Nuveen AMT-Free Municipal Credit Income Fund

N-Q 1 d654652dnq.htm NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND Nuveen AMT-Free Municipal Credit Income Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09475

Nuveen AMT-Free Municipal Credit Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

Registrants telephone number, including area code: 312-917-7700

Date of fiscal year end: October 31

Date of reporting period: January 31, 2019

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

NVG

Nuveen AMT-Free Municipal Credit Income Fund

Portfolio of Investments January 31, 2019

(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | LONG-TERM
INVESTMENTS – 160.6% (100.0% of Total Investments) | | | |
| | MUNICIPAL
BONDS – 160.6% (100.0% of Total Investments) | | | |
| | Alabama – 1.3%
(0.8% of Total Investments) | | | |
| $ 3,645 | Alabama
Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A | 9/25
at 100.00 | N/R | $ 3,545,783 |
| 22,655 | Lower
Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No
Opt. Call | A3 | 26,501,819 |
| 8,100 | Mobile
Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45 | 4/25
at 100.00 | N/R | 8,303,958 |
| | Opelika
Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B: | | | |
| 1,250 | 4.000%,
6/01/29 – AGM Insured | 6/21
at 100.00 | Aa3 | 1,299,825 |
| 1,000 | 4.250%,
6/01/31 – AGM Insured | 6/21
at 100.00 | Aa3 | 1,039,720 |
| | The
Improvement District of the City of Mobile - McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A: | | | |
| 1,000 | 5.250%,
8/01/30 | 8/26
at 100.00 | N/R | 1,012,960 |
| 1,300 | 5.500%,
8/01/35 | 8/26
at 100.00 | N/R | 1,314,781 |
| 38,950 | Total
Alabama | | | 43,018,846 |
| | Alaska – 0.7%
(0.5% of Total Investments) | | | |
| | Northern
Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | | | |
| 7,010 | 5.000%,
6/01/32 | 3/19
at 100.00 | B3 | 6,797,317 |
| 17,995 | 5.000%,
6/01/46 | 4/19
at 100.00 | B3 | 16,633,678 |
| 25,005 | Total
Alaska | | | 23,430,995 |
| | Arizona – 2.9%
(1.8% of Total Investments) | | | |
| 4,230 | Apache
County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | 3/22
at 100.00 | A- | 4,430,206 |
| 1,475 | Arizona
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A | 7/27
at 100.00 | BB | 1,491,078 |
| 3,260 | Arizona
Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A, 6.375%, 6/01/39, 144A | 6/28
at 100.00 | N/R | 3,270,986 |
| 10,000 | Arizona
Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 | 7/22
at 100.00 | A | 10,643,100 |
| 3,000 | Arizona
State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured | 4/20
at 100.00 | Aa3 | 3,105,270 |
| | Arizona
State, Certificates of Participation, Series 2010A: | | | |
| 1,200 | 5.250%,
10/01/28 – AGM Insured | 10/19
at 100.00 | Aa3 | 1,228,140 |
| 1,500 | 5.000%,
10/01/29 – AGM Insured | 10/19
at 100.00 | Aa3 | 1,532,730 |
| 7,070 | Arizona
State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured | 1/20
at 100.00 | Aa3 | 7,274,747 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Arizona (continued) | | | |
| $ 3,390 | Cahava
Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A | 7/27
at 100.00 | N/R | $ 3,413,188 |
| 7,780 | Phoenix
Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) | 7/20
at 100.00 | A+
(4) | 8,141,225 |
| | Phoenix
Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B: | | | |
| 6,000 | 5.500%,
7/01/37 – FGIC Insured | No
Opt. Call | AA | 7,713,360 |
| 8,755 | 5.500%,
7/01/39 – FGIC Insured | No
Opt. Call | AA | 11,308,308 |
| | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc Projects, Series 2016A: | | | |
| 620 | 5.000%,
7/01/35, 144A | 7/25
at 100.00 | BB | 635,680 |
| 1,025 | 5.000%,
7/01/46, 144A | 7/25
at 100.00 | BB | 1,034,461 |
| 2,065 | Phoenix
Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 | 7/24
at 101.00 | N/R | 2,021,841 |
| | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013: | | | |
| 490 | 6.000%,
7/01/33 | 7/20
at 102.00 | BB- | 472,483 |
| 610 | 6.000%,
7/01/43 | 7/20
at 102.00 | BB- | 561,499 |
| 350 | 6.000%,
7/01/48 | 7/20
at 102.00 | BB- | 318,143 |
| 1,425 | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49 | 7/20
at 102.00 | BB- | 1,383,732 |
| | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016: | | | |
| 1,130 | 5.250%,
7/01/36 | 7/26
at 100.00 | BB- | 992,705 |
| 1,850 | 5.375%,
7/01/46 | 7/26
at 100.00 | BB- | 1,567,283 |
| 2,135 | 5.500%,
7/01/51 | 7/26
at 100.00 | BB- | 1,801,406 |
| 885 | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A | 2/24
at 100.00 | N/R | 897,001 |
| 3,050 | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A | 2/28
at 100.00 | N/R | 3,157,909 |
| 105 | Pima
County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39 | 7/20
at 102.00 | BB- | 102,153 |
| 1,000 | Pima
County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 | 10/20
at 100.00 | A- | 1,043,370 |
| 2,745 | Salt
Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No
Opt. Call | BBB+ | 3,197,074 |
| 7,295 | Salt
Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc., Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32 | No
Opt. Call | BBB+ | 8,555,941 |
| 800 | The
Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016, 5.000%, 7/01/47 | 7/26
at 100.00 | Baa3 | 842,960 |
| 2,000 | Yavapai
County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 | 8/23
at 100.00 | A3 | 2,192,180 |
| 87,240 | Total
Arizona | | | 94,330,159 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Arkansas – 0.2%
(0.2% of Total Investments) | | | |
| | Arkansas
Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006: | | | |
| $ 2,500 | 0.000%,
7/01/36 – AMBAC Insured | No
Opt. Call | Aa2 | $ 1,269,650 |
| 20,460 | 0.000%,
7/01/46 – AMBAC Insured | No
Opt. Call | Aa2 | 6,271,604 |
| 22,960 | Total
Arkansas | | | 7,541,254 |
| | California – 15.5%
(9.7% of Total Investments) | | | |
| | Alameda
Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A: | | | |
| 45 | 0.000%,
10/01/20 – AMBAC Insured | No
Opt. Call | Baa2 | 43,071 |
| 2,120 | 0.000%,
10/01/20 – AMBAC Insured (ETM) | No
Opt. Call | Aaa
(4) | 2,062,336 |
| 6,135 | Alhambra
Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured | No
Opt. Call | AA | 4,376,954 |
| 12,550 | Anaheim
Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured | No
Opt. Call | A2 | 6,713,748 |
| 4,100 | Antelope
Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26
at 100.00 | Ba3 | 4,133,866 |
| 5,000 | Bay
Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) | 4/23
at 100.00 | A1
(4) | 5,707,150 |
| | California
County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A: | | | |
| 3,275 | 5.450%,
6/01/28 | 2/28
at 100.00 | B2 | 3,324,158 |
| 2,975 | 5.650%,
6/01/41 | 4/19
at 100.00 | B2 | 2,976,279 |
| 22,965 | California
Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7, 5.000%, 6/01/46 (UB) (5) | No
Opt. Call | AAA | 29,908,008 |
| 10,000 | California
Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2012A, 5.000%, 8/15/51 | 8/22
at 100.00 | A+ | 10,762,500 |
| 1,600 | California
Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 | 7/23
at 100.00 | AA- | 1,763,136 |
| 6,665 | California
Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5) | 8/25
at 100.00 | AA- | 7,350,362 |
| | California
Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | | | |
| 1,555 | 8.214%,
8/15/51, 144A (IF) (5) | 8/22
at 100.00 | AA- | 1,786,508 |
| 1,650 | 8.220%,
8/15/51, 144A (IF) (5) | 8/22
at 100.00 | AA- | 1,895,867 |
| 4,075 | 8.220%,
8/15/51, 144A (IF) (5) | 8/22
at 100.00 | AA- | 4,682,216 |
| 5,000 | California
Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52 | 8/23
at 100.00 | A+ | 5,370,150 |
| | California
Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A: | | | |
| 3,065 | 5.000%,
7/01/31, 144A | 7/26
at 100.00 | BB | 3,263,765 |
| 1,000 | 5.000%,
7/01/36, 144A | 7/26
at 100.00 | BB | 1,045,260 |
| 555 | 5.000%,
7/01/41, 144A | 7/26
at 100.00 | BB | 573,709 |
| 195 | 5.000%,
7/01/46, 144A | 7/26
at 100.00 | BB | 200,706 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | California (continued) | | | |
| | California
Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A: | | | |
| $ 260 | 5.000%,
6/01/36 | 6/26
at 100.00 | BBB- | $ 277,716 |
| 435 | 5.000%,
6/01/46 | 6/26
at 100.00 | BBB- | 458,407 |
| 2,335 | California
Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | 7/20
at 100.00 | Baa2
(4) | 2,469,379 |
| 5,425 | California
Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, 11/21/45, 144A (WI/DD, Settling 2/20/19) | 1/29
at 100.00 | Baa3 | 5,998,422 |
| 2,050 | California
Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 | 10/26
at 100.00 | BBB- | 2,190,158 |
| 735 | California
School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016, 5.000%, 6/01/46, 144A | 6/26
at 100.00 | N/R | 744,849 |
| 715 | California
School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A | 6/25
at 100.00 | N/R | 733,654 |
| 570 | California
School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A | 6/26
at 100.00 | N/R | 583,766 |
| 80 | California
State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured | 4/19
at 100.00 | AA- | 80,189 |
| 5 | California
State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured | 4/19
at 100.00 | AA- | 5,012 |
| | California
State, General Obligation Bonds, Various Purpose Series 2010: | | | |
| 3,500 | 5.250%,
3/01/30 | 3/20
at 100.00 | AA- | 3,628,310 |
| 10,000 | 5.500%,
11/01/35 | 11/20
at 100.00 | AA- | 10,606,500 |
| 12,710 | California
Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 | 12/24
at 100.00 | BB- | 13,602,623 |
| 65,505 | California
Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A | 6/26
at 100.00 | BB- | 69,038,995 |
| 10,130 | California
Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | 6/28
at 100.00 | BB- | 11,030,760 |
| 4,000 | California
Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39 | 7/24
at 100.00 | A- | 4,036,720 |
| 7,000 | California
Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) | 8/20
at 100.00 | A+
(4) | 7,469,350 |
| | California
Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | | | |
| 1,535 | 5.750%,
7/01/30 | 4/19
at 100.00 | CC | 1,269,245 |
| 4,430 | 5.750%,
7/01/35 | 4/19
at 100.00 | CC | 3,618,956 |
| 5,000 | Clovis
Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) | No
Opt. Call | Baa2
(4) | 4,391,200 |
| 3,400 | Coachella
Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured | No
Opt. Call | A2 | 2,056,388 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | California (continued) | | | |
| $ 14,375 | Corona-Norco
Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured | No
Opt. Call | AA | $ 6,325,431 |
| | El
Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A: | | | |
| 2,615 | 0.000%,
8/01/31 – AGM Insured (6) | 8/28
at 100.00 | A1 | 2,682,572 |
| 3,600 | 0.000%,
8/01/34 – AGM Insured (6) | 8/28
at 100.00 | A1 | 3,653,676 |
| | Foothill/Eastern
Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A: | | | |
| 3,960 | 0.000%,
1/15/34 – AGM Insured | No
Opt. Call | BBB- | 2,316,362 |
| 5,000 | 0.000%,
1/15/35 – AGM Insured | No
Opt. Call | BBB- | 2,799,600 |
| | Foothill/Eastern
Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | | | |
| 910 | 6.850%,
1/15/42 (6) | 1/31
at 100.00 | A- | 840,130 |
| 3,610 | 5.750%,
1/15/46 | 1/24
at 100.00 | Baa3 | 4,054,391 |
| 6,610 | 6.000%,
1/15/49 | 1/24
at 100.00 | Baa3 | 7,574,135 |
| 2,425 | Fullerton
Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/19
at 100.00 | A | 2,471,827 |
| | Golden
State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1: | | | |
| 8,295 | 5.000%,
6/01/47 | 6/22
at 100.00 | N/R | 7,859,512 |
| 12,240 | 5.250%,
6/01/47 | 6/22
at 100.00 | N/R | 12,078,432 |
| 10,500 | Golden
State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 | 6/22
at 100.00 | N/R | 9,948,750 |
| | Kern
Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006: | | | |
| 5,600 | 0.000%,
11/01/24 – AGM Insured | No
Opt. Call | AA | 4,984,000 |
| 5,795 | 0.000%,
11/01/25 – AGM Insured | No
Opt. Call | AA | 5,016,963 |
| 1,195 | Lincoln
Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured | 9/21
at 100.00 | AA | 1,261,932 |
| 7,575 | Mount
San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 6.250%, 8/01/43 (6) | 8/35
at 100.00 | AA | 6,440,644 |
| 3,310 | M-S-R
Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 | No
Opt. Call | BBB+ | 4,560,882 |
| | Oceanside
Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A: | | | |
| 605 | 0.000%,
8/01/26 – AGC Insured (ETM) | No
Opt. Call | Aa3
(4) | 513,530 |
| 5,300 | 0.000%,
8/01/26 – AGC Insured | No
Opt. Call | Aa3 | 4,442,407 |
| 2,220 | 0.000%,
8/01/28 – AGC Insured | No
Opt. Call | Aa3 | 1,730,779 |
| 1,925 | Ontario
Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) | No
Opt. Call | N/R
(4) | 2,079,577 |
| 4,000 | Orange
County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A, 4.250%, 8/15/38 | 8/25
at 100.00 | N/R | 4,082,280 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | California (continued) | | | |
| $ 5,000 | Palomar
Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20) | 11/20
at 100.00 | Ba1
(4) | $ 5,376,250 |
| 3,700 | Palomar
Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured | No
Opt. Call | BB+ | 3,112,773 |
| 7,875 | Palomar
Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (6) | 8/29
at 100.00 | AA | 10,011,487 |
| 9,145 | Pittsburg
Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured | No
Opt. Call | A | 6,278,134 |
| 4,150 | Placentia-Yorba
Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured | 10/25
at 100.00 | A2 | 4,655,926 |
| 670 | Riverside
County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 | 6/23
at 100.00 | BBB- | 729,422 |
| | San
Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015: | | | |
| 490 | 5.000%,
9/01/40 | 9/25
at 100.00 | N/R | 523,913 |
| 915 | 5.000%,
9/01/46 | 9/25
at 100.00 | N/R | 975,582 |
| 1,830 | San
Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 16.537%, 8/01/39 (Pre-refunded 8/01/19), 144A (IF) | 8/19
at 100.00 | N/R
(4) | 1,973,564 |
| 4,000 | San
Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 | 5/23
at 100.00 | A+ | 4,422,000 |
| 66,685 | San
Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) | No
Opt. Call | AA+
(4) | 64,663,111 |
| | San
Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: | | | |
| 2,680 | 5.000%,
1/15/44 | 1/25
at 100.00 | BBB | 2,883,600 |
| 8,275 | 5.000%,
1/15/50 | 1/25
at 100.00 | BBB | 8,881,061 |
| 7,210 | San
Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured | No
Opt. Call | Baa2 | 6,511,063 |
| 3,250 | San
Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured | No
Opt. Call | AAA | 2,352,870 |
| 4,325 | San
Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/34 – AGM Insured | No
Opt. Call | AA | 2,395,661 |
| 5,690 | San
Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/42 | No
Opt. Call | A1 | 1,876,278 |
| | Santa
Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A: | | | |
| 5,625 | 6.250%,
7/01/24 | No
Opt. Call | Baa2 | 6,421,500 |
| 5,625 | 6.250%,
7/01/24 (ETM) | No
Opt. Call | Baa2
(4) | 6,492,094 |
| 3,500 | Saugus
Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured | No
Opt. Call | A+ | 3,192,175 |
| 4,495 | Stockton-East
Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured | 4/19
at 58.32 | BBB- | 2,600,043 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | California (continued) | | | |
| $ 610 | Temecula
Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47, 144A | 9/27
at 100.00 | N/R | $ 616,002 |
| | Tobacco
Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1: | | | |
| 1,015 | 4.750%,
6/01/23 | 3/19
at 100.00 | BB+ | 1,020,177 |
| 1,600 | 5.500%,
6/01/45 | 4/19
at 100.00 | B- | 1,607,120 |
| | Tobacco
Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A: | | | |
| 790 | 4.750%,
6/01/25 | 4/19
at 100.00 | BBB+ | 790,008 |
| 5,865 | 5.125%,
6/01/46 | 4/19
at 100.00 | B2 | 5,865,059 |
| 511,025 | Total
California | | | 496,175,033 |
| | Colorado – 10.2%
(6.3% of Total Investments) | | | |
| | Base
Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A: | | | |
| 890 | 5.500%,
12/01/36 | 12/21
at 103.00 | N/R | 892,563 |
| 1,175 | 5.750%,
12/01/46 | 12/21
at 103.00 | N/R | 1,181,239 |
| 1,100 | Belleview
Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement Series 2017, 5.000%, 12/01/36 | 12/21
at 103.00 | N/R | 1,117,138 |
| 700 | Brighton
Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47 | 12/22
at 103.00 | N/R | 708,834 |
| 3,410 | Canyons
Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 | 12/22
at 103.00 | N/R | 3,425,652 |
| 1,690 | Canyons
Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 | 12/22
at 103.00 | N/R | 1,648,527 |
| | Centerra
Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017: | | | |
| 1,140 | 5.000%,
12/01/37, 144A | 12/22
at 103.00 | N/R | 1,155,048 |
| 5,465 | 5.000%,
12/01/47, 144A | 12/22
at 103.00 | N/R | 5,477,132 |
| 195 | Central
Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 | 12/23
at 100.00 | BB | 203,991 |
| 1,200 | Clear
Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47 | 12/22
at 103.00 | N/R | 1,206,804 |
| 930 | Colorado
Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 | 8/26
at 100.00 | A+ | 823,841 |
| 1,165 | Colorado
Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38 | 12/24
at 100.00 | A+ | 1,253,761 |
| 3,675 | Colorado
Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 | 6/26
at 100.00 | A+ | 3,419,514 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Colorado (continued) | | | |
| $ 1,750 | Colorado
Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 - Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46 | 6/26
at 100.00 | A+ | $ 1,468,653 |
| | Colorado
Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: | | | |
| 2,460 | 5.000%,
6/01/42 | 6/27
at 100.00 | BBB | 2,636,185 |
| 23,470 | 5.000%,
6/01/47 | 6/27
at 100.00 | BBB | 25,099,522 |
| | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A: | | | |
| 1,500 | 5.000%,
9/01/36 | 4/19
at 100.00 | BBB+ | 1,510,875 |
| 3,680 | 4.500%,
9/01/38 | 4/19
at 100.00 | BBB+ | 3,684,637 |
| 3,000 | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 | 2/21
at 100.00 | BBB+ | 3,089,910 |
| 11,520 | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23
at 100.00 | BBB+ | 12,211,200 |
| | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc, Refunding Series 2012B: | | | |
| 1,640 | 5.000%,
12/01/22 | No
Opt. Call | A- | 1,799,310 |
| 2,895 | 5.000%,
12/01/23 | 12/22
at 100.00 | A- | 3,188,495 |
| 4,200 | 5.000%,
12/01/24 | 12/22
at 100.00 | A- | 4,616,052 |
| | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013: | | | |
| 765 | 5.500%,
6/01/33 | 6/23
at 100.00 | BBB | 834,539 |
| 1,575 | 5.625%,
6/01/43 | 6/23
at 100.00 | BBB | 1,710,135 |
| | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | | | |
| 1,410 | 5.000%,
6/01/32 | 6/25
at 100.00 | BBB | 1,527,340 |
| 2,000 | 5.000%,
6/01/33 | 6/25
at 100.00 | BBB | 2,159,380 |
| 5,855 | 5.000%,
6/01/40 | 6/25
at 100.00 | BBB | 6,216,019 |
| 6,820 | 5.000%,
6/01/45 | 6/25
at 100.00 | BBB | 7,201,306 |
| 2,035 | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | 5/27
at 100.00 | BB+ | 2,166,888 |
| 11,830 | Colorado
Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20
at 100.00 | AA- | 12,117,351 |
| 4,105 | Colorado
International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 | 12/23
at 103.00 | N/R | 4,286,277 |
| 500 | Copperleaf
Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45 | 12/20
at 103.00 | N/R | 521,295 |
| 500 | Copperleaf
Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30 | 12/20
at 103.00 | N/R | 522,020 |
| 1,480 | Cornerstar
Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47 | 12/22
at 103.00 | N/R | 1,511,361 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Colorado (continued) | | | |
| $ 1,275 | Cornerstar
Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B, 5.250%, 12/01/47 | 12/22
at 103.00 | N/R | $ 1,298,307 |
| 500 | Crystal
Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.250%, 12/01/40 | 12/25
at 100.00 | N/R | 499,315 |
| 10,640 | Denver
City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23
at 100.00 | A | 11,715,172 |
| 505 | Denver
Connection West Metropolitan District, City and County of Denver, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 | 12/22
at 103.00 | N/R | 506,818 |
| 1,005 | Denver
Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopement Area, Series 2018A, 5.250%, 12/01/39, 144A | 12/23
at 103.00 | N/R | 1,003,663 |
| 2,310 | Denver
Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A, 5.250%, 12/01/39, 144A | 12/23
at 103.00 | N/R | 2,323,075 |
| 11,700 | E-470
Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41 | No
Opt. Call | BBB+ | 4,618,692 |
| | E-470
Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | | | |
| 35,995 | 0.000%,
9/01/23 – NPFG Insured | No
Opt. Call | BBB+ | 32,200,407 |
| 6,525 | 0.000%,
9/01/26 – NPFG Insured | No
Opt. Call | BBB+ | 5,277,877 |
| | E-470
Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 17,030 | 0.000%,
9/01/25 – NPFG Insured | No
Opt. Call | BBB+ | 14,295,323 |
| 9,915 | 0.000%,
9/01/32 – NPFG Insured | No
Opt. Call | BBB+ | 6,067,980 |
| 43,090 | 0.000%,
9/01/33 – NPFG Insured | No
Opt. Call | BBB+ | 25,144,739 |
| | E-470
Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | |
| 20,000 | 0.000%,
9/01/27 – NPFG Insured | No
Opt. Call | BBB+ | 15,545,600 |
| 1,150 | 0.000%,
9/01/28 – NPFG Insured | No
Opt. Call | BBB+ | 856,601 |
| 7,000 | 0.000%,
9/01/34 – NPFG Insured | No
Opt. Call | A | 3,894,660 |
| 500 | Erie
Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 | 12/20
at 103.00 | N/R | 503,510 |
| 500 | Flatiron
Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 | 12/21
at 103.00 | N/R | 478,200 |
| 590 | Foothills
Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38 | 12/24
at 100.00 | N/R | 599,782 |
| 825 | Forest
Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46 | 12/21
at 103.00 | N/R | 785,681 |
| 1,355 | Great
Western Park Metropolitan District 2, Broomfield City and County, Colorado, General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 | 12/21
at 100.00 | N/R | 1,336,857 |
| 750 | Green
Gables Metropolitan District No 1, Jefferson County, Colorado, General Obligation Bonds, Series 2016A, 5.300%, 12/01/46 | 12/21
at 103.00 | N/R | 754,230 |
| 700 | Harmony
Technology Park Metropolitan District 2, Fort Collins, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 | 12/22
at 103.00 | N/R | 679,259 |
| 3,740 | Jefferson
Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, Refunding Series 2015, 5.500%, 12/01/45 | 12/20
at 103.00 | N/R | 3,607,641 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Colorado (continued) | | | |
| | Johnstown
Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: | | | |
| $ 2,325 | 5.250%,
12/01/36 | 12/21
at 103.00 | N/R | $ 2,246,508 |
| 8,955 | 5.375%,
12/01/46 | 12/21
at 103.00 | N/R | 8,567,517 |
| | Lambertson
