Regulatory Filings • Jul 7, 2025
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Download Source FileN-CSRS 1 d947180dncsrs.htm NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND Nuveen AMT-Free Quality Municipal Income Fund
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21213
Nuveen AMT-Free Quality Municipal 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)
Mark L. Winget
Vice President and Secretary
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
Registrants telephone number, including area code: ( 800) 257-8787
Date of fiscal year end: October 31
Date of reporting period: April 30, 2025
Item 1. Reports to Stockholders.
Nuveen Municipal
Closed-End Funds
This semi-annual report contains the Funds unaudited financial statements.
| Nuveen Quality Municipal Income Fund | NAD |
|---|---|
| Nuveen AMT-Free Quality Municipal Income Fund | NEA |
Semi-Annual Report
Table
of Contents
| Important Notices | 3 |
|---|---|
| Common Share Information | 4 |
| About the Funds Benchmarks | 5 |
| Fund Performance, Leverage and Holdings Summaries | 6 |
| Portfolios of Investments | 12 |
| Statement of Assets and Liabilities | 105 |
| Statement of Operations | 106 |
| Statement of Changes in Net Assets | 107 |
| Statement of Cash Flows | 108 |
| Financial Highlights | 110 |
| Notes to Financial Statements | 113 |
| Additional Fund Information | 125 |
| Glossary of Terms Used in this Report | 126 |
| Statement Regarding Basis for Approval of Investment Advisory | |
| Contract | 127 |
2
Important Notices
Portfolio manager commentaries: The Funds include portfolio manager commentary in their annual shareholder reports. For your Funds most recent annual portfolio manager discussion, please refer to the Portfolio Managers Comments section of the Funds annual shareholder report.
Fund changes: For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.
Fund principal investment policies and principal risks: Refer to the Shareholder Update section of your Funds annual shareholder report for information on the Funds principal investment policies and principal risks.
Fund performance: For current information on your Funds average annual total returns please refer to the Funds website at www. nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.
3
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds distributions is current as of April 30, 2025. Each Funds distribution levels may vary over time based on each Funds investment activity and portfolio investment value changes.
During the current reporting period, each Funds distributions to common shareholders were as shown in the accompanying table.
| Monthly Distributions (Ex-Dividend Date) | Per Common Share Amounts — NAD | NEA |
|---|---|---|
| November | $0.0755 | $0.0730 |
| December | 0.0755 | 0.0730 |
| January | 0.0755 | 0.0730 |
| February | 0.0755 | 0.0730 |
| March | 0.0755 | 0.0730 |
| April | 0.0755 | 0.0730 |
| Total Distributions from Net Investment Income | $0.4530 | $0.4380 |
| Yields | NAD | NEA |
| Market Yield 1 | 8.02 % | 8.05 % |
| Taxable-Equivalent | ||
| Yield 1 | 13.56 % | 13.60 % |
1 Market Yield is based on the Funds current annualized monthly dividend divided by the Funds current market price as of the end of the reporting period. Taxable- Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Funds income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individuals ordinary graduated tax rate, the funds Taxable-Equivalent Yield would be lower.
Each Funds distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Funds distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the full years distributions) contained in shareholders 1099-DIV forms after the end of the year.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveens enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closedend funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
The Funds Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of April 30, 2025, (and since the inception of the Funds repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.
| Common shares cumulatively repurchased and retired | 17,900 | 120,000 |
|---|---|---|
| Common shares authorized for repurchase | 23,340,000 | 29,895,000 |
4
About the Funds Benchmarks
S&P Municipal Bond Index : An index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Investment Grade Index : An index designed to measure the performance of tax-exempt investment grade municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond High Yield Index : An index designed to measure the performance of tax-exempt high yield municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
5
Fund Performance, Leverage and Holdings Summaries
The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.
Fund Performance
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Funds shares at NAV only. Indexes are not available for direct investment.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.
Impact of Leverage
One important factor impacting the returns of the Funds common shares relative to their comparative benchmarks was the Funds use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Funds common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
Leverage Ratios
Each Funds Effective Leverage and Regulatory Leverage Ratios are set forth below. Effective Leverage is a Funds effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Funds portfolio that increase the Funds investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory Leverage consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Funds capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Funds Effective Leverage and Regulatory Leverage ratios.
Holding Summaries
The Holdings Summaries data relates to the securities held in each Funds portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Funds Portfolio of Investments for individual security information.
For financial reporting purposes, the ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poors, Moodys Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change.
6
AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
7
NAD Nuveen Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025
Performance*
| Cumulative | Average Annual | ||||
| Inception Date | 6-Month | 1-Year | 5-Year | 10-Year | |
| NAD at Common Share NAV | 5/26/99 | (2.96)% | 0.28% | 0.87% | 2.28% |
| NAD at Common Share Price | 5/26/99 | (2.15)% | 11.27% | 2.40% | 2.93% |
| S&P Municipal Bond Index | | (0.45)% | 2.28% | 1.39% | 2.20% |
| NAD Blended Benchmark | | (0.51)% | 2.54% | 1.79% | 2.42% |
*For purposes of Fund performance, relative results are measured against the NAD Blended Benchmark. The Funds Blended Benchmark consists of: 1) 80% S&P Municipal Bond Investment Grade Index and 2) 20% S&P Municipal Bond High Yield Index. The Funds performance was measured against the S&P Municipal Bond Index through September 11, 2016.
Daily Common Share NAV and Share Price
| Common Share NAV — $12.03 | $11.29 | (6.15)% | (6.90)% |
|---|---|---|---|
8
Leverage and Holdings
| Leverage | |
|---|---|
| Effective Leverage | 41.97% |
| Regulatory Leverage | 37.05% |
| Fund Allocation (% of net assets) | |
| Investment Companies | 0.0% |
| Other Assets & Liabilities, Net | 3.3% |
| Floating Rate Obligations | (13.5)% |
| AMTP Shares, Net | (25.9)% |
| MFP Shares, Net | (15.0)% |
| VRDP Shares, Net | (17.9)% |
| Net Assets | 100% |
| Bond Credit Quality (% of total investments) | |
|---|---|
| AAA | 2.2% |
| AA | 29.8% |
| A | 39.0% |
| BBB | 14.5% |
| BB or Lower | 5.2% |
| N/R (not rated) | 9.3% |
| Total | 100% |
| Portfolio Composition (% of total investments) | |
| Transportation | 26.7% |
| Health Care | 21.1% |
| Tax Obligation/Limited | 18.4% |
| Utilities | 9.3% |
| Tax Obligation/General | 9.1% |
| Education and Civic Organizations | 4.8% |
| U.S. Guaranteed | 2.6% |
| Other | 8.0% |
| Investment Companies | 0.0% |
| Total | 100% |
| States and Territories 1 (% of total municipal bonds) | |
|---|---|
| Colorado | 8.6% |
| New York | 7.9% |
| Illinois | 7.8% |
| Texas | 7.4% |
| Florida | 6.7% |
| California | 6.0% |
| Pennsylvania | 4.4% |
| Maryland | 4.0% |
| New Jersey | 3.3% |
| Wisconsin | 3.2% |
| South Carolina | 3.0% |
| Missouri | 3.0% |
| Ohio | 2.4% |
| Michigan | 2.4% |
| Washington | 1.9% |
| Alabama | 1.9% |
| Georgia | 1.8% |
| Minnesota | 1.7% |
| Louisiana | 1.6% |
| Oregon | 1.6% |
| Other | 19.4% |
| Total | 100% |
1 See the Portfolio of Investments for the remaining states comprising Other and not listed in the table above.
9
NEA Nuveen AMT-Free Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025
Performance*
| Cumulative | Average Annual | ||||
| Inception Date | 6-Month | 1-Year | 5-Year | 10-Year | |
| NEA at Common Share NAV | 11/21/02 | (3.03)% | 0.05% | 0.37% | 2.22% |
| NEA at Common Share Price | 11/21/02 | (2.53)% | 10.15% | 1.81% | 2.72% |
| S&P Municipal Bond Index | | (0.45)% | 2.28% | 1.39% | 2.20% |
| NEA Blended Benchmark | | (0.51)% | 2.54% | 1.79% | 2.42% |
*For purposes of Fund performance, relative results are measured against the NEA Blended Benchmark. The Funds Blended Benchmark consists of: 1) 80% S&P Municipal Bond Investment Grade Index and 2) 20% S&P Municipal Bond High Yield Index. The Funds performance was measured against the S&P Municipal Bond Index through September 11, 2016.
Daily Common Share NAV and Share Price
| Common Share NAV — $11.59 | $10.88 | (6.13)% | (6.52)% |
|---|---|---|---|
10
Leverage and Holdings
| Leverage | |
|---|---|
| Effective Leverage | 41.62% |
| Regulatory Leverage | 37.19% |
| Fund Allocation (% of net assets) | |
| Municipal Bonds | 167.4% |
| Other Assets & Liabilities, Net | 3.5% |
| Floating Rate Obligations | (11.9)% |
| AMTP Shares, Net | (1.5)% |
| MFP Shares, Net | (24.2)% |
| VRDP Shares, Net | (33.3)% |
| Net Assets | 100% |
| Bond Credit Quality (% of total investments) | |
| AAA | 3.4% |
| AA | 38.2% |
| A | 38.5% |
| BBB | 9.2% |
| BB or Lower | 3.7% |
| N/R (not rated) | 7.0% |
| Total | 100% |
| Portfolio Composition (% of total investments) | |
|---|---|
| Health Care | 22.2% |
| Tax Obligation/Limited | 19.4% |
| Transportation | 14.3% |
| Utilities | 12.3% |
| Tax Obligation/General | 12.0% |
| Education and Civic Organizations | 7.6% |
| U.S. Guaranteed | 4.4% |
| Other | 7.8% |
| Total | 100% |
| States and Territories 1 (% of total municipal bonds) | |
|---|---|
| Colorado | 9.3% |
| Illinois | 9.2% |
| New York | 7.3% |
| Texas | 6.4% |
| Michigan | 5.8% |
| Florida | 4.6% |
| New Jersey | 4.5% |
| Pennsylvania | 3.8% |
| Wisconsin | 3.5% |
| Minnesota | 3.3% |
| Missouri | 3.3% |
| Georgia | 2.9% |
| District of Columbia | 2.6% |
| Washington | 2.5% |
| California | 2.4% |
| South Carolina | 2.4% |
| Ohio | 2.2% |
| North Carolina | 2.1% |
| Oregon | 1.9% |
| Massachusetts | 1.7% |
| Other | 18.3% |
| Total | 100% |
1 See the Portfolio of Investments for the remaining states comprising Other and not listed in the table above.
11
Portfolio of Investments April 30, 2025
NAD
(Unaudited)
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| LONG-TERM INVESTMENTS - 169.0% (100.0% of Total Investments) | |||||
| INVESTMENT COMPANIES - 0.0% (0.0% of Total Investments) | |||||
| 8,812 | BlackRock MuniHoldings Fund Inc | $ | 99,664 | ||
| 32,524 | Invesco Quality Municipal Income Trust | 307,677 | |||
| TOTAL INVESTMENT COMPANIES (Cost | |||||
| $530,611) | 407,341 | ||||
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE | |
| MUNICIPAL BONDS - 169.0% (100.0% of Total Investments) | |||||
| ALABAMA - 3.1% (1.9% of Total Investments) | |||||
| $ 5,000,000 | (a) | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016C | 5.000% | 11/15/46 | 5,006,064 |
| 5,000,000 | Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT) | 5.000 | 10/01/33 | 5,066,186 | |
| 5,455,000 | Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT) | 5.000 | 10/01/34 | 5,518,892 | |
| 5,550,000 | Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT) | 5.000 | 10/01/35 | 5,606,288 | |
| 3,315,000 | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024C, (Mandatory Put 7/01/31) | 5.000 | 05/01/55 | 3,465,422 | |
| 3,000,000 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2023 Sub B-2, (Mandatory Put 12/01/30) | 5.250 | 12/01/53 | 3,183,184 | |
| 5,000,000 | Homewood Educational Building Authority, Alabama, Revenue Bonds, CHF-Horizons I, LLC Recreation Center Project at Samford University Series 2024A | 5.500 | 10/01/49 | 5,117,535 | |
| 3,250,000 | Homewood Educational Building Authority, Alabama, Revenue Bonds, CHF-Horizons I, LLC Recreation Center Project at Samford University Series 2024A | 5.500 | 10/01/54 | 3,310,141 | |
| 2,455,000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/49 | 2,477,054 | |
| 2,255,000 | Limestone County Water & Sewer Authority, Alabama, Water and Sewer Revenue Bonds, Series 2022 | 5.000 | 12/01/45 | 2,326,004 | |
| 2,500,000 | Madison Water and Wastewater Board, Alabama, Water and Sewer Revenue Bonds, Series 2023 | 5.250 | 12/01/53 | 2,634,460 | |
| 3,500,000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750 | 12/01/54 | 3,194,483 | |
| 7,590,000 | Pike Road, Alabama, General Obligation Warrants, Series 2023 | 5.000 | 03/01/52 | 7,773,559 | |
| 6,665,000 | (a) | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32), (UB) | 5.000 | 06/01/49 | 6,972,740 |
| 10,000,000 | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 10,302,925 | |
| 1,000,000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1, (Mandatory Put 12/01/29) | 5.500 | 01/01/53 | 1,060,440 | |
| 5,000,000 | (a) | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C, (Mandatory Put 11/01/32), (UB) | 5.000 | 10/01/55 | 5,246,156 |
| 5,815,000 | (a) | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35), (UB) | 5.000 | 01/01/56 | 5,964,311 |
| 4,165,000 | (b) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 4,067,480 |
| TOTAL ALABAMA | 88,293,324 |
12 See Notes to Financial Statements
| DESCRIPTION | RATE | MATURITY | |||
|---|---|---|---|---|---|
| ALASKA - 0.1% (0.1% of Total Investments) | |||||
| $ 1,000,000 | Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, (AMT) | 5.000% | 01/01/28 | $ 1,000,954 | |
| 1,075,000 | Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, (AMT) | 5.000 | 01/01/29 | 1,075,929 | |
| 300,000 | Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, (AMT) | 5.000 | 01/01/31 | 300,219 | |
| TOTAL ALASKA | 2,377,102 | ||||
| ARIZONA - 2.5% (1.5% of Total Investments) | |||||
| 1,000,000 | Arizona Industrial Development Authority Education Revenue Bonds, Academies of Math & Science Projects, Series 2023 | 5.375 | 07/01/53 | 966,970 | |
| 11,795,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A | 4.000 | 01/01/36 | 11,658,956 | |
| 6,500,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019B, (AMT) | 5.000 | 07/01/49 | 6,502,705 | |
| 15,935,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, (AMT) | 5.000 | 07/01/42 | 16,007,278 | |
| 7,000,000 | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured | 5.500 | 07/01/39 | 8,158,297 | |
| 1,000,000 | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015 - AGM Insured | 4.000 | 12/01/38 | 980,007 | |
| 500,000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.500 | 12/01/29 | 531,128 | |
| 24,765,000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 25,766,090 | |
| 1,000,000 | (b) | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024 | 5.000 | 06/15/54 | 927,995 |
| TOTAL ARIZONA | 71,499,426 | ||||
| ARKANSAS - 0.6% (0.4% of Total Investments) | |||||
| 5,020,000 | (b) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450 | 09/01/52 | 5,024,001 |
| 6,550,000 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) | 5.700 | 05/01/53 | 6,640,364 | |
| 3,500,000 | (b) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A | 7.000 | 07/01/59 | 3,198,689 |
| 2,500,000 | (b) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT) | 4.500 | 09/01/49 | 2,239,250 |
| 1,000,000 | (b) | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT) | 4.750 | 09/01/49 | 929,773 |
| TOTAL ARKANSAS | 18,032,077 | ||||
| CALIFORNIA - 10.1% (6.0% of Total Investments) | |||||
| 2,665,000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured | 5.000 | 10/01/52 | 2,750,265 | |
| 3,500,000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured | 5.450 | 10/01/52 | 1,959,133 | |
| 2,945,000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/27 | 2,719,224 | |
| 7,150,000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/28 | 6,367,574 |
See Notes to Financial Statements 13
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | RATE | MATURITY | |||
|---|---|---|---|---|---|
| CALIFORNIA (continued) | |||||
| $ 2,455,000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000% | 09/01/32 | $ 1,877,648 | |
| 105,000 | (c) | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured, (ETM) | 0.000 | 09/01/35 | 73,271 |
| 95,000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/35 | 63,503 | |
| 1,055,000 | Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005 - AGM Insured | 0.000 | 07/01/35 | 711,692 | |
| 60,000 | (c) | Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, (ETM) | 0.000 | 08/01/32 | 46,496 |
| 235,000 | (c) | Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B - SYNCORA GTY Insured, (ETM) | 0.000 | 08/01/32 | 182,108 |
| 1,405,000 | Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B - SYNCORA GTY Insured | 0.000 | 08/01/32 | 1,060,822 | |
| 3,685,000 | Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured | 0.000 | 08/01/31 | 2,915,396 | |
| 4,505,000 | Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured | 0.000 | 08/01/33 | 3,287,124 | |
| 4,495,000 | (a) | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30), (UB) | 5.250 | 11/01/54 | 4,725,649 |
| 5,000,000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32) | 5.000 | 01/01/55 | 5,159,844 | |
| 9,000,000 | (b) | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A | 5.000 | 04/01/49 | 7,288,592 |
| 2,500,000 | (b) | California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science & Language Academy Project, Series 2021 | 4.000 | 07/01/61 | 1,834,760 |
| 2,855,000 | (c) | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre- refunded 11/15/26) | 5.000 | 11/15/46 | 2,950,951 |
| 10,000,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B | 5.000 | 11/15/46 | 10,020,789 | |
| 16,665,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A | 5.000 | 11/15/48 | 16,689,474 | |
| 5,000,000 | California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A | 5.250 | 07/01/54 | 5,022,394 | |
| 3,450,000 | (b) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 3,331,997 |
| 5,000,000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/43 | 5,000,823 | |
| 3,250,000 | California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A | 5.000 | 02/01/47 | 3,251,699 | |
| 2,930,000 | (b) | California School Finance Authority, Charter School Revenue Bonds, CIty Charter School Obligated Group, Series 2016A | 5.000 | 06/01/52 | 2,623,248 |
| 3,410,000 | (b) | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not? Academy ? Obligated Group, Series 2021A | 4.000 | 06/01/51 | 2,546,404 |
| 1,500,000 | (b) | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C | 5.000 | 07/01/46 | 1,501,107 |
| 500,000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/44 | 496,998 | |
| 4,550,000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.500 | 12/01/54 | 4,499,345 |
14 See Notes to Financial Statements
| DESCRIPTION | RATE | MATURITY | |||
|---|---|---|---|---|---|
| CALIFORNIA (continued) | |||||
| $ 1,000,000 | (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.000% | 12/01/46 | $ 974,436 |
| 17,715,000 | (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 17,694,651 |
| 5,772 | (d),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 5,772 |
| 15,807 | (d),(e) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 15,807 |
| 4,890,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B - NPFG Insured | 0.000 | 08/01/26 | 4,694,019 | |
| 1,000,000 | Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A - FGIC Insured | 0.000 | 08/01/30 | 829,795 | |
| 1,000,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2 | 4.000 | 12/01/58 | 710,502 | |
| 3,010,000 | El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C | 0.000 | 08/01/25 | 2,985,695 | |
| 3,500,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured | 0.000 | 01/15/34 | 2,552,013 | |
| 3,500,000 | (c) | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A - AGM Insured, (ETM) | 0.000 | 06/01/26 | 3,382,768 |
| 1,260,000 | Huntington Beach Union High School District, Orange County, California, Certificates of Participation, Capital Project, Series 2007 - AGM Insured | 0.000 | 09/01/35 | 850,832 | |
| 5,240,000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005 - AGM Insured | 0.000 | 08/01/30 | 4,409,139 | |
| 2,500,000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007 - FGIC Insured | 0.000 | 08/01/32 | 1,940,715 | |
| 5,000,000 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.Turbo Capital Appreciation | 0.000 | 06/01/36 | 2,239,422 | |
| 1,045,000 | Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B - NPFG Insured | 0.000 | 08/01/31 | 838,508 | |
| 12,835,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (AMT) | 5.000 | 05/15/46 | 12,900,028 | |
| 40,000 | (c) | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (Pre-refunded 11/15/31), (AMT) | 5.000 | 05/15/46 | 43,284 |
| 5,955,000 | (f) | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 0.000 | 08/01/43 | 5,739,356 |
| 2,700,000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A | 7.000 | 11/01/34 | 3,192,258 | |
| 2,200,000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C | 6.500 | 11/01/39 | 2,614,669 | |
| 1,170,000 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995 - NPFG Insured | 7.400 | 08/01/25 | 1,178,042 | |
| 4,930,000 | Patterson Joint Unified School District, Stanislaus County, California, General Obligation Bonds, 2008 Election Series 2009B - AGM Insured | 0.000 | 08/01/42 | 2,306,436 | |
| 6,000,000 | (c) | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006 - FGIC Insured, (ETM) | 0.000 | 10/01/34 | 4,243,806 |
See Notes to Financial Statements 15
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| CALIFORNIA (continued) | |||||
| $ 2,000,000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A | 0.000% | 08/01/41 | $ 984,364 | |
| 5,000,000 | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 2010 Election Series 2011A - AGM Insured | 7.350 | 08/01/41 | 5,962,553 | |
| 5,000,000 | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997 - NPFG Insured | 0.000 | 06/01/25 | 4,985,931 | |
| 4,615,000 | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B | 0.000 | 10/01/38 | 2,593,618 | |
| 10,990,000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT) | 5.000 | 07/01/46 | 11,019,259 | |
| 10,175,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT) | 5.000 | 05/01/49 | 10,176,104 | |
| 4,945,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, (AMT) | 5.000 | 05/01/41 | 4,950,226 | |
| 10,000,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, (AMT) | 5.000 | 05/01/42 | 10,031,300 | |
| 11,000,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT) | 5.000 | 05/01/45 | 11,025,377 | |
| 12,285,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT) | 5.000 | 05/01/50 | 12,250,275 | |
| 735,000 | (b) | San Francisco City and County, California, Special Tax Bonds, Community Facilities District 2016-1 Treasure Island Improvement Area 2, Series 2023A | 5.000 | 09/01/43 | 742,839 |
| 635,000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B | 5.250 | 01/15/44 | 635,166 | |
| 5,000,000 | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, (AMT) | 5.000 | 03/01/41 | 5,007,425 | |
| 5,000,000 | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, (AMT) | 5.000 | 03/01/47 | 4,998,163 | |
| 14,985,000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G - AGM Insured | 0.000 | 08/01/40 | 7,565,020 | |
| 6,660,000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015 | 0.000 | 08/01/43 | 2,569,892 | |
| 2,460,000 | Santee School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D - AGC Insured | 0.000 | 08/01/33 | 1,824,274 | |
| 1,145,000 | Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C - AGM Insured | 0.000 | 11/01/30 | 946,917 | |
| 1,175,000 | Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B - AGM Insured | 0.000 | 11/01/35 | 787,899 | |
| 2,410,000 | Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A - FGIC Insured | 0.000 | 08/01/26 | 2,311,990 | |
| 3,750,000 | (f) | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B - AGM Insured | 0.000 | 08/01/36 | 4,188,963 |
| TOTAL CALIFORNIA | 282,857,838 | ||||
| COLORADO - 14.7% (8.7% of Total Investments) | |||||
| 2,285,000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/51 | 2,072,239 | |
| 4,350,000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021 | 4.375 | 12/01/52 | 3,535,956 | |
| 3,000,000 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015 - BAM Insured | 5.000 | 12/01/35 | 3,005,703 | |
| 2,000,000 | Arvada, Colorado, Water Enterprise Revenue Bonds, Series 2022 | 4.000 | 12/01/48 | 1,868,801 | |
| 1,000,000 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A | 5.000 | 12/01/39 | 962,576 |
16 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 4,195,000 | (c) | Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C, (Pre-refunded 12/15/26) | 4.000% | 12/15/34 | $ 4,252,539 |
| 5,500,000 | Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022 | 5.000 | 06/01/47 | 5,721,103 | |
| 1,456,000 | (b) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/29 | 1,442,883 |
| 2,165,000 | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.500 | 12/01/54 | 2,304,722 | |
| 6,314,000 | Colorado Crossing Metropolitan District 2, Colorado Springs, California, General Obligation Bonds, Limited Tax Refunding Series 2020A-1 | 5.000 | 12/01/47 | 5,774,613 | |
| 1,500,000 | Colorado Crossing Metropolitan District 2, Colorado Springs, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2020A-1 | 5.000 | 12/01/50 | 1,338,891 | |
| 2,945,000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013 | 7.350 | 08/01/43 | 2,949,489 | |
| 1,715,000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016 | 3.625 | 08/01/46 | 1,353,445 | |
| 1,000,000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014 | 5.000 | 08/15/30 | 1,000,767 | |
| 3,915,000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 - Frontier Academy, Refunding & Improvement Series 2016 | 3.250 | 06/01/46 | 2,863,756 | |
| 545,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2017 | 3.625 | 09/01/31 | 542,564 | |
| 1,200,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A | 4.000 | 03/01/36 | 1,191,056 | |
| 1,600,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A | 4.000 | 03/01/37 | 1,578,136 | |
| 5,460,000 | (a) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A | 4.000 | 11/15/43 | 5,001,080 |
| 17,905,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A | 4.000 | 11/15/46 | 16,182,802 | |
| 11,090,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A | 4.000 | 11/15/50 | 9,682,118 | |
| 4,600,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016 | 5.000 | 01/01/37 | 4,602,872 | |
| 5,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 4,962,371 | |
| 5,395,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 4.000 | 08/01/49 | 4,665,097 | |
| 10,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 - BAM Insured | 4.000 | 08/01/49 | 8,869,803 | |
| 2,725,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A | 5.500 | 11/01/47 | 2,837,257 | |
| 2,300,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A | 5.250 | 11/01/52 | 2,359,092 | |
| 1,390,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A | 5.250 | 05/15/47 | 1,380,415 | |
| 5,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A | 5.000 | 05/15/52 | 5,110,724 | |
| 2,445,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2024A | 5.000 | 05/15/54 | 2,494,805 | |
| 3,785,000 | (c) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30) | 4.000 | 09/01/50 | 3,916,366 |
| 4,535,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A | 5.000 | 11/01/44 | 4,505,620 |
See Notes to Financial Statements 17
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 3,300,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019A | 4.000% | 01/01/37 | $ 3,169,720 | |
| 3,100,000 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017 | 5.000 | 12/31/56 | 3,019,418 | |
| 950,000 | (c) | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017C, (Pre-refunded 3/01/28) - BAM Insured | 5.000 | 03/01/43 | 1,001,249 |
| 710,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017C - BAM Insured | 5.000 | 03/01/43 | 717,029 | |
| 2,360,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E | 4.000 | 03/01/43 | 2,150,268 | |
| 3,420,000 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2020R | 4.000 | 03/15/45 | 3,123,824 | |
| 4,000,000 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2021S | 4.000 | 03/15/41 | 3,795,387 | |
| 7,250,000 | (c) | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, (Pre-refunded 8/01/26) | 5.000 | 08/01/46 | 7,428,844 |
| 9,090,000 | Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024 | 0.000 | 12/01/31 | 5,195,181 | |
| 4,250,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 4.125 | 11/15/53 | 3,730,304 | |
| 8,250,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.500 | 11/15/53 | 8,570,549 | |
| 3,400,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B | 5.250 | 11/15/53 | 3,550,941 | |
| 2,790,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.750 | 11/15/45 | 2,987,672 | |
| 5,000,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.000 | 11/15/53 | 5,035,012 | |
| 11,000,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) | 5.000 | 12/01/43 | 11,002,395 | |
| 11,750,000 | (a) | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB) | 5.000 | 12/01/48 | 11,709,692 |
| 9,040,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) | 5.250 | 12/01/48 | 9,111,523 | |
| 4,095,000 | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Current Interest Series 2018A-1 | 5.000 | 08/01/48 | 4,111,480 | |
| 2,105,000 | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. Project, Refunding Series 2017, (AMT) | 5.000 | 10/01/32 | 2,104,904 | |
| 5,130,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/30 | 5,136,082 | |
| 3,900,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/36 | 3,900,718 | |
| 3,000,000 | Denver Gateway Center Metropolitan District, In the City and County of Denver, Colorado, General Obligation Limited Tax Bonds, Series 2018A | 5.625 | 12/01/48 | 2,860,649 | |
| 385,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/35 | 254,858 | |
| 150,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/37 | 88,982 | |
| 75,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/38 | 41,991 | |
| 20,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/39 | 10,557 | |
| 110,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A | 0.000 | 09/01/41 | 51,502 | |
| 18,380,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B - NPFG Insured | 0.000 | 09/01/25 | 18,157,321 |
18 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 1,045,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000% | 09/01/29 | $ 895,349 | |
| 2,175,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/30 | 1,792,043 | |
| 25,050,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/31 | 19,821,579 | |
| 23,305,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/32 | 17,652,088 | |
| 100,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/33 | 72,308 | |
| 12,500,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A - NPFG Insured | 0.000 | 09/01/38 | 6,437,996 | |
| 385,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/28 | 342,578 | |
| 60,000,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 03/01/36 | 38,124,168 | |
| 2,200,000 | Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Improvement Series 2020A - AGM Insured | 4.000 | 12/01/49 | 1,988,383 | |
| 8,000,000 | Ebert Metropolitan District, Denver Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018A-1 - BAM Insured | 5.000 | 12/01/43 | 8,102,382 | |
| 965,000 | Erie Highlands Metropolitan District 2, Weld County, Colorado, General Obligation Bonds, Limited Tax Series 2018A | 5.250 | 12/01/48 | 926,185 | |
| 3,550,000 | (b) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 3,424,927 |
| 2,000,000 | Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020 - BAM Insured | 4.000 | 12/01/45 | 1,882,685 | |
| 3,935,000 | Flying Horse Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2020A - AGM Insured | 4.000 | 12/01/50 | 3,517,239 | |
| 2,545,000 | Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B | 6.000 | 12/01/52 | 2,195,116 | |
| 1,305,000 | Goldsmith Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2021 - AGM Insured | 4.000 | 12/01/51 | 1,170,201 | |
| 3,130,000 | (b) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 2,928,220 |
| 1,000,000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.125 | 12/01/50 | 893,285 | |
| 1,347,000 | Meadowbrook Crossing Metropolitan District, EL Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2020A | 5.250 | 12/01/49 | 1,248,786 | |
| 1,500,000 | Meridian Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2023 - AGM Insured | 4.375 | 12/01/53 | 1,442,619 | |
| 1,860,000 | (c) | Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, (Pre-refunded 12/01/25) | 4.000 | 12/01/40 | 1,868,717 |
| 1,750,000 | Midtown at Clear Creek Metropolitan District, Adams County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2023A - BAM Insured | 5.000 | 12/01/53 | 1,813,243 | |
| 9,520,000 | Northern Colorado Water Conservancy District Building Corporation, Certificates of Participation, Refunding Series 2021 | 4.000 | 07/01/46 | 8,931,623 | |
| 3,250,000 | Northern Colorado Water Conservancy District Building Corporation, Certificates of Participation, Refunding Series 2021 | 4.000 | 07/01/51 | 2,978,001 | |
| 1,565,000 | Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016 | 5.000 | 12/01/36 | 1,570,859 | |
| 2,100,000 | Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016 | 5.000 | 12/01/46 | 2,009,564 |
See Notes to Financial Statements 19
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 8,000,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2017A | 5.000% | 12/01/46 | $ 8,006,540 | |
| 2,235,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2019A - AGM Insured | 4.000 | 12/01/38 | 2,134,854 | |
| 5,300,000 | (b) | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A | 5.000 | 12/01/51 | 4,270,014 |
| 700,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 | 6.500 | 11/15/38 | 817,992 | |
| 750,000 | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B - AGM Insured | 5.000 | 12/01/36 | 761,347 | |
| 1,050,000 | Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016 - BAM Insured | 5.000 | 12/01/32 | 1,070,739 | |
| 1,000,000 | Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016 - BAM Insured | 4.125 | 12/01/37 | 989,633 | |
| 1,500,000 | Trails at Crowfoot Metropolitan District 3, Parker, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024A | 4.250 | 12/01/54 | 1,297,492 | |
| 500,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | 367,108 | |
| 2,000,000 | (b) | Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2021 | 4.750 | 12/01/50 | 1,623,403 |
| 2,000,000 | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A - BAM Insured | 4.000 | 12/01/36 | 1,970,188 | |
| 6,225,000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 5,641,416 | |
| 7,700,000 | (b) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 4,378,978 |
| 4,000,000 | (b) | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1 | 4.125 | 12/01/51 | 3,021,217 |
| TOTAL COLORADO | 412,728,778 | ||||
| CONNECTICUT - 1.4% (0.8% of Total Investments) | |||||
| 2,135,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare Issue, Series 2021A | 4.000 | 07/01/51 | 1,868,512 | |
| 850,000 | (b) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean Affiliates, Series 2020A | 5.000 | 01/01/45 | 734,890 |
| 5,355,000 | (a) | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2024A, (UB) | 4.600 | 11/15/49 | 5,254,838 |
| 14,775,000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A | 5.000 | 01/01/34 | 15,302,345 | |
| 6,410,000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A | 5.000 | 01/01/37 | 6,564,832 | |
| 6,000,000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A | 5.000 | 01/01/38 | 6,121,334 | |
| 3,730,000 | University of Connecticut, General Obligation Bonds, Series 2020A | 5.000 | 02/15/41 | 3,870,109 | |
| TOTAL CONNECTICUT | 39,716,860 | ||||
| DELAWARE - 0.6% (0.3% of Total Investments) | |||||
| 5,550,000 | Delaware Economic Development Authority Retirement Communities, Revenue Bonds, ACTS Retirement-Life Communities Series 2023B | 5.250 | 11/15/53 | 5,628,975 | |
| 3,000,000 | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, Series 2018 | 5.000 | 06/01/50 | 2,839,979 | |
| 800,000 | Delaware Health Facilities Authroity, Revenue Bonds, Beebe Medical Center Project, Series 2018 | 5.000 | 06/01/48 | 763,641 | |
| 7,255,000 | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015 | 5.000 | 06/01/55 | 7,255,855 | |
| TOTAL DELAWARE | 16,488,450 |
20 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| DISTRICT OF COLUMBIA - 2.7% (1.6% of Total Investments) | |||||
| $ 250,000 | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, (AMT) | 6.375% | 06/01/26 | $ 250,501 | |
| 51,000,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 12,725,005 | |
| 5,000,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 5.000 | 10/01/47 | 5,048,626 | |
| 3,000,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 4.000 | 10/01/49 | 2,592,126 | |
| 5,000,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A - AGM Insured | 4.000 | 10/01/52 | 4,384,278 | |
| 2,000,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured | 0.000 | 10/01/36 | 1,227,228 | |
| 5,000,000 | (c) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, (Pre-refunded 10/01/26) - AGC Insured | 6.500 | 10/01/41 | 5,232,766 |
| 15,800,000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2018A, (AMT) | 5.000 | 10/01/43 | 15,872,176 | |
| 5,000,000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2019A, (AMT) | 5.000 | 10/01/49 | 5,002,341 | |
| 8,000,000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2021A, (AMT) | 5.000 | 10/01/46 | 8,039,722 | |
| 3,500,000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.250 | 10/01/48 | 3,565,524 | |
| 7,400,000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.250 | 10/01/53 | 7,518,875 | |
| 4,000,000 | Washington Metropolitan Area Transit Authority, Second Lien Dedicated Revenue Bonds, Sustainability- Climate Transition, Series 2024A | 5.250 | 07/15/59 | 4,187,800 | |
| TOTAL DISTRICT OF COLUMBIA | 75,646,968 | ||||
| FLORIDA - 11.4% (6.7% of Total Investments) | |||||
| 1,480,000 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A | 5.000 | 11/15/37 | 1,465,716 | |
| 450,000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/45 | 435,696 | |
| 2,260,000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A | 5.000 | 09/01/48 | 2,171,214 | |
| 8,280,000 | Broward County, Florida, Airport System Revenue Bonds, Series 2019A, (AMT) | 5.000 | 10/01/44 | 8,305,907 | |
| 1,090,000 | (b) | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A | 5.000 | 10/15/47 | 1,029,225 |
| 3,465,000 | (b) | Capital Trust Authority, Florida, Educational Facilities Revenue | 5.750 | 08/15/49 | 3,256,292 |
| Bonds, Babcock Neighborhood School Inc Project, Series 2024 | |||||
| 3,250,000 | (b) | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A | 6.250 | 06/15/53 | 3,316,816 |
| 4,485,000 | Florida Department of Transportation, Florida, Right-of-Way Acquisition and Bridge Construction Series 2018A | 4.000 | 07/01/42 | 4,393,515 | |
| 175,000 | (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 5.000 | 09/15/40 | 161,784 |
| 2,000,000 | (b) | Florida Development Finance Corporation, Florida, Solid Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project, Series 2019, (AMT) | 5.000 | 05/01/29 | 2,011,132 |
| 5,000,000 | (a) | Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, Tampa General Hospital Project, Series 2024A, (UB) | 5.250 | 08/01/49 | 5,078,254 |
See Notes to Financial Statements 21
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| FLORIDA (continued) | |||||
| $ 3,900,000 | (b) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put 7/15/28) | 12.000% | 07/15/32 | $ 4,048,517 |
| 4,200,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 4,077,133 | |
| 13,800,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.000 | 07/01/44 | 13,799,671 | |
| 10,100,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.250 | 07/01/47 | 10,181,858 | |
| 11,665,000 | (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 07/01/47 | 11,759,543 |
| 7,710,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.250 | 07/01/53 | 7,747,126 | |
| 5,100,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.500 | 07/01/53 | 5,103,316 | |
| 12,535,000 | (b) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 12,922,835 |
| 31,985,000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT) | 5.000 | 10/01/42 | 32,146,905 | |
| 5,000,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2018E, (AMT) | 5.000 | 10/01/43 | 5,022,841 | |
| 10,305,000 | Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer Facility Charge Revenue Bonds, Series 2015A | 5.000 | 10/01/44 | 10,305,476 | |
| 10,000,000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A | 4.000 | 08/01/55 | 8,633,678 | |
| 825,000 | (b) | Lake County, Florida, Educational Facilities Revenue Bonds, Imagine South Lake Charter School Project, Series 2019A | 5.000 | 01/15/54 | 725,453 |
| 1,500,000 | Lauderhill, Florida, Water and Sewer Revenue Bonds, Series 2023 - AGM Insured | 5.000 | 10/01/53 | 1,542,770 | |
