Nuveen Quality Municipal Income Fund (NAD) N-CSR Certified annual shareholder report (management investment company)

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  811-09297                            

Nuveen 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)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: October 31

Date of reporting period: October 31, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

October

31,

2024

Annual

Report

Nuveen

Quality

Municipal

Income

Fund

NAD

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

NEA

2

Table

of

Contents

Important

Notices

3

Discussion

of

Fund

Performance

4

Common

Share

Information

7

About

the

Funds’

Benchmarks

9

Fund

Performance,

Leverage

and

Holdings

10

Report

of

Independent

Registered

Public

Accounting

Firm

15

Portfolios

of

Investments

16

Statement

of

Assets

and

Liabilities

110

Statement

of

Operations

111

Statement

of

Changes

in

Net

Assets

112

Statement

of

Cash

Flows

113

Financial

Highlights

114

Notes

to

Financial

Statements

117

Shareholder

Update

129

Important

Tax

Information

149

Shareholder

Meeting

Report

150

Additional

Fund

Information

151

Glossary

of

Terms

Used

in

this

Report

152

Board

Members

&

Officers

153

Important

Notices

3

Portfolio

Manager

Update:

Effective

April

1,

2024,

Christopher

Drahn

retired

from

Nuveen

Asset

Management,

LLC

and

no

longer

serves

as

a

portfolio

manager

of

the

Funds.

Management

Fees:

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

each

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

Changes

in

Independent

Registered

Public

Accounting

Firm

(a)

Previous

independent

registered

public

accounting

firm:

On

October

24,

2024,

the

Funds’

Board

of

Trustees

(the

“Board”),

upon

recommendation

from

the

Audit

Committee,

notified

KPMG

LLP

(“KPMG”)

that

it

would

be

dismissed

as

the

independent

registered

public

accounting

firm

for

the

Funds

effective

upon

(i)

completion

of

KPMG’s

audit

of

the

Funds’

financial

statements

to

be

included

in

the

Funds’

Annual

Report

on

Form

N-CSR

(the

“2024

Annual

Report”)

for

the

fiscal

year

ended

October

31,

2024

and

(ii)

the

issuance

of

KPMG’s

report

on

the

same.

KPMG’s

dismissal

as

the

Funds’

independent

registered

public

accounting

firm

was

effective

on

December

26,

2024,

which

is

the

date

on

which

KPMG

issued

their

report

on

their

audit

of

the

Funds’

financial

statements

to

be

included

in

the

2024

Annual

Report.

KPMG’s

audit

reports

on

the

Funds’

financial

statements

as

of

and

for

the

fiscal

years

ended

October

31,

2024

and

October

31,

2023

contained

no

adverse

opinion

or

disclaimer

of

opinion

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope

or

accounting

principles.

During

the

Funds’

fiscal

years

ended

October

31,

2024

and

October

31,

2023,

and

for

the

subsequent

interim

period

through

December

26,

2024,

there

were

no

disagreements

with

KPMG

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure

or

auditing

scope

or

procedures,

which

disagreements

if

not

resolved

to

the

satisfaction

of

KPMG

would

have

caused

them

to

make

reference

in

connection

with

their

reports

opinion

to

the

subject

matter

of

the

disagreement.

During

the

Funds’

fiscal

years

ended

October

31,

2024

and

October

31,

2023

and

for

the

subsequent

interim

period

through

December

26,

2024,

there

were

no

reportable

events

(as

defined

in

Regulation

S-K

Item

304(a)(1)(v)).

The

Funds

provided

KPMG

with

a

copy

of

the

foregoing

disclosures

and

requested

that

KPMG

furnish

the

Funds

with

a

letter

addressed

to

the

U.S.

Securities

and

Exchange

Commission

stating

whether

KPMG

agrees

with

the

above

statements.

(b)

New

independent

registered

public

accounting

firm:

On

October

24,

2024,

the

Board,

upon

recommendation

from

the

Audit

Committee,

appointed

PricewaterhouseCoopers

LLP

(“PwC”)

as

the

new

independent

registered

public

accounting

firm

for

the

Funds

for

the

fiscal

year

ended

October

31,

2025

audit.

During

the

Funds’

fiscal

years

ended

October

31,

2024

and

October

31,

2023

and

for

the

subsequent

interim

period

through

December

26,

2024,

the

Funds

have

not

consulted

with

PwC

regarding

any

of

the

matters

described

in

Regulation

S-K

Item

304

(“S-K

304”),

S-K

304(a)(2)(i)

or

S-K

304(a)(2)(ii)

disclosure.

4

Discussion

of

Fund

Performance

Nuveen

Quality

Municipal

Income

Fund

(NAD)

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

(NEA)

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

is

the

investment

adviser

for

the

Nuveen

Quality

Municipal

Income

Fund

(NAD)

and

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

(NEA).

The

portfolio

managers

for

NAD

and

NEA

are

Michael

Hamilton

and

Stephen

Candido,

CFA.

Below

is

a

discussion

of

Fund

performance

and

the

factors

that

contributed

and

detracted

during

the

12-month

reporting

period

ended

October

31,

2024.

