1
Portfolio of Investments July 31, 2026
NUW
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 107.1%
284016852
MUNICIPAL BONDS - 107.1%
284016852
ALABAMA - 1.4%
$
1,500,000
(a)
Auburn, Alabama, General Obligation Warrants, Series 2026
5.250
%
06/01/56
$
1,569,583
2,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Prepay BP PLC, Series 2024D, (Mandatory Put 11/01/34)
5.000
03/01/55
2,073,470
TOTAL ALABAMA
3,643,053
ARIZONA - 1.6%
2,000,000
Arizona Industrial Development Authority, Student Housing
Revenue Bonds, CHF - Arizona, L.L.C. - University of Arizona
Project, Series 2026A - BAM Insured
5.250
07/01/61
2,053,664
2,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2025
5.250
01/01/55
2,102,754
TOTAL ARIZONA
4,156,418
CALIFORNIA - 13.8%
1,330,000
(c)
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0.000
09/01/30
1,165,609
340,000
(d)
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
346,311
5,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025C
5.000
07/01/51
5,080,828
4,500,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/39
4,826,760
2,500,000
(e)
Los Angeles, California, Wastewater System Revenue Bonds,
Subordinate Series 2025A, (UB)
5.250
06/01/50
2,684,673
450,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
6.500
11/01/39
531,251
10,200,000
(f)
Palomar Pomerado Health, California, General Obligation
Bonds, Series 2009A - AGC Insured
7.000
08/01/38
11,047,186
1,030,000
(c)
Poway Unified School District, San Diego County, California,
General Obligation Bonds, School Facilities Improvement
District 2007-1, Series 2011A
0.000
08/01/35
754,059
12,955,000
(c)
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 1997 Election Series 2012G - AGM
Insured
0.000
08/01/35
9,091,750
1,000,000
(b)
Southern California Public Power Authority, California, Revenue
Bonds, Clean Energy Project Revenue Bonds, Series 2024A,
(Mandatory Put 9/01/30)
5.000
04/01/55
1,037,872
TOTAL CALIFORNIA
36,566,299
COLORADO - 9.2%
1,365,000
Cherry Hills City Metropolitan District, Arapahoe County,
Colorado, General Obligation Limited Tax Bonds, Convertible
to Unlimited Tax Series 2020A-3
5.000
12/01/47
1,302,383
1,635,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5.250
12/01/54
1,708,429
415,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2026A
5.000
11/15/36
456,783
5,405,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2025E
5.000
03/01/51
5,537,737
1,500,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
12/01/36
1,503,676
1,750,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2019A
4.000
12/01/38
1,592,475
5,885,000
(c)
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0.000
09/01/34
4,395,389
1,370,000
(d)
Glen Metropolitan District 3, El Paso County, Colorado, General
Obligation Limited Tax Bonds, Series 2021
4.250
12/01/51
1,110,316
Portfolio of Investments July 31, 2026
(continued)
NUW
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
200,000
Hunters Overlook Metropolitan District 5, Severance, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Series 2024
5.000
%
12/01/44
$
207,778
3,680,000
Metropolitan Wastewater Reclamation District, Colorado,
Sewer Revenue Bonds, Improvement Series 2026A
5.000
04/01/51
3,824,256
1,000,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6.500
11/15/38
1,161,268
1,500,000
Vale, Colorado, Certificates of Participation, Series 2025
5.375
12/01/55
1,557,812
TOTAL COLORADO
24,358,302
CONNECTICUT - 1.5%
1,210,000
Aquarion Water Authority, Connecticut, Water System Revenue
Bonds, Series 2026A
5.250
08/01/39
1,338,729
335,000
Aquarion Water Authority, Connecticut, Water System Revenue
Bonds, Series 2026A
5.250
08/01/46
361,244
1,500,000
Aquarion Water Authority, Connecticut, Water System Revenue
Bonds, Subordinate Series 2026D
5.250
08/01/39
1,647,880
175,000
Aquarion Water Authority, Connecticut, Water System Revenue
Bonds, Subordinate Series 2026D - BAM Insured
5.250
08/01/42
190,943
1,000,000
(c)
Aquarion Water Authority, Connecticut, Water System Revenue
Capital Appreciation  Bonds, Series 2026C
0.000
08/01/49
309,573
340,000
(c)
Aquarion Water Authority, Connecticut, Water System Revenue
Capital Appreciation  Bonds, Subordinate Series 2026E - BAM
Insured
0.000
08/01/44
145,235
TOTAL CONNECTICUT
3,993,604
DISTRICT OF COLUMBIA - 0.3%