Farms Metropolitan District 1, Colorado, Revenue Bonds, Refunding & Improvement Series 2015: | | | |
| 1,005 | 5.750%,
12/15/46 | 12/23
at 100.00 | N/R | 1,000,769 |
| 5,355 | 6.000%,
12/15/50 | 12/23
at 100.00 | N/R | 5,331,920 |
| 980 | Leyden
Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 | 12/21
at 103.00 | N/R | 984,351 |
| 500 | Littleton
Village Metropolitan District No 2, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 | 12/20
at 103.00 | N/R | 506,415 |
| 860 | Mountain
Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.000%, 12/01/35 | 12/25
at 100.00 | N/R | 874,353 |
| 5,155 | North
Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B, 3.500%, 12/01/45 | 12/25
at 100.00 | Baa1 | 4,912,818 |
| | North
Range Metropolitan District No 2 , In the City of Commerce City, Adams County, Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding Series 2017A: | | | |
| 1,000 | 5.625%,
12/01/37 | 12/22
at 103.00 | N/R | 994,740 |
| 1,000 | 5.750%,
12/01/47 | 12/22
at 103.00 | N/R | 992,940 |
| 585 | Overlook
Metropolitan District in the Town of Parker, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 | 12/21
at 103.00 | N/R | 552,392 |
| | Park
70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016: | | | |
| 660 | 5.000%,
12/01/36 | 12/26
at 100.00 | Baa3 | 703,474 |
| 1,060 | 5.000%,
12/01/46 | 12/26
at 100.00 | Baa3 | 1,113,827 |
| 660 | Park
Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | 12/25
at 100.00 | A | 712,952 |
| 880 | Park
Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | 12/20
at 100.00 | AA
(4) | 949,661 |
| 5,435 | Poudre
Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured | 12/20
at 100.00 | AA | 5,625,388 |
| 2,760 | Prairie
Center Metopolitan District No 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A, 5.000%, 12/15/41, 144A | 12/26
at 100.00 | N/R | 2,788,428 |
| | Reata
South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018: | | | |
| 1,310 | 5.375%,
12/01/37 | 12/23
at 103.00 | N/R | 1,309,122 |
| 2,765 | 5.500%,
12/01/47 | 12/23
at 103.00 | N/R | 2,766,493 |
| 1,180 | Regional
Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 | 6/20
at 100.00 | AA- | 1,230,988 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Colorado (continued) | | | |
| | Regional
Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010: | | | |
| $ 6,500 | 6.500%,
1/15/30 | 7/20
at 100.00 | Baa3 | $ 6,602,700 |
| 3,750 | 6.000%,
1/15/41 | 7/20
at 100.00 | BBB+ | 3,815,250 |
| 1,280 | Sierra
Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 | 12/21
at 103.00 | N/R | 1,298,342 |
| 930 | SouthGlenn
Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 | 12/21
at 103.00 | N/R | 920,282 |
| 1,000 | St
Vrain Lakes Metropolitan District No 2, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2017A, 5.000%, 12/01/37 | 12/22
at 103.00 | N/R | 996,310 |
| | Sterling
Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported Revenue Bonds, Senior Series 2015A: | | | |
| 500 | 5.500%,
12/01/35 | 12/20
at 103.00 | N/R | 511,205 |
| 1,000 | 5.750%,
12/01/45 | 12/20
at 103.00 | N/R | 1,020,130 |
| 500 | Table
Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.250%, 12/01/45 | 12/21
at 103.00 | N/R | 514,605 |
| 8,500 | University
of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 | 11/22
at 100.00 | AA- | 9,258,540 |
| 363,715 | Total
Colorado | | | 325,688,603 |
| | Connecticut – 0.5%
(0.3% of Total Investments) | | | |
| 590 | Connecticut
Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc Project, Series 2016A, 5.000%, 9/01/46, 144A | 9/26
at 100.00 | BB | 598,148 |
| 740 | Connecticut
Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A, 5.000%, 9/01/53, 144A | 9/26
at 100.00 | BB | 742,745 |
| 10,105 | Connecticut
Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 4.125%, 7/01/41 | 7/25
at 100.00 | A- | 10,349,036 |
| 3,250 | Connecticut
Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39 (Pre-refunded 7/01/20) | 7/20
at 100.00 | AA
(4) | 3,400,898 |
| 14,685 | Total
Connecticut | | | 15,090,827 |
| | Delaware – 0.2%
(0.1% of Total Investments) | | | |
| 2,615 | Delaware
Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45 | 10/20
at 100.00 | Baa3 | 2,702,602 |
| | Kent
County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing Foundation - Dover LLC Delaware State University Project, Series 2018A: | | | |
| 2,585 | 5.000%,
7/01/53 | 1/28
at 100.00 | BBB- | 2,719,601 |
| 1,000 | 5.000%,
7/01/58 | 1/28
at 100.00 | BBB- | 1,043,790 |
| 6,200 | Total
Delaware | | | 6,465,993 |
| | District
of Columbia – 1.3% (0.8% of Total Investments) | | | |
| 3,780 | District
of Columbia Student Dormitory Revenue Bonds, Provident Group - Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45 | 10/22
at 100.00 | BB+ | 3,789,752 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | District
of Columbia (continued) | | | |
| $ 6,205 | District
of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No
Opt. Call | Baa1 | $ 6,691,224 |
| 186,000 | District
of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 3/19
at 100.00 | N/R | 28,781,640 |
| 1,500 | District
of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 5.000%, 7/01/42 | 7/24
at 103.00 | N/R | 1,503,000 |
| 197,485 | Total
District of Columbia | | | 40,765,616 |
| | Florida – 5.5%
(3.4% of Total Investments) | | | |
| 990 | Bexley
Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36 | 5/26
at 100.00 | N/R | 986,456 |
| 19,000 | Cape
Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 (Pre-refunded 10/01/21) – AGM Insured | 10/21
at 100.00 | A
(4) | 20,643,120 |
| | Capital
Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018: | | | |
| 1,290 | 6.100%,
8/15/38, 144A | 8/28
at 100.00 | N/R | 1,268,315 |
| 1,045 | 6.200%,
8/15/48, 144A | 8/28
at 100.00 | N/R | 1,021,456 |
| | Capital
Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A: | | | |
| 1,065 | 5.375%,
7/01/37, 144A | 7/27
at 100.00 | BB | 1,046,022 |
| 1,470 | 5.500%,
7/01/47, 144A | 7/27
at 100.00 | BB | 1,426,767 |
| 4,325 | Capital
Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, Orlando Project, Series 2018, 7.500%, 6/01/48, 144A | 6/28
at 100.00 | N/R | 4,455,745 |
| | Capital
Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A: | | | |
| 6,050 | 5.125%,
6/15/37, 144A | 6/27
at 100.00 | N/R | 5,663,223 |
| 1,890 | 5.250%,
6/15/47, 144A | 6/27
at 100.00 | N/R | 1,732,204 |
| 880 | Capital
Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A, 5.000%, 10/15/37, 144A | 10/27
at 100.00 | Ba2 | 879,938 |
| 4,670 | City
of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25
at 100.00 | AA- | 5,202,847 |
| 1,025 | Cityplace
Community Development District, Florida, Special Assessement and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26 | No
Opt. Call | A | 1,149,681 |
| 1,480 | Collier
County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43 | 11/23
at 100.00 | BBB- | 1,600,561 |
| | Creekside
at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1: | | | |
| 245 | 5.250%,
11/01/37 | 11/28
at 100.00 | N/R | 248,714 |
| 320 | 5.600%,
11/01/46 | 11/28
at 100.00 | N/R | 328,502 |
| 270 | Creekside
at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 | No
Opt. Call | N/R | 277,817 |
| | Davie,
Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A: | | | |
| 3,445 | 6.000%,
4/01/42 | 4/23
at 100.00 | Baa1 | 3,877,485 |
| 1,720 | 5.625%,
4/01/43 | 4/23
at 100.00 | Baa1 | 1,900,101 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Florida (continued) | | | |
| $ 4,000 | Davie,
Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21
at 100.00 | A1 | $ 4,288,600 |
| | Downtown
Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: | | | |
| 280 | 5.250%,
5/01/35 | 5/26
at 100.00 | N/R | 283,676 |
| 315 | 5.300%,
5/01/36 | 5/26
at 100.00 | N/R | 319,130 |
| 475 | 5.500%,
5/01/45 | 5/26
at 100.00 | N/R | 478,620 |
| 655 | 5.500%,
5/01/46 | 5/26
at 100.00 | N/R | 659,605 |
| | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A: | | | |
| 255 | 6.000%,
6/15/37, 144A | 6/26
at 100.00 | N/R | 260,758 |
| 665 | 6.125%,
6/15/46, 144A | 6/26
at 100.00 | N/R | 678,852 |
| 415 | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A, 6.000%, 6/15/37, 144A | 6/26
at 100.00 | N/R | 402,405 |
| | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C: | | | |
| 2,375 | 5.650%,
7/01/37, 144A | 7/27
at 101.00 | N/R | 2,282,969 |
| 3,735 | 5.750%,
7/01/47, 144A | 7/27
at 101.00 | N/R | 3,535,290 |
| | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc Projects, Series 2016A: | | | |
| 1,485 | 6.250%,
6/15/36, 144A | 6/26
at 100.00 | N/R | 1,566,274 |
| 2,075 | 4.750%,
7/15/36, 144A | 7/26
at 100.00 | N/R | 1,966,395 |
| 3,770 | 6.375%,
6/15/46, 144A | 6/26
at 100.00 | N/R | 3,974,221 |
| 1,335 | 5.000%,
7/15/46, 144A | 7/26
at 100.00 | N/R | 1,253,538 |
| | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A: | | | |
| 3,090 | 6.000%,
6/15/35, 144A | 6/25
at 100.00 | N/R | 3,176,767 |
| 3,450 | 6.125%,
6/15/46, 144A | 6/25
at 100.00 | N/R | 3,504,958 |
| 550 | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 | 6/24
at 100.00 | N/R | 575,075 |
| 4,430 | Florida
Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc Projects, Series 2017A, 6.125%, 6/15/47, 144A | 6/27
at 100.00 | N/R | 4,433,898 |
| 1,435 | Grand
Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 | 5/26
at 100.00 | N/R | 1,421,568 |
| 560 | Hillsborough
County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM) | No
Opt. Call | Aaa
(4) | 574,314 |
| | Indian
Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005: | | | |
| 1,645 | 5.000%,
5/01/25 – NPFG Insured | 5/19
at 100.00 | Baa2 | 1,652,945 |
| 1,830 | 5.000%,
5/01/27 – NPFG Insured | 5/19
at 100.00 | Baa2 | 1,837,448 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Florida (continued) | | | |
| $ 600 | Jacksonville,
Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 | 10/22
at 100.00 | A2 | $ 654,744 |
| 2,215 | Jacksonville,
Florida, Educational Facilities Revenue Bonds, Jacksonville University Project, Series 2018B, 5.000%, 6/01/53, 144A | 6/28
at 100.00 | N/R | 2,274,672 |
| 1,000 | Lakeland,
Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25 | 11/21
at 100.00 | A2 | 1,075,370 |
| 625 | Lakewood
Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017, 5.000%, 5/01/37, 144A | 5/27
at 100.00 | N/R | 634,231 |
| 4,125 | Martin
County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial Medical Center, Series 2015, 5.000%, 11/15/45 | 11/24
at 100.00 | Baa1 | 4,340,119 |
| | Miami
Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017: | | | |
| 1,080 | 5.875%,
7/01/37, 144A | 7/27
at 100.00 | N/R | 1,042,859 |
| 1,920 | 6.000%,
7/01/47, 144A | 7/27
at 100.00 | N/R | 1,829,530 |
| 5,965 | Miami
Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43 | 10/24
at 100.00 | BBB+ | 6,481,032 |
| 2,130 | Miami
Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 | 7/27
at 100.00 | BBB | 2,288,578 |
| 1,545 | Miami,
Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/31 (Pre-refunded 2/01/21) – AGM Insured | 2/21
at 100.00 | A+
(4) | 1,676,140 |
| 5,000 | Miami-Dade
County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A, 5.000%, 7/01/44 | 7/24
at 100.00 | A | 5,506,200 |
| 2,500 | Miami-Dade
County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41 (Pre-refunded 10/01/20) | 10/20
at 100.00 | A2
(4) | 2,651,650 |
| 2,500 | Miami-Dade
County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/30 | 10/20
at 100.00 | A | 2,617,900 |
| 2,400 | Miami-Dade
County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22
at 100.00 | A2 | 2,612,832 |
| 6,305 | Miami-Dade
County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22
at 100.00 | A+ | 6,852,589 |
| 4,785 | Northern
Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 | 8/26
at 100.00 | N/R | 5,054,491 |
| 4,250 | Orange
County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 | 4/22
at 100.00 | A2 | 4,502,832 |
| 230 | Palm
Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | 6/22
at 102.00 | N/R | 257,225 |
| 60 | Pasco
County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 10/01/36 – AGM Insured | 4/19
at 100.00 | Aa2 | 60,166 |
| 825 | Reunion
West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016, 5.000%, 11/01/46 | 11/26
at 100.00 | N/R | 816,387 |
| 1,410 | Seminole
County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) | No
Opt. Call | Aa2
(4) | 1,450,425 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Florida (continued) | | | |
| | Six
Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016: | | | |
| $ 230 | 4.750%,
11/01/28 | 11/27
at 100.00 | N/R | $ 231,911 |
| 385 | 5.375%,
11/01/36 | 11/27
at 100.00 | N/R | 389,112 |
| 925 | South
Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016, 5.375%, 5/01/37 | 5/27
at 100.00 | N/R | 943,741 |
| 1,200 | St
Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/21 – FGIC Insured (ETM) | No
Opt. Call | N/R
(4) | 1,314,384 |
| 400 | Tamarac,
Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 10/01/19) – AGC Insured | 10/19
at 100.00 | AA
(4) | 408,864 |
| 4,100 | Tampa,
Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22
at 100.00 | Aa2 | 4,458,586 |
| 945 | Tampa,
Florida, Healthcare System Revenue Bonds, Allegany Health System - St Joseph's Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) | No
Opt. Call | Aaa
(4) | 947,599 |
| 10,095 | Tampa-Hillsborough
County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22
at 100.00 | A2
(4) | 11,165,171 |
| 2,000 | Volusia
County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded 10/15/21) – AGM Insured | 10/21
at 100.00 | A-
(4) | 2,169,920 |
| 5,000 | Volusia
County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40 | 6/25
at 100.00 | A- | 5,564,500 |
| 166,755 | Total
Florida | | | 175,110,020 |
| | Georgia – 4.2%
(2.6% of Total Investments) | | | |
| | Atlanta,
Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: | | | |
| 5,915 | 5.375%,
11/01/39 – AGM Insured | 11/19
at 100.00 | AA- | 6,062,816 |
| 11,085 | 5.375%,
11/01/39 (Pre-refunded 11/01/19) – AGM Insured | 11/19
at 100.00 | AA
(4) | 11,391,168 |
| 22,085 | Burke
County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 | 2/28
at 100.00 | BBB+ | 21,541,709 |
| 12,765 | Burke
County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 | 2/28
at 100.00 | BBB+ | 12,449,194 |
| 2,825 | Cherokee
County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26 | 8/20
at 100.00 | AA | 2,899,636 |
| 4,000 | Cobb
County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2012, 5.000%, 4/01/28 | 4/23
at 100.00 | A | 4,390,840 |
| 1,250 | DeKalb
County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20) | 9/20
at 100.00 | N/R
(4) | 1,330,138 |
| 2,000 | Fairburn,
Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured | 12/21
at 100.00 | A2
(4) | 2,221,860 |
| | Gainesville
and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2010B: | | | |
| 960 | 5.125%,
2/15/40 | 2/20
at 100.00 | AA- | 985,872 |
| 3,090 | 5.125%,
2/15/40 (Pre-refunded 2/15/20) | 2/20
at 100.00 | N/R
(4) | 3,195,060 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Georgia (continued) | | | |
| $ 15,305 | Gainesville
and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54 | 2/25
at 100.00 | AA- | $ 17,383,266 |
| | Gainesville
and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B: | | | |
| 1,180 | 5.250%,
2/15/37 | 2/20
at 100.00 | AA- | 1,215,365 |
| 3,820 | 5.250%,
2/15/37 (Pre-refunded 2/15/20) | 2/20
at 100.00 | N/R
(4) | 3,954,731 |
| | Georgia
Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A: | | | |
| 6,760 | 3.950%,
12/01/43 | 6/27
at 100.00 | AAA | 6,797,856 |
| 5,000 | 4.000%,
12/01/48 | 6/27
at 100.00 | AAA | 5,031,500 |
| 10,825 | Georgia
Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 | 7/25
at 100.00 | Baa3 | 10,960,637 |
| 2,250 | Gwinnett
County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured | 7/19
at 100.00 | A2 | 2,276,887 |
| 1,300 | Macon-Bibb
County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.750%, 6/15/37, 144A | 6/27
at 100.00 | N/R | 1,301,599 |
| 4,000 | Marietta
Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc Project, Refunding Series 2017A, 5.000%, 11/01/37, 144A | 11/27
at 100.00 | Ba3 | 4,190,080 |
| 1,000 | Private
Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27 | 10/22
at 100.00 | Baa2 | 1,078,800 |
| 10,090 | Private
Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40 | 10/25
at 100.00 | Baa2 | 10,649,995 |
| 1,710 | Valdosta
and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 | 10/21
at 100.00 | AA- | 1,818,773 |
| 129,215 | Total
Georgia | | | 133,127,782 |
| | Guam – 0.0%
(0.0% of Total Investments) | | | |
| 650 | Guam
Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23
at 100.00 | A- | 692,322 |
| | Hawaii – 0.4%
(0.2% of Total Investments) | | | |
| 1,500 | Hawaii
Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A | 1/25
at 100.00 | Ba3 | 1,412,745 |
| 5,000 | Hawaii
Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 | 7/23
at 100.00 | A1 | 5,518,950 |
| 170 | Hawaii
Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 | 7/23
at 100.00 | BB | 176,268 |
| 5,075 | Hawaii
Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40 | 7/25
at 100.00 | A1 | 5,178,479 |
| 11,745 | Total
Hawaii | | | 12,286,442 |
| | Idaho – 0.8%
(0.5% of Total Investments) | | | |
| | Idaho
Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014: | | | |
| 3,300 | 4.375%,
7/01/34, 144A | 7/24
at 100.00 | A | 3,409,824 |
| 12,495 | 4.750%,
7/01/44, 144A | 7/24
at 100.00 | A | 12,952,442 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Idaho (continued) | | | |
| $ 250 | Idaho
Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016, 5.000%, 9/01/37 | 9/26
at 100.00 | BB+ | $ 265,017 |
| 8,730 | Idaho
Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2012A, 5.000%, 3/01/47 | 3/22
at 100.00 | A- | 9,178,635 |
| 1,000 | Idaho
Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2014A, 4.125%, 3/01/37 | 3/24
at 100.00 | A- | 1,010,240 |
| 25,775 | Total
Idaho | | | 26,816,158 |
| | Illinois – 26.2%
(16.3% of Total Investments) | | | |
| 675 | Bolingbrook,
Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25 | 7/23
at 100.00 | A2 | 753,678 |
| 67,135 | Chicago
Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 | 4/27
at 100.00 | A | 76,549,341 |
| 1,000 | Chicago
Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017, 5.000%, 4/01/46 | 4/27
at 100.00 | A | 1,061,820 |
| | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A: | | | |
| 6,210 | 5.500%,
12/01/39 | 12/21
at 100.00 | B2 | 6,313,272 |
| 1,865 | 5.000%,
12/01/41 | 12/21
at 100.00 | B2 | 1,867,779 |
| 5,175 | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A, 5.000%, 12/01/42 | 12/22
at 100.00 | B2 | 5,192,492 |
| 8,400 | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42, 144A | 12/27
at 100.00 | B+ | 9,941,820 |
| | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H: | | | |
| 5,835 | 5.000%,
12/01/36 | 12/27
at 100.00 | B+ | 6,002,348 |
| 4,940 | 5.000%,
12/01/46 | 12/27
at 100.00 | B+ | 4,971,171 |
| 6,055 | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D, 5.000%, 12/01/46 | 12/28
at 100.00 | B+ | 6,106,044 |
| 38,905 | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 | 12/25
at 100.00 | B+ | 44,562,954 |
| 14,805 | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 | 12/26
at 100.00 | B+ | 16,624,534 |
| 19,585 | Chicago
Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A | 12/27
at 100.00 | B+ | 23,085,819 |
| 1,315 | Chicago
Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured | No
Opt. Call | B+ | 810,934 |
| 2,235 | Chicago
Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured | 6/21
at 100.00 | A2 | 2,378,643 |
| 1,100 | Chicago
Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21
at 100.00 | A3 | 1,156,749 |
| 12,215 | Chicago
Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 | 12/24
at 100.00 | AA | 13,352,216 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Illinois (continued) | | | |
| $ 7,700 | Chicago,
Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured | 1/20
at 100.00 | A2 | $ 7,917,679 |
| | Chicago,
Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 1,500 | 0.000%,
1/01/31 – NPFG Insured | No
Opt. Call | BBB- | 924,030 |
| 32,670 | 0.000%,
1/01/32 – FGIC Insured | No
Opt. Call | BBB- | 19,104,436 |
| 12,360 | 0.000%,
1/01/37 – FGIC Insured | No
Opt. Call | BBB- | 5,531,842 |
| 960 | Chicago,
Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured | 4/19
at 100.00 | Ba1 | 962,688 |
| 2,500 | Chicago,
Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 | 1/24
at 100.00 | Ba1 | 2,608,475 |
| 17,605 | Chicago,
Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27
at 100.00 | BBB- | 19,692,777 |
| 890 | Chicago,
Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34 | 4/19
at 100.00 | Ba1 | 891,638 |
| 1,000 | Chicago,
Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 | 1/21
at 100.00 | Ba1 | 1,015,900 |
| 10,200 | Chicago,
Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 | 1/22
at 100.00 | Ba1 | 10,398,390 |
| 2,605 | Chicago,
Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26
at 100.00 | BBB- | 2,698,702 |
| 3,000 | Chicago,
Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39 | 1/25
at 100.00 | A | 3,236,550 |
| 10,000 | Cook
County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43 | 12/23
at 100.00 | BBB | 10,312,600 |
| | DeKalb,
Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District 523, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B: | | | |
| 2,500 | 0.000%,
2/01/33 | 2/21
at 100.00 | AA- | 1,062,750 |
| 2,000 | 0.000%,
2/01/34 | 2/21
at 100.00 | AA- | 788,400 |
| | Illinois
Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002RMKT: | | | |
| 2,500 | 4.450%,
11/01/36 | 11/25
at 102.00 | A2 | 2,621,675 |
| 3,400 | 5.500%,
11/01/36 | 11/23
at 100.00 | A | 3,724,088 |
| 3,295 | Illinois
Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured | 6/19
at 100.00 | Baa2 | 3,303,435 |
| | Illinois
Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A: | | | |
| 1,700 | 5.750%,
12/01/35, 144A | 12/25
at 100.00 | N/R | 1,716,065 |
| 115 | 6.000%,
12/01/45, 144A | 12/25
at 100.00 | N/R | 115,627 |
| | Illinois
Finance Authority, Illinois, Rosalind Franklin University Revenue Bonds, Research Building Project, Series 2017C: | | | |
| 1,000 | 5.000%,
8/01/42 | 8/27
at 100.00 | BBB+ | 1,070,650 |
| 1,000 | 5.000%,
8/01/46 | 8/27
at 100.00 | BBB+ | 1,066,940 |
| 1,000 | 5.000%,
8/01/47 | 8/27
at 100.00 | BBB+ | 1,066,200 |
| 6,500 | Illinois
Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 | 10/20
at 100.00 | B2 | 6,788,925 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Illinois (continued) | | | |
| $ 39,675 | Illinois
Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, 4.000%, 2/15/41 | 2/27
at 100.00 | Aa2 | $ 40,082,462 |
| 6,750 | Illinois
Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 | 9/22
at 100.00 | AA+ | 7,216,087 |
| | Illinois
Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | |
| 1,485 | 5.000%,
9/01/34 | 9/24
