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1

Portfolio

of

Investments

July

31,

2025

NZF

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

168.0%

(99.5%

of

Total

Investments)

3938118620

MUNICIPAL

BONDS

-

168

.0

%

(

99

.5

%

of

Total

Investments)

3938118620

ALABAMA

-

3.7%

(2.2%

of

Total

Investments)

$

15,310,000

(a)

Alabama

Corrections

Institution

Finance

Authority,

Revenue

Bonds,

Series

2022A,

(UB)

5

.250

%

07/01/52

$

15,451,928

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

8,105,027

2,280,000

(a)

Alabama

Special

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2016B

5

.000

11/15/46

2,211,792

2,720,000

Alabama

Special

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2016C

5

.000

11/15/46

2,638,629

10,000,000

Black

Belt

Energy

Gas

District,

Alabama,

Gas

Project

Revenue

Bonds,

Series

2025A,

(Mandatory

Put

5/01/32)

5

.250

05/01/56

10,184,840

340,000

Hoover

Industrial

Development

Board,

Alabama,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation

Proejcet,

Series

2019,

(AMT)

5

.750

10/01/49

340,280

2,945,000

(a)

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024,

(UB)

5

.500

10/01/53

2,992,689

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

3,323,275

24,765,000

Southeast

Alabama

Gas

Supply

District,

Alabama,

Gas

Supply

Revenue

Bonds,

Project

2,

Refunding

Series

2024B,

(Mandatory

Put

5/01/32)

5

.000

06/01/49

26,171,033

14,840,000

Southeast

Energy

Authority,

Alabama,

Revenue

Bonds,

Cooperative

District

Energy

Supply

Series

2025A,

(Mandatory

Put

6/01/35)

5

.000

01/01/56

14,984,393

TOTAL

ALABAMA

86,403,886

ARIZONA

-

1.4%

(0.8%

of

Total

Investments)

2,131,023

(b),(c)

Cahava

Springs

Revitalization

District,

Cave

Creek,

Arizona,

Special

Assessment

Bonds,

Series

2017A

7

.000

07/01/41

1,491,716

3,185,000

(b)

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2015

5

.000

07/15/39

3,016,765

3,830,000

Maricopa

County

and

Phoenix

City

Industrial

Development

Authority,

Arizona,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024B

4

.800

09/01/49

3,649,930

1,500,000

Maricopa

County

and

Phoenix

City

Industrial

Development

Authority,

Arizona,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C

4

.850

09/01/54

1,427,657

10,000,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A,

(AMT)

5

.000

07/01/47

9,780,857

270,000

Phoenix

Mesa

Gateway

Airport

Authority,

Arizona,

Special

Facility

Revenue

Bonds,

Mesa

Project,

Series

2012,

(AMT)

5

.000

07/01/27

270,155

950,000

Phoenix

Mesa

Gateway

Airport

Authority,

Arizona,

Special

Facility

Revenue

Bonds,

Mesa

Project,

Series

2012,

(AMT)

5

.000

07/01/32

950,356

1,790,000

(c)

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Edkey

Charter

Schools

Project,

Series

2016

5

.375

07/01/46

1,253,000

2,140,000

(c)

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Edkey

Charter

Schools

Project,

Series

2016

5

.500

07/01/51

1,498,000

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

1,983,218

35,000

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

The

Paideia

Academies

Project,

2019

5

.125

07/01/39

32,219

50,000

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007

5

.000

12/01/32

53,411

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

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

$

7,522,156

TOTAL

ARIZONA

32,929,440

ARKANSAS

-

1.3%

(0.8%

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

9,832,393

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

12,458,505

6,000,000

(b)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2019,

(AMT)

4

.500

09/01/49

5,524,699

2,000,000

(b)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2020A,

(AMT)

4

.750

09/01/49

1,858,131

TOTAL

ARKANSAS

29,673,728

CALIFORNIA

-

19.7%

(11.7%

of

Total

Investments)

4,225,000

Alameda

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Series

2005B

-

AGM

Insured

0

.000

08/01/28

3,885,730

535,000

Antelope

Valley

Healthcare

District,

California,

Revenue

Bonds,

Series

2016A

5

.000

03/01/41

494,573

1,900,000

Blythe

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Redevelopment

Project

1,

Refunding

Series

2015

5

.000

05/01/38

1,902,248

165,000

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B

5

.000

09/02/36

165,042

4,070,000

Calexico

Unified

School

District,

Imperial

County,

California,

General

Obligation

Bonds,

Election

of

2004

Series

2005B

-

FGIC

Insured

0

.000

08/01/32

3,174,578

6,410,000

Calexico

Unified

School

District,

Imperial

County,

California,

General

Obligation

Bonds,

Election

of

2004

Series

2005B

-

FGIC

Insured

0

.000

08/01/34

4,560,264

19,925,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024C,

(Mandatory

Put

10/01/32)

5

.000

08/01/55

21,086,829

1,510,000

(b)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

5

.000

02/01/50

1,058,245

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

1,326,846

1,095,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Golden

Gate

Tobacco

Funding

Corporation,

Turbo,

Series

2007A

5

.000

06/01/36

1,033,590

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

22,113,297

3,500,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A

4

.000

04/01/45

3,059,245

825,000

(b)

California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Santa

Rosa

Academy

Project,

Series

2015

5

.375

07/01/45

752,788

34,780,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A

-

AGM

Insured

4

.000

02/01/51

29,356,748

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

2,014,694

2,000,000

(b),(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Downtown

College

Prep

-

Obligated

Group,

Series

2016

5

.000

06/01/51

1,200,000

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

2,500,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

5

.250

%

12/01/44

$

2,409,337

16,712,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

5

.500

12/01/54

16,185,906

33,780,000

(b)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.250

12/01/56

31,229,431

22,205,000

(b)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A

5

.500

12/01/58

21,436,447

9,955,000

Capistrano

Unified

School

District,

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

98-2,

Series

2005

-

FGIC

Insured

0

.000

09/01/31

7,974,133

14,085,000

Central

Valley

Energy

Authority,

California,

Commodity

Supply

Revenue

Bonds,

Series

2025,

(Mandatory

Put

8/01/35)

5

.000

12/01/55

15,049,594

3,795,000

Colton

Joint

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Series

2006C

-

FGIC

Insured

0

.000

02/01/37

2,357,193

6,215,000

(b)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2

4

.000

10/01/56

4,523,706

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

1,747,137

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

6,353,975

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

1,987,150

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

11,871,196

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

9,652,120

1,320,000

Davis,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Series

2015

5

.000

09/01/40

1,320,129

2,510,000

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

2,301,093

3,360,000

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

3,184,250

3,725,000

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A

-

AGM

Insured

0

.000

01/15/34

2,766,035

3,000,000

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A

5

.800

01/15/26

3,041,641

4,505,000

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

3,908,256

2,315,000

Gateway

Unified

School

District,

California,

General

Obligation

Bonds,

Series

2004B

-

FGIC

Insured

0

.000

08/01/32

1,828,188

3,170,000

(d)

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2005A

-

AGM

Insured,

(ETM)

0

.000

06/01/26

3,104,716

3,190,000

Hillsborough

City

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Series

2006B

0

.000

09/01/27

3,021,164

5,000,000

Huntington

Beach

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2005

-

NPFG

Insured

0

.000

08/01/31

4,130,440

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

2,500,000

Huntington

Beach

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2007

-

FGIC

Insured

0

.000

%

08/01/32

$

1,982,457

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

8,513,941

225,000

(e)

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007B

(TSFR3M*0.67%

+

1.450%)

4

.524

11/15/27

228,148

70,000

(d)

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

71,829

1,000,000

(d)

Mendocino-Lake

Community

College

District,

Mendocino

and

Lake

Counties,

California,

General

Obligation

Bonds,

Election

2006,

Series

2011B,

(Pre-refunded

8/01/26)

-

AGM

Insured

5

.600

08/01/31

1,032,275

2,335,000

(b)

Morongo

Band

of

Mission

Indians,

California,

Enterprise

Revenue

Bonds,

Series

2018A

5

.000

10/01/42

2,308,206

1,030,000

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

5

.875

08/01/28

1,116,616

2,320,000

(f)