725,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Dedicated Revenue Bonds, Series 2020A
5.000
07/15/45
742,563
TOTAL DISTRICT OF COLUMBIA
742,563
FLORIDA - 3.0%
2,000,000
Banyan Cay Community Development District, West Palm
Beach, Florida, Special Assessment Bonds, 2020-1
4.000
11/01/51
1,617,619
1,000,000
(b)
Highlands County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Adventist Health Obligated Group, Series
2024C, (Mandatory Put 11/15/31)
5.000
11/15/59
1,075,001
1,500,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5.250
11/15/49
1,566,372
890,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5.000
10/01/48
916,318
1,075,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5.250
10/01/54
1,116,665
1,665,000
Peace River Manasota Regional Water Supply Authority,
Florida, Utility System Revenue Bonds, Series 2025A
5.250
10/01/50
1,760,699
TOTAL FLORIDA
8,052,674
GEORGIA - 2.5%
1,000,000
Atlanta, Georgia, Water and Wastewater Revenue Bonds,
Subordinate Lien Green Series 2026
5.000
11/01/41
1,090,910
250,000
Cartersville, Georgia, Water and Sewer Revenue, Series 2026
5.000
06/01/43
271,102
250,000
Cartersville, Georgia, Water and Sewer Revenue, Series 2026
5.000
06/01/44
269,634
2,000,000
Gainesville and Hall County Hospital Authority, Georgia,
Revenue Anticipation Certificates, Northeast Georgia Health
Services Inc., Series 2017B
5.250
02/15/45
2,012,352
1,470,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2019A - BAM Insured
5.000
01/01/49
1,475,531
1,790,000
(c)
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2015A
0.000
01/01/32
1,418,256
TOTAL GEORGIA
6,537,785
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS - 7.5%
$
2,995,000
Chicago, Illinois, Water Revenue Bonds, Project Series 2026A
5.000
%
11/01/64
$
2,982,440
1,000,000
Grand Prairie Water Commission, Illinois, Water Revenue
Bonds, Senior Lien Series 2025 - BAM Insured
5.250
01/01/50
1,039,846
5,000,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2023A
5.250
05/15/54
5,132,181
1,100,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/48
1,127,242
1,500,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/27
1,538,279
525,000
Illinois State, General Obligation Bonds, October Series 2016
5.000
02/01/27
530,433
500,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2024B
5.000
06/15/53
497,268
11,420,000
(c)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
12/15/37
7,051,569
TOTAL ILLINOIS
19,899,258
KENTUCKY - 5.0%
500,000
Kentucky Bond Development Corporation, Revenue Bonds,
University of Kentucky Central Utility Plant Project, Senior
Series 2026A
5.500
10/31/56
522,894
1,000,000
Kentucky Bond Development Corporation, Student Housing
Revenue Bonds, Collegiate Housing Foundation - Bowling
Green, LLC., Western Kentucky University Project, Series 2026A
5.250
07/01/61
1,022,890
1,000,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
09/01/43
1,009,752
1,000,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-1
5.000
08/01/32
1,041,214
3,795,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-1
5.000
08/01/44
3,855,663
4,050,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5.000
01/01/45
4,050,964
705,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5.000
09/01/45
745,648
1,050,000
(b)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5.000
01/01/55
1,094,018
TOTAL KENTUCKY
13,343,043
MAINE - 0.9%
2,425,000
University of Maine, System Revenue Bonds, Series 2022
5.000
03/01/47
2,492,852
TOTAL MAINE
2,492,852
MARYLAND - 4.4%
3,420,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/33
3,435,805
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Lifebridge Health Issue Series 2023
5.000
07/01/54
1,007,812
5,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2017A
5.000
05/15/45
5,023,484
2,105,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5.000
07/01/55
2,112,321
TOTAL MARYLAND
11,579,422
MASSACHUSETTS - 1.9%
5,000,000
(e)
Massachusetts State, General Obligation Bonds, Consolidated
Series 2024B, (UB)
5.000
05/01/54
5,122,155
TOTAL MASSACHUSETTS
5,122,155
MICHIGAN - 1.9%
1,250,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2026C
5.250
07/01/51
1,315,884
3,480,000
(e)
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I, (UB)
5.250
10/15/50
3,661,912
TOTAL MICHIGAN
4,977,796
Portfolio of Investments July 31, 2026