at 100.00 | AA+ | 1,654,142 |
| 19,025 | 5.000%,
9/01/42 | 9/24
at 100.00 | AA+ | 20,831,614 |
| 1,750 | Illinois
Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 | 5/22
at 100.00 | Baa2 | 1,760,553 |
| 4,300 | Illinois
Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 | 4/19
at 100.00 | A1 | 4,326,144 |
| 15,805 | Illinois
Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46 | 6/26
at 100.00 | A3 | 16,830,112 |
| 1,630 | Illinois
Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/37 | 8/22
at 100.00 | Aa2 | 1,769,740 |
| | Illinois
Finance Authority, Revenue Bonds, Provena Health, Series 2009A: | | | |
| 25 | 7.750%,
8/15/34 (Pre-refunded 8/15/19) | 8/19
at 100.00 | N/R
(4) | 25,791 |
| 2,475 | 7.750%,
8/15/34 (Pre-refunded 8/15/19) | 8/19
at 100.00 | N/R
(4) | 2,553,334 |
| 1,435 | Illinois
Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23
at 100.00 | A- | 1,573,564 |
| | Illinois
Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C: | | | |
| 560 | 5.000%,
8/15/35 | 8/25
at 100.00 | Baa1 | 610,702 |
| 6,140 | 5.000%,
8/15/44 | 8/25
at 100.00 | Baa1 | 6,555,187 |
| 5,735 | Illinois
Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) | 8/19
at 100.00 | N/R
(4) | 5,893,859 |
| 8,960 | Illinois
Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured | 8/21
at 100.00 | A2 | 9,744,986 |
| | Illinois
Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C: | | | |
| 1,150 | 5.500%,
8/15/41 (Pre-refunded 2/15/21) | 2/21
at 100.00 | AA-
(4) | 1,234,456 |
| 4,500 | 5.500%,
8/15/41 (Pre-refunded 2/15/21) (UB) (5) | 2/21
at 100.00 | AA-
(4) | 4,830,480 |
| 20,000 | Illinois
Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 (UB) (5) | 10/25
at 100.00 | AA- | 22,345,400 |
| 19,975 | Illinois
Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21
at 100.00 | AA+ | 21,175,897 |
| 3,665 | Illinois
Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured | 6/24
at 100.00 | BBB- | 4,066,794 |
| | Illinois
State, General Obligation Bonds, February Series 2014: | | | |
| 3,200 | 5.250%,
2/01/32 | 2/24
at 100.00 | BBB- | 3,345,472 |
| 2,000 | 5.250%,
2/01/33 | 2/24
at 100.00 | BBB- | 2,084,540 |
| 1,575 | 5.250%,
2/01/34 | 2/24
at 100.00 | BBB- | 1,637,260 |
| 7,500 | 5.000%,
2/01/39 | 2/24
at 100.00 | BBB- | 7,629,075 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Illinois (continued) | | | |
| $ 5,000 | Illinois
State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 | 6/26
at 100.00 | BBB- | $ 4,614,650 |
| | Illinois
State, General Obligation Bonds, May Series 2014: | | | |
| 510 | 5.000%,
5/01/36 | 5/24
at 100.00 | BBB- | 522,949 |
| 3,245 | 5.000%,
5/01/39 | 5/24
at 100.00 | BBB- | 3,306,136 |
| | Illinois
State, General Obligation Bonds, November Series 2016: | | | |
| 11,800 | 5.000%,
11/01/40 | 11/26
at 100.00 | BBB- | 12,134,648 |
| 13,200 | 5.000%,
11/01/41 | 11/26
at 100.00 | BBB- | 13,548,348 |
| | Illinois
State, General Obligation Bonds, November Series 2017D: | | | |
| 1,540 | 5.000%,
11/01/27 | No
Opt. Call | BBB- | 1,672,686 |
| 31,060 | 5.000%,
11/01/28 | 11/27
at 100.00 | BBB- | 33,592,322 |
| 5,000 | Illinois
State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27
at 100.00 | BBB- | 5,342,650 |
| 2,625 | Illinois
State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 | 1/20
at 100.00 | BBB- | 2,668,785 |
| | Illinois
State, General Obligation Bonds, Refunding Series 2012: | | | |
| 3,425 | 5.000%,
8/01/23 | No
Opt. Call | BBB- | 3,651,495 |
| 1,190 | 5.000%,
8/01/25 | 8/22
at 100.00 | BBB- | 1,245,002 |
| | Illinois
State, General Obligation Bonds, Series 2013: | | | |
| 2,000 | 5.250%,
7/01/31 | 7/23
at 100.00 | BBB- | 2,086,080 |
| 2,990 | 5.500%,
7/01/38 | 7/23
at 100.00 | BBB- | 3,122,816 |
| 5,000 | Illinois
Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/35 | 1/23
at 100.00 | AA- | 5,458,650 |
| 18,920 | Illinois
Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 | 7/25
at 100.00 | AA- | 21,239,592 |
| 1,395 | Illinois
Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 14.496%, 1/01/38, 144A (IF) | 1/23
at 100.00 | AA- | 1,874,699 |
| 7,400 | Macon
County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured | 1/21
at 100.00 | A2 | 7,806,556 |
| 17,500 | Metropolitan
Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 | 6/22
at 100.00 | BBB- | 17,774,750 |
| 540 | Metropolitan
Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | 12/25
at 100.00 | BBB- | 559,958 |
| | Metropolitan
Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A: | | | |
| 2,890 | 0.000%,
12/15/52 | No
Opt. Call | BBB- | 544,534 |
| 5,185 | 5.000%,
6/15/53 | 12/25
at 100.00 | BBB- | 5,373,527 |
| 5,700 | 5.500%,
6/15/53 | 12/25
at 100.00 | BBB- | 6,074,604 |
| | Metropolitan
Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A: | | | |
| 3,650 | 5.500%,
6/15/50 (Pre-refunded 6/15/20) | 6/20
at 100.00 | BBB-
(4) | 3,833,595 |
| 11,365 | 5.500%,
6/15/50 | 6/20
at 100.00 | BBB | 11,472,627 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Illinois (continued) | | | |
| | Metropolitan
Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1: | | | |
| $ 25,000 | 0.000%,
6/15/44 – AGM Insured | No
Opt. Call | BBB- | $ 7,966,750 |
| 43,200 | 0.000%,
6/15/45 – AGM Insured | No
Opt. Call | BBB- | 13,125,456 |
| 10,000 | 0.000%,
6/15/46 – AGM Insured | No
Opt. Call | BBB- | 2,896,400 |
| 41,205 | Metropolitan
Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 | 6/20
at 100.00 | Ba1 | 41,326,143 |
| 8,750 | Metropolitan
Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured | No
Opt. Call | BBB | 6,044,325 |
| | Metropolitan
Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | | | |
| 18,085 | 0.000%,
12/15/24 – NPFG Insured | No
Opt. Call | BBB- | 14,738,552 |
| 20,045 | 0.000%,
12/15/35 – AGM Insured | No
Opt. Call | BBB- | 9,879,178 |
| 1,846 | Plano,
Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured | 3/24
at 100.00 | AA | 1,999,569 |
| 2,600 | Regional
Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured | No
Opt. Call | A2 | 3,376,542 |
| 3,900 | Rosemont
Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 12/01/35 (Pre-refunded 12/01/20) – AGM Insured | 12/20
at 100.00 | A2
(4) | 4,175,730 |
| 7,025 | Southwestern
Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc, Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) | 11/23
at 100.00 | N/R
(4) | 8,840,119 |
| 4,000 | Southwestern
Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured | No
Opt. Call | Baa2 | 3,269,880 |
| 12,125 | Springfield,
Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured | 3/25
at 100.00 | A2 | 13,299,912 |
| | Will
County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004: | | | |
| 780 | 0.000%,
11/01/22 – NPFG Insured (ETM) | No
Opt. Call | Baa2
(4) | 721,890 |
| 2,550 | 0.000%,
11/01/22 – NPFG Insured | No
Opt. Call | Baa2 | 2,321,061 |
| 6,415 | Will
County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured | No
Opt. Call | Aa3 | 5,530,692 |
| | Williamson
& Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011: | | | |
| 930 | 7.000%,
12/01/21 – AGM Insured | 12/20
at 100.00 | A2 | 1,007,292 |
| 1,035 | 7.000%,
12/01/22 – AGM Insured | 12/20
at 100.00 | A2 | 1,118,690 |
| 1,155 | 7.000%,
12/01/23 – AGM Insured | 12/20
at 100.00 | A2 | 1,248,393 |
| 1,065 | 7.000%,
12/01/26 – AGM Insured | 12/20
at 100.00 | A2 | 1,147,154 |
| 2,085 | 7.250%,
12/01/29 (Pre-refunded 12/01/20) – AGM Insured | 12/20
at 100.00 | A2
(4) | 2,288,037 |
| 2,295 | 7.250%,
12/01/30 (Pre-refunded 12/01/20) – AGM Insured | 12/20
at 100.00 | A2
(4) | 2,518,487 |
| 883,986 | Total
Illinois | | | 837,491,638 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Indiana – 3.1%
(1.9% of Total Investments) | | | |
| | Allen
County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior Series 2017A-1: | | | |
| $ 500 | 6.625%,
1/15/34, 144A | 1/24
at 104.00 | N/R | $ 524,975 |
| 675 | 6.750%,
1/15/43, 144A | 1/24
at 104.00 | N/R | 707,468 |
| 1,605 | Chesterton,
Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 2016, 6.250%, 1/15/43, 144A | 1/24
at 104.00 | N/R | 1,632,028 |
| 2,640 | Crown
Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured | No
Opt. Call | Baa2 | 2,369,162 |
| 12,040 | Indiana
Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 | 10/24
at 100.00 | A3 | 13,161,767 |
| 365 | Indiana
Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 | 6/20
at 100.00 | B | 374,497 |
| 125 | Indiana
Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 | No
Opt. Call | B | 127,686 |
| 10,290 | Indiana
Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 | 5/23
at 100.00 | A | 11,044,051 |
| 5,000 | Indiana
Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) | 12/20
at 100.00 | AA-
(4) | 5,281,250 |
| 13,880 | Indiana
Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 | 10/21
at 100.00 | A2 | 14,814,679 |
| 17,970 | Indiana
Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44 | 10/24
at 100.00 | A | 19,856,491 |
| 5,000 | Indianapolis
Local Public Improvement Bond Bank Bonds, Indiana, Revenue Bonds, PILOT Infrastructure Project, Series 2010F, 5.000%, 1/01/35 (Pre-refunded 1/01/20) – AGM Insured | 1/20
at 100.00 | AA
(4) | 5,149,400 |
| | Indianapolis
Local Public Improvement Bond Bank, Indiana, Series 1999E: | | | |
| 10,000 | 0.000%,
2/01/26 – AMBAC Insured | No
Opt. Call | A | 8,405,400 |
| 20,000 | 0.000%,
2/01/28 – AMBAC Insured | No
Opt. Call | A | 15,603,400 |
| 100,090 | Total
Indiana | | | 99,052,254 |
| | Iowa – 3.4%
(2.1% of Total Investments) | | | |
| 10,000 | Iowa
Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44 | 2/23
at 100.00 | A1 | 10,714,600 |
| 10,690 | Iowa
Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 | 12/23
at 100.00 | B- | 11,342,731 |
| 18,290 | Iowa
Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A | 6/19
at 105.00 | B- | 19,296,682 |
| 21,280 | Iowa
Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22) | 12/22
at 105.00 | B+ | 22,660,646 |
| 5,700 | Iowa
Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc Project, Series 2018, 5.250%, 8/01/55 | 8/23
at 102.00 | N/R | 5,718,639 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Iowa (continued) | | | |
| | Iowa
Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | |
| $ 8,285 | 5.375%,
6/01/38 | 4/19
at 100.00 | B2 | $ 8,230,236 |
| 2,200 | 5.500%,
6/01/42 | 4/19
at 100.00 | B2 | 2,185,524 |
| 21,420 | 5.625%,
6/01/46 | 4/19
at 100.00 | B | 21,197,018 |
| 8,400 | Iowa
Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 4/19
at 100.00 | B2 | 8,401,428 |
| 106,265 | Total
Iowa | | | 109,747,504 |
| | Kansas – 0.7%
(0.4% of Total Investments) | | | |
| | Kansas
Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A: | | | |
| 1,240 | 5.000%,
1/01/40 | 1/20
at 100.00 | AA- | 1,270,120 |
| 8,140 | 5.000%,
1/01/40 (Pre-refunded 1/01/20) | 1/20
at 100.00 | N/R
(4) | 8,379,479 |
| 1,000 | Lenexa,
Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series 2017A, 5.000%, 5/15/43 | 5/27
at 100.00 | BB+ | 1,018,250 |
| | Wyandotte
County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015: | | | |
| 4,845 | 5.000%,
9/01/27 | 9/25
at 100.00 | N/R | 5,145,390 |
| 2,380 | 5.750%,
9/01/32 | 9/25
at 100.00 | N/R | 2,532,653 |
| 2,495 | 6.000%,
9/01/35 | 9/25
at 100.00 | N/R | 2,638,961 |
| 20,100 | Total
Kansas | | | 20,984,853 |
| | Kentucky – 2.3%
(1.4% of Total Investments) | | | |
| 4,565 | Christian
County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016, 5.500%, 2/01/44 | 2/26
at 100.00 | BB+ | 4,872,864 |
| 6,065 | Kentucky
Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24 | No
Opt. Call | N/R | 5,831,133 |
| 10,000 | Kentucky
Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.000%, 6/01/37 | 6/27
at 100.00 | BB+ | 10,650,600 |
| 5,240 | Kentucky
Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20
at 100.00 | BB+
(4) | 5,530,296 |
| 6,015 | Kentucky
Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20) | 6/20
at 100.00 | BB+
(4) | 6,377,584 |
| | Kentucky
Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A: | | | |
| 4,345 | 5.000%,
7/01/37 | 7/25
at 100.00 | Baa2 | 4,671,049 |
| 7,370 | 5.000%,
7/01/40 | 7/25
at 100.00 | Baa2 | 7,750,808 |
| 10,245 | 5.000%,
1/01/45 | 7/25
at 100.00 | Baa2 | 10,625,909 |
| | Kentucky
Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | | | |
| 4,360 | 6.750%,
7/01/43 (6) | 7/31
at 100.00 | Baa3 | 4,226,410 |
| 8,510 | 6.875%,
7/01/46 (6) | 7/31
at 100.00 | Baa3 | 8,264,657 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Kentucky (continued) | | | |
| | Kentucky
Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A: | | | |
| $ 2,390 | 5.750%,
7/01/49 | 7/23
at 100.00 | Baa3 | $ 2,589,541 |
| 480 | 6.000%,
7/01/53 | 7/23
at 100.00 | Baa3 | 522,878 |
| 715 | Kentucky
State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured | 2/19
at 100.00 | AA | 717,116 |
| 70,300 | Total
Kentucky | | | 72,630,845 |
| | Louisiana – 1.5%
(0.9% of Total Investments) | | | |
| 2,980 | Ascension
Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | 7/23
at 100.00 | N/R | 3,155,582 |
| 4,330 | Jefferson
Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured | 1/21
at 100.00 | A2
(4) | 4,669,559 |
| 5,000 | Lafayette
Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 10/01/20) – AGM Insured | 10/20
at 100.00 | AA
(4) | 5,309,250 |
| 4,730 | Louisiana
Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32 | 11/27
at 100.00 | BBB | 4,534,887 |
| | Louisiana
Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A: | | | |
| 135 | 5.750%,
7/01/25 (ETM) (UB) | No
Opt. Call | A2
(4) | 165,669 |
| 9,865 | 5.750%,
7/01/25 (UB) | No
Opt. Call | A2 | 11,224,397 |
| 11,000 | Louisiana
Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017, 0.000%, 10/01/46 (6) | 10/33
at 100.00 | BBB | 9,558,120 |
| 455 | Louisiana
Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 4.000%, 5/15/42 | 5/27
at 100.00 | A3 | 455,296 |
| | Louisiana
Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015: | | | |
| 1,000 | 4.250%,
5/15/40 | 5/25
at 100.00 | A3 | 1,025,450 |
| 6,970 | 5.000%,
5/15/47 | 5/25
at 100.00 | A3 | 7,441,032 |
| 1,000 | New
Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34 | 6/24
at 100.00 | A- | 1,037,090 |
| 47,465 | Total
Louisiana | | | 48,576,332 |
| | Maine – 1.1%
(0.7% of Total Investments) | | | |
| 7,530 | Maine
Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 | 7/23
at 100.00 | BBB | 7,849,874 |
| | Maine
Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A: | | | |
| 5,450 | 4.000%,
7/01/41 | 7/26
at 100.00 | Ba1 | 5,292,550 |
| 10,215 | 4.000%,
7/01/46 | 7/26
at 100.00 | Ba1 | 9,724,067 |
| 1,050 | Maine
Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 | 7/21
at 100.00 | BB | 1,117,610 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Maine (continued) | | | |
| $ 10,000 | Maine
Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 5.000%, 7/01/39 | 7/24
at 100.00 | A+ | $ 10,845,800 |
| 34,245 | Total
Maine | | | 34,829,901 |
| | Maryland – 1.4%
(0.9% of Total Investments) | | | |
| 1,000 | Howard
County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A, 4.375%, 2/15/39, 144A | 2/26
at 100.00 | N/R | 999,290 |
| 2,500 | Maryland
Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.000%, 1/01/26 | 1/22
at 100.00 | Baa3 | 2,757,225 |
| 13,315 | Maryland
Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 | 1/27
at 100.00 | Baa3 | 14,752,354 |
| 10,000 | Maryland
Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, 5.000%, 7/01/47 | 7/25
at 100.00 | A+ | 10,902,000 |
| 2,500 | Maryland
Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 | 7/24
at 100.00 | A3 | 2,705,000 |
| 3,000 | Maryland
Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 | 7/22
at 100.00 | A- | 3,227,220 |
| | Prince
George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016: | | | |
| 2,000 | 4.750%,
7/01/36, 144A | 1/26
at 100.00 | N/R | 1,949,040 |
| 2,300 | 5.000%,
7/01/46, 144A | 1/26
at 100.00 | N/R | 2,256,139 |
| | Rockville
Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: | | | |
| 1,335 | 4.250%,
11/01/37 | 11/24
at 103.00 | BB | 1,286,406 |
| 1,250 | 4.500%,
11/01/43 | 11/24
at 103.00 | BB | 1,233,388 |
| 1,950 | 5.000%,
11/01/47 | 11/24
at 103.00 | BB | 2,008,324 |
| 41,150 | Total
Maryland | | | 44,076,386 |
| | Massachusetts – 2.8%
(1.8% of Total Investments) | | | |
| 9,500 | Massachusetts
Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 | 1/20
at 100.00 | AA | 9,767,330 |
| 3,125 | Massachusetts
Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 | 1/20
at 100.00 | A2 | 3,205,781 |
| | Massachusetts
Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A: | | | |
| 2,245 | 5.250%,
7/01/34 | 7/24
at 100.00 | BB | 2,432,390 |
| 6,195 | 5.500%,
7/01/44 | 7/24
at 100.00 | BB | 6,673,873 |
| | Massachusetts
Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc Issue, Series 2017: | | | |
| 8,200 | 4.125%,
10/01/42, 144A | 10/22
at 105.00 | BB+ | 7,465,116 |
| 2,810 | 5.000%,
10/01/47, 144A | 10/22
at 105.00 | BB+ | 2,905,596 |
| 10,000 | Massachusetts
Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2, 5.000%, 7/01/53 | 7/28
at 100.00 | Baa1 | 10,793,600 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Massachusetts (continued) | | | |
| | Massachusetts
Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | | | |
| $ 4,020 | 4.500%,
1/01/45 | 1/25
at 100.00 | Baa2 | $ 4,076,079 |
| 2,950 | 5.000%,
1/01/45 | 1/25
at 100.00 | Baa2 | 3,114,876 |
| 4,035 | Massachusetts
Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 4.000%, 10/01/46 | 10/26
at 100.00 | Baa2 | 3,735,442 |
| 6,000 | Massachusetts
Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No
Opt. Call | AA- | 7,956,540 |
| 5,330 | Massachusetts
Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 11.467%, 12/15/34 (Pre-refunded 12/15/19), 144A (IF) (5) | 12/19
at 100.00 | AAA
(4) | 5,791,578 |
| 1,000 | Massachusetts
Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 (Pre-refunded 7/01/20) | 7/20
at 100.00 | N/R
(4) | 1,049,480 |
| 7,405 | Massachusetts
Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5) | No
Opt. Call | AAA | 9,902,410 |
| | Massachusetts
Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A: | | | |
| 770 | 5.750%,
7/01/39 | 7/19
at 100.00 | Baa2 | 779,856 |
| 1,530 | 5.750%,
7/01/39 (Pre-refunded 7/01/19) | 7/19
at 100.00 | N/R
(4) | 1,555,903 |
| 2,800 | Massachusetts
Housing Finance Agency, Housing Bonds, Series 2014D, 3.875%, 12/01/39 | 6/24
at 100.00 | AA- | 2,811,256 |
| 4,560 | Massachusetts
School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 | 5/23
at 100.00 | AAA | 5,010,163 |
| 425 | Massachusetts
Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 | 4/19
at 100.00 | AAA | 426,441 |
| 1,245 | Springfield
Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured | 11/20
at 100.00 | A3
(4) | 1,317,857 |
| 84,145 | Total
Massachusetts | | | 90,771,567 |
| | Michigan – 3.0%
(1.9% of Total Investments) | | | |
| 5,490 | Detroit
City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) | No
Opt. Call | AA | 6,588,439 |
| 3,665 | Detroit
Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured | 7/24
at 100.00 | AA | 3,911,288 |
| 2,985 | Detroit
Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22
at 100.00 | A2 | 3,218,069 |
| | Kalamazoo
Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Remarketed Series 2006: | | | |
| 895 | 5.250%,
5/15/36 – AGM Insured | 5/20
at 100.00 | A2 | 925,448 |
| 1,105 | 5.250%,
5/15/36 (Pre-refunded 5/15/20) – AGM Insured | 5/20
at 100.00 | A2
(4) | 1,153,012 |
| | Michigan
Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015: | | | |
| 4,495 | 4.000%,
11/15/35 | 5/25
at 100.00 | A+ | 4,641,042 |
| 2,550 | 4.000%,
11/15/36 | 5/25
at 100.00 | A+ | 2,625,582 |
| 10,000 | Michigan
Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, 5.000%, 12/01/45 (UB) (5) | 6/26
at 100.00 | AA- | 10,968,100 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Michigan (continued) | | | |
| | Michigan
Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI: | | | |
| $ 10 | 5.000%,
12/01/39 (Pre-refunded 12/01/21) | 12/21
at 100.00 | N/R
(4) | $ 10,889 |
| 3,240 | 5.000%,
12/01/39 | 12/21
at 100.00 | AA- | 3,449,466 |
| 4,000 | Michigan
Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22
at 100.00 | BBB | 4,191,520 |
| | Michigan
State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A: | | | |
| 2,750 | 5.375%,
10/15/36 | 10/21
at 100.00 | AA- | 2,984,135 |
| 8,260 | 5.375%,
10/15/41 | 10/21
at 100.00 | AA- | 8,938,311 |
| | Michigan
State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009: | | | |
| 5,500 | 5.625%,
11/15/29 (Pre-refunded 11/15/19) | 11/19
at 100.00 | N/R
(4) | 5,666,100 |
| 10,585 | 5.750%,
11/15/39 (Pre-refunded 11/15/19) | 11/19
at 100.00 | N/R
(4) | 10,914,829 |
| 13,855 | Michigan
State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 | 6/22
at 100.00 | AA- | 14,738,672 |
| 3,050 | Michigan
Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 4/19
at 100.00 | B2 | 3,050,610 |
| | Wayne
County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D: | | | |
| 3,550 | 5.000%,
12/01/40 | 12/25
at 100.00 | A | 3,975,787 |
| 3,600 | 5.000%,
12/01/45 | 12/25
at 100.00 | A | 3,998,988 |
| 89,585 | Total
Michigan | | | 95,950,287 |
| | Minnesota – 1.7%
(1.1% of Total Investments) | | | |
| | Baytown
Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A: | | | |
| 155 | 4.000%,
8/01/36 | 8/26
at 100.00 | BB+ | 147,854 |
| 440 | 4.000%,
8/01/41 | 8/26
at 100.00 | BB+ | 402,666 |
| 2,000 | Brooklyn
Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy Project, Refunding Series 2015A, 5.000%, 3/01/34 | 3/25
at 100.00 | BB+ | 2,008,220 |
| 1,720 | Deephaven,
Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.500%, 7/01/50 | 7/25
at 100.00 | BB+ | 1,796,076 |
| | Duluth
Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A: | | | |
| 9,830 | 4.250%,
2/15/43 | 2/28
at 100.00 | A- | 9,910,704 |
| 26,705 | 4.250%,
2/15/48 | 2/28
at 100.00 | A- | 26,864,162 |
| 1,410 | Minneapolis,
Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/47 | 7/24
at 102.00 | N/R | 1,350,174 |
| 1,000 | Minneapolis-Saint
Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children's Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured | 8/20
at 100.00 | A2 | 1,034,000 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Minnesota (continued) | | | |
| | Saint
Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A: | | | |
| $ 405 | 5.000%,
4/01/36 | 4/26
at 100.00 | CC | $ 223,195 |
| 605 | 5.000%,
4/01/46 | 4/26
at 100.00 | CC | 331,558 |
| 2,500 | Saint
Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 | 7/25
at 100.00 | A2 | 2,588,575 |
| 235 | Saint
Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25 | 4/23
at 100.00 | N/R | 236,685 |
| 2,785 | St
Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc, Series 2015A, 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25
at 100.00 | N/R
(4) | 3,306,408 |
| | St.
Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | | | |
| 900 | 5.250%,
11/15/35 (Pre-refunded 11/15/20) | 11/20
at 100.00 | N/R
(4) | 954,963 |
