1
Portfolio of Investments January 31, 2026
NUW
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 107.1%
289994833
MUNICIPAL BONDS - 107.1%
289994833
ALABAMA - 2.0%
$
2,000,000
(a)
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
$
2,161,573
1,990,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024C, (Mandatory Put 7/01/31)
5
.000
05/01/55
2,138,722
1,000,000
(a)
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory
Put 5/01/32)
5
.000
06/01/49
1,071,102
TOTAL ALABAMA
5,371,397
ARIZONA - 1.6%
1,000,000
Arizona Board of Regents, University of Arizona, System
Revenue Bonds, Green Series 2016B
5
.000
06/01/46
1,002,231
3,045,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/37
3,344,280
TOTAL ARIZONA
4,346,511
CALIFORNIA - 14.4%
1,330,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0
.000
09/01/30
1,186,900
1,170,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2024A
5
.250
12/01/42
1,260,739
340,000
(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
351,197
5,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025C
5
.000
07/01/51
5,186,793
4,500,000
(c)
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/39
5,124,991
2,500,000
(d)
Los Angeles, California, Wastewater System Revenue Bonds,
Subordinate Series 2025A, (UB)
5
.250
06/01/50
2,707,524
450,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
6
.500
11/01/39
559,192
10,200,000
Palomar Pomerado Health, California, General Obligation
Bonds, Series 2009A - AGC Insured
7
.000
08/01/38
11,332,163
1,030,000
Poway Unified School District, San Diego County, California,
General Obligation Bonds, School Facilities Improvement
District 2007-1, Series 2011A
0
.000
08/01/35
774,336
12,955,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 1997 Election Series 2012G - AGM
Insured
0
.000
08/01/35
9,359,024
1,000,000
(a)
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
1,067,079
TOTAL CALIFORNIA
38,909,938
COLORADO - 7.6%
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
1,290,853
1,635,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5
.250
12/01/54
1,718,322
5,405,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2025E
5
.000
03/01/51
5,626,883
1,500,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/36
1,512,573
1,750,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2019A
4
.000
12/01/38
1,719,951
5,885,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0
.000
09/01/34
4,515,166
Portfolio of Investments January 31, 2026
(continued)
NUW
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,370,000
(b)
Glen Metropolitan District 3, El Paso County, Colorado, General
Obligation Limited Tax Bonds, Series 2021
4
.250
%
12/01/51
$
1,115,853
200,000
Hunters Overlook Metropolitan District 5, Severance, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Series 2024
5
.000
12/01/44
210,717
1,000,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6
.500
11/15/38
1,220,107
1,500,000
Vale, Colorado, Certificates of Participation, Series 2025
5
.375
12/01/55
1,588,018
TOTAL COLORADO
20,518,443
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
747,878
TOTAL DISTRICT OF COLUMBIA
747,878
FLORIDA - 3.8%
2,000,000
Banyan Cay Community Development District, West Palm
Beach, Florida, Special Assessment Bonds, 2020-1
4
.000
11/01/51
1,642,445
1,655,000
Fort Myers, Florida, Utility System Revenue Bonds, Refunding
Series 2019A
4
.000
10/01/49
1,515,530
500,000
Gainesville, Florida, Utilities System Revenue Bonds, Series
2017A
5
.000
10/01/36
517,455
1,000,000
(a)
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
1,118,289
1,500,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5
.250
11/15/49
1,589,575
890,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5
.000
10/01/48
924,791
1,075,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5
.250
10/01/54
1,127,233
1,665,000
Peace River Manasota Regional Water Supply Authority,
Florida, Utility System Revenue Bonds, Series 2025A
5
.250
10/01/50
1,766,399
TOTAL FLORIDA
10,201,717
GEORGIA - 2.3%
2,000,000
Gainesville and Hall County Hospital Authority, Georgia,
Revenue Anticipation Certificates, Northeast Georgia Health
Services Inc., Series 2017B
5
.250
02/15/45
2,022,726
1,145,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2024D, (Mandatory Put 4/01/31)
5
.000
04/01/54
1,227,435
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
1,471,841
1,790,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2015A
0
.000
01/01/32
1,459,588
TOTAL GEORGIA
6,181,590
ILLINOIS - 7.5%
1,000,000
Grand Prairie Water Commission, Illinois, Water Revenue
Bonds, Senior Lien Series 2025 - BAM Insured
5
.250
01/01/50
1,052,012
7,500,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2023A
5
.250
05/15/54
7,818,839
1,100,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/48
1,138,506
1,500,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/27
1,562,618
525,000
Illinois State, General Obligation Bonds, October Series 2016
5
.000
02/01/27
537,795
495,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
4
.000
06/15/50
425,920
500,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2024B
5
.000
06/15/53