(continued)
NUW
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA - 0.4%
$
1,145,000
Rochester, Minnesota, Electric Utility Revenue Bonds,
Refunding Series 2017A
5.000
%
12/01/47
$
1,147,584
TOTAL MINNESOTA
1,147,584
MONTANA - 0.4%
1,000,000
Big Sky Area Resort District, Montana, Resort Tax Revenue
Bonds, 1% Resort Tax Cold Smoke Project Series 2026
5.000
07/01/53
1,017,137
TOTAL MONTANA
1,017,137
NEVADA - 0.8%
2,000,000
Las Vegas Convention and Visitors Authority, Nevada, Revenue
Bonds, Series 2018C
5.250
07/01/43
2,049,194
TOTAL NEVADA
2,049,194
NEW HAMPSHIRE - 0.2%
500,000
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2026-1 Class A
5.100
12/20/42
511,926
TOTAL NEW HAMPSHIRE
511,926
NEW JERSEY - 3.8%
65,000
(g)
Cumberland County Improvement Authority, New Jersey,
Guaranteed Lease Revenue Bonds, County Correctional Facility
Project, Series 2018, (Pre-refunded 10/01/28) - BAM Insured
4.000
10/01/43
66,756
30,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3.250
03/01/32
29,632
25,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Foundation Academy Charter School, Series
2018A
5.000
07/01/38
25,013
35,000
New Jersey Economic Development Authority, Fixed Rate
Revenue Bonds, Lions Gate Project, Series 2014
5.250
01/01/44
33,709
125,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3.375
07/01/30
123,372
55,000
New Jersey Economic Development Authority, Revenue
Bonds, Provident Group - Kean Properties LLC - Kean University
Student Housing Project, Series 2017A
5.000
07/01/47
52,311
100,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Rowan Properties LLC - Rowan University
Student Housing Project, Series 2015A
5.000
01/01/48
98,460
155,000
New Jersey Economic Development Authority, Revenue
Bonds, West Campus Housing LLC - New Jersey City University
Student Housing Project, Series 2015
5.000
07/01/47
138,661
97,395
(d)
New Jersey Economic Development Authority, Revenue Bonds,
White Horse HMT Urban Renewal LLC Project, Series 2020
5.000
01/01/40
68,043
935,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2005N-1 - NPFG Insured
5.500
09/01/27
963,427
5,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
3.750
07/01/37
3,917
100,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
4.000
07/01/42
73,739
75,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5.000
07/01/38
75,019
5,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
3.000
07/01/41
3,983
360,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2017A
5.000
07/01/42
362,940
10,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group
Issue, Refunding Series 2016
3.000
07/01/32
9,493
110,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A -
AGM Insured
5.000
07/01/46
110,138
50,000
(d)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Village Drive Healthcare Urban Renewal LLC, Series
2018
5.750
10/01/38
36,266
4,020,000
(c)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0.000
12/15/31
3,334,930
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
2,170,000
(c)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0.000
%
12/15/39
$
1,213,649
255,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5.250
06/15/41
255,164
1,500,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024CC
5.250
06/15/50
1,563,473
855,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.250
06/01/46
856,966
380,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5.000
06/01/46
367,535
170,000
Union County Utilities Authority, New Jersey, Solid Waste
System County Deficiency Revenue Bonds, Series 2011A
5.000
06/15/41
170,081
TOTAL NEW JERSEY
10,036,677
NEW YORK - 7.6%
595,000
Albany Capital Resource Corporation, New York, Revenue
Bonds, Albany Medical Center Hospital Series 2025A
5.250
05/01/50
620,348
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.500
10/01/54
1,043,990
1,250,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5.250
03/15/50
1,313,932
3,000,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarters Revenue Bonds Series 2007
5.500
10/01/37
3,446,482
1,500,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2017
5.000
09/01/42
1,521,252
2,050,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5.000
09/01/39
2,108,672
1,390,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5.000
11/15/50
1,397,627