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

0

.000

08/01/43

2,213,739

8,120,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C

7

.000

11/01/34

9,645,008

5,180,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C

6

.500

11/01/39

6,131,852

7,735,000

North

Orange

County

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2002

Series

2003B

-

FGIC

Insured

0

.000

08/01/25

7,735,000

4,180,000

North

Orange

County

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2002

Series

2003B

-

FGIC

Insured

0

.000

08/01/26

4,073,150

10,885,000

Norwalk

La

Mirada

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2002

Series

2005B

-

FGIC

Insured

0

.000

08/01/25

10,885,000

7,750,000

Oxnard

Union

High

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Election

2018

Series

2022C

4

.000

08/01/47

6,951,353

12,210,000

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Convertible

Capital

Appreciation,

Election

2004

Series

2010A

6

.750

08/01/40

12,765,063

5,000,000

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Series

2009A

-

AGC

Insured

7

.000

08/01/38

5,452,509

3,200,000

Redlands

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Series

2003

-

AGM

Insured

0

.000

07/01/27

3,012,642

22,345,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

(AMT)

5

.250

07/01/58

22,453,981

6,500,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2023A

5

.000

07/01/58

6,578,792

2,750,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2017A,

(AMT)

5

.000

07/01/47

2,689,736

2,360,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

(AMT)

5

.000

07/01/51

2,300,958

6,650,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A,

(AMT)

5

.000

05/01/44

6,603,315

25,670,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

(AMT)

5

.000

05/01/43

25,478,712

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

32,825,212

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

5,000,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A

4

.000

%

01/15/50

$

4,252,821

860,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

5

.250

01/15/44

860,042

37,555,000

Silicon

Valley

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Santa

Clara

County

Tobacco

Securitization

Corporation,

Series

2007A

0

.000

06/01/47

8,396,626

1,800,000

Walnut

Valley

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2000

Series

2003D

-

FGIC

Insured

0

.000

08/01/27

1,702,181

4,005,000

(f)

Wiseburn

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2011B

-

AGM

Insured

0

.000

08/01/36

4,518,629

TOTAL

CALIFORNIA

461,347,747

COLORADO

-

8.2%

(4.8%

of

Total

Investments)

980,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2019

5

.000

12/01/51

862,728

1,101,000

Base

Village

Metropolitan

District

2,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2016A

5

.500

12/01/36

1,101,369

770,000

(b)

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

5

.000

12/01/37

769,900

2,210,000

(b)

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

5

.000

12/01/47

2,058,571

859,000

Cherry

Creek

Corporate

Center

Metropolitan

District,

Arapahoe

County,

Colorado,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A

5

.000

06/01/37

858,964

5,500,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/34

5,713,806

1,105,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/37

1,127,620

1,105,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/38

1,120,084

5,035,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/39

5,066,869

30,270,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/44

29,659,427

820,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

4

.000

08/01/49

677,991

5,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

5

.500

11/01/47

5,091,371

8,300,000

(a)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A,

(UB)

5

.250

11/01/52

8,240,981

2,100,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Craig

Hospital

Project,

Series

2012

4

.000

12/01/42

1,816,001

2,105,000

Colorado

International

Center

Metropolitan

District

14,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018

5

.875

12/01/46

2,007,976

7,580,000

Dawson

Trails

Metropolitan

District

1,

Colorado,

In

The

Town

of

Castle

Rock,

Limited

Tax

General

Obligation

Capital

Appreciation

Turbo

Bonds,

Series

2024

0

.000

12/01/31

4,720,883

35,500,000

(a)

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

(AMT),

(UB)

5

.250

12/01/43

35,579,584

10,695,000

(a)

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

(AMT),

(UB)

5

.000

12/01/48

10,453,137

13,965,000

(a)

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

(AMT),

(UB)

5

.250

12/01/48

13,931,528

1,160,000

(b)

Denver

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

9th

and

Colorado

Urban

Redevelopement

Area,

Series

2018A

5

.250

12/01/39

1,119,479

330,000

(b)

Denver

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

9th

and

Colorado

Urban

Redevelopement

Area,

Series

2018A

5

.250

12/01/39

318,472

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

10,000,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Capital

Appreciation

Series

2010A

0

.000

%

09/01/41

$

4,663,441

8,845,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

1997B

-

NPFG

Insured

0

.000

09/01/26

8,576,790

7,550,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/29

6,718,102

11,100,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/31

9,128,496

10,000,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/32

7,873,979

4,000,000

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Refunding

Series

2006B

-

NPFG

Insured

0

.000

09/01/39

1,976,941

1,125,000

Foothills

Metropolitan

District,

Fort

Collins,

Colorado,

Special

Revenue

Bonds,

Series

2014

5

.750

12/01/30

1,120,596

1,000,000

Foothills

Metropolitan

District,

Fort

Collins,

Colorado,

Special

Revenue

Bonds,

Series

2014

6

.000

12/01/38

936,608

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

789,199

4,945,000

Overlook

Park

Metropolitan

District,

Routt

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Senior

Series

2023A

7

.250

12/01/53

4,865,845

4,310,000

(c)

Painted

Prairie

Public

Improvement

Authority,

Aurora,

Colorado,

Special

Revenue

Bonds,

Series

2019

5

.000

12/01/39

3,728,201

490,000

(d)

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

503,333

395,000

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds, Colorado

Springs

Utilities,

Series

2008

6

.250

11/15/28

414,084

4,060,000

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds, Colorado

Springs

Utilities,

Series

2008

6

.500

11/15/38

4,732,917

902,000

Reserve

Metropolitan

District

2,

Mount

Crested

Butte,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016A

5

.000

12/01/45

825,855

55,000

Water

Valley

Metropolitan

District

1,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2016

5

.250

12/01/40

53,758

105,000

Water

Valley

Metropolitan

District

2,

Windsor,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2016

5

.250

12/01/40

102,630

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

1,012,161

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

1,006,703

TOTAL

COLORADO

191,326,380

CONNECTICUT

-

0.4%

(0.3%

of

Total

Investments)

6,345,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2022U

4

.000

07/01/52

5,178,703

4,975,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2025A-1

4

.650

11/15/51

4,599,489

TOTAL

CONNECTICUT

9,778,192

DISTRICT

OF

COLUMBIA

-

0.9%

(0.6%

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

11,486,783

5,000,000

District

of

Columbia,

Income

Tax

Secured

Revenue

Bonds,

Series

2019A

4

.000

03/01/39

4,737,594

10,000,000

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

5,791,348

TOTAL

DISTRICT

OF

COLUMBIA

22,015,725

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

-

6.9%

(4.1%

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

$

965,249

865,000

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A

5

.000

09/01/45

820,119

615,000

Belmont

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2016A

5

.375

11/01/36

621,421

665,000

Bexley

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2016

4

.700

05/01/36

662,104

800,000

Bonterra

Community

Development

District,

Hialeah,

Florida,

Special

Assessment

Bonds,

Assessment

Area

2

Project,

Series

2016

4

.500

05/01/34

800,559

3,315,000

Brevard

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Health

First

Obligated

Group,

Series

2022A

5

.000

04/01/41

3,332,008

3,000,000

Brevard

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Health

First

Obligated

Group,

Series

2022A

5

.000

04/01/47

2,951,661

4,390,000

Capital

Trust

Agency,

Florida,

Multifamily

Housing

Revenue

Bonds,

The

Gardens

Apartments

Project,

Series

2015A

5

.000

07/01/50

2,724,860

325,000

(b)

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Renaissance

Charter

School

Project,

Series

2019A

5

.000

06/15/39

301,378

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

136,577

120,000

Creekside

at

Twin

Creeks

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Area

1

Project,

Series

2016A-1

5

.250

11/01/37

121,220

155,000

Creekside

at

Twin

Creeks

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Area

1

Project,

Series

2016A-1

5

.600

11/01/46

155,417

555,000

Downtown

Doral

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2015

5

.250

05/01/35

557,225

615,000

Downtown

Doral

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2015

5

.300

05/01/36

617,455

955,000

Downtown

Doral

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2015

5

.500

05/01/45

955,103

1,305,000

Downtown

Doral

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2015

5

.500

05/01/46

1,304,872

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

10,462,337

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

5,363,902

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

1,122,863

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

3,221,293

1,420,000

(b)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Florida

Charter

Foundation

Inc.

Projects,

Series

2016A

4

.750

07/15/36

1,354,277

1,465,000

(b)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Florida

Charter

Foundation

Inc.