495,746
11,420,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/37
7,334,185
TOTAL ILLINOIS
20,365,621
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY - 4.8%
$
1,000,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5
.000
%
09/01/43
$
1,016,929
1,000,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-1
5
.000
08/01/32
1,073,075
3,795,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-1
5
.000
08/01/44
3,896,441
4,050,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5
.000
01/01/45
4,051,256
1,080,000
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Refunding First
Tier Series 2021B - AGM Insured
4
.000
07/01/53
978,057
705,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/45
753,034
1,050,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5
.000
01/01/55
1,131,871
TOTAL KENTUCKY
12,900,663
MAINE - 0.9%
2,425,000
University of Maine, System Revenue Bonds, Series 2022
5
.000
03/01/47
2,509,554
TOTAL MAINE
2,509,554
MARYLAND - 4.3%
3,420,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/33
3,473,563
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Lifebridge Health Issue Series 2023
5
.000
07/01/54
1,016,586
5,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2017A
5
.000
05/15/45
5,043,381
2,105,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5
.000
07/01/55
2,143,189
TOTAL MARYLAND
11,676,719
MASSACHUSETTS - 1.9%
5,000,000
(d)
Massachusetts State, General Obligation Bonds, Consolidated
Series 2024B, (UB)
5
.000
05/01/54
5,165,574
TOTAL MASSACHUSETTS
5,165,574
MICHIGAN - 2.4%
550,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne Criminal Justice Center
Project, Senior Lien Series 2018
5
.000
11/01/43
563,380
2,500,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne, Second Lien Refunding
Series 2020 - BAM Insured
4
.000
11/01/55
2,261,956
3,480,000
(d)
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I, (UB)
5
.250
10/15/50
3,684,161
TOTAL MICHIGAN
6,509,497
MINNESOTA - 0.8%
1,145,000
Rochester, Minnesota, Electric Utility Revenue Bonds,
Refunding Series 2017A
5
.000
12/01/47
1,154,672
1,000,000
University of Minnesota, General Obligation Bonds, Series
2016A
5
.000
04/01/41
1,001,636
TOTAL MINNESOTA
2,156,308
MONTANA - 0.6%
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
1,021,622
625,000
Big Sky Area Resort District, Montana, Resort Tax Revenue
Bonds, 1% Resort Tax Cold Smoke Project Series 2026
4
.500
07/01/55
612,181
TOTAL MONTANA
1,633,803
NEVADA - 1.3%
3,500,000
Las Vegas Convention and Visitors Authority, Nevada, Revenue
Bonds, Series 2018C
5
.250
07/01/43
3,619,643
TOTAL NEVADA
3,619,643
Portfolio of Investments January 31, 2026
(continued)
NUW
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY - 5.1%
$
80,000
Cumberland County Improvement Authority, New Jersey,
Guaranteed Lease Revenue Bonds, County Correctional Facility
Project, Series 2018 - BAM Insured
4
.000
%
10/01/43
$
80,062
35,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.125
03/01/31
35,297
30,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.250
03/01/32
30,254
50,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.500
03/01/36
50,353
25,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Foundation Academy Charter School, Series
2018A
5
.000
07/01/38
25,184
220,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, North Star Academy Charter School of
Newark, Series 2017
4
.000
07/15/37
218,994
25,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, North Star Academy Charter School of
Newark, Series 2017
5
.000
07/15/47
24,690
100,000
(b)
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Teaneck Community Charter School, Series
2017A
5
.125
09/01/52
96,284
35,000
New Jersey Economic Development Authority, Fixed Rate
Revenue Bonds, Lions Gate Project, Series 2014
5
.250
01/01/44
33,791
125,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
125,117
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
51,916
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
95,869
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
137,700
97,395
(b)
New Jersey Economic Development Authority, Revenue Bonds,
White Horse HMT Urban Renewal LLC Project, Series 2020
5
.000
01/01/40
68,941
935,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2005N-1 - NPFG Insured
5
.500
09/01/27
982,563
100,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Kean University, Refunding Series 2015H - AGM Insured
4
.000
07/01/39
100,012
5,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
3
.750
07/01/37
3,816
100,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
4
.000
07/01/42
71,691
75,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5
.000
07/01/38
75,055
5,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
3
.000
07/01/41
4,108
200,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
4
.000
07/01/47
179,335
360,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2017A
5
.000
07/01/42
365,979
1,875,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
4
.125
07/01/54
1,693,798
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
9,448
20,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group