750,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Green Climate
Certified Series 2020E
5.000
11/15/30
809,900
1,875,000
(e)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series
A-1, (UB)
5.000
05/01/54
1,906,792
1,250,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
5.500
05/01/52
1,325,885
1,250,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025H-1
5.500
11/01/51
1,330,619
625,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2026F-1
5.250
02/01/52
650,806
1,230,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series C
5.000
08/01/42
1,265,013
1,325,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2022A
5.500
11/15/57
1,390,489
TOTAL NEW YORK
20,131,807
NORTH CAROLINA - 0.6%
1,000,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2026
5.000
12/01/56
1,039,669
700,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017
5.000
01/01/32
704,453
TOTAL NORTH CAROLINA
1,744,122
OHIO - 6.5%
12,325,000
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
9,335,902
3,095,000
Central Ohio Transit Authority, Ohio, General Obligation
Bonds, Capital Facilities Limited Tax Series 2023
5.000
12/01/48
3,208,863
1,000,000
Ohio State, Hospital Revenue Bonds, Children's Hospital
Medical Center of Akron, Series 2024A
5.250
08/15/48
1,051,353
1,005,000
Port of Greater Cincinnati Development Authority, Ohio, Duke
Energy Convention Center Project, TOT First Subordinate
Development Revenue Bonds, Refunding Series 2024B
5.000
12/01/63
1,006,586
Portfolio of Investments July 31, 2026
(continued)
NUW
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
385,000
(d)
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Development Revenue Bonds, Convention
Center Hotel Project, Refunding Senior Lien Series 2026
5.625
%
03/01/46
$
383,357
220,000
(d)
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Development Revenue Bonds, Convention
Center Hotel Project, Refunding Senior Lien Series 2026
6.250
03/01/51
227,198
1,000,000
Ross County, Ohio, Hospital Facilities Revenue Bonds,
Adena Health System Obligated Group Project, Refunding &
Improvement Series 2019
5.000
12/01/49
966,254
1,000,000
Tolles Career and Technical Center, Madison, Franklin,
Delaware, Fayette, and Union Counties, Ohio, Certificates of
Participation, School Facilities Project Series 2024
5.250
12/01/53
1,026,427
TOTAL OHIO
17,205,940
OKLAHOMA - 0.8%
500,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.500
08/15/57
495,260
1,665,000
(e)
Oklahoma Water Resources Board, Revolving Fund Revenue
Bonds-Clean Water Program, 2019 Master Trust, Series 2025A,
(UB)
5.250
04/01/50
1,760,087
TOTAL OKLAHOMA
2,255,347
PENNSYLVANIA - 2.6%
50,000
(g)
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2017, (Pre-refunded 10/15/27)
5.000
10/15/37
51,316
20,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6.000
06/30/34
20,934
266,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5.000
06/30/39
250,011
133,000
(f)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
6.000
06/30/44
101,164
42,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8.000
06/30/34
42,203
70,000
Bucks County Industrial Development Authority, Pennsylvania,
Revenue Bonds, School Lane Charter School Project, Series
2016
5.125
03/15/36
70,395
20,000
Chester County Industrial Development Authority,
Pennsylvania, Avon Grove Charter School Revenue Bonds,
Series 2017A
5.000
12/15/47
18,896
15,000
Chester County Industrial Development Authority,
Pennsylvania, Student Housing Revenue Bonds, University
Student Housing, LLC Project at West Chester University Series
2013A
5.000
08/01/45
14,227
40,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2015
4.000
01/01/33
39,510
45,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2015
5.000
01/01/38
45,015
25,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019A
4.125
01/01/38
24,332
30,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University Project, Series 2019
5.000
05/01/48
26,817
30,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University, Series 2014
5.000
05/01/37
29,328
35,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
4.000
11/01/39
30,423
20,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
5.000
11/01/42
19,418
1,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A
4.600
10/01/44
990,060
