Bonds, Rosedale Green Project,
Refunding Series 2015
5
.750
11/15/45
465,559
2,250,000
Kentucky Economic Development Finance Authority, Kentucky,
Healthcare Facilities Revenue Bonds, Rosedale Green Project,
Refunding Series 2015
5
.750
11/15/50
2,010,305
6,000,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
6,095,910
1,305,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5
.000
07/01/40
1,305,480
1,335,000
(g)
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Convertible
Capital Appreciation First Tier Series 2013C
6
.750
07/01/43
1,474,351
2,295,000
(g)
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Convertible
Capital Appreciation First Tier Series 2013C
6
.875
07/01/46
2,542,438
195,000
Warren County, Kentucky, Hospital Revenue Bonds, Bowling
Green-Warren County Community Hospital Corporation, Series
2012A
4
.000
10/01/29
195,086
TOTAL KENTUCKY
19,527,326
LOUISIANA - 1.4% (0.8% of Total Investments)
500,000
(b)
Jefferson Parish Economic Development and Port District,
Louisiana, Kenner Discovery Health Sciences Academy Project,
Series 2018A
5
.625
06/15/48
484,934
5,000,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/42
5,014,990
3,730,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/46
3,730,356
2,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/53
1,957,801
1,775,000
(g)
Louisiana Public Facilities Authority, Revenue Bonds, Loyola
University Project, Refunding Series 2017
5
.250
10/01/36
1,858,340
3,000,000
(g)
Louisiana Public Facilities Authority, Revenue Bonds, Loyola
University Project, Refunding Series 2017
5
.250
10/01/46
3,019,669
7,000,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Series 2015
5
.000
05/15/47
6,934,499
10,835,000
Louisiana Publics Facilities Authority, Louisiana, Revenue
Bonds, I-10 Calcasieu River Bridge Public-Private Partnership
Project, Senior Lien Series 2024, (AMT)
5
.500
09/01/59
10,979,422
TOTAL LOUISIANA
33,980,011
MAINE - 0.2% (0.1% of Total Investments)
4,965,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
5
.000
07/01/46
4,582,925
TOTAL MAINE
4,582,925
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND - 1.5% (0.9% of Total Investments)
$
2,795,000
Maryland Economic Development Corporation, Private Activity
Revenue Bonds, Purple Line Light Rail Project, Green Series
2022B, (AMT)
5
.000
%
12/31/41
$
2,828,561
2,000,000
(d)
Maryland Economic Development Corporation, Revenue
Bonds, Chesapeake Bay Hyatt Conference Center, Series
2006A
5
.000
12/01/31
1,340,000
4,590,000
Maryland Health and HIgher Educational Facilities
Authority,  Revenue Bonds, University of Maryland Medical
Systems, Series 2025A
5
.250
07/01/52
4,733,964
7,145,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist Healthcare, Series 2016A
5
.500
01/01/46
7,168,897
20,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2017A
5
.000
05/15/45
20,093,936
355,000
(b)
Prince George's County Revenue Authority, Maryland, Special
Obligation Bonds, Suitland-Naylor Road Project, Series 2016
5
.000
07/01/46
355,001
TOTAL MARYLAND
36,520,359
MASSACHUSETTS - 0.1% (0.0% of Total Investments)
525,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5
.000
07/01/44
524,961
1,525,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2015
4
.500
01/01/45
1,399,745
TOTAL MASSACHUSETTS
1,924,706
MICHIGAN - 2.1% (1.3% of Total Investments)
590,000
Detroit Academy of Arts and Sciences, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2013
6
.000
10/01/33
579,198
1,250,000
Detroit Academy of Arts and Sciences, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2013
6
.000
10/01/43
1,164,282
7,900,000
(a),(h)
Detroit City School District, Wayne County, Michigan, Unlimited
Tax School Building and Site Improvement Bonds, Series
2001A - AGM Insured, (UB)
6
.000
05/01/29
8,358,519
5,000
Detroit, Michigan, Second Lien Sewerage Disposal System
Revenue Bonds, Series 2005A - NPFG Insured
4
.500
07/01/35
5,003
1,525,000
Detroit, Michigan, Senior Lien Sewerage Disposal System
Revenue Bonds, Series 2001B - NPFG Insured
5
.500
07/01/29
1,588,861
5,000
Detroit, Michigan, Sewer Disposal System Revenue Bonds,
Second Lien, Series 2006B - FGIC Insured
5
.000
07/01/36
5,009
10,000
Detroit, Michigan, Water Supply System Revenue Bonds, Senior
Lien Series 2003A - NPFG Insured
5
.000
07/01/34
10,018
10,000,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Refunding Senior Lien Series 2026A
5
.000
07/01/28
10,442,745
10,000,000
Michigan Finance Authority, Hospital Revenue Bonds,
Beaumont Health Credit Group, Series 2016A
5
.000
11/01/44
9,999,949
6,800,000
Michigan Finance Authority, Hospital Revenue Bonds, Henry
Ford Health System, Series 2019A
5
.000
11/15/48
6,873,747
6,695,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2025A
5
.000
12/01/55
6,734,327
5,000,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2019-I
4
.000
04/15/54
4,383,708
TOTAL MICHIGAN
50,145,366
MINNESOTA - 1.8% (1.1% of Total Investments)
700,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5
.000
07/01/47
579,968
10,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/53
9,887,969
15,830,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.250
02/15/53
15,885,737
7,105,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/58
6,967,436
1,500,000
Forest Lake, Minnesota, Charter School Lease Revenue Bonds,
Lakes International Language Academy, Series 2014A
5
.750
08/01/44
1,500,492
Portfolio of Investments July 31, 2026
(continued)
NZF
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
800,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Hiawatha Academies Project, Series 2022A
5
.500
%
07/01/52
$
648,237
750,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hmong College Prep
Academy Project, Series 2016A
5
.750
09/01/46
750,177
4,000,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hmong College Prep
Academy Project, Series 2016A
6
.000
09/01/51
4,000,615
3,170,000
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds,
Regions Hospital Parking Ramp Project, Series 2007-1
5
.000
08/01/36
3,171,011
TOTAL MINNESOTA
43,391,642
MISSISSIPPI - 1.3% (0.8% of Total Investments)
32,190,000
Mississippi Hospital Equipment and Facilities Authority,
Revenue Bonds, Ochsner Clinic Foundation Project Refunding
Series 2025C
5
.000
05/15/55
31,987,003
TOTAL MISSISSIPPI
31,987,003
MISSOURI - 1.5% (0.9% of Total Investments)
55,000
Cape Girardeau County Industrial Development Authority,
Missouri, Health Facilities Revenue Bonds, Southeasthealth,