| 3,190 | 5.000%,
11/15/44 (Pre-refunded 11/15/25) | 11/25
at 100.00 | N/R
(4) | 3,787,232 |
| 53,880 | Total
Minnesota | | | 54,942,472 |
| | Mississippi – 0.2%
(0.1% of Total Investments) | | | |
| 5,445 | Mississippi
Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured | No
Opt. Call | A2 | 6,112,503 |
| | Missouri – 1.8%
(1.1% of Total Investments) | | | |
| 2,960 | Chesterfield
Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31 | 5/23
at 100.00 | A- | 2,980,335 |
| | Kansas
City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016: | | | |
| 400 | 5.000%,
4/01/36, 144A | 4/26
at 100.00 | N/R | 401,884 |
| 1,520 | 5.000%,
4/01/46, 144A | 4/26
at 100.00 | N/R | 1,482,410 |
| 15,000 | Kansas
City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured | No
Opt. Call | A1 | 11,385,900 |
| 4,345 | Kirkwood
Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 | 5/27
at 100.00 | BB | 4,537,353 |
| | Liberty,
Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A: | | | |
| 1,575 | 5.750%,
6/01/35, 144A | 6/25
at 100.00 | N/R | 1,516,788 |
| 1,055 | 6.000%,
6/01/46, 144A | 6/25
at 100.00 | N/R | 1,019,204 |
| 2,460 | Missouri
Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | 5/23
at 100.00 | BBB | 2,612,348 |
| | Missouri
Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B: | | | |
| 1,410 | 5.000%,
5/01/40 | 11/23
at 100.00 | BBB | 1,469,643 |
| 2,000 | 5.000%,
5/01/45 | 11/23
at 100.00 | BBB | 2,074,980 |
| 7,040 | Missouri
Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 | 11/23
at 100.00 | A2 | 7,507,174 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Missouri (continued) | | | |
| $ 2,250 | Missouri
Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 | 2/22
at 100.00 | A1 | $ 2,398,253 |
| 1,010 | Plaza
at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 | 5/21
at 100.00 | N/R | 1,010,556 |
| 405 | Saint
Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | 9/23
at 100.00 | BB+ | 432,953 |
| | Saint
Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A: | | | |
| 1,550 | 5.000%,
12/01/35 | 12/25
at 100.00 | N/R | 1,597,771 |
| 455 | 5.125%,
12/01/45 | 12/25
at 100.00 | N/R | 469,096 |
| 4,125 | Saint
Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured | No
Opt. Call | A- | 5,239,823 |
| 15,350 | Springfield
Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured | No
Opt. Call | N/R | 9,589,605 |
| 64,910 | Total
Missouri | | | 57,726,076 |
| | Montana – 0.1%
(0.1% of Total Investments) | | | |
| | Kalispell,
Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A: | | | |
| 1,175 | 5.250%,
5/15/37 | 5/25
at 102.00 | N/R | 1,211,496 |
| 375 | 5.250%,
5/15/47 | 5/25
at 102.00 | N/R | 384,075 |
| 3,000 | Montana
Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured | 1/21
at 100.00 | A2
(4) | 3,224,190 |
| 4,550 | Total
Montana | | | 4,819,761 |
| | Nebraska – 1.3%
(0.8% of Total Investments) | | | |
| 10,665 | Central
Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A, 5.000%, 9/01/42 | No
Opt. Call | BBB+ | 12,318,501 |
| 4,435 | Central
Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32 | 9/22
at 100.00 | BBB+ | 4,763,057 |
| 580 | Douglas
County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 | 11/25
at 100.00 | A- | 618,176 |
| | Douglas
County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | | | |
| 2,090 | 4.125%,
11/01/36 | 11/25
at 100.00 | A- | 2,137,464 |
| 2,325 | 5.000%,
11/01/48 | 11/25
at 100.00 | A- | 2,476,613 |
| 4,010 | Lincoln
County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 | 11/21
at 100.00 | A- | 4,223,733 |
| 5,000 | Municipal
Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 (Pre-refunded 4/01/19) – BHAC Insured | 4/19
at 100.00 | A
(4) | 5,030,250 |
| 4,000 | Nebraska
Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2018C, 3.750%, 9/01/38 | 9/27
at 100.00 | AA+ | 4,011,560 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Nebraska (continued) | | | |
| $ 6,800 | Scotts
Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 | 2/27
at 100.00 | BBB+ | $ 7,237,716 |
| 39,905 | Total
Nebraska | | | 42,817,070 |
| | Nevada – 2.7%
(1.7% of Total Investments) | | | |
| 5,350 | Clark
County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured | 7/19
at 100.00 | Aa3 | 5,420,085 |
| | Clark
County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A: | | | |
| 24,020 | 5.250%,
7/01/39 – AGM Insured | 1/20
at 100.00 | Aa3 | 24,646,201 |
| 14,515 | 5.250%,
7/01/42 | 1/20
at 100.00 | A+ | 14,876,278 |
| 410 | Director
of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A | 12/25
at 100.00 | BB | 414,006 |
| 33,805 | Las
Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B, 4.000%, 7/01/49 | 7/28
at 100.00 | A+ | 34,041,635 |
| 1,000 | Las
Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement District, Series 2016, 4.375%, 6/15/35, 144A | 6/21
at 100.00 | N/R | 905,470 |
| 500 | Neveda
State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A | 7/25
at 100.00 | BB+ | 506,030 |
| 1,140 | North
Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured | 4/19
at 100.00 | BB | 1,141,699 |
| 4,000 | Reno,
Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43 | 12/28
at 100.00 | A3 | 4,055,080 |
| 5,000 | Reno,
Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A | No
Opt. Call | N/R | 572,950 |
| 89,740 | Total
Nevada | | | 86,579,434 |
| | New
Hampshire – 0.3% (0.2% of Total Investments) | | | |
| 5,000 | National
Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018B, 4.625%, 11/01/42, 144A | 7/23
at 100.00 | B | 4,821,550 |
| 5,000 | New
Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | 10/19
at 100.00 | BBB
(4) | 5,144,100 |
| 500 | New
Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016, 5.000%, 10/01/40 | 10/26
at 100.00 | BBB+ | 524,600 |
| 10,500 | Total
New Hampshire | | | 10,490,250 |
| | New
Jersey – 6.2% (3.9% of Total Investments) | | | |
| | New
Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB: | | | |
| 34,310 | 5.500%,
6/15/29 | 12/26
at 100.00 | BBB+ | 39,345,679 |
| 2,110 | 5.500%,
6/15/30 | 12/26
at 100.00 | BBB+ | 2,402,488 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | New
Jersey (continued) | | | |
| | New
Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1: | | | |
| $ 6,835 | 5.500%,
9/01/24 – AMBAC Insured | No
Opt. Call | BBB+ | $ 7,872,690 |
| 5,000 | 5.500%,
9/01/28 – NPFG Insured | No
Opt. Call | BBB+ | 6,042,750 |
| 11,975 | New
Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 | 6/25
at 100.00 | BBB+ | 12,704,517 |
| 2,335 | New
Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2012K-K, 5.000%, 3/01/23 | 9/22
at 100.00 | BBB+ | 2,530,066 |
| 600 | New
Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 | 7/21
at 100.00 | BB+ | 640,494 |
| 1,500 | New
Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 4/19
at 100.00 | BB+ | 1,503,855 |
| 2,325 | New
Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24
at 100.00 | A- | 2,518,045 |
| 2,015 | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 | No
Opt. Call | BBB+ | 1,524,368 |
| 2,150 | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No
Opt. Call | BBB+ | 2,269,862 |
| 20,000 | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/33 – AGM Insured | No
Opt. Call | A- | 11,264,000 |
| 10,140 | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42 | 6/21
at 100.00 | BBB+ | 10,458,497 |
| 20,040 | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 5.000%, 6/15/44 | 6/24
at 100.00 | BBB+ | 20,860,438 |
| | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | | | |
| 13,680 | 4.750%,
6/15/38 | 6/25
at 100.00 | BBB+ | 14,157,569 |
| 5,245 | 5.250%,
6/15/41 | 6/25
at 100.00 | BBB+ | 5,555,504 |
| 8,230 | 5.000%,
6/15/45 | 6/25
at 100.00 | BBB+ | 8,538,049 |
| 25 | New
Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 4.250%, 12/15/38 | 12/28
at 100.00 | BBB+ | 24,932 |
| 33,200 | New
Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured | No
Opt. Call | A2 | 39,881,832 |
| 200 | New
Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 13.614%, 1/01/43, 144A (IF) (5) | 7/22
at 100.00 | A2 | 280,160 |
| 1,135 | Rutgers
State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23
at 100.00 | Aa3 | 1,256,479 |
| 3,000 | Tobacco
Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A, 5.250%, 6/01/46 | 6/28
at 100.00 | BBB+ | 3,176,640 |
| 3,410 | Tobacco
Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28
at 100.00 | BBB | 3,405,737 |
| 1,330 | Washington
Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured | No
Opt. Call | A2 | 1,572,738 |
| 190,790 | Total
New Jersey | | | 199,787,389 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | New
York – 5.1% (3.2% of Total Investments) | | | |
| $ 12,060 | Build
NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A | 9/25
at 100.00 | N/R | $ 12,804,464 |
| 2,250 | Dormitory
Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured | No
Opt. Call | Baa2 | 2,531,587 |
| 9,700 | Dormitory
Authority of the State of New York, Revenue Bonds, Columbia University, Series 2017A, 5.000%, 10/01/47 (UB) (5) | No
Opt. Call | AAA | 12,719,125 |
| 4,070 | Dormitory
Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 | 7/25
at 100.00 | A- | 4,501,257 |
| 7,225 | Dormitory
Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35 | 7/20
at 100.00 | AA | 7,526,427 |
| | Dormitory
Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015: | | | |
| 2,700 | 5.000%,
12/01/40, 144A | 6/25
at 100.00 | BBB- | 2,899,341 |
| 5,600 | 5.000%,
12/01/45, 144A | 6/25
at 100.00 | BBB- | 5,977,608 |
| 2,695 | Hempstead
Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 | 2/27
at 100.00 | N/R | 2,605,176 |
| 2,965 | Hempstead
Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2018A, 6.760%, 2/01/48 | 2/28
at 100.00 | N/R | 3,014,842 |
| | Hudson
Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | | | |
| 105 | 5.250%,
2/15/47 (Pre-refunded 2/15/21) | 2/21
at 100.00 | Aa3
(4) | 112,604 |
| 2,295 | 5.250%,
2/15/47 | 2/21
at 100.00 | AA- | 2,432,769 |
| 325 | 5.750%,
2/15/47 | 2/21
at 100.00 | AA- | 349,199 |
| 525 | 5.750%,
2/15/47 (Pre-refunded 2/15/21) | 2/21
at 100.00 | Aa3
(4) | 568,244 |
| 6,075 | Long
Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured | 5/21
at 100.00 | A-
(4) | 6,525,097 |
| 10,000 | Long
Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 | 9/22
at 100.00 | A- | 10,789,200 |
| 4,315 | Monroe
County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40 | 2/21
at 100.00 | AA | 4,616,705 |
| 1,000 | Nassau
County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 | 7/24
at 100.00 | Baa1 | 1,091,830 |
| 1,690 | Nassau
County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 4/19
at 100.00 | B- | 1,629,566 |
| 4,050 | New
York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | 3/19
at 100.00 | A3 | 4,070,088 |
| 11,570 | New
York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46 (UB) (5) | 6/25
at 100.00 | AA+ | 12,872,782 |
| 5 | New
York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured | 4/19
at 100.00 | AA | 5,014 |
| 28,615 | New
York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | 11/24
at 100.00 | N/R | 29,673,183 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | New
York (continued) | | | |
| $ 6,500 | New
York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211, 3.750%, 10/01/43 | 4/27
at 100.00 | Aa1 | $ 6,417,255 |
| 5,655 | Onondaga
Civic Development Corporation, New York, Revenue Bonds, Saint Joseph's Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22
at 100.00 | N/R
(4) | 6,274,335 |
| | Port
Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010: | | | |
| 8,550 | 5.500%,
12/01/31 | 12/20
at 100.00 | BBB | 9,051,714 |
| 3,155 | 6.000%,
12/01/36 | 12/20
at 100.00 | BBB | 3,346,004 |
| | TSASC
Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | | | |
| 5,000 | 5.000%,
6/01/45 | 6/27
at 100.00 | B+ | 4,767,550 |
| 5,360 | 5.000%,
6/01/48 | 6/27
at 100.00 | N/R | 5,082,405 |
| 154,055 | Total
New York | | | 164,255,371 |
| | North
Carolina – 0.8% (0.5% of Total Investments) | | | |
| 1,255 | North
Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39 (Pre-refunded 6/01/19) | 6/19
at 100.00 | N/R
(4) | 1,268,780 |
| 10,000 | North
Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42 | 6/22
at 100.00 | AA | 10,855,900 |
| 4,715 | North
Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 | 6/22
at 100.00 | A+ | 5,071,501 |
| 2,150 | North
Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/38 | 10/22
at 100.00 | A2 | 2,326,536 |
| 2,150 | North
Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Aldersgate United Retirement Community Inc, Refunding Series 2017A, 5.000%, 7/01/47 | 7/27
at 100.00 | N/R | 2,209,319 |
| 1,690 | North
Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/54 | 7/26
at 100.00 | BBB- | 1,804,075 |
| 540 | Oak
Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured | 6/19
at 100.00 | A2
(4) | 547,668 |
| 22,500 | Total
North Carolina | | | 24,083,779 |
| | North
Dakota – 2.2% (1.4% of Total Investments) | | | |
| 9,950 | Cass
County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health Obligated Group, Series 2018B, 4.250%, 2/15/48 | 2/28
at 100.00 | A- | 9,867,813 |
| | Grand
Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012: | | | |
| 7,000 | 5.000%,
12/01/29 | 12/21
at 100.00 | Baa1 | 7,440,720 |
| 3,000 | 5.000%,
12/01/32 | 12/21
at 100.00 | Baa1 | 3,166,230 |
| 2,245 | 5.000%,
12/01/35 | 12/21
at 100.00 | Baa1 | 2,357,564 |
| 4,525 | Grand
Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/42 | 12/27
at 100.00 | A- | 4,942,838 |
| 1,000 | Grand
Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | 12/26
at 100.00 | N/R | 1,021,360 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | North
Dakota (continued) | | | |
| | Ward
County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C: | | | |
| $ 10,000 | 5.000%,
6/01/38 | 6/28
at 100.00 | BBB- | $ 10,747,200 |
| 28,000 | 5.000%,
6/01/53 | 6/28
at 100.00 | BBB- | 29,447,040 |
| | Williston
Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A: | | | |
| 490 | 4.000%,
3/01/19 | No
Opt. Call | B | 490,059 |
| 1,085 | 5.000%,
3/01/21 | No
Opt. Call | B | 1,107,232 |
| 2,535 | Williston,
North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (7) | 9/23
at 100.00 | N/R | 1,014,000 |
| 69,830 | Total
North Dakota | | | 71,602,056 |
| | Ohio – 10.9%
(6.8% of Total Investments) | | | |
| 4,185 | Akron,
Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 | 5/22
at 100.00 | A1 | 4,464,725 |
| | Allen
County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A: | | | |
| 2,740 | 4.000%,
5/01/33 | 5/22
at 100.00 | A2 | 2,784,059 |
| 1,930 | 5.000%,
5/01/33 | 5/22
at 100.00 | A2 | 2,078,031 |
| 3,405 | 5.000%,
5/01/42 | 5/22
at 100.00 | A2 | 3,612,637 |
| 100,000 | Buckeye
Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Second Subordinate Capital Appreciation Turbo Term Series 2007C, 0.000%, 6/01/52 | 4/19
at 8.71 | N/R | 2,557,000 |
| | Buckeye
Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | | | |
| 37,010 | 5.125%,
6/01/24 | 3/19
at 100.00 | Caa3 | 34,656,534 |
| 15,800 | 5.375%,
6/01/24 | 3/19
at 100.00 | Caa3 | 14,934,318 |
| 20,820 | 5.875%,
6/01/30 | 3/19
at 100.00 | Caa3 | 19,467,949 |
| 26,915 | 5.750%,
6/01/34 | 3/19
at 100.00 | Caa3 | 25,202,129 |
| 2,715 | 6.000%,
6/01/42 | 3/19
at 100.00 | B- | 2,608,491 |
| 22,400 | 5.875%,
6/01/47 | 3/19
at 100.00 | B- | 20,857,536 |
| 10,000 | Buckeye
Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22
at 100.00 | Caa1 | 9,838,400 |
| 1,000 | Butler
County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior Series 2017A-1, 6.250%, 1/15/34, 144A | 1/24
at 104.00 | N/R | 1,026,370 |
| | Centerville,
Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, Refunding & Improvement Series 2017: | | | |
| 2,750 | 5.250%,
11/01/37 | 11/27
at 100.00 | N/R | 2,873,227 |
| 3,200 | 5.250%,
11/01/47 | 11/27
at 100.00 | N/R | 3,301,568 |
| | Cleveland
Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014: | | | |
| 3,345 | 5.000%,
12/01/51 | 6/23
at 100.00 | A1 | 3,638,390 |
| 4,965 | 5.000%,
12/01/51 (Pre-refunded 6/01/23) | 6/23
at 100.00 | N/R
(4) | 5,616,507 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Ohio (continued) | | | |
| $ 5,000 | County
of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A, 5.250%, 11/15/48 | 11/28
at 100.00 | Baa1 | $ 5,417,200 |
| 37,150 | Cuyahoga
County, Ohio, Certificates of Participation, Convention Hotel Project, Series 2014, 4.375%, 12/01/44 (UB) (5) | 6/24
at 100.00 | A1 | 37,650,039 |
| 7,870 | Franklin
County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42 | 5/22
at 100.00 | Aa2 | 8,432,941 |
| 7,770 | Franklin
County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 3.250%, 12/01/42 | 12/27
at 100.00 | AA- | 6,666,038 |
| 6,425 | JobsOhio
Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 2013A, 5.000%, 1/01/38 (UB) (5) | 1/23
at 100.00 | Aa3 | 7,026,958 |
| | JobsOhio
Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | | | |
| 390 | 14.581%,
1/01/38, 144A (IF) (5) | 1/23
at 100.00 | Aa3 | 535,033 |
| 625 | 14.680%,
1/01/38, 144A (IF) (5) | 1/23
at 100.00 | Aa3 | 859,213 |
| 1,250 | 14.680%,
1/01/38 (IF) (5) | 1/23
at 100.00 | Aa3 | 1,718,425 |
| 1,725 | 14.680%,
1/01/38, 144A (IF) (5) | 1/23
at 100.00 | Aa3 | 2,371,427 |
| 2,000 | 14.680%,
1/01/38 (IF) (5) | 1/23
at 100.00 | Aa3 | 2,749,480 |
| 1,750 | 15.183%,
1/01/38 (IF) (5) | 1/23
at 100.00 | Aa3 | 2,405,428 |
| 2,885 | Lucas
County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21
at 100.00 | BBB
(4) | 3,215,419 |
| | Middletown
City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007: | | | |
| 4,380 | 5.250%,
12/01/27 – AGM Insured | No
Opt. Call | A2 | 5,286,047 |
| 6,000 | 5.250%,
12/01/31 – AGM Insured | No
Opt. Call | A2 | 7,354,620 |
| 12,000 | Muskingum
County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48 | 2/23
at 100.00 | Ba2 | 12,209,880 |
| 8,500 | Ohio
Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (7) | No
Opt. Call | N/R | 6,757,500 |
| 1,050 | Ohio
Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 0.000%, 3/01/23 (7) | No
Opt. Call | N/R | 834,750 |
| 2,020 | Ohio
Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (Mandatory Put 6/01/20) (7) | No
Opt. Call | N/R | 1,605,900 |
| 1,000 | Ohio
Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34 (7) | No
Opt. Call | N/R | 795,000 |
| 20,765 | Ohio
Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) (7) | No
Opt. Call | N/R | 20,453,525 |
| 4,975 | Ohio
Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 | 2/23
at 100.00 | A+ | 5,338,324 |
| 1,240 | Ohio
Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 5.800%, 2/15/36 (6) | 2/31
at 100.00 | A+ | 1,247,279 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Ohio (continued) | | | |
| $ 1,130 | Ohio
Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory Put 6/03/19) (7) | No
Opt. Call | N/R | $ 898,350 |
| 20,405 | Ohio
Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) (7) | No
Opt. Call | N/R | 20,098,925 |
| 20,480 | Ohio
Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) (7) | No
Opt. Call | N/R | 20,172,800 |
| 1,610 | Ohio
Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33 (Mandatory Put 6/03/19) (7) | No
Opt. Call | N/R | 1,279,950 |
| 870 | Southeastern
Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012, 6.000%, 12/01/42 | 12/22
at 100.00 | BB- | 915,640 |
| 1,095 | Southeastern
Ohio Port Authority, Hospitall Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012, 5.750%, 12/01/32 | 12/22
at 100.00 | BB- | 1,171,497 |
| 1,615 | Toledo
Lucas County Port Authority, Ohio, Revenue Bonds, StoryPoint Waterville Project, Series 2016A-1, 6.125%, 1/15/34, 144A | 1/24
at 104.00 | N/R | 1,644,894 |
| 1,330 | Tuscarawas
County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 | 3/25
at 100.00 | N/R | 1,333,272 |
| 2,000 | University
of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured | 1/20
at 100.00 | A1 | 2,053,340 |
| 450,485 | Total
Ohio | | | 350,016,965 |
| | Oklahoma – 0.7%
(0.4% of Total Investments) | | | |
| 1,350 | Fort
Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A | 8/21
at 100.00 | N/R | 1,527,215 |
| 3,500 | Grand
River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 (Pre-refunded 6/01/20) | 6/20
at 100.00 | A1
(4) | 3,664,395 |
| | Oklahoma
City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2011: | | | |
| 1,500 | 5.000%,
7/01/40 | 7/21
at 100.00 | AAA | 1,606,365 |
| 1,000 | 5.375%,
7/01/40 | 7/21
at 100.00 | AAA | 1,083,130 |
| | Oklahoma
Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B: | | | |
| 5,290 | 5.500%,
8/15/52 | 8/28
at 100.00 | BB+ | 5,895,864 |
| 5,530 | 5.500%,
8/15/57 | 8/28
at 100.00 | BB+ | 6,140,235 |
| 2,340 | Tulsa
County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/45 | 11/25
at 102.00 | BBB- | 2,521,701 |
| 20,510 | Total
Oklahoma | | | 22,438,905 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Oregon – 0.3%
(0.2% of Total Investments) | | | |
| | Multnomah
County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A: | | | |
| $ 1,000 | 5.400%,
10/01/44 | 10/24
at 100.00 | N/R | $ 1,054,670 |
| 800 | 5.500%,
10/01/49 | 10/24
at 100.00 | N/R | 845,656 |
| | Oregon
Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A: | | | |
| 555 | 5.250%,
4/01/31 | 4/21
at 100.00 | Aa2 | 594,488 |
| 3,445 | 5.250%,
4/01/31 (Pre-refunded 4/01/21) | 4/21
at 100.00 | N/R
(4) | 3,703,031 |
| 3,000 | Oregon
State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19) | 5/19
at 100.00 | Aa1
(4) | 3,028,860 |
| 8,800 | Total
Oregon | | | 9,226,705 |
| | Pennsylvania – 8.2%
(5.1% of Total Investments) | | | |
| | Allegheny
Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009: | | | |
| 170 | 6.750%,
11/01/24 | 11/19
at 100.00 | B | 172,943 |
| 195 | 6.875%,
5/01/30 | 11/19
at 100.00 | B | 196,689 |
| 15,870 | Allegheny
County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 | 4/28
at 100.00 | A | 15,720,028 |
| 2,000 | Allegheny
County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 | 8/19
at 100.00 | A+ | 2,034,860 |
| 3,335 | Allegheny
County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010, 5.000%, 6/01/40 – AGM Insured | 12/20
at 100.00 | A1 | 3,496,747 |
| 2,540 | Allentown
Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A | 5/27
at 100.00 | Ba3 | 2,689,250 |
| 1,245 | Beaver
County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory Put 7/01/21) (7) | No
Opt. Call | N/R | 989,775 |
| 7,750 | Beaver
County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory Put 4/01/21) (7) | No
Opt. Call | N/R | 7,633,750 |
| | Beaver
County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A: | | | |
| 13,235 | 4.375%,
1/01/35 (Mandatory Put 7/01/22) (7) | No
Opt. Call | N/R | 13,036,475 |
| 3,145 | 3.500%,
4/01/41 (Mandatory Put 6/01/20) (7) | No
Opt. Call | N/R | 2,500,275 |
| 1,240 | Beaver
County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory Put 6/01/20) (7) | No
Opt. Call | N/R | 985,800 |
| 10,000 | Berks
County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50 | 11/27