For

more

information

on

Fund

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

Nuveen

Quality

Municipal

Income

Fund

(NAD) 

What

factors

affected

markets

during

the

reporting

period?

•

Municipal

bond

yields

ended

the

reporting

period

lower

than

where

they

started,

although

the

path

was

not

a

straight

line

given

uncertainties

about

the

Federal

Reserve’s

plan

for

monetary

easing

and

the

U.S.

election.

•

Credit

fundamentals

remained

strong,

with

default

activity

at

low

levels.

Although

supply

has

increased

in

2024

year-to-

date,

demand

for

municipal

debt

remained

solid.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

The

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

There

were

no

material

changes

to

the

Fund’s

positioning.

•

The

portfolio

management

team

took

advantage

of

periods

of

market

softness

to

buy

bonds

at

attractive

valuations

and

continued

to

carefully

manage

the

Fund’s

income

sustainability

via

tactical

trading.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

October

31,

2024,

NAD

returned

17.34%.

The

Fund

outperformed

the

returns

of

the

NAD

Blended

Benchmark,

which

returned

11.06%.

The

NAD

Blended

Benchmark

consists

of:

(1)

80%

S&P

Municipal

Bond

Investment

Grade

Index

and

(2)

20%

S&P

Municipal

Bond

High

Yield

Index.

Top

contributors

to

relative

performance

•

Duration

positioning,

driven

by

the

Fund’s

longer-duration

profile

and

an

overweight

to

longer-dated

bonds.

•

The

Fund’s

use

of

leverage

through

inverse

floating

rate

securities

and

the

issuance

of

preferred

shares.

•

Credit

quality

positioning,

especially

the

allocation

to

lower

credit

quality

bonds

(rated

BBB

and

below).

Top

detractors

from

relative

performance

•

Sector

allocation,

specifically

overweight

exposures

to

the

transportation

sector.

•

Individual

credit

selection.

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

(NEA)

What

factors

affected

markets

during

the

reporting

period?

•

Municipal

bond

yields

ended

the

reporting

period

lower

than

where

they

started,

although

the

path

was

not

a

straight

line

given

uncertainties

about

the

Federal

Reserve’s

plan

for

monetary

easing

and

the

U.S.

election.

•

Credit

fundamentals

remained

strong,

with

default

activity

at

low

levels.

Although

supply

has

increased

in

2024

5

year-to-date,

demand

for

municipal

debt

remained

solid.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

The

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

There

were

no

material

changes

to

the

Fund’s

positioning.

•

The

portfolio

management

team

took

advantage

of

periods

of

market

softness

to

buy

bonds

at

attractive

valuations

and

continued

to

seek

enhanced

income

opportunities

by

selling

bonds

with

lower

book

yields

and

replacing

them

with

bonds

with

higher

book

yields.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

October

31,

2024,

NEA

returned

17.10%.

The

Fund

outperformed

the

returns

of

the

NEA

Blended

Benchmark,

which

returned

11.06%.

The

NEA

Blended

Benchmark

consists

of:

(1)

80%

S&P

Municipal

Bond

Investment

Grade

Index

and

(2)

20%

S&P

Municipal

Bond

High

Yield

Index.

Top

contributors

to

relative

performance

•

Duration

and

yield

curve

positioning,

driven

by

the

overweight

to

the

longest-duration

bonds.

•

The

Fund’s

use

of

leverage

through

inverse

floating

rate

securities

and

the

issuance

of

preferred

shares.

Top

detractors

from

relative

performance

•

Individual

credit

selection.

•

Credit

quality

positioning,

specifically

an

overweight

to

AA

rated

bonds

and

an

underweight

to

non-rated

bonds.

(continued)

6

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Common

Share

Information

7

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

October

31,

2024.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

Each Fund’s

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

Fund’s

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

year’s

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

Nuveen’s

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

their

common

shares

outstanding.

As

of

October

31,

2024,

(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.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NAD

NEA

November

$0.0440

$0.0425

December

0.0440

0.0425

January

0.0440

0.0425

February

0.0440

0.0425

March

0.0520

0.0505

April

0.0520

0.0505

May

0.0520

0.0505

June

0.0755

0.0730

July

0.0755

0.0730

August

0.0755

0.0730

September

0.0755

0.0730

October

0.0755

0.0730

Total

Distributions

from

Net

Investment

Income

$0.7095

$0.6865

Yields

NAD

NEA

Market

Yield

1

7.56%

7.55%

Taxable-Equivalent

Yield

1

12.76%

12.73%

1

Market

Yield

is

based

on

the

Fund’s

current

annualized

monthly

dividend

divided

by

the

Fund’s

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

Fund’s

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

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Common

Share

Information

(continued)

8

NAD

NEA

Common

shares

cumulatively

repurchased

and

retired

17,900

120,000

Common

shares

authorized

for

repurchase

23,340,000

29,895,000

About

the

Funds’

Benchmarks

9

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.

10

Fund

Performance,

Leverage

and

Holdings

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

Fund’s

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

Fund’s

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

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“Effective

Leverage”

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

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

Fund’s

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

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

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

Fund’s

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

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

Credit

ratings

are

subject

to

change.