3,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-146A
4.750
04/01/53
2,944,534
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
1,615,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2025A
5.250
%
12/01/55
$
1,681,728
25,000
(d)
Philadelphia Authority for Industrial Development,
Pennsylvania, Charter School Revenue Bonds, Philadelphia
Performing Arts: A String Theory Charter School, Series 2020
5.000
06/15/50
23,028
70,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, La Salle University, Series 2017
3.625
05/01/35
46,304
5,000
(d),(g),(h)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, University of the Arts, Series
2017, (Pre-refunded 3/15/28)
5.000
03/15/45
5,175
13,958
(d),(h)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, University of the Arts, Series
2017
5.000
03/15/45
2,792
145,000
(g)
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-
refunded 1/01/27)
5.000
07/01/45
146,315
55,000
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B
5.000
07/01/45
55,081
100,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
5.000
06/01/46
85,657
5,000
The Redevelopment Authority of the City of Scranton,
Lackawanna county, Pennsylvania, Guaranteed Lease Revenue
Bonds, Series 2016A
5.000
11/15/28
5,004
15,000
Washington County Redevelopment Authority, Pennsylvania,
Tanger Outlet Victory Center Tax Increment Bonds, Series 2018
5.000
07/01/35
15,148
TOTAL PENNSYLVANIA
6,784,815
PUERTO RICO - 3.2%
1,170,000
(c)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/33
915,064
1,739,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.500
07/01/34
1,734,286
3,812,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5.000
07/01/58
3,668,264
710,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2019A-2A
4.550
07/01/40
703,572
1,360,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
07/01/40
1,329,404
49,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.784
07/01/58
46,391
TOTAL PUERTO RICO
8,396,981
SOUTH CAROLINA - 3.7%
5,435,000
(c)
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AGC Insured
0.000
01/01/29
5,027,927
2,320,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, McLeod Health Project, Series
2024
5.250
11/01/54
2,380,212
1,000,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5.500
11/01/54
1,045,381
1,250,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2024B
5.000
12/01/54
1,271,202
TOTAL SOUTH CAROLINA
9,724,722
Portfolio of Investments July 31, 2026
(continued)
NUW
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE - 0.5%
$
550,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5.250
%
07/01/53
$
567,735
300,000
West Wilson Utility District, Wilson County, Tennessee, Water
Revenue Bonds, Refunding & Improvement Series 2026
5.000
06/01/39
326,394
350,000
West Wilson Utility District, Wilson County, Tennessee, Water
Revenue Bonds, Refunding & Improvement Series 2026
5.000
06/01/41
375,732
TOTAL TENNESSEE
1,269,861
TEXAS - 11.7%
500,000
Garland, Dallas, Collin and Rockwell Counties, Texas, Electric
Utility System Revenue Bonds, Refunding Series 2024
5.000
03/01/50
509,934
830,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/48
878,053
1,665,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/49
1,756,677
830,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/50
873,686
1,665,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.250
02/15/55
1,738,690
1,700,000
Harris County Hospital District, Texas, General Obligation
Bonds, Refunding & Limited Tax Series 2026
5.250
02/15/56
1,779,235
1,010,000
(c),(g)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured, (ETM)
0.000
09/01/32
825,193
1,990,000
(c)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/32
1,587,500
7,935,000
(c)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/33
6,070,064
1,145,000
Lamar Consolidated Independent School District, Fort Bend
County, Texas, General Obligation Bonds, Schoolhouse
Refunding Series 2024
5.250
02/15/59
1,182,027
2,430,000
Lower Colorado River Authority, Texas, Transmission Contract
Revenue Bonds, LCRA Transmission Services Corporation
Project, Refunding Series 2021A
5.000
05/15/51
2,456,051
1,665,000
(e)
Lubbock Independent School District, Lubbock County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5.250
02/15/55
1,741,080
1,595,000
(e)
Northwest Independent School District, Denton, Tarrant and