Projects,

Series

2016A

5

.000

07/15/46

1,289,649

1,000,000

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Pepin

Academies

Inc.,

Series

2016A

5

.000

07/01/36

960,403

6,785,000

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Pepin

Academies

Inc.,

Series

2016A

5

.125

07/01/46

5,802,104

900,000

(b)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School

Income

Projects,

Series

2015A

6

.000

06/15/35

900,358

555,000

(b)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School

Income

Projects,

Series

2015A

6

.125

06/15/46

548,376

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

8

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

120,000

(b)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School,

Inc.

Projects,

Series

2020C

5

.000

%

09/15/40

$

108,504

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

1,021,572

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

2,477,208

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

4,069,848

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

3,354,144

22,275,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

-

AGM

Insured,

(AMT)

5

.250

07/01/53

21,329,720

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

6,111,868

12,495,000

(b)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2025A,

(AMT),

(Mandatory

Put

8/13/25)

8

.250

07/01/57

10,620,821

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

318,344

4,500,000

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A,

(AMT)

5

.000

10/01/42

4,487,579

12,410,000

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Series

2018E,

(AMT)

5

.000

10/01/48

12,163,238

7,665,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2019A,

(AMT)

5

.000

10/01/49

7,351,808

2,140,000

Northern

Palm

Beach

County

Improvement

District,

Florida,

Water

Control

and

Improvement

Bonds,

Development

Unit

53,

Series

2015

5

.350

08/01/35

2,157,408

6,495,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Obligated

Group,

Inc.,

Series

2022

4

.000

10/01/52

5,351,943

7,500,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health,

Inc.,

Series

2019A

5

.000

10/01/47

7,302,290

500,000

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022

5

.000

11/01/52

467,638

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

4,675,234

545,000

Reunion

West

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Area

3

Project,

Series

2016

5

.000

11/01/46

523,236

90,000

Six

Mile

Creek

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

2,

Series

2016

4

.750

11/01/28

91,968

265,000

Six

Mile

Creek

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

2,

Series

2016

5

.375

11/01/36

269,971

10,075,000

South

Broward

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

South

Broward

Hospital

District

Obligated

Group,

Refunding

Series

2016A

4

.000

05/01/44

8,810,912

85,000

South

Village

Community

Development

District,

Clay

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2016A2

4

.350

05/01/26

85,368

100,000

South

Village

Community

Development

District,

Clay

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2016A2

4

.875

05/01/35

100,187

9

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

1,000,000

Tallahassee,

Florida,

Health

Facilities

Revenue

Bonds,

Tallahassee

Memorial

HealthCare

Inc.

Project,

Refunding

Series

2015A

5

.000

%

12/01/40

$

992,269

7,780,000

(a)

Tallahassee,

Florida,

Health

Facilities

Revenue

Bonds,

Tallahassee

Memorial

HealthCare

Inc.

Project,

Refunding

Series

2015A,

(UB)

5

.000

12/01/44

7,501,292

2,600,000

(a)

Tallahassee,

Florida,

Health

Facilities

Revenue

Bonds,

Tallahassee

Memorial

HealthCare

Inc.

Project,

Series

2016A,

(UB)

5

.000

12/01/55

2,462,734

300,000

Union

Park

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2016A-1

5

.375

11/01/37

302,754

TOTAL

FLORIDA

162,562,648

GEORGIA

-

2.0%

(1.2%

of

Total

Investments)

285,000

(c)

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

148,200

1,205,000

Atlanta

Urban

Residential

Finance

Authority,

Georgia,

Multifamily

Housing

Revenue

Bonds,

Testletree

Village

Apartments,

Series

2013A

4

.500

11/01/35

993,588

725,000

Atlanta,

Georgia,

Tax

Allocation

Bonds,

Perry

Bolton

Project

Series

2014

5

.000

07/01/41

719,495

4,245,000

Brookhaven

Development

Authority,

Georgia,

Revenue

Bonds,

Children's

Healthcare

of

Atlanta,

Inc.

Project,

Series

2019A

4

.000

07/01/49

3,604,126

1,250,000

Burke

County

Development

Authority,

Georgia,

Pollution

Control

Revenue

Bonds,

Oglethorpe

Power

Corporation

Vogtle

Project,

Series

2017C

4

.125

11/01/45

1,082,677

1,250,000

Burke

County

Development

Authority,

Georgia,

Pollution

Control

Revenue

Bonds,

Oglethorpe

Power

Corporation

Vogtle

Project,

Series

2017D

4

.125

11/01/45

1,082,677

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

1,661,705

5,000

Cherokee

County

Water

and

Sewerage

Authority,

Georgia,

Revenue

Bonds,

Series

2001

-

AGM

Insured

5

.000

08/01/35

5,005

1,690,000

Cobb-Marietta

Coliseum

and

Exhibit

Hall

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

1993

-

NPFG

Insured

5

.625

10/01/26

1,718,215

8,200,000

Columbia

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System,

Inc.

Project,

Series

2023B

5

.125

04/01/53

8,098,097

1,000,000

Dalton,

Georgia,

Combined

Utilities

Revenue

Bonds,

Series

2020

4

.000

03/01/40

927,425

3,485,000

Fulton

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2014A

5

.000

07/01/44

3,442,808

3,505,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2024C

4

.600

12/01/54

3,218,748

3,020,000

Georgia

Local

Governments,

Certificates

of

Participation,

Georgia

Municipal

Association,

Series

1998A

-

NPFG

Insured

4

.750

06/01/28

3,112,047

3,000,000

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2021

4

.000

07/01/51

2,572,147

840,000

(b)

Macon-Bibb

County

Urban

Development

Authority,

Georgia,

Revenue

Bonds,

Academy

for

Classical

Education,

Series

2017

5

.875

06/15/47

838,132

260,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Project

Revenue

Bonds,

Series

2007A

5

.500

09/15/26

266,209

1,070,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019A

5

.000

05/15/43

1,058,309

3,000,000

(b)

Marietta

Development

Authority,

Georgia,

University

Facilities

Revenue

Bonds,

Life

University,

Inc.

Project,

Refunding

Series

2017A

5

.000

11/01/47

2,576,270

3,325,000

Monroe,

Georgia,

Combined

Utilities

Revenue

Bonds,

Series

2020

-

AGM

Insured

4

.000

12/01/45

2,975,117

3,700,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2015A

5

.500

07/01/60

3,700,130

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

10

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GEORGIA

(continued)

$

3,000,000

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Emory

University,

Refunding

Series

2013A

5

.000

%

10/01/43

$

2,989,356

TOTAL

GEORGIA

46,790,483

GUAM

-

0.1%

(0.0%

of

Total

Investments)

1,805,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D

5

.000

11/15/39

1,802,735

TOTAL

GUAM

1,802,735

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

595,659

TOTAL

IDAHO

595,659

ILLINOIS

-

21.7%

(12.9%

of

Total

Investments)

55,000,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016

6

.000

04/01/46

55,658,273

2,255,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Project

Series

2015C

5

.250

12/01/35

2,255,015

15,500,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2012B

5

.000

12/01/33

15,500,157

8,400,000

(b)

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2017B

7

.000

12/01/42

8,685,062

1,800,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A

7

.000

12/01/26

1,817,495

51,780,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A

7

.000

12/01/44

51,970,416

1,335,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016B

6

.500

12/01/46

1,345,687

6,210,000

(b)

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2017A

7

.000

12/01/46

6,382,186

450,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Series

1999A

-

NPFG

Insured

0

.000

12/01/26

429,139

1,715,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1

-

NPFG

Insured

0

.000

12/01/26

1,635,496

1,000,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1

-

NPFG

Insured

0

.000

12/01/27

918,669

1,765,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1

-

NPFG

Insured

0

.000

12/01/30

1,424,870

2,585,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1999A

-

NPFG

Insured

0

.000

12/01/27

2,374,761

8,565,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1999A

-

NPFG

Insured

0

.000

12/01/31

6,581,340

20,155,000

(a)

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Second

Lien

Series

2017,

(UB)

5

.000

12/01/51

19,757,652

2,430,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Second

Lien

Series

2020A

5

.000

12/01/45

2,429,873

6,000,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Second

Lien

Series

2022A

5

.000

12/01/57

5,764,262

25,755,000

Chicago,

Illinois,

General

Obligation

Bonds,

City

Colleges,

Series

1999

-

NPFG

Insured

0

.000

01/01/29

22,929,404

8,765,000

Chicago,

Illinois,

General

Obligation

Bonds,

City

Colleges,

Series

1999

-

FGIC

Insured

0

.000

01/01/34

6,166,052

17,310,000

Chicago,

Illinois,

General

Obligation

Bonds,

City

Colleges,

Series

1999

-

FGIC

Insured

0

.000

01/01/37

10,212,358

350,000

Chicago,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2016C

5

.000

01/01/29

351,924

765,000

Chicago,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2016C

5

.000

01/01/35

765,668

1,610,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

1999

0

.000

01/01/30

1,390,860

10,125,000

(a)