| 9,820,000 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A - AGM Insured | 5.000 | 02/01/44 | 9,865,878 | |
| 2,000,000 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.125 | 07/01/46 | 1,780,644 | |
| 10,000,000 | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, New Administrative Building Series 2023A | 5.250 | 03/01/53 | 10,305,080 | |
| 10,050,000 | (a) | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A, (UB) | 5.000 | 04/01/53 | 10,050,248 |
| 1,500,000 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Childrens Hospital, Refunding Series 2017 | 5.000 | 08/01/42 | 1,504,987 | |
| 5,000,000 | Miami-Dade County School District, Florida, General Obligation Bonds, School Series 2022A - BAM Insured | 5.000 | 03/15/52 | 5,149,902 | |
| 3,000,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A - BAM Insured, (AMT) | 5.000 | 10/01/38 | 3,001,787 | |
| 24,135,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, (AMT) | 5.000 | 10/01/40 | 24,248,203 | |
| 7,400,000 | (a) | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, (AMT), (UB) | 5.000 | 10/01/49 | 7,371,789 |
| 7,000,000 | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-2 - AGM Insured | 4.000 | 10/01/49 | 6,341,585 |
22 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| FLORIDA (continued) | |||||
| $ 1,005,000 | (a) | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT), (UB) | 5.250% | 10/01/52 | $ 1,015,560 |
| 1,210,000 | (b) | Miami-Dade County, Florida, Special Assessment Revenue Bonds, Ojus Sanitary Sewer Special Benefit Area, Series 2021 | 5.100 | 07/01/51 | 1,186,249 |
| 5,000,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022 | 5.000 | 07/01/51 | 5,094,185 | |
| 6,035,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B | 4.000 | 10/01/49 | 5,134,553 | |
| 3,500,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021 | 4.000 | 10/01/46 | 3,211,230 | |
| 8,000,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Inc. Series 2025A | 4.500 | 10/01/56 | 7,603,431 | |
| 5,000,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc. Series 2025A | 5.250 | 10/01/56 | 5,125,205 | |
| 7,000,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022 | 4.000 | 10/01/52 | 6,029,079 | |
| 2,360,000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1 | 5.000 | 10/01/49 | 2,388,133 | |
| 3,260,000 | Palm Beach County Health Facilities Authority, Florida, Retirement Communities Revenue Bonds, ACTS Retirement - Life Communities, Inc Obligated Group, Series 2016 | 5.000 | 11/15/32 | 3,303,961 | |
| 1,530,000 | Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004 | 5.750 | 05/01/35 | 1,536,688 | |
| 4,635,000 | Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B | 5.000 | 09/01/43 | 4,640,894 | |
| 2,500,000 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperatice, Inc. Project, Refunding Series 2018A | 5.000 | 03/15/42 | 2,513,044 | |
| 2,000,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 | 5.000 | 08/15/42 | 2,013,179 | |
| 9,770,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 | 5.000 | 08/15/47 | 9,786,246 | |
| 600,000 | (b) | Southeast Overtown/Park West Community Redevelopement Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1 | 5.000 | 03/01/30 | 600,651 |
| 1,500,000 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A | 5.250 | 07/01/44 | 1,500,215 | |
| 2,000,000 | Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Refunding Series 2015A | 5.000 | 12/01/40 | 1,999,996 | |
| 7,545,000 | Tampa, Florida, Hospital Revenue Bonds, H. Lee Moffitt Cancer Center Project, Series 2020B | 5.000 | 07/01/50 | 7,556,587 | |
| 1,000,000 | Twisted Oaks Pointe Community Development District, Florida, Special Assessment Revenue Bonds Assessment Area Three Project Series 2024 | 6.000 | 05/01/55 | 992,135 | |
| 1,500,000 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2024 | 5.000 | 05/01/55 | 1,477,718 | |
| 6,510,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015 | 5.000 | 06/01/45 | 6,142,796 | |
| TOTAL FLORIDA | 320,114,511 | ||||
| GEORGIA - 3.1% (1.8% of Total Investments) | |||||
| 1,890,000 | Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024A-1 Class A | 6.500 | 12/15/48 | 1,628,643 | |
| 1,775,000 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1 | 5.250 | 07/01/40 | 1,776,312 | |
| 3,400,000 | (b) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 | 5.500 | 04/01/39 | 3,413,193 |
| 14,000,000 | Atlanta, Georgia, Airport General Revenue Bonds, Series 2022B, (AMT) | 5.000 | 07/01/52 | 14,051,380 |
See Notes to Financial Statements 23
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| GEORGIA (continued) | |||||
| $ 2,600,000 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A | 5.000% | 04/01/47 | $ 2,572,744 | |
| 2,500,000 | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B | 5.125 | 04/01/53 | 2,525,409 | |
| 3,575,000 | Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp County Hospital Project, Series 2021 | 4.000 | 07/01/51 | 3,192,116 | |
| 390,000 | Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996 - NPFG Insured | 5.500 | 08/15/26 | 394,256 | |
| 2,000,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2019A | 4.000 | 07/01/49 | 1,772,270 | |
| 3,500,000 | Georgia Ports Authority, Revenue Bonds, Series 2021 | 4.000 | 07/01/51 | 3,174,139 | |
| 3,285,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A | 5.000 | 05/15/43 | 3,319,364 | |
| 23,200,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A | 5.000 | 05/15/49 | 23,484,446 | |
| 10,000,000 | (b) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 9,920,863 |
| 10,260,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.000 | 07/01/60 | 10,196,718 | |
| 2,500,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A | 5.000 | 01/01/49 | 2,480,298 | |
| 3,465,000 | Paulding County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System Inc., Series 2022A | 5.000 | 04/01/42 | 3,571,937 | |
| TOTAL GEORGIA | 87,474,088 | ||||
| GUAM - 0.5% (0.3% of Total Investments) | |||||
| 2,000,000 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D | 5.000 | 11/15/34 | 2,004,254 | |
| 1,710,000 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 5.250 | 06/01/32 | 1,653,504 | |
| 2,915,000 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 5.625 | 06/01/47 | 2,706,427 | |
| 245,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016 | 5.000 | 07/01/27 | 247,852 | |
| 1,240,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016 | 5.000 | 01/01/46 | 1,228,754 | |
| 2,000,000 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A | 5.000 | 12/01/33 | 2,011,621 | |
| 2,260,000 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A | 5.000 | 12/01/34 | 2,289,221 | |
| 1,175,000 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A | 5.000 | 12/01/46 | 1,178,705 | |
| 355,000 | Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B, (AMT) | 5.000 | 07/01/33 | 360,806 | |
| TOTAL GUAM | 13,681,144 | ||||
| HAWAII - 1.0% (0.6% of Total Investments) | |||||
| 6,000,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Refunding Series 2017B, (AMT) | 4.000 | 03/01/37 | 5,519,060 | |
| 7,500,000 | Hawaii State, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 07/01/45 | 7,517,116 | |
| 6,000,000 | Hawaii State, Airport System Revenue Bonds, Series 2022, (AMT) | 5.000 | 07/01/38 | 6,209,192 | |
| 5,000,000 | Hawaii State, General Obligation Bonds, Series 2017FK | 4.000 | 05/01/35 | 5,010,436 | |
| 3,720,000 | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Green Senior Series 2023 | 5.000 | 07/01/48 | 3,869,328 | |
| TOTAL HAWAII | 28,125,132 |
24 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| IDAHO - 1.3% (0.8% of Total Investments) | |||||
| $ 9,495,000 | Boise City Water Renewal System, Idaho, Revenue Bonds, Refunding Series 2022 | 5.000% | 09/01/47 | $ 9,794,277 | |
| 11,205,000 | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Helath Group, Series 2017ID | 5.000 | 12/01/46 | 11,225,590 | |
| 1,700,000 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016 | 5.000 | 09/01/29 | 1,705,128 | |
| 5,585,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Lukes Health System Project, Series 2021A | 4.000 | 03/01/46 | 5,013,204 | |
| 1,335,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Lukes Health System Project, Series 2025A | 4.375 | 03/01/53 | 1,221,965 | |
| 4,040,000 | (b) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy of Idaho, Series 2021A | 5.000 | 07/15/56 | 3,087,232 |
| 1,155,000 | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A | 4.750 | 09/01/26 | 1,155,260 | |
| 310,000 | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A | 5.000 | 09/01/32 | 310,202 | |
| 2,680,000 | (b) | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2021 | 3.750 | 09/01/51 | 2,394,421 |
| TOTAL IDAHO | 35,907,279 | ||||
| ILLINOIS - 13.2% (7.8% of Total Investments) | |||||
| 6,000,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 6,115,328 | |
| 2,170,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A | 5.000 | 12/01/42 | 2,018,623 | |
| 1,000,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D | 5.000 | 12/01/46 | 930,292 | |
| 1,500,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D | 5.000 | 12/01/46 | 1,395,438 | |
| 9,250,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 9,323,936 | |
| 2,400,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B | 6.500 | 12/01/46 | 2,431,853 | |
| 11,295,000 | (b) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 11,667,482 |
| 7,140,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - FGIC Insured | 0.000 | 12/01/25 | 6,969,005 | |
| 4,325,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - FGIC Insured | 0.000 | 12/01/29 | 3,558,939 | |
| 4,235,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - FGIC Insured | 0.000 | 12/01/31 | 3,178,872 | |
| 6,050,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured | 5.500 | 12/01/26 | 6,122,347 | |
| 10,285,000 | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Refunding Senior Lien Series 2018A | 5.000 | 01/01/48 | 10,250,181 | |
| 2,000,000 | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2016F - BAM Insured | 4.250 | 01/01/47 | 1,836,979 | |
| 4,000,000 | (a) | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2022A, (UB) | 4.625 | 01/01/53 | 3,818,060 |
| 5,000,000 | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2022A - AGM Insured | 5.500 | 01/01/53 | 5,134,699 | |
| 8,010,000 | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2022A | 5.500 | 01/01/55 | 8,267,451 | |
| 5,000,000 | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2024B, (UB) | 5.500 | 01/01/59 | 5,264,551 | |
| 4,115,000 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured | 0.000 | 01/01/33 | 2,976,463 | |
| 29,600,000 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999 - FGIC Insured | 0.000 | 01/01/38 | 16,268,483 | |
| 4,000,000 | Chicago, Illinois, General Obligation Bonds, Series 2019A | 5.000 | 01/01/40 | 3,945,562 |
See Notes to Financial Statements 25
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| ILLINOIS (continued) | |||||
| $ 12,870,000 | (a) | Chicago, Illinois, General Obligation Bonds, Series 2019A | 5.500% | 01/01/49 | $ 12,894,470 |
| 11,575,000 | (a) | Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB) | 5.500 | 01/01/49 | 11,597,007 |
| 6,200,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A - NPFG Insured | 5.500 | 01/01/30 | 6,449,675 | |
| 4,500,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2017 | 5.000 | 12/01/47 | 4,480,344 | |
| 7,500,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2017, (UB) | 5.000 | 12/01/47 | 7,467,240 | |
| 3,000,000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A | 5.000 | 11/15/31 | 3,058,696 | |
| 500,000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018 | 5.000 | 11/15/34 | 509,182 | |
| 4,550,000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018 | 5.000 | 11/15/35 | 4,628,781 | |
| 5,000,000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 4.450 | 11/01/36 | 5,038,041 | |
| 815,000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 4.500 | 11/01/36 | 805,164 | |
| 2,785,000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 5.500 | 11/01/36 | 2,790,157 | |
| 410,000 | (b) | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A | 6.000 | 12/01/45 | 410,797 |
| 1,930,000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015, (UB) | 5.000 | 05/01/45 | 1,930,000 | |
| 12,025,000 | (a),(c) | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015, (Pre-refunded 5/01/25), (UB) | 5.000 | 05/01/45 | 12,025,000 |
| 2,500,000 | Illinois Finance Authority, Revenue Bonds, Ascension Health/ fkaPresence Health Network, Series 2016C | 5.000 | 02/15/33 | 2,547,127 | |
| 10,000,000 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016 | 5.000 | 12/01/46 | 9,656,274 | |
| 10,745,000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/45 | 10,595,934 | |
| 560,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/35 | 560,850 | |
| 6,245,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/44 | 6,074,427 | |
| 10,000,000 | (a) | Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A, (UB) | 5.000 | 08/15/47 | 10,121,784 |
| 2,670,000 | (c) | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, (Pre-refunded 10/01/25) | 5.000 | 10/01/46 | 2,687,128 |
| 15,030,000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2023A | 5.250 | 05/15/54 | 15,469,399 | |
| 1,830,000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014 - AGM Insured | 5.250 | 06/15/32 | 1,832,938 | |
| 450,000 | Illinois State, General Obligation Bonds, December Series 2017A | 5.000 | 12/01/39 | 455,726 | |
| 3,500,000 | Illinois State, General Obligation Bonds, January Series 2016 | 5.000 | 01/01/29 | 3,528,724 | |
| 8,250,000 | Illinois State, General Obligation Bonds, January Series 2016 | 5.000 | 01/01/32 | 8,304,197 | |
| 4,200,000 | Illinois State, General Obligation Bonds, June Series 2016 | 5.000 | 06/01/27 | 4,262,475 | |
| 2,000,000 | Illinois State, General Obligation Bonds, June Series 2022A | 5.500 | 03/01/42 | 2,103,257 | |
| 785,000 | Illinois State, General Obligation Bonds, June Series 2022A | 5.500 | 03/01/47 | 808,771 | |
| 16,485,000 | Illinois State, General Obligation Bonds, March Series 2021A | 5.000 | 03/01/46 | 16,532,292 | |
| 1,635,000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/30 | 1,717,513 | |
| 5,305,000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/39 | 5,565,927 | |
| 3,000,000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 3,131,890 | |
| 4,585,000 | Illinois State, General Obligation Bonds, May Series 2023B | 5.250 | 05/01/43 | 4,716,148 | |
| 4,525,000 | Illinois State, General Obligation Bonds, May Series 2023B | 5.500 | 05/01/47 | 4,663,493 | |
| 1,500,000 | Illinois State, General Obligation Bonds, November Series 2016 | 5.000 | 11/01/37 | 1,509,869 | |
| 3,510,000 | Illinois State, General Obligation Bonds, October Series 2016 | 5.000 | 02/01/27 | 3,600,331 | |
| 8,865,000 | Illinois State, General Obligation Bonds, October Series 2022C | 5.500 | 10/01/41 | 9,407,536 | |
| 4,685,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A | 5.000 | 01/01/40 | 4,648,289 | |
| 7,770,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A | 4.000 | 01/01/42 | 7,432,143 |
26 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| ILLINOIS (continued) | |||||
| $ 10,000,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A | 5.000% | 01/01/46 | $ 10,297,696 | |
| 5,000,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Series 2023A | 5.250 | 01/01/45 | 5,284,973 | |
| 1,890,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B | 5.000 | 06/15/52 | 1,841,307 | |
| 7,500,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A, (UB) | 5.000 | 06/15/50 | 7,446,553 | |
| 1,000,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 5.500 | 06/15/53 | 1,001,946 | |
| 4,780,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A | 5.000 | 06/15/57 | 4,655,099 | |
| 5,000,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/34 | 3,267,958 | |
| 1,100,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/35 | 681,376 | |
| 3,805,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/41 | 1,681,368 | |
| 835,000 | (c) | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, (ETM) | 7.000 | 07/01/26 | 855,369 |
| 1,350,000 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Refunding Series 2020B - BAM Insured | 4.000 | 04/01/41 | 1,231,533 | |
| 2,495,000 | Sangamon County School District 186 Springfield, Illinois, General Obligation Bonds, Alternate Revenue Source Series 2023 - AGM Insured | 5.500 | 06/01/58 | 2,623,187 | |
| 2,500,000 | Sangamon County Water Reclamation District, Illinois, General Obligation Bonds Alternate Revenue Source, Project & Refunding Series 2019A - BAM Insured | 4.000 | 01/01/44 | 2,318,296 | |
| TOTAL ILLINOIS | 370,680,201 | ||||
| INDIANA - 1.8% (1.1% of Total Investments) | |||||
| 1,480,000 | (b) | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A | 5.875 | 06/01/55 | 1,324,996 |
| 625,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, Series 2021A | 5.000 | 06/01/51 | 529,513 | |
| 2,000,000 | Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc Obligated Group, Series 2016A | 5.000 | 11/01/51 | 1,936,701 | |
| 3,950,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A | 5.000 | 10/01/46 | 4,085,106 | |
| 2,000,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A | 5.000 | 10/01/53 | 2,040,224 | |
| 10,000,000 | (a) | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A, (UB) | 5.000 | 10/01/53 | 10,201,118 |
| 7,480,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding 2015A | 5.000 | 12/01/40 | 7,483,492 | |
| 2,500,000 | Indiana Finance Authority, Indiana, Health Facilities Project Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2017A | 5.000 | 08/15/51 | 2,454,388 | |
| 4,500,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A | 4.000 | 10/01/42 | 4,068,764 | |
| 2,605,000 | (a) | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A-1, (UB) | 4.650 | 07/01/49 | 2,571,628 |
| 8,150,000 | (a) | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A-1, (UB) | 4.750 | 07/01/54 | 8,087,592 |
| 1,000,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 1,045,238 | |
| 3,460,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 - BAM Insured | 5.000 | 03/01/53 | 3,536,820 |
See Notes to Financial Statements 27
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| INDIANA (continued) | |||||
| $ 1,660,000 | Northern Indiana Commuter Transportation District, Indiana, Limited Obligation Revenue Bonds, Series 2024 | 5.000% | 01/01/54 | $ 1,694,541 | |
| TOTAL INDIANA | 51,060,121 | ||||
| IOWA - 0.8% (0.5% of Total Investments) | |||||
| 2,550,000 | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement Community Project, Refunding Series 2021 | 5.000 | 09/01/41 | 2,108,848 | |
| 2,000,000 | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement Community Project, Refunding Series 2021 | 5.000 | 09/01/51 | 1,472,410 | |
| 2,505,000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012 | 4.750 | 08/01/42 | 2,390,173 | |
| 9,535,000 | (c) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32) | 5.000 | 12/01/50 | 10,645,941 |
| 6,235,000 | Iowa State, Hospital Revenue Bonds, University of Iowa Hospitals and Clinics, SUI Series 2022A | 4.000 | 09/01/36 | 6,175,089 | |
| TOTAL IOWA | 22,792,461 | ||||
| KANSAS - 0.6% (0.4% of Total Investments) | |||||
| 6,770,000 | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A | 5.000 | 07/01/43 | 6,790,486 | |
| 7,600,000 | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A | 5.000 | 07/01/48 | 7,604,223 | |
| 3,625,000 | Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Improvement and Refunding Series 2022A - AGM Insured | 5.250 | 09/01/52 | 3,750,078 | |
| TOTAL KANSAS | 18,144,787 | ||||
| KENTUCKY - 0.9% (0.5% of Total Investments) | |||||
| 6,000,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/45 | 5,883,696 | |
| 4,790,000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.750 | 07/01/43 | 5,402,289 | |
| 3,655,000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.875 | 07/01/46 | 4,134,837 | |
| 3,000,000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A | 5.000 | 05/15/52 | 2,872,278 | |
| 7,100,000 | (a) | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2024A-1, (Mandatory Put 7/01/30), (UB) | 5.000 | 05/01/55 | 7,376,672 |
| TOTAL KENTUCKY | 25,669,772 | ||||
| LOUISIANA - 2.8% (1.6% of Total Investments) | |||||
| 3,820,000 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013 | 6.000 | 07/01/36 | 3,820,749 | |
| 3,130,000 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B - AGM Insured | 5.000 | 12/01/42 | 3,159,626 | |
| 4,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A | 5.000 | 10/01/44 | 3,970,983 | |
| 10,000,000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2020A | 4.000 | 05/15/49 | 8,829,083 | |
| 6,530,000 | (b) | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, (AMT) | 6.500 | 07/01/36 | 6,531,143 |
| 1,265,000 | (c) | Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, (Pre-refunded 11/01/25) | 5.000 | 11/01/45 | 1,275,416 |
| 3,160,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A | 5.250 | 10/01/48 | 3,175,155 | |
| 5,340,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A | 5.250 | 10/01/53 | 5,310,477 |
28 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| LOUISIANA (continued) | |||||
| $ 7,000,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000% | 05/15/46 | $ 6,946,241 | |
| 1,830,000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016 | 4.000 | 05/15/35 | 1,824,698 | |
| 2,000,000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/59 | 2,045,671 | |
| 13,420,000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.750 | 09/01/64 | 13,931,914 | |
| 10,810,000 | Louisiana Stadium and Exposition District, Revenue Bonds, Senior Series 2023A | 5.000 | 07/01/48 | 11,013,597 | |
| 1,000,000 | (b) | Plaquemines Port, Louisiana, Harbor and Terminal District Facilities Revenue Bonds NOLA Terminal LLC Project Dock and Wharf Series 2024A | 9.000 | 12/01/44 | 854,663 |
| 5,655,000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015 | 5.000 | 12/01/40 | 5,603,532 | |
| TOTAL LOUISIANA | 78,292,948 | ||||
| MAINE - 0.7% (0.4% of Total Investments) | |||||
| 3,820,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/41 | 3,071,166 | |
| 4,000,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/41 | 3,714,278 | |
| 5,480,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 4.000 | 07/01/46 | 4,238,871 | |
| 5,595,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 5,079,457 | |
| 2,935,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A | 5.000 | 07/01/48 | 2,936,631 | |
| TOTAL MAINE | 19,040,403 | ||||
| MARYLAND - 6.8% (4.0% of Total Investments) | |||||
| 1,765,000 | Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens Apartments Project, Series 2009, (Mandatory Put 1/01/27) | 5.000 | 01/01/28 | 1,767,001 | |
| 1,180,000 | Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of Dorchester & Farmington Village Projects, Series 2013 | 5.000 | 07/01/32 | 1,180,642 | |
| 1,000,000 | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016 | 3.625 | 01/01/37 | 928,387 | |
| 2,220,000 | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016 | 5.000 | 01/01/37 | 2,229,008 | |
| 9,215,000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/42 | 8,852,730 | |
| 4,000,000 | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A | 5.000 | 07/01/46 | 4,010,621 | |
| 1,430,000 | (c) | Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A - FGIC Insured, (ETM) | 5.000 | 07/01/28 | 1,465,684 |
| 2,500,000 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A | 5.000 | 07/01/44 | 2,500,400 | |
| 6,000,000 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A | 5.000 | 07/01/41 | 6,018,566 | |
| 1,450,000 | Baltimore, Maryland, Special Obligation Bonds, Center/West Development Project, Series 2017A | 5.500 | 06/01/43 | 1,345,265 | |
| 525,000 | Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015 | 5.000 | 06/15/30 | 525,277 | |
| 425,000 | Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015 | 5.000 | 06/15/33 | 425,180 | |
| 1,270,000 | Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, Series 2017A | 4.500 | 09/01/33 | 1,243,818 |
See Notes to Financial Statements 29
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MARYLAND (continued) | |||||
| $ 240,000 | Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, Series 2017A | 5.000% | 09/01/38 | $ 238,339 | |
| 1,895,000 | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016 | 5.000 | 06/01/36 | 1,883,048 | |
| 250,000 | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016 | 5.125 | 06/01/43 | 240,780 | |
| 2,000,000 | (b) | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2019A | 3.625 | 06/01/46 | 1,612,416 |
| 350,000 | (b) | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2019B | 3.875 | 06/01/46 | 287,466 |
| 450,000 | Brunswick, Frederick County, Maryland, Special Obligation Bonds, Brunswick Crossing Special Taxing District, Refunding Series 2019 | 4.000 | 07/01/29 | 438,370 | |
| 738,000 | Brunswick, Frederick County, Maryland, Special Obligation Bonds, Brunswick Crossing Special Taxing District, Refunding Series 2019 | 5.000 | 07/01/36 | 738,366 | |
| 3,000,000 | (b) | Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Marys University Inc., Series 2017A | 5.000 | 09/01/37 | 2,889,446 |
| 1,750,000 | (b) | Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Marys University Inc., Series 2017A | 5.000 | 09/01/45 | 1,610,738 |
| 286,000 | Frederick County, Maryland, Special Obligation Bonds, Lake Linganore Village Community Development Series 2001A - RAAI Insured | 5.700 | 07/01/29 | 286,481 | |
| 1,240,000 | Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Refunding Series 2020A | 4.000 | 07/01/35 | 1,204,940 | |
| 370,000 | Frederick County, Maryland, Tax Increment and Special Tax B Limited Obligation Bonds, Oakdale-Lake Linganore Project, Series 2019 | 3.750 | 07/01/39 | 322,226 | |
| 105,000 | (b) | Frederick County, Maryland, Tax Increment and Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020B | 4.625 | 07/01/43 | 96,522 |
| 2,000,000 | Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated Group Project, Refunding Series 2018A | 5.000 | 01/01/33 | 2,020,414 | |
| 1,000,000 | Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated Group Project, Refunding Series 2018A | 5.000 | 01/01/36 | 1,005,357 | |
| 1,500,000 | Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments, Series 2014A | 4.000 | 06/01/34 | 1,446,213 | |
| 1,550,000 | Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments, Series 2014A | 5.000 | 06/01/44 | 1,549,926 | |
| 1,995,000 | Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013 | 4.625 | 10/01/28 | 1,996,660 | |
| 2,995,000 | Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013 | 5.000 | 10/01/28 | 2,998,258 | |
| 1,000,000 | Howard County Housing Commission, Maryland, Revenue Bonds, Woodfield Oxford Square Apartments, Series 2017 | 5.000 | 12/01/42 | 1,004,248 | |
| 1,290,000 | Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2016 | 5.000 | 04/01/46 | 1,122,971 | |
| 1,710,000 | Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2017 | 5.000 | 04/01/36 | 1,639,436 | |
| 1,500,000 | (b) | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A | 4.125 | 02/15/34 | 1,417,712 |
| 1,550,000 | (b) | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A | 4.375 | 02/15/39 | 1,438,243 |
| 850,000 | (b) | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A | 4.500 | 02/15/47 | 750,121 |
| 2,125,000 | Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016 | 5.000 | 07/01/31 | 2,089,183 | |
| 1,640,000 | Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016 | 5.000 | 07/01/34 | 1,560,970 | |
| 1,220,000 | Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2000A | 2.800 | 07/01/45 | 878,674 |
30 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MARYLAND (continued) | |||||
| $ 1,195,000 | Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2014D | 3.900% | 07/01/40 | $ 1,096,067 | |
| 680,000 | Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2017C | 3.550 | 07/01/42 | 600,898 | |
| 700,000 | Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2020E | 2.350 | 07/01/45 | 454,379 | |
| 1,445,000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2019C | 3.000 | 03/01/42 | 1,180,761 | |
| 2,000,000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2020D | 2.100 | 09/01/40 | 1,398,157 | |
| 2,570,000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021A | 2.000 | 09/01/43 | 1,589,985 | |
| 2,000,000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Taxable Series 2019D | 3.350 | 07/01/49 | 1,556,992 | |
| 1,000,000 | Maryland Community Development Administration, Department of Housing and Community Development, Multifamily Development Revenue Bonds, Marlborough Apartments, Series 2014I | 3.450 | 12/15/31 | 985,261 | |
| 1,000,000 | Maryland Economic Development Corporation Economic Development Revenue Bonds, Transportation Facilities Project, Refunding Series 2017A | 5.000 | 06/01/31 | 1,030,568 | |
| 1,125,000 | Maryland Economic Development Corporation Economic Development Revenue Bonds, Transportation Facilities Project, Refunding Series 2017A | 5.000 | 06/01/32 | 1,157,440 | |
| 3,360,000 | Maryland Economic Development Corporation Economic Development Revenue Bonds, Transportation Facilities Project, Refunding Series 2017A | 5.000 | 06/01/35 | 3,433,111 | |
| 1,600,000 | Maryland Economic Development Corporation, Air Cargo Obligated Group Revenue Bonds, AFCO Airport Real Estate Group, Series 2019, (AMT) | 4.000 | 07/01/39 | 1,472,243 | |
| 1,250,000 | Maryland Economic Development Corporation, Parking Facilities Revenue Bonds Baltimore City Project, Subordinate Parking Facilities Revenue Bonds, Series 2018C | 4.000 | 06/01/48 | 972,766 | |
| 1,080,000 | Maryland Economic Development Corporation, Parking Facilities Revenue Bonds Baltimore City Project, Subordinate Parking Facilities Revenue Bonds, Series 2018C | 4.000 | 06/01/58 | 788,226 | |
| 3,725,000 | Maryland Economic Development Corporation, Parking Facilities Revenue Bonds, Baltimore City Project, Senior Parking Facilities Revenue Bonds, Series 2018A | 5.000 | 06/01/58 | 3,690,788 | |
| 1,600,000 | (b) | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, Core Natural Resources Inc. Project, Refunding Series 2025, (Mandatory Put 3/27/35) | 5.000 | 07/01/48 | 1,562,279 |
| 2,000,000 | (d) | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A | 5.000 | 12/01/31 | 1,340,000 |
| 1,100,000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/36 | 1,105,948 | |
| 470,000 | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017 | 5.000 | 07/01/37 | 470,034 | |
| 585,000 | Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings Mills Project, Series 2017 | 4.375 | 07/01/36 | 547,157 | |
| 265,000 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013 | 5.000 | 06/01/27 | 265,073 |
See Notes to Financial Statements 31
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MARYLAND (continued) | |||||
| $ 500,000 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013 | 5.000% | 06/01/34 | $ 499,981 | |
| 1,510,000 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012 | 5.000 | 07/01/33 | 1,471,691 | |
| 495,000 | (c) | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland - Baltimore Project, Refunding Senior Lien Series 2015, (Pre-refunded 7/01/25) | 5.000 | 07/01/39 | 496,213 |
| 1,110,000 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, Baltimore County Project, Refunding Series 2016 - AGM Insured | 3.600 | 07/01/35 | 1,032,622 | |
| 990,000 | Maryland Health and Higher Educational Facilities Authority, Maryland, Revenue Bonds, Meritus Medical Center, Series 2015 | 4.000 | 07/01/32 | 979,602 | |
| 2,470,000 | Maryland Health and Higher Educational Facilities Authority, Maryland, Revenue Bonds, Meritus Medical Center, Series 2015 | 4.250 | 07/01/35 | 2,404,239 | |
| 1,740,000 | Maryland Health and Higher Educational Facilities Authority, Maryland, Revenue Bonds, Meritus Medical Center, Series 2015 | 5.000 | 07/01/45 | 1,714,604 | |
| 1,000,000 | Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001 - AMBAC Insured | 5.000 | 07/01/27 | 1,007,668 | |
| 1,000,000 | Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001 - AMBAC Insured | 5.000 | 07/01/34 | 1,007,749 | |
| 145,000 | Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institutions, Series 1996 - AMBAC Insured | 5.500 | 07/01/26 | 146,114 | |
| 250,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B | 5.000 | 07/01/34 | 252,998 | |
| 4,820,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B | 5.000 | 07/01/38 | 4,847,575 | |
| 90,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/36 | 90,784 | |
| 1,450,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 5.000 | 07/01/38 | 1,459,084 | |
| 600,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A | 4.000 | 07/01/42 | 542,491 | |
| 1,400,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A | 5.500 | 01/01/36 | 1,420,475 | |
| 4,020,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A | 5.500 | 01/01/46 | 4,035,007 | |
| 2,125,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2016A | 5.000 | 01/01/36 | 2,148,525 | |
| 4,090,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2016A | 5.000 | 01/01/45 | 4,103,705 | |
| 1,000,000 | Maryland Health and HIgher Educational Facilities Authority, Revenue Bonds, Frederick Health System Issue; Series 2020 | 3.250 | 07/01/39 | 789,066 | |
| 1,200,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2017A | 5.000 | 07/01/44 | 1,130,837 | |
| 265,000 | (b) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A | 5.125 | 07/01/37 | 257,055 |
| 500,000 | (b) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A | 5.250 | 07/01/47 | 472,078 |
| 1,340,000 | (c) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured, (ETM) | 5.000 | 07/01/27 | 1,362,073 |
| 2,500,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Issue, Series 2015A | 4.000 | 05/15/40 | 2,379,208 | |
| 500,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2013B | 5.000 | 07/01/38 | 500,111 | |
| 4,375,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2013B | 4.250 | 07/01/41 | 4,085,105 | |
| 1,000,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2017 | 5.000 | 07/01/33 | 1,024,046 |
32 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MARYLAND (continued) | |||||
| $ 1,000,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2017 | 5.000% | 07/01/44 | $ 1,000,193 | |
| 1,500,000 | (c) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, (Pre-refunded 7/01/25) | 4.000 | 07/01/35 | 1,501,219 |
| 1,125,000 | (c) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, (Pre-refunded 7/01/25) | 5.000 | 07/01/40 | 1,127,757 |
| 2,975,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015 | 4.125 | 07/01/47 | 2,755,279 | |
| 175,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2016 | 5.000 | 06/01/36 | 175,644 | |
| 525,000 | (c) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2017, (Pre-refunded 6/01/26) | 5.000 | 06/01/35 | 535,704 |
| 1,000,000 | (c) | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2017, (Pre-refunded 6/01/26) | 5.000 | 06/01/42 | 1,020,388 |
| 2,500,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2015 | 5.000 | 08/15/38 | 2,500,883 | |
| 4,260,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2017MD | 5.000 | 12/01/46 | 4,284,577 | |
| 1,000,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2015 | 5.000 | 07/01/35 | 1,001,616 | |
| 5,500,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B | 5.000 | 07/01/39 | 5,571,293 | |
| 1,000,000 | (c) | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016, (Pre-refunded 5/01/26) | 5.000 | 05/01/35 | 1,019,868 |
| 6,250,000 | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A | 5.000 | 05/01/42 | 6,392,406 | |
| 7,000,000 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2020 | 4.000 | 07/01/50 | 6,406,610 | |
| 1,500,000 | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2014A | 3.875 | 07/01/39 | 1,376,250 | |
| 6,000,000 | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015 | 4.000 | 12/01/44 | 5,574,583 | |
| 320,000 | (b) | Prince Georges County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016 | 5.000 | 07/01/46 | 306,519 |
| 1,050,000 | Prince Georges County, Maryland, Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2017 | 5.250 | 04/01/37 | 1,024,674 | |
| 1,300,000 | (b) | Prince Georges County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018 | 5.125 | 07/01/39 | 1,283,133 |
| 2,200,000 | (b) | Prince Georges County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018 | 5.250 | 07/01/48 | 2,182,803 |
| 1,854,000 | Prince Georges County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005 | 5.250 | 07/01/35 | 1,856,096 | |
| 795,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Refunding Series 2017A-2 | 5.000 | 11/01/31 | 798,605 | |
| 1,070,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1 | 5.000 | 11/01/28 | 1,077,018 | |
| 1,000,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1 | 5.000 | 11/01/37 | 979,048 | |
| 500,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 5.000 | 11/01/42 | 467,168 | |
| 1,000,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 5.000 | 11/01/47 | 904,414 |
See Notes to Financial Statements 33
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MARYLAND (continued) | |||||
| $ 1,000,000 | (c) | Washington County County Commissioners, Maryland, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019B, (ETM) | 5.000% | 01/01/29 | $ 1,062,690 |
| 500,000 | (c) | Washington County County Commissioners, Maryland, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019B, (Pre-refunded 1/01/29) | 5.000 | 01/01/32 | 531,345 |
| TOTAL MARYLAND | 190,336,725 | ||||
| MASSACHUSETTS - 1.2% (0.7% of Total Investments) | |||||
| 5,000,000 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 2021A-1 | 4.000 | 07/01/51 | 4,598,641 | |
| 539,969 | (b),(d) | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A | 6.750 | 10/15/37 | 5 |
| 677,039 | (d) | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010 | 7.625 | 10/15/37 | 7 |
| 4,000,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2023G | 5.250 | 07/01/52 | 4,000,371 | |
| 3,200,000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015 | 4.500 | 01/01/45 | 2,920,189 | |
| 8,500,000 | Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, Series 2013G | 5.000 | 07/01/44 | 7,914,762 | |
| 1,500,000 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I | 4.000 | 07/01/41 | 1,350,308 | |
| 1,145,000 | Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015 | 5.000 | 09/01/40 | 1,128,015 | |
| 1,280,000 | Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015 | 5.000 | 09/01/45 | 1,213,286 | |
| 2,000,000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2013B | 4.500 | 06/01/56 | 1,910,631 | |
| 1,600,000 | (a) | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1, (UB) | 4.900 | 12/01/59 | 1,587,488 |
| 4,485,000 | (a) | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2024-234, (UB) | 4.700 | 12/01/49 | 4,446,894 |
| 2,000,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2024A | 5.000 | 01/01/54 | 2,065,638 | |
| TOTAL MASSACHUSETTS | 33,136,235 | ||||
| MICHIGAN - 4.0% (2.3% of Total Investments) | |||||
| 40,000 | (c) | Eastern Michigan University, General Revenue Bonds, Series 2018A, (Pre-refunded 3/01/28) | 4.000 | 03/01/44 | 41,025 |
| 960,000 | Eastern Michigan University, General Revenue Bonds, Series 2018A - AGM Insured | 4.000 | 03/01/44 | 877,758 | |
| 4,180,000 | Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation Bonds, School Building & Site Refunding Series 2023 | 5.000 | 05/01/53 | 4,255,149 | |
| 2,000,000 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A | 5.000 | 07/01/48 | 2,017,183 | |
| 10,000,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020 | 4.000 | 11/01/55 | 8,755,751 | |
| 10,125,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020 | 4.000 | 11/01/55 | 8,881,212 | |
| 6,395,000 | (a) | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Series 2016A, (UB) | 5.000 | 11/01/44 | 6,388,998 |
| 13,460,000 | (a) | Michigan Finance Authority, Hospital Revenue Bonds, Bronson Healthcare Group, Inc., Refunding Series 2019A, (UB) | 5.000 | 05/15/54 | 13,243,062 |
| 5,000,000 | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Series 2019A | 4.000 | 02/15/47 | 4,497,031 | |
| 3,000,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Fixed Rate Series 2022A-MI | 4.000 | 12/01/47 | 2,752,845 | |
| 4,500,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2019A-MI | 4.000 | 12/01/49 | 3,884,038 |
34 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MICHIGAN (continued) | |||||
| $ 4,435,000 | Michigan Finance Authority, Tobacco Settlement Asset-Backed Bonds, 2006 Sold Tobacco Receipts Senior Current Interest Series 2020A-2 | 5.000% | 06/01/40 | $ 4,508,206 | |
| 4,385,000 | (c) | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding & Project Series 2010F-6, (Pre-refunded 11/15/26) | 4.000 | 11/15/47 | 4,429,083 |
| 615,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding & Project Series 2010F-6 | 4.000 | 11/15/47 | 528,742 | |
| 2,500,000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2024A | 4.700 | 10/01/54 | 2,458,007 | |
| 2,450,000 | (a) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024A, (UB) | 4.650 | 12/01/49 | 2,418,538 |
| 10,000,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/34 | 10,050,543 | |
| 8,000,000 | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program Series 2020B | 4.000 | 11/15/45 | 7,393,143 | |
| 6,000,000 | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2023 | 5.500 | 11/15/49 | 6,417,211 | |
| 5,000,000 | Troy School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2023 | 5.000 | 05/01/47 | 5,182,615 | |