Series 2017A
5
.000
03/01/36
55,342
10,090,000
Kansas City Industrial Development Authority, Missouri, Airport
Special Obligation Bonds, Kansas City International Airport
Terminal Modernization Project, Series 2019B, (AMT)
5
.000
03/01/46
10,119,037
135,000
(b)
Kansas City Industrial Development Authority, Missouri,
Sales Tax Revenue Bonds, Ward Parkway Center Community
Improvement District, Senior Refunding & Improvement Series
2016
5
.000
04/01/46
128,523
12,005,000
(e)
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/29
11,006,489
650,000
(b)
Land Clearance for Redevelopment Authority of Kansas City,
Missouri, Project Revenue Bonds, Convention Center Hotel
Project - TIF Financing, Series 2018B
5
.000
02/01/40
651,963
3,530,000
(b)
Liberty, Missouri, Special Obligation Tax Increment and Special
Districts Bonds, Liberty Commons Project, Series 2015A
5
.750
06/01/35
3,533,493
3,695,000
(b)
Liberty, Missouri, Special Obligation Tax Increment and Special
Districts Bonds, Liberty Commons Project, Series 2015A
6
.000
06/01/46
3,651,020
1,590,000
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Kansas City University of
Medicine and Biosciences, Series 2013A
5
.000
06/01/30
1,590,696
2,700,000
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Kansas City University of
Medicine and Biosciences, Series 2013A
5
.000
06/01/33
2,700,794
2,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2014F
5
.000
11/15/45
2,000,658
430,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series
2013A
5
.875
09/01/43
430,356
450,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Saint Andrew's Resources for Seniors, Series
2015A
5
.000
12/01/35
450,099
130,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Saint Andrew's Resources for Seniors, Series
2015A
5
.125
12/01/45
129,149
TOTAL MISSOURI
36,447,619
NEBRASKA - 0.4% (0.2% of Total Investments)
5,835,000
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue
Bonds, Refunding Crossover Series 2017A
5
.000
09/01/42
5,728,533
3,435,000
Douglas County Hospital Authority 2, Nebraska, Health
Facilities Revenue Bonds, Children's Hospital Obligated Group,
Series 2017
5
.000
11/15/47
3,445,133
TOTAL NEBRASKA
9,173,666
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE - 0.4% (0.3% of Total Investments)
$
2,360,000
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2026-1 Class A
5
.100
%
12/20/42
$
2,416,293
2,995,000
(b)
National Finance Authority, New Hampshire, Resource
Recovery Revenue Bonds, Covanta Project, Refunding Series
2018C, (AMT)
4
.875
11/01/42
2,719,766
6,060,000
(b)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Covenant Health Group Series 2023
4
.000
07/01/37
5,520,525
TOTAL NEW HAMPSHIRE
10,656,584
NEW JERSEY - 7.6% (4.5% of Total Investments)
1,100,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013
- AGM Insured, (AMT)
5
.125
07/01/42
1,105,967
17,580,000
(f)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2016BBB, (Pre-refunded
12/15/26)
5
.500
06/15/31
17,756,704
1,000,000
(f)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26)
5
.000
06/15/36
1,008,243
10,000,000
(f)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26)
5
.000
06/15/41
10,082,427
2,175,000
(f)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2017DDD, (Pre-refunded 6/15/27)
5
.000
06/15/42
2,217,556
16,000,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2019LLL
5
.000
06/15/49
16,233,818
900,000
New Jersey Economic Development Authority, Special
Facilities Revenue Bonds, Continental Airlines Inc., Series 1999,
(AMT)
5
.250
09/15/29
901,052
2,900,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4
.000
06/15/41
2,745,530
19,650,000
(f)
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5
.000
06/15/48
21,900,041
15,280,000
(a)
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023BB, (UB)
5
.250
06/15/50
15,861,598
7,000,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2025AA
5
.000
06/15/55
7,087,585
3,130,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/28
2,905,505
3,000,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/31
2,488,754
12,715,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/33
9,701,596
610,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/34
444,403
2,480,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/40
1,315,827
10,000,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/33
7,685,439
20,000,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/36
13,162,640
19,175,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0
.000
12/15/35
13,298,944
15,000,000
(e)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0
.000
12/15/39
8,389,281
8,595,000
(a)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2018A, (UB)
5
.000
12/15/34
8,893,571
1,595,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/46
1,574,410
16,455,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5
.000
06/01/46
15,915,231
TOTAL NEW JERSEY
182,676,122
Portfolio of Investments July 31, 2026
(continued)
NZF
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK - 21.7% (13.1% of Total Investments)
$
3,400,000
(e)
Brooklyn Arena Local Development Corporation, New York,
Payment in Lieu of Taxes Revenue Bonds, Barclays Center
Project, Series 2009
0
.000
%
07/15/44
$
1,428,165
12,020,000
(e)
Brooklyn Arena Local Development Corporation, New York,
Payment in Lieu of Taxes Revenue Bonds, Barclays Center
Project, Series 2009
0
.000
07/15/46
4,492,435
450,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Catholic Health
System, Inc. Project, Series 2015
5
.250
07/01/35
448,850
72,286
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
2
.500
11/01/39
57,829
440,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Albert Einstein College of Medicine, Inc, Series 2015
5
.500
09/01/45
434,055
18,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan Kettering Cancer Center Series 2022-1A
4
.000
07/01/51
15,961,970
5,525,000
(b),(f)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A,
(Pre-refunded 12/01/26)
5
.500
12/01/46
5,574,775
580,000
(b),(f)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A,
(Pre-refunded 12/01/26)
5
.500
12/01/46
585,225
9,740,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2026
7
.000
12/01/51
9,548,294
5,000,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Bidding Group
5 Series 2021E
4
.000
03/15/48
4,479,246
7,250,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
5
.000
07/01/46
7,029,024
81,270,000
(b),(e)