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A,

(UB)

5

.000

01/01/44

9,499,671

11

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

5,000,000

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Senior

Lien

Series

2023A

-

BAM

Insured

5

.500

%

01/01/53

$

5,078,669

5,000,000

Chicago,

Illinois,

Wastewater

Transmission

Revenue

Bonds,

Second

Lien

Project,

Series

2023A

-

AGM

Insured

5

.500

01/01/62

5,075,539

12,190,000

Illinois

Finance

Authority

Revenue

Bonds,

OSF

Healthcare

System,

Refunding

Series

2018A

4

.125

05/15/47

10,588,817

800,000

(b)

Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Intrinsic

Charter

Schools

Belmont

School

Project,

Series

2015A

5

.500

12/01/30

802,161

17,770,000

Illinois

Finance

Authority,

Revenue

Bonds,

Mercy

Health

Corporation,

Series

2016

5

.000

12/01/46

17,338,974

20,000,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

Mercy

Health

Corporation,

Series

2016,

(UB)

5

.000

12/01/46

19,514,884

2,700,000

(a),(d)

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Refunding

Series

2015A,

(Pre-refunded

10/01/25),

(UB)

5

.000

10/01/46

2,710,804

9,145,000

Illinois

Housing

Development

Authority,

Revenue

Bonds,

Social

Series

2024A

4

.750

10/01/49

8,733,157

1,785,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.500

05/01/39

1,855,261

7,605,000

(a)

Illinois

State,

General

Obligation

Bonds,

May

Series

2023B,

(UB)

5

.500

05/01/47

7,743,359

3,100,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2016

5

.000

11/01/35

3,128,074

3,000,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2016

5

.000

11/01/37

3,017,328

2,400,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2016

5

.000

11/01/40

2,395,794

5,795,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017C

5

.000

11/01/29

6,033,626

3,800,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D

5

.000

11/01/27

3,974,138

5,000,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2016

5

.000

02/01/27

5,158,346

5,350,000

Illinois

State,

General

Obligation

Bonds,

Refunding

April

Series

2019B

5

.125

09/01/26

5,482,258

5,000,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2015A

5

.000

01/01/40

4,998,658

5,400,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2015B

5

.000

06/15/52

5,140,353

10,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A

4

.000

06/15/50

7,998,928

13,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A

5

.000

06/15/50

12,632,983

8,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2012B

-

BAM

Insured

0

.000

12/15/51

1,934,450

64,110,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2015A

0

.000

12/15/52

13,993,104

2,455,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2015A

5

.000

06/15/53

2,330,964

1,945,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2017A

5

.000

06/15/57

1,851,719

45,000,000

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

17,874,144

1,990,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Refunding

Series

1998A

-

NPFG

Insured

5

.500

06/15/29

2,100,798

8,400,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

12/15/30

6,938,192

7,940,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

06/15/33

5,818,064

450,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

12/15/34

304,758

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

12

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

12,500,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

%

06/15/35

$

8,235,651

10,620,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

12/15/35

6,802,419

11,505,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

12/15/36

6,951,301

65,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

12/15/38

34,480,297

38,040,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

06/15/40

18,085,384

3,720,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

06/15/41

1,641,927

4,005,000

Southwestern

Illinois

Development

Authority,

Environmental

Improvement

Revenue

Bonds,

US

Steel

Corporation

Project,

Series

2012,

(AMT)

5

.750

08/01/42

4,004,904

TOTAL

ILLINOIS

508,996,477

INDIANA

-

0.6%

(0.3%

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

1,714,866

1,230,000

Indiana

Finance

Authority,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation

Project,

Series

2012,

(AMT)

5

.750

08/01/42

1,229,960

10,000,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Series

1999E

-

AMBAC

Insured

0

.000

02/01/26

9,844,329

1,000,000

Merrillville,

Indiana,

Economic

Development

Revenue

Bonds,

Belvedere

Housing

Project,

Series

2016

5

.750

04/01/36

946,593

TOTAL

INDIANA

13,735,748

IOWA

-

1.3%

(0.8%

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

5,371,704

21,525,000

(d)

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

24,309,328

TOTAL

IOWA

29,681,032

KANSAS

-

0.5%

(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

2,010,848

3,565,000

(c)

Overland

Park,

Kansas,

Sales

Tax

Special

Obligation

Revenue

Bonds,

Prairiefire

at

Lionsgate

Project,

Series

2012

6

.000

12/15/32

1,033,850

10,000,000

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

University

of

Kansas

Health

System,

Series

2017A

5

.000

03/01/47

9,792,995

TOTAL

KANSAS

12,837,693

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

5,016,761

435,000

Christian

County,

Kentucky,

Hospital

Revenue

Bonds,

Jennie

Stuart

Medical

Center,

Series

2016

5

.500

02/01/44

428,662

500,000

Kentucky

Economic

Development

Finance

Authority,

Kentucky,

Healthcare

Facilities

Revenue

Bonds,

Rosedale

Green

Project,

Refunding

Series

2015

5

.750

11/15/45

399,617

2,250,000

Kentucky

Economic

Development

Finance

Authority,

Kentucky,

Healthcare

Facilities

Revenue

Bonds,

Rosedale

Green

Project,

Refunding

Series

2015

5

.750

11/15/50

1,724,255

13

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

KENTUCKY

(continued)

$

6,000,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

%

08/01/44

$

5,878,975

1,305,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A

5

.000

07/01/40

1,304,688

1,335,000

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Convertible

Capital

Appreciation

First

Tier

Series

2013C

6

.750

07/01/43

1,481,884

2,295,000

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Convertible

Capital

Appreciation

First

Tier

Series

2013C

6

.875

07/01/46

2,552,092

210,000

Warren

County,

Kentucky,

Hospital

Revenue

Bonds,

Bowling

Green-Warren

County

Community

Hospital

Corporation,

Series

2012A

4

.000

10/01/29

210,144

TOTAL

KENTUCKY

18,997,078

LOUISIANA

-

0.9%

(0.6%

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

463,695

5,000,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017

5

.000

05/15/42

4,967,101

3,730,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017

5

.000

05/15/46

3,626,233

2,000,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Loyola

University

of

New

Orleans

Project,

Refunding

Series

2023A

5

.250

10/01/53

1,863,669

1,775,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Project,

Refunding

Series

2017

5

.250

10/01/36

1,839,041

3,000,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Project,

Refunding

Series

2017

5

.250

10/01/46

2,879,784

7,000,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015

5

.000

05/15/47

6,795,936

TOTAL

LOUISIANA

22,435,459

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

4,364,563

TOTAL

MAINE

4,364,563

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

2,748,897

2,000,000

(c)

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

4,590,369

7,145,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

Healthcare,

Series

2016A

5

.500

01/01/46

7,123,649

20,000,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MedStar

Health

Issue,

Series

2017A

5

.000

05/15/45

19,793,624

355,000

(b)

Prince

George's

County

Revenue

Authority,

Maryland,

Special

Obligation

Bonds,

Suitland-Naylor

Road

Project,

Series

2016

5

.000

07/01/46

339,046

TOTAL

MARYLAND

35,935,585

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

499,221

1,525,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015

4

.500

01/01/45

1,336,393

TOTAL

MASSACHUSETTS

1,835,614

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

14

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

-

1.8%

(1.1%

of

Total

Investments)

$

645,000

Detroit

Academy

of

Arts

and

Sciences,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2013

6

.000

%

10/01/33

$

626,280

1,250,000

Detroit

Academy

of

Arts

and

Sciences,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2013

6

.000

10/01/43

1,105,175

9,895,000

(g)