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.

Nuveen

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

October

31,

2024

11

NAD

Performance*

a

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NAD

Blended

Benchmark.

Effective

September

12,

2016,

the

Fund’s

Blended

Benchmark

consists

of:

1)

80%

S&P

Municipal

Bond

Investment

Grade

Index

and

2)

20%

S&P

Municipal

Bond

High

Yield

Index.

The

Fund’s

performance

was

measured

against

the

S&P

Municipal

Bond

Index

through

September

11,

2016.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

October

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NAD

at

Common

Share

NAV

5/26/99

17.34%

0.25%

2.81%

NAD

at

Common

Share

Price

5/26/99

29.88%

1.27%

3.61%

S&P

Municipal

Bond

Index

—

10.08%

1.22%

2.38%

NAD

Blended

Benchmark

—

11.06%

1.47%

2.60%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.85

$11.99

(6.69)%

(11.87)%

12

October

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

40.63%

Regulatory

Leverage

36.01%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

166

.5‌

%

Investment

Companies

0

.0‌

%

Other

Assets

&

Liabilities,

Net

1.9%

Floating

Rate

Obligations

(12.2)%

AMTP

Shares,

Net

(

24

.2‌

)

%

MFP

Shares,

Net

(

15

.2‌

)

%

VRDP

Shares,

Net

(

16

.8‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investments)

U.S.

Guaranteed

4.4%

AAA

2.2%

AA

27.7%

A

39.2%

BBB

14.0%

BB

or

Lower

5.5%

N/R

(not

rated)

7.0%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Transportation

26.8%

Health

Care

19.3%

Tax

Obligation/Limited

17.1%

Tax

Obligation/General

10.1%

Utilities

9.4%

Education

and

Civic

Organizations

5.3%

U.S.

Guaranteed

4.4%

Other

7.6%

Investment

Companies

0.0%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Colorado

8.6%

Illinois

8.5%

Texas

8.0%

New

York

7.3%

California

7.1%

Florida

6.2%

Pennsylvania

4.1%

Maryland

4.1%

New

Jersey

3.2%

South

Carolina

3.2%

Missouri

3.0%

Wisconsin

2.7%

Ohio

2.4%

Louisiana

2.2%

Michigan

2.1%

Washington

1.9%

Minnesota

1.7%

Georgia

1.7%

Arizona

1.6%

District

of

Columbia

1.6%

Other

18.8%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

October

31,

2024

13

NEA

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NEA

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

80%

S&P

Municipal

Bond

Investment

Grade

Index

and

2)

20%

S&P

Municipal

Bond

High

Yield

Index.

The

Fund’s

performance

was

measured

against

the

S&P

Municipal

Bond

Index

through

September

11,

2016.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

October

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NEA

at

Common

Share

NAV

11/21/02

17.10%

(0.11)%

2.69%

NEA

at

Common

Share

Price

11/21/02

30.16%

0.86%

3.47%

S&P

Municipal

Bond

Index

—

10.08%

1.22%

2.38%

NEA

Blended

Benchmark

—

11.06%

1.47%

2.60%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.39

$11.60

(6.38)%

(11.65)%

14

October

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

40.16%

Regulatory

Leverage

37.27%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

165

.4‌

%

Other

Assets

&

Liabilities,

Net

1.4%

Floating

Rate

Obligations

(7.5)%

AMTP

Shares,

Net

(

2

.1‌

)

%

MFP

Shares,

Net

(

26

.0‌

)

%

VRDP

Shares,

Net

(

31

.2‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investments)

U.S.

Guaranteed

6.1%

AAA

3.3%

AA

35.3%

A

36.3%

BBB

10.0%

BB

or

Lower

3.5%

N/R

(not

rated)

5.5%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Health

Care

21.6%

Tax

Obligation/Limited

18.9%

Transportation

13.8%

Tax

Obligation/General

12.3%

Utilities

12.2%

Education

and

Civic

Organizations

7.7%

U.S.

Guaranteed

6.4%

Other

7.1%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Illinois

10.0%

Colorado

9.1%

New

York

6.9%

Texas

6.9%

Michigan

5.9%

Florida

4.9%

New

Jersey

4.5%

Pennsylvania

3.6%

Minnesota

3.5%

Missouri

3.3%

Georgia

3.2%

California

3.1%

Wisconsin

3.0%

District

of

Columbia

2.4%

Ohio

2.4%

Washington

2.4%

South

Carolina

2.2%

North

Carolina

2.0%

Oregon

1.7%

Indiana

1.7%

Other

17.3%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Report

of

Independent

Registered

Public

Accounting

Firm

15

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Quality

Municipal

Income

Fund

and

Nuveen

AMT-Free

Quality

Municipal

Income

Fund:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Nuveen

Quality

Municipal

Income

Fund

and

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

(the

Funds),

including

the

portfolios

of

investments,

as

of

October

31,

2024,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

October

31,

2024,

the

results

of

their

operations

and

their

cash

flows

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

October

31,

2024,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

December

26,

2024

16

Portfolio

of

Investments

October

31,

2024

NAD

SHARES

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

-

166.5%

(100.0%

of

Total

Investments)