Erie County Tobacco Asset Securitization Corporation, New
York, Tobacco Settlement Asset-Backed Bonds, Series 2005C
0
.000
06/01/50
10,386,070
6,280,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5
.250
11/15/55
6,354,244
4,210,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Green Series 2016B
5
.000
11/15/34
4,227,097
3,320,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Green Series 2016B
5
.000
11/15/37
3,330,419
5,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Series 2017D
5
.000
11/15/32
5,147,826
11,990,000
New York City Housing Development Corporation, New York,
House Impact Revenue Bonds, Green Series 2023A
4
.800
02/01/53
11,826,968
5,630,000
New York City Housing Development Corporation, New
York, Multifamily Housing Revenue Bonds, Green Sustainable
Development Series 2024F-1-A
5
.000
11/01/59
5,637,245
6,000,000
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Green Series 2026A-1
5
.000
11/01/55
6,012,209
9,750,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series CC-1
4
.000
06/15/49
8,774,367
5,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series GG-1
4
.000
06/15/50
4,499,462
10,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2022 Series AA-1
4
.000
06/15/51
8,969,419
2,500,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2025 Series BB
5
.250
06/15/55
2,611,502
5,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5
.000
02/01/43
5,024,060
10,000,000
New York City, New York, Educational Construction Fund
Revenue Bonds, Series 2021B
5
.000
04/01/52
10,147,842
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
5,750,000
New York City, New York, General Obligation Bonds, Fiscal
2018 Series E-1
5
.000
%
03/01/40
$
5,862,788
2,860,000
New York City, New York, General Obligation Bonds, Fiscal
2022 Series A-1
5
.000
08/01/47
2,911,850
7,490,000
New York City, New York, General Obligation Bonds, Fiscal
2026 Series D
5
.250
10/01/51
7,779,430
81,665,000
(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
81,777,485
5,700,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 2 Series
2014
5
.150
11/15/34
5,708,028
8,265,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2020C
5
.000
03/15/47
8,517,964
14,650,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/46
14,416,744
68,360,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.250
01/01/50
68,288,974
46,560,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green
Series 2024A, (AMT)
5
.500
12/31/60
47,137,605
565,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/26
565,000
28,700,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/31
28,698,536
2,615,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5
.250
08/01/31
2,708,744
3,945,000
(a)
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT), (UB)
6
.000
06/30/54
4,071,336
15,465,000
(a)
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT), (UB)
5
.375
06/30/60
15,370,195
5,350,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5
.000
01/01/31
5,466,300
2,100,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2020, (AMT)
5
.000
10/01/40
2,140,973
13,750,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
5
.625
04/01/40
14,579,835
3,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Ninety-Eighth Series 2016
5
.250
11/15/56
3,002,422
14,500,000
(e)
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2021B-2
0
.000
06/01/66
1,183,941
10,000,000
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax Series 2023A
4
.250
05/15/58
9,176,869
30,000,000
(a)
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax Series 2023A, (UB)
4
.500
05/15/63
28,379,736
Portfolio of Investments July 31, 2026
(continued)
NZF
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
11,235,000
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2024A-1
4
.125
%
05/15/64
$
9,756,020
2,150,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/48
1,999,369
9,411,581
Westchester County Health Care Corporation, New York,
Senior Lien Revenue Bonds, Series 2014A
5
.000
11/01/44
8,869,128
3,640,000
Westchester County Local Development Corporation, New
York, Revenue Bonds, Westchester Medical Center Obligated
Group Project, Refunding Series 2016
5
.000
11/01/46
3,324,446
565,000
Westchester County Local Development Corporation, New
York, Revenue Bonds, Westchester Medical Center Obligated
Group Project, Series 2023
6
.250
11/01/52
584,672
TOTAL NEW YORK
525,266,988
NORTH CAROLINA - 0.2% (0.1% of Total Investments)
5,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2019
5
.000
01/01/49
5,027,902
TOTAL NORTH CAROLINA
5,027,902
NORTH DAKOTA - 2.4% (1.5% of Total Investments)
4,925,000
Cass County, North Dakota, Health Care Facilities Revenue
Bonds, Essential Health Obligated Group, Series 2018B
5
.250
02/15/58
4,939,667
1,075,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
4
.000
12/01/46
907,269
10,315,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/43
9,619,336
10,950,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/48
9,860,708
37,840,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/53
33,101,335
TOTAL NORTH DAKOTA
58,428,315
OHIO - 8.8% (5.3% of Total Investments)
28,980,000
(e)
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Capital Appreciation Series 2020B-3 Class 2
0
.000
06/01/57
1,932,013
9,495,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5
.000
06/01/55
7,192,243
1,000,000
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena
Health System Obligated Group Project, Refunding &
Improvement Series 2017
5
.000
12/01/37
1,006,575
7,200,000
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena
Health System Obligated Group Project, Refunding &
Improvement Series 2017
5
.000
12/01/47
7,100,644
2,000,000
(e)
Cleveland, Ohio, Public Power System Revenue Bonds, Series
2008B-2 - NPFG Insured
0
.000
11/15/28
1,846,869
6,895,000
(e)
Cleveland, Ohio, Public Power System Revenue Bonds, Series
2008B-2 - NPFG Insured
0
.000
11/15/32
5,357,225
2,155,000
(e)
Cleveland, Ohio, Public Power System Revenue Bonds, Series
2008B-2 - NPFG Insured
0
.000
11/15/34
1,518,105
165,000
(e),(f)
Columbus City School District, Franklin County, Ohio,
General Obligation Bonds, School Facilities Construction and
Improvement, Refunding Series 2006 - AGM Insured, (ETM)
0
.000
12/01/27
158,547
4,145,000
(e)
Columbus City School District, Franklin County, Ohio,
General Obligation Bonds, School Facilities Construction and
Improvement, Refunding Series 2006 - AGM Insured
0
.000