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

10,650,254

5,000

Detroit,

Michigan,

Second

Lien

Sewerage

Disposal

System

Revenue

Bonds,

Series

2005A

-

NPFG

Insured

4

.500

07/01/35

5,002

1,985,000

Detroit,

Michigan,

Senior

Lien

Sewerage

Disposal

System

Revenue

Bonds,

Series

2001B

-

NPFG

Insured

5

.500

07/01/29

2,068,118

5,000

Detroit,

Michigan,

Sewer

Disposal

System

Revenue

Bonds,

Second

Lien,

Series

2006B

-

FGIC

Insured

5

.000

07/01/36

5,010

10,000

Detroit,

Michigan,

Water

Supply

System

Revenue

Bonds,

Senior

Lien

Series

2003A

-

NPFG

Insured

5

.000

07/01/34

10,021

10,000,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Beaumont

Health

Credit

Group,

Series

2016A

5

.000

11/01/44

9,787,202

6,800,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Series

2019A

5

.000

11/15/48

6,573,798

6,695,000

Michigan

Housing

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2025A

5

.000

12/01/55

6,639,344

5,000,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2019-I

4

.000

04/15/54

4,148,054

TOTAL

MICHIGAN

41,618,258

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

575,751

10,000,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/53

9,680,890

15,830,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.250

02/15/53

15,716,613

7,105,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/58

6,804,179

1,500,000

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A

5

.750

08/01/44

1,499,934

800,000

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hiawatha

Academies

Project,

Series

2022A

5

.500

07/01/52

706,464

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

749,237

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

4,001,941

3,410,000

Saint

Paul

Port

Authority,

Minnesota,

Lease

Revenue

Bonds,

Regions

Hospital

Parking

Ramp

Project,

Series

2007-1

5

.000

08/01/36

3,410,974

TOTAL

MINNESOTA

43,145,983

MISSISSIPPI

-

1.2%

(0.7%

of

Total

Investments)

30,000,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project

Refunding

Series

2025C

5

.000

05/15/55

29,435,163

TOTAL

MISSISSIPPI

29,435,163

15

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

-

1.6%

(0.9%

of

Total

Investments)

$

750,000

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2016A

6

.000

%

03/01/33

$

758,565

55,000

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2017A

5

.000

03/01/36

55,554

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

9,856,106

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

115,902

12,005,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0

.000

04/15/29

10,593,297

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

626,715

3,810,000

(b)

Liberty,

Missouri,

Special

Obligation

Tax

Increment

and

Special

Districts

Bonds,

Liberty

Commons

Project,

Series

2015A

5

.750

06/01/35

3,551,308

3,695,000

(b)

Liberty,

Missouri,

Special

Obligation

Tax

Increment

and

Special

Districts

Bonds,

Liberty

Commons

Project,

Series

2015A

6

.000

06/01/46

3,272,432

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

1,590,703

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

2,700,267

50,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A

5

.000

11/15/44

48,513

2,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F

5

.000

11/15/45

1,987,759

430,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A

5

.875

09/01/43

429,229

450,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Saint

Andrew's

Resources

for

Seniors,

Series

2015A

5

.000

12/01/35

432,104

130,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Saint

Andrew's

Resources

for

Seniors,

Series

2015A

5

.125

12/01/45

111,862

760,000

Stoddard

County

Industrial

Development

Authority,

Missouri,

Health

Facility

Revenue

Bonds,

Southeasthealth,

Series

2016B

6

.000

03/01/37

768,856

TOTAL

MISSOURI

36,899,172

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

5,906,088

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

3,374,205

TOTAL

NEBRASKA

9,280,293

NEVADA

-

0.2%

(0.1%

of

Total

Investments)

4,410,000

Clark

County,

Nevada,

General

Obligation

Bonds,

Stadium

Improvement,

Limited

Tax

Additionally

Secured

by

Pledged

Revenues,

Series

2018A

5

.000

05/01/48

4,384,413

TOTAL

NEVADA

4,384,413

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

16

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

HAMPSHIRE

-

0.3%

(0.2%

of

Total

Investments)

$

2,995,000

(b)

National

Finance

Authority,

New

Hampshire,

Resource

Recovery

Revenue

Bonds,

Covanta

Project,

Refunding

Series

2018C,

(AMT)

4

.875

%

11/01/42

$

2,698,613

6,060,000

(b)

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Covenant

Health

Group

Series

2023

4

.000

07/01/37

5,009,110

TOTAL

NEW

HAMPSHIRE

7,707,723

NEW

JERSEY

-

7.4%

(4.4%

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

1,100,680

17,580,000

(d)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2016BBB,

(Pre-refunded

12/15/26)

5

.500

06/15/31

18,278,800

1,000,000

(d)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2016AAA,

(Pre-refunded

12/15/26)

5

.000

06/15/36

1,033,051

10,000,000

(d)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2016AAA,

(Pre-refunded

12/15/26)

5

.000

06/15/41

10,330,510

2,175,000

(d)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2017DDD,

(Pre-refunded

6/15/27)

5

.000

06/15/42

2,273,369

16,000,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2019LLL

5

.000

06/15/49

15,788,227

1,415,000

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999,

(AMT)

5

.250

09/15/29

1,416,473

2,900,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022BB

4

.000

06/15/41

2,626,585

19,650,000

(d)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC,

(Pre-refunded

12/15/32)

5

.000

06/15/48

22,329,105

15,280,000

(a)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023BB,

(UB)

5

.250

06/15/50

15,566,582

3,130,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/28

2,841,504

3,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/31

2,423,283

12,715,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/33

9,310,646

610,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/34

423,101

2,480,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/40

1,183,205

10,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0

.000

12/15/33

7,383,008

20,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0

.000

12/15/36

12,369,700

19,175,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2008A

0

.000

12/15/35

12,610,859

15,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009A

0

.000

12/15/39

7,619,877

8,595,000

(a)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2018A,

(UB)

5

.000

12/15/34

8,909,253

1,595,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5

.000

06/01/46

1,534,962

17,010,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B

5

.000

06/01/46

16,415,159

TOTAL

NEW

JERSEY

173,767,939

17

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

-

21.0%

(12.4%

of

Total

Investments)

$

3,400,000

Brooklyn

Arena

Local

Development

Corporation,

New

York,

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Barclays

Center

Project,

Series

2009

0

.000

%

07/15/44

$

1,216,946

12,020,000

Brooklyn

Arena

Local

Development

Corporation,

New

York,

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Barclays

Center

Project,

Series

2009

0

.000

07/15/46

3,768,869

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

438,450

200,000

(c)

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Metropolitan

College

of

New

York,

Series

2014

5

.000

11/01/39

120,000

460,000

(b)

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Albert

Einstein

College

of

Medicine,

Inc,

Series

2015

5

.500

09/01/45

447,345

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

15,203,781

15,270,000

(b)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Vaughn

College

of

Aeronautics

&

Technology,

Series

2016A

5

.500

12/01/46

12,030,807

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

4,280,197

7,250,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Health

Quest

Systems,

Inc.

Project,

Series

2016B

5

.000

07/01/46

6,833,222

81,270,000

(b)

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005C

0

.000

06/01/50

9,401,590

6,280,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1

5

.250

11/15/55

6,281,211

4,210,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Series

2016B

5

.000

11/15/34

4,279,605

3,320,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Series

2016B

5

.000

11/15/37

3,354,916

1,000,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2015F

5

.000

11/15/35

1,000,743

5,000,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2017D

5

.000

11/15/32

5,237,574

11,990,000

New

York

City

Housing

Development

Corporation,

New

York,

House

Impact

Revenue

Bonds,

Green

Series

2023A

4

.800

02/01/53

11,462,155

6,000,000

New

York

City

Housing

Development

Corporation,

New

York,

Multifamily

Housing

Revenue

Bonds,

Green

Sustainable

Development

Series

2024F-1-A

4

.550

11/01/54

5,699,675

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

5,500,143

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

8,278,422

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

4,351,680

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

8,663,591

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

2,574,913

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

5,005,085

10,000,000

New

York

City,

New

York,

Educational

Construction

Fund

Revenue

Bonds,

Series

2021B

5

.000

04/01/52

10,005,308

5,750,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

E-1

5

.000

03/01/40

5,841,239

2,860,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2022

Series

A-1

5

.000

08/01/47

2,845,684

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

18

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

61,665,000

(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

$

59,117,286

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

5,700,156

7,525,000

New

York

State

Thruway

Authority,

General

Revenue

Junior

Indebtedness

Obligations,

Series

2016A

5

.250

01/01/56

7,539,536

8,265,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C

5

.000

03/15/47

8,251,997

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

13,948,076

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

66,046,807

48,060,000

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

46,506,336

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

564,997

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

28,698,396

6,220,000

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

6,356,912

10,835,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

1

Project,

Green

Series

2024,

(AMT)