Issue, Refunding Series 2016
4
.000
07/01/48
17,092
125,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A -
AGM Insured
4
.125
07/01/38
125,049
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
110,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A -
AGM Insured
5
.000
%
07/01/46
$
110,176
50,000
(b)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Village Drive Healthcare Urban Renewal LLC, Series
2018
5
.750
10/01/38
36,675
60,000
New Jersey Housing and Mortgage Finance Agency,
Multifamily Revenue Bonds, Series 2015A
4
.000
11/01/45
55,682
75,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3
.750
10/01/35
75,246
665,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C
3
.950
10/01/44
648,865
4,020,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/31
3,413,136
2,170,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0
.000
12/15/39
1,286,431
255,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5
.250
06/15/41
255,235
50,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
4
.000
12/15/39
50,384
100,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4
.000
06/15/50
91,594
30,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
4
.000
06/15/50
27,478
1,500,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024CC
5
.250
06/15/50
1,586,449
25,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
4
.000
06/01/37
25,010
855,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.250
06/01/46
852,843
395,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5
.000
06/01/46
384,015
170,000
Union County Utilities Authority, New Jersey, Solid Waste
System County Deficiency Revenue Bonds, Series 2011A
5
.000
06/15/41
170,143
TOTAL NEW JERSEY
13,771,760
NEW YORK - 7.7%
595,000
Albany Capital Resource Corporation, New York, Revenue
Bonds, Albany Medical Center Hospital Series 2025A
5
.250
05/01/50
623,505
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.500
10/01/54
1,063,381
1,250,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5
.250
03/15/50
1,327,868
3,000,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarters Revenue Bonds Series 2007
5
.500
10/01/37
3,633,547
1,500,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2017
5
.000
09/01/42
1,534,247
2,050,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5
.000
09/01/39
2,151,420
1,390,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5
.000
11/15/50
1,407,732
750,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Green Climate
Certified Series 2020E
5
.000
11/15/30
839,724
200,000
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class
D Series 2024
4
.000
12/15/31
206,437
1,875,000
(d)
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
1,922,338
1,250,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
5
.500
05/01/52
1,333,331
Portfolio of Investments January 31, 2026
(continued)
NUW
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
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
$
1,338,914
625,000
(c)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2026F-1
5
.250
02/01/52
657,083
1,230,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series C
5
.000
08/01/42
1,292,620
1,325,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2022A
5
.500
11/15/57
1,406,090
TOTAL NEW YORK
20,738,237
NORTH CAROLINA - 0.8%
1,000,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2026
5
.000
12/01/56
1,055,240
285,000
Mebane, North Carolina, Combined Utilities Revenue Bonds,
Series 2024
4
.000
08/01/49
270,716
700,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017
5
.000
01/01/32
713,780
TOTAL NORTH CAROLINA
2,039,736
OHIO - 5.0%
8,560,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5
.000
06/01/55
7,052,043
3,095,000
Central Ohio Transit Authority, Ohio, General Obligation
Bonds, Capital Facilities Limited Tax Series 2023
5
.000
12/01/48
3,248,496
1,000,000
Ohio State, Hospital Revenue Bonds, Children's Hospital
Medical Center of Akron, Series 2024A
5
.250
08/15/48
1,065,055
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
1,019,695
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
1,032,229
TOTAL OHIO
13,417,518
OKLAHOMA - 1.0%
500,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/57
497,453
600,000
Oklahoma Water Resources Board, Oklahoma, State Loan
Program Revenue Bonds, Series 2024C
4
.000
10/01/54
540,262
1,665,000
(d)
Oklahoma Water Resources Board, Revolving Fund Revenue
Bonds-Clean Water Program, 2019 Master Trust, Series 2025A,
(UB)
5
.250
04/01/50
1,775,040
TOTAL OKLAHOMA
2,812,755
PENNSYLVANIA - 3.7%
50,000
(e)
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2017, (Pre-refunded 10/15/27)
5
.000
10/15/37
52,175
450,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
4
.000
04/01/44
414,721
500,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2024
4
.000
12/01/49
463,955
230,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Refunding Project, Series 2017
5
.000
05/01/42
231,404
20,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6
.000
06/30/34
21,545
266,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5
.000
06/30/39
245,406
133,000
(f)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0