at 100.00 | A3 | 10,823,000 |
| | Bucks
County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016: | | | |
| 2,410 | 5.125%,
3/15/36 | 3/27
at 100.00 | BBB- | 2,546,551 |
| 6,420 | 5.125%,
3/15/46 | 3/27
at 100.00 | BBB- | 6,698,821 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Pennsylvania (continued) | | | |
| | Chester
County Health and Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A: | | | |
| $ 1,580 | 5.000%,
5/15/40 | 5/20
at 100.00 | AA | $ 1,628,206 |
| 4,435 | 5.000%,
5/15/40 (Pre-refunded 5/15/20) | 5/20
at 100.00 | N/R
(4) | 4,616,613 |
| 10,850 | Commonwealth
Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured (UB) (5) | 6/28
at 100.00 | A1 | 11,052,787 |
| 1,000 | Cumberland
County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/29 | 1/25
at 100.00 | BBB+ | 1,089,430 |
| 7,665 | Dauphin
County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 | 6/22
at 100.00 | A+ | 8,166,368 |
| 8,750 | Delaware
River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 (Pre-refunded 1/01/20) – AGM Insured | 1/20
at 100.00 | AA
(4) | 9,015,475 |
| 3,000 | Dubois
Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands Healthcare, Series 2018, 5.000%, 7/15/48 | 1/28
at 100.00 | A- | 3,289,920 |
| 1,250 | Lancaster
County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 | 7/25
at 100.00 | BBB- | 1,282,313 |
| 1,500 | Lehigh
County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23
at 100.00 | A | 1,658,460 |
| | Montgomery
County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010: | | | |
| 7,970 | 5.250%,
8/01/33 (Pre-refunded 8/01/20) | 8/20
at 100.00 | N/R
(4) | 8,378,941 |
| 5,295 | 5.375%,
8/01/38 (Pre-refunded 8/01/20) | 8/20
at 100.00 | N/R
(4) | 5,576,376 |
| | Montgomery
County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: | | | |
| 10,450 | 5.250%,
1/15/45 | 1/25
at 100.00 | BB+ | 11,215,044 |
| 1,200 | 5.250%,
1/15/46 | 1/25
at 100.00 | BB+ | 1,287,852 |
| 11,810 | Pennsylvania
Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 | 9/25
at 100.00 | B3 | 11,909,913 |
| 13,500 | Pennsylvania
Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A, 5.250%, 12/01/44 | 12/28
at 100.00 | Aa3 | 15,668,505 |
| 3,705 | Pennsylvania
Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 | 6/25
at 100.00 | A+ | 4,035,264 |
| 6,000 | Pennsylvania
Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2, 5.000%, 12/01/43 | 12/28
at 100.00 | A1 | 6,717,300 |
| 11,000 | Pennsylvania
Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26
at 100.00 | A2 | 13,497,000 |
| 15,000 | Pennsylvania
Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 | 12/25
at 100.00 | A3 | 16,184,700 |
| 10,305 | Philadelphia
Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | 7/22
at 100.00 | Ba1 | 10,931,029 |
| | Philadelphia,
Pennsylvania, Airport Revenue Bonds, Series 2010A: | | | |
| 5,000 | 5.000%,
6/15/35 – AGM Insured | 6/20
at 100.00 | A2 | 5,190,400 |
| 17,850 | 5.000%,
6/15/40 – AGM Insured | 6/20
at 100.00 | A2 | 18,505,273 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Pennsylvania (continued) | | | |
| $ 7,055 | Pittsburgh
and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGM Insured | 8/20
at 100.00 | A2 | $ 7,324,289 |
| 5,180 | Pittsburgh
and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured | 8/20
at 100.00 | A1 | 5,387,045 |
| | Scranton,
Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A: | | | |
| 1,125 | 5.250%,
12/01/31 (Pre-refunded 12/01/21) – AGM Insured | 12/21
at 100.00 | AA
(4) | 1,234,350 |
| 1,000 | 5.500%,
12/01/35 (Pre-refunded 12/01/21) – AGM Insured | 12/21
at 100.00 | AA
(4) | 1,104,060 |
| 5,790 | Susquehanna
Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 | 1/23
at 100.00 | BB+ | 5,854,616 |
| 248,820 | Total
Pennsylvania | | | 261,326,493 |
| | Puerto
Rico – 1.3% (0.8% of Total Investments) | | | |
| | Puerto
Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A: | | | |
| 1,000 | 6.000%,
7/01/38 | 4/19
at 100.00 | C | 955,000 |
| 8,235 | 6.000%,
7/01/44 | 4/19
at 100.00 | C | 7,864,425 |
| | Puerto
Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | | | |
| 4,455 | 5.250%,
7/01/42 | 7/22
at 100.00 | C | 4,120,875 |
| 5,000 | 6.000%,
7/01/47 | 7/22
at 100.00 | C | 4,750,000 |
| 590 | Puerto
Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/29 – NPFG Insured | 4/19
at 100.00 | Baa2 | 590,466 |
| | Puerto
Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | | | |
| 50,000 | 0.000%,
8/01/47 – AMBAC Insured | No
Opt. Call | D | 10,084,000 |
| 86,250 | 0.000%,
8/01/54 – AMBAC Insured | No
Opt. Call | D | 11,755,013 |
| 155,530 | Total
Puerto Rico | | | 40,119,779 |
| | Rhode
Island – 1.0% (0.6% of Total Investments) | | | |
| 1,000 | Rhode
Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) | 9/23
at 100.00 | BB-
(4) | 1,181,710 |
| 292,435 | Rhode
Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 | 4/19
at 100.00 | CCC+ | 31,504,023 |
| 293,435 | Total
Rhode Island | | | 32,685,733 |
| | South
Carolina – 2.9% (1.8% of Total Investments) | | | |
| 7,600 | Piedmont
Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured | No
Opt. Call | A- | 5,104,768 |
| 3,155 | Saint
Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 (Pre-refunded 4/01/21) – AGC Insured | 4/21
at 100.00 | A2
(4) | 3,391,309 |
| | South
Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, Lutheran Homes of South Carolina Inc, Refunding Series 2017B: | | | |
| 1,000 | 5.000%,
5/01/37 | 5/23
at 104.00 | N/R | 1,005,960 |
| 750 | 5.000%,
5/01/42 | 5/23
at 104.00 | N/R | 745,860 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | South
Carolina (continued) | | | |
| $ 1,250 | South
Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured | 8/21
at 100.00 | AA
(4) | $ 1,395,125 |
| 4,000 | South
Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma Health Obligated Group, Series 2018A, 5.000%, 5/01/48 | 5/28
at 100.00 | A | 4,348,160 |
| | South
Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A: | | | |
| 11,170 | 5.000%,
12/01/50 | 6/25
at 100.00 | A- | 11,718,112 |
| 34,000 | 5.000%,
12/01/50 (UB) (5) | 6/25
at 100.00 | A- | 35,668,380 |
| 5,000 | South
Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 | 12/24
at 100.00 | A- | 5,270,550 |
| 1,310 | South
Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 | 12/23
at 100.00 | A- | 1,378,710 |
| 10,285 | South
Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 | 6/24
at 100.00 | A- | 11,038,068 |
| 10,250 | Spartanburg
Regional Health Services District, Inc., South Carolina, Hospital Refunding Revenue Bonds, Series 2012A, 5.000%, 4/15/32 | 4/22
at 100.00 | A3 | 10,934,597 |
| 89,770 | Total
South Carolina | | | 91,999,599 |
| | South
Dakota – 0.8% (0.5% of Total Investments) | | | |
| 15,000 | South
Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Refunding Series 2017, 5.000%, 7/01/46 | 7/27
at 100.00 | A1 | 16,397,550 |
| | South
Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A: | | | |
| 250 | 5.000%,
7/01/27 | 7/21
at 100.00 | A1 | 266,388 |
| 4,350 | 5.000%,
7/01/42 | 7/21
at 100.00 | A1 | 4,588,945 |
| 3,765 | South
Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017, 5.000%, 9/01/40 | 9/27
at 100.00 | A1 | 4,197,862 |
| 23,365 | Total
South Dakota | | | 25,450,745 |
| | Tennessee – 1.1%
(0.7% of Total Investments) | | | |
| 12,895 | Chattanooga
Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23
at 100.00 | BBB+ | 13,668,700 |
| 1,850 | Chattanooga-Hamilton
County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 | 10/24
at 100.00 | Baa2 | 1,979,482 |
| 2,000 | Knox
County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2019, 4.000%, 11/15/48 (WI/DD, Settling 2/14/19) | 2/29
at 100.00 | A | 1,982,700 |
| 2,645 | Memphis/Shelby
County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.500%, 7/01/37 | 7/27
at 100.00 | N/R | 2,794,231 |
| 3,560 | Metropolitan
Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 5.500%, 6/15/37, 144A (7) | 6/27
at 100.00 | N/R | 2,779,007 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tennessee (continued) | | | |
| $ 10,000 | The
Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 6/01/47, 144A | 6/27
at 100.00 | N/R | $ 10,633,800 |
| 32,950 | Total
Tennessee | | | 33,837,920 |
| | Texas – 12.1%
(7.5% of Total Investments) | | | |
| 735 | Arlington
Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, Series 2016A, 4.375%, 8/15/36 | 8/21
at 100.00 | BB+ | 715,236 |
| 3,685 | Aubrey,
Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 | 3/23
at 103.00 | N/R | 3,735,411 |
| 3,160 | Aubrey,
Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 | 3/23
at 103.00 | N/R | 3,203,924 |
| 5,480 | Austin,
Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (5) | 11/25
at 100.00 | Aa3 | 6,136,997 |
| 6,685 | Bexar
County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.500%, 8/15/49 – AGM Insured | 8/19
at 100.00 | A- | 6,809,608 |
| 2,500 | Board
of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 | 12/25
at 100.00 | BB | 2,541,725 |
| 2,410 | Celina,
Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 | 3/23
at 103.00 | N/R | 2,373,537 |
| 4,300 | Celina,
Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 | 3/23
at 103.00 | N/R | 4,244,186 |
| 400 | Celina,
Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 | 9/24
at 100.00 | N/R | 410,552 |
| | Central
Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: | | | |
| 1,500 | 5.750%,
1/01/31 (Pre-refunded 1/01/21) | 1/21
at 100.00 | Baa1
(4) | 1,609,170 |
| 1,700 | 6.250%,
1/01/46 (Pre-refunded 1/01/21) | 1/21
at 100.00 | Baa1
(4) | 1,839,587 |
| 13,685 | Central
Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45 | 7/25
at 100.00 | Baa1 | 14,829,340 |
| 10,375 | Central
Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 3.375%, 1/01/41 | 1/26
at 100.00 | Baa1 | 9,252,632 |
| 1,035 | Clifton
Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22 | No
Opt. Call | BBB+ | 1,058,246 |
| | Clifton
Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A: | | | |
| 765 | 4.350%,
12/01/42 | 12/22
at 100.00 | BBB- | 732,113 |
| 685 | 4.400%,
12/01/47 | 12/22
at 100.00 | BBB- | 652,695 |
| 4,000 | Clifton
Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A, 5.000%, 12/01/45 | 6/25
at 100.00 | BBB- | 4,187,200 |
| | Club
Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016: | | | |
| 715 | 5.750%,
9/01/28 | 9/23
at 103.00 | N/R | 686,507 |
| 770 | 6.500%,
9/01/46 | 9/23
at 103.00 | N/R | 714,552 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Texas (continued) | | | |
| $ 11,735 | Dallas-Fort
Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 | 11/21
at 100.00 | A+ | $ 12,436,753 |
| 2,520 | Decatur
Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 6.375%, 9/01/42 | 9/23
at 100.00 | N/R | 2,819,225 |
| 400 | Decatur
Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 | 9/24
at 100.00 | BBB- | 424,548 |
| 1,255 | Fort
Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 | 11/22
at 100.00 | Baa3 | 1,280,338 |
| 8,920 | Fort
Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42 | 11/22
at 100.00 | Baa3 | 9,087,696 |
| | Grand
Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B: | | | |
| 20,000 | 5.250%,
10/01/51 | 10/23
at 100.00 | AA | 21,823,800 |
| 10,000 | 5.000%,
4/01/53 (UB) (5) | 10/23
at 100.00 | AA | 10,750,400 |
| 5,470 | Grand
Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 14.617%, 11/01/44, 144A (IF) (5) | 10/23
at 100.00 | AA | 7,112,422 |
| 4,255 | Harris
County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 | 6/25
at 100.00 | AA | 4,664,714 |
| 1,545 | Harris
County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0054, 11.458%, 11/01/41, 144A (IF) (5) | 11/21
at 100.00 | Aa2 | 1,859,330 |
| 4,080 | Harris
County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074, 12.063%, 8/15/32, 144A (IF) | No
Opt. Call | AAA | 7,597,939 |
| 6,000 | Harris
County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/48 | 11/31
at 44.13 | A2 | 1,546,980 |
| 6,000 | Harris
County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/53 | 11/24
at 100.00 | A- | 6,578,820 |
| | Harris
County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3: | | | |
| 1,940 | 0.000%,
11/15/34 (Pre-refunded 11/15/24) – NPFG Insured | 11/24
at 55.69 | Baa2
(4) | 952,598 |
| 14,055 | 0.000%,
11/15/34 – NPFG Insured | 11/24
at 55.69 | BB | 6,426,789 |
| 5,000 | Houston
Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc, Refunding Series 2015, 4.000%, 8/15/44 | 8/25
at 100.00 | AAA | 5,086,250 |
| | Houston,
Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B: | | | |
| 4,130 | 0.000%,
9/01/26 – AMBAC Insured | No
Opt. Call | A2 | 3,378,257 |
| 4,865 | 0.000%,
9/01/27 – AGM Insured | No
Opt. Call | A2 | 3,823,209 |
| 4,715 | Houston,
Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40 | 9/24
at 100.00 | A- | 5,177,919 |
| 17,000 | Houston,
Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) | No
Opt. Call | A2
(4) | 23,113,540 |
| 6,700 | Hutto
Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 | 8/21
at 100.00 | A+ | 7,123,909 |
| 3,500 | Irving,
Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43 | 8/19
at 100.00 | BBB+ | 3,511,935 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Texas (continued) | | | |
| $ 940 | Kerrville
Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 | 8/25
at 100.00 | BBB+ | $ 1,038,991 |
| 1,000 | Lower
Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 | 5/25
at 100.00 | A | 1,111,250 |
| | McCamey
County Hospital District, Texas, General Obligation Bonds, Series 2013: | | | |
| 3,095 | 5.750%,
12/01/33 | 12/25
at 100.00 | B1 | 3,269,682 |
| 3,125 | 6.125%,
12/01/38 | 12/25
at 100.00 | B1 | 3,301,875 |
| | Montgomery
County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien Series 2018: | | | |
| 1,900 | 5.000%,
9/15/43 | 9/25
at 100.00 | BBB- | 2,021,866 |
| 1,785 | 5.000%,
9/15/48 | 9/25
at 100.00 | BBB- | 1,894,153 |
| | New
Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016: | | | |
| 2,335 | 5.000%,
11/01/46 | 11/23
at 103.00 | BBB- | 2,393,562 |
| 6,015 | 5.000%,
11/01/51 | 11/23
at 103.00 | BBB- | 6,146,187 |
| 745 | New
Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 | 1/25
at 100.00 | N/R | 780,097 |
| 210 | New
Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series, 5.000%, 4/01/48 | 4/26
at 100.00 | B1 | 202,375 |
| 4,530 | New
Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - College Station I LLC - Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM
Insured | 4/24
at 100.00 | A2 | 4,672,197 |
| 820 | New
Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - San Antonio 1, L.L.C. - Texas A&M University - San Antonio Project,, 5.000%, 4/01/48 | 4/26
at 100.00 | BBB- | 812,489 |
| 1,000 | New
Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - Stephenville II, L.L.C. - Tarleton State University Project, Series, 5.000%, 4/01/34 | 4/24
at 100.00 | BBB- | 1,050,900 |
| | New
Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - Stephenville II, LLC - Tarleton State University Project, Series 2014A: | | | |
| 2,200 | 5.000%,
4/01/39 | 4/24
at 100.00 | BBB- | 2,281,774 |
| 1,600 | 5.000%,
4/01/46 | 4/24
at 100.00 | BBB- | 1,649,744 |
| 5,540 | New
Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/39 | 4/24
at 100.00 | Baa3 | 5,557,119 |
| 3,220 | North
Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured | 12/21
at 100.00 | A2 | 3,464,173 |
| | North
Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C: | | | |
| 2,590 | 7.000%,
9/01/43 (Pre-refunded 9/01/31) (6) | 9/31
at 100.00 | N/R
(4) | 2,975,884 |
| 3,910 | 6.750%,
9/01/45 (Pre-refunded 9/01/31) (6) | 9/31
at 100.00 | N/R
(4) | 4,906,385 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Texas (continued) | | | |
| $ 3,000 | North
Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (Pre-refunded 9/01/21) (UB) (5) | 9/21
at 100.00 | N/R
(4) | $ 3,281,220 |
| 6,155 | North
Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 | 1/23
at 100.00 | A+ | 6,650,477 |
| 2,000 | North
Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38 | 1/25
at 100.00 | A | 2,202,520 |
| 610 | Reagan
Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39 | 2/24
at 100.00 | Ba2 | 623,048 |
| 1,000 | Red
River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward's University Project, Series 2016, 4.000%, 6/01/41 | 6/26
at 100.00 | Baa2 | 971,160 |
| 2,410 | Tarrant
County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 | 11/21
at 100.00 | AA- | 2,580,845 |
| 1,870 | Tarrant
County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 | 9/23
at 100.00 | A | 2,055,822 |
| | Tarrant
County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010: | | | |
| 215 | 5.500%,
8/15/45 (Pre-refunded 8/15/20) | 8/20
at 100.00 | N/R
(4) | 227,122 |
| 2,675 | 5.500%,
8/15/45 (Pre-refunded 8/15/20) | 8/20
at 100.00 | N/R
(4) | 2,825,817 |
| 17,640 | Tarrant
County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) (5) | 5/26
at 100.00 | AA- | 19,457,802 |
| 4,300 | Texas
City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, inc Project, Fixed Rate Series 2012, 4.125%, 12/01/45 | 2/25
at 100.00 | Baa3 | 4,196,069 |
| 4,000 | Texas
Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2018A, 4.250%, 9/01/43 | 9/27
at 100.00 | AA+ | 4,101,120 |
| | Texas
Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012: | | | |
| 3,635 | 5.000%,
12/15/22 | No
Opt. Call | BBB | 3,983,088 |
| 2,500 | 5.000%,
12/15/26 | 12/22
at 100.00 | BBB | 2,715,300 |
| 2,500 | 5.000%,
12/15/29 | 12/22
at 100.00 | BBB | 2,691,450 |
| 4,355 | 5.000%,
12/15/30 | 12/22
at 100.00 | BBB | 4,670,389 |
| 2,975 | 5.000%,
12/15/32 | 12/22
at 100.00 | BBB | 3,173,641 |
| 3,150 | Texas
Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 | 8/22
at 100.00 | A- | 3,336,763 |
| | Texas
Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B: | | | |
| 11,280 | 0.000%,
8/15/36 | 8/24
at 59.60 | A- | 5,473,846 |
| 10,000 | 0.000%,
8/15/37 | 8/24
at 56.94 | A- | 4,623,400 |
| | Texas
Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C: | | | |
| 5,000 | 5.000%,
8/15/37 | 8/24
at 100.00 | BBB | 5,359,100 |
| 31,810 | 5.000%,
8/15/42 | 8/24
at 100.00 | BBB | 33,767,905 |
| 4,400 | Texas
Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured | No
Opt. Call | A- | 3,748,228 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Texas (continued) | | | |
| $ 1,840 | Ysleta
Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured | 5/19
at 100.00 | AA- | $ 1,858,455 |
| 384,550 | Total
Texas | | | 386,415,879 |
| | Virginia – 2.0%
(1.2% of Total Investments) | | | |
| | Embrey
Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015: | | | |
| 1,200 | 5.300%,
3/01/35, 144A | 3/25
at 100.00 | N/R | 1,206,132 |
| 1,085 | 5.600%,
3/01/45, 144A | 3/25
at 100.00 | N/R | 1,094,939 |
| 11,380 | Hampton
Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57 | 1/28
at 100.00 | AA | 13,520,692 |
| 14,945 | Metropolitan
Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 | 4/22
at 100.00 | BBB+ | 15,441,772 |
| 11,000 | Metropolitan
Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 10/01/41 – AGC Insured | 10/26
at 100.00 | A3 | 13,701,490 |
| 10,000 | Metropolitan
Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | 10/28
at 100.00 | BBB+ | 12,477,300 |
| 2,000 | Peninsula
Town Center Community Development Authority, Virginia, Special Obligation Bonds, Refunding Series 2018, 5.000%, 9/01/45, 144A | 9/27
at 100.00 | N/R | 2,071,860 |
| | Roanoke
Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B: | | | |
| 15 | 5.000%,
7/01/38 (Pre-refunded 7/01/20) | 7/20
at 100.00 | A1
(4) | 15,677 |
| 985 | 5.000%,
7/01/38 | 7/20
at 100.00 | A1 | 1,018,569 |
| 1,000 | Virginia
College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.250%, 7/01/35, 144A | 7/25
at 100.00 | BB+ | 1,054,400 |
| 2,070 | Virginia
Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 4/01/41, 144A | 4/28
at 112.76 | N/R | 2,380,044 |
| 55,680 | Total
Virginia | | | 63,982,875 |
| | Washington – 1.6%
(1.0% of Total Investments) | | | |
| 5,000 | Energy
Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A, 5.000%, 7/01/38 (UB) (5) | 7/25
at 100.00 | AA- | 5,669,300 |
| 3,750 | FYI
Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) | 6/19
at 100.00 | AA | 3,790,425 |
| 5,750 | Washington
Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21
at 100.00 | A3 | 6,054,060 |
| 1,250 | Washington
Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0148, 14.761%, 10/01/44, 144A (IF) (5) | 10/24
at 100.00 | AA- | 1,655,738 |
| 6,540 | Washington
Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42 | 10/22
at 100.00 | Aa2 | 7,115,193 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Washington (continued) | | | |
| | Washington
State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A: | | | |
| $ 5,450 | 5.000%,
1/01/46, 144A | 1/25
at 102.00 | BB+ | $ 5,666,201 |
| 3,650 | 5.000%,
1/01/51, 144A | 1/25
at 102.00 | BB+ | 3,782,458 |
| 21,510 | Washington
State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB) (5) | No
Opt. Call | AA+ | 16,889,867 |
| 52,900 | Total
Washington | | | 50,623,242 |
| | West
Virginia – 1.8% (1.1% of Total Investments) | | | |
| 1,900 | Monongalia
County Commission, West Virginia, Special District Excise Tax Revenue, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A, 5.500%, 6/01/37, 144A | 6/27
at 100.00 | N/R | 1,941,838 |
| 10,000 | West
Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40 (Pre-refunded 6/15/20) | 6/20
at 100.00 | A1
(4) | 10,442,800 |
| 40,855 | West
Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | 6/23
at 100.00 | A | 44,499,675 |
| 52,755 | Total
West Virginia | | | 56,884,313 |
| | Wisconsin – 4.2%
(2.6% of Total Investments) | | | |
| | Public
Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A: | | | |
| 1,750 | 5.000%,
2/01/36, 144A | 2/26
at 100.00 | N/R | 1,695,907 |
| 305 | 5.125%,
2/01/46, 144A | 2/26
at 100.00 | N/R | 285,355 |
| 500 | Public
Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2017A, 5.125%, 6/15/47, 144A | 6/24
at 100.00 | N/R | 490,800 |
| 1,480 | Public
Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A, 5.125%, 5/01/36, 144A | 5/26
at 100.00 | N/R | 1,402,774 |
| 6,000 | Public
Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A | 6/24
at 100.00 | N/R | 5,699,940 |
| | Public
Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A: | | | |
| 1,000 | 5.500%,
6/15/37, 144A | 6/27
at 100.00 | N/R | 941,020 |
| 1,790 | 5.625%,
6/15/47, 144A | 6/27
at 100.00 | N/R | 1,650,989 |
| 35,100 | Public
Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A | 12/27
at 100.00 | N/R | 39,443,274 |
| 1,700 | Public
Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A, 7.000%, 10/01/47, 144A | 10/27
at 100.00 | N/R | 1,784,065 |
| 1,705 | Public
Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, Series 2017A, 5.000%, 12/01/27 | No
Opt. Call | BBB- | 1,811,273 |
| 1,815 | Public
Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A, 5.200%, 12/01/37 | 12/27
at 100.00 | BBB- | 1,940,671 |