INVESTMENT

COMPANIES

-

0.0%

(0.0%

of

Total

Investments)

–

8,812

BlackRock

MuniHoldings

Fund

Inc

$

107,683

32,524

Invesco

Quality

Municipal

Income

Trust

328,167

TOTAL

INVESTMENT

COMPANIES

(Cost

$530,611)

435,850

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

4993955890

MUNICIPAL

BONDS

-

166

.5

%

(

100

.0

%

of

Total

Investments)

4993955890

ALABAMA

-

2.3%

(1.4%

of

Total

Investments)

$

5,000,000

Alabama

Special

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2016C

5

.000

%

11/15/46

5,052,761

5,000,000

Alabama

State

Port

Authority,

Docks

Facilities

Revenue

Bonds,

Refunding

Series

2017A

-

AGM

Insured,

(AMT)

5

.000

10/01/33

5,109,580

5,455,000

Alabama

State

Port

Authority,

Docks

Facilities

Revenue

Bonds,

Refunding

Series

2017A

-

AGM

Insured,

(AMT)

5

.000

10/01/34

5,566,154

5,550,000

Alabama

State

Port

Authority,

Docks

Facilities

Revenue

Bonds,

Refunding

Series

2017A

-

AGM

Insured,

(AMT)

5

.000

10/01/35

5,655,263

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

3,540,853

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

3,243,109

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

5,294,044

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

3,418,421

2,455,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.500

10/01/53

2,659,831

2,255,000

Limestone

County

Water

&

Sewer

Authority,

Alabama,

Water

and

Sewer

Revenue

Bonds,

Series

2022

5

.000

12/01/45

2,383,643

2,500,000

Madison

Water

and

Wastewater

Board,

Alabama,

Water

and

Sewer

Revenue

Bonds,

Series

2023

5

.250

12/01/53

2,727,994

7,590,000

Pike

Road,

Alabama,

General

Obligation

Warrants,

Series

2023

5

.000

03/01/52

8,039,455

5,000,000

(a)

Southeast

Alabama

Gas

Supply

District,

Alabama,

Gas

Supply

Revenue

Bonds,

Project

1,

Refunding

Series

2024A,

(Mandatory

Put

4/01/32),

(UB)

5

.000

08/01/54

5,355,904

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

7,132,670

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

1,077,951

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

4,238,366

TOTAL

ALABAMA

70,495,999

ALASKA

-

0.1%

(0.0%

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

1,006,360

1,075,000

Alaska

Industrial

Development

and

Export

Authority,

Power

Revenue

Bonds,

Snettisham

Hydroelectric

Project,

Refunding

Series

2015,

(AMT)

5

.000

01/01/29

1,081,498

300,000

Alaska

Industrial

Development

and

Export

Authority,

Power

Revenue

Bonds,

Snettisham

Hydroelectric

Project,

Refunding

Series

2015,

(AMT)

5

.000

01/01/31

301,487

TOTAL

ALASKA

2,389,345

17

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ARIZONA

-

2.7%

(1.6%

of

Total

Investments)

$

3,815,000

Arizona

Board

of

Regents,

University

of

Arizona,

Speed

Revenue

Bonds,

Stimulus

Plan

for

Economic

and

Educational

Development,

Refunding

Series

2020A

4

.000

%

08/01/44

$

3,774,835

2,500,000

Arizona

Health

Facilities

Authority,

Revenue

Bonds,

Scottsdale

Lincoln

Hospitals

Project,

Refunding

Series

2014A

5

.000

12/01/39

2,502,866

1,000,000

Arizona

Industrial

Development

Authority

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2023

5

.375

07/01/53

1,012,234

11,795,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A

4

.000

01/01/36

11,844,309

6,500,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019B,

(AMT)

5

.000

07/01/49

6,621,698

15,935,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A,

(AMT)

5

.000

07/01/42

16,167,645

7,000,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Revenue

Bonds,

Civic

Plaza

Expansion

Project,

Series

2005B

-

FGIC

Insured

5

.500

07/01/39

8,508,383

1,000,000

Pinal

County

Electrical

District

4,

Arizona,

Electric

System

Revenue

Bonds,

Refunding  Series

2015

-

AGM

Insured

4

.000

12/01/38

1,001,360

500,000

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007

5

.500

12/01/29

541,326

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

26,876,862

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

992,301

TOTAL

ARIZONA

79,843,819

ARKANSAS

-

0.8%

(0.5%

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

5,209,804

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

6,924,490

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

3,384,731

5,000,000

(b)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2019,

(AMT)

4

.500

09/01/49

4,889,927

1,000,000

(b)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2020A,

(AMT)

4

.750

09/01/49

985,662

2,055,000

Arkansas

State

University,

Student

Fee

Revenue

Bonds,

Jonesboro

Campus,

Series

2013

4

.875

12/01/43

2,037,496

TOTAL

ARKANSAS

23,432,110

CALIFORNIA

-

11.9%

(7.1%

of

Total

Investments)

3,500,000

(c)