| 11,225,000 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2020 | 5.000 | 05/01/50 | 11,338,616 | |
| 1,200,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D | 5.000 | 12/01/45 | 1,201,139 | |
| TOTAL MICHIGAN | 111,519,895 | ||||
| MINNESOTA - 2.9% (1.7% of Total Investments) | |||||
| 310,000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/36 | 282,519 | |
| 750,000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A | 5.000 | 07/01/47 | 644,206 | |
| 500,000 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A | 4.000 | 07/01/37 | 462,792 | |
| 6,905,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/48 | 6,721,228 | |
| 11,925,000 | (a) | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A, (UB) | 5.000 | 02/15/53 | 11,494,982 |
| 1,925,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.250 | 02/15/53 | 1,932,389 | |
| 3,000,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/58 | 2,861,764 | |
| 1,125,000 | GFW Independent School District No. 2365, Sibley, Renville, McLeod and Nicollet Counties, Minnesota, General Obligation School Building Bonds, Series 2023A | 4.125 | 02/01/52 | 1,070,679 | |
| 725,000 | Hawley Independent School District 150, Clay County, Minnesota, General Obligation Bonds, School Building Series 2023A | 4.000 | 02/01/43 | 700,983 | |
| 1,870,000 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A | 5.000 | 07/01/48 | 1,569,984 | |
| 500,000 | Independence, Minnesota, Charter School Lease Revenue Bonds, Paladin Career & Technical High School Project, Series 2021A | 4.000 | 06/01/41 | 393,363 | |
| 2,010,000 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A | 4.000 | 02/01/42 | 1,922,410 | |
| 1,000,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, (AMT) | 5.000 | 01/01/31 | 1,044,496 |
See Notes to Financial Statements 35
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | ||||
|---|---|---|---|---|
| MINNESOTA (continued) | ||||
| $ 1,300,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, (AMT) | 5.000% | 01/01/38 | $ 1,320,337 |
| 3,420,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, (AMT) | 5.000 | 01/01/44 | 3,430,060 |
| 4,000,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, (AMT) | 5.000 | 01/01/49 | 3,990,380 |
| 2,295,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C | 5.000 | 01/01/41 | 2,311,971 |
| 470,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D, (AMT) | 5.000 | 01/01/32 | 476,798 |
| 450,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D, (AMT) | 5.000 | 01/01/35 | 454,898 |
| 580,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D, (AMT) | 5.000 | 01/01/37 | 584,602 |
| 750,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D, (AMT) | 5.000 | 01/01/41 | 751,012 |
| 2,745,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2022B, (AMT) | 5.250 | 01/01/47 | 2,801,663 |
| 1,300,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017 | 3.750 | 03/01/38 | 1,239,108 |
| 1,460,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017 | 4.000 | 03/01/41 | 1,382,167 |
| 270,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021A | 3.000 | 08/01/36 | 238,100 |
| 190,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021B | 3.000 | 08/01/36 | 167,552 |
| 2,910,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2022A | 5.000 | 08/01/41 | 3,055,126 |
| 2,380,000 | Round Lake-Brewster Independent School District 2907, Minnesota, General Obligation Bonds, School Building Series 2023A | 4.000 | 02/01/44 | 2,266,464 |
| 2,000,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019 | 5.000 | 05/01/48 | 1,990,598 |
| 1,520,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A | 5.000 | 12/01/50 | 1,408,381 |
| 1,395,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Series 2019 | 5.000 | 12/01/39 | 1,370,684 |
| 2,625,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Refunding Series 2020A | 5.000 | 09/01/40 | 2,556,092 |
| 1,250,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Refunding Series 2020A | 5.000 | 09/01/43 | 1,207,043 |
| 780,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Refunding Series 2020A | 5.000 | 09/01/55 | 715,499 |
| 2,205,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 5.500 | 09/01/36 | 2,219,741 |
| 2,500,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 5.750 | 09/01/46 | 2,510,595 |
36 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MINNESOTA (continued) | |||||
| $ 2,500,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 6.000% | 09/01/51 | $ 2,512,447 | |
| 1,500,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A | 5.000 | 07/01/44 | 1,365,837 | |
| 1,585,000 | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013 | 5.000 | 05/01/33 | 1,507,178 | |
| 1,000,000 | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013 | 5.125 | 05/01/48 | 826,222 | |
| 2,245,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A | 5.000 | 11/15/47 | 2,235,251 | |
| 1,000,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Hope Community Academy Project, Series 2015A | 5.000 | 12/01/43 | 747,395 | |
| 750,000 | (c) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25) | 5.000 | 11/15/29 | 756,440 |
| 2,000,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 5.000 | 08/01/54 | 1,869,092 | |
| TOTAL MINNESOTA | 81,370,528 | ||||
| MISSISSIPPI - 0.8% (0.5% of Total Investments) | |||||
| 1,500,000 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A | 5.000 | 09/01/36 | 1,508,228 | |
| 6,000,000 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A | 5.000 | 09/01/41 | 5,966,202 | |
| 15,500,000 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A | 5.000 | 09/01/46 | 15,322,449 | |
| TOTAL MISSISSIPPI | 22,796,879 | ||||
| MISSOURI - 5.0% (3.0% of Total Investments) | |||||
| 1,000,000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016 | 5.000 | 08/01/28 | 940,976 | |
| 2,010,000 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016 | 3.625 | 05/01/30 | 1,983,648 | |
| 1,945,000 | Jefferson County School District R-1 Northwest, Missouri, General Obligation Bonds, Direct Deposit Program Series 2023 | 4.000 | 03/01/42 | 1,854,882 | |
| 5,640,000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019A, (AMT) | 5.000 | 03/01/44 | 5,651,452 | |
| 2,965,000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT) | 5.000 | 03/01/39 | 2,997,334 | |
| 13,250,000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT) | 5.000 | 03/01/46 | 13,259,116 | |
| 10,425,000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT) | 5.000 | 03/01/54 | 10,334,765 | |
| 400,000 | (b) | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016 | 5.000 | 04/01/46 | 348,634 |
| 7,000,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/27 | 6,503,449 | |
| 5,000,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/28 | 4,464,316 |
See Notes to Financial Statements 37
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | ||||
|---|---|---|---|---|
| MISSOURI (continued) | ||||
| $ 5,000,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000% | 04/15/29 | $ 4,285,985 |
| 6,185,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2023A | 4.000 | 01/01/48 | 5,703,215 |
| 1,000,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998C | 2.750 | 09/01/33 | 877,575 |
| 1,000,000 | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Lukes Health System, Inc., Series 2016 | 5.000 | 11/15/34 | 1,010,649 |
| 11,010,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A | 4.000 | 04/01/45 | 10,001,851 |
| 1,045,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A | 5.000 | 11/15/44 | 1,034,695 |
| 11,090,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A | 5.000 | 11/15/48 | 10,738,062 |
| 3,000,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C | 5.000 | 11/15/42 | 3,017,869 |
| 6,265,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C | 5.000 | 11/15/47 | 6,273,069 |
| 10,000,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2020 | 4.000 | 06/01/53 | 8,228,285 |
| 1,800,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A | 4.000 | 02/15/44 | 1,651,898 |
| 7,815,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A | 4.000 | 02/15/49 | 7,043,897 |
| 2,000,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2018A | 4.000 | 06/01/48 | 1,753,605 |
| 7,925,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A | 5.000 | 02/01/46 | 7,488,959 |
| 4,370,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B | 5.000 | 02/01/46 | 4,129,558 |
| 725,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A | 4.000 | 10/01/36 | 724,062 |
| 3,510,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A | 5.000 | 10/01/47 | 3,526,285 |
| 6,440,000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024C | 4.650 | 11/01/49 | 6,357,923 |
| 1,490,000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Home Ownership Loan Program Series 2024G | 4.500 | 11/01/54 | 1,434,176 |
| 1,165,000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2024A | 4.700 | 11/01/54 | 1,156,347 |
| 1,330,000 | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018 | 5.000 | 12/01/37 | 1,354,438 |
| 1,140,000 | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018 | 5.000 | 12/01/38 | 1,157,701 |
| 2,185,000 | Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021 | 4.000 | 10/01/44 | 1,826,996 |
| 375,000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A | 5.875 | 09/01/43 | 375,016 |
| 1,000,000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2018A | 5.125 | 09/01/48 | 962,126 |
| TOTAL MISSOURI | 140,452,814 | |||
| MONTANA - 0.3% (0.2% of Total Investments) | ||||
| 2,090,000 | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B | 5.000 | 07/01/43 | 2,093,288 |
38 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MONTANA (continued) | |||||
| $ 6,830,000 | Montana State Board of Regents of Higher Education, General Revenue Bonds, Series 2022 - AGM Insured | 5.250% | 11/15/52 | $ 7,142,093 | |
| TOTAL MONTANA | 9,235,381 | ||||
| NEBRASKA - 0.1% (0.1% of Total Investments) | |||||
| 1,625,000 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Childrens Hospital Obligated Group, Refunding Series 2020A | 4.000 | 11/15/40 | 1,539,232 | |
| 1,635,000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 4.125 | 11/01/36 | 1,580,911 | |
| 1,000,000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 5.000 | 11/01/45 | 986,489 | |
| TOTAL NEBRASKA | 4,106,632 | ||||
| NEVADA - 0.6% (0.4% of Total Investments) | |||||
| 8,835,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B | 5.000 | 07/01/43 | 8,923,208 | |
| 7,500,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B | 4.000 | 07/01/49 | 6,465,166 | |
| 2,400,000 | Nevada System of Higher Education, Community College Revenue Bonds, Series 2017 | 4.000 | 07/01/41 | 2,265,612 | |
| TOTAL NEVADA | 17,653,986 | ||||
| NEW HAMPSHIRE - 0.6% (0.3% of Total Investments) | |||||
| 3,000,000 | (b) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2018B | 4.625 | 11/01/42 | 2,678,476 |
| 1,500,000 | (b) | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, Refunding Series 2020A, (Mandatory Put 7/02/40) | 3.625 | 07/01/43 | 1,212,636 |
| 2,535,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2017 | 5.000 | 10/01/47 | 2,534,305 | |
| 4,000,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2018A | 5.000 | 08/01/35 | 4,074,027 | |
| 5,000,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2020A - AGM Insured | 5.000 | 08/01/59 | 5,071,836 | |
| TOTAL NEW HAMPSHIRE | 15,571,280 | ||||
| NEW JERSEY - 5.6% (3.3% of Total Investments) | |||||
| 5,000,000 | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Series 2020A | 5.000 | 11/01/40 | 5,125,546 | |
| 1,965,000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) | 5.000 | 01/01/31 | 1,971,673 | |
| 1,865,000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) | 5.125 | 01/01/39 | 1,868,382 | |
| 1,585,000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) | 5.125 | 07/01/42 | 1,587,495 | |
| 6,030,000 | New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation Projects Sublease, Refunding Series 2017B | 5.000 | 11/01/25 | 6,076,663 | |
| 2,000,000 | (c) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) | 5.500 | 06/15/31 | 2,079,344 |
| 6,770,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1 - NPFG Insured | 5.500 | 09/01/27 | 7,109,562 | |
| 2,410,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ | 4.000 | 06/15/50 | 2,104,813 | |
| 5,275,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Series 2021A | 4.000 | 07/01/51 | 4,768,867 | |
| 2,020,000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1 | 5.000 | 06/15/28 | 2,053,956 |
See Notes to Financial Statements 39
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEW JERSEY (continued) | |||||
| $ 3,340,000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1 | 5.000% | 06/15/29 | $ 3,391,671 | |
| 8,155,000 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023AA | 4.250 | 06/15/44 | 7,697,885 | |
| 4,890,000 | (a) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023BB, (UB) | 5.250 | 06/15/50 | 5,068,151 |
| 1,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/26 | 944,894 | |
| 21,120,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/28 | 18,537,917 | |
| 10,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured | 0.000 | 12/15/32 | 7,485,202 | |
| 20,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured | 0.000 | 12/15/33 | 14,287,010 | |
| 25,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/35 | 16,042,863 | |
| 30,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/36 | 18,270,591 | |
| 2,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A | 0.000 | 12/15/32 | 1,491,454 | |
| 1,690,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA | 5.250 | 06/15/33 | 1,692,149 | |
| 2,840,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA | 5.000 | 06/15/45 | 2,793,896 | |
| 2,800,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A | 5.000 | 12/15/36 | 2,880,231 | |
| 2,460,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B | 4.000 | 01/01/34 | 2,460,336 | |
| 5,250,000 | (a) | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2022B, (UB) | 5.250 | 01/01/52 | 5,503,617 |
| 7,810,000 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series 2020A | 5.000 | 11/01/45 | 7,900,142 | |
| 3,215,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/36 | 3,259,753 | |
| 1,405,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/46 | 1,386,917 | |
| 1,200,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B | 5.000 | 06/01/46 | 1,164,943 | |
| TOTAL NEW JERSEY | 157,005,923 | ||||
| NEW MEXICO - 0.4% (0.2% of Total Investments) | |||||
| 3,370,000 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2017A | 5.000 | 08/01/46 | 3,348,257 | |
| 7,000,000 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2019A | 4.000 | 08/01/48 | 6,210,905 | |
| 1,505,000 | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997 - AGM Insured | 6.000 | 02/01/27 | 1,553,472 | |
| TOTAL NEW MEXICO | 11,112,634 | ||||
| NEW YORK - 13.4% (7.9% of Total Investments) | |||||
| 6,600,000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009 | 0.000 | 07/15/44 | 2,486,039 | |
| 490,000 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015 | 5.250 | 07/01/35 | 478,656 | |
| 4,000,000 | (a) | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health Obligated Group, Series 2022A, (UB) | 4.250 | 05/01/52 | 3,681,822 |
| 600,000 | (b) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/34 | 584,583 |
| 2,295,000 | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 | 5.250 | 10/01/49 | 2,320,903 | |
| 3,000,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2022A | 5.000 | 03/15/46 | 3,092,967 | |
| 20,000,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019D | 4.000 | 02/15/47 | 18,415,986 |
40 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEW YORK (continued) | |||||
| $ 3,760,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2017A | 5.000% | 03/15/44 | $ 3,782,987 | |
| 5,000,000 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005 | 5.250 | 10/01/35 | 5,586,595 | |
| 5,000,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018 | 5.000 | 09/01/37 | 5,185,526 | |
| 10,000,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A | 0.000 | 11/15/32 | 7,512,399 | |
| 9,220,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024A - BAM Insured | 4.000 | 11/15/48 | 8,082,411 | |
| 2,000,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2017D | 4.000 | 11/15/42 | 1,794,760 | |
| 8,715,000 | (a) | Nassau County, New York, General Obligation Bonds, General Improvement Series 2024A, (UB) | 4.000 | 04/01/54 | 7,912,990 |
| 740,000 | New York City Housing Development Corporation, New York, Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Taxable Class E Series 2024 | 4.375 | 12/15/31 | 747,137 | |
| 500,000 | (d) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.300 | 10/01/37 | 320,000 |
| 1,000,000 | (d) | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 | 2.350 | 10/01/46 | 640,000 |
| 5,000,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series EE | 4.000 | 06/15/42 | 4,726,151 | |
| 3,255,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2021 Series CC-1 | 4.000 | 06/15/51 | 2,967,226 | |
| 6,140,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2023 Series AA-1 | 5.250 | 06/15/52 | 6,418,946 | |
| 2,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1 | 5.000 | 05/01/40 | 2,012,414 | |
| 5,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1 | 5.000 | 08/01/40 | 5,105,058 | |
| 20,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2019 Subseries C-1 | 4.000 | 11/01/42 | 18,860,172 | |
| 9,530,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries B-1 | 4.000 | 08/01/45 | 8,783,967 | |
| 5,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1 | 5.000 | 02/01/47 | 5,154,424 | |
| 6,250,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025C-1 | 4.000 | 05/01/51 | 5,592,417 | |
| 3,530,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D | 4.250 | 05/01/54 | 3,255,273 | |
| 11,210,000 | (a) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D, (UB) | 4.250 | 05/01/54 | 10,337,567 |
| 2,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025E | 5.000 | 11/01/53 | 2,061,402 | |
| 3,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1 | 5.250 | 11/01/48 | 3,188,368 | |
| 2,060,000 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1 | 5.000 | 12/01/41 | 2,078,877 | |
| 2,000,000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1 | 5.000 | 03/01/43 | 2,075,412 | |
| 3,000,000 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1 | 5.000 | 08/01/47 | 3,073,784 | |
| 2,000,000 | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured, Refunding Series 2015 | 5.000 | 11/15/45 | 1,994,946 | |
| 55,000 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B | 6.500 | 06/01/35 | 55,019 |
See Notes to Financial Statements 41
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEW YORK (continued) | |||||
| $ 840,000 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1 | 5.625% | 06/01/35 | $ 849,234 | |
| 29,320,000 | (b) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 29,193,660 |
| 7,210,000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2021A-1 | 4.000 | 03/15/55 | 6,375,660 | |
| 10,000,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Green Series 2023A | 5.000 | 03/15/56 | 10,290,794 | |
| 13,370,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C | 5.000 | 03/15/47 | 13,712,888 | |
| 4,120,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C | 5.000 | 03/15/50 | 4,219,666 | |
| 2,000,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2022A | 5.000 | 03/15/46 | 2,078,535 | |
| 19,000,000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Empire Series 2021A | 4.000 | 03/15/47 | 17,287,042 | |
| 500,000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/41 | 500,040 | |
| 15,390,000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 15,077,740 | |
| 28,800,000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.250 | 01/01/50 | 28,561,818 | |
| 6,115,000 | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) | 5.250 | 12/31/54 | 6,213,319 | |
| 75,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, (AMT) | 5.000 | 08/01/26 | 75,008 | |
| 5,940,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, (AMT) | 5.000 | 08/01/31 | 5,940,646 | |
| 3,105,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, (AMT) | 5.250 | 08/01/31 | 3,215,903 | |
| 1,000,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.500 | 06/30/54 | 1,015,228 | |
| 8,305,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT) | 5.250 | 06/30/60 | 8,427,070 | |
| 10,060,000 | (a) | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024 - AGM Insured, (AMT), (UB) | 5.250 | 06/30/60 | 10,207,866 |
| 14,000,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) | 5.500 | 06/30/60 | 14,194,377 | |
| 2,790,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.000 | 06/30/49 | 2,800,531 | |
| 2,000,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) | 6.000 | 06/30/54 | 2,097,583 |
42 See Notes to Financial Statements
| DESCRIPTION | ||||
|---|---|---|---|---|
| NEW YORK (continued) | ||||
| $ 3,000,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, (AMT) | 5.000% | 12/01/39 | $ 3,041,212 |
| 3,050,000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) | 5.000 | 01/01/33 | 3,080,928 |
| 1,000,000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 4.375 | 10/01/45 | 906,288 |
| 1,100,000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) | 6.000 | 04/01/35 | 1,200,929 |
| 5,000,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Seventeen Series 2019 | 5.000 | 11/01/44 | 5,147,465 |
| 2,835,000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/29 | 2,239,026 |
| 2,700,000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT) | 5.000 | 01/01/34 | 2,023,928 |
| 4,455,000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 4.500 | 12/01/56 | 4,289,684 |
| 6,110,000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2024A-1 - BAM Insured | 5.250 | 05/15/64 | 6,383,787 |
| 1,250,000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/45 | 1,137,732 |
| 2,850,000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/48 | 2,575,198 |
| 820,000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023 - AGM Insured | 5.750 | 11/01/48 | 887,844 |
| TOTAL NEW YORK | 375,615,813 | |||
| NORTH CAROLINA - 1.4% (0.8% of Total Investments) | ||||
| 2,500,000 | Greater Asheville Regional Airport Authority, North Carolina, Airport System Revenue Bonds Series 2022A - AGM Insured, (AMT) | 5.500 | 07/01/47 | 2,610,700 |
| 7,555,000 | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT) | 5.000 | 06/30/54 | 7,387,821 |
| 4,160,000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A | 4.700 | 07/01/50 | 4,138,815 |
| 11,145,000 | North Carolina Medial Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2020A | 4.000 | 07/01/49 | 10,296,276 |
| 1,570,000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016 | 5.000 | 10/01/31 | 1,580,389 |
| 1,655,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield Episcopal Retirement Community, Refunding First Mortgage Series 2016 | 5.000 | 11/01/37 | 1,662,219 |
| 500,000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A | 5.000 | 01/01/32 | 503,920 |
| 11,480,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019 | 5.000 | 01/01/49 | 11,405,200 |
| TOTAL NORTH CAROLINA | 39,585,340 | |||
| NORTH DAKOTA - 0.2% (0.1% of Total Investments) | ||||
| 520,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2023A - AGM Insured | 5.000 | 12/01/53 | 523,315 |
| 700,000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017 | 5.000 | 12/01/36 | 664,242 |
| 1,400,000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2024C | 5.000 | 05/01/50 | 1,355,354 |
See Notes to Financial Statements 43
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NORTH DAKOTA (continued) | |||||
| $ 1,350,000 | (a) | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2024A, (UB) | 4.750% | 01/01/52 | $ 1,326,455 |
| 3,000,000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/48 | 2,810,782 | |
| TOTAL NORTH DAKOTA | 6,680,148 | ||||
| OHIO - 4.1% (2.4% of Total Investments) | |||||
| 6,250,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016 | 5.250 | 11/15/46 | 6,273,817 | |
| 6,000,000 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A | 4.000 | 08/01/36 | 5,831,891 | |
| 22,740,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 11.310 | 06/01/57 | 2,175,720 | |
| 8,000,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 | 5.000 | 06/01/55 | 6,991,480 | |
| 3,960,000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding Series 2017 | 4.000 | 11/15/34 | 3,707,602 | |
| 3,000,000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding Series 2017 | 4.000 | 11/15/35 | 2,776,874 | |
| 2,875,000 | Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 2,815,664 | |
| 2,000,000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025A, (AMT) | 5.500 | 01/01/55 | 2,082,433 | |
| 2,500,000 | (b) | Columbus-Franklin County Finance Authority, Ohio, Revenue Bonds, Bridge Park G Block Project, Public Infrastructure Series 2022 | 5.000 | 12/01/45 | 2,404,646 |
| 2,000,000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, Bridge Park D Block Project, Series 2019A-1 | 5.000 | 12/01/51 | 1,873,564 | |
| 1,000,000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2018A | 5.250 | 11/15/48 | 979,512 | |
| 4,795,000 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013 | 5.000 | 06/15/43 | 4,061,521 | |
| 5,000,000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A | 5.000 | 08/15/42 | 5,024,013 | |
| 1,000,000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/51 | 1,001,752 | |
| 3,780,000 | (b) | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) | 5.000 | 12/01/53 | 3,802,457 |
| 8,360,000 | (c) | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2015, (Pre-refunded 8/15/25) | 5.000 | 08/15/45 | 8,398,246 |
| 2,000,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013 | 5.000 | 02/15/33 | 2,007,515 | |
| 5,500,000 | (b) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000 | 07/01/49 | 4,964,472 |
| 1,200,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, (Mandatory Put 9/15/21) | 3.375 | 08/01/29 | 1,148,004 | |
| 1,000,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A, (Mandatory Put 6/01/22) | 4.750 | 06/01/33 | 1,013,915 | |
| 1,500,000 | Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, John Carroll University 2020 Project, Series 2020 | 4.000 | 10/01/50 | 1,192,138 | |
| 2,000,000 | Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, John Carroll University 2022 Project, Series 2022 | 4.000 | 10/01/52 | 1,564,138 |
44 See Notes to Financial Statements
| DESCRIPTION | ||||
|---|---|---|---|---|
| OHIO (continued) | ||||
| $ 3,710,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3 | 5.800% | 02/15/36 | $ 4,162,427 |
| 3,375,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission, Infrastructure Projects, Junior Lien Series 2018A | 4.000 | 02/15/38 | 3,332,206 |
| 16,325,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission, Infrastructure Projects, Junior Lien Series 2018A | 5.000 | 02/15/43 | 16,537,907 |
| 5,450,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A | 4.750 | 06/01/33 | 5,525,834 |
| 4,250,000 | Pickerington Local School District, Fairfield and Franklin Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement, Series 2023 | 5.250 | 12/01/59 | 4,434,070 |
| 3,770,000 | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B - AGM Insured | 4.250 | 12/01/48 | 3,601,092 |
| 6,000,000 | West Holmes Local School District, Ohio, Certificates of Participation, Series 2023 - BAM Insured | 5.250 | 12/01/53 | 6,202,887 |
| TOTAL OHIO | 115,887,797 | |||
| OKLAHOMA - 0.7% (0.4% of Total Investments) | ||||
| 1,700,000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 1,706,067 |
| 1,800,000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/41 | 1,816,997 |
| 6,815,000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017C | 5.000 | 01/01/47 | 6,887,152 |
| 10,000,000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 4.250 | 01/01/55 | 9,378,804 |
| 1,000,000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017 | 5.250 | 11/15/37 | 1,004,334 |
| TOTAL OKLAHOMA | 20,793,354 | |||
| OREGON - 2.7% (1.6% of Total Investments) | ||||
| 1,500,000 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 | 5.250 | 08/01/54 | 1,523,335 |
| 2,435,000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D | 5.000 | 06/15/36 | 2,485,689 |
| 725,000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A | 5.250 | 11/15/50 | 676,784 |
| 4,875,000 | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc., Series 2016A | 5.000 | 01/01/48 | 4,804,913 |
| 3,180,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A | 5.000 | 06/01/46 | 3,138,655 |
| 2,410,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2022A | 5.000 | 06/01/52 | 2,411,684 |
| 1,500,000 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B | 5.000 | 07/01/39 | 1,509,093 |
| 4,250,000 | Port of Portland, Oregon, International Airport Revenue Bonds, Green Series 2023-29, (AMT) | 5.500 | 07/01/53 | 4,414,555 |
| 10,645,000 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B, (AMT) | 5.000 | 07/01/47 | 10,645,571 |
| 15,440,000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Refunding Series 2016A | 5.000 | 05/15/46 | 15,242,706 |
| 30,870,000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Series 2019A | 4.000 | 05/15/49 | 27,135,462 |
| 2,000,000 | University of Oregon, General Revenue Bonds, Series 2018A | 5.000 | 04/01/48 | 2,032,281 |
| TOTAL OREGON | 76,020,728 |
See Notes to Financial Statements 45
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| PENNSYLVANIA - 7.4% (4.4% of Total Investments) | |||||
| $ 13,000,000 | (a) | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A, (AMT), (UB) | 5.000% | 01/01/56 | $ 12,944,139 |
| 1,000,000 | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B | 4.000 | 06/01/45 | 941,096 | |
| 1,765,000 | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B | 4.000 | 06/01/50 | 1,596,102 | |
| 3,800,000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, (Mandatory Put 7/01/33) | 4.750 | 01/01/35 | 3,845,337 | |
| 345,000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 | 5.000 | 06/01/34 | 353,157 | |
| 3,500,000 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017 | 5.000 | 07/01/37 | 3,580,912 | |
| 8,385,000 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017 | 5.000 | 07/01/42 | 8,492,484 | |
| 5,400,000 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B | 0.000 | 12/01/33 | 3,841,589 | |
| 11,000,000 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B | 0.000 | 12/01/38 | 5,997,199 | |
| 2,400,000 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A | 5.000 | 09/01/35 | 2,471,118 | |
| 5,410,000 | (a) | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A, (UB) | 5.000 | 09/01/48 | 5,349,272 |
| 235,000 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, (AMT) | 5.500 | 11/01/44 | 235,386 | |
| 1,000,000 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC Project, Refunding Series 2009C, (Mandatory Put 6/01/27) | 5.250 | 12/01/37 | 1,001,731 | |
| 7,730,000 | (a) | Pennsylvania Economic Development Financing Authority, Pennsylvania, Revenue Bonds, Villanova University Project, Series 2024, (UB) | 4.000 | 08/01/54 | 6,911,391 |
| 1,000,000 | (b) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Core Natural Resources Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/51 | 991,332 |
| 2,000,000 | (b) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Green Series 2019A, (AMT) | 3.250 | 08/01/39 | 1,580,556 |
| 6,670,000 | (a) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-1, (UB) | 4.250 | 11/01/48 | 6,059,445 |
| 12,920,000 | (a) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-1, (UB) | 4.250 | 11/01/51 | 11,921,146 |
| 10,000,000 | (a) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-2, (UB) | 4.375 | 11/01/54 | 9,382,479 |
| 4,000,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-2 | 5.000 | 11/01/54 | 3,989,561 | |
| 12,000,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-2, (UB) | 5.000 | 11/01/54 | 11,968,682 | |
| 9,575,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2019 | 4.000 | 08/15/44 | 8,825,391 | |
| 6,000,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Trustees, Series 2025A | 4.250 | 02/15/55 | 5,635,801 | |
| 12,000,000 | (a) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.600 | 10/01/49 | 11,778,083 |
| 3,000,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A | 4.750 | 10/01/49 | 2,992,735 | |
| 16,750,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E | 6.375 | 12/01/38 | 17,680,240 |
46 See Notes to Financial Statements
| DESCRIPTION | ||||
|---|---|---|---|---|
| PENNSYLVANIA (continued) | ||||
| $ 4,210,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B | 5.000% | 12/01/45 | $ 4,216,761 |
| 7,235,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021B | 5.000 | 12/01/51 | 7,399,504 |
| 3,635,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B | 5.250 | 12/01/52 | 3,806,601 |
| 14,500,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C - AGM Insured | 6.250 | 06/01/33 | 14,924,280 |
| 6,890,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1 | 5.000 | 12/01/45 | 6,893,928 |
| 7,500,000 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2021A - BAM Insured | 4.000 | 09/01/46 | 6,961,297 |
| 2,000,000 | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Series 2018B | 5.000 | 08/01/48 | 1,978,074 |
| 10,000,000 | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 2016 - BAM Insured | 5.000 | 08/15/38 | 10,034,337 |
| TOTAL PENNSYLVANIA | 206,581,146 | |||
| PUERTO RICO - 2.7% (1.6% of Total Investments) | ||||
| 2,380,000 | Childrens Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2002 | 5.500 | 05/15/39 | 2,392,466 |
| 90,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/27 | 82,329 |
| 88,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/29 | 74,192 |
| 114,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/31 | 87,943 |
| 128,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/33 | 90,080 |
| 1,093,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 1,072,774 |
| 21,208,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 5,034,957 |
| 12,965,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 12,053,810 |
| 42,350,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 40,517,808 |
| 3,875,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 3,643,601 |
| 3,291,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 3,094,475 |
| 20,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.536 | 07/01/53 | 17,567 |
| 7,000,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 6,461,582 |
| TOTAL PUERTO RICO | 74,623,584 | |||
| RHODE ISLAND - 0.3% (0.2% of Total Investments) | ||||
| 3,320,000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016 | 5.000 | 05/15/39 | 3,322,587 |
| 30,175,000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 5,449,705 |
| TOTAL RHODE ISLAND | 8,772,292 | |||
| SOUTH CAROLINA - 5.1% (3.0% of Total Investments) | ||||
| 1,500,000 | Lancaster County, South Carolina, Assessment Revenue Bonds, Walnut Creek Improvement District, Series 2016A-1 | 5.000 | 12/01/37 | 1,463,102 |
| 7,500,000 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016 | 5.000 | 11/01/41 | 7,511,759 |
| 21,565,000 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured | 0.000 | 01/01/30 | 18,047,395 |
| 1,250,000 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AGC Insured | 0.000 | 01/01/31 | 1,009,150 |
| 6,000,000 | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016 | 5.000 | 01/01/41 | 6,022,627 |
See Notes to Financial Statements 47
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| SOUTH CAROLINA (continued) | |||||
| $ 1,640,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Furman University, Refunding Series 2015 | 5.000% | 10/01/45 | $ 1,646,007 | |
| 3,500,000 | (b) | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Hilton Head Christian Academy, Series 2020 | 5.000 | 01/01/55 | 2,890,629 |
| 1,000,000 | (b) | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Virtus Academy Project, Series 2021A | 5.000 | 06/15/51 | 781,599 |
| 2,100,000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 5.500 | 11/01/50 | 2,243,081 | |
| 10,000,000 | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A | 4.500 | 11/01/54 | 9,428,401 | |
| 10,000,000 | (a) | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A, (UB) | 4.500 | 11/01/54 | 9,428,401 |
| 500,000 | South Carolina Jobs-Economic Development Authority, Healthcare Revenue Bonds, Beaufort Memorial Hospital & South of Broad Healthcare Project, Series 2024 | 5.750 | 11/15/54 | 509,283 | |
| 10,060,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series 2020A | 5.000 | 12/01/46 | 10,105,207 | |
| 1,000,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 5.000 | 11/01/43 | 1,006,891 | |
| 2,500,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 4.000 | 11/01/48 | 2,244,125 | |
| 6,610,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 5.000 | 11/01/48 | 6,610,749 | |
| 9,135,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A | 5.000 | 12/01/50 | 9,134,675 | |
| 9,750,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B | 5.000 | 12/01/46 | 9,758,673 | |
| 9,000,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B | 5.000 | 12/01/56 | 8,989,374 | |
| 2,500,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A | 4.000 | 12/01/52 | 2,159,011 | |
| 6,587,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022B | 4.000 | 12/01/43 | 6,079,579 | |
| 860,000 | (c) | South Carolina State Ports Authority, Revenue Bonds, Series 2015, (Pre-refunded 7/01/25), (AMT) | 5.250 | 07/01/55 | 862,097 |
| 2,100,000 | South Carolina State Ports Authority, Revenue Bonds, Series 2018, (AMT) | 5.000 | 07/01/48 | 2,100,788 | |
| 2,750,000 | South Carolina State Ports Authority, Revenue Bonds, Series 2018, (AMT) | 5.000 | 07/01/55 | 2,704,699 | |
| 10,000,000 | South Carolina State Ports Authority, Revenue Bonds, Series 2019B, (AMT) | 5.000 | 07/01/44 | 10,048,106 | |
| 10,365,000 | (a) | South Carolina State Ports Authority, Revenue Bonds, Series 2019B, (AMT), (UB) | 5.000 | 07/01/54 | 10,212,615 |
| TOTAL SOUTH CAROLINA | 142,998,023 | ||||
| SOUTH DAKOTA - 0.7% (0.4% of Total Investments) | |||||
| 3,750,000 | Clay County, South Dakota, General Obligation Bonds, Series 2023 | 5.000 | 12/01/44 | 3,862,885 | |
| 5,915,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017 | 5.000 | 09/01/40 | 5,909,987 | |
| 3,500,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B | 5.000 | 11/01/44 | 3,453,822 | |
| 5,165,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015 | 5.000 | 11/01/45 | 5,168,856 | |
| TOTAL SOUTH DAKOTA | 18,395,550 |
48 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TENNESSEE - 2.5% (1.5% of Total Investments) | |||||
| $ 7,885,000 | (a) | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2, (UB) | 5.000% | 08/01/49 | $ 7,715,956 |
| 6,400,000 | Cleveland Health and Educational Facilities Board, Tennessee, Revenue Bonds, Hamilton Health Care System, Inc. Project, Series 2024A | 5.250 | 08/15/54 | 6,653,713 | |
| 9,000,000 | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A | 5.000 | 07/01/36 | 9,155,769 | |
| 17,000,000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A | 5.000 | 01/01/42 | 17,069,899 | |
| 1,350,000 | Knox County Health, Educational, and Housing Facilities Board, Revenue Bonds, Provident Group - UTK Properties LLC - University of Tennessee Project, | ||||
| Student Housing Series 2024A-1 - BAM Insured | 5.500 | 07/01/54 | 1,416,208 | ||
| 6,000,000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.250 | 07/01/48 | 6,304,377 | |
| 3,000,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023 | 5.250 | 05/01/48 | 3,046,044 | |
| 4,500,000 | (a) | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT), (UB) | 5.250 | 07/01/47 | 4,579,685 |
| 2,000,000 | (a) | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT), (UB) | 5.500 | 07/01/52 | 2,065,855 |
| 5,205,000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, (AMT) | 5.000 | 07/01/49 | 5,185,125 | |
| 2,005,000 | (a) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2024-1A, (UB) | 4.700 | 07/01/49 | 1,985,585 |
| 1,080,000 | (g) | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2025-1A | 5.000 | 07/01/50 | 1,084,507 |
| 4,000,000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A | 5.250 | 09/01/26 | 4,059,796 | |
| TOTAL TENNESSEE | 70,322,519 | ||||
| TEXAS - 12.5% (7.4% of Total Investments) | |||||
| 1,975,000 | Allen Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2016 | 5.000 | 02/15/39 | 1,981,846 | |
| 2,600,000 | Allen Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2025 | 4.375 | 02/15/50 | 2,504,428 | |
| 3,430,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy Traditional Schools - Texas Project, Refunding Series 2021A | 4.375 | 02/15/51 | 2,517,372 | |
| 3,000,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Lifeschool of Dallas Series 2024 | 4.125 | 08/15/54 | 2,671,445 | |
| 16,615,000 | Austin, Texas, Airport System Revenue Bonds, Series 2019B, (AMT) | 5.000 | 11/15/44 | 16,668,625 | |
| 17,300,000 | (a) | Austin, Texas, Airport System Revenue Bonds, Series 2019B, (AMT), (UB) | 5.000 | 11/15/48 | 17,241,073 |
| 3,000,000 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A | 5.000 | 11/15/38 | 3,007,540 | |
| 1,450,000 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016 | 5.000 | 11/15/41 | 1,457,842 | |
| 800,000 | (b) | Bastrop County, Texas, Special Assessment Revenue Bonds, Double Eagle Ranch Public Improvement District Improvement Area 2 Project Series 2024 | 5.500 | 09/01/54 | 757,636 |
| 4,390,000 | Bastrop Independent School District, Bastrop County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 02/15/53 | 4,507,771 | |
| 2,000,000 | Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015 | 5.000 | 09/01/31 | 2,007,864 | |