Wise Counties, Texas, General Obligation Bonds, School
Building Series 2025, (UB)
5.250
02/15/55
1,672,472
5,000,000
(e)
Spring Independent School District, Hardin County, Texas,
General Obligation Bonds, School Building and Refunding
Series 2025, (UB)
5.250
08/15/50
5,261,573
1,600,000
Texas Private Activity Bond Surface Transporation Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Refunding Senior Lien Series
2019A
5.000
12/31/35
1,662,371
1,000,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
5.000
08/01/57
977,753
TOTAL TEXAS
30,972,359
UTAH - 1.7%
1,071,000
(d)
ROAM Public Infrastructure District 1, Utah, Limited Tax General
Obligation Bonds, Series 2021A
4.250
03/01/51
876,595
1,500,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017B
5.000
07/01/47
1,508,031
2,060,000
(e)
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025, (UB)
5.000
12/15/44
2,203,913
TOTAL UTAH
4,588,539
9
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA - 1.6%
$
1,160,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5.000
%
07/01/46
$
1,152,978
1,300,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5.000
07/01/51
1,264,822
1,400,000
(f)
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4.875
07/15/40
1,420,324
500,000
Henrico County Economic Development Authority, Virginia,
Health Facilities Revenue Bonds, Bon Secours Mercy Health,
Series 2025A-VA
5.000
11/01/48
511,034
TOTAL VIRGINIA
4,349,158
WASHINGTON - 3.6%
3,330,000
(c)
Chelan County Public Utility District 1, Washington, Columbia
River-Rock Island Hydro-Electric System Revenue Refunding
Bonds, Series 1997A - NPFG Insured
0.000
06/01/29
3,056,129
440,000
Port Everett, Washington, Revenue Bonds, Refunding Series
2026A
5.250
12/01/55
457,934
1,335,000
(e)
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A, (UB)
5.250
12/01/55
1,391,734
690,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5.000
08/15/30
701,757
2,165,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Series2021B.
Exchange Purchase
4.000
07/01/37
2,101,278
2,000,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Series 2018
5.000
07/01/58
1,936,623
TOTAL WASHINGTON
9,645,455
WEST VIRGINIA - 0.9%
530,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Cabell Huntington Hospital, Inc. Project, Refunding &
Improvement Series 2018A
5.000
01/01/34
530,460
1,800,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Refunding &
Improvement Series 2019A
5.000
09/01/38
1,817,437
TOTAL WEST VIRGINIA
2,347,897
WISCONSIN - 1.6%
2,000,000
(d)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
4.060
12/01/50
1,560,000
999,574
Public Finance Authority of Wisconsin, Municipal Certificates,
Systima Series 2026-1 Class A-1
5.400
06/20/44
1,029,767
2,000,000
Public Finance Authority of Wisconsin, Revenue Bonds,
SearStone Retirement Community, Series 2023A
5.000
06/01/52
1,782,340
TOTAL WISCONSIN
4,372,107
TOTAL MUNICIPAL BONDS
(Cost $280,649,825)
284,016,852
TOTAL LONG-TERM INVESTMENTS
(Cost $280,649,825)
284,016,852
FLOATING RATE OBLIGATIONS - (7.9)%
(20,925,000)
OTHER ASSETS & LIABILITIES, NET -  0.8%
1,999,498
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
265,091,350
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse
Trust unless otherwise noted.
Portfolio of Investments July 31, 2026
(continued)
NUW
10
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments, 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:
(a)
When-issued or delayed delivery security.
(b)
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.
(c)
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.
(d)
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 $4,639,081 or 1.6% of Total Investments.
(e)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(f)
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.
(g)
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.
(h)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
NUW
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
284,016,852
$
–
$
284,016,852
$
–
$
284,016,852
$
–
$
284,016,852
Liabilities at Fair Value:
Floating Rate Obligations
$
–
$
20,925,000
$
–
$
20,925,000
$
–
$
20,925,000
$
–
$
20,925,000
Assets at Fair Value:
Receivable for sale of Vistra Vision interest
$
–
$
245,974
$
–
$
245,974
$
–
$
245,974
$
–
$
245,974