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Second

Subordinate

Lien

Series

2022C

-

AGM

Insured

0

.000

10/01/52

1,954,617

2,665,000

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Second

Subordinate

Lien

Series

2022C

-

AGM

Insured

5

.000

10/01/52

2,860,934

2,945,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

0

.000

09/01/27

2,704,061

7,150,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

0

.010

09/01/28

6,353,090

2,455,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

0

.000

09/01/32

1,873,831

105,000

(d)

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured,

(ETM)

0

.000

09/01/35

72,753

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

18

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

95,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

0

.000

%

09/01/35

$

63,675

1,055,000

Brisbane

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

2003

Series

2005

-

AGM

Insured

0

.000

07/01/35

719,254

60,000

(d)

Byron

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Series

2007B,

(ETM)

0

.000

08/01/32

46,448

235,000

(d)

Byron

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Series

2007B

-

SYNCORA

GTY

Insured,

(ETM)

0

.000

08/01/32

181,920

1,405,000

Byron

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Series

2007B

-

SYNCORA

GTY

Insured

0

.000

08/01/32

1,048,531

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

2,900,198

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

3,273,172

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

4,855,466

10,000,000

(a)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

(Mandatory

Put

4/01/32),

(UB)

5

.000

05/01/54

10,795,443

9,000,000

(b)

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A

5

.000

04/01/49

7,812,309

10,000,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B

5

.000

11/15/46

10,208,755

2,855,000

(d)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B,

(Pre-

refunded

11/15/26)

5

.000

11/15/46

2,984,109

16,665,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A

5

.000

11/15/48

17,092,377

2,275,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A

4

.000

11/15/42

2,245,392

5,000,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Adventist

Health

Energy

Projects,

Series

2024A

5

.250

07/01/54

5,294,938

5,000,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

5

.000

12/31/43

5,053,968

3,250,000

California

Municipal

Finance

Authority,

Reveue

Bonds,

Community

Medical

Centers,

Series

2017A

5

.000

02/01/47

3,271,328

2,930,000

(b)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

CIty

Charter

School

Obligated

Group,

Series

2016A

5

.000

06/01/52

2,799,114

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

2,640,461

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

1,510,596

500,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

5

.250

12/01/44

495,353

3,550,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

5

.500

12/01/54

3,551,471

1,000,000

(b)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.000

12/01/46

1,007,503

17,715,000

(b)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.250

12/01/56

17,902,028

10,237

(e),(f)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A

5

.750

07/01/30

10,237

19

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

28,037

(e),(f)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A

5

.500

%

07/01/39

$

28,037

4,890,000

Clovis

Unified

School

District,

Fresno

County,

California,

General

Obligation

Bonds,

Series

2006B

-

NPFG

Insured

0

.000

08/01/26

4,646,658

1,000,000

Coachella

Valley

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Series

2005A

-

FGIC

Insured

0

.000

08/01/30

827,352

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

777,236

3,010,000

El

Camino

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2002

Series

2012C

0

.000

08/01/25

2,941,567

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

2,519,552

9,930,000

(d)

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A,

(Pre-refunded

6/01/25)

5

.000

06/01/45

10,040,165

3,500,000

(d)

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2005A

-

AGM

Insured,

(ETM)

0

.000

06/01/26

3,331,641

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

857,211

5,240,000

Huntington

Beach

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2005

-

AGM

Insured

0

.000

08/01/30

4,394,610

2,500,000

Huntington

Beach

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2007

-

FGIC

Insured

0

.000

08/01/32

1,939,593

5,000,000

Inland

Empire

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007C-1.Turbo

Capital

Appreciation

0

.010

06/01/36

2,276,798

5,000,000

Kern

Community

College

District,

California,

General

Obligation

Bonds,

Safety,

Repair

&

Improvement,

Election

2002

Series

2006

-

AGM

Insured

0

.000

11/01/24

5,000,000

1,045,000

Lake

Tahoe

Unified

School

District,

El

Dorado

County,

California,

General

Obligation

Bonds,

Series

2001B

-

NPFG

Insured

0

.000

08/01/31

835,091

9,140,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D,

(AMT)

5

.000

05/15/41

9,167,446

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

13,414,203

40,000

(d)

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

44,033

5,955,000

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

0

.000

08/01/43

5,863,017

2,700,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A

7

.000

11/01/34

3,361,444

2,200,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C

6

.500

11/01/39

2,805,507

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

1,196,249

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

2,366,731

6,000,000

(d)

Placentia-Yorba

Linda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation,

Series

2006

-

FGIC

Insured,

(ETM)

0

.000

10/01/34

4,253,862

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

20

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

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

$

1,034,237

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

5,977,802

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

4,907,131

4,615,000

Riverside

County

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Jurupa

Valley

Project

Area,

Series

2011B

0

.000

10/01/38

2,623,112

10,990,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

(AMT)

5

.000

07/01/46

11,436,892

10,175,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A,

(AMT)

5

.000

05/01/49

10,455,782

4,945,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2016B,

(AMT)

5

.000

05/01/41

4,992,891

10,000,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2017A,

(AMT)

5

.000

05/01/42

10,163,962

11,000,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

(AMT)