12/01/27
3,986,530
220,000
(e),(f)
Columbus City School District, Franklin County, Ohio,
General Obligation Bonds, School Facilities Construction and
Improvement, Refunding Series 2006 - AGM Insured, (ETM)
0
.000
12/01/28
204,823
5,615,000
(e)
Columbus City School District, Franklin County, Ohio,
General Obligation Bonds, School Facilities Construction and
Improvement, Refunding Series 2006 - AGM Insured
0
.000
12/01/28
5,230,042
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
460,000
(b)
Columbus-Franklin County Finance Authority, Ohio, Tax
Increment Financing Revenue Bonds, Easton Project, Series
2020
5
.000
%
06/01/28
$
467,087
19,495,000
Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth
System, Series 2017
5
.500
02/15/52
19,540,616
20,650,000
Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth
System, Series 2017
5
.500
02/15/57
20,660,850
2,400,000
Fairfield County, Ohio, Hospital Facilities Revenue Bonds,
Fairfield Medical Center Project, Series 2013
5
.000
06/15/43
2,061,917
1,010,000
Franklin County Convention Facilities Authority, Ohio, Hotel
Project Revenue Bonds, Greater Columbus Convention Center
Hotel Expansion Project, Series 2019
5
.000
12/01/34
1,025,652
1,000,000
Franklin County Convention Facilities Authority, Ohio, Hotel
Project Revenue Bonds, Greater Columbus Convention Center
Hotel Expansion Project, Series 2019
5
.000
12/01/44
992,171
4,780,000
Franklin County Convention Facilities Authority, Ohio, Hotel
Project Revenue Bonds, Greater Columbus Convention Center
Hotel Expansion Project, Series 2019
5
.000
12/01/51
4,550,073
10,000,000
Franklin County, Ohio, Hospital Facilities Revenue Bonds,
OhioHealth Corporation, Series 2015
5
.000
05/15/40
10,033,739
1,730,000
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit
Group, Series 2017OH
5
.000
12/01/46
1,738,350
8,020,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds,
TriHealth, Inc. Obligated Group Project, Series 2017A
5
.000
08/15/47
8,054,841
5,565,000
(e)
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series
2000B - AGM Insured
0
.000
12/01/28
5,147,968
1,000,000
Mahoning County, Ohio, Sewer System Revenue Bonds,
Refunding and Improvement Series 2022
5
.000
12/01/42
1,030,698
4,500,000
Middletown City School District, Butler County, Ohio, General
Obligation Bonds, Refunding Series 2007 - AGM Insured
5
.250
12/01/31
4,842,647
6,105,000
Muskingum County, Ohio, Hospital Facilities Revenue Bonds,
Genesis HealthCare System Obligated Group Project, Series
2013
5
.000
02/15/44
5,969,730
1,600,000
Northeast Ohio Regional Sewer District, Wastewater
Improvement Revenue Bonds, Refunding & Improvement
Series 2017
4
.000
11/15/43
1,505,821
2,845,000
Ohio Air Quality Development Authority, Ohio, Pollution
Control Revenue Bonds, FirstEnergy Generation Corporation
Project, Refunding Series 2009D
3
.375
08/01/29
2,792,179
1,250,000
Ohio Higher Educational Facility Commission, Higher
Educational Facility Revenue Bonds, John Carroll University
2022 Project, Series 2022
4
.000
10/01/42
1,061,860
1,250,000
Ohio Higher Educational Facility Commission, Higher
Educational Facility Revenue Bonds, John Carroll University
2022 Project, Series 2022
4
.000
10/01/47
1,009,148
950,000
(e)
Ohio Municipal Electric Generation Agency, Beneficial Interest
Certificates, Belleville Hydroelectric Project - Joint Venture 5,
Series 2001 - NPFG Insured
0
.000
02/15/29
868,948
365,000
(f)
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic
Health System Obligated Group, Series 2019B, (Pre-refunded
1/01/29)
4
.000
01/01/46
374,835
6,135,000
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic
Health System Obligated Group, Series 2019B
4
.000
01/01/46
5,557,340
5,000,000
(e)
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission Infrastructure Projects, Junior Lien,
Capital Appreciation Series 2013A-2
0
.000
02/15/37
3,299,983
11,260,000
(e)
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission Infrastructure Projects, Junior Lien,
Capital Appreciation Series 2013A-2
0
.000
02/15/38
7,048,302
5,000,000
(e)
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission Infrastructure Projects, Junior Lien,
Capital Appreciation Series 2013A-2
0
.000
02/15/40
2,801,808
Portfolio of Investments July 31, 2026
(continued)
NZF
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
27,880,000
Ohio Water Development Authority, Pollution Control Revenue
Refunding Bonds, FirstEnergy Nuclear Generating Corporation
Project, Series 2009A
4
.750
%
06/01/33
$
28,462,583
22,820,000
Ohio Water Development Authority, Pollution Control Revenue
Refunding Bonds, FirstEnergy Nuclear Generating Corporation
Project, Series 2010B, (Mandatory Put 6/01/22)
4
.750
06/01/33
23,296,849
1,515,000
Ohio Water Development Authority, Revenue Bonds, Fresh
Water Development, Series 2021
5
.000
06/01/46
1,576,385
4,250,000
Pickerington Local School District, Fairfield and Franklin
Counties, Ohio, General Obligation Bonds, School Facilities
Construction & Improvement, Series 2023
5
.250
12/01/59
4,368,341
1,845,000
Pinnacle Community Infrastructure Financing Authority, Grove
City, Ohio, Community Facilities Bonds, Series 2015A - AGM
Insured
4
.250
12/01/36
1,845,275
465,000
(b)
Port of Greater Cincinnati Development Authority, Ohio, Public
Improvement TOT Revenue Bonds, Series 2021
4
.250
12/01/50
450,575
550,000
(b)
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Development Revenue Bonds, Convention
Center Hotel Project, Refunding Senior Lien Series 2026
5
.750
03/01/59
533,118
380,000
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Development TIF Revenue Bonds, RBM
Development - Phase 2B Project, Series 2018A
6
.000
12/01/50
380,942
970,000
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Tax Increment Financing Revenue Bonds,
Cooperative Township Public Parking Project, Gallery at
Kenwood, Senior Lien Series 2019A
5
.000
11/01/51
936,880
1,500,000
Springboro Community City School District, Warren County,
Ohio, General Obligation Bonds, Refunding Series 2007
5
.250
12/01/32
1,649,909
1,000,000
Tuscarawas County Economic Development and Finance
Alliance, Ohio, Higher Education Facilities Revenue Bonds,
Ashland University, Refunding & Improvement Series 2015
6
.000
03/01/45
983,299
TOTAL OHIO
212,454,335
OKLAHOMA - 2.9% (1.8% of Total Investments)
12,690,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.250
08/15/43
12,722,570
9,715,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.250