| 625,000 | (b) | Celina, Texas, Special Assessment Revenue Bonds, Mosaic Public Improvement District Improvement Area 2 Project Series 2024 | 5.500 | 09/01/54 | 579,597 |
See Notes to Financial Statements 49
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TEXAS (continued) | |||||
| $ 1,880,000 | (b) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021 | 4.500% | 09/01/51 | $ 1,536,718 |
| 2,945,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010 | 0.000 | 01/01/36 | 1,871,799 | |
| 2,205,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010 | 0.000 | 01/01/37 | 1,313,998 | |
| 2,160,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010 | 0.000 | 01/01/38 | 1,209,403 | |
| 1,000,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010 | 0.000 | 01/01/40 | 488,812 | |
| 2,600,000 | (c) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/35 | 2,607,031 |
| 3,035,000 | (c) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/45 | 3,043,208 |
| 1,000,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A | 4.350 | 12/01/42 | 914,225 | |
| 1,000,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A | 4.400 | 12/01/47 | 879,591 | |
| 2,000,000 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding & Improvement Senior Lien Series 2021B | 5.000 | 12/01/47 | 2,055,232 | |
| 1,680,000 | (c) | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, (Pre-refunded 12/01/25) | 5.000 | 12/01/48 | 1,698,278 |
| 5,000,000 | Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2016A | 5.000 | 10/01/41 | 5,056,254 | |
| 5,000,000 | Deer Park Independent School District, Harris County, Texas, General Obligation Bonds, School Building Series 2022 | 5.000 | 08/15/47 | 5,175,920 | |
| 8,120,000 | Fredericksburg Independent School District, Gillespie, Blanco, and Kendall Counties, Texas, School Building Series 2022 | 5.000 | 02/15/47 | 8,419,444 | |
| 1,000,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM Insured | 4.000 | 10/01/49 | 900,688 | |
| 5,295,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela Supported | 5.000 | 10/01/48 | 5,344,218 | |
| 1,895,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 | 4.000 | 12/01/45 | 1,717,757 | |
| 4,850,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 | 5.000 | 12/01/45 | 4,849,743 | |
| 1,330,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Mens Christian Association of the Greater Houston Area, Series 2013A | 5.000 | 06/01/28 | 1,318,351 | |
| 3,000,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Mens Christian Association of the Greater Houston Area, Series 2013A | 5.000 | 06/01/38 | 2,687,644 | |
| 5,000,000 | Harris County Flood Control District, Texas, General Obligation Bonds, Refunding Improvement, Green Series 2023A | 4.000 | 09/15/48 | 4,537,534 | |
| 5,150,000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A | 5.000 | 08/15/41 | 5,182,161 | |
| 5,000,000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A | 4.000 | 08/15/48 | 4,491,611 | |
| 510,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/41 | 229,736 | |
| 1,020,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/42 | 432,369 | |
| 1,255,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/43 | 501,287 | |
| 3,305,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/44 | 1,245,095 |
50 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TEXAS (continued) | |||||
| $ 4,460,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000% | 11/15/45 | $ 1,589,874 | |
| 6,500,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/47 | 2,074,332 | |
| 50,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/29 | 42,571 |
| 4,390,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/29 | 3,737,703 |
| 625,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/30 | 512,679 |
| 105,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/30 | 86,130 |
| 4,065,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/31 | 3,208,729 |
| 3,505,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/31 | 2,678,960 | |
| 210,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/32 | 150,017 | |
| 260,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H | 0.000 | 11/15/33 | 173,496 | |
| 2,045,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/34 | 1,275,246 | |
| 210,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/36 | 122,014 |
| 920,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/36 | 500,248 | |
| 3,675,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/38 | 1,742,306 | |
| 695,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/38 | 356,558 |
| 1,585,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/39 | 700,777 | |
| 675,000 | (c) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/39 | 325,312 |
| 3,440,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G - NPFG Insured | 0.000 | 11/15/41 | 1,349,719 | |
| 5,000,000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT) | 5.250 | 07/01/53 | 5,096,889 | |
| 5,000,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Technical Operations Center Project, Series 2018, (AMT) | 5.000 | 07/15/28 | 5,029,752 | |
| 380,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, (AMT) | 5.000 | 07/01/29 | 379,995 | |
| 1,885,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2020A, (AMT) | 5.000 | 07/01/27 | 1,893,741 | |
| 1,000,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Refunding Series 2020B-2, (AMT) | 5.000 | 07/15/27 | 1,004,692 | |
| 1,015,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014 | 5.000 | 09/01/34 | 1,015,912 | |
| 3,250,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/25 | 3,209,040 | |
| 4,130,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/26 | 3,939,049 |
See Notes to Financial Statements 51
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TEXAS (continued) | |||||
| $ 3,130,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000% | 09/01/30 | $ 2,528,123 | |
| 12,030,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/31 | 9,285,517 | |
| 1,470,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/32 | 1,080,320 | |
| 8,000,000 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A | 4.000 | 08/15/37 | 7,793,128 | |
| 2,275,000 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A | 5.000 | 08/15/40 | 2,282,087 | |
| 1,750,000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000 | 11/01/35 | 1,752,408 | |
| 4,660,000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2020A | 5.000 | 05/15/50 | 4,686,453 | |
| 9,180,000 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997 - AMBAC Insured, (AMT) | 5.125 | 11/01/28 | 9,487,304 | |
| 1,000,000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.750 | 12/01/33 | 1,001,461 | |
| 3,000,000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 6.125 | 12/01/38 | 3,003,597 | |
| 3,470,000 | Midland, Texas, General Obligation Bonds, Refunding Series 2022B | 5.000 | 03/01/47 | 3,571,904 | |
| 2,835,000 | (b) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 2,813,986 |
| 4,735,000 | 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 - AGM Insured | 5.000 | 04/01/46 | 4,725,858 | |
| 245,000 | (c) | North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, Presbyterian Healthcare System, Series 1996A - NPFG Insured, (ETM) | 5.750 | 06/01/26 | 248,149 |
| 3,860,000 | North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior Lien Series 2013 | 5.000 | 12/15/33 | 3,863,107 | |
| 4,030,000 | (c) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 7.000 | 09/01/43 | 4,779,297 |
| 8,470,000 | (c) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 6.750 | 09/01/45 | 10,084,260 |
| 2,500,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D - AGC Insured | 0.000 | 01/01/36 | 1,624,211 | |
| 4,750,000 | (b) | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2024A, (AMT) | 5.125 | 01/01/44 | 4,571,807 |
| 1,425,000 | Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E | 0.000 | 10/01/35 | 953,913 | |
| 1,250,000 | (b) | Princeton, Texas, Special Assessment Revenue Bonds, Southridge Public Improvement District Improvement Area 2 Project, Series 2024 | 5.500 | 09/01/54 | 1,207,503 |
| 205,000 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A | 5.125 | 02/01/39 | 195,247 | |
| 2,500,000 | San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, (AMT) | 5.000 | 07/01/27 | 2,500,372 | |
| 5,000,000 | Splendora Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building Series 2024 | 5.000 | 02/15/54 | 5,147,492 | |
| 1,925,000 | Stephen F. Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series 2016 | 5.000 | 10/15/42 | 1,962,575 |
52 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TEXAS (continued) | |||||
| $ 7,500,000 | Tarrant County College District, Texas, General Obligation Bonds, Series 2022 | 5.000% | 08/15/40 | $ 7,916,454 | |
| 5,000,000 | (a) | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Cook Childrens Medical Center, Series 2025, (UB) | 5.250 | 12/01/49 | 5,248,557 |
| 5,675,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Methodist Hospital of Dallas, Series 2022 | 4.000 | 10/01/47 | 5,035,960 | |
| 2,185,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2022D | 5.500 | 11/15/47 | 2,295,623 | |
| 3,195,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A | 4.000 | 07/01/53 | 2,803,486 | |
| 2,000,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A | 5.000 | 02/15/41 | 2,011,898 | |
| 3,000,000 | Tarrant Regional Water District, Texas, Water Transmission Facilities Contract Revenue Bonds, Dallas Project, Series 2025 | 4.250 | 09/01/55 | 2,793,240 | |
| 2,735,000 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D | 6.250 | 12/15/26 | 2,811,029 | |
| 8,330,000 | Texas Private Activity Bond Surface Transpiration Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2023, (AMT) | 5.500 | 12/31/58 | 8,544,477 | |
| 17,985,000 | Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, (AMT) | 5.000 | 06/30/58 | 17,481,208 | |
| 1,875,000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 5.000 | 08/01/57 | 1,876,938 | |
| 10,000,000 | (a) | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A, (UB) | 4.000 | 10/15/42 | 9,284,793 |
| 2,500,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2021 | 4.000 | 10/15/51 | 2,230,691 | |
| 10,000,000 | (a) | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A, (UB) | 4.250 | 10/15/51 | 9,429,052 |
| 5,000,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A | 4.375 | 10/15/59 | 4,734,358 | |
| 2,490,000 | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2018 | 5.000 | 09/01/40 | 2,466,083 | |
| 105,000 | Winter Garden Housing Finance Corporation, Texas, GNMA/ FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, (AMT) | 6.950 | 10/01/27 | 105,262 | |
| 780,000 | (c) | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, (Pre- refunded 8/15/25) | 0.000 | 08/15/50 | 274,267 |
| 1,000,000 | (c) | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2015B, (Pre-refunded 8/15/25) | 0.000 | 08/15/45 | 436,682 |
| 8,000,000 | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2015B | 0.000 | 08/15/45 | 2,748,536 | |
| 1,850,000 | (c) | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2015B, (Pre-refunded 8/15/25) | 0.000 | 08/15/50 | 650,505 |
| 4,370,000 | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2015B | 0.000 | 08/15/50 | 1,130,156 | |
| TOTAL TEXAS | 351,266,221 | ||||
| UTAH - 1.5% (0.9% of Total Investments) | |||||
| 2,000,000 | (b) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1 | 5.125 | 06/15/54 | 1,816,806 |
| 11,750,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, (AMT) | 5.000 | 07/01/43 | 11,779,203 | |
| 15,665,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, (AMT) | 5.000 | 07/01/46 | 15,665,498 |
See Notes to Financial Statements 53
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| UTAH (continued) | |||||
| $ 1,645,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250% | 07/01/53 | $ 1,662,563 | |
| 4,250,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.500 | 07/01/53 | 4,414,555 | |
| 1,705,000 | (b) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning Academy Project, Series 2019A | 5.000 | 06/15/39 | 1,620,243 |
| 1,670,000 | (b) | Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning Academy Project, Series 2019A | 5.000 | 06/15/50 | 1,487,332 |
| 3,180,000 | (b) | Utah Charter School Finance Authority, Revenue Bonds, Wallace Stegner Academy Project, Series 2019A | 5.000 | 06/15/49 | 2,817,769 |
| TOTAL UTAH | 41,263,969 | ||||
| VERMONT - 0.1% (0.1% of Total Investments) | |||||
| 2,858,000 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Social Series 2024C | 4.650 | 11/01/50 | 2,814,685 | |
| TOTAL VERMONT | 2,814,685 | ||||
| VIRGIN ISLANDS - 0.4% (0.2% of Total Investments) | |||||
| 3,825,000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/32 | 3,934,225 | |
| 1,800,000 | (b) | Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015 | 5.000 | 09/01/33 | 1,804,394 |
| 2,000,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006 - FGIC Insured | 5.000 | 10/01/27 | 2,010,338 | |
| 2,240,000 | (b) | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A - AGM Insured | 5.000 | 10/01/34 | 2,242,083 |
| TOTAL VIRGIN ISLANDS | 9,991,040 | ||||
| VIRGINIA - 2.3% (1.3% of Total Investments) | |||||
| 285,000 | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006 | 5.000 | 09/01/26 | 282,706 | |
| 1,435,000 | Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue Bonds, Virginia Hospital Center, Series 2020 | 4.000 | 07/01/45 | 1,323,516 | |
| 515,000 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B | 4.875 | 07/15/40 | 499,445 | |
| 1,000,000 | Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, FHA-Insured Mortgage - Cedar Ridge Project, Series 2007, (AMT) | 4.850 | 10/01/48 | 946,427 | |
| 11,555,000 | (a) | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2022A, (UB) | 4.000 | 07/01/52 | 10,385,970 |
| 350,000 | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024A | 6.875 | 12/01/58 | 374,472 | |
| 6,250,000 | Northern Virginia Transportation Commission, Transportation District Special Obligation Revenue Bonds, Transforming Rail In Virginia Program, Green Series 2022 | 5.000 | 06/01/47 | 6,536,164 | |
| 6,115,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1 | 5.000 | 06/01/47 | 5,481,850 | |
| 1,500,000 | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A | 7.000 | 09/01/53 | 1,653,194 | |
| 2,140,000 | Virginia Commonwealth Transportation Board, Interstate 81 Corridor Program Revenue Bonds, Senior Lien Series 2021 | 5.000 | 05/15/57 | 2,197,450 | |
| 1,000,000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-I | 4.550 | 10/01/49 | 985,110 | |
| 10,250,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/52 | 9,837,928 | |
| 14,605,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) | 5.000 | 12/31/56 | 13,876,650 |
54 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| VIRGINIA (continued) | |||||
| $ 9,625,000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000% | 12/31/47 | $ 9,671,651 | |
| TOTAL VIRGINIA | 64,052,533 | ||||
| WASHINGTON - 3.2% (1.9% of Total Investments) | |||||
| 2,375,000 | (c) | Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids Hydroelectric Project, Refunding Series 2015A, (Pre-refunded 1/01/26) | 5.000 | 01/01/41 | 2,403,129 |
| 5,090,000 | King County Public Hospital District 2, Washington, General Obligation Bonds, EvergreenHealth, Limited Tax 2020A | 4.000 | 12/01/45 | 4,442,065 | |
| 2,270,000 | Port Everett, Washington, Revenue Bonds, Refunding Series 2016 | 5.000 | 12/01/46 | 2,276,294 | |
| 15,220,000 | (a) | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A, (AMT), (UB) | 5.000 | 05/01/43 | 15,223,265 |
| 13,725,000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2021C, (AMT) | 5.000 | 08/01/46 | 13,689,649 | |
| 15,000,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2021A | 4.000 | 07/01/47 | 13,787,260 | |
| 10,000,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2023 | 5.000 | 03/01/53 | 10,274,893 | |
| 4,000,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A | 5.000 | 10/01/32 | 4,009,233 | |
| 12,260,000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Childrens Hospital, Series 2015A | 5.000 | 10/01/45 | 12,262,747 | |
| 6,200,000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Series2021B. Exchange Purchase | 3.000 | 07/01/58 | 3,876,169 | |
| 4,000,000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 | 5.000 | 07/01/58 | 3,851,170 | |
| 2,410,000 | Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle University, Series 2020 | 4.000 | 05/01/50 | 2,063,097 | |
| 305,000 | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012 | 5.000 | 01/01/48 | 270,651 | |
| TOTAL WASHINGTON | 88,429,622 | ||||
| WEST VIRGINIA - 0.3% (0.2% of Total Investments) | |||||
| 1,000,000 | (b) | South Charleston, West Virginia, Special District Excise Tax Revenue Improvement Bonds, South Charleston Park Place Project, Series 2022A | 4.500 | 06/01/50 | 758,820 |
| 5,000,000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A | 5.000 | 06/01/47 | 5,000,353 | |
| 3,000,000 | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021 | 4.000 | 06/01/43 | 2,811,801 | |
| TOTAL WEST VIRGINIA | 8,570,974 | ||||
| WISCONSIN - 5.3% (3.2% of Total Investments) | |||||
| 3,235,000 | Milwaukee, Wisconsin, General Obligation Bonds, Promissory Note Series 2022-B4 - AGM Insured | 5.000 | 04/01/36 | 3,444,970 | |
| 1,325,000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/39 | 1,206,909 |
| 2,000,000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2019A | 5.000 | 06/15/49 | 1,690,517 |
| 1,000,000 | (b) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, High Desert Montessori Charter School, Series 2021A | 5.000 | 06/01/51 | 765,880 |
| 34,226 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/47 | 973 |
| 29,918 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/48 | 799 |
| 29,439 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/49 | 737 |
See Notes to Financial Statements 55
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| WISCONSIN (continued) | |||||
| $ 28,482 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000% | 01/01/50 | $ 659 |
| 28,003 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/51 | 610 |
| 36,381 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/52 | 734 |
| 35,902 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/53 | 683 |
| 34,705 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/54 | 618 |
| 33,987 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/55 | 570 |
| 33,269 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/56 | 528 |
| 1,810,675 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 5.500 | 07/01/56 | 1,304,592 |
| 36,859 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/57 | 549 |
| 35,902 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/58 | 503 |
| 34,944 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/59 | 464 |
| 34,226 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/60 | 425 |
| 33,748 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/61 | 393 |
| 32,790 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/62 | 360 |
| 32,072 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/63 | 333 |
| 31,354 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/64 | 309 |
| 30,876 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/65 | 285 |
| 33,269 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/66 | 284 |
| 400,670 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1 | 0.000 | 01/01/67 | 3,088 |
| 59,473 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/46 | 1,835 |
| 58,635 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/47 | 1,666 |
56 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| WISCONSIN (continued) | |||||
| $ 58,216 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/48 | $ 1,556 |
| 57,797 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/49 | 1,447 |
| 56,960 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/50 | 1,317 |
| 62,405 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/51 | 1,359 |
| 1,606,485 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 3.750 | 07/01/51 | 1,079,614 |
| 61,986 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/52 | 1,250 |
| 61,149 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/53 | 1,163 |
| 60,730 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/54 | 1,081 |
| 59,892 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/55 | 1,004 |
| 59,054 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/56 | 937 |
| 58,635 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/57 | 873 |
| 57,797 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/58 | 810 |
| 57,379 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/59 | 762 |
| 56,960 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/60 | 707 |
| 56,123 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/61 | 654 |
| 55,704 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/62 | 612 |
| 54,866 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/63 | 570 |
| 54,447 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/64 | 537 |
| 54,028 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/65 | 499 |
| 53,191 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/66 | 454 |
| 692,746 | (b),(d) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/67 | 5,339 |
See Notes to Financial Statements 57
Portfolio of Investments April 30, 2025 (continued)
NAD
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| WISCONSIN (continued) | |||||
| $ 5,455,000 | (a) | Public Finance Authority of Wisconsin, Health Care System Revenue Bonds, Cone Health, Series 2022A, (UB) | 4.000% | 10/01/52 | $ 4,772,636 |
| 2,000,000 | (b) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.750 | 12/01/42 | 2,018,121 |
| 17,500,000 | (b) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 7.000 | 12/01/50 | 17,723,193 |
| 3,000,000 | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, Series 2023A | 5.000 | 06/01/52 | 2,678,400 | |
| 2,549,679 | Public Finance Authority Wisconsin, Tax Exempt Pooled Securities, Certificates Series 2024-2 Class A, (Mandatory Put 8/01/27) | 4.000 | 08/01/59 | 2,507,194 | |
| 5,330,000 | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2024A | 5.000 | 06/15/64 | 5,060,918 | |
| 4,210,000 | (b) | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A | 5.000 | 06/01/41 | 4,214,693 |
| 4,695,000 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Sustainability Series 2024A | 4.250 | 04/01/52 | 4,282,237 | |
| 270,000 | (c) | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B-1, (Pre-refunded 5/15/28) | 4.000 | 11/15/43 | 275,402 |
| 2,275,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B-1 | 4.000 | 11/15/43 | 2,060,151 | |
| 10,715,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021 | 4.000 | 08/15/46 | 9,830,847 | |
| 5,810,000 | (a) | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Incorporated Series 2022B, (UB) | 5.250 | 12/01/48 | 6,001,248 |
| 1,690,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/41 | 1,371,566 | |
| 2,000,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/61 | 1,348,698 | |
| 5,345,000 | (a) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aspirus, Inc. Obligated Group, Series 2017, (UB) | 5.000 | 08/15/52 | 5,291,602 |
| 4,220,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Childrens Hospital of Wisconsin, Inc., Series 2017 | 4.000 | 08/15/42 | 3,886,436 | |
| 4,315,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic Health System Inc Series 2024A | 5.500 | 02/15/54 | 4,565,043 | |
| 11,440,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A | 5.000 | 02/15/42 | 11,382,665 | |
| 7,000,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A | 5.000 | 02/15/46 | 6,920,918 | |
| 2,000,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021 | 4.000 | 01/01/47 | 1,622,563 | |
| 10,235,000 | (a) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint Johns Communities Inc., Refunding Series 2022A, (UB) | 5.000 | 04/01/52 | 10,391,569 |
| 8,770,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2019 | 4.000 | 12/15/49 | 7,594,063 | |
| 11,720,000 | (a) | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024A, (UB) | 4.750 | 09/01/50 | 11,778,558 |
58 See Notes to Financial Statements
| DESCRIPTION | ||||||
|---|---|---|---|---|---|---|
| WISCONSIN (continued) | ||||||
| $ 12,500,000 | (a) | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024B, (UB) | 4.750% | 03/01/51 | $ 12,558,793 | |
| TOTAL WISCONSIN | 149,670,332 | |||||
| TOTAL MUNICIPAL BONDS (Cost $4,792,137,657) | 4,745,258,252 | |||||
| TOTAL LONG-TERM INVESTMENTS (Cost | ||||||
| $4,792,668,268) | 4,745,665,593 | |||||
| FLOATING RATE OBLIGATIONS - (13.5)% | (377,985,000 | ) | ||||
| AMTP SHARES, NET - (25.9)%(h) | (727,332,560 | ) | ||||
| MFP SHARES, NET - (15.0)%(i) | (420,453,479 | ) | ||||
| VRDP SHARES, NET - (17.9)%(j) | (503,964,602 | ) | ||||
| OTHER ASSETS & LIABILITIES, NET - 3.3% | 92,077,533 | |||||
| NET ASSETS APPLICABLE TO COMMON SHARES - 100% | $ 2,808,007,485 |
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
AMT Alternative Minimum Tax
ETM Escrowed to maturity
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.
(a) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $267,272,263 or 5.6% of Total Investments.
(c) 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.
(d) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(e) For fair value measurement disclosure purposes, investment classified as Level 3.
(f) Step-up coupon bond, a bond with a coupon that increases (steps up), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(g) When-issued or delayed delivery security.
(h) AMTP Shares, Net as a percentage of Total Investments is 15.3%.
(i) MFP Shares, Net as a percentage of Total Investments is 8.9%.
(j) VRDP Shares, Net as a percentage of Total Investments is 10.6%.
See Notes to Financial Statements 59
Portfolio of Investments April 30, 2025
NEA
(Unaudited)
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| LONG-TERM INVESTMENTS - 167.4% (100.0% of Total Investments) | |||||
| MUNICIPAL BONDS - 167.4% (100.0% of Total Investments) | |||||
| ALABAMA - 1.5% (0.9% of Total Investments) | |||||
| $ 15,520,000 | (a) | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016B | 5.000% | 11/15/46 | $ 15,538,823 |
| 5,920,000 | Autauga County Board of Education, Alabama, Special Tax Warrants, Series 2021 | 4.000 | 04/01/51 | 5,216,742 | |
| 35,000 | Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020 - BAM Insured | 4.000 | 07/01/35 | 35,264 | |
| 4,250,000 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A | 5.000 | 02/01/41 | 4,255,464 | |
| 9,365,000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/49 | 9,449,130 | |
| 4,685,000 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015 | 5.875 | 04/15/45 | 3,282,607 | |
| 2,410,000 | Pike Road, Alabama, General Obligation Warrants, Series 2023 | 5.000 | 03/01/52 | 2,468,284 | |
| 5,500,000 | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 5,666,609 | |
| 1,000,000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1, (Mandatory Put 12/01/29) | 5.500 | 01/01/53 | 1,060,440 | |
| 5,310,000 | (b) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 5,185,671 |
| TOTAL ALABAMA | 52,159,034 | ||||
| ARIZONA - 2.5% (1.5% of Total Investments) | |||||
| 6,970,000 | (a) | Arizona Industrial Development Authority, (UB) | 4.650 | 10/01/48 | 7,022,272 |
| 1,150,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017A | 5.000 | 07/01/47 | 1,116,583 | |
| 1,400,000 | (b) | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds ? Pensar Academy Project, Series 2020 | 5.000 | 07/01/45 | 1,268,577 |
| 1,965,000 | (a) | Arizona Industrial Development Authority, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.700 | 10/01/51 | 1,967,921 |
| 7,115,000 | Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015B - AGM Insured | 5.000 | 07/01/43 | 7,132,438 | |
| 1,315,000 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A | 5.000 | 09/01/42 | 1,332,751 | |
| 8,895,000 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2021A | 4.000 | 09/01/51 | 7,615,630 | |
| 5,135,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A | 4.000 | 01/01/36 | 5,075,773 | |
| 3,130,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2017D | 4.000 | 01/01/48 | 2,781,987 | |
| 5,000,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2019A | 4.000 | 01/01/44 | 4,585,249 | |
| 6,550,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019A | 4.000 | 07/01/49 | 5,850,655 | |
| 1,500,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019A | 5.000 | 07/01/49 | 1,510,154 | |
| 6,545,000 | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured | 5.500 | 07/01/37 | 7,625,368 | |
| 10,000,000 | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured | 5.500 | 07/01/40 | 11,642,607 | |
| 1,465,000 | (b) | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Imagine East Mesa Charter Schools Project, Series 2019 | 5.000 | 07/01/49 | 1,332,861 |
60 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| ARIZONA (continued) | |||||
| $ 5,000,000 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2024A | 5.000% | 01/01/54 | $ 5,195,148 | |
| 11,080,000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 11,527,893 | |
| 2,135,000 | Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2024A | 5.250 | 08/01/54 | 2,177,622 | |
| TOTAL ARIZONA | 86,761,489 | ||||
| ARKANSAS - 0.1% (0.0% of Total Investments) | |||||
| 1,750,000 | (b) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A | 7.000 | 07/01/59 | 1,599,344 |
| TOTAL ARKANSAS | 1,599,344 | ||||
| CALIFORNIA - 4.1% (2.4% of Total Investments) | |||||
| 3,335,000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured | 5.000 | 10/01/52 | 3,441,701 | |
| 4,225,000 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B - AGM Insured | 0.000 | 08/01/28 | 3,792,337 | |
| 3,450,000 | Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, California, General Obligation Bonds, Series 2004B - NPFG Insured | 0.000 | 08/01/29 | 2,991,193 | |
| 8,000,000 | Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, 2008 Election Series 2009 | 0.000 | 08/01/33 | 6,029,560 | |
| 50,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-1 | 5.000 | 06/01/49 | 49,241 | |
| 7,615,000 | California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A - NPFG Insured | 0.000 | 10/01/25 | 7,506,585 | |
| 1,350,000 | California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A - NPFG Insured | 0.000 | 10/01/39 | 727,647 | |
| 1,500,000 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A | 5.000 | 07/01/42 | 1,508,030 | |
| 965,000 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017 | 5.000 | 10/15/47 | 926,949 | |
| 5,000,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2017 | 4.000 | 08/01/36 | 4,951,117 | |
| 5,000 | California State, General Obligation Bonds, Series 2004 - AMBAC Insured | 5.000 | 04/01/31 | 5,006 | |
| 9,130,000 | (b) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 9,119,512 |
| 8,516 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/30 | 8,516 |
| 10,931 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.750 | 07/01/35 | 10,931 |
| 13,118 | (c),(d) | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A | 5.500 | 07/01/39 | 13,118 |
| 10,445,000 | Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999a - AMBAC Insured | 0.000 | 08/01/29 | 9,093,881 | |
| 4,775,000 | (e) | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A - FGIC Insured, (ETM) | 0.000 | 08/01/25 | 4,733,165 |
| 7,775,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A - AGM Insured | 0.000 | 01/15/34 | 5,669,116 | |
| 910,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A | 6.850 | 01/15/42 | 1,039,871 |
See Notes to Financial Statements 61
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| CALIFORNIA (continued) | |||||
| $ 5,000,000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007 - FGIC Insured | 0.000% | 08/01/32 | $ 3,881,430 | |
| 1,500,000 | Lincoln Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2005 - AMBAC Insured | 0.000 | 09/01/26 | 1,426,346 | |
| 995,000 | (e) | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, (ETM) | 5.375 | 02/15/34 | 1,014,944 |
| 2,490,000 | Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005 - NPFG Insured | 0.000 | 08/01/27 | 2,305,910 | |
| 10,335,000 | (f) | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 0.000 | 08/01/43 | 9,960,747 |
| 5,500,000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B | 6.500 | 11/01/39 | 6,536,672 | |
| 14,100,000 | New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009 - AGC Insured | 0.000 | 08/01/34 | 10,130,763 | |
| 2,500,000 | Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2005B | 0.000 | 08/01/29 | 2,156,691 | |
| 375,000 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995 - NPFG Insured | 7.400 | 08/01/25 | 377,578 | |
| 1,745,000 | (e) | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, (Pre-refunded 8/15/32) - NPFG Insured | 5.000 | 08/15/34 | 1,968,463 |
| 1,490,000 | (e) | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B - NPFG Insured, (ETM) | 5.000 | 08/15/34 | 1,619,834 |
| 1,000,000 | Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B - AGM Insured | 0.000 | 08/01/29 | 868,100 | |
| 9,320,000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured | 0.000 | 08/01/33 | 6,182,699 | |
| 1,800,000 | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 2010 Election Series 2011A | 0.000 | 08/01/28 | 1,618,255 | |
| 4,080,000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A | 5.000 | 07/01/47 | 4,120,387 | |
| 2,965,000 | San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A - NPFG Insured | 0.000 | 08/01/28 | 2,665,625 | |
| 4,005,000 | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B - FGIC Insured | 0.000 | 09/01/26 | 3,841,689 | |
| 15,750,000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G - AGM Insured | 0.000 | 08/01/39 | 8,411,779 | |
| 5,000,000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015 | 0.000 | 08/01/46 | 1,625,219 | |
| 6,570,000 | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015 | 0.000 | 08/01/47 | 2,012,149 | |
| 20,990,000 | Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed, Capital Appreciation Bonds, San Diego County Tobacco Asset Securitization Corporation, Refunding Senior Series 2019B-Class 2 | 0.000 | 06/01/54 | 4,212,475 | |
| 2,630,000 | Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B - FGIC Insured | 0.000 | 09/01/25 | 2,602,275 | |
| TOTAL CALIFORNIA | 141,157,506 | ||||
| COLORADO - 15.6% (9.3% of Total Investments) | |||||
| 1,785,000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019 | 5.000 | 12/01/51 | 1,618,795 | |
| 6,600,000 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021 | 4.375 | 12/01/52 | 5,364,899 | |
| 1,250,000 | (b) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.500 | 12/01/44 | 1,234,230 |
62 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 2,500,000 | Arapahoe County Water and Wastewater Authority, Colorado, Revenue Bonds, Refunding Series 2019 | 4.000% | 12/01/38 | $ 2,452,556 | |
| 1,610,000 | Arvada, Colorado, Water Enterprise Revenue Bonds, Series 2022 | 4.000 | 12/01/48 | 1,504,384 | |
| 2,220,000 | Arvada, Colorado, Water Enterprise Revenue Bonds, Series 2022 | 4.000 | 12/01/52 | 2,033,249 | |
| 3,315,000 | Aurora, Colorado, Sewer Improvement Revenue Bonds, Seam Facility and Other System Improvements Project, First Lien Series 2021 | 4.000 | 08/01/46 | 3,142,104 | |
| 2,000,000 | Aurora, Colorado, Sewer Improvement Revenue Bonds, Seam Facility and Other System Improvements Project, First Lien Series 2021 | 4.000 | 08/01/51 | 1,845,285 | |
| 9,000,000 | Boulder Valley School District RE2, Boulder County, Colorado, General Obligation Bonds, Series 2019A | 4.000 | 12/01/48 | 8,166,047 | |
| 3,010,000 | Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022 | 5.000 | 06/01/42 | 3,165,404 | |
| 7,975,000 | Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022 | 5.000 | 06/01/52 | 8,225,278 | |
| 1,150,000 | Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2020 - AGM Insured | 4.000 | 12/01/50 | 1,022,658 | |
| 1,060,000 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Improvement Series 2018 | 5.250 | 12/01/48 | 966,807 | |
| 1,575,000 | (b) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/37 | 1,501,418 |
| 3,620,000 | (b) | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 3,209,794 |
| 1,445,000 | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.500 | 12/01/54 | 1,538,256 | |
| 2,375,000 | (g) | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2025A | 5.250 | 12/01/50 | 2,466,970 |
| 2,545,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A | 5.000 | 03/01/47 | 2,565,363 | |
| 2,005,000 | (e) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/34 | 2,077,925 |
| 4,615,000 | (e) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/35 | 4,782,854 |
| 7,205,000 | (e) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/36 | 7,467,057 |
| 8,715,000 | (e) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/37 | 9,031,978 |
| 4,105,000 | (e) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/42 | 4,254,305 |
| 8,545,000 | (e) | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, (Pre-refunded 6/01/27) | 5.000 | 06/01/47 | 8,855,794 |
| 10,575,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A | 4.000 | 11/15/46 | 9,557,840 | |
| 33,390,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A | 4.000 | 11/15/50 | 29,151,120 | |
| 3,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2018A | 5.000 | 11/15/48 | 3,031,340 | |
| 1,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016 | 5.000 | 01/01/31 | 1,002,710 | |
| 4,290,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016 | 5.000 | 01/01/37 | 4,292,678 | |
| 21,340,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 21,179,399 | |
| 17,205,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 - BAM Insured | 4.000 | 08/01/49 | 15,260,496 |
See Notes to Financial Statements 63
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 11,075,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 4.000% | 08/01/49 | $ 9,576,637 | |
| 3,410,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A | 5.500 | 11/01/47 | 3,550,476 | |
| 3,500,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2020A | 4.000 | 12/01/50 | 2,879,331 | |
| 750,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A | 5.250 | 05/15/37 | 757,607 | |
| 1,500,000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, (Pre-refunded 9/01/25) | 4.000 | 09/01/34 | 1,503,008 |
| 7,080,000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30) | 4.000 | 09/01/45 | 7,325,726 |
| 3,000,000 | (e) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30) | 4.000 | 09/01/50 | 3,104,122 |
| 4,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A | 4.000 | 11/01/39 | 3,853,370 | |
| 3,300,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019A | 4.000 | 01/01/38 | 3,140,334 | |
| 5,000,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019B | 4.000 | 01/01/40 | 4,709,971 | |
| 4,150,000 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017 | 5.000 | 12/31/56 | 4,042,124 | |
| 1,889,000 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.625 | 12/01/32 | 1,873,484 | |
| 2,660,000 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018 | 5.875 | 12/01/46 | 2,552,199 | |
| 2,000,000 | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2023C | 5.250 | 12/01/53 | 2,085,899 | |
| 1,500,000 | (e) | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B, (Pre-refunded 3/01/27) | 5.000 | 03/01/41 | 1,555,056 |
| 6,000,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E | 4.000 | 03/01/43 | 5,466,784 | |
| 7,000,000 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2019O | 4.000 | 03/15/44 | 6,447,571 | |
| 2,550,000 | Colorado State, Certificates of Participation, Lease Purchase Agreement Department of Transportation Second Amended & Restated Headquaters Facilities, Refunding Series 2020 | 4.000 | 06/15/41 | 2,415,280 | |
| 5,000,000 | Colorado State, Certificates of Participation, Rural Series 2018A | 4.000 | 12/15/35 | 4,992,768 | |
| 7,115,000 | (e) | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, (Pre-refunded 8/01/26) | 5.000 | 08/01/41 | 7,290,514 |
| 1,000,000 | (e) | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, (Pre-refunded 8/01/26) | 5.000 | 08/01/46 | 1,024,668 |
| 1,250,000 | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales Tax Supported Revenue Bonds, Series 2019 | 5.000 | 12/01/39 | 1,115,816 | |
| 15,370,000 | Dawson Trails Metropolitan District 1, Colorado, In The Town of Castle Rock, Limited Tax General Obligation Capital Appreciation Turbo Bonds, Series 2024 | 0.000 | 12/01/31 | 8,784,372 | |
| 2,930,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B | 5.000 | 11/15/47 | 3,009,103 | |
| 6,700,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B | 5.250 | 11/15/53 | 6,997,442 | |
| 5,000,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018B | 5.000 | 12/01/43 | 5,063,214 | |
| 6,500,000 | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Current Interest Series 2018A-1 | 5.000 | 08/01/48 | 6,526,159 | |
| 10,000,000 | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A | 4.000 | 08/01/51 | 8,871,934 |
64 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 5,120,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000% | 12/01/32 | $ 5,127,548 | |
| 2,935,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/35 | 2,937,430 | |
| 1,800,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 | 5.000 | 12/01/40 | 1,792,074 | |
| 325,000 | (b) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 308,380 |
| 1,500,000 | (b) | DIATC Metropolitan District, Commerce City, Adams County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2019 | 5.000 | 12/01/49 | 1,332,923 |
| 45,540,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/30 | 37,521,672 | |