5

.000

05/01/45

11,318,348

12,285,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

(AMT)

5

.000

05/01/50

12,600,415

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

766,173

2,000,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

5

.250

01/15/44

2,004,365

15,350,000

(d)

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2014A,

(Pre-refunded

1/15/25)

5

.000

01/15/44

15,407,367

25,840,000

(d)

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2014A,

(Pre-refunded

1/15/25)

5

.000

01/15/50

25,936,572

5,000,000

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

(AMT)

5

.000

03/01/41

5,057,110

5,000,000

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

(AMT)

5

.000

03/01/47

5,028,143

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

7,879,871

6,660,000

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015

0

.000

08/01/43

2,507,663

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

1,834,051

1,145,000

Southern

Kern

Unified

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2006C

-

AGM

Insured

0

.000

11/01/30

944,189

1,175,000

Southern

Kern

Unified

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2010B

-

AGM

Insured

0

.000

11/01/35

788,376

2,410,000

Victor

Elementary

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Series

2002A

-

FGIC

Insured

0

.010

08/01/26

2,286,126

3,750,000

(c)

Wiseburn

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2011B

-

AGM

Insured

0

.000

08/01/36

4,184,489

TOTAL

CALIFORNIA

356,606,402

21

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

-

14.4%

(8.7%

of

Total

Investments)

$

2,325,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2019

5

.000

%

12/01/51

$

2,262,747

4,350,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021

4

.375

12/01/52

3,850,466

3,000,000

Anthem

West

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015

-

BAM

Insured

5

.000

12/01/35

3,045,555

2,000,000

Arvada,

Colorado,

Water

Enterprise

Revenue

Bonds,

Series

2022

4

.000

12/01/48

1,953,483

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

997,659

4,195,000

(d)

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

4,305,829

5,500,000

Brighton,

Colorado,

Water

Activity

Enterprise

Revenue

Bonds,

Water

System

Project,

Series

2022

5

.000

06/01/47

5,829,376

1,627,000

(b)

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

5

.000

12/01/29

1,630,925

2,165,000

Colorado

Bridge

and

Tunnel

Enterprise,

Colorado,

Senior

Infrastructure

Revenue

Bonds,

Series

2024A

-

AGM

Insured

5

.500

12/01/54

2,415,348

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

6,118,570

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

1,433,270

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

2,950,596

1,715,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Flagstaff

Academy

Project,

Refunding

Series

2016

3

.625

08/01/46

1,428,172

500,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Liberty

Common

Charter

School,

Series

2014A

5

.000

01/15/44

497,792

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

1,000,949

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

3,020,419

545,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

University

Corporation

for

Atmospheric

Research

Project,

Refunding

Series

2017

3

.625

09/01/31

545,925

1,200,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

University

of

Denver,

Series

2017A

4

.000

03/01/36

1,203,408

1,600,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

University

of

Denver,

Series

2017A

4

.000

03/01/37

1,601,276

5,460,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2019A

4

.000

11/15/43

5,363,068

17,905,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2021A

4

.000

11/15/46

17,041,773

11,090,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2021A

4

.000

11/15/50

10,429,623

4,600,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2016

5

.000

01/01/37

4,630,257

5,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/44

5,147,990

5,395,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

4

.000

08/01/49

4,953,278

10,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

-

BAM

Insured

4

.000

08/01/49

9,396,926

2,725,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

5

.500

11/01/47

2,998,683

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

22

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

2,300,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

5

.250

%

11/01/52

$

2,462,438

2,670,000

(d)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Series

2013A,

(Pre-refunded

6/01/25)

5

.000

06/01/28

2,694,979

6,425,000

(d)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Series

2013A,

(Pre-refunded

6/01/25)

5

.000

06/01/40

6,485,107

1,390,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Meadows

Project,

Refunding

&

Improvement

Series

2017A

5

.250

05/15/47

1,403,432

5,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Intermountain

Healthcare,

Series

2022A

5

.000

05/15/52

5,286,682

2,445,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Intermountain

Healthcare,

Series

2024A

5

.000

05/15/54

2,575,197

3,785,000

(d)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Series

2020A,

(Pre-refunded

9/01/30)

4

.000

09/01/50

4,043,938

4,535,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sanford

Health,

Series

2019A

5

.000

11/01/44

4,729,147

3,300,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

SCL

Health

System,

Refunding

Series

2019A

4

.000

01/01/37

3,325,478

2,100,000

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017

5

.000

12/31/56

2,099,915

950,000

(d)

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

1,017,601

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

734,699

2,360,000

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017E

4

.000

03/01/43

2,342,008

3,420,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2020R

4

.000

03/15/45

3,372,587

4,000,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2021S

4

.000

03/15/41

4,004,950

7,250,000

(d)

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2016,

(Pre-refunded

8/01/26)

5

.000

08/01/46

7,505,577

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

.010

12/01/31

5,137,551

3,250,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

(AMT)

4

.125

11/15/53

3,083,765

8,250,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

(AMT)

5

.500

11/15/53

8,899,244

3,400,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022B

5

.250

11/15/53

3,694,514

2,790,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5

.750

11/15/45

3,099,281

5,000,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5

.000

11/15/53

5,149,961

17,000,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

(AMT)

5

.000

12/01/43

17,386,929

11,750,000

(a)

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

(AMT),

(UB)

5

.000

12/01/48

11,934,894

9,040,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

(AMT)

5

.250

12/01/48

9,340,329

4,095,000

Denver

City

and

County,

Colorado,

Dedicated

Tax

Revenue

Bonds,

Current

Interest

Series

2018A-1

5

.000

08/01/48

4,185,814

2,005,000

Denver

City

and

County,

Colorado,

Special

Facilities

Airport

Revenue

Bonds,

United

Airlines,

Inc.