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Wisconsin (continued) | | | |
| | Public
Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A: | | | |
| $ 4,050 | 5.000%,
6/15/38, 144A | 6/26
at 100.00 | BBB- | $ 4,250,596 |
| 1,575 | 5.000%,
6/15/48, 144A | 6/26
at 100.00 | BBB- | 1,640,851 |
| 2,500 | Public
Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.050%, 11/01/30 | 5/26
at 100.00 | BBB- | 2,501,425 |
| 1,000 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017, 5.000%, 8/01/37 | 8/24
at 103.00 | N/R | 1,008,260 |
| 8,460 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc, Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) | 7/21
at 100.00 | Aa3
(4) | 9,124,195 |
| 2,500 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc, Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23) | 4/23
at 100.00 | Aa3
(4) | 2,836,700 |
| 6,620 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc Obligated Group, Series 2012A, 5.000%, 4/01/42 | 10/22
at 100.00 | AA- | 7,089,490 |
| 16,190 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21
at 100.00 | AA- | 17,269,387 |
| | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B: | | | |
| 3,490 | 4.500%,
2/15/40 | 2/22
at 100.00 | A- | 3,592,536 |
| 1,485 | 5.000%,
2/15/40 | 2/22
at 100.00 | A- | 1,562,918 |
| | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012: | | | |
| 11,000 | 5.000%,
6/01/32 | 6/22
at 100.00 | A3 | 11,773,630 |
| 1,500 | 5.000%,
6/01/39 | 6/22
at 100.00 | A3 | 1,589,805 |
| 1,250 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) | 5/21
at 100.00 | N/R
(4) | 1,359,113 |
| 1,450 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Rocket Education Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A | 6/26
at 100.00 | N/R | 1,485,293 |
| 1,000 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34 | 7/24
at 100.00 | A | 1,082,000 |
| | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Saint John's Communities Inc, Series 2015B: | | | |
| 550 | 5.000%,
9/15/37 | 9/22
at 100.00 | BBB- | 561,440 |
| 1,350 | 5.000%,
9/15/45 | 9/22
at 100.00 | BBB- | 1,372,666 |
| 1,000 | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33 | 8/23
at 100.00 | A | 1,073,600 |
| | Wisconsin
Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014: | | | |
| 2,565 | 5.000%,
12/01/44 | 12/22
at 102.00 | N/R | 2,639,180 |
| 1,775 | 5.250%,
12/01/49 | 12/22
at 102.00 | N/R | 1,845,201 |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Wisconsin (continued) | | | |
| | Wisconsin
Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014: | | | |
| $ 1,000 | 5.375%,
10/01/44 | 10/22
at 102.00 | N/R | $ 1,059,040 |
| 1,500 | 5.500%,
10/01/49 | 10/22
at 102.00 | N/R | 1,594,860 |
| 126,955 | Total
Wisconsin | | | 135,458,254 |
| | Wyoming – 0.1%
(0.1% of Total Investments) | | | |
| 2,035 | Campbell
County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative - Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | 7/19
at 100.00 | A3 | 2,069,330 |
| | Teton
County Hospital District, Wyoming, Hospital Revenue Bonds, St. John's Medical Center Project, Series 2011B: | | | |
| 1,000 | 5.500%,
12/01/27 | 12/21
at 100.00 | A- | 1,068,590 |
| 1,000 | 6.000%,
12/01/36 | 12/21
at 100.00 | A- | 1,076,129 |
| 4,035 | Total
Wyoming | | | 4,214,049 |
| $ 5,785,381 | Total
Municipal Bonds (cost $4,844,093,525) | | | 5,142,549,234 |