| 16,635,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/32 | 12,599,978 | |
| 49,250,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/33 | 35,611,828 | |
| 9,310,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/28 | 8,284,169 | |
| 2,900,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 09/01/34 | 1,997,511 | |
| 18,500,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured | 0.000 | 03/01/36 | 11,754,952 | |
| 5,950,000 | (b) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 5,740,371 |
| 3,850,000 | Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020 - BAM Insured | 4.000 | 12/01/49 | 3,558,629 | |
| 5,000,000 | Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, Colorado, General Obligation Bonds, Series 2023 | 5.000 | 12/01/47 | 5,235,670 | |
| 4,070,000 | (b) | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 | 5.500 | 12/01/44 | 3,807,622 |
| 5,700,000 | Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021 - AGM Insured | 4.000 | 12/01/46 | 5,234,521 | |
| 1,440,000 | Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021 - AGM Insured | 4.000 | 12/01/51 | 1,286,776 | |
| 2,000,000 | Leyden Rock Metropolitan District, Arvada, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax, Refunding & Improvement Series 2021 - AGM Insured | 4.000 | 12/01/51 | 1,759,608 | |
| 1,000,000 | Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016 | 5.000 | 12/01/36 | 1,008,448 | |
| 1,000,000 | Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017 | 4.000 | 12/01/36 | 1,000,989 | |
| 1,730,000 | Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 1,716,316 | |
| 1,230,000 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Senior Series 2021A - AGM Insured | 4.000 | 12/01/51 | 1,078,446 | |
| 1,085,000 | North Range Metropolitan District 2, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A | 5.750 | 12/01/47 | 1,043,150 | |
| 5,000,000 | Northern Colorado Water Conservancy District Building Corporation, Certificates of Participation, Refunding Series 2021 | 4.000 | 07/01/51 | 4,581,541 |
See Notes to Financial Statements 65
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 2,325,000 | Northern Colorado Water Conservancy District, Certificates of Participation, Series 2022 | 5.000% | 07/01/42 | $ 2,413,842 | |
| 16,320,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A | 5.000 | 12/01/45 | 16,347,298 | |
| 3,680,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2017A | 5.000 | 12/01/46 | 3,683,008 | |
| 4,055,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2019A - AGM Insured | 4.000 | 12/01/39 | 3,847,513 | |
| 3,000,000 | Parker Water and Sanitation District, Douglas County, Colorado, Water and Sewer Enterprise Revenue Bonds, Refunding & Improvement Series 2022 | 4.000 | 11/01/47 | 2,812,115 | |
| 4,861,000 | (b) | Platte River Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023A | 6.500 | 08/01/53 | 4,841,749 |
| 600,000 | (b) | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A | 4.750 | 12/01/45 | 523,627 |
| 9,865,000 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/42 | 9,981,283 | |
| 3,600,000 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 3,624,110 | |
| 2,350,000 | Roaring Fork Transporation Authority, Colorado, Property Tax Revenue Bonds, Series 2021A | 4.000 | 12/01/46 | 2,221,530 | |
| 850,000 | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Bonds, Series 2022 - AGM Insured | 5.000 | 12/01/52 | 859,186 | |
| 1,000,000 | (b) | Sky Ranch Community Authority Board (Arapahoe County, Colorado), Limited Tax Supported District No. 3 Senior Bonds (Tax-Exempt Fixed Rate), Series 2022A and Subordinate Bonds (Tax-Exempt Fixed Rate), | |||
| Series 2022B(3) | 5.750 | 12/01/52 | 899,222 | ||
| 1,000,000 | STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A | 5.000 | 12/01/49 | 1,030,181 | |
| 3,250,000 | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B - AGM Insured | 5.000 | 12/01/46 | 3,266,941 | |
| 600,000 | (b) | Thompson Crossing Metropolitan District 6, Larimer County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2020 | 3.000 | 12/01/30 | 534,882 |
| 1,300,000 | (b) | Thompson Crossing Metropolitan District 6, Larimer County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2020 | 5.000 | 12/01/44 | 1,202,565 |
| 995,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1 | 5.000 | 12/01/51 | 730,546 | |
| 1,000,000 | Triview Metropolitan District, El Paso County, Colorado, Water and Wastewater Enterprise Revenue Bonds, Green Series 2020 - BAM Insured | 3.250 | 12/01/45 | 815,744 | |
| 2,500,000 | University of Colorado, Enterprise System Revenue Bonds, Refunding Green Series 2021A | 4.000 | 06/01/46 | 2,345,247 | |
| 2,500,000 | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A - BAM Insured | 4.000 | 12/01/36 | 2,462,736 | |
| 5,000,000 | Weld County School District 6, Greeley, Colorado, General Obligation Bonds, Series 2020 | 5.000 | 12/01/44 | 5,123,844 | |
| 2,175,000 | Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017 | 5.000 | 12/15/30 | 2,223,387 | |
| 5,650,000 | Weld County School District RE-4, Windsor, Colorado, General Obligation Bonds, Series 2023 | 5.250 | 12/01/47 | 5,962,044 | |
| 7,810,000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.750 | 12/01/52 | 7,077,824 | |
| 10,825,000 | (b) | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2024A-2 | 8.000 | 12/01/54 | 6,156,160 |
66 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| COLORADO (continued) | |||||
| $ 1,785,000 | (b) | West Meadow Metropolitan District, Town of Fraser, Grand County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2023A | 6.500% | 12/01/50 | $ 1,800,889 |
| 500,000 | Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2021A-1 | 5.000 | 12/01/50 | 451,831 | |
| TOTAL COLORADO | 542,043,818 | ||||
| CONNECTICUT - 0.7% (0.4% of Total Investments) | |||||
| 1,650,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2016Q-1 | 5.000 | 07/01/46 | 1,650,185 | |
| 6,000,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare Issue, Series 2021A | 4.000 | 07/01/51 | 5,251,088 | |
| 2,800,000 | (b) | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean Affiliates, Series 2020A | 5.000 | 01/01/55 | 2,271,111 |
| 7,165,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L | 5.000 | 07/01/45 | 7,016,303 | |
| 500,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1 | 5.000 | 07/01/34 | 511,045 | |
| 7,500,000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2020A | 5.000 | 05/01/37 | 7,910,927 | |
| TOTAL CONNECTICUT | 24,610,659 | ||||
| DELAWARE - 0.0% (0.0% of Total Investments) | |||||
| 1,000,000 | Delaware Health Facilities Authroity, Revenue Bonds, Beebe Medical Center Project, Series 2018 | 5.000 | 06/01/48 | 954,551 | |
| TOTAL DELAWARE | 954,551 | ||||
| DISTRICT OF COLUMBIA - 4.3% (2.6% of Total Investments) | |||||
| 1,250,000 | District of Columbia Student Dormitory Revenue Bonds, Provident Group - Howard Properties LLC Issue, Series 2013 | 5.000 | 10/01/45 | 1,159,709 | |
| 107,000,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A | 0.000 | 06/15/46 | 26,697,559 | |
| 19,035,000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Refunding Subordinate Lien Series 2014C | 4.000 | 10/01/41 | 17,762,352 | |
| 5,000,000 | District of Columbia, General Obligation Bonds, Series 2021D | 4.000 | 02/01/46 | 4,585,125 | |
| 6,600,000 | District of Columbia, General Obligation Bonds, Series 2024A | 5.000 | 08/01/49 | 6,843,465 | |
| 3,500,000 | District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017 | 5.000 | 04/01/35 | 3,549,516 | |
| 3,440,000 | District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017 | 5.000 | 04/01/36 | 3,482,045 | |
| 60,000 | (e) | District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017, (Pre-refunded 4/01/27) | 5.000 | 04/01/36 | 62,243 |
| 5,455,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 4.000 | 10/01/44 | 4,908,096 | |
| 4,750,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 5.000 | 10/01/47 | 4,796,194 | |
| 13,710,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B | 4.000 | 10/01/49 | 11,846,017 | |
| 7,000,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B - AGC Insured | 0.000 | 10/01/36 | 4,295,297 | |
| 32,000,000 | (e) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, (Pre-refunded 10/01/26) - AGC Insured | 6.500 | 10/01/41 | 33,489,702 |
| 18,000,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B | 6.500 | 10/01/44 | 19,174,862 | |
| 3,000,000 | Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2018 | 5.000 | 07/01/43 | 3,017,832 |
See Notes to Financial Statements 67
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| DISTRICT OF COLUMBIA (continued) | |||||
| $ 4,270,000 | Washington Metropolitan Area Transit Authority, Second Lien Dedicated Revenue Bonds, Sustainability- Climate Transition, Series 2024A | 5.250% | 07/15/59 | $ 4,470,476 | |
| TOTAL DISTRICT OF COLUMBIA | 150,140,490 | ||||
| FLORIDA - 7.6% (4.6% of Total Investments) | |||||
| 2,800,000 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016 | 5.000 | 09/01/46 | 2,721,772 | |
| 2,830,000 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015 | 5.000 | 09/01/41 | 2,838,916 | |
| 5,810,000 | Collier County, Florida, Tourist Development Tax Revenue Bonds, Series 2018 | 4.000 | 10/01/43 | 5,563,939 | |
| 530,000 | (b) | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C | 5.000 | 09/15/50 | 459,875 |
| 6,925,000 | (a) | Florida Housing Finance Corp, (UB) | 4.700 | 07/01/49 | 6,856,283 |
| 6,060,000 | (a) | Florida Housing Finance Corp, (UB) | 4.750 | 07/01/54 | 6,013,596 |
| 1,040,000 | Florida Municipal Loan Council, Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 11/01/25 | 1,017,335 | |
| 1,590,000 | Florida Municipal Loan Council, Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 11/01/26 | 1,492,717 | |
| 2,000,000 | Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A | 4.000 | 10/01/49 | 1,791,130 | |
| 5,875,000 | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C | 5.250 | 11/15/49 | 6,154,595 | |
| 3,760,000 | (a) | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C, (UB) | 4.125 | 11/15/51 | 3,430,334 |
| 13,480,000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A | 4.000 | 08/01/50 | 11,557,972 | |
| 5,060,000 | Hollywood, Florida, General Obligation Bonds, Series 2022 | 5.000 | 07/01/47 | 5,201,954 | |
| 3,810,000 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A - AGM Insured | 5.000 | 02/01/40 | 3,828,451 | |
| 19,145,000 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A - AGM Insured | 5.000 | 02/01/44 | 19,234,444 | |
| 205,000 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.000 | 07/01/32 | 197,337 | |
| 5,035,000 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017 | 5.125 | 07/01/46 | 4,482,771 | |
| 2,420,000 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Refunding Series 2024B | 5.250 | 04/01/45 | 2,512,227 | |
| 27,470,000 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A | 5.000 | 04/01/53 | 27,470,679 | |
| 10,000,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A | 5.000 | 07/01/35 | 10,020,197 | |
| 5,560,000 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Childrens Hospital Project, Refunding Series 2021A | 4.000 | 08/01/51 | 4,887,314 | |
| 3,000,000 | Miami-Dade County Industrual Development Authority, Florida, Revenue Bonds, Doral Academy, Seres 2018 | 5.000 | 01/15/48 | 2,845,813 | |
| 7,000,000 | (a) | Miami-Dade County School District, Florida, General Obligation Bonds, School Series 2022A - BAM Insured, (UB) | 5.000 | 03/15/52 | 7,209,863 |
| 14,015,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A | 5.000 | 10/01/41 | 14,080,868 | |
| 4,715,000 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2017 | 5.000 | 06/01/38 | 4,796,786 | |
| 7,000,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018 | 4.000 | 07/01/48 | 6,225,162 |
68 See Notes to Financial Statements
| DESCRIPTION | ||||
|---|---|---|---|---|
| FLORIDA (continued) | ||||
| $ 5,000,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022 | 5.000% | 07/01/51 | $ 5,094,185 |
| 6,000,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B | 4.000 | 10/01/44 | 5,589,894 |
| 3,965,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B | 4.000 | 10/01/49 | 3,373,405 |
| 8,900,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2024A | 5.250 | 10/01/54 | 9,287,841 |
| 11,240,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022 | 4.000 | 10/01/52 | 9,680,978 |
| 3,260,000 | Orange County Health Facilities Authority, Florida, Revenue Bonds, Presbyterian Retirement Communities Project, Series 2024 | 5.000 | 08/01/54 | 3,134,119 |
| 1,095,000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 | 0.000 | 10/01/32 | 813,282 |
| 4,250,000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1 | 5.000 | 10/01/49 | 4,300,663 |
| 2,155,000 | Palm Beach County Health Facilities Authority, Florida Retirement Communities Revenue Bonds, ACTS Retirement - Life Communities, Inc Obligated Group, Series 2018A | 5.000 | 11/15/45 | 2,105,133 |
| 4,680,000 | Palm Beach County Health Facilities Authority, Florida, Retirement Communities Revenue Bonds, ACTS Retirement - Life Communities, Inc Obligated Group, Series 2016 | 5.000 | 11/15/32 | 4,743,110 |
| 8,200,000 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperatice, Inc. Project, Refunding Series 2018A | 5.000 | 03/15/42 | 8,242,785 |
| 12,170,000 | Sarasota County Public Hospital District, Florida, Hospital Revenue Bonds, Sarasota Memorial Hospital Project, Series 2018 | 4.000 | 07/01/48 | 10,757,131 |
| 6,625,000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015 | 4.000 | 05/01/33 | 6,625,164 |
| 8,000,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 | 5.000 | 08/15/42 | 8,052,715 |
| 8,595,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Refunding Series 2017 | 5.000 | 08/15/47 | 8,609,293 |
| 310,000 | Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995 - NPFG Insured | 5.750 | 10/01/25 | 313,070 |
| 4,000,000 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A | 4.000 | 11/15/46 | 3,489,822 |
| 7,400,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015 | 5.000 | 06/01/45 | 6,982,594 |
| TOTAL FLORIDA | 264,087,514 | |||
| GEORGIA - 4.9% (2.9% of Total Investments) | ||||
| 10,235,000 | Clarke County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont Healthcare, Inc. Project, Series 2016A | 5.000 | 07/01/46 | 10,249,934 |
| 2,000,000 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A | 5.000 | 04/01/42 | 2,004,780 |
| 10,000,000 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A | 5.000 | 04/01/47 | 9,895,169 |
| 2,500,000 | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B | 5.125 | 04/01/53 | 2,525,408 |
| 5,300,000 | Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp County Hospital Project, Series 2021 | 4.000 | 07/01/46 | 4,813,719 |
| 5,725,000 | Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont Healthcare, Inc. Project, Series 2016A | 5.000 | 07/01/46 | 5,733,353 |
See Notes to Financial Statements 69
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| GEORGIA (continued) | |||||
| $ 4,330,000 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A | 5.000% | 04/01/42 | $ 4,340,348 | |
| 7,250,000 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A | 5.000 | 04/01/47 | 7,173,998 | |
| 6,370,000 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A | 4.000 | 04/01/50 | 5,527,431 | |
| 9,495,000 | (a) | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Facilities, Series 2024, (UB) | 5.000 | 06/15/56 | 9,776,878 |
| 4,000,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2016A | 5.000 | 07/01/46 | 4,005,836 | |
| 5,000,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2019A | 4.000 | 07/01/49 | 4,430,675 | |
| 7,500,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B | 5.500 | 02/15/42 | 7,614,207 | |
| 2,000,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2021A | 4.000 | 02/15/40 | 1,905,001 | |
| 6,665,000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A | 4.700 | 12/01/54 | 6,604,686 | |
| 8,000,000 | Georgia Ports Authority, Revenue Bonds, Series 2021 | 4.000 | 07/01/51 | 7,255,175 | |
| 1,860,000 | Georgia Ports Authority, Revenue Bonds, Series 2022 | 4.000 | 07/01/52 | 1,680,485 | |
| 11,000,000 | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System Inc., Series 2017A | 4.000 | 04/01/42 | 10,003,326 | |
| 1,350,000 | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2005 | 5.250 | 02/01/27 | 1,401,671 | |
| 1,860,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A | 5.000 | 05/15/43 | 1,879,457 | |
| 14,100,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A | 5.000 | 05/15/49 | 14,272,875 | |
| 3,425,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023C, (Mandatory Put 9/01/30) | 5.000 | 09/01/53 | 3,582,529 | |
| 10,160,000 | (a) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023C, (Mandatory Put 9/01/30), (UB) | 5.000 | 09/01/53 | 10,627,299 |
| 6,310,000 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B | 5.000 | 07/01/43 | 6,359,942 | |
| 5,680,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.000 | 07/01/60 | 5,644,967 | |
| 3,300,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.500 | 07/01/60 | 3,301,798 | |
| 3,750,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Series 2024A | 5.250 | 01/01/49 | 3,945,096 | |
| 4,710,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Series 2024A - BAM Insured | 5.250 | 01/01/54 | 4,927,548 | |
| 8,230,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015 | 5.000 | 10/01/40 | 8,238,873 | |
| TOTAL GEORGIA | 169,722,464 | ||||
| HAWAII - 0.4% (0.2% of Total Investments) | |||||
| 10,000,000 | (a) | Hawaii State, Airport System Revenue Bonds, Series 2025B, (UB) | 5.000 | 07/01/49 | 10,373,159 |
| 3,500,000 | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Green Senior Series 2023 | 5.000 | 07/01/48 | 3,640,497 | |
| TOTAL HAWAII | 14,013,656 | ||||
| IDAHO - 1.0% (0.6% of Total Investments) | |||||
| 5,000,000 | Boise City Water Renewal System, Idaho, Revenue Bonds, Refunding Series 2022 | 5.000 | 09/01/47 | 5,157,597 | |
| 855,000 | Boise State University, Idaho, General Revenue Bonds, Project & Refunding Series 2025A | 5.000 | 04/01/50 | 884,712 | |
| 3,860,000 | Boise State University, Idaho, General Revenue Bonds, Series 2023A | 5.250 | 04/01/53 | 4,012,423 |
70 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| IDAHO (continued) | |||||
| $ 7,885,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Lukes Health System Project, Series 2021A | 4.000% | 03/01/51 | $ 6,828,199 | |
| 2,080,000 | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1 | 7.250 | 03/20/37 | 2,103,378 | |
| 5,500,000 | (b) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, The College of Idaho Project, Series 2023 | 5.875 | 11/01/53 | 5,483,027 |
| 2,680,000 | (a) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.600 | 01/01/49 | 2,628,219 |
| 4,790,000 | (a) | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A, (UB) | 4.650 | 01/01/54 | 4,695,195 |
| 3,325,000 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2024 | 6.250 | 09/01/53 | 3,409,863 | |
| TOTAL IDAHO | 35,202,613 | ||||
| ILLINOIS - 15.4% (9.2% of Total Investments) | |||||
| 1,000,000 | Board of Regents of Illinois State University, Auxiliary Facilities System Revenue Bonds, Series 2018A - AGM Insured | 5.000 | 04/01/34 | 1,031,671 | |
| 285,000 | Board of Regents of Illinois State University, Auxiliary Facilities System Revenue Bonds, Series 2018A - AGM Insured | 5.000 | 04/01/37 | 291,986 | |
| 1,370,000 | Board of Regents of Illinois State University, Auxiliary Facilities System Revenue Bonds, Series 2018A - AGM Insured | 5.000 | 04/01/38 | 1,399,929 | |
| 4,595,000 | Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding Series 2002B - FGIC Insured | 0.000 | 01/01/32 | 3,426,566 | |
| 4,000,000 | Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding Series 2002B - FGIC Insured | 0.000 | 01/01/34 | 2,696,390 | |
| 11,000,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 11,211,435 | |
| 3,155,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.750 | 04/01/48 | 3,315,800 | |
| 5,750,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H | 5.000 | 12/01/36 | 5,570,448 | |
| 6,920,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D | 5.000 | 12/01/46 | 6,437,621 | |
| 11,450,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 11,541,521 | |
| 1,785,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B | 6.500 | 12/01/46 | 1,808,691 | |
| 23,535,000 | (b) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A | 7.000 | 12/01/46 | 24,311,128 |
| 2,900,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2022A | 5.000 | 12/01/47 | 2,743,967 | |
| 2,175,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A | 6.000 | 12/01/49 | 2,292,521 | |
| 685,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured | 5.500 | 12/01/26 | 693,191 | |
| 4,000,000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A | 4.000 | 12/01/50 | 3,470,027 | |
| 14,765,000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2020A - BAM Insured | 4.000 | 12/01/50 | 13,005,948 | |
| 4,000,000 | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2018B | 5.000 | 01/01/53 | 4,001,384 | |
| 15,000,000 | (a) | Chicago, Illinois, General Airport Revenue Bonds, OHare International Airport, Senior Lien Series 2024B, (UB) | 5.250 | 01/01/53 | 15,724,979 |
| 1,000,000 | (a) | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A, (UB) | 5.500 | 01/01/40 | 1,038,163 |
| 4,000,000 | Chicago, Illinois, General Obligation Bonds, Series 2019A | 5.000 | 01/01/40 | 3,945,562 | |
| 5,425,000 | Chicago, Illinois, General Obligation Bonds, Series 2019A | 5.500 | 01/01/49 | 5,435,315 | |
| 12,190,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured | 5.250 | 01/01/53 | 12,717,276 | |
| 2,000,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured | 5.250 | 01/01/58 | 2,065,922 |
See Notes to Financial Statements 71
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| ILLINOIS (continued) | |||||
| $ 7,240,000 | (a) | Chicago, Illinois, Water Revenue Bonds, Second Lien Series 2023A - AGM Insured, (UB) | 5.250% | 11/01/53 | $ 7,479,975 |
| 6,030,000 | Chicago, Illinois, Water Revenue Bonds, Second Lien Series 2023A - AGM Insured | 5.500 | 11/01/62 | 6,353,860 | |
| 4,500,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2017 | 5.000 | 12/01/47 | 4,480,344 | |
| 3,500,000 | Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 2018A | 4.000 | 12/01/43 | 3,190,709 | |
| 2,750,000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 3.900 | 11/01/36 | 2,720,690 | |
| 5,265,000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT | 5.500 | 11/01/36 | 5,274,749 | |
| 3,215,000 | Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident Group - UIC Surgery Center, LLC - University of Illinois Health Services Facility Project, Series 2020 | 4.000 | 10/01/50 | 2,710,224 | |
| 790,000 | (e) | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 799,827 |
| 25,090,000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance, Series 2016C | 4.000 | 02/15/41 | 23,082,542 | |
| 3,500,000 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C | 5.000 | 02/15/32 | 3,569,278 | |
| 55,000 | (e) | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 55,684 |
| 1,200,000 | (e) | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, (Pre-refunded 2/15/27) | 4.000 | 02/15/41 | 1,214,927 |
| 3,000,000 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C | 5.000 | 02/15/41 | 3,019,448 | |
| 2,500,000 | Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A | 4.000 | 08/01/51 | 2,000,922 | |
| 1,000,000 | (b) | Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A | 5.625 | 08/01/53 | 1,025,440 |
| 16,165,000 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016 | 5.000 | 12/01/40 | 16,165,171 | |
| 10,945,000 | Illinois Finance Authority, Revenue Bonds, Northshore - Edward-Elmhurst Health Credit Group, Series 2022A | 4.000 | 08/15/42 | 10,153,592 | |
| 5,285,000 | Illinois Finance Authority, Revenue Bonds, Northshore - Edward-Elmhurst Health Credit Group, Series 2022A | 5.000 | 08/15/51 | 5,389,175 | |
| 22,590,000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A | 5.000 | 11/15/45 | 22,276,607 | |
| 7,285,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/35 | 7,296,058 | |
| 4,135,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C | 5.000 | 08/15/44 | 4,022,058 | |
| 5,410,000 | Illinois FInance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2017A | 5.000 | 03/01/47 | 5,271,672 | |
| 14,200,000 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Fixed Period Series 2021A | 4.000 | 08/15/41 | 13,104,106 | |
| 11,860,000 | (a) | Illinois Housing Development Authority, Revenue Bonds, Social Series 2024I, (UB) | 4.625 | 04/01/50 | 11,647,541 |
| 5,000,000 | Illinois State, General Obligation Bonds, December Series 2017A | 5.000 | 12/01/34 | 5,110,017 | |
| 2,000,000 | Illinois State, General Obligation Bonds, December Series 2017A | 5.000 | 12/01/35 | 2,039,562 | |
| 5,420,000 | Illinois State, General Obligation Bonds, December Series 2017A | 5.000 | 12/01/39 | 5,488,967 | |
| 1,750,000 | Illinois State, General Obligation Bonds, January Series 2016 | 5.000 | 01/01/32 | 1,761,496 | |
| 3,565,000 | Illinois State, General Obligation Bonds, June Series 2016 | 5.000 | 06/01/26 | 3,624,272 | |
| 4,170,000 | Illinois State, General Obligation Bonds, June Series 2022A | 5.500 | 03/01/47 | 4,296,276 | |
| 17,000,000 | Illinois State, General Obligation Bonds, May Series 2018A | 6.000 | 05/01/26 | 17,414,970 | |
| 4,485,000 | Illinois State, General Obligation Bonds, May Series 2018A | 6.000 | 05/01/27 | 4,693,900 | |
| 1,115,000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/30 | 1,171,270 | |
| 5,305,000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.500 | 05/01/39 | 5,565,928 | |
| 2,360,000 | Illinois State, General Obligation Bonds, May Series 2020 | 5.750 | 05/01/45 | 2,463,753 | |
| 4,825,000 | Illinois State, General Obligation Bonds, May Series 2023B | 5.500 | 05/01/47 | 4,972,675 |
72 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| ILLINOIS (continued) | |||||
| $ 9,710,000 | Illinois State, General Obligation Bonds, October Series 2016 | 5.000% | 02/01/27 | $ 9,959,889 | |
| 5,000,000 | Illinois State, General Obligation Bonds, October Series 2022C | 5.500 | 10/01/41 | 5,305,999 | |
| 29,430,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A | 5.000 | 01/01/40 | 29,199,392 | |
| 10,000,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A | 5.000 | 01/01/44 | 10,167,028 | |
| 12,010,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A | 5.000 | 01/01/45 | 12,276,329 | |
| 9,640,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A | 4.000 | 01/01/42 | 9,220,831 | |
| 10,455,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A | 5.000 | 01/01/46 | 10,766,241 | |
| 5,410,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Series 2023A | 5.250 | 01/01/43 | 5,735,170 | |
| 5,420,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001 - FGIC Insured | 6.000 | 11/01/26 | 5,509,753 | |
| 1,175,000 | Macon and DeWitt Counties Community Unit School District 2 Maroa-Forsyth, Illinois, General Obligation Bonds, Series 2021 - AGM Insured | 4.000 | 12/01/41 | 1,126,757 | |
| 5,080,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A | 5.000 | 06/15/50 | 5,043,798 | |
| 8,800,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A | 5.500 | 06/15/53 | 8,817,122 | |
| 4,750,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A | 5.000 | 06/15/57 | 4,625,882 | |
| 33,000,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/45 | 11,918,485 | |
| 5,355,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1 - AGM Insured | 0.000 | 06/15/46 | 1,818,883 | |
| 195,000 | (e) | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, (ETM) | 0.000 | 06/15/30 | 162,853 |
| 3,505,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A | 0.000 | 06/15/30 | 2,834,384 | |
| 28,000,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - AGM Insured | 0.000 | 12/15/35 | 18,005,431 | |
| 3,280,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/37 | 1,854,667 | |
| 11,715,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/38 | 6,051,097 | |
| 2,955,000 | (e) | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, (ETM) | 7.000 | 07/01/26 | 3,027,083 |
| 2,300,000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A - NPFG Insured | 6.500 | 07/01/30 | 2,545,964 | |
| 2,855,000 | Sangamon County School District 186 Springfield, Illinois, General Obligation Bonds, Alternate Revenue Source Series 2023 - AGM Insured | 5.500 | 06/01/58 | 3,001,683 | |
| 2,500,000 | Sangamon County Water Reclamation District, Illinois, General Obligation Bonds Alternate Revenue Source, Project & Refunding Series 2019A - BAM Insured | 4.000 | 01/01/44 | 2,318,296 | |
| TOTAL ILLINOIS | 532,378,143 | ||||
| INDIANA - 2.7% (1.6% of Total Investments) | |||||
| 6,000,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014 | 5.000 | 10/01/44 | 5,762,545 | |
| 7,000,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Fixed Rate Series 2019A | 4.000 | 12/01/49 | 6,141,113 | |
| 1,875,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding 2015A | 4.000 | 12/01/40 | 1,747,347 |
See Notes to Financial Statements 73
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| INDIANA (continued) | |||||
| $ 3,400,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding 2015A | 5.000% | 12/01/40 | $ 3,401,587 | |
| 13,415,000 | Indiana Finance Authority, Hospital Revenue Bonds, Reid Health Series 2022 - AGM Insured | 5.000 | 01/01/52 | 13,244,650 | |
| 11,000,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A | 5.000 | 10/01/46 | 11,043,463 | |
| 12,820,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2022B | 5.250 | 10/01/52 | 13,241,401 | |
| 5,130,000 | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2016A | 5.000 | 10/01/46 | 5,168,449 | |
| 8,000,000 | (a) | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2024D-1, (UB) | 4.750 | 07/01/54 | 7,938,741 |
| 1,000,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 1,045,238 | |
| 3,460,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Subordinate Series 2023F-1 - BAM Insured | 5.000 | 03/01/53 | 3,536,820 | |
| 8,040,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Stormwater Project, Green Series 2022C | 5.000 | 01/01/52 | 8,285,768 | |
| 9,560,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured | 0.000 | 02/01/26 | 9,300,421 | |
| 1,000,000 | Northern Indiana Commuter Transportation District, Indiana, Limited Obligation Revenue Bonds, Series 2024 | 5.250 | 01/01/49 | 1,051,392 | |
| 1,580,000 | Zionsville Community Schools Building Corporation, Boone County, Indiana, First Mortgage Bonds, Series 2005Z - AGM Insured | 0.000 | 01/15/28 | 1,433,645 | |
| TOTAL INDIANA | 92,342,580 | ||||
| IOWA - 1.0% (0.6% of Total Investments) | |||||
| 6,775,000 | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement Community Project, Refunding Series 2021 | 5.000 | 09/01/51 | 4,987,791 | |
| 8,250,000 | (e) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32) | 5.000 | 12/01/50 | 9,211,223 |
| 7,000,000 | (e) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 7,815,583 |
| 3,085,000 | Iowa Finance Authority, Senior Housing Revenue Bonds, Northcrest Inc. Project, Series 2018A | 5.000 | 03/01/48 | 2,817,866 | |
| 4,700,000 | (e) | Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016, (Pre-refunded 12/01/26) | 5.000 | 12/01/36 | 4,847,533 |
| 5,990,000 | (e) | Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016, (Pre-refunded 12/01/26) | 5.000 | 12/01/41 | 6,178,027 |
| TOTAL IOWA | 35,858,023 | ||||
| KANSAS - 0.7% (0.4% of Total Investments) | |||||
| 5,000,000 | Ellis County Unified School District 489 Hays, Kansas, General Obligation Bonds, Refunding & Improvement Series 2022B - AGM Insured | 5.000 | 09/01/42 | 5,189,106 | |
| 3,050,000 | Ellis County Unified School District 489 Hays, Kansas, General Obligation Bonds, Refunding & Improvement Series 2022B - AGM Insured | 5.000 | 09/01/47 | 3,136,465 | |
| 3,700,000 | Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series 2018A - BAM Insured | 5.000 | 04/01/38 | 3,759,295 | |
| 6,000,000 | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A | 5.000 | 07/01/43 | 6,018,156 | |
| 6,465,000 | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A | 5.000 | 07/01/48 | 6,468,593 | |
| TOTAL KANSAS | 24,571,615 |
74 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| KENTUCKY - 1.1% (0.7% of Total Investments) | |||||
| $ 6,010,000 | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B - NPFG Insured | 0.000% | 10/01/28 | $ 5,162,997 | |
| 1,300,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/37 | 1,304,151 | |
| 700,000 | (a) | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C, (UB) | 4.400 | 07/01/44 | 684,251 |
| 1,290,000 | (a) | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C, (UB) | 4.600 | 07/01/49 | 1,264,253 |
| 4,855,000 | (a) | Kentucky Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2024C, (UB) | 4.650 | 01/01/55 | 4,749,834 |
| 5,000,000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.750 | 07/01/43 | 5,639,133 | |
| 8,610,000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.875 | 07/01/46 | 9,740,341 | |
| 10,000,000 | (a) | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2024A-1, (Mandatory Put 7/01/30), (UB) | 5.000 | 05/01/55 | 10,389,679 |
| TOTAL KENTUCKY | 38,934,639 | ||||
| LOUISIANA - 2.2% (1.3% of Total Investments) | |||||
| 5,945,000 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013 | 6.000 | 07/01/36 | 5,946,166 | |
| 5,000,000 | East Baton Rouge Parish Capital Improvement District, Louisiana, MOVEBR Sales Tax Revenue Bonds, Series 2019 | 5.000 | 08/01/48 | 5,043,342 | |
| 1,870,000 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B - AGM Insured | 5.000 | 12/01/42 | 1,887,700 | |
| 3,900,000 | (a) | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A, (UB) | 4.550 | 12/01/49 | 3,846,121 |
| 1,875,000 | (a) | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A, (UB) | 4.650 | 12/01/54 | 1,837,395 |
| 1,965,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Refunding Series 2023 | 5.000 | 02/01/41 | 2,040,220 | |
| 3,600,000 | (b) | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A | 5.000 | 04/01/49 | 3,007,927 |
| 1,695,000 | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University Nicolson Gateway Project, Series 2016A | 5.000 | 07/01/46 | 1,669,191 | |
| 13,590,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/46 | 13,485,630 | |
| 20,000 | (e) | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, (Pre-refunded 5/15/26) | 4.000 | 05/15/35 | 20,168 |
| 2,345,000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016 | 4.000 | 05/15/36 | 2,315,883 | |
| 20,000 | (e) | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, (Pre-refunded 5/15/26) | 5.000 | 05/15/47 | 20,371 |
| 3,615,000 | Louisiana Stadium and Exposition District, Revenue Bonds, Senior Series 2023A | 5.000 | 07/01/48 | 3,683,085 | |
| 10,765,000 | Louisiana Stadium and Exposition District, Revenue Bonds, Senior Series 2023A | 5.250 | 07/01/53 | 11,039,088 | |
| 3,500,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, Series 2024C-1 | 5.000 | 01/01/54 | 3,559,628 | |
| 10,000,000 | New Orleans, Louisiana, General Obligation Bonds, Public Improvement Series 2024A | 5.000 | 12/01/53 | 10,161,812 | |
| 5,000,000 | Saint Tammany Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, St. Tammany Parish Hospital Project, Refunding Series 2018A | 5.000 | 07/01/48 | 4,847,255 |
See Notes to Financial Statements 75
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | ||||
|---|---|---|---|---|
| LOUISIANA (continued) | ||||
| $ 1,355,000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015 | 5.000% | 12/01/40 | $ 1,342,668 |
| TOTAL LOUISIANA | 75,753,650 | |||
| MAINE - 0.7% (0.4% of Total Investments) | ||||
| 6,300,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/41 | 5,849,987 |
| 8,675,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A | 5.000 | 07/01/43 | 8,726,518 |
| 11,150,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth Issue, Series 2020A | 4.000 | 07/01/50 | 9,657,106 |
| TOTAL MAINE | 24,233,611 | |||
| MARYLAND - 1.6% (0.9% of Total Investments) | ||||
| 5,905,000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/46 | 5,643,815 |
| 8,610,000 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A | 5.000 | 07/01/41 | 8,684,680 |
| 2,000,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016 | 5.000 | 07/01/47 | 1,974,516 |
| 4,000,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Taxable Series 2017D | 4.000 | 07/01/48 | 3,576,701 |
| 4,125,000 | Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2022A | 4.000 | 06/01/47 | 3,825,934 |
| 17,000,000 | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A | 5.000 | 05/01/42 | 17,387,345 |
| 3,000,000 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2020 | 4.000 | 07/01/39 | 2,948,275 |
| 3,000,000 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2020 | 4.000 | 07/01/50 | 2,745,690 |
| 4,000,000 | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015 | 5.000 | 12/01/44 | 3,984,675 |
| 1,150,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1 | 5.000 | 11/01/37 | 1,125,905 |
| 2,250,000 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B | 5.000 | 11/01/47 | 2,034,931 |
| TOTAL MARYLAND | 53,932,467 | |||
| MASSACHUSETTS - 2.8% (1.7% of Total Investments) | ||||
| 4,000,000 | Bristol-Plymouth Regional Vocational Technical School District, Massachusetts, General Obligation Bonds, School Series 2025 | 4.000 | 04/01/49 | 3,639,362 |
| 6,035,000 | Bristol-Plymouth Regional Vocational Technical School District, Massachusetts, General Obligation Bonds, School Series 2025 | 4.000 | 04/01/50 | 5,459,586 |
| 10,000,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Childrens Hospital Series 2024T | 5.250 | 03/01/54 | 10,498,678 |
| 930,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D | 5.000 | 07/01/44 | 913,152 |
| 3,890,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Refunding Series 2023FF | 5.000 | 10/01/48 | 4,043,110 |
| 3,630,000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/53 | 3,631,077 |
| 1,100,000 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N | 5.000 | 12/01/46 | 1,085,923 |
| 2,070,000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015 | 4.500 | 01/01/45 | 1,888,997 |
| 4,100,000 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System Issue, Series 2017S-1 | 4.000 | 07/01/36 | 4,008,970 |
| 1,380,000 | Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015 | 5.000 | 09/01/40 | 1,359,529 |
| 1,545,000 | Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015 | 5.000 | 09/01/45 | 1,464,474 |
| 3,000,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A - AMBAC Insured | 5.750 | 01/01/42 | 3,437,228 |
76 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MASSACHUSETTS (continued) | |||||
| $ 26,750,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015B | 4.000% | 05/01/45 | $ 24,912,205 | |
| 5,000,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2022C | 5.250 | 10/01/52 | 5,241,306 | |
| 14,000,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2023A | 5.000 | 05/01/48 | 14,480,511 | |
| 12,000,000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2022B | 5.000 | 06/01/52 | 12,274,205 | |
| TOTAL MASSACHUSETTS | 98,338,313 | ||||
| MICHIGAN - 9.7% (5.8% of Total Investments) | |||||
| 315,000 | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding Series 2019 | 5.000 | 11/01/34 | 317,162 | |
| 1,000,000 | Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007 | 5.250 | 11/01/36 | 775,734 | |
| 2,000,000 | County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016 | 5.000 | 02/15/47 | 1,825,868 | |
| 2,350,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B - NPFG Insured | 5.500 | 07/01/29 | 2,449,124 | |
| 15,000 | Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 2004A - AGM Insured | 5.000 | 07/01/34 | 15,025 | |
| 1,700,000 | Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series 2018 - AGM Insured | 5.000 | 04/01/43 | 1,723,165 | |
| 1,100,000 | Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A - BAM Insured | 5.000 | 03/01/33 | 1,120,323 | |
| 2,270,000 | Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A - BAM Insured | 5.000 | 03/01/36 | 2,305,192 | |
| 455,000 | (e) | Eastern Michigan University, General Revenue Bonds, Series 2018A, (Pre-refunded 3/01/28) | 4.000 | 03/01/44 | 466,655 |
| 10,710,000 | Eastern Michigan University, General Revenue Bonds, Series 2018A - AGM Insured | 4.000 | 03/01/44 | 9,792,491 | |
| 8,900,000 | Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001 | 0.000 | 12/01/25 | 8,725,229 | |
| 3,000,000 | Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001 | 0.000 | 12/01/26 | 2,849,622 | |
| 100,000 | Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001 | 0.000 | 12/01/27 | 91,817 | |
| 4,305,000 | Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001 | 0.000 | 12/01/29 | 3,685,467 | |
| 1,000,000 | Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016 - AGM Insured | 5.000 | 05/01/38 | 1,009,425 | |
| 1,250,000 | Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2019 - AGM Insured | 5.000 | 11/01/42 | 1,274,104 | |
| 1,850,000 | Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2019 - AGM Insured | 5.000 | 11/01/43 | 1,880,079 | |
| 2,500,000 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018 | 5.000 | 01/01/43 | 2,535,140 | |
| 6,055,000 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018 | 5.000 | 01/01/48 | 6,139,440 | |
| 4,295,000 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2020 | 5.000 | 01/01/45 | 4,391,415 | |
| 1,720,000 | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2019A | 5.000 | 07/01/36 | 1,767,684 | |
| 1,995,000 | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2019A | 5.000 | 07/01/39 | 2,031,464 |
See Notes to Financial Statements 77