Project,

Refunding

Series

2017,

(AMT)

5

.000

10/01/32

2,005,336

23

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

5,130,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

5

.000

%

12/01/30

$

5,232,009

3,900,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

5

.000

12/01/36

3,945,626

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

2,984,170

385,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Capital

Appreciation

Series

2010A

0

.000

09/01/35

250,535

150,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Capital

Appreciation

Series

2010A

0

.000

09/01/37

88,799

75,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Capital

Appreciation

Series

2010A

0

.000

09/01/38

42,177

20,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Capital

Appreciation

Series

2010A

0

.000

09/01/39

10,646

110,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Capital

Appreciation

Series

2010A

0

.000

09/01/41

52,125

18,380,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

1997B

-

NPFG

Insured

0

.000

09/01/25

17,854,330

1,045,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/29

884,138

2,175,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.010

09/01/30

1,763,979

25,050,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.010

09/01/31

19,448,622

23,305,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/32

17,307,537

100,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/33

70,860

12,500,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2006A

-

NPFG

Insured

0

.010

09/01/38

6,328,868

385,000

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A

-

NPFG

Insured

0

.000

09/01/28

338,139

60,000,000

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A

-

NPFG

Insured

0

.000

03/01/36

37,628,682

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

2,132,354

8,000,000

Ebert

Metropolitan

District,

Denver

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2018A-1

-

BAM

Insured

5

.000

12/01/43

8,314,090

1,000,000

Erie

Highlands

Metropolitan

District

2,

Weld

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2018A

5

.250

12/01/48

1,005,150

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

3,461,963

2,000,000

Firestone,

Colorado,

Water

Enterprise

Revenue

Bones,

Series

2020

-

BAM

Insured

4

.000

12/01/45

1,958,800

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

3,759,138

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

2,396,214

1,305,000

Goldsmith

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2021

-

AGM

Insured

4

.000

12/01/51

1,239,887

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

3,070,559

1,000,000

Kinston

Metropolitan

District

5,

Loveland,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5

.125

12/01/50

998,251

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

24

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,355,000

Meadowbrook

Crossing

Metropolitan

District,

EL

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2020A

5

.250

%

12/01/49

$

1,355,806

1,500,000

Meridian

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Series

2023

-

AGM

Insured

4

.375

12/01/53

1,503,770

1,860,000

(d)

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

1,879,001

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

1,865,643

9,520,000

Northern

Colorado

Water

Conservancy

District

Building

Corporation,

Certificates

of

Participation,

Refunding

Series

2021

4

.000

07/01/46

9,362,061

3,250,000

Northern

Colorado

Water

Conservancy

District

Building

Corporation,

Certificates

of

Participation,

Refunding

Series

2021

4

.000

07/01/51

3,125,656

1,565,000

Park

70

Metropolitan

District,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2016

5

.000

12/01/36

1,580,205

2,100,000

Park

70

Metropolitan

District,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2016

5

.000

12/01/46

2,100,685

8,000,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2017A

5

.000

12/01/46

8,044,736

2,235,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2019A

-

AGM

Insured

4

.000

12/01/38

2,244,328

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

4,578,848

700,000

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds,  Colorado

Springs

Utilities,

Series

2008

6

.500

11/15/38

843,303

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

776,603

1,050,000

Traditions

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016

-

BAM

Insured

5

.000

12/01/32

1,088,533

1,000,000

Traditions

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016

-

BAM

Insured

4

.125

12/01/37

1,004,827

1,500,000

Trails

at

Crowfoot

Metropolitan

District

3,

Parker,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024A

4

.250

12/01/54

1,441,183

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

395,709

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

2,013,199

6,225,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6

.750

12/01/52

6,061,982

7,700,000

(b),(c)

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2024A-2

0

.000

12/01/54

4,428,295

TOTAL

COLORADO

432,316,737

CONNECTICUT

-

1.3%

(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

1,944,133

850,000

(b)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

McLean

Affiliates,

Series

2020A

5

.000

01/01/45

782,977

5,355,000

(a)

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2024A,

(UB)

4

.600

11/15/49

5,391,165

14,775,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A

5

.000

01/01/34

15,524,539

6,410,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A

5

.000

01/01/37

6,702,166

6,000,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A

5

.000

01/01/38

6,266,819

25

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CONNECTICUT

(continued)