08/15/48
9,703,074
18,235,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/52
18,236,063
16,570,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/57
16,412,930
1,550,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2022
5
.500
08/15/41
1,558,364
7,700,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
5
.500
01/01/54
8,256,183
2,200,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Series 2025, (AMT)
6
.250
12/01/35
2,461,553
1,000,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Series 2025, (AMT)
6
.250
12/01/40
1,096,101
TOTAL OKLAHOMA
70,446,838
OREGON - 0.3% (0.2% of Total Investments)
7,330,000
Port of Portland, Oregon, International Airport Revenue Bonds,
Series 2020-27A, (AMT)
5
.000
07/01/45
7,444,536
TOTAL OREGON
7,444,536
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 9.7% (5.8% of Total Investments)
$
380,000
Allegheny Country Industrial Development Authority,
Pennsylvania, Environmental Improvement Revenue Bonds,
United States Steel Corporation Project, Series 2012, (AMT)
5
.750
%
08/01/42
$
380,284
7,355,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Refunding Project, Series 2017
5
.000
05/01/42
7,366,574
11,700,000
(c)
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, FirstEnergy Generation
Project, Refunding Series 2006A, (Mandatory Put 7/01/33)
4
.750
01/01/35
12,026,075
2,030,000
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Refunding Bonds, FirstEnergy
Generation Project, Series 2008B
3
.750
10/01/47
1,693,531
1,236,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6
.000
06/30/34
1,293,732
16,570,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5
.000
06/30/39
15,573,971
8,280,000
(g)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
6
.000
06/30/44
6,298,000
2,594,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8
.000
06/30/34
2,606,553
2,405,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018
5
.000
06/01/34
2,476,213
700,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2015
5
.000
01/01/38
700,225
5,085,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2020A
4
.000
04/01/50
4,378,718
5,000,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2020A
5
.000
04/01/50
5,024,875
15,220,000
(a)
Lehigh County General Purpose Authority, Pennsylvania,
Hospital Revenue Bonds, Lehigh Valley Health Network, Series
2019A, (UB)
5
.000
07/01/44
15,339,163
17,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B
5
.000
05/01/52
17,000,365
13,400,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B
5
.000
05/01/57
13,162,807
2,205,724
(d)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Series 2013A0 & AE2, (cash
5.000%, PIK 5.000%)
0
.000
06/30/27
970,519
1,214,992
(d)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Taxable Series 2013B, (cash
5.000%, PIK 5.000%)
0
.000
06/30/27
218,699
4,135,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, National Gypsum Company,
Refunding Series 2014, (AMT)
5
.500
11/01/44
4,134,531
19,250,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Private Activity Revenue Bonds, The PennDOT
Major Bridges Package One Project, Series 2022, (AMT)
5
.750
06/30/48
20,172,716
24,890,000
(a)
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Private Activity Revenue Bonds, The PennDOT
Major Bridges Package One Project, Series 2022 - AGM
Insured, (AMT), (UB)
5
.000
12/31/57
24,896,516
5,275,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1
4
.250
11/01/48
4,896,432
24,005,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2
4
.375
11/01/54
21,412,323
4,870,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2
4
.375
11/01/54
4,430,329
Portfolio of Investments July 31, 2026
(continued)
NZF
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
4,660,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2019
4
.000
%
08/15/49
$
4,084,407
4,400,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Trustees, Series 2025A
5
.000
02/15/55
4,530,392
11,485,000
(i)
Pennsylvania Housing Finance Agency, Pennsylvania,
Multifamily Housing Revenue Bonds, Series 2026-1A
4
.900
10/01/51
11,432,570
20,355,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-146A
4
.750
04/01/53
19,978,662
2,775,000
(g)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6
.000
12/01/30
2,879,429
1,970,000
(f)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, University of the Sciences in
Philadelphia, Series 2017, (Pre-refunded 5/01/27)
5
.000
11/01/47
2,002,387
2,030,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, University of the Sciences in
Philadelphia, Series 2017
5
.000
11/01/47
1,982,542
525,000
The Redevelopment Authority of the City of Scranton,
Lackawanna county, Pennsylvania, Guaranteed Lease Revenue
Bonds, Series 2016A
5
.000
11/15/28
525,422
TOTAL PENNSYLVANIA
233,868,962
PUERTO RICO - 7.2% (4.3% of Total Investments)
75,000,000
(e)
Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-
Backed Bonds, Series 2008A
0
.000
05/15/57
2,990,333
1,743,998
(e)
Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit
Exchanged From Cusip 74529JAP0
0
.000
08/01/54
371,583
2,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Forward Delivery Series 2022A
5
.000
07/01/37
2,099,869
16,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5
.000
07/01/35
16,650,408
5,255,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5
.000
07/01/47
5,300,748
8,180,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
5
.000
07/01/33
8,646,558
2,745,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
5
.000
07/01/37
2,861,084
6,055,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.500
07/01/34
6,038,586
13,379,000
(e)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/46
4,892,510
46,230,000
(e)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/51
12,283,551
2,260,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
2,148,801
104,074,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
100,149,755
1,780,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2019A-2A
4
.550
07/01/40
1,763,885
493,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.536
07/01/53
454,728
490,870
Puerto Rico, General Obligation Bonds, Clawback Highway
Transportation Authority Claims Taxable Series 2022
1
.000
11/01/51
358,948
8,007,861
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
7,512,014
TOTAL PUERTO RICO
174,523,361
RHODE ISLAND - 0.1% (0.1% of Total Investments)
21,570,000
(e)
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
0
.000