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | ||||
|---|---|---|---|---|
| MICHIGAN (continued) | ||||
| $ 1,005,000 | Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second Lien Series 2016C | 5.000% | 07/01/32 | $ 1,017,376 |
| 6,245,000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C | 5.000 | 07/01/32 | 6,340,472 |
| 10,000,000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C | 5.000 | 07/01/35 | 10,107,993 |
| 27,955,000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A | 5.000 | 07/01/46 | 28,039,813 |
| 6,910,000 | Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation Bonds, School Building & Site Series 2020-I | 4.000 | 05/01/47 | 6,304,333 |
| 1,265,000 | Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017 | 5.000 | 05/01/30 | 1,308,120 |
| 1,000,000 | Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016 | 5.000 | 06/01/31 | 1,021,444 |
| 1,445,000 | Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016 | 5.000 | 06/01/34 | 1,472,263 |
| 1,570,000 | Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A | 5.000 | 06/01/36 | 1,619,281 |
| 1,650,000 | Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A | 5.000 | 06/01/37 | 1,699,375 |
| 2,375,000 | Kentwood Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2023-II - AGM Insured | 5.000 | 05/01/49 | 2,451,299 |
| 2,395,000 | Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, Series 2018 - AGM Insured | 5.000 | 01/15/38 | 2,445,669 |
| 4,000,000 | Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, Series 2018 - AGM Insured | 5.000 | 01/15/43 | 4,040,358 |
| 10,900,000 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A | 5.000 | 07/01/44 | 11,064,115 |
| 3,000,000 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A | 5.000 | 07/01/48 | 3,025,774 |
| 11,835,000 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2021A | 5.000 | 07/01/51 | 12,120,118 |
| 1,325,000 | Lansing School District, Ingham County, Michigan, General Obligation Bonds, School Building and Site Series 2019II | 5.000 | 05/01/40 | 1,366,086 |
| 2,085,000 | Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I | 5.000 | 05/01/38 | 2,110,574 |
| 2,200,000 | Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I | 5.000 | 05/01/41 | 2,224,179 |
| 2,200,000 | Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A | 5.950 | 02/01/42 | 2,079,843 |
| 500,000 | Marquettte, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A | 5.000 | 07/01/33 | 506,631 |
| 1,500,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Senior Lien Series 2018 | 5.000 | 11/01/43 | 1,515,292 |
| 17,500,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020 | 4.000 | 11/01/50 | 15,544,559 |
| 10,005,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020 | 4.000 | 11/01/55 | 8,760,129 |
| 3,500,000 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo College Project, Refunding Series 2018 | 5.000 | 12/01/43 | 3,499,197 |
| 4,665,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C | 5.000 | 07/01/34 | 4,672,533 |
| 1,070,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C | 5.000 | 07/01/35 | 1,068,396 |
78 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MICHIGAN (continued) | |||||
| $ 175,000 | (e) | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, (Pre-refunded 6/01/26) | 5.000% | 12/01/45 | $ 178,474 |
| 5,340,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI | 5.000 | 12/01/45 | 5,325,783 | |
| 9,000,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI-2 | 4.000 | 03/01/51 | 7,676,597 | |
| 10,000,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A-MI | 4.000 | 12/01/36 | 9,552,981 | |
| 1,900,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017MI | 5.000 | 12/01/30 | 1,949,817 | |
| 2,000,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2019A-MI | 4.000 | 12/01/49 | 1,726,239 | |
| 11,730,000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts Senior Current Interest Series 2020A-2 | 5.000 | 06/01/40 | 11,923,621 | |
| 9,060,000 | (e) | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding & Project Series 2010F-6, (Pre-refunded 11/15/26) | 4.000 | 11/15/47 | 9,151,081 |
| 1,270,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding & Project Series 2010F-6 | 4.000 | 11/15/47 | 1,091,874 | |
| 10,000,000 | (a) | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2025A, (UB) | 4.850 | 12/01/45 | 10,180,744 |
| 180,000 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007 | 6.500 | 12/01/37 | 180,015 | |
| 2,085,000 | (e) | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, (Pre-refunded 10/15/25) | 5.000 | 04/15/31 | 2,100,138 |
| 14,915,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/31 | 14,996,035 | |
| 5,615,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/38 | 5,630,307 | |
| 8,300,000 | Michigan State University, General Revenue Bonds, Refunding Series 2019C | 4.000 | 02/15/44 | 7,733,038 | |
| 3,000,000 | Michigan State University, General Revenue Bonds, Taxable Series 2019A | 5.000 | 02/15/48 | 3,035,873 | |
| 1,950,000 | Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015 | 5.000 | 11/15/29 | 1,953,258 | |
| 1,350,000 | Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1, Refunding Series 2015 | 5.000 | 11/01/33 | 1,361,029 | |
| 1,730,000 | Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1, Refunding Series 2015 | 5.000 | 11/01/36 | 1,743,190 | |
| 400,000 | Northern Michigan University, General Revenue Bonds, Series 2018A | 5.000 | 12/01/33 | 417,756 | |
| 650,000 | Northern Michigan University, General Revenue Bonds, Series 2018A | 5.000 | 12/01/35 | 678,282 | |
| 665,000 | Novi Community School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2022-II | 4.000 | 05/01/47 | 614,653 | |
| 1,510,000 | Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018 | 5.000 | 04/01/43 | 1,547,999 | |
| 810,000 | Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A | 5.000 | 07/01/35 | 818,379 | |
| 5,240,000 | Troy School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2023 | 5.000 | 05/01/52 | 5,376,346 | |
| 1,065,000 | (e) | University of Michigan, Michigan, General Revenue Bonds, Series 2017A, (Pre-refunded 4/01/27) | 5.000 | 04/01/36 | 1,104,810 |
| 2,000,000 | (e) | University of Michigan, Michigan, General Revenue Bonds, Series 2017A, (Pre-refunded 4/01/27) | 5.000 | 04/01/42 | 2,074,760 |
| 5,000,000 | (e) | University of Michigan, Michigan, General Revenue Bonds, Series 2017A, (Pre-refunded 4/01/27) | 5.000 | 04/01/47 | 5,186,902 |
| 7,200,000 | (a),(e) | University of Michigan, Michigan, General Revenue Bonds, Series 2017A, (Pre-refunded 4/01/27), (UB) | 5.000 | 04/01/47 | 7,469,138 |
| 1,000,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Senior Series 2017A | 5.000 | 12/01/42 | 1,011,203 |
See Notes to Financial Statements 79
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MICHIGAN (continued) | |||||
| $ 2,200,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D | 5.000% | 12/01/45 | $ 2,202,088 | |
| 5,000,000 | Wayne State University, Michigan, General Revenue Bonds, Series 2018A | 5.000 | 11/15/43 | 5,072,024 | |
| 2,590,000 | West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2017 - AGM Insured | 5.000 | 05/01/36 | 2,657,044 | |
| 1,500,000 | Western Michigan University, General Revenue Bonds, Refunding Series 2015A | 5.000 | 11/15/40 | 1,500,241 | |
| 850,000 | Western Michigan University, General Revenue Bonds, Refunding Series 2015A | 5.000 | 11/15/45 | 850,107 | |
| 3,335,000 | Western Michigan University, General Revenue Bonds, Refunding Series 2019A | 5.000 | 11/15/44 | 3,381,581 | |
| 175,000 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996 - NPFG Insured | 5.500 | 05/01/25 | 175,000 | |
| 2,700,000 | Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A - BAM Insured | 5.000 | 10/01/44 | 2,710,671 | |
| TOTAL MICHIGAN | 336,935,925 | ||||
| MINNESOTA - 5.5% (3.3% of Total Investments) | |||||
| 285,000 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A | 4.000 | 08/01/36 | 259,735 | |
| 875,000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Spectrum High School Project, Series 2024 | 5.000 | 07/01/59 | 805,686 | |
| 3,565,000 | Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba Twin Lakes STEM Academy Project, Series 2021A | 5.250 | 06/15/56 | 2,376,650 | |
| 730,000 | Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba Twin Lakes STEM Academy Project, Taxable Series 2021B | 6.000 | 06/15/31 | 687,787 | |
| 350,000 | Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019 | 4.000 | 09/01/39 | 288,791 | |
| 1,700,000 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A | 5.000 | 07/01/36 | 1,595,470 | |
| 4,005,000 | City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 2016 | 5.000 | 10/01/41 | 3,868,276 | |
| 265,000 | (b) | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A | 3.500 | 08/01/25 | 263,999 |
| 1,000,000 | (b) | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A | 5.000 | 08/01/46 | 926,287 |
| 590,000 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A | 5.250 | 07/01/37 | 590,442 | |
| 3,600,000 | (b) | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Seven Hills Preparatory Academy Project, Series 2024A | 6.125 | 06/15/61 | 3,320,571 |
| 2,000,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 4.250 | 02/15/43 | 1,858,812 | |
| 1,300,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/43 | 1,282,703 | |
| 4,050,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/48 | 3,942,212 | |
| 6,650,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.000 | 02/15/53 | 6,410,200 | |
| 3,000,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.250 | 02/15/53 | 3,011,515 |
80 See Notes to Financial Statements
| DESCRIPTION | ||||
|---|---|---|---|---|
| MINNESOTA (continued) | ||||
| $ 7,240,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A | 5.250% | 02/15/58 | $ 7,275,312 |
| 3,600,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Saint Lukes Hospital of Duluth Obligated Group, Series 2022B | 5.250 | 06/15/47 | 3,710,753 |
| 1,980,000 | GFW Independent School District No. 2365, Sibley, Renville, McLeod and Nicollet Counties, Minnesota, General Obligation School Building Bonds, Series 2023A | 5.000 | 02/01/42 | 2,064,326 |
| 1,125,000 | GFW Independent School District No. 2365, Sibley, Renville, McLeod and Nicollet Counties, Minnesota, General Obligation School Building Bonds, Series 2023A | 4.125 | 02/01/52 | 1,070,679 |
| 535,000 | Independence, Minnesota, Charter School Lease Revenue Bonds, Paladin Career & Technical High School Project, Series 2021A | 4.000 | 06/01/41 | 420,898 |
| 9,840,000 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A | 4.000 | 02/01/41 | 9,594,280 |
| 2,800,000 | Itasca County Independent School District 318, Minnesota, General Obligation Bonds, Series 2018A | 4.000 | 02/01/37 | 2,800,604 |
| 1,000,000 | Maple River Independent School District 2135, Minnesota, General Obligation Bonds, School Building Series 2020A | 4.000 | 02/01/50 | 904,090 |
| 405,000 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A | 5.500 | 06/01/57 | 358,702 |
| 2,250,000 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2021 | 4.000 | 11/15/40 | 2,114,405 |
| 2,530,000 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A | 4.000 | 11/15/48 | 2,125,133 |
| 1,000,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019A | 5.000 | 01/01/33 | 1,060,039 |
| 2,245,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019A | 5.000 | 01/01/44 | 2,271,831 |
| 3,500,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019A | 5.000 | 01/01/49 | 3,523,693 |
| 1,630,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C | 5.000 | 01/01/37 | 1,653,400 |
| 7,000,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C | 5.000 | 01/01/46 | 7,024,145 |
| 2,000,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2022A | 4.125 | 01/01/47 | 1,846,618 |
| 2,000,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2022A | 4.250 | 01/01/52 | 1,841,779 |
| 12,345,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2022A | 5.000 | 01/01/52 | 12,534,698 |
| 7,335,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Series 2024A | 5.000 | 01/01/52 | 7,480,572 |
| 5,000,000 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2024A | 5.250 | 01/01/54 | 5,133,715 |
| 610,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2022B | 4.125 | 10/01/42 | 577,040 |
| 1,000,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2022B | 4.125 | 10/01/42 | 945,968 |
| 2,140,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2022B | 5.000 | 10/01/47 | 2,148,219 |
| 1,000,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020D | 4.000 | 08/01/42 | 960,298 |
| 3,165,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021C | 4.000 | 08/01/43 | 2,952,390 |
See Notes to Financial Statements 81
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MINNESOTA (continued) | |||||
| $ 3,805,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2022C | 5.000% | 08/01/41 | $ 3,994,761 | |
| 2,000,000 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A | 5.000 | 12/01/42 | 2,031,488 | |
| 10,325,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019 | 5.000 | 05/01/48 | 10,276,461 | |
| 6,000,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019 | 4.000 | 05/01/49 | 5,206,846 | |
| 4,825,000 | (b) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023 | 5.500 | 03/01/53 | 4,773,166 |
| 2,000,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Refunding Series 2020A | 5.000 | 09/01/55 | 1,834,613 | |
| 2,000,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 5.750 | 09/01/46 | 2,008,476 | |
| 530,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hope Community Academy Project, Series 2020A | 3.875 | 12/01/30 | 455,831 | |
| 4,170,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A | 4.125 | 09/01/47 | 3,523,123 | |
| 1,000,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A | 5.000 | 07/01/29 | 1,001,309 | |
| 4,000,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A | 5.000 | 07/01/31 | 4,003,163 | |
| 3,420,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A | 5.000 | 07/01/33 | 3,420,619 | |
| 595,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A | 4.000 | 11/15/35 | 567,242 | |
| 1,470,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A | 4.000 | 11/15/43 | 1,255,140 | |
| 3,315,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A | 5.000 | 11/15/47 | 3,300,604 | |
| 800,000 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2023-3 | 4.750 | 10/01/43 | 779,818 | |
| 150,000 | Saint Paul, Minnesota, Housing and Redevelopment Authority, Minnesota Charter School Lease Revenue Bonds, Series 2022A | 6.500 | 06/01/29 | 151,679 | |
| 1,070,000 | Saint Paul, Minnesota, Housing and Redevelopment Authority, Minnesota Charter School Lease Revenue Bonds, Series 2022A | 6.375 | 06/01/42 | 1,050,772 | |
| 3,055,000 | Saint Paul, Minnesota, Housing and Redevelopment Authority, Minnesota Charter School Lease Revenue Bonds, Series 2022A | 6.500 | 06/01/57 | 3,003,384 | |
| 850,000 | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, Refunding Series 2017 | 5.000 | 09/01/42 | 767,582 | |
| 4,270,000 | St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2018 | 5.000 | 12/01/43 | 4,109,089 | |
| 3,595,000 | (e) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25) | 5.000 | 11/15/40 | 3,625,869 |
| 5,315,000 | (e) | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-refunded 11/15/25) | 5.000 | 11/15/44 | 5,360,638 |
| 300,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 5.000 | 08/01/32 | 301,780 | |
| 150,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 5.000 | 08/01/33 | 150,809 |
82 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MINNESOTA (continued) | |||||
| $ 250,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 5.000% | 08/01/35 | $ 251,042 | |
| 600,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 4.000 | 08/01/39 | 549,390 | |
| 2,000,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 | 5.000 | 08/01/49 | 1,909,859 | |
| 3,000,000 | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018A | 5.000 | 01/01/49 | 3,026,916 | |
| 730,000 | Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016 | 4.750 | 06/01/46 | 599,590 | |
| TOTAL MINNESOTA | 189,173,782 | ||||
| MISSISSIPPI - 0.1% (0.1% of Total Investments) | |||||
| 4,500,000 | Medical Center Educational Building Corporation, Mississippi, Revenue Bonds, University of Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A | 4.000 | 06/01/47 | 4,125,946 | |
| TOTAL MISSISSIPPI | 4,125,946 | ||||
| MISSOURI - 5.5% (3.3% of Total Investments) | |||||
| 2,470,000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016 | 4.000 | 08/01/33 | 1,989,407 | |
| 4,590,000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016 | 5.000 | 08/01/35 | 3,850,199 | |
| 3,700,000 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017 | 5.000 | 10/01/47 | 3,386,460 | |
| 2,000,000 | Hazelwood School District, St. Louis County, Missouri, General Obligation Bonds, Refunding and Improvement Series 2023A - BAM Insured | 5.000 | 03/01/42 | 2,082,185 | |
| 6,940,000 | (a) | Jackson County, Missouri, Special Obligation Bonds, Series 2023A, (UB) | 5.250 | 12/01/47 | 7,258,950 |
| 8,150,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/27 | 7,571,873 | |
| 5,000,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/31 | 3,935,506 | |
| 2,475,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A | 4.000 | 01/01/38 | 2,432,631 | |
| 4,470,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A | 4.000 | 01/01/42 | 4,163,738 | |
| 1,475,000 | Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2021A | 5.000 | 04/01/40 | 1,547,803 | |
| 1,750,000 | Kansas City, Missouri, Water Revenue Bonds, Series 2023A | 4.000 | 12/01/47 | 1,626,269 | |
| 2,490,000 | Maryland Heights, Missouri, Tax Increment and Special District Revenue Bonds, Westport Plaza Redevelopment Area, Series 2020 | 4.125 | 11/01/38 | 2,305,696 | |
| 2,450,000 | Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding Improvement Series 2022B | 5.250 | 05/01/52 | 2,565,664 | |
| 2,695,000 | Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2019B | 5.000 | 05/01/44 | 2,774,694 | |
| 2,160,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence Annual Appropriation Electric System, Refunding Series 2022 - AGM Insured | 5.000 | 06/01/34 | 2,316,549 | |
| 3,000,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Refunding Series 1998A | 2.900 | 09/01/33 | 2,665,098 | |
| 1,350,000 | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Lukes Health System, Inc., Series 2016 | 5.000 | 11/15/35 | 1,363,200 | |
| 1,400,000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2017A | 5.000 | 06/01/42 | 1,410,607 |
See Notes to Financial Statements 83
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MISSOURI (continued) | |||||
| $ 1,830,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021A | 4.000% | 07/01/40 | $ 1,764,478 | |
| 14,000,000 | (a) | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A, (UB) | 4.000 | 04/01/45 | 12,718,066 |
| 1,500,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2013C, (Mandatory Put 1/01/46) | 4.000 | 01/01/50 | 1,340,878 | |
| 4,165,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A | 4.000 | 11/15/44 | 3,863,071 | |
| 4,220,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A | 4.000 | 11/15/49 | 3,694,820 | |
| 17,300,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A | 5.000 | 11/15/48 | 16,750,990 | |
| 5,110,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A | 5.000 | 11/15/39 | 5,116,953 | |
| 1,400,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F | 5.000 | 11/15/45 | 1,380,578 | |
| 1,050,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C | 4.000 | 11/15/36 | 1,031,726 | |
| 2,980,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C | 4.000 | 11/15/37 | 2,905,185 | |
| 2,620,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C | 5.000 | 11/15/42 | 2,635,606 | |
| 2,500,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C | 5.000 | 11/15/47 | 2,503,220 | |
| 28,565,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2020 | 4.000 | 06/01/53 | 23,504,096 | |
| 1,500,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A | 4.000 | 02/15/44 | 1,376,582 | |
| 2,000,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A | 4.000 | 02/15/49 | 1,802,660 | |
| 8,725,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A | 4.000 | 02/15/54 | 7,583,846 | |
| 3,000,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2022A | 4.000 | 06/01/52 | 2,668,504 | |
| 10,000,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Childrens Mercy Hospital, Series 2017A | 4.000 | 05/15/42 | 9,244,659 | |
| 1,150,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A | 5.000 | 02/01/46 | 1,086,726 | |
| 700,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B | 5.000 | 02/01/34 | 701,294 | |
| 1,950,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019A | 5.000 | 02/01/42 | 1,951,915 | |
| 1,500,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019C | 5.000 | 02/01/42 | 1,502,978 | |
| 1,000,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019C | 4.000 | 02/01/48 | 813,390 | |
| 1,000,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2024A | 5.250 | 02/01/54 | 986,102 | |
| 5,000,000 | Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds, Series 2022 | 5.000 | 03/01/41 | 5,186,234 | |
| 2,000,000 | Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds, Series 2022 | 5.000 | 03/01/42 | 2,058,403 | |
| 1,675,000 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refudning Series 2016C | 4.000 | 12/01/31 | 1,678,133 | |
| 2,535,000 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refudning Series 2016C | 5.000 | 12/01/32 | 2,550,423 | |
| 3,500,000 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016 | 5.000 | 11/15/41 | 3,300,400 | |
| 220,000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A | 5.875 | 09/01/43 | 220,009 |
84 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| MISSOURI (continued) | |||||
| $ 7,250,000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2018A | 5.250% | 09/01/53 | $ 6,980,000 | |
| 2,300,000 | (b) | Taney County Industrial Development Authority, Missouri, Sales Tax Revenue Improvement Bonds, Big Cedar Infrastructure Project Series 2023 | 6.000 | 10/01/49 | 2,182,461 |
| 500,000 | The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A | 3.875 | 11/15/29 | 478,379 | |
| TOTAL MISSOURI | 188,809,294 | ||||
| MONTANA - 0.6% (0.3% of Total Investments) | |||||
| 2,975,000 | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A | 5.250 | 05/15/47 | 2,523,063 | |
| 4,965,000 | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B | 5.000 | 07/01/48 | 4,918,628 | |
| 3,310,000 | Montana Facility Finance Authority, Montana, Health Facilities Reveue Bonds, Bozeman Deaconess Health Services Obligated Group, Series 2018 | 5.000 | 06/01/48 | 3,275,614 | |
| 1,825,000 | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 2018A | 5.000 | 08/15/48 | 1,807,217 | |
| 6,130,000 | Montana State Board of Regents of Higher Education, General Revenue Bonds, Series 2022 - AGM Insured | 5.250 | 11/15/52 | 6,410,106 | |
| TOTAL MONTANA | 18,934,628 | ||||
| NEBRASKA - 1.2% (0.7% of Total Investments) | |||||
| 14,165,000 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A | 5.000 | 09/01/42 | 14,725,758 | |
| 3,500,000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 5.000 | 11/01/45 | 3,452,713 | |
| 1,900,000 | Douglas County School District 54, Ralston, Nebraska, General Obligation Bonds, Series 2023 | 5.000 | 12/15/48 | 1,959,561 | |
| 2,150,000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A | 5.000 | 07/01/29 | 2,187,737 | |
| 2,000,000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A | 5.000 | 07/01/30 | 2,033,509 | |
| 1,000,000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/32 | 1,000,229 | |
| 820,000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/33 | 820,194 | |
| 2,000,000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/34 | 2,000,429 | |
| 5,110,000 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2016A | 5.000 | 04/01/38 | 5,223,638 | |
| 8,500,000 | (a) | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Social Series 2024C, (UB) | 4.800 | 09/01/54 | 8,459,210 |
| TOTAL NEBRASKA | 41,862,978 | ||||
| NEVADA - 1.2% (0.7% of Total Investments) | |||||
| 6,480,000 | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A | 5.000 | 09/01/47 | 6,276,397 | |
| 7,525,000 | Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax Additionally Secured by Pledged Revenues, Series 2018A | 5.000 | 05/01/48 | 7,577,054 | |
| 365,000 | (b) | 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 | 360,890 |
| 2,170,000 | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/26 | 2,161,024 |
See Notes to Financial Statements 85
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEVADA (continued) | |||||
| $ 1,445,000 | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000% | 09/01/27 | $ 1,426,267 | |
| 2,500,000 | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/29 | 2,418,450 | |
| 2,745,000 | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016 | 4.000 | 09/01/30 | 2,619,630 | |
| 18,000,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B | 5.000 | 07/01/43 | 18,179,712 | |
| TOTAL NEVADA | 41,019,424 | ||||
| NEW HAMPSHIRE - 0.2% (0.1% of Total Investments) | |||||
| 1,500,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2017 | 5.000 | 10/01/47 | 1,499,588 | |
| 1,115,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2018A | 5.000 | 08/01/36 | 1,132,687 | |
| 2,935,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2018A | 5.000 | 08/01/37 | 2,975,114 | |
| TOTAL NEW HAMPSHIRE | 5,607,389 | ||||
| NEW JERSEY - 7.5% (4.5% of Total Investments) | |||||
| 10,600,000 | New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation Projects Sublease, Refunding Series 2017B | 5.000 | 11/01/25 | 10,682,027 | |
| 6,000,000 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Montclair Properties LLC, Montclair State University Student Housing Project, Refunding Series 2017 - AGM Insured | 5.000 | 06/01/42 | 6,036,987 | |
| 20,890,000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) | 5.500 | 06/15/30 | 21,718,746 |
| 370,000 | (e) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2018EEE, (Pre-refunded 12/15/28) | 5.000 | 06/15/43 | 396,900 |
| 2,515,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2018EEE | 5.000 | 06/15/43 | 2,547,171 | |
| 2,415,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ | 4.000 | 06/15/50 | 2,109,179 | |
| 2,500,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A | 5.000 | 07/01/37 | 2,538,031 | |
| 26,320,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A | 5.000 | 07/01/43 | 26,250,728 | |
| 12,775,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Series 2021A | 4.000 | 07/01/51 | 11,549,246 | |
| 3,050,000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1 | 5.000 | 06/15/28 | 3,101,270 | |
| 7,795,000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1 | 5.000 | 06/15/29 | 7,915,592 | |
| 5,450,000 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB | 4.000 | 06/15/46 | 4,888,565 | |
| 4,390,000 | (e) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022CC, (Pre-refunded 12/15/32) | 5.500 | 06/15/50 | 5,082,961 |
| 4,000,000 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023AA | 5.000 | 06/15/40 | 4,206,165 | |
| 4,890,000 | (a) | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023BB, (UB) | 5.250 | 06/15/50 | 5,068,151 |
| 5,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/26 | 4,724,468 | |
| 16,495,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/33 | 11,733,505 | |
| 1,815,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C | 0.000 | 12/15/26 | 1,718,267 |
86 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEW JERSEY (continued) | |||||
| $ 10,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - FGIC Insured | 0.000% | 12/15/30 | $ 8,109,595 | |
| 38,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured | 0.000 | 12/15/33 | 27,145,319 | |
| 45,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/35 | 28,877,152 | |
| 10,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/36 | 6,090,197 | |
| 5,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A | 5.000 | 12/15/32 | 5,266,659 | |
| 5,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB | 4.000 | 06/15/44 | 4,563,150 | |
| 12,370,000 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1 - AGM Insured | 5.250 | 01/01/26 | 12,560,571 | |
| 1,160,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B | 4.000 | 01/01/34 | 1,160,159 | |
| 1,500,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G | 4.000 | 01/01/33 | 1,502,450 | |
| 5,500,000 | (a) | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2022B, (UB) | 5.000 | 01/01/46 | 5,706,117 |
| 3,000,000 | Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A - NPFG Insured | 0.000 | 09/01/25 | 2,964,826 | |
| 5,000,000 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series 2022A | 5.250 | 11/01/52 | 5,134,569 | |
| 10,355,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/46 | 10,221,727 | |
| 4,710,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.250 | 06/01/46 | 4,729,707 | |
| 2,280,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B | 5.000 | 06/01/46 | 2,213,393 | |
| TOTAL NEW JERSEY | 258,513,550 | ||||
| NEW MEXICO - 0.1% (0.1% of Total Investments) | |||||
| 3,955,000 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2019A | 4.000 | 08/01/48 | 3,509,161 | |
| 1,000,000 | University of New Mexico, Revenue Bonds, System Improvement Series 2023 - AGM Insured | 5.500 | 06/01/53 | 1,069,373 | |
| TOTAL NEW MEXICO | 4,578,534 | ||||
| NEW YORK - 12.2% (7.3% of Total Investments) | |||||
| 7,000,000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009 | 0.000 | 07/15/45 | 2,482,570 | |
| 900,000 | (e) | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 07/01/50 | 902,221 |
| 11,930,000 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A | 5.000 | 07/01/50 | 11,959,441 | |
| 1,000,000 | (b) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/33 | 981,724 |
| 10,000,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2022A | 4.000 | 03/15/39 | 9,643,920 | |
| 3,980,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2022A | 5.000 | 03/15/46 | 4,103,336 | |
| 15,355,000 | (a) | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2022A, (UB) | 5.000 | 03/15/46 | 15,830,838 |
| 4,115,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2022A | 4.000 | 03/15/49 | 3,744,921 | |
| 14,800,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019A. Bidding Group 1,2,3,4 | 4.000 | 03/15/48 | 13,389,896 | |
| 36,975,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019D | 4.000 | 02/15/47 | 34,046,554 | |
| 10,000,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018E Group 2 | 5.000 | 03/15/40 | 10,245,358 | |
| 5,000,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A | 5.000 | 03/15/54 | 5,167,201 |
See Notes to Financial Statements 87
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEW YORK (continued) | |||||
| $ 1,645,000 | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2022A | 5.250% | 12/01/52 | $ 1,654,380 | |
| 10,000,000 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005 | 5.250 | 10/01/35 | 11,173,191 | |
| 5,000,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018 | 5.000 | 09/01/37 | 5,185,526 | |
| 15,000,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Green Series 2024B-1 | 5.000 | 11/15/49 | 15,532,661 | |
| 8,620,000 | (a) | Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2023A, (UB) | 5.000 | 07/01/53 | 8,996,714 |
| 5,000,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series EE | 4.000 | 06/15/42 | 4,726,151 | |
| 5,500,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2020 Series GG-1 | 4.000 | 06/15/50 | 5,031,294 | |
| 6,140,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series AA-1 | 5.250 | 06/15/53 | 6,482,612 | |
| 5,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1 | 5.000 | 08/01/40 | 5,105,058 | |
| 6,300,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2021 Subseries C-1 | 4.000 | 05/01/46 | 5,762,896 | |
| 10,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2021 Subseries E-1 | 4.000 | 02/01/42 | 9,469,440 | |
| 13,000,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1 | 5.000 | 02/01/47 | 13,401,501 | |
| 11,500,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1 | 5.000 | 02/01/51 | 11,765,345 | |
| 2,060,000 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1 | 5.000 | 12/01/41 | 2,078,877 | |
| 10,370,000 | New York City, New York, General Obligation Bonds, Fiscal 2020 Series A-1 | 4.000 | 08/01/42 | 9,584,964 | |
| 3,500,000 | New York City, New York, General Obligation Bonds, Fiscal 2020 Series D-1 | 4.000 | 03/01/50 | 3,098,695 | |
| 12,000,000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1 | 4.000 | 03/01/47 | 10,724,899 | |
| 12,000,000 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1 | 5.000 | 08/01/47 | 12,295,134 | |
| 5,365,000 | (a) | New York City, New York, General Obligation Bonds, Fiscal 2024 Series A, (UB) | 5.000 | 08/01/51 | 5,519,388 |
| 5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 1996J | 5.500 | 02/15/26 | 5,008 | |
| 5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 1997H | 6.125 | 08/01/25 | 5,009 | |
| 23,920,000 | (b) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 23,816,929 |
| 1,590,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by Port Authority Consolidated Bonds, Refunding Series 1WTC-2021 - BAM Insured | 4.000 | 02/15/43 | 1,468,539 | |
| 5,900,000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A | 4.000 | 03/15/50 | 5,386,979 | |
| 4,000,000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Transportation Series 2021A-1 | 4.000 | 03/15/44 | 3,717,962 | |
| 10,000,000 | (a) | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Green Series 2023A, (UB) | 5.000 | 03/15/63 | 10,241,861 |
| 25,035,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2022A | 5.000 | 03/15/45 | 26,114,877 | |
| 5,500,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2022A | 5.000 | 03/15/46 | 5,715,971 |
88 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NEW YORK (continued) | |||||
| $ 7,500,000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 2019A | 5.000% | 03/15/40 | $ 7,713,656 | |
| 9,385,000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 2024A | 5.000 | 03/15/49 | 9,698,786 | |
| 5,000,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A | 5.000 | 11/15/50 | 5,003,260 | |
| 10,725,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A | 0.000 | 11/15/31 | 8,351,206 | |
| 1,105,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A | 0.000 | 11/15/32 | 822,178 | |
| 1,300,000 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2020A | 5.000 | 11/15/54 | 1,315,824 | |
| 3,265,000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2022 A | 5.000 | 05/15/44 | 3,404,247 | |
| 9,695,000 | (a) | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2022A - BAM Insured, (UB) | 5.000 | 05/15/57 | 9,950,849 |
| 4,360,000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA Capital Lockbox Fund, Series 2025A | 5.000 | 12/01/46 | 4,527,008 | |
| 6,500,000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-City Sales Tax, Series 2022A | 5.000 | 05/15/47 | 6,704,357 | |
| 12,000,000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-City Sales Tax, Series 2022A | 5.250 | 05/15/52 | 12,509,438 | |
| 10,000,000 | (a) | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-City Sales Tax, Series 2024A-1 - BAM Insured, (UB) | 5.250 | 05/15/59 | 10,485,736 |
| 5,000,000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 | 5.000 | 06/01/45 | 4,550,926 | |
| 820,000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023 - AGM Insured | 5.750 | 11/01/48 | 887,845 | |
| TOTAL NEW YORK | 422,485,157 | ||||
| NORTH CAROLINA - 3.4% (2.1% of Total Investments) | |||||
| 1,000,000 | Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A | 5.000 | 06/01/30 | 1,000,864 | |
| 730,000 | Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A | 5.000 | 06/01/31 | 730,614 | |
| 1,365,000 | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017A | 5.000 | 07/01/42 | 1,378,184 | |
| 5,390,000 | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017A | 5.000 | 07/01/47 | 5,421,243 | |
| 5,000,000 | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023A | 5.000 | 07/01/48 | 5,163,908 | |
| 2,325,000 | Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015 | 5.000 | 07/01/40 | 2,327,651 | |
| 4,000,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing Business as Atrium Health, Refunding Series 2018A | 5.000 | 01/15/36 | 4,168,710 | |
| 2,000,000 | (e) | Greensboro, North Carolina, Limited Obligation Bonds, Coliseum Complex Project, Series 2018A, (Pre-refunded 4/01/28) | 5.000 | 04/01/42 | 2,113,720 |
| 500,000 | Henderson County, North Carolina, Limited Obligation Bonds, Series 2015 | 5.000 | 10/01/31 | 502,997 | |
| 6,140,000 | (e) | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017, (Pre-refunded 10/01/27) | 5.000 | 10/01/47 | 6,418,449 |
| 1,800,000 | North Carolina Agricultural & Technical State University, General Revenue Bonds, Refunding Series 2015A | 5.000 | 10/01/40 | 1,807,263 | |
| 2,500,000 | North Carolina Agricultural & Technical State University, General Revenue Bonds, Series 2023 | 5.000 | 10/01/52 | 2,567,730 |
See Notes to Financial Statements 89
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NORTH CAROLINA (continued) | |||||
| $ 3,900,000 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B | 5.000% | 07/01/42 | $ 3,913,290 | |
| 1,605,000 | (e) | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A, (Pre-refunded 10/01/25) | 5.000 | 10/01/55 | 1,617,297 |
| 9,485,000 | (a),(e) | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A, (Pre-refunded 10/01/25), (UB) | 5.000 | 10/01/55 | 9,557,673 |
| 5,000,000 | North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2016 | 4.000 | 01/01/37 | 4,990,579 | |
| 2,500,000 | North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Series 2018 | 5.000 | 01/01/48 | 2,529,220 | |
| 700,000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016 | 5.000 | 10/01/31 | 704,632 | |
| 2,720,000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016 | 5.000 | 10/01/37 | 2,722,036 | |
| 3,000,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A | 5.000 | 12/01/45 | 3,003,836 | |
| 1,545,000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A | 5.000 | 01/01/28 | 1,559,105 | |
| 1,500,000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A | 5.000 | 01/01/32 | 1,511,760 | |
| 835,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/28 | 731,921 | |
| 800,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/30 | 637,272 | |
| 850,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/31 | 643,616 | |
| 2,400,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/33 | 1,641,015 | |
| 3,160,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/36 | 1,844,604 | |
| 3,100,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/37 | 1,716,726 | |
| 1,900,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/40 | 887,772 | |
| 2,200,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017 - AGM Insured | 5.000 | 01/01/39 | 2,228,910 | |
| 1,000,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018 | 5.000 | 01/01/40 | 1,020,382 | |
| 150,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B - AGC Insured | 0.000 | 01/01/31 | 121,841 | |
| 4,375,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B - AGC Insured | 0.000 | 01/01/33 | 3,258,629 | |
| 2,300,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B - AGC Insured | 0.000 | 01/01/34 | 1,634,167 | |
| 2,380,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B - AGC Insured | 0.000 | 01/01/35 | 1,611,846 | |
| 7,575,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B - AGC Insured | 0.000 | 01/01/37 | 4,623,609 | |
| 1,470,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B - AGC Insured | 0.000 | 01/01/38 | 848,954 | |
| 10,000,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019 | 5.000 | 01/01/49 | 9,934,843 | |
| 3,040,000 | Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015 | 5.000 | 06/01/33 | 3,042,338 | |
| 2,500,000 | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016A | 4.000 | 03/01/46 | 2,378,133 | |
| 1,250,000 | Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2017 | 4.000 | 09/01/35 | 1,222,758 |
90 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| NORTH CAROLINA (continued) | |||||
| $ 1,265,000 | Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2017 | 4.000% | 09/01/36 | $ 1,233,796 | |
| 1,000,000 | Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2017 | 4.000 | 09/01/37 | 972,474 | |
| 4,735,000 | University of North Carolina, Charlotte, General Revenue Bonds, Series 2017 | 5.000 | 10/01/42 | 4,805,701 | |
| 4,765,000 | University of North Carolina, Greensboro, General Revenue Bonds, Series 2018 | 5.000 | 04/01/43 | 4,833,831 | |
| 1,250,000 | Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A | 5.000 | 10/01/45 | 1,255,198 | |
| TOTAL NORTH CAROLINA | 118,841,097 | ||||
| NORTH DAKOTA - 1.3% (0.8% of Total Investments) | |||||
| 1,000,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A | 5.000 | 12/01/37 | 1,002,994 | |
| 8,525,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A | 5.000 | 12/01/42 | 8,442,103 | |
| 7,070,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A | 4.000 | 12/01/47 | 5,865,903 | |
| 1,800,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2021 | 4.000 | 12/01/51 | 1,542,246 | |
| 645,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2023A - AGM Insured | 5.000 | 12/01/53 | 649,112 | |
| 900,000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017 | 5.000 | 12/01/36 | 854,026 | |
| 13,000,000 | (a) | North Dakota Housing Finance Agency, Home Mortgage Program Revenue Bonds, Social Series 2024D, (UB) | 4.650 | 07/01/49 | 12,855,032 |