5

.500

06/30/60

10,518,170

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

4,008,997

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

14,721,090

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

5,452,732

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

2,066,300

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

14,109,275

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

3,011,367

14,500,000

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2021B-2

0

.000

06/01/66

1,198,332

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

26,979,054

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

9,238,488

2,150,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006

5

.000

06/01/48

1,829,929

19

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

9,705,581

Westchester

County

Health

Care

Corporation,

New

York,

Senior

Lien

Revenue

Bonds,

Series

2014A

5

.000

%

11/01/44

$

8,771,983

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

3,208,047

565,000

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Series

2023

6

.250

11/01/52

588,238

TOTAL

NEW

YORK

492,555,652

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

4,871,007

TOTAL

NORTH

CAROLINA

4,871,007

NORTH

DAKOTA

-

2.5%

(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

4,846,791

1,075,000

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2021

4

.000

12/01/46

869,921

10,315,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5

.000

06/01/43

9,563,090

10,950,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5

.000

06/01/48

9,889,919

37,840,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5

.000

06/01/53

33,678,565

TOTAL

NORTH

DAKOTA

58,848,286

OHIO

-

9.2%

(5.5%

of

Total

Investments)

1,430,000

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Green

Series

2016A

5

.000

02/15/46

1,431,726

28,980,000

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

2,541,987

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

7,723,530

3,250,000

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017

5

.000

12/01/37

3,276,958

7,200,000

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017

5

.000

12/01/47

7,024,996

2,500,000

Clark-Shawnee

Local

School

District,

Clark

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2017

5

.000

11/01/54

2,508,777

6,500,000

Cleveland

Clinic

Health

System

Obligated

Group,

Ohio,

Martin

County

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Series

2019B

4

.000

01/01/46

5,564,651

2,000,000

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-2

-

NPFG

Insured

0

.000

11/15/28

1,799,719

6,895,000

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-2

-

NPFG

Insured

0

.000

11/15/32

5,157,393

2,155,000

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-2

-

NPFG

Insured

0

.000

11/15/34

1,454,085

165,000

(d)

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

154,532

4,145,000

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

3,888,299

220,000

(d)

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

200,156

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

20

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

5,615,000

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

$

5,111,871

570,000

(b)

Columbus-Franklin

County

Finance

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Easton

Project,

Series

2020

5

.000

06/01/28

576,353

19,495,000

Cuyahoga

County,

Ohio,

Hospital

Revenue

Bonds,

MetroHealth

System,

Series

2017

5

.500

02/15/52

18,533,957

20,650,000

Cuyahoga

County,

Ohio,

Hospital

Revenue

Bonds,

MetroHealth

System,

Series

2017

5

.500

02/15/57

19,351,716

2,400,000

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013

5

.000

06/15/43

1,981,986

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

1,004,502

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

922,104

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

4,184,955

10,000,000

Franklin

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

OhioHealth

Corporation,

Series

2015

5

.000

05/15/40

10,003,225

1,730,000

Franklin

County,

Ohio,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017OH

5

.000

12/01/46

1,685,842

2,500,000

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018

5

.000

06/01/43

2,515,866

8,020,000

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

TriHealth,

Inc.

Obligated

Group

Project,

Series

2017A

5

.000

08/15/47

7,874,059

5,565,000

Hamilton

County,

Ohio,

Sales

Tax

Bonds,

Subordinate

Series

2000B

-

AGM

Insured

0

.000

12/01/28

5,016,679

1,000,000

Mahoning

County,

Ohio,

Sewer

System

Revenue

Bonds,

Refunding

and

Improvement

Series

2022

5

.000

12/01/42

1,010,357

4,500,000

Middletown

City

School

District,

Butler

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007

-

AGM

Insured

5

.250

12/01/31

4,955,167

6,105,000

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013

5

.000

02/15/44

5,601,436

1,600,000

Northeast

Ohio

Regional

Sewer

District,

Wastewater

Improvement

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

4

.000

11/15/43

1,456,032

2,845,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

(Mandatory

Put

9/15/21)

3

.375

08/01/29

2,792,299

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

1,025,915

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

968,890

950,000

Ohio

Municipal

Electric

Generation

Agency,

Beneficial

Interest

Certificates,

Belleville

Hydroelectric

Project

-

Joint

Venture

5,

Series

2001

-

NPFG

Insured

0

.000

02/15/29

846,194

5,000,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission

Infrastructure

Projects,

Junior

Lien,

Capital

Appreciation

Series

2013A-2

0

.000

02/15/37

3,031,639

11,260,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission

Infrastructure

Projects,

Junior

Lien,

Capital

Appreciation

Series

2013A-2

0

.000

02/15/38

6,416,616

5,000,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission

Infrastructure

Projects,

Junior

Lien,

Capital

Appreciation

Series

2013A-2

0

.000

02/15/40

2,483,138

21

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

$

28,590,773

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

23,401,773

1,500,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Kestrel

Verifiers,

Green

Series

2021A

5

.000

12/01/46

1,505,643

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

4,336,896

1,845,000

Pinnacle

Community

Infrastructure

Financing

Authority,

Grove

City,

Ohio,

Community

Facilities

Bonds,

Series

2015A

-

AGM

Insured

4

.250

12/01/36

1,845,543

480,000

(b)

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Public

Improvement

TOT

Revenue

Bonds,

Series

2021

4

.250

12/01/50

416,924

385,000

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

371,022

980,000

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

827,388

1,500,000

Springboro

Community

City

School

District,

Warren

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007

5

.250

12/01/32

1,670,017

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

932,178

TOTAL

OHIO

215,975,764

OKLAHOMA

-

2.9%

(1.7%

of

Total

Investments)

12,690,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.250

08/15/43

12,424,109

9,715,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.250

08/15/48

9,078,370

18,235,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.500

08/15/52

17,329,040

16,570,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.500

08/15/57

15,612,766

1,550,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022

5

.500

08/15/41

1,543,477

7,700,000

Oklahoma

State

Turnpike

Authority,

Turnpike

System

Revenue

Bonds,

Second

Senior

Series

2025A

5

.500

01/01/54

8,120,836

2,200,000

Tulsa

Municipal

Airport

Trust,

Oklahoma,

Revenue

Bonds,

American

Airlines

Inc.,

Series

2025,

(AMT)

6

.250

12/01/35

2,430,870

1,000,000

Tulsa

Municipal

Airport

Trust,

Oklahoma,

Revenue

Bonds,

American

Airlines

Inc.,

Series

2025,

(AMT)

6

.250

12/01/40

1,083,037

TOTAL

OKLAHOMA

67,622,505

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

7,223,337

TOTAL

OREGON

7,223,337

PENNSYLVANIA

-

9.5%

(5.6%

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

379,991

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

7,111,040

11,700,000

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

11,989,719

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

22

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

2,030,000

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Generation

Project,

Series

2008B

3

.750

%

10/01/47

$

1,583,916

1,236,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-2

6

.000

06/30/34

1,291,644

16,570,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-3

5

.000

06/30/39

15,020,683

8,280,000

(f)

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-1

0

.000

06/30/44

5,974,860

2,594,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Taxable

Series

2024A-1

8

.000

06/30/34

2,637,662

2,405,000

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018

5

.000

06/01/34

2,483,153

700,000

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015

5

.000

01/01/38

687,211

8,710,000

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A

4

.000

04/01/39

8,138,695

5,085,000

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A

4

.000

04/01/50

4,199,383

5,000,000

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A

5

.000

04/01/50

4,814,953

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

14,960,313

20,335,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B

5

.000

05/01/52

19,500,189

9,400,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B

5

.000

05/01/57

8,935,860

2,205,724

(c)

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Recovery

Revenue

Bonds,

Northampton

Generating

Project,

Senior

Lien

Series

2013A0

&

AE2

2

.200

06/30/27

970,519

1,214,992

(c)

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Recovery

Revenue

Bonds,

Northampton

Generating

Project,

Senior

Lien

Taxable

Series

2013B,

(cash

5.000%,

PIK

5.000%)

0

.900

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

4,134,511

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

19,436,806

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

23,542,147

24,005,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2024B-2

4

.375

11/01/54

20,335,920

4,660,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2019

4

.000

08/15/49

3,919,122

4,400,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Trustees,

Series

2025A

5

.000

02/15/55

4,445,340

30,355,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024-146A

4

.750

04/01/53

28,616,266

3,000,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E

6

.000

12/01/30

3,197,415

4,000,000

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2017

5

.000

11/01/47

3,750,660

23

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

735,000

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A

5

.000

%

11/15/28

$

735,458

TOTAL

PENNSYLVANIA

223,012,135

PUERTO

RICO

-

7.1%

(4.2%

of

Total

Investments)

75,000,000

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-

Backed

Bonds,

Series

2008A

0

.000

05/15/57

4,194,915

1,804,623

Cofina

Class

2

Trust

Tax-Exempt

Class

2054,

Puerto

Rico.