06/01/52
2,896,903
TOTAL RHODE ISLAND
2,896,903
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA - 4.6% (2.7% of Total Investments)
$
21,570,000
(e)
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AMBAC Insured
0
.000
%
01/01/30
$
19,163,379
7,220,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2023B
4
.850
07/01/48
7,284,792
32,615,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
4
.250
11/01/47
30,478,603
10,545,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
4
.500
11/01/54
10,010,309
9,985,000
(a)
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, Prisma Health Obligated Group,
Series 2018A, (UB)
5
.000
05/01/43
10,104,703
8,560,000
(a)
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, Prisma Health Obligated Group,
Series 2018A, (UB)
5
.000
05/01/48
8,595,220
2,150,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding & Improvement Series 2015A
5
.000
12/01/50
2,129,717
2,155,000
(a)
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding & Improvement Series 2015A,
(UB)
5
.000
12/01/50
2,134,670
7,500,000
(a)
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B, (UB)
5
.000
12/01/46
7,512,687
10,295,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022A
5
.000
12/01/55
10,365,884
2,585,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Series 2015E
5
.250
12/01/55
2,557,488
TOTAL SOUTH CAROLINA
110,337,452
SOUTH DAKOTA - 0.1% (0.1% of Total Investments)
2,505,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2015
5
.000
11/01/45
2,508,302
TOTAL SOUTH DAKOTA
2,508,302
TENNESSEE - 1.3% (0.8% of Total Investments)
1,000,000
(b)
Bristol Industrial Development Board, Tennessee, State Sales
Tax Revenue Bonds, Pinnacle Project, Series 2016A
5
.125
12/01/42
969,763
4,000,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Revenue Bonds, CommonSpirit Health, Series
2019A-1
4
.000
08/01/44
3,651,558
21,500,000
(a)
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured, (UB)
5
.250
07/01/53
22,193,300
5,000,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Revenue Bonds, Subordinate Series 2019B, (AMT)
5
.000
07/01/54
4,933,068
TOTAL TENNESSEE
31,747,689
TEXAS - 12.8% (7.7% of Total Investments)
10,015,000
(i)
Birdville Independent School District, Texas
4
.250
02/15/52
9,269,800
3,135,000
Board of Managers, Joint Guadalupe County-Seguin City
Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding
& Improvement Series 2015
5
.250
12/01/35
3,135,173
3,340,000
Board of Managers, Joint Guadalupe County-Seguin City
Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding
& Improvement Series 2015
5
.000
12/01/40
3,201,930
9,000,000
(a)
Carrollton-Farmers Branch Independent School District, Dallas
County, Texas, General Obligation Bonds, School Building
Series 2023
4
.000
02/15/53
8,010,513
21,000,000
Crowley Independent School District, Tarrant and Johnson
Counties, Texas, General Obligation Bonds, School Building
Series 2023
4
.250
02/01/53
19,630,716
1,000,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT
4
.750
05/01/38
1,000,034
150,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4
.750
11/01/42
149,446
Portfolio of Investments July 31, 2026
(continued)
NZF
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
5,000,000
Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series
2024
4
.250
%
02/15/50
$
4,614,818
15,765,000
Harris County Hospital District, Texas, General Obligation
Bonds, Refunding & Limited Tax Series 2026
4
.500
02/15/56
14,750,614
295,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/41
143,236
590,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/42
270,886
1,000,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/43
435,022
2,000,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/44
821,849
2,600,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/45
1,009,239
4,180,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/53
979,834
605,000
(e),(f)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/37
347,758
1,315,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/37
715,571
40,500,000
(e)
Harris County-Houston Sports Authority, Texas, Special
Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG
Insured
0
.000
11/15/40
18,137,512
145,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal E Project, Refunding Series
2014, (AMT)
5
.000
07/01/29
145,144
3,105,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5
.500
07/15/37
3,331,656
28,305,000
(e)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0
.000
09/01/28
26,464,264
5,000,000
(e),(f)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured, (ETM)
0
.000
09/01/30
4,387,536
3,845,000
(e),(f)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured, (ETM)
0
.000
09/01/31
3,253,634
1,920,000
(e)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0
.000
09/01/31
1,596,569
5,040,000
(f)
Houston, Texas, Water and Sewerage System Revenue Bonds,
Refunding Junior Lien Series 2001B - NPFG Insured, (ETM)
5
.500
12/01/29
5,292,035
7,500,000
(f)
Houston, Texas, Water and Sewerage System Revenue Bonds,
Refunding Junior Lien Series 2002A, (ETM)
5
.750
12/01/32
8,564,441
3,500,000
Hutto, Texas, Certificates of Obligation Bonds, Combination
Tax & Waterworks & Sewer System Revenue Series 2024 - BAM
Insured
4
.250
08/01/54
3,162,120
720,000
Kerrville Health Facilities Development Corporation, Texas,
Revenue Bonds, Sid Peterson Memorial Hospital Project, Series
2015
5
.000
08/15/35
721,500
2,505,000
Matagorda County Navigation District 1, Texas, Collateralized
Revenue Refunding Bonds, Houston Light and Power
Company, Series 1997 - AMBAC Insured, (AMT)
5
.125
11/01/28
2,604,838
7,465,000
(b)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4
.625
10/01/31
7,469,693
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
825,000
(d)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project,  Series
2015A
5
.000
%
07/01/47
$
774,832
2,000,000
North Texas Municipal Water District, Texas, Regional
Wastewater Revenue Bonds, Improvement and Refunding
Series 2025
4
.500
06/01/55
1,887,714
6,330,000
(f),(g)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
7
.000
09/01/43
7,334,395
9,130,000
(f),(g)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
6
.750
09/01/45
10,658,100
10,000,000
(e)
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2008D - AGC Insured
0
.000
01/01/28
9,593,779
6,035,000
Northside Independent School District, Bexar County, Texas,
General Obligation Bonds, School Building Series 2024A