| 2,700,000 | University of North Dakota, Certificates of Participation, Housing Infrastructure Project, Series 2021A - AGM Insured | 4.000 | 06/01/51 | 2,346,167 | |
| 11,065,000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/43 | 10,493,987 | |
| 975,666 | (c) | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013 | 7.750 | 09/01/38 | 102,445 |
| TOTAL NORTH DAKOTA | 44,154,015 | ||||
| OHIO - 3.6% (2.2% of Total Investments) | |||||
| 3,020,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016 | 5.250 | 11/15/41 | 3,040,734 | |
| 8,255,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016 | 5.250 | 11/15/46 | 8,286,457 | |
| 10,940,000 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & Improvement Series 2015A | 5.000 | 11/01/43 | 10,941,271 | |
| 8,655,000 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A | 4.000 | 08/01/38 | 8,234,806 | |
| 10,000,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2 | 11.310 | 06/01/57 | 956,781 | |
| 1,095,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 4.000 | 06/01/48 | 919,944 | |
| 11,500,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 | 5.000 | 06/01/55 | 10,050,253 | |
| 5,000,000 | Cleveland Clinic Health System Obligated Group, Ohio, Martin County Health Facilities Authority, Hospital Revenue Bonds, Series 2019B | 4.000 | 01/01/43 | 4,713,156 | |
| 2,750,000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025B | 5.000 | 01/01/45 | 2,848,853 | |
| 2,335,000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025B | 5.250 | 01/01/50 | 2,446,647 |
See Notes to Financial Statements 91
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| OHIO (continued) | |||||
| $ 5,165,000 | Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2018 | 4.000% | 12/01/38 | $ 4,986,064 | |
| 5,975,000 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013 | 5.000 | 06/15/43 | 5,061,019 | |
| 1,500,000 | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities Project, Series 2017A | 5.000 | 01/01/47 | 1,459,086 | |
| 1,120,000 | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities Project, Series 2017A | 5.000 | 01/01/52 | 1,076,292 | |
| 3,425,000 | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & Improvement Series 2016 | 5.000 | 01/01/46 | 3,329,839 | |
| 6,000,000 | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & Improvement Series 2016 | 5.000 | 01/01/51 | 5,737,089 | |
| 3,000,000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A | 5.000 | 08/15/42 | 3,014,408 | |
| 5,000,000 | Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Refunding Improvement Series 2019 | 5.000 | 08/01/49 | 4,933,685 | |
| 6,000,000 | Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured | 5.250 | 12/01/31 | 6,538,073 | |
| 3,000,000 | Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 2018A | 5.000 | 12/01/48 | 3,000,062 | |
| 1,755,000 | (a) | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A, (UB) | 4.550 | 09/01/49 | 1,729,151 |
| 3,195,000 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Fixed Interest Rate Series 2020A | 5.000 | 01/15/50 | 3,181,112 | |
| 7,065,000 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2021A | 4.000 | 01/15/46 | 6,470,793 | |
| 7,550,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3 | 5.800 | 02/15/36 | 8,470,707 | |
| 2,400,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Green Series 2023B | 5.000 | 12/01/43 | 2,536,872 | |
| 4,250,000 | Pickerington Local School District, Fairfield and Franklin Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement, Series 2023 | 5.250 | 12/01/59 | 4,434,071 | |
| 4,190,000 | Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007 - AGM Insured | 5.250 | 12/01/26 | 4,319,864 | |
| 3,670,000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 6.000 | 03/01/45 | 3,542,664 | |
| TOTAL OHIO | 126,259,753 | ||||
| OKLAHOMA - 1.4% (0.9% of Total Investments) | |||||
| 3,135,000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 3,147,100 | |
| 6,340,000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 6,362,625 | |
| 9,040,000 | (a) | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2024B, (UB) | 4.600 | 09/01/44 | 9,010,940 |
| 3,080,000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.250 | 01/01/47 | 3,293,591 | |
| 25,000,000 | (a) | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A, (UB) | 5.500 | 01/01/54 | 26,946,855 |
| 1,125,000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Refunding Series 2017 | 5.250 | 11/15/37 | 1,129,876 | |
| TOTAL OKLAHOMA | 49,890,987 |
92 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| OREGON - 3.1% (1.9% of Total Investments) | |||||
| $ 1,035,000 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 | 5.250% | 08/01/49 | $ 1,058,451 | |
| 760,000 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A | 5.000 | 06/15/38 | 773,341 | |
| 1,000,000 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A | 5.000 | 06/15/39 | 1,015,926 | |
| 1,725,000 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A | 5.000 | 06/15/40 | 1,749,672 | |
| 1,185,000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A | 5.375 | 11/15/55 | 1,108,926 | |
| 4,170,000 | Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A | 4.000 | 08/01/45 | 3,904,484 | |
| 2,250,000 | Eugene, Oregon, Water Utility System Revenue Bonds, Series 2023 | 5.000 | 08/01/52 | 2,331,774 | |
| 2,820,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A | 5.000 | 06/01/46 | 2,783,336 | |
| 7,895,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2022A | 5.000 | 06/01/52 | 7,900,517 | |
| 6,275,000 | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A | 5.000 | 10/01/35 | 6,281,495 | |
| 2,120,000 | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A | 5.000 | 10/01/46 | 2,095,719 | |
| 140,000 | (e) | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A, (Pre-refunded 10/01/26) | 5.000 | 10/01/46 | 143,610 |
| 23,400,000 | Oregon Health and Science University, Revenue Bonds, Green Series 2021A | 4.000 | 07/01/51 | 21,329,456 | |
| 4,100,000 | Port of Portland, Oregon, Portland International Airport, Revenue Bonds, Series 2019 25A | 5.000 | 07/01/49 | 4,127,754 | |
| 3,250,000 | (a) | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Refunding Series 2025A, (UB) | 5.000 | 10/01/49 | 3,379,519 |
| 2,500,000 | (a) | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Refunding Series 2025A, (UB) | 5.000 | 10/01/54 | 2,571,410 |
| 4,000,000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Refunding Series 2016A | 4.000 | 05/15/41 | 3,592,748 | |
| 13,220,000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Refunding Series 2016A | 5.000 | 05/15/46 | 13,051,073 | |
| 8,005,000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Series 2019A | 5.000 | 05/15/44 | 8,091,880 | |
| 10,805,000 | Tualatin Valley Water District, Oregon, Water Revenue Bonds, Series 2023 | 5.000 | 06/01/48 | 11,147,644 | |
| 10,000,000 | University of Oregon, General Revenue Bonds, Series 2020A | 5.000 | 04/01/50 | 10,232,080 | |
| TOTAL OREGON | 108,670,815 | ||||
| PENNSYLVANIA - 6.3% (3.8% of Total Investments) | |||||
| 1,670,000 | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B | 4.000 | 06/01/45 | 1,571,629 | |
| 2,000,000 | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B | 4.000 | 06/01/50 | 1,808,615 | |
| 3,155,000 | Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998 - AGM Insured | 0.000 | 05/15/26 | 3,043,943 | |
| 4,145,000 | Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998 - AGM Insured | 0.000 | 11/15/26 | 3,930,429 | |
| 2,800,000 | Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998 - AGM Insured | 0.000 | 05/15/28 | 2,514,272 | |
| 3,000,000 | Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998 - AGM Insured | 0.000 | 11/15/28 | 2,645,061 | |
| 1,200,000 | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2018A | 5.000 | 11/15/42 | 1,204,018 | |
| 895,000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 | 5.000 | 06/01/34 | 916,161 |
See Notes to Financial Statements 93
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| PENNSYLVANIA (continued) | |||||
| $ 3,595,000 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017 | 5.000% | 07/01/42 | $ 3,641,083 | |
| 5,000,000 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017 | 5.000 | 07/01/47 | 5,009,207 | |
| 95,000 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B - AMBAC Insured | 5.700 | 07/01/27 | 99,822 | |
| 5,000,000 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, Series 2021 | 5.000 | 11/01/51 | 4,951,553 | |
| 4,915,000 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement Community, Series 2017A | 5.000 | 12/01/47 | 3,912,811 | |
| 4,480,000 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B | 0.000 | 12/01/31 | 3,495,483 | |
| 5,180,000 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B | 0.000 | 12/01/32 | 3,863,779 | |
| 5,210,000 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A | 5.000 | 09/01/43 | 5,235,896 | |
| 1,000,000 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2019 | 4.000 | 09/01/44 | 904,012 | |
| 2,905,000 | Neshaminy School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2022 | 4.000 | 11/01/43 | 2,762,362 | |
| 630,207 | (c) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2 | 2.200 | 06/30/27 | 277,291 |
| 347,128 | (c) | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, (cash 5.000%, PIK 5.000%) | 0.900 | 06/30/27 | 62,483 |
| 2,525,000 | Pennsylvania Economic Development Financing Authority, Pennsylvania, Revenue Bonds, Villanova University Project, Series 2024 | 5.000 | 08/01/49 | 2,627,839 | |
| 10,000,000 | (a) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-1, (UB) | 5.000 | 11/01/51 | 10,176,475 |
| 5,910,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2019 | 4.000 | 08/15/44 | 5,447,317 | |
| 5,250,000 | (a) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-144A, (UB) | 4.650 | 10/01/51 | 5,250,868 |
| 16,000,000 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2021A | 4.000 | 12/01/51 | 14,729,576 | |
| 16,805,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E | 6.375 | 12/01/38 | 17,738,294 | |
| 6,580,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B | 5.000 | 12/01/40 | 6,594,822 | |
| 8,510,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B | 5.000 | 12/01/45 | 8,523,666 | |
| 5,800,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2019A | 5.000 | 12/01/49 | 5,877,816 | |
| 6,500,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021B | 5.000 | 12/01/46 | 6,683,581 | |
| 17,375,000 | (a) | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2023A, (UB) | 5.250 | 12/01/53 | 18,259,389 |
| 19,250,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C - AGM Insured | 6.250 | 06/01/33 | 19,813,268 | |
| 7,000,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A | 4.000 | 12/01/49 | 6,090,421 | |
| 7,475,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A | 4.000 | 12/01/45 | 6,779,647 | |
| 1,445,000 | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/37 | 1,424,875 |
94 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| PENNSYLVANIA (continued) | |||||
| $ 7,500,000 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2021A - BAM Insured | 4.000% | 09/01/46 | $ 6,961,297 | |
| 3,410,000 | (e) | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A - AMBAC Insured, (ETM) | 5.125 | 08/01/27 | 3,552,418 |
| 12,500,000 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2024C | 5.250 | 09/01/54 | 13,035,869 | |
| 8,135,000 | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2019A | 4.000 | 06/01/49 | 7,004,074 | |
| TOTAL PENNSYLVANIA | 218,421,422 | ||||
| PUERTO RICO - 2.1% (1.2% of Total Investments) | |||||
| 3,996,324 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip 74529JAP0 | 0.000 | 08/01/54 | 767,893 | |
| 625,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS - SYNCORA GTY Insured | 5.000 | 07/01/25 | 624,438 | |
| 5,281,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 5,183,276 | |
| 6,000,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/51 | 1,424,451 | |
| 23,031,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 21,412,363 | |
| 24,161,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 23,115,720 | |
| 1,370,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A | 4.550 | 07/01/40 | 1,295,061 | |
| 5,000,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 4,701,420 | |
| 5,951,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 5,595,631 | |
| 8,291,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 7,653,283 | |
| TOTAL PUERTO RICO | 71,773,536 | ||||
| RHODE ISLAND - 1.0% (0.6% of Total Investments) | |||||
| 3,000,000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue Series 2024 | 5.250 | 05/15/54 | 3,035,032 | |
| 1,315,000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016 | 5.000 | 05/15/39 | 1,316,025 | |
| 174,390,000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A | 0.000 | 06/01/52 | 31,495,409 | |
| TOTAL RHODE ISLAND | 35,846,466 | ||||
| SOUTH CAROLINA - 4.0% (2.4% of Total Investments) | |||||
| 5,000,000 | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2024B | 5.250 | 07/01/54 | 5,249,341 | |
| 25,200,000 | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2024B, (UB) | 5.250 | 07/01/54 | 26,456,679 | |
| 1,290,000 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016 | 5.000 | 11/01/41 | 1,292,023 | |
| 4,000,000 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016 | 5.000 | 11/01/46 | 3,950,562 | |
| 26,955,000 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured | 0.000 | 01/01/31 | 21,640,673 | |
| 15,420,000 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AMBAC Insured | 0.000 | 01/01/32 | 11,849,530 | |
| 4,000,000 | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2024A | 5.000 | 01/01/54 | 4,056,792 | |
| 1,370,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A | 5.000 | 04/01/54 | 1,310,229 | |
| 1,000,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Riverwalk Academy Project Series 2023A | 7.000 | 06/15/43 | 1,018,417 |
See Notes to Financial Statements 95
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | ||||
|---|---|---|---|---|
| SOUTH CAROLINA (continued) | ||||
| $ 1,095,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Riverwalk Academy Project Series 2023A | 7.125% | 06/15/53 | $ 1,112,129 |
| 12,000,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series 2020A | 4.000 | 12/01/44 | 11,052,705 |
| 9,030,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 5.000 | 11/01/43 | 9,092,227 |
| 6,210,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 4.000 | 11/01/48 | 5,574,405 |
| 5,195,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health Projects, Refunding & Improvement Series 2018 | 5.000 | 11/01/48 | 5,195,589 |
| 6,800,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B | 5.000 | 12/01/46 | 6,806,049 |
| 10,000,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B | 5.000 | 12/01/56 | 9,988,194 |
| 5,000,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A | 4.000 | 12/01/52 | 4,318,023 |
| 8,686,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022B | 4.000 | 12/01/39 | 8,313,558 |
| TOTAL SOUTH CAROLINA | 138,277,125 | |||
| SOUTH DAKOTA - 1.2% (0.7% of Total Investments) | ||||
| 4,000,000 | Clay County, South Dakota, General Obligation Bonds, Series 2023 | 5.000 | 12/01/52 | 4,076,760 |
| 3,000,000 | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 2017 | 5.000 | 11/01/42 | 2,685,725 |
| 3,150,000 | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 2017 | 5.125 | 11/01/47 | 2,747,758 |
| 22,800,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc., Series 2020A | 4.000 | 09/01/50 | 20,145,120 |
| 2,500,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B | 5.000 | 11/01/44 | 2,467,016 |
| 9,325,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015 | 5.000 | 11/01/45 | 9,331,961 |
| TOTAL SOUTH DAKOTA | 41,454,340 | |||
| TENNESSEE - 1.7% (1.0% of Total Investments) | ||||
| 2,180,000 | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A | 5.000 | 07/01/35 | 2,225,260 |
| 5,000,000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2016 | 5.000 | 09/01/36 | 5,011,390 |
| 1,000,000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2016 | 5.000 | 09/01/47 | 982,469 |
| 445,000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/31 | 450,253 |
| 1,755,000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017 | 5.000 | 04/01/36 | 1,759,748 |
| 5,400,000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.250 | 07/01/48 | 5,673,939 |
| 11,670,000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.250 | 07/01/56 | 12,082,171 |
| 4,170,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University, Series 2023 | 5.250 | 05/01/53 | 4,197,743 |
96 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TENNESSEE (continued) | |||||
| $ 2,225,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A | 5.000% | 10/01/41 | $ 2,225,795 | |
| 2,910,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A | 5.000 | 10/01/45 | 2,885,709 | |
| 5,000,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A | 5.000 | 07/01/40 | 5,007,009 | |
| 6,000,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A | 5.000 | 07/01/46 | 5,965,574 | |
| 2,750,000 | Metropolitan Knoxville Airport Authority, Tennessee, Airport Revenue Bonds, Series 2024A | 5.250 | 06/01/54 | 2,861,305 | |
| 390,000 | (b) | Shelby County Health, Educational, Housing, and Facility Board, Tennessee, Student Housing Revenue Bonds, Madrone Memphis Student Housing, I LLC - University of Memphis Project Series 2024A-1 | 5.250 | 06/01/56 | 375,133 |
| 7,325,000 | The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2023A-1, (Mandatory Put 5/01/28) | 5.000 | 05/01/53 | 7,515,128 | |
| TOTAL TENNESSEE | 59,218,626 | ||||
| TEXAS - 10.8% (6.4% of Total Investments) | |||||
| 2,260,000 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding & Improvement Series 2023 | 5.000 | 11/15/48 | 2,335,344 | |
| 14,615,000 | (a) | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, (UB) | 5.000 | 11/15/45 | 14,624,758 |
| 8,805,000 | Bastrop Independent School District, Bastrop County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 02/15/53 | 9,041,213 | |
| 1,000,000 | Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding Series 2002 - FGIC Insured | 0.000 | 08/15/32 | 751,870 | |
| 7,750,000 | (e) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/45 | 7,770,958 |
| 1,925,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A | 4.350 | 12/01/42 | 1,759,884 | |
| 1,000,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A | 4.400 | 12/01/47 | 879,591 | |
| 10,000,000 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding & Improvement Senior Lien Series 2021B | 5.000 | 12/01/47 | 10,276,159 | |
| 5,000,000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding and Improvement Series 2024 | 4.000 | 11/01/45 | 4,626,012 | |
| 6,125,000 | Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds Refunding Series 2021B | 4.000 | 11/01/45 | 5,666,864 | |
| 10,000,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2021A | 4.000 | 11/01/46 | 9,163,111 | |
| 19,215,000 | Ector County, Texas, Certificates of Obligation, Series 2024, (UB) | 5.000 | 02/15/50 | 19,561,998 | |
| 3,700,000 | El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, School Building Series 2017 | 5.000 | 08/15/42 | 3,740,352 | |
| 3,500,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C | 4.000 | 10/01/40 | 3,327,629 | |
| 10,000,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C | 4.000 | 10/01/45 | 9,114,556 | |
| 12,695,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM Insured | 4.000 | 10/01/49 | 11,434,235 | |
| 8,500,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C | 4.000 | 10/01/49 | 7,538,261 | |
| 5,295,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela Supported | 5.000 | 10/01/48 | 5,344,218 | |
| 7,500,000 | Greenwood Independent School District, Midland County, Texas, School Building Bonds, Series 2024 | 5.000 | 02/15/49 | 7,757,315 | |
| 9,275,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2022A | 4.125 | 07/01/52 | 8,255,618 |
See Notes to Financial Statements 97
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TEXAS (continued) | |||||
| $ 2,845,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 | 4.000% | 12/01/45 | $ 2,578,902 | |
| 2,320,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 | 5.000 | 12/01/45 | 2,319,877 | |
| 7,570,000 | (a) | Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2024A, (UB) | 5.250 | 08/15/54 | 7,933,989 |
| 5,000,000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A | 4.000 | 08/15/48 | 4,491,611 | |
| 4,040,000 | (a),(b) | Harris County, Texas, Toll Road Revenue Bonds, Tender Options Bond Trust 2015-XF2184. Formerly Tender Options Bond Trust 3028 - AGM Insured, (IF) | 7.323 | 08/15/28 | 4,866,467 |
| 1,195,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/41 | 538,304 | |
| 2,390,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/42 | 1,013,100 | |
| 2,660,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/43 | 1,062,489 | |
| 7,260,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/44 | 2,735,064 | |
| 10,440,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/45 | 3,721,588 | |
| 7,165,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/49 | 2,024,722 | |
| 3,000,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured | 0.000 | 11/15/52 | 710,876 | |
| 2,710,000 | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B | 5.000 | 07/01/48 | 2,725,200 | |
| 5,000,000 | Houston, Texas, Combined Utility System Revenue Bonds, Combined First Lien Series 2024A | 5.250 | 11/15/54 | 5,224,155 | |
| 10,850,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/25 | 10,709,732 | |
| 1,715,000 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured | 0.000 | 09/01/32 | 1,260,374 | |
| 2,725,000 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A | 5.000 | 08/15/40 | 2,733,488 | |
| 4,000,000 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A | 4.000 | 08/15/41 | 3,768,456 | |
| 1,780,000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.750 | 12/01/33 | 1,782,600 | |
| 1,800,000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 6.125 | 12/01/38 | 1,802,158 | |
| 9,750,000 | Midland Independent School District, Midland County, Texas, General Obligation Bonds, School Building Series 2024 | 4.000 | 02/15/54 | 8,725,189 | |
| 16,285,000 | Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017 | 5.000 | 01/01/36 | 16,628,356 | |
| 10,040,000 | Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017 - AGM Insured | 5.000 | 01/01/38 | 10,199,517 | |
| 2,100,000 | Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien Series 2018 | 5.000 | 09/15/43 | 2,102,988 | |
| 1,815,000 | Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien Series 2018 | 5.000 | 09/15/48 | 1,815,825 |
98 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| TEXAS (continued) | |||||
| $ 4,240,000 | New Braunfels, Comal County, Texas, Utility System Revenue Bonds, Refunding Series 2022 | 5.000% | 07/01/47 | $ 4,335,511 | |
| 3,900,000 | 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 - AGM Insured | 5.000 | 04/01/46 | 3,892,470 | |
| 1,880,000 | (e) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 7.000 | 09/01/43 | 2,229,548 |
| 7,990,000 | (e) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre-refunded 9/01/31) | 6.750 | 09/01/45 | 9,512,779 |
| 2,125,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D - AGC Insured | 0.000 | 01/01/28 | 1,929,895 | |
| 14,610,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A | 5.000 | 01/01/43 | 14,819,030 | |
| 5,000,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018 | 5.000 | 01/01/48 | 5,045,935 | |
| 10,500,000 | (a) | Port of Houston Authority, Harris County, Texas, Revenue Bonds, First Lien Series 2023, (UB) | 5.000 | 10/01/53 | 10,762,345 |
| 2,250,000 | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward?s University Project, Series 2016 | 4.000 | 06/01/36 | 2,029,266 | |
| 2,000,000 | San Antonio, Texas, General Obligation Bonds, General Improvement Series 2021 | 4.000 | 08/01/41 | 1,932,175 | |
| 7,975,000 | Tarrant County College District, Texas, General Obligation Bonds, Series 2022 | 5.000 | 08/15/39 | 8,462,243 | |
| 2,500,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Methodist Hospital of Dallas, Series 2022 | 4.000 | 10/01/47 | 2,218,484 | |
| 1,500,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Series 2022A | 4.000 | 07/01/53 | 1,316,191 | |
| 2,500,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A | 5.000 | 02/15/41 | 2,514,872 | |
| 10,500,000 | (a) | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2024C, (UB) | 5.125 | 01/01/54 | 10,693,245 |
| 1,300,000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000 | 06/30/39 | 1,226,937 | |
| 1,000,000 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A | 5.000 | 08/01/57 | 1,001,034 | |
| 4,000,000 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured | 0.000 | 08/15/25 | 3,955,627 | |
| 5,000,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2019A | 4.000 | 10/15/49 | 4,533,524 | |
| 9,500,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2024A | 4.375 | 10/15/59 | 8,995,281 | |
| 17,220,000 | University of Houston, Texas, Consolidated Revenue Bonds, Refunding Series 2022A | 5.000 | 02/15/52 | 17,659,787 | |
| 7,000,000 | West Harris County Regional Water Authority, Texas, Water System Revenue Bonds, Series 2022 - AGM Insured | 5.000 | 12/15/57 | 7,152,123 | |
| TOTAL TEXAS | 372,663,275 | ||||
| UTAH - 0.7% (0.4% of Total Investments) | |||||
| 1,045,000 | (b) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 1,017,714 |
| 1,250,000 | (b) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-2 | 5.750 | 06/15/44 | 1,236,312 |
| 6,000,000 | (a) | Millard School District, Utah, Lease Revenue Bonds, Local Building Authority Series 2024 - BAM Insured, (UB) | 5.000 | 05/15/59 | 6,190,438 |
| 3,560,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B | 5.000 | 07/01/42 | 3,593,654 |
See Notes to Financial Statements 99
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| UTAH (continued) | |||||
| $ 1,975,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B | 5.000% | 07/01/47 | $ 1,982,413 | |
| 4,000,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B | 5.000 | 07/01/48 | 4,022,435 | |
| 1,000,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter Academies Project, Series 2018 | 5.000 | 10/15/38 | 1,011,088 | |
| 2,320,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter Academies Project, Series 2018 | 5.000 | 10/15/43 | 2,324,614 | |
| 2,040,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter Academies Project, Series 2018 | 5.000 | 10/15/48 | 2,027,497 | |
| 1,940,000 | (a) | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024C, (UB) | 4.700 | 01/01/54 | 1,901,813 |
| TOTAL UTAH | 25,307,978 | ||||
| VERMONT - 0.4% (0.2% of Total Investments) | |||||
| 1,000,000 | University of Vermont and State Agricultural College, General Obligation Bonds, Series 2015 | 4.000 | 10/01/40 | 952,954 | |
| 10,000,000 | University of Vermont and State Agricultural College, General Obligation Bonds, Series 2015 | 5.000 | 10/01/45 | 10,035,393 | |
| 2,730,000 | Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Middlebury College Project, Series 2023 | 5.000 | 11/01/52 | 2,812,413 | |
| TOTAL VERMONT | 13,800,760 | ||||
| VIRGIN ISLANDS - 0.1% (0.1% of Total Investments) | |||||
| 2,645,000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/32 | 2,720,530 | |
| TOTAL VIRGIN ISLANDS | 2,720,530 | ||||
| VIRGINIA - 0.9% (0.6% of Total Investments) | |||||
| 1,610,000 | Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue Bonds, Virginia Hospital Center, Series 2020 | 4.000 | 07/01/40 | 1,546,565 | |
| 430,000 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B | 4.875 | 07/15/40 | 417,012 | |
| 4,000,000 | (a) | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2018A, (UB) | 4.000 | 05/15/48 | 3,668,831 |
| 8,075,000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2022A | 4.000 | 07/01/52 | 7,258,045 | |
| 425,000 | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024A | 6.875 | 12/01/58 | 454,716 | |
| 1,800,000 | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A | 7.000 | 09/01/53 | 1,983,833 | |
| 10,000,000 | Virginia Commonwealth Transportation Board, Interstate 81 Corridor Program Revenue Bonds, Senior Lien Series 2021 | 5.000 | 05/15/57 | 10,268,457 | |
| 7,505,000 | Virginia Resources Authority, Infrastructure and State Moral Obligation Revenue Bonds, Pooled Loan Bond Program, State Moral Series 2024A | 4.000 | 11/01/49 | 6,828,189 | |
| TOTAL VIRGINIA | 32,425,648 | ||||
| WASHINGTON - 4.3% (2.5% of Total Investments) | |||||
| 7,000,000 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1 | 5.000 | 11/01/41 | 7,051,867 | |
| 12,235,000 | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A - NPFG Insured | 0.000 | 06/01/26 | 11,792,467 | |
| 7,000,000 | Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 2022B | 5.000 | 09/01/47 | 7,245,227 | |
| 5,000,000 | Fircrest Properties, Washington, Lease Revenue Bonds, Washington State Department of Social & Health Services Project Series 2024 | 5.500 | 06/01/49 | 5,324,345 |
100 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| WASHINGTON (continued) | |||||
| $ 4,200,000 | King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Valley Medical Center, Refunding Series 2016 | 5.000% | 12/01/36 | $ 4,256,568 | |
| 7,500,000 | King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Valley Medical Center, Refunding Series 2018 | 5.000 | 12/01/43 | 7,540,840 | |
| 10,630,000 | King County Public Hospital District 2, Washington, General Obligation Bonds, EvergreenHealth, Limited Tax 2020A | 4.000 | 12/01/45 | 9,276,847 | |
| 10,535,000 | Seattle, Washington, Drainage and Wastewater System Revenue Bonds, Improvement Series 2023 | 5.000 | 02/01/49 | 10,902,582 | |
| 15,000,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2021A | 4.000 | 07/01/51 | 13,391,029 | |
| 3,750,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2022 | 5.000 | 07/01/52 | 3,845,654 | |
| 10,000,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2023 | 5.000 | 03/01/53 | 10,274,893 | |
| 1,185,000 | (a) | Spokane County, Washington, Airport Revenue Bonds, Spokane International Airport Series 2024A, (UB) | 5.000 | 01/01/41 | 1,248,766 |
| 1,245,000 | (a) | Spokane County, Washington, Airport Revenue Bonds, Spokane International Airport Series 2024A, (UB) | 5.000 | 01/01/42 | 1,305,229 |
| 1,310,000 | (a) | Spokane County, Washington, Airport Revenue Bonds, Spokane International Airport Series 2024A, (UB) | 5.000 | 01/01/43 | 1,367,783 |
| 7,645,000 | (a) | Spokane County, Washington, Airport Revenue Bonds, Spokane International Airport Series 2024A, (UB) | 5.250 | 01/01/54 | 7,942,701 |
| 5,250,000 | Tacoma, Washington, Sewer Revenue Bonds, Series 2018 | 4.000 | 12/01/48 | 4,747,937 | |
| 6,180,000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 6,133,491 | |
| 4,000,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A | 5.000 | 10/01/32 | 4,009,233 | |
| 10,000,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A | 4.250 | 10/01/40 | 9,377,791 | |
| 3,000,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D | 5.000 | 10/01/41 | 3,000,788 | |
| 5,160,000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Childrens Hospital, Series 2015A | 4.000 | 10/01/45 | 4,728,575 | |
| 2,600,000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Subordinate Series 2021B. Exchange Purchase | 3.000 | 07/01/58 | 1,584,082 | |
| 2,525,000 | Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle University, Series 2020 | 4.000 | 05/01/45 | 2,279,817 | |
| 500,000 | (b) | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A | 5.000 | 01/01/46 | 453,226 |
| 9,000,000 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C - FGIC Insured | 0.000 | 06/01/28 | 8,124,974 | |
| TOTAL WASHINGTON | 147,206,712 | ||||
| WEST VIRGINIA - 0.6% (0.3% of Total Investments) | |||||
| 12,690,000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A | 5.000 | 06/01/47 | 12,690,896 | |
| 2,065,000 | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021 | 5.000 | 06/01/47 | 2,086,026 | |
| 5,750,000 | West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B | 4.000 | 06/01/42 | 5,328,528 | |
| TOTAL WEST VIRGINIA | 20,105,450 |
See Notes to Financial Statements 101
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| WISCONSIN - 5.8% (3.5% of Total Investments) | |||||
| $ 43,035 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/46 | $ 1,328 |
| 42,429 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/47 | 1,206 |
| 42,126 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/48 | 1,126 |
| 41,823 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/49 | 1,047 |
| 41,217 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/50 | 953 |
| 45,157 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/51 | 984 |
| 1,162,471 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 3.750 | 07/01/51 | 781,221 |
| 44,853 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/52 | 904 |
| 44,247 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/53 | 841 |
| 43,944 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/54 | 782 |
| 43,338 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/55 | 726 |
| 42,732 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/56 | 678 |
| 42,429 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/57 | 631 |
| 41,823 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/58 | 586 |
| 41,519 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/59 | 551 |
| 41,217 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/60 | 512 |
| 40,611 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/61 | 474 |
| 40,307 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/62 | 443 |
| 39,701 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/63 | 413 |
| 39,398 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/64 | 389 |
| 39,095 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/65 | 361 |
102 See Notes to Financial Statements
| DESCRIPTION | |||||
|---|---|---|---|---|---|
| WISCONSIN (continued) | |||||
| $ 38,489 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000% | 01/01/66 | $ 328 |
| 501,278 | (b),(c) | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B | 0.000 | 01/01/67 | 3,863 |
| 1,950,000 | Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated Group, Series 2021A | 4.000 | 07/01/56 | 1,401,313 | |
| 8,335,000 | (b) | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A | 5.000 | 06/15/48 | 8,030,690 |
| 1,060,000 | (e) | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B-1, (Pre-refunded 5/15/28) | 4.000 | 11/15/43 | 1,081,209 |
| 8,940,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B-1 | 4.000 | 11/15/43 | 8,095,712 | |
| 9,830,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021 | 4.000 | 08/15/46 | 9,018,874 | |
| 8,000,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021 | 4.000 | 08/15/51 | 7,063,983 | |
| 10,000,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health System, Inc., Series 2017C | 5.000 | 02/15/47 | 9,891,598 | |
| 2,000,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B | 5.000 | 02/15/35 | 2,011,185 | |
| 7,625,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/39 | 7,632,785 | |
| 2,415,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/51 | 1,740,828 | |
| 2,470,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/61 | 1,665,642 | |
| 5,155,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A | 4.000 | 11/15/34 | 5,028,072 | |
| 20,000,000 | (a) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aspirus Inc., Series 2025, (UB) | 5.250 | 08/15/55 | 20,645,126 |
| 1,110,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Benevolent Corporation Cedar Community, Series 2017 | 5.000 | 06/01/37 | 1,061,819 | |
| 955,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Benevolent Corporation Cedar Community, Series 2017 | 5.000 | 06/01/41 | 883,336 | |
| 1,000,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/30 | 1,038,143 |
| 1,110,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/31 | 1,152,339 |
| 1,100,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/32 | 1,141,958 |
| 1,725,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/33 | 1,790,797 |
| 1,775,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/34 | 1,842,704 |
| 1,910,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/35 | 1,982,854 |
| 2,065,000 | (e) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, (Pre-refunded 9/01/27) | 5.000 | 09/01/36 | 2,143,766 |
See Notes to Financial Statements 103
Portfolio of Investments April 30, 2025 (continued)
NEA
| DESCRIPTION | VALUE | |||||
|---|---|---|---|---|---|---|
| WISCONSIN (continued) | ||||||
| $ 15,000,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2022A | 4.000% | 04/01/41 | $ 14,033,599 | ||
| 18,595,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marquette University, Series 2016 | 5.000 | 10/01/46 | 18,636,409 | ||
| 8,215,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A | 5.000 | 02/15/42 | 8,173,828 | ||
| 5,000,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016 | 5.000 | 12/01/41 | 5,035,621 | ||
| 10,000,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2022 | 4.000 | 12/01/46 | 9,080,687 | ||
| 10,000,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2022 | 4.000 | 12/01/51 | 9,029,798 | ||
| 1,525,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021 | 4.000 | 01/01/57 | 1,143,717 | ||
| 29,080,000 | (a) | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024B, (UB) | 4.750 | 03/01/51 | 29,216,775 | |
| 10,400,000 | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024C, (UB) | 4.750 | 03/01/51 | 10,448,915 | ||
| TOTAL WISCONSIN | 201,944,429 | |||||
| TOTAL MUNICIPAL BONDS (Cost $5,873,089,077) | 5,799,825,750 | |||||
| TOTAL LONG-TERM INVESTMENTS (Cost $5,873,089,077) | 5,799,825,750 | |||||
| FLOATING RATE OBLIGATIONS - (11.9)% | (410,720,000 | ) | ||||
| AMTP SHARES, NET - (1.5)%(h) | (52,984,540 | ) | ||||
| MFP SHARES, NET - (24.2)%(i) | (837,581,216 | ) | ||||
| VRDP SHARES, NET - (33.3)%(j) | (1,155,385,917 | ) | ||||
| OTHER ASSETS & LIABILITIES, NET - 3.5% | 121,630,099 | |||||
| NET ASSETS APPLICABLE TO COMMON SHARES - 100% | $ | 3,464,784,176 |
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
| 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. | |
| PIK | Payment-in-kind (PIK) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized |
| rate of the last PIK payment made by the issuer as of the end of the reporting period. | |
| UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted. |
| (a) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions |
| with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $141,564,221 or 2.4% of Total Investments. | |
| (c) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (d) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (e) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (f) | Step-up coupon bond, a bond with a coupon that increases (steps up), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (g) | When-issued or delayed delivery security. |
| (h) | AMTP Shares, Net as a percentage of Total Investments is 0.9%. |
| (i) | MFP Shares, Net as a percentage of Total Investments is 14.4%. |
| (j) | VRDP Shares, Net as a percentage of Total Investments is 19.9%. |
104 See Notes to Financial Statements
Statement of Assets and Liabilities
| April 30, 2025 (Unaudited) | NAD | |||
|---|---|---|---|---|
| ASSETS | ||||
| Long-term investments, at | ||||
| value | $ 4,745,665,593 | $ | 5,799,825,750 | |
| Cash | 33,887,040 | 54,207,876 | ||
| Receivables: | ||||
| Dividends | 524 | | ||
| Interest | 72,692,832 | 83,202,894 | ||
| Investments sold | 69,183,557 | 40,784,960 | ||
| Other | 732,872 | 1,581,055 | ||
| Total assets | 4,922,162,418 | 5,979,602,535 | ||
| LIABILITIES | ||||
| Floating rate obligations | 377,985,000 | 410,720,000 | ||
| AMTP Shares, Net* | 727,332,560 | 52,984,540 | ||
| MFP Shares, Net** | 420,453,479 | 837,581,216 | ||
| VRDP Shares, Net*** | 503,964,602 | 1,155,385,917 | ||
| Payables: | ||||
| Management fees | 2,184,226 | 2,641,267 | ||
| Dividends | 16,693,100 | 20,956,969 | ||
| Interest | 7,427,184 | 7,305,774 | ||
| Investments purchased - regular settlement | 56,272,069 | 23,843,784 | ||
| Investments purchased - when-issued/delayed-delivery settlement | 1,080,000 | 2,430,480 | ||
| Accrued expenses: | ||||
| Custodian fees | 191,160 | 213,729 | ||
| Investor relations | 53,638 | 69,612 | ||
| Trustees fees | 391,105 | 509,661 | ||
| Professional fees | 18,041 | 19,443 | ||
| Shareholder reporting expenses | 78,700 | 110,355 | ||
| Shareholder servicing agent fees | 22,833 | 24,315 | ||
| Other | 7,236 | 21,297 | ||
| Total liabilities | 2,114,154,933 | 2,514,818,359 | ||
| Commitments and contingencies (1) | ||||
| Net assets applicable to common shares | $ 2,808,007,485 | $ | 3,464,784,176 | |
| Common shares outstanding | 233,404,655 | 298,992,392 | ||
| Net asset value (NAV) per common share | ||||
| outstanding | $ 12.03 | $ | 11.59 | |
| NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: | ||||
| Common shares, $0.01 par value per share | $ 2,334,047 | $ | 2,989,924 | |
| Paid-in capital | 3,195,509,116 | 3,945,054,278 | ||
| Total distributable earnings (loss) | (389,835,678 | ) | (483,260,026 | ) |
| Net assets applicable to common shares | $ 2,808,007,485 | $ | 3,464,784,176 | |
| Authorized shares: | ||||
| Common | Unlimited | Unlimited | ||
| Preferred | Unlimited | Unlimited | ||
| Long-term investments, cost | $ 4,792,668,268 | $ | 5,873,089,077 | |
| * AMTP Shares, liquidation preference | $ 727,500,000 | $ | 53,000,000 | |
| ** MFP Shares, liquidation preference | $ 420,800,000 | $ | 838,900,000 | |
| *** VRDP Shares, liquidation preference | $ 504,300,000 | $ | 1,159,400,000 |
(1) As disclosed in Notes to Financial Statements.