.000
06/30/44
95,294
42,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8
.000
06/30/34
42,805
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
70,000
Bucks County Industrial Development Authority, Pennsylvania,
Revenue Bonds, School Lane Charter School Project, Series
2016
5
.125
%
03/15/36
$
70,682
20,000
Chester County Industrial Development Authority,
Pennsylvania, Avon Grove Charter School Revenue Bonds,
Series 2017A
5
.000
12/15/47
19,163
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
14,136
35,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018
5
.000
06/01/33
36,690
200,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018 -
AGM Insured
4
.000
06/01/39
200,028
70,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Asbury Pennsylvania Obligated
Group,  Refunding Series 2019
5
.000
01/01/45
67,361
40,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2015
4
.000
01/01/33
40,015
45,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2015
5
.000
01/01/38
45,033
25,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019A
4
.125
01/01/38
25,064
5,000
(e)
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019A, (Pre-refunded 1/01/29)
5
.000
01/01/39
5,355
20,000
(e)
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019A, (Pre-refunded 1/01/29)
5
.000
01/01/39
21,418
5,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019A
5
.000
01/01/39
5,119
30,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University Project, Series 2019
5
.000
05/01/48
26,591
30,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University, Series 2014
5
.000
05/01/37
30,000
230,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/42
234,552
60,000
Erie Higher Education Building Authority, Pennsylvania,
Revenue Bonds, Gannon University, Series 2016
4
.000
05/01/46
47,179
40,000
Lancaster County Hospital Authority, Pennsylvania, Health
Center Revenue Bonds, Saint Anne's Retirement Community,
Inc., Series 2020
5
.000
03/01/50
33,257
55,000
Northampton County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,
Series 2019
5
.000
11/01/44
51,068
35,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
4
.000
11/01/39
33,041
20,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
5
.000
11/01/42
20,004
360,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2016-121
3
.200
10/01/41
330,364
1,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A
4
.600
10/01/44
1,009,413
3,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-146A
4
.750
04/01/53
2,983,856
100,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate
Series 2014A
4
.750
12/01/37
101,464
Portfolio of Investments January 31, 2026
(continued)
NUW
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
1,000,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Lien Series 2021A
4
.000
%
12/01/51
$
906,527
1,615,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2025A
5
.250
12/01/55
1,697,091
50,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2019A
4
.000
12/01/49
45,452
25,000
(b)
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
23,053
70,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, La Salle University, Series 2017
3
.625
05/01/35
50,708
5,000
(b),(e),(g)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, University of the Arts, Series
2017, (Pre-refunded 3/15/28)
5
.000
03/15/45
5,275
13,957
(b),(g)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, University of the Arts, Series
2017
5
.000
03/15/45
2,792
145,000
(e)
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-
refunded 1/01/27)
5
.000
07/01/45
148,609
55,000
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B
5
.000
07/01/45
55,205
35,000
Rostraver Township, Westmoreland County, Pennsylvania,
General Obligation Bonds, Series 2018 - AGM Insured
3
.500
09/01/34
35,009
100,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
5
.000
06/01/46
85,062
5,000
The Redevelopment Authority of the City of Scranton,
Lackawanna county, Pennsylvania, Guaranteed Lease Revenue
Bonds, Series 2016A
5
.000
11/15/28
5,005
15,000
Washington County Redevelopment Authority, Pennsylvania,
Tanger Outlet Victory Center Tax Increment Bonds, Series 2018
5
.000
07/01/35
15,111
TOTAL PENNSYLVANIA
10,093,057
PUERTO RICO - 3.1%
1,170,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/33
896,604
1,739,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.500
07/01/34
1,739,274
3,812,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
3,737,381
710,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2019A-2A
4
.550
07/01/40
711,199
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
1,353,488
49,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.784
07/01/58
46,823
TOTAL PUERTO RICO
8,484,769
SOUTH CAROLINA - 3.2%
5,435,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AGC Insured
0
.000
01/01/29
5,014,473
1,250,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, McLeod Health Project, Series
2024
5
.250
11/01/54
1,319,746
1,000,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5
.500
11/01/54
1,053,310
1,250,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2024B