4
.125
08/15/54
5,453,708
1,570,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5
.000
02/01/34
1,542,941
1,000,000
(d)
Red River Health Facilities Development Corporation, Texas,
First Mortgage Revenue Bonds, Eden Home Inc., Series 2012
3
.000
12/15/47
700,000
310,000
Texas Municipal Gas Acquisition and Supply Corporation I, Gas
Supply Revenue Bonds, Senior Lien Series 2008D
6
.250
12/15/26
313,603
1,800,000
Texas Private Activity Bond Surface Transpiration Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Senior Lien Series 2023,
(AMT)
5
.500
12/31/58
1,844,501
300,000
Texas Private Activity Bond Surface Transpiration Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Refunding Series 2023, (AMT)
5
.500
06/30/42
310,157
1,660,000
Texas Private Activity Bond Surface Transpiration Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Refunding Series 2023, (AMT)
5
.500
06/30/43
1,711,341
90,930,000
Texas Private Activity Bond Surface Transporation Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Segments 3C Project, Series 2019, (AMT)
5
.000
06/30/58
88,739,842
24,850,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2025
4
.750
10/15/55
24,380,293
TOTAL TEXAS
308,862,587
UTAH - 0.1% (0.0% of Total Investments)
1,945,000
(b),(d)
Box Elder County, Utah, Solid Waste Disposal Revenue Bonds,
Promontory Point Res, LLC, Senior Series 2017A, (AMT)
8
.000
12/01/39
1,840,838
TOTAL UTAH
1,840,838
VIRGIN ISLANDS - 1.1% (0.7% of Total Investments)
9,000,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmana's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5
.750
02/01/45
8,971,427
17,500,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmana's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6
.000
12/01/55
17,375,083
TOTAL VIRGIN ISLANDS
26,346,510
VIRGINIA - 3.3% (2.0% of Total Investments)
12,000,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5
.000
07/01/51
11,675,281
22,405,000
(a)
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016, (UB)
5
.000
07/01/51
21,798,723
1,250,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-5
4
.650
07/01/55
1,199,923
8,995,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/49
9,003,342
Portfolio of Investments July 31, 2026
(continued)
NZF
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
16,520,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
%
12/31/52
$
16,338,404
20,000,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/56
19,617,984
TOTAL VIRGINIA
79,633,657
WASHINGTON - 3.1% (1.9% of Total Investments)
400,000
Central Puget Sound Regional Transit Authority, Washington,
Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999 -
FGIC Insured
4
.750
02/01/28
403,619
105,000
Tacoma Consolidated Local Improvement District 65,
Washington, Special Assessment Bonds, Series 2013
5
.750
04/01/43
104,807
6,065,000
Washington Health Care Facilities Authority, Revenue Bonds,
Central Washington Health Services Association, Refunding
Series 2015
4
.000
07/01/36
5,896,936
10,420,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
MultiCare Health System, Series 2015A, (UB)
5
.000
08/15/45
10,421,286
10,500,000
Washington Health Care Facilities Authority, Revenue Bonds,
MultiCare Health System, Series 2017B
4
.000
08/15/41
9,644,538
10,785,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014C, (UB)
5
.000
10/01/44
10,786,080
21,320,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D, (UB)
5
.000
10/01/38
21,331,193
2,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Seattle Cancer Center Alliance, Series 2020
4
.000
09/01/45
1,807,468
14,875,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
Seattle Cancer Center Alliance, Series 2020, (UB)
5
.000
09/01/55
14,933,261
TOTAL WASHINGTON
75,329,188
WEST VIRGINIA - 0.6% (0.4% of Total Investments)
13,450,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Refunding &
Improvement Series 2023B
6
.000
09/01/48
14,358,982
TOTAL WEST VIRGINIA
14,358,982
WISCONSIN - 4.4% (2.6% of Total Investments)
25,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Corvian Community School, North Carolina, Series
2017A
5
.000
06/15/37
23,256
1,000,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Envision Science Academy Project, Series 2016A
5
.125
05/01/36
986,869
3,690,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5
.000
06/15/36
3,370,794
2,945,000
(b)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5
.000
06/15/46
2,380,702
79,862
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/47
535
69,810
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/48
464
68,693
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/49
452
66,459
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/50
434
65,342
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/51
423
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
84,889
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
%
01/01/52
$
546
83,772
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/53
535
80,979
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/54
514
79,304
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/55
500
77,628
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/56
487
86,006
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/57
536
83,772
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/58
519
81,538
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/59
502
79,862
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/60
489
78,745
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/61
480
76,511
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/62
464
74,836
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/63
452
73,161
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/64
440
72,044
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/65
431
77,628
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/66
462
934,897
(b),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0
.000
01/01/67
5,543
2,580,000
(b)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6
.150
01/01/55
2,503,180
7,570,000
(b)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6
.250
01/01/65
7,327,718
69,385
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/46
470
68,408
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/47
459
67,919
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/48
451
Portfolio of Investments July 31, 2026
(continued)
NZF
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
67,431