| Principal
Amount (000) | Description
(1) | Coupon | Maturity | Ratings
(3) | Value |
| --- | --- | --- | --- | --- | --- |
| | CORPORATE
BONDS – 0.0% (0.0% of Total Investments) | | | | |
| | Transportation – 0.0%
(0.0% of Total Investments) | | | | |
| $ 1,214 | Las
Vegas Monorail Company, Senior Interest Bonds (8), (9) | 5.500% | 7/15/19 | N/R | $ 799,032 |
| 344 | Las
Vegas Monorail Company, Senior Interest Bonds (8), (9) | 5.500% | 7/15/55 | N/R | 170,163 |
| $ 1,558 | Total
Corporate Bonds (cost $66,605) | | | | 969,195 |
| | Total
Long-Term Investments (cost $4,844,160,130) | | | | 5,143,518,429 |
| | Floating
Rate Obligations – (5.9)% | | | | (187,340,000) |
| | MuniFund
Preferred Shares, net of deferred offering costs – (12.6)% (10) | | | | (405,048,416) |
| | Variable
Rate Demand Preferred Shares, net of deferred offering costs – (44.0)% (11) | | | | (1,407,764,006) |
| | Other
Assets Less Liabilities – 1.9% | | | | 58,661,318 |
| | Net
Assets Applicable to Common Shares – 100% | | | | $ 3,202,027,325 |