5
.000
12/01/54
1,290,120
TOTAL SOUTH CAROLINA
8,677,649
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE - 0.7%
$
2,160,000
West Wilson Utility District, Wilson County, Tennessee, Water
Revenue Bonds, Improvement Series 2022
4
.000
%
06/01/47
$
2,019,657
TOTAL TENNESSEE
2,019,657
TEXAS - 11.5%
500,000
Comal Independent School District, Comal, Bexar, Guadalupe,
Hays, and Kendall Counties, Texas, General Obligation Bonds,
Refunding School Building Series 2024
4
.000
02/15/49
468,250
500,000
Garland, Dallas, Collin and Rockwell Counties, Texas, Electric
Utility System Revenue Bonds, Refunding Series 2024
5
.000
03/01/50
515,829
830,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.250
02/15/48
887,534
1,665,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.250
02/15/49
1,776,924
830,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.250
02/15/50
883,628
1,665,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.250
02/15/55
1,755,109
3,000,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0
.000
09/01/32
2,415,578
7,935,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0
.000
09/01/33
6,131,767
1,145,000
Lamar Consolidated Independent School District, Fort Bend
County, Texas, General Obligation Bonds, Schoolhouse
Refunding Series 2024
5
.250
02/15/59
1,197,312
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
2,473,185
1,665,000
(d)
Lubbock Independent School District, Lubbock County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5
.250
02/15/55
1,757,639
1,595,000
(d)
Northwest Independent School District, Denton, Tarrant and
Wise Counties, Texas, General Obligation Bonds, School
Building Series 2025, (UB)
5
.250
02/15/55
1,682,532
1,000,000
San Antonio, Texas, Electric and Gas Systems Revenue Bonds,
Refunding New Series 2024B
5
.000
02/01/54
1,034,353
5,000,000
(d)
Spring Independent School District, Hardin County, Texas,
General Obligation Bonds, School Building and Refunding
Series 2025, (UB)
5
.250
08/15/50
5,337,511
250,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2016A
5
.000
02/15/41
251,825
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
1,700,627
1,000,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
5
.000
08/01/57
1,008,458
TOTAL TEXAS
31,278,061
UTAH - 1.7%
1,071,000
(b)
ROAM Public Infrastructure District 1, Utah, Limited Tax General
Obligation Bonds, Series 2021A
4
.250
03/01/51
874,815
1,500,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017B
5
.000
07/01/47
1,513,469
2,060,000
(d)
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025, (UB)
5
.000
12/15/44
2,258,372
TOTAL UTAH
4,646,656
Portfolio of Investments January 31, 2026
(continued)
NUW
10
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 - 1.5%
$
1,160,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5
.000
%
07/01/46
$
1,160,902
1,400,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.875
07/15/40
1,440,222
500,000
Henrico County Economic Development Authority, Virginia,
Health Facilities Revenue Bonds, Bon Secours Mercy Health,
Series 2025A-VA
5
.000
11/01/48
518,190
1,000,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-II
4
.600
10/01/54
978,056
TOTAL VIRGINIA
4,097,370
WASHINGTON - 3.4%
3,330,000
Chelan County Public Utility District 1, Washington, Columbia
River-Rock Island Hydro-Electric System Revenue Refunding
Bonds, Series 1997A - NPFG Insured
0
.000
06/01/29
3,034,034
1,335,000
(d)
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A, (UB)
5
.250
12/01/55
1,416,613
690,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5
.000
08/15/30
713,208
2,165,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Series2021B.
Exchange Purchase
4
.000
07/01/37
2,188,080
2,000,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Series 2018
5
.000
07/01/58
1,973,309
TOTAL WASHINGTON
9,325,244
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
532,062
1,800,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Refunding &
Improvement Series 2019A
5
.000
09/01/38
1,854,499
TOTAL WEST VIRGINIA
2,386,561
WISCONSIN - 1.3%
2,000,000
(b)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
7
.000
12/01/50
1,600,000
2,000,000
Public Finance Authority of Wisconsin, Revenue Bonds,
SearStone Retirement Community, Series 2023A
5
.000
06/01/52
1,790,947
TOTAL WISCONSIN
3,390,947
TOTAL MUNICIPAL BONDS
(Cost $280,517,861)
289,994,833
TOTAL LONG-TERM INVESTMENTS
(Cost $280,517,861)
289,994,833
FLOATING RATE OBLIGATIONS - (7.7)%
(
20,925,000
)
OTHER ASSETS & LIABILITIES, NET -  0.6%
1,712,647
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
270,782,480
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)
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.
(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 $4,406,289 or 1.5% of Total Investments.
(c)
When-issued or delayed delivery security.
(d)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
11
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(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)
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
$
–
$
289,994,833
$
–
$
289,994,833
Total
$
–
$
289,994,833
$
–
$
289,994,833