See Notes to Financial Statements 105
Statement of Operations
| Six Months Ended April 30, 2025 (Unaudited) | ||||
|---|---|---|---|---|
| INVESTMENT INCOME | ||||
| Dividends | $ 15,459 | $ | ||
| Interest | 114,851,421 | 135,362,082 | ||
| Total investment income | 114,866,880 | 135,362,082 | ||
| EXPENSES | ||||
| Management fees | 13,556,022 | 16,399,192 | ||
| Shareholder servicing agent fees | 88,712 | 114,860 | ||
| Interest expense and amortization of offering costs | 39,296,688 | 40,440,389 | ||
| Trustees fees | 83,741 | 103,682 | ||
| Custodian expenses, net | 187,747 | 215,943 | ||
| Excise tax liability expense | 3,151 | 6,678 | ||
| Investor relations expenses | 319,291 | 389,264 | ||
| Liquidity fees | 1,936,811 | 5,694,841 | ||
| Professional fees | 167,933 | 454,655 | ||
| Remarketing fees | 253,551 | 1,165,002 | ||
| Shareholder reporting expenses | 72,657 | 102,855 | ||
| Stock exchange listing fees | 36,647 | 46,946 | ||
| Other | 56,530 | 97,460 | ||
| Total expenses | 56,059,481 | 65,231,767 | ||
| Net investment income (loss) | 58,807,399 | 70,130,315 | ||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||
| Realized gain (loss) from: Investments | (11,551,007 | ) | (16,164,037 | ) |
| Net realized gain (loss) | (11,551,007 | ) | (16,164,037 | ) |
| Change in unrealized appreciation (depreciation) | ||||
| on: Investments | (132,930,423 | ) | (163,538,567 | ) |
| Net change in unrealized appreciation (depreciation) | (132,930,423 | ) | (163,538,567 | ) |
| Net realized and unrealized gain (loss) | (144,481,430 | ) | (179,702,604 | ) |
| Net increase (decrease) in net assets | ||||
| applicable to common shares from operations | $ (85,674,031 | ) | $ (109,572,289 | ) |
106 See Notes to Financial Statements
Statement of Changes in Net Assets
| NAD — Unaudited Six Months Ended 4/30/25 | Year Ended 10/31/24 | Unaudited Six Months Ended 4/30/25 | Year Ended 10/31/24 | |||||
|---|---|---|---|---|---|---|---|---|
| OPERATIONS | ||||||||
| Net investment income (loss) | $ 58,807,399 | $ | 109,031,857 | $ | 70,130,315 | $ | 129,239,305 | |
| Net realized gain (loss) | (11,551,007 | ) | (23,429,889 | ) | (16,164,037 | ) | (18,303,691 | ) |
| Net change in unrealized appreciation (depreciation) | (132,930,423 | ) | 382,026,632 | (163,538,567 | ) | 460,040,981 | ||
| Net increase (decrease) in net assets applicable to common shares | ||||||||
| from operations | (85,674,031 | ) | 467,628,600 | (109,572,289 | ) | 570,976,595 | ||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS | ||||||||
| Dividends | (105,732,309 | ) | (122,000,551 | ) | (130,958,667 | ) | (139,293,798 | ) |
| Return of Capital | | (43,600,052 | ) | | (65,964,481 | ) | ||
| Total distributions | (105,732,309 | ) | (165,600,603 | ) | (130,958,667 | ) | (205,258,279 | ) |
| Net increase (decrease) in net assets applicable to common | ||||||||
| shares | (191,406,340 | ) | 302,027,997 | (240,530,956 | ) | 365,718,316 | ||
| Net assets applicable to common shares at the beginning of the period | 2,999,413,825 | 2,697,385,828 | 3,705,315,132 | 3,339,596,816 | ||||
| Net assets applicable to common shares at the end of the | ||||||||
| period | $ 2,808,007,485 | $ | 2,999,413,825 | $ | 3,464,784,176 | $ | 3,705,315,132 |
See Notes to Financial Statements 107
Statement of Cash Flows
| Six Months Ended April 30, 2025 (Unaudited) | NAD | NEA | ||
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ (85,674,031 | ) | $ (109,572,289 | ) |
| Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from | ||||
| operations to net cash provided by (used in) operating activities: | ||||
| Purchases of investments | (505,555,899 | ) | (420,590,967 | ) |
| Proceeds from sale and maturities of investments | 615,427,829 | 574,179,587 | ||
| Amortization (Accretion) of premiums and discounts, net | (5,627,214 | ) | (5,800,319 | ) |
| Amortization of deferred offering costs | 170,189 | 441,502 | ||
| (Increase) Decrease in: | ||||
| Receivable for interest | (3,500,851 | ) | (3,708,657 | ) |
| Receivable for investments sold | (24,137,100 | ) | 27,597,515 | |
| Other assets | 59,495 | (96,759 | ) | |
| Increase (Decrease) in: | ||||
| Payable for interest | 3,490,915 | 4,944,609 | ||
| Payable for investments purchased - regular settlement | 49,166,055 | 14,488,322 | ||
| Payable for investments purchased - when-issued/delayed-delivery settlement | (13,038,287 | ) | (50,722,070 | ) |
| Payable for management fees | (171,952 | ) | (206,044 | ) |
| Accrued custodian fees | (139,445 | ) | (141,152 | ) |
| Accrued investor relations fees | 51,113 | 64,567 | ||
| Accrued Trustees fees | (63,678 | ) | (95,623 | ) |
| Accrued professional fees | (19,636 | ) | (91,138 | ) |
| Accrued shareholder reporting expenses | 16,411 | 20,609 | ||
| Accrued shareholder servicing agent fees | 6,859 | 11,266 | ||
| Accrued other expenses | 6,321 | 17,978 | ||
| Net realized (gain) loss from investments | 11,551,007 | 16,164,037 | ||
| Net realized (gain) loss from paydowns | | (3,774 | ) | |
| Net change in unrealized (appreciation) depreciation of investments | 132,930,423 | 163,538,567 | ||
| Net cash provided by (used in) | ||||
| operating activities | 174,948,524 | 210,439,767 | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds from borrowings | 28,226,120 | 29,107,849 | ||
| (Repayments) of borrowings | (28,226,120 | ) | (29,107,849 | ) |
| Proceeds from floating rate obligations | 125,850,000 | 172,875,000 | ||
| (Repayments of) floating rate obligations | (112,805,000 | ) | (39,250,000 | ) |
| (Repayments for) AMTP Shares redeemed, at liquidation preference | | (25,000,000 | ) | |
| (Repayments for) MFP Shares redeemed, at liquidation preference | (35,000,000 | ) | (125,000,000 | ) |
| Increase (Decrease) in: | ||||
| Cash overdraft | (13,312,099 | ) | (8,899,405 | ) |
| Cash distributions paid to common shareholders | (105,794,385 | ) | (130,957,486 | ) |
| Net cash provided by (used in) financing activities | (141,061,484 | ) | (156,231,891 | ) |
| Net increase (decrease) in cash | 33,887,040 | 54,207,876 | ||
| Cash at the beginning of period | | | ||
| Cash at the end of period | $ 33,887,040 | $ 54,207,876 | ||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW | ||||
| INFORMATION | NAD | NEA | ||
| Cash paid for interest | $ 35,513,535 | $ 35,013,400 |
108 See Notes to Financial Statements
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109
Financial Highlights
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
| Common Share Net Asset Value, Beginning of Period | Net Investment Income (NII) (Loss) (a) | Net Realized/ Unrealized Gain (Loss) | Total | From NII | From Net Realized Gains | Return of Capital | Total | Discount Per Share Repurchased and Retired | Net Asset Value, End of Period | Share Price, End of Period | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NAD | |||||||||||
| 4/30/25 (d) | $12.85 | $0.25 | $(0.62) | $(0.37) | $(0.45) | $ | $ | $(0.45) | $ | $12.03 | $11.29 |
| 10/31/24 | 11.56 | 0.47 | 1.53 | 2.00 | (0.52) | | (0.19) | (0.71) | | 12.85 | 11.99 |
| 10/31/23 | 11.85 | 0.48 | (0.29) | 0.19 | (0.48) | | | (0.48) | | 11.56 | 9.81 |
| 10/31/22 | 16.11 | 0.63 | (4.21) | (3.58) | (0.68) | | | (0.68) | | 11.85 | 10.63 |
| 10/31/21 | 15.75 | 0.72 | 0.35 | 1.07 | (0.71) | | | (0.71) | | 16.11 | 15.63 |
| 10/31/20 | 15.91 | 0.70 | (0.19) | 0.51 | (0.67) | | | (0.67) | | 15.75 | 14.44 |
| NEA | |||||||||||
| 4/30/25 (d) | 12.39 | 0.23 | (0.59) | (0.36) | (0.44) | | | (0.44) | | 11.59 | 10.88 |
| 10/31/24 | 11.17 | 0.43 | 1.48 | 1.91 | (0.47) | | (0.22) | (0.69) | | 12.39 | 11.60 |
| 10/31/23 | 11.49 | 0.44 | (0.32) | 0.12 | (0.44) | | | (0.44) | (f) | 11.17 | 9.47 |
| 10/31/22 | 15.71 | 0.60 | (4.17) | (3.57) | (0.65) | | | (0.65) | | 11.49 | 10.32 |
| 10/31/21 | 15.50 | 0.69 | 0.22 | 0.91 | (0.70) | | | (0.70) | | 15.71 | 15.18 |
| 10/31/20 | 15.58 | 0.69 | (0.11) | 0.58 | (0.66) | | | (0.66) | | 15.50 | 14.33 |
(a) Based on average shares outstanding.
(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Funds market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
110
| Common Share Total Returns | Ratios to Average Net Assets | ||||||||
| Based on Net Asset Value (b) | Based on Share Price (b) | Net Assets, End of Period (000) | Expenses (c) | Net Investment Income (Loss) | Portfolio Turnover Rate | ||||
| (2.96 | )% | (2.15 | )% | $ 2,808,007 | 3.85 | % (e) | 4.03 | % (e) | 10 % |
| 17.34 | 29.88 | 2,999,414 | 3.92 | 3.59 | 18 | ||||
| 1.26 | (3.68 | ) | 2,697,386 | 3.73 | 3.72 | 24 | |||
| (22.79 | ) | (28.38 | ) | 2,765,632 | 2.02 | 4.44 | 37 | ||
| 6.85 | 13.31 | 3,759,374 | 1.44 | 4.43 | 10 | ||||
| 3.27 | 4.89 | 3,334,252 | 1.87 | 4.47 | 15 | ||||
| (3.03 | ) | (2.53 | ) | 3,464,784 | 3.63 | (e) | 3.90 | (e) | 7 |
| 17.10 | 30.16 | 3,705,315 | 3.81 | 3.43 | 12 | ||||
| 0.72 | (4.42 | ) | 3,339,597 | 3.68 | 3.53 | 23 | |||
| (23.31 | ) | (28.47 | ) | 3,436,743 | 2.01 | 4.31 | 36 | ||
| 5.91 | 10.92 | 4,697,314 | 1.44 | 4.31 | 12 | ||||
| 3.84 | 5.74 | 4,318,384 | 1.85 | 4.46 | 16 |
(c) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares, borrowings and/or reverse repurchase agreements (as described in Notes to Financial Statements), where applicable.
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares, borrowings and/or reverse repurchase agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:
| NAD | NEA | |
|---|---|---|
| 4/30/25 (d) | 2.85% (e) | 2.63% (e) |
| 10/31/24 | 2.94 | 2.84 |
| 10/31/23 | 2.77 | 2.72 |
| 10/31/22 | 1.06 | 1.06 |
| 10/31/21 | 0.53 | 0.53 |
| 10/31/20 | 0.94 | 0.94 |
(d) Unaudited.
(e) Annualized.
(f) Value rounded to zero.
See Notes to Financial Statements 111
Financial Highlights (continued)
The following table sets forth information regarding each Funds outstanding senior securities as of the end of each of the Funds last five fiscal periods, as applicable.
| Aggregate Amount Outstanding (000) (a) | Asset Coverage Per $100,000 Share (b) | Aggregate Amount Outstanding (000) (a) | Asset Coverage Per $100,000 Share (b),(d) | Aggregate Amount Outstanding (000) (a) | Asset Coverage Per $100,000 Share (b) | Asset Coverage Per $1 Liquidation Preference (e) | |
|---|---|---|---|---|---|---|---|
| NAD | |||||||
| 4/30/25 (f) | $727,500 | $269,915 | $420,800 | $269,915 | $504,300 | $269,915 | $2.70 |
| 10/31/24 | 727,500 | 277,733 | 455,800 | 277,733 | 504,300 | 277,733 | 2.78 |
| 10/31/23 | 727,500 | 241,165 | 679,000 | 241,165 | 504,300 | 241,165 | 2.41 |
| 10/31/22 | 727,500 | 240,874 | 679,000 | 240,874 | 504,300 | 240,874 | 2.41 |
| 10/31/21 | 727,500 | 284,419 | 679,000 | 284,419 | 632,000 | 284,419 | 2.84 |
| 10/31/20 | 545,500 | 279,599 | 679,000 | 279,599 | 632,000 | 279,599 | 2.80 |
| NEA | |||||||
| 4/30/25 (f) | 53,000 | 268,907 | 838,900 | 268,907 | 1,159,400 | 268,907 | 2.69 |
| 10/31/24 | 78,000 | 268,324 | 963,900 | 268,324 | 1,159,400 | 268,324 | 2.68 |
| 10/31/23 | 173,000 | 240,834 | 1,038,900 | 240,834 | 1,159,400 | 240,834 | 2.41 |
| 10/31/22 | 173,000 | 240,229 | 1,088,900 | 240,229 | 1,159,400 | 240,229 | 2.40 |
| 10/31/21 | 316,500 | 283,145 | 1,088,900 | 283,145 | 1,159,400 | 283,145 | 2.83 |
| 10/31/20 | 143,500 | 280,550 | 958,000 | 280,550 | 1,290,300 | 280,550 | 2.81 |
(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.
(b) Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Funds liabilities and indebtedness not represented by senior securities from the Funds total assets, dividing the result by the aggregate amount of the Funds senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.
(c) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Funds liabilities and indebtedness not represented by senior securities from the Funds total assets, dividing the result by the aggregate amount of the Funds senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.
(d) NEAs Series D MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. The asset coverage per $1,000 share for NEAs Series D MFP Shares were as follows:
| Asset Coverage Per $1,000 Share (c) | |
|---|---|
| NEA | |
| 4/30/25 (f) | $2,689 |
| 10/31/24 | 2,683 |
| 10/31/23 | 2,408 |
| 10/31/22 | 2,402 |
| 10/31/21 | 2,831 |
| 10/31/20 | 2,805 |
(e) Includes all preferred shares presented for the Fund.
(f) Unaudited.
112
Notes to Financial Statements
(Unaudited)
Fund Information: The funds covered in this report and their corresponding New York Stock Exchange (NYSE) symbols are as follows (each a Fund and collectively, the Funds):
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
The Funds are registered under the Investment Company Act of 1940 (the 1940 Act), as amended, as closed-end management investment companies. NAD and NEA were organized as Massachusetts business trusts on January 15, 1999 and July 29, 2002, respectively.
Current Fiscal Period: The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2025 (the current fiscal period).
Investment Adviser and Sub-Adviser: The Funds investment adviser is Nuveen Fund Advisors, LLC (the Adviser), a subsidiary of Nuveen, LLC (Nuveen). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds portfolios, manages the Funds business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the Sub-Adviser), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification 946, Financial Services Investment Companies. The net asset value (NAV) for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation: The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds Board of Trustees (the Board) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Custodian Fee Credit: As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the Custodian) whereby certain custodian fees and expenses are reduced by net credits earned on each Funds cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of Custodian expenses, net. During the current reporting period, the custodian fee credit earned by each Fund was as follows:
| Fund | Gross Custodian Fee Credits |
|---|---|
| NAD | $ |
| NEA | |
Distributions to Common Shareholders: Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The Funds distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares (stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode.
113
Notes to Financial Statements (continued)
Indemnifications: Under the Funds organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind (PIK) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (netting agreements). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds Portfolio of Investments or Statement of Assets and Liabilities.
The Funds investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.
Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (ASU 2023-07). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds financial positions or the results of their operations.
The officers of the Funds act as the chief operating decision maker (CODM). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Funds long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds portfolio managers as a team. The financial information in the form of the Funds portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segments performance versus the Funds comparative benchmarks and to make resource allocation decisions for the Funds single segment, is consistent with that presented within the Funds financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as total assets and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement : In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (ASU 2023-09). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.
The Funds investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect managements 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 managements assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds major classifications of assets and liabilities measured at fair value follows:
114
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a securitys fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds investments as of the end of the reporting period, based on the inputs used to value them:
| NAD | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Long-Term Investments: | ||||
| Investment Companies | $ 407,341 | $ | $ | $ 407,341 |
| Municipal Bonds | | 4,745,236,673 | 21,579 | 4,745,258,252 |
| Total | $ 407,341 | $ 4,745,236,673 | $ 21,579 | $ 4,745,665,593 |
| NEA | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments: | ||||
| Municipal Bonds | $ | $ 5,799,793,185 | $ 32,565 | $ 5,799,825,750 |
| Total | $ | $ 5,799,793,185 | $ 32,565 | $ 5,799,825,750 |
The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in these Notes to Financial Statements. The fair values of the Funds liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in these Notes to Financial Statements.
Inverse Floating Rate Securities: Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an Underlying Bond), typically with a fixed interest rate, into a special purpose tender option bond (TOB) trust (referred to as the TOB Trust) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as Floaters), in face amounts equal to some fraction of the Underlying Bonds par amount or market value, and (b) an inverse floating rate certificate (referred to as an Inverse Floater) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (Liquidity Provider), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bonds downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bonds value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the Trustee) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a self-deposited Inverse Floater). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an externally-deposited Inverse Floater).
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Notes to Financial Statements (continued)
An investment in a self-deposited Inverse Floater is accounted for as a financing transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Funds Portfolio of Investments as (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction, with the Fund recognizing as liabilities, labeled Floating rate obligations on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in Investment Income the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trusts borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of Interest expense and amortization of offering costs on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of Receivable for interest and Payable for interest on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Funds Portfolio of Investments as (IF) Inverse floating rate investment. For an externally-deposited Inverse Floater, a Funds Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in Investment Income only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Funds TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Fund | Floating Rate Obligations: Self- Deposited Inverse Floaters | Floating Rate Obligations: Externally-Deposited Inverse Floaters | Total |
|---|---|---|---|
| NAD | $ 377,985,000 | $ | $ 377,985,000 |
| NEA | 410,720,000 | 8,070,000 | 418,790,000 |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
| Fund | Average Floating Rate Obligations Outstanding | |
|---|---|---|
| NAD | $ 381,067,164 | 3.60% |
| NEA | 311,688,110 | 3.84 |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trusts outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of Floating rate obligations on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a recourse arrangement) (TOB Trusts involving such agreements are referred to herein as Recourse Trusts), under which a Fund agrees to reimburse the Liquidity Provider for the Trusts Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as shortfall payments). Under these agreements, a Funds potential exposure to losses
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related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as Unrealized depreciation on Recourse Trusts on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Funds maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Fund | Maximum Exposure to Recourse Trusts: Self-Deposited Inverse Floaters | Maximum Exposure to Recourse Trusts: Externally-Deposited Inverse Floaters | Total |
|---|---|---|---|
| NAD | $ 377,985,000 | $ | $ 377,985,000 |
| NEA | 410,720,000 | 8,070,000 | 418,790,000 |
Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Purchases and sales : Long-term purchases and sales during the current fiscal period were as follows:
| Fund | Non-U.S. Government Purchases | Non-U.S. Government Sales and Maturities |
|---|---|---|
| NAD | $ 505,555,899 | $ 615,427,829 |
| NEA | 420,590,967 | 574,179,587 |
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
Common Share Transactions: During the Funds current and prior fiscal period, the funds had no transactions in common shares.
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares: The Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (AMTP) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.
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Notes to Financial Statements (continued)
As of the end of the reporting period, NAD and NEA had $727,332,560 and $52,984,540 of AMTP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Funds AMTP Shares outstanding as of the end of the reporting period, were as follows:
| Fund — NAD | 2028 | 3,370 | $337,000,000 |
|---|---|---|---|
| 2028-1 | 2,085 | $208,500,000 | |
| 2028-2 | 1,820 | $182,000,000 | |
| NEA | 2028-1 | 530 | $53,000,000 |
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (Term Redemption Date), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (Premium Expiration Date), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed spread amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fails to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Funds AMTP Shares are as follows:
| Fund — NAD | 180-day | 2028 | December 1, 2028 | * | November 30, 2019 |
|---|---|---|---|---|---|
| 180-day | 2028-1 | December 1, 2028 | * | November 30, 2019 | |
| 180-day | 2028-2 | December 1, 2028 | * | November 30, 2019 | |
| NEA | 360-day | 2028-1 | December 1, 2028 | * | December 13, 2019 |
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| Fund | Average Liquidation Preference of AMTP Shares Outstanding | |
|---|---|---|
| NAD | $ 727,500,000 | 4.31% |
| NEA | 70,127,072 | 3.96 |
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed spread on the AMTP Shares remains roughly in line with the spread being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of AMTP Shares, net on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of Payable for interest on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of Interest expense and amortization of offering costs on the Statement of Operations.
Costs incurred in connection with the Funds offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of AMTP Shares, net on the Statement of Assets and Liabilities and Interest expense and amortization of offering costs on the Statement of Operations.
MuniFund Preferred Shares: The Funds have issued and have outstanding MuniFund Preferred (MFP) Shares, with a $100,000 ($1,000 for NEAs Series D) liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.
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The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (Term Redemption Date), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.
Variable Rate Remarketed Mode (VRRM) Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as Remarketing fees on the Statement of Operations.
Variable Rate Mode (VRM) Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed spread amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed spread on the shares remains roughly in line with the spread being demanded by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.
Variable Rate Demand Mode (VRDM) Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agents ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as Liquidity fees and Remarketing fees, respectively, on the Statement Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of MFP Shares, Net on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on Payable for interest on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of Interest expense and amortization of offering costs on the Statement of Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with the Funds offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of MFP Shares, Net on the Statement of Assets and Liabilities and Interest expense and amortization of offering costs on the Statement of Operations.
As of the end of the reporting period, NAD and NEA had $420,453,479 and $837,581,216 of MFP Shares at liquidation preference, net of deferred available offering costs, respectively. Further details of each Funds MFP Shares outstanding as of the end of the reporting period, were as follows.
| Fund — NAD | Series — A | 3,488 | January 3, 2028 | VRM | January 3, 2028* |
|---|---|---|---|---|---|
| B | 720 | September 1, 2047 | VRM | N/A | |
| NEA | A | 1,350 | February 3, 2048 | VRDM | February 3, 2048* |
| B | 1,350 | March 2, 2028 | VRM | March 2, 2028* | |
| C | 2,380 | March 2, 2028 | VRDM | March 2, 2028* | |
| D | 330,900 | March 1, 2029 | VRRM | N/A |
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
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Notes to Financial Statements (continued)
| Fund | Average Liquidation Preference of MFP Shares Outstanding | |
|---|---|---|
| NAD | $ 428,148,066 | 4.17% |
| NEA | 882,684,530 | 3.47 |
Variable Rate Demand Preferred Shares: The following Funds have issued and have outstanding Variable Rate Demand Preferred (VRDP) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, NAD and NEA had $503,964,602 and $1,155,385,917 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds VRDP Shares outstanding as of the end of the reporting period, were as follows:
| Fund — NAD | 1 | 2,368 | 0.10% | Liquidation Preference — $ 236,800,000 | N/A | September 11, 2026 |
|---|---|---|---|---|---|---|
| 2 | 2,675 | 0.10% | $ 267,500,000 | N/A | September 11, 2026 | |
| NEA | 1 | 2,190 | 0.10% | $ 219,000,000 | N/A | June 1, 2040 |
| 3 | 3,509 | 0.05% | $ 350,900,000 | N/A | March 1, 2040 | |
| 4 | 4,895 | 0.10% | $ 489,500,000 | N/A | September 11, 2026 | |
| 5 | 1,000 | 0.10% | $ 100,000,000 | N/A | October 1, 2046 |
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Funds VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agents ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| Fund | Average Liquidation Preference of VRDP Shares Outstanding | |
|---|---|---|
| NAD | $ 504,300,000 | 3.16% |
| NEA | 1,159,400,000 | 3.09 |
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of VRDP Shares, net on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of Payable for interest on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of Interest expense and amortization of offering costs on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of VRDP Shares, Net on the Statement of Assets and Liabilities and Interest expense and amortization of offering costs on the Statement of Operations. In addition to interest expense, each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as Liquidity fees and Remarketing fees, respectively, on the Statement of Operations.
Preferred Share Transactions: Transactions in preferred shares during the Funds current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
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| NEA | Six Months Ended April 30, 2025 — Series | Shares | Amount | Year Ended October 31, 2024 — Series | Shares | Amount |
|---|---|---|---|---|---|---|
| AMTP Shares redeemed | 2028-1 | (250) | $(25,000,000) | 2028-1 | (950) | $(95,000,000) |
| Transactions in MFP Shares for the Funds, where applicable, were as follows: | ||||||
| Six Months Ended April 30, 2025 | Year Ended October 31, 2024 | |||||
| NAD | Series | Shares | Amount | Series | Shares | Amount |
| MFP Shares redeemed | A | (350) | $(35,000,000) | A | (2,232) | $(223,200,000) |
| Six Months Ended April 30, 2025 | Year Ended October 31, 2024 | |||||
| NEA | Series | Shares | Amount | Series | Shares | Amount |
| MFP Shares redeemed | B | (1,250) | $(125,000,000) | B | (750) | $(75,000,000) |
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NEA the AMT applicable to individuals to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Funds federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Funds tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:
| Fund — NAD | $ 4,409,439,363 | $ 77,431,701 | $ (119,190,471) | $ (41,758,770) |
|---|---|---|---|---|
| NEA | 5,453,605,805 | 99,303,638 | (163,803,559) | (64,499,921) |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
| Fund — NAD | $ | $ 15,002 | $ | $ 91,326,469 | $ (272,148,758) | $ | $ (17,622,051) | $ (198,429,338) |
|---|---|---|---|---|---|---|---|---|
| NEA | | 31,795 | | 98,090,127 | (319,024,547) | | (21,826,445) | (242,729,070) |
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
| Fund — NAD 1 | $ 137,555,797 | $ 134,592,961 | $ 272,148,758 |
|---|---|---|---|
| NEA 1 | 156,845,347 | 162,179,200 | 319,024,547 |
1 A portion of NADs and NEAs capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.
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Notes to Financial Statements (continued)
Management Fees: Each Funds management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Funds management fee consists of two components a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Funds shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
Annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Average Daily Managed Assets* | Fund-Level Fee Rate |
|---|---|
| For the first $125 million | 0.4500 % |
| For the next $125 million | 0.4375 |
| For the next $250 million | 0.4250 |
| For the next $500 million | 0.4125 |
| For the next $1 billion | 0.4000 |
| For the next $3 billion | 0.3750 |
| For managed assets over $5 billion | 0.3625 |
| The annual complex-level fee, payable monthly, for each fund is calculated according to the following schedule: | |
| Complex-Level Asset Breakpoint Level* | Complex-Level Fee |
| For the first $124.3 billion | 0.1600 % |
| For the next $75.7 billion | 0.1350 |
| For the next $200 billion | 0.1325 |
| For eligible assets over $400 billion | 0.1300 |
As of April 30, 2025, the annual complex-level fee for each fund was as follows:
| Fund | |
|---|---|
| NAD | 0.1585% |
| NEA | 0.1585% |
Other Transactions with Affiliates: Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of the Adviser (each an, Affiliated Entity) under specified conditions outlined in procedures adopted by the Board (cross-trade). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:
| Fund | Purchases | Sales | Realized Gain (Loss) |
|---|---|---|---|
| NAD | $ 44,971,635 | $ | $ |
| NEA | 21,300,930 | 10,014,365 | (220,065) |
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In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when applicable.
From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds financial statements.
Committed Line of Credit: The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser (Participating Funds), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facilitys capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2026 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of Interest expense and amortization of offering costs on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of Interest expense and amortization of offering costs on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facilitys aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. The Funds maximum outstanding balance during the utilization period was as follows:
| Fund | Maximum Outstanding Balance |
|---|---|
| NAD | $ 22,077,520 |
| NEA | 29,107,849 |
During the Funds utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| Fund — NAD | 3 | Average Daily Balance Outstanding — $ 16,767,880 | 5.53% |
|---|---|---|---|
| NEA | 2 | 29,107,849 | 5.53 |
Borrowings outstanding as of the end of the reporting period, if any, are recognized as Borrowings on the Statement of Assets and Liabilities.
Inter-Fund Borrowing and Lending: The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities fails, resulting in an unanticipated cash shortfall) (the Inter-Fund Program). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the funds outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a funds total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4)
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Notes to Financial Statements (continued)
no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a funds inter-fund loans to any one fund shall not exceed 5% of the lending funds net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business days notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the funds investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one days notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
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Additional Fund Information
(Unaudited)
| Board of Trustees — Joseph A. Boateng | Michael A. Forrester | Thomas J. Kenny | Amy B.R. Lancellotta | Joanne T. Medero |
|---|---|---|---|---|
| Loren M. Starr | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |
| Investment Adviser | Custodian | Legal Counsel | Independent Registered | Transfer Agent and |
|---|---|---|---|---|
| Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler | Public Accounting Firm | Shareholder Services |
| 333 West Wacker Drive | & Trust Company | LLP | PricewaterhouseCoopers | Computershare Trust Company, |
| Chicago, IL 60606 | One Congress Street | Chicago, IL 60606 | LLP | N.A. |
| Suite 1 | One North Wacker Drive | 150 Royall Street | ||
| Boston, MA 02114-2016 | Chicago, IL 60606 | Canton, MA 02021 | ||
| (800) 257-8787 |
Portfolio of Investments Information The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SECs website at http://www.sec.gov.
Nuveen Funds Proxy Voting Information You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveens website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure Each Funds Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| Common shares repurchased | 0 | 0 |
|---|---|---|
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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Glossary of Terms Used in this Report
(Unaudited)
Average Annual Total Return: This is a commonly used method to express an investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration: Duration is a measure of the expected period over which a bonds principal and interest will be paid, and consequently is a measure of the sensitivity of a bonds or bond funds value to changes when market interest rates change. Generally, the longer a bonds or funds duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage: Effective leverage is a funds effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the funds portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
Inverse Floating Rate Securities: Inverse floating rate securities are the residual interest in a tender option bond (TOB) trust, sometimes referred to as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bonds par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an inverse floater) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bonds downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bonds value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Net Asset Value (NAV) Per Share: A funds Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the funds Net Assets divided by its number of shares outstanding.
Pre-Refunded Bond/Pre-Refunding: Pre-Refunded bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bonds credit rating and thus its value.
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a funds capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.
Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesnt have the ability to increase taxes by an unlimited amount to pay the bonds back.
Total Investment Exposure: Total investment exposure is a funds assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a funds use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities.
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Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Nuveen Quality Municipal Income Fund
Nuveen AMT-Free Quality Municipal Income Fund
The Approval Process
At meetings held on April 28 and 29, 2025 (the Meeting), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by Nuveen Fund Advisors, LLC (NFAL or the Adviser), including the Funds (as defined below), and the group of funds advised by Teachers Advisors, LLC (TAL and all such funds, collectively, the Nuveen funds or the funds) approved the renewal of the investment management agreements (each, an Investment Management Agreement) with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America (TIAA), and TAL is an indirect wholly owned subsidiary of TIAA. The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a Sub-Advisory Agreement) with Nuveen Asset Management, LLC (the Sub-Adviser). The Sub-Adviser is also an affiliate of the Adviser.
The Boards of Directors or Trustees of the Nuveen funds are each a Board or collectively the Board (as the context may dictate) and the directors or trustees (as the case may be) are each a Board Member. The Board Members of each Board are not interested persons (as defined under the Investment Company Act of 1940 (the 1940 Act)) and, therefore, each Board is deemed to be comprised of all disinterested Board Members. References to a Board and the Board Members are interchangeable.
In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the Advisory Agreements, and the Adviser and the Sub-Adviser are collectively the Fund Advisers and each a Fund Adviser. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a Fund and, collectively, the Funds).
To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries; securities lending (as applicable); and closed-end fund market activity, capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value. The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.
To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Boards meeting held on February 25-26, 2025 (the February Meeting). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.
In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe.
The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Boards review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.
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Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the Executive Sessions) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.
The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Boards annual review of the Funds advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Advisers services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.
The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser and its affiliates dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, managements emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality of services to the Funds.
In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the Nuveen funds compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.
In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the funds performance over various time periods throughout the year.
In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each funds product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and
128
providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a funds custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.
Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board considered that management actively monitors any discount from net asset value per share at which a funds common stock trades and evaluates potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Advisers continuing commitment to provide high quality services.
In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.
The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Funds portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance (based on net asset value net of fees) over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the Performance Peer Group) and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Funds performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.
The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on managements analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by managements investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.
In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.
The Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered, among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage
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Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to build greater awareness and deepen understanding of closed-end funds. As applicable, the Board considered, among other things, the impact of leverage on a closed-end funds common share earnings and total return.
The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Funds performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.
In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a funds performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.
The performance determinations with respect to each Fund are summarized below:
For Nuveen Quality Municipal Income Fund (the Quality Municipal Fund), the Board considered that although the Funds performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods and second quartile for the five-year period ended December 31, 2024. On the basis of the Boards ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Funds investment objective(s) and managements discussion of performance, the Board concluded that the Funds performance supported renewal of the Advisory Agreements.
For Nuveen AMT-Free Quality Municipal Income Fund (the AMT-Free Quality Municipal Fund), the Board considered that although the Funds performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, and the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods, the Fund ranked in the third quartile for the five-year period ended December 31, 2024. The Board considered managements commentary on the Funds performance, including the factors that contributed to or detracted from performance and the improved relative performance in the first quarter of 2025 in which the Fund ranked in the third quartile of its Performance Peer Group for the quarter ended March 31, 2025. On the basis of the Boards ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Funds investment objective(s) and managements discussion of performance, the Board supported renewal of the Funds Advisory Agreements.
C. Fees, Expenses and Profitability
As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In addition to the management fee arrangements, the Board Members considered a Funds operating expense ratio as it more directly reflected a shareholders total costs in investing in the respective Fund.
In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.
The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Funds management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the Expense Universe). In their review, the Board Members considered, in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and taxes) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and managements commentary as to the factors contributing to each such funds relative net total expense ratio. The Board also considered, in relevant part, a funds management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.
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In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further considered that differences between the applicable Fund and its Expense Universe, as well as changes to the composition of the Expense Universe from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.
In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage costs), as applicable, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered each closed-end funds net total expense ratio and fees excluding investment-related costs and taxes. The Board also considered that the use of leverage may create a conflict of interest for the respective Adviser and Sub-Adviser given the increase of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the funds return. The Board Members considered, however, that the Adviser and Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its common shareholders and by periodically reviewing with the Board the funds performance and the impact of the use of leverage on that performance.
With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Boards considerations regarding the comparative fee data for each Fund are set forth below:
Although the Quality Municipal Funds actual management fee rate was above the Expense Universe median, the Funds contractual management fee rate matched the Expense Universe median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.
Although the AMT-Free Quality Municipal Funds actual management fee rate was above the Expense Universe median, the Funds contractual management fee rate matched its Expense Universe median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.
Based on its review of the information provided, the Board determined that each Funds management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (SMAs), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Advisers fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.
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Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the Sub-Adviser) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Advisers services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.
In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.
Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.
Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Advisers (together with the Sub-Adviser) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and investments in the Advisers business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Funds advisory fee structure.
As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.
Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of their investment portfolios.
The Board Members also considered the continued reinvestment in Nuveens business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Advisers and/or its affiliates ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.
Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in managements business appropriately shared any economies of scale with shareholders.
132
E. Indirect Benefits
The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.
In addition, the Board Members considered that the Adviser and Sub-Adviser (except as noted) may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the Sub-Adviser.
The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Advisers fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.
133
Notes
134
Notes
135
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the worlds premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com ESA-B-0425P 4476541
ITEM 2. Code of Ethics.
Not applicable to this filing.
ITEM 3. Audit Committee Financial Expert.
Not applicable to this filing.
ITEM 4. Principal Accountant Fees and Services.
Not applicable to this filing.
ITEM 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
ITEM 6. Investments.
(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.
(b) Not applicable.
ITEM 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable to closed-end investment companies.
ITEM 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable to closed-end investment companies.
ITEM 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable to closed-end investment companies.
ITEM 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable to closed-end investment companies.
ITEM 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.
ITEM 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this filing.
ITEM 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this filing.
ITEM 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
ITEM 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 16. 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the Exchange Act) (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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
ITEM 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
ITEM 19. Exhibits.
| (a)(1) | Not applicable to this filing. |
|---|---|
| (a)(2) | Not applicable to this filing. |
| (a)(3) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is 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.
Nuveen AMT-Free Quality Municipal Income Fund
| Date: July 7, 2025 |
|---|
| David J. Lamb Chief Administrative |
| Officer |
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.
| Date: July 7, 2025 | By: | /s/ David J. Lamb |
|---|---|---|
| David J. Lamb Chief Administrative Officer (principal executive officer) | ||
| Date: July 7, 2025 | By: | /s/ Marc Cardella |
| Marc Cardella Vice President and Controller (principal financial officer) |
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