Fair Value Measurements

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. A three-tier hierarchy 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 the reporting entity’s own 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 inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

| | Level
1 | Level
2 | Level
3 | Total |
| --- | --- | --- | --- | --- |
| Long-Term
Investments: | | | | |
| Municipal
Bonds | $ — | $5,142,549,234 | $ — | $5,142,549,234 |
| Corporate
Bonds | — | — | 969,195 | 969,195 |
| Total | $ — | $5,142,549,234 | $969,195 | $5,143,518,429 |

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of January 31, 2019.

| Tax
cost of investments | $4,650,129,294 |
| --- | --- |
| Gross
unrealized: | |
| Appreciation | $ 335,033,799 |
| Depreciation | (28,983,512) |
| Net
unrealized appreciation (depreciation) of investments | $ 306,050,287 |

| (1) | All
percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| --- | --- |
| (2) | Optional
Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | The
ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by
Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. |
| (5) | Investment,
or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (6) | 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. |
| (7) | As
of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest,
(2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s
records. |
| (8) | During
January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the
Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of
5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the
Fund's Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund's records. |
| (9) | Investment
valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (10) | MuniFund
Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.9%. |
| (11) | Variable
Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.4%. |
| 144A | Investment
is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed
to maturity. |
| IF | Inverse
floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar
short-term rate, and is reduced by the expenses related to the TOB trust. |
| UB | Underlying
bond of an inverse floating rate trust reflected as a financing transaction. |
| WI/DD | Investment,
or portion of investment, purchased on a when-issued or delayed delivery basis. |

NVG
Portfolio of
Investments January 31, 2019
(Unaudited)

Item 2. Controls and Procedures.

a. The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

b. There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Nuveen AMT-Free Municipal Credit Income Fund
By (Signature and Title)	/s/ Gifford R.
Zimmerman
	Gifford R. Zimmerman
	Vice President and Secretary

Date: April 1, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

| By (Signature and Title) | /s/ Cedric H.
Antosiewicz |
| --- | --- |
| | Cedric H. Antosiewicz |
| | Chief Administrative Officer (principal executive officer) |
| Date: April 1, 2019 | |
| By (Signature and Title) | /s/ Stephen D.
Foy |
| | Stephen D. Foy |
| | Vice President and Controller (principal financial officer) |
| Date: April 1, 2019 | |

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