Unit

Exchanged

From

Cusip

74529JAP0

0

.000

08/01/54

332,164

1,595,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Forward

Delivery

Series

2022A

5

.000

07/01/37

1,643,461

16,000,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

5

.000

07/01/35

16,494,091

5,255,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

5

.000

07/01/47

4,951,583

8,180,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

5

.000

07/01/33

8,539,229

2,745,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

5

.000

07/01/37

2,817,854

6,055,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.500

07/01/34

6,054,696

46,230,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/51

10,651,318

2,260,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.750

07/01/53

2,028,525

108,619,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5

.000

07/01/58

99,420,751

1,780,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A

4

.550

07/01/40

1,683,497

493,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.536

07/01/53

423,723

529,318

Puerto

Rico,

General

Obligation

Bonds,

Clawback

Highway

Transportation

Authority

Claims

Taxable

Series

2022

0

.000

11/01/51

334,132

8,007,861

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4

.000

07/01/41

6,984,851

TOTAL

PUERTO

RICO

166,554,790

RHODE

ISLAND

-

0.1%

(0.1%

of

Total

Investments)

21,570,000

Rhode

Island

Tobacco

Settlement

Financing

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

0

.000

06/01/52

3,574,481

TOTAL

RHODE

ISLAND

3,574,481

SOUTH

CAROLINA

-

4.5%

(2.6%

of

Total

Investments)

21,570,000

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2

-

AMBAC

Insured

0

.000

01/01/30

18,731,493

7,220,000

South

Carolina

Housing

Finance

and

Development

Authority,

Mortgage

Revenue

Bonds,

Series

2023B

4

.850

07/01/48

7,087,417

32,615,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

4

.250

11/01/47

28,948,458

8,045,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

4

.500

11/01/54

7,188,949

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

9,942,155

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

8,349,148

2,150,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

&

Improvement

Series

2015A

5

.000

12/01/50

2,106,518

2,155,000

(a)

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

&

Improvement

Series

2015A,

(UB)

5

.000

12/01/50

2,111,417

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

24

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH

CAROLINA

(continued)

$

7,500,000

(a)

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B,

(UB)

5

.000

%

12/01/46

$

7,456,504

10,295,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022A

5

.000

12/01/55

10,022,475

2,585,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Series

2015E

5

.250

12/01/55

2,584,838

TOTAL

SOUTH

CAROLINA

104,529,372

SOUTH

DAKOTA

-

0.2%

(0.1%

of

Total

Investments)

4,455,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sanford

Health,

Series

2015

5

.000

11/01/45

4,345,846

TOTAL

SOUTH

DAKOTA

4,345,846

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

926,738

4,000,000

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1

4

.000

08/01/44

3,452,020

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

21,805,010

5,000,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

(AMT)

5

.000

07/01/54

4,799,039

TOTAL

TENNESSEE

30,982,807

TEXAS

-

11.3%

(6.7%

of

Total

Investments)

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

3,136,440

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

3,134,505

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

7,532,504

480,000

Club

Municipal

Management

District

1,

Texas,

Special

Assessment

Revenue

Bonds,

Improvement

Area

1

Project,

Series

2016

6

.250

09/01/35

485,176

455,000

Club

Municipal

Management

District

1,

Texas,

Special

Assessment

Revenue

Bonds,

Improvement

Area

1

Project,

Series

2016

6

.500

09/01/46

458,753

21,000,000

Crowley

Independent

School

District,

Tarrant

and

Johnson

Counties,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

4

.250

02/01/53

18,547,223

1,000,000

Fort

Bend

County

Industrial

Development

Corporation,

Texas,

Revenue

Bonds,

NRG

Energy

Inc.

Project,

Series

2012A.

RMKT

4

.750

05/01/38

980,882

150,000

Fort

Bend

County

Industrial

Development

Corporation,

Texas,

Revenue

Bonds,

NRG

Energy

Inc.

Project,

Series

2012B

4

.750

11/01/42

142,054

5,000,000

Fort

Worth,

Texas,

Water

and

Sewerage

Revenue

Bonds,

Series

2024

4

.250

02/15/50

4,452,462

10,000,000

Gulf

Coast

Industrial

Development

Authority,

Texas,

Solid

Waste

Disposal

Revenue

Bonds,

Citgo

Petroleum

Corporation

Project,

Series

1998,

(AMT)

8

.000

04/01/28

10,013,526

295,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.000

11/15/41

127,239

590,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.000

11/15/42

236,682

1,000,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.000

11/15/43

376,476

2,000,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.000

11/15/44

706,550

25

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

2,600,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.000

%

11/15/45

$

863,558

4,180,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.000

11/15/53

859,444

605,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H,

(Pre-refunded

11/15/31)

-

NPFG

Insured

0

.000

11/15/37

339,526

1,315,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.000

11/15/37

673,793

40,500,000

Harris

County-Houston

Sports

Authority,

Texas,

Special

Revenue

Bonds,

Refunding

Senior

Lien

Series

2001A

-

NPFG

Insured

0

.000

11/15/40

16,853,314

2,000,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines

Inc.

Terminal

Improvement

Project,

Refunding

Series

2015B-1,

(AMT)

5

.000

07/15/35

1,999,881

190,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

E

Project,

Refunding

Series

2014,

(AMT)

5

.000

07/01/29

189,987

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

3,231,834

28,305,000

Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Project,

Series

2001B

-

AMBAC

Insured

0

.000

09/01/28

25,561,614

5,000,000

Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Project,

Series

2001B

-

AMBAC

Insured

0

.000

09/01/30

4,167,515

5,765,000

Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Project,

Series

2001B

-

AMBAC

Insured

0

.000

09/01/31

4,579,499

6,000,000

(d)

Houston,

Texas,

Water

and

Sewerage

System

Revenue

Bonds,

Refunding

Junior

Lien

Series

2001B

-

NPFG

Insured,

(ETM)

5

.500

12/01/29

6,433,841

7,500,000

(d)

Houston,

Texas,

Water

and

Sewerage

System

Revenue

Bonds,

Refunding

Junior

Lien

Series

2002A

-

AGM

Insured,

(ETM)

5

.750

12/01/32

8,859,282

3,500,000

Hutto,

Texas,

Certificates

of

Obligation

Bonds,

Combination

Tax

&

Waterworks

&

Sewer

System

Revenue

Series

2024

-

BAM

Insured

4

.250

08/01/54

3,053,789

2,605,000

Katy

Independent

School

District,

Harris,

Fort

Bend

and

Waller

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2024

4

.000

02/15/45

2,348,423

720,000

Kerrville

Health

Facilities

Development

Corporation,

Texas,

Revenue

Bonds,

Sid

Peterson

Memorial

Hospital

Project,

Series

2015

5

.000

08/15/35

721,343

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

2,629,890

8,630,000

(b)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

(AMT)

4

.625

10/01/31

8,632,595

825,000

(c)

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

758,584

6,330,000

(d)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

(Pre-

refunded

9/01/31)

7

.000

09/01/43

7,583,942

9,130,000

(d)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

(Pre-

refunded

9/01/31)

6

.750

09/01/45

10,980,949

10,000,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2008D

-

AGC

Insured

0

.000

01/01/28

9,301,209

1,570,000

Reagan

Hospital

District

of

Reagan

County,

Texas,

Limited

Tax

Revenue

Bonds,

Series

2014A

5

.000

02/01/34

1,540,337

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

26

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

1,000,000

(c)

Red

River

Health

Facilities

Development

Corporation,

Texas,

First

Mortgage

Revenue

Bonds,

Eden

Home

Inc.,

Series

2012

3

.000

%

12/15/47

$

460,000

595,000

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

I,

Gas

Supply

Revenue

Bonds,

Senior

Lien

Series

2008D

6

.250

12/15/26

610,272

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

1,803,097

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

304,310

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

1,676,293

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

83,102,382

3,600,000

Texas

Turnpike

Authority,

Central

Texas

Turnpike

System

Revenue

Bonds,

First

Tier

Series

2002A

-

AMBAC

Insured

0

.000

08/15/25

3,595,933

TOTAL

TEXAS

264,046,908

UTAH

-

0.1%

(0.0%

of

Total

Investments)