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
%
01/01/49
$
444
66,454
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/50
434
72,806
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/51
472
1,778,506
(b),(d)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
3
.750
07/01/51
1,185,393
72,317
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/52
465
71,340
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/53
456
70,851
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/54
449
69,874
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/55
440
68,897
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/56
432
68,408
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/57
426
67,431
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/58
418
66,942
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/59
412
66,454
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/60
407
65,476
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/61
399
64,988
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/62
394
64,010
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/63
386
63,522
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/64
382
63,033
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/65
377
62,056
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/66
370
808,203
(b),(d),(e)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/67
4,792
500,000
(b)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Corvian Community School, North Carolina Series
2023A
6
.250
06/15/48
486,560
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,200,000
Public Finance Authority of Wisconsin, Exempt Facilities
Revenue Bonds, National Gypsum Company Project, Refunding
Series 2016, (AMT)
4
.000
%
08/01/35
$
1,145,119
1,690,000
(b),(d)
Public Finance Authority of Wisconsin, Limited Obligation
Grant Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017A
6
.250
08/01/27
1,233,700
1,350,000
(b)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
4
.060
12/01/50
1,053,000
160,000
Public Finance Authority of Wisconsin, Revenue Bonds, Prime
Healthcare Foundation, Inc., Series 2017A
5
.200
12/01/37
161,658
2,905,000
Public Finance Authority of Wisconsin, Student Housing
Revenue Bonds, Collegiate Housing Foundation - Cullowhee
LLC - Western California University Project, Series 2015A
5
.000
07/01/35
2,905,058
37,710,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
06/30/60
39,024,129
30,715,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
12/31/65
31,719,187
5,000,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
6
.500
12/31/65
5,475,507
1,000,000
(e)
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Refunding Senior Series 2003A
0
.000
12/15/31
819,588
2,650,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A
5
.000
11/15/39
2,653,908
1,120,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Project. Series
2014
5
.250
10/01/39
1,120,130
TOTAL WISCONSIN
105,604,399
WYOMING - 0.2% (0.1% of Total Investments)
4,660,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2024 Series 1
4
.700
12/01/49
4,589,134
TOTAL WYOMING
4,589,134
TOTAL MUNICIPAL BONDS
(Cost $3,969,959,820)
3,991,016,371
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
243,974
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
243,974
CONSUMER DURABLES & APPAREL - 0.0% (0.0% of Total Investments)
243,974
(j)
Cahava Springs Advance
7
.500
12/31/26
243,974
TOTAL CONSUMER DURABLES & APPAREL
243,974
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $243,974)
243,974
TOTAL LONG-TERM INVESTMENTS
(Cost $3,970,203,794)
3,991,260,345
Portfolio of Investments July 31, 2026
(continued)
NZF
30
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.1%(0.7% of Total Investments)
26,590,000
MUNICIPAL BONDS - 1.1% (0.7% of Total Investments)
26,590,000
NEW YORK - 1.1% (0.7% of Total Investments)
$
26,590,000
(k)
New York City, New York, General Obligation Bonds, Fiscal
2021 Series 2
3
.050
%
04/01/42
$
26,590,000
TOTAL NEW YORK
26,590,000
TOTAL MUNICIPAL BONDS
(Cost $26,590,000)
26,590,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $26,590,000)
26,590,000
TOTAL INVESTMENTS - 166.3%
(Cost $3,996,793,794)
4,017,850,345
FLOATING RATE OBLIGATIONS - (14.0)%
(
339,200,000
)
MFP SHARES, NET - (26.5)%(l)
(
640,219,822
)
VRDP SHARES, NET - (27.9)%(m)
(
674,126,152
)
OTHER ASSETS & LIABILITIES, NET -  2.1%
51,719,007
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
2,416,023,378
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash,
securities, or a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK
payment made by the issuer as of the end of the reporting period.
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse
Trust unless otherwise noted.
(a)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $359,918,041 or 9.0% of Total Investments.
(c)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(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)
Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial
period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference
between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(f)
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.
(g)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(h)
Inverse floating rate trust is a non recourse trust.
(i)
When-issued or delayed delivery security.
(j)
For fair value measurement disclosure purposes, investment classified as Level 3.
(k)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
(l)
MFP Shares, Net as a percentage of Total Investments is 15.9%.
(m)
VRDP Shares, Net as a percentage of Total Investments is 16.8%.
31
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, and the fair value of certain other assets and liabilities, when applica-
ble, as of the end of the reporting period, based on the inputs used to value them:
NZF
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
3,991,016,371
$
–
$
3,991,016,371
Variable Rate Senior Loan Interests
–
–
243,974
243,974
Short-Term Investments:
Municipal Bonds
–
26,590,000
–
26,590,000
$
–
$
4,017,606,371
$
243,974
$
4,017,850,345
Liabilities at Fair Value:
Floating Rate Obligations
$
–
$
339,200,000
$
–
$
339,200,000
MFP Shares, Net
–
640,219,822
–
640,219,822
VRDP Shares, Net
–
674,126,152
–
674,126,152
$
–
$
1,653,545,974
$
–
$
1,653,545,974
Assets at Fair Value:
Receivable for sale of Vistra Vision interest
$
–
$
25,333,587
$
–
$
25,333,587
$
–
$
25,333,587
$
–
$
25,333,587