1,945,000

(b),(c)

Box

Elder

County,

Utah,

Solid

Waste

Disposal

Revenue

Bonds,

Promontory

Point

Res,

LLC,

Senior

Series

2017A,

(AMT)

8

.000

12/01/39

1,847,459

TOTAL

UTAH

1,847,459

VIRGINIA

-

3.3%

(1.9%

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

11,567,160

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

21,596,852

1,250,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-5

4

.650

07/01/55

1,163,650

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

8,381,354

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

15,315,964

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

18,501,962

TOTAL

VIRGINIA

76,526,942

WASHINGTON

-

3.2%

(1.9%

of

Total

Investments)

590,000

Central

Puget

Sound

Regional

Transit

Authority,

Washington,

Sales

Tax

and

Motor

Vehicle

Excise

Tax

Bonds,

Series

1999

-

FGIC

Insured

4

.750

02/01/28

590,639

105,000

Tacoma

Consolidated

Local

Improvement

District

65,

Washington,

Special

Assessment

Bonds,

Series

2013

5

.750

04/01/43

102,479

6,065,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Central

Washington

Health

Services

Association,

Refunding

Series

2015

4

.000

07/01/36

5,808,159

10,420,000

(a)

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

MultiCare

Health

System,

Series

2015A,

(UB)

5

.000

08/15/45

10,113,525

10,500,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

MultiCare

Health

System,

Series

2017B

4

.000

08/15/41

9,356,222

10,785,000

(a)

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014C,

(UB)

5

.000

10/01/44

10,457,427

21,320,000

(a)

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014D,

(UB)

5

.000

10/01/38

21,323,371

2,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Cancer

Center

Alliance,

Series

2020

4

.000

09/01/45

1,732,017

14,875,000

(a)

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Cancer

Center

Alliance,

Series

2020,

(UB)

5

.000

09/01/55

14,616,657

TOTAL

WASHINGTON

74,100,496

27

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST

VIRGINIA

-

0.3%

(0.2%

of

Total

Investments)

$

6,000,000

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Charleston

Area

Medical

Center,

Refunding

&

Improvement

Series

2023B

6

.000

%

09/01/48

$

6,358,901

TOTAL

WEST

VIRGINIA

6,358,901

WISCONSIN

-

3.9%

(2.3%

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

22,922

1,000,000

(b)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Envision

Science

Academy

Project,

Series

2016A

5

.125

05/01/36

960,267

1,855,000

(b),(d)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A,

(Pre-refunded

6/15/26)

5

.000

06/15/36

1,892,886

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

3,284,115

1,485,000

(b),(d)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

North

Carolina

Charter

Educational

Foundation

Project,

Series

2016A,

(Pre-refunded

6/15/26)

5

.000

06/15/46

1,515,329

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

2,238,230

79,862

(b),(c)

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

2,337

69,810

(b),(c)

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

1,918

68,693

(b),(c)

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

1,765

66,459

(b),(c)

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

1,575

65,342

(b),(c)

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

1,457

84,889

(b),(c)

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

1,750

83,772

(b),(c)

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

1,626

80,979

(b),(c)

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

1,470

79,304

(b),(c)

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

1,353

77,628

(b),(c)

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

1,252

4,224,917

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

First

Tier

Series

2018A-1

5

.500

07/01/56

3,024,380

86,006

(b),(c)

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

1,300

83,772

(b),(c)

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

1,192

81,538

(b),(c)

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

1,097

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

28

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

79,862

(b),(c)

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

$

1,004

78,745

(b),(c)

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

929

76,511

(b),(c)

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

849

74,836

(b),(c)

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

785

73,161

(b),(c)

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

728

72,044

(b),(c)

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

670

77,628

(b),(c)

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

666

934,897

(b),(c)

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

7,246

69,385

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/46

2,207

68,408

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/47

2,002

67,919

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/48

1,866

67,431

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/49

1,733

66,454

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/50

1,575

72,806

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/51

1,623

1,841,855

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

3

.750

07/01/51

1,229,931

72,317

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/52

1,491

71,340

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/53

1,384

70,851

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/54

1,286

69,874

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/55

1,192

68,897

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/56

1,112

68,408

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/57

1,034

29

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

67,431

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

%

01/01/58

$

959

66,942

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/59

900

66,454

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/60

836

65,476

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/61

772

64,988

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/62

722

64,010

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/63

671

63,522

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/64

632

63,033

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/65

586

62,056

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/66

533

808,203

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/67

6,264

500,000

(b)

Public

Finance

Authority

of

Wisconsin,

Education

Revenue

Bonds,

Corvian

Community

School,

North

Carolina

Series

2023A

6

.250

06/15/48

479,226

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

1,127,286

1,690,000

(b),(c)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

Grant

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017A

6

.250

08/01/27

1,635,075

1,350,000

(b)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

7

.000

12/01/50

1,282,500

160,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Prime

Healthcare

Foundation,

Inc.,

Series

2017A

5

.200

12/01/37

162,428

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

2,905,000

1,000,000

Public

Finance

Authority,

Wisconsin,

Exempt

Facilities

Revenue

Bonds,

Celanese

Project,

Refunding

Series

2016C

4

.300

11/01/30

997,209

28,700,000

Public

Finance

Authority,

Wisconsin,

Toll

Revenue

Bonds,

Georgia

SR

400

Express

Lanes

Project,

Senior

Lien

Series

2025

5

.750

06/30/60

27,680,880

21,715,000

Public

Finance

Authority,

Wisconsin,

Toll

Revenue

Bonds,

Georgia

SR

400

Express

Lanes

Project,

Senior

Lien

Series

2025

5

.750

12/31/65

20,733,662

1,000,000

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Senior

Series

2003A

0

.000

12/15/31

810,296

2,105,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mercy

Alliance,

Inc.,

Series

2012

5

.000

06/01/32

2,109,245

2,500,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mercy

Alliance,

Inc.,

Series

2012

5

.000

06/01/39

2,502,101

12,650,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Ascension

Health

Alliance

Senior

Credit

Group,

Series

2016A

5

.000

11/15/39

12,683,549

Portfolio

of

Investments

July

31,

2025

(continued)

NZF

30

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

WISCONSIN

(continued)

$

1,120,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Dickson

Hollow

Project.

Series

2014

5

.250

%

10/01/39

$

1,095,237

TOTAL

WISCONSIN

90,436,103

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

4,421,013

TOTAL

WYOMING

4,421,013

TOTAL

MUNICIPAL

BONDS

(Cost

$4,003,690,430)

3,938,118,620

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

(h)

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

$4,003,934,404)

3,938,362,594

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

0.9%(0.5%

of

Total

Investments)

20,000,000

MUNICIPAL

BONDS

-

0

.9

%

(

0

.5

%

of

Total

Investments)

20,000,000

NORTH

CAROLINA

-

0.9%

(0.5%

of

Total

Investments)

20,000,000

(i)

North

Carolina

Medical

Care

Commission,

Healthcare

Revenue

Bonds,

Novant

Health

Inc.,

Series

2004A

2

.320

11/01/34

20,000,000

TOTAL

NORTH

CAROLINA

20,000,000

TOTAL

MUNICIPAL

BONDS

(Cost

$20,000,000)

20,000,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$20,000,000)

20,000,000

TOTAL

INVESTMENTS

-

168

.9

%

(Cost

$

4,023,934,404

)

3,958,362,594

FLOATING

RATE

OBLIGATIONS

-

(15.4)%

(

361,160,000

)

MFP

SHARES,

NET

-

(27.3)%(j)

(

640,183,417

)

VRDP

SHARES,

NET

-

(28.7)%(k)

(

673,915,840

)

OTHER

ASSETS

&

LIABILITIES,

NET

- 2.5%

61,084,750

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

2,344,188,087

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

reporting

period,

the

aggregate

value

of

these

securities

is

$349,044,385

or

8.8%

of

Total

Investments.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

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.

31

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:

(e)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(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

reporting

period.

(g)

Inverse

floating

rate

trust

is

a

non

recourse

trust.

(h)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(i)

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.

(j)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

16.2%.

(k)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

17.0%.

NZF

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

3,938,118,620

$

–

$

3,938,118,620

Variable

Rate

Senior

Loan

Interests

–

–

243,974

243,974

Short-Term

Investments:

Municipal

Bonds

–

20,000,000

–

20,000,000

Total

$

–

$

3,958,118,620

$

243,974

$

3,958,362,594