$

3,730,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2020A

5

.000

%

02/15/41

$

3,992,578

TOTAL

CONNECTICUT

40,604,377

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

5,738,220

800,000

Delaware

Health

Facilities

Authroity,

Revenue

Bonds,

Beebe

Medical

Center

Project,

Series

2018

5

.000

06/01/48

809,617

3,000,000

Delaware

Health

Facilities

Authroity,

Revenue

Bonds,

Beebe

Medical

Center

Project,

Series

2018

5

.000

06/01/50

3,031,258

7,255,000

Delaware

Transportation

Authority,

Revenue

Bonds,

US

301

Project,

Series

2015

5

.000

06/01/55

7,288,100

TOTAL

DELAWARE

16,867,195

DISTRICT

OF

COLUMBIA

-

2.7%

(1.6%

of

Total

Investments)

325,000

District

of

Columbia

Housing

Finance

Agency,

GNMA

Collateralized

Single

Family

Mortgage

Revenue

Bonds,

Series

1988E-4,

(AMT)

6

.375

06/01/26

325,669

51,000,000

District

of

Columbia

Tobacco

Settlement

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2006A

0

.000

06/15/46

12,844,620

2,000,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B

4

.000

10/01/44

1,900,778

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

5,142,429

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

2,768,654

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

4,725,771

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

1,264,184

5,000,000

(d)

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

5,336,466

15,800,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A,

(AMT)

5

.000

10/01/43

16,151,836

5,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2019A,

(AMT)

5

.000

10/01/49

5,098,229

8,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2021A,

(AMT)

5

.000

10/01/46

8,282,726

7,400,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2023A,

(AMT)

5

.250

10/01/53

7,796,120

3,485,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2024A,

(AMT)

5

.500

10/01/54

3,781,509

4,000,000

Washington

Metropolitan

Area

Transit

Authority,

Second

Lien

Dedicated

Revenue

Bonds,

Sustainability-

Climate

Transition,

Series

2024A

5

.250

07/15/59

4,335,473

TOTAL

DISTRICT

OF

COLUMBIA

79,754,464

FLORIDA

-

10.3%

(6.2%

of

Total

Investments)

1,480,000

Atlantic

Beach,

Florida,

Healthcare

Facilities

Revenue

Refunding

Bonds,

Fleet

Landing

Project,

Series

2013A

5

.000

11/15/37

1,481,102

450,000

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A

5

.000

09/01/45

450,031

2,260,000

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A

5

.000

09/01/48

2,260,031

8,280,000

Broward

County,

Florida,

Airport

System

Revenue

Bonds,

Series

2019A,

(AMT)

5

.000

10/01/44

8,491,485

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

26

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

3,465,000

(b)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Babcock

Neighborhood

School

Inc

Project,

Series

2024

5

.750

%

08/15/49

$

3,437,521

3,250,000

(b)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

IPS

Enterprises,

Inc.

Projects,

Refunding

Series

2023A

6

.250

06/15/53

3,394,977

4,485,000

Florida

Department

of

Transportation,

Florida,

Right-of-Way

Acquisition

and

Bridge

Construction

Series

2018A

4

.000

07/01/42

4,488,890

175,000

(b)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School,

Inc.

Projects,

Series

2020C

5

.000

09/15/40

168,310

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

2,036,648

5,000,000

(a)

Florida

Development

Finance

Corporation,

Healthcare

Facilities

Revenue

Bonds,

Tampa

General

Hospital

Project,

Series

2024A,

(UB)

5

.250

08/01/55

5,223,576

3,975,000

(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

4,217,767

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

4,262,166

8,800,000

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

9,136,719

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

10,606,402

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

12,249,869

12,710,000

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

13,237,812

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

5,266,906

16,630,000

(b)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2024A,

(AMT),

(Mandatory

Put

2/14/25)

8

.250

07/01/57

17,137,233

31,985,000

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A,

(AMT)

5

.000

10/01/42

32,528,956

5,000,000

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Series

2018E,

(AMT)

5

.000

10/01/43

5,111,341

10,305,000

Hillsborough

County

Aviation

Authority,

Florida,

Tampa

International

Airport

Customer

Facility

Charge

Revenue

Bonds,

Series

2015A

5

.000

10/01/44

10,306,596

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

8,958,759

825,000

(b)

Lake

County,

Florida,

Educational

Facilities

Revenue

Bonds,

Imagine

South

Lake

Charter

School

Project,

Series

2019A

5

.000

01/15/54

774,412

1,500,000

Lauderhill,

Florida,

Water

and

Sewer

Revenue

Bonds,

Series

2023

-

AGM

Insured

5

.000

10/01/53

1,600,095

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

9,823,257

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

1,758,388

10,000,000

Miami,

Florida,

Special

Obligation

Non-Ad

Valorem

Revenue

Bonds,

New

Administrative

Building

Series

2023A

5

.250

03/01/53

10,863,085

27

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

2,930,000

Miami-Dade

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

University

of

Miami,

Series

2012A

5

.000

%

04/01/42

$

2,930,364

8,070,000

Miami-Dade

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

University

of

Miami,

Series

2015A

5

.000

04/01/45

8,089,842

10,050,000

(a)

Miami-Dade

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

University

of

Miami,

Series

2018A,

(UB)

5

.000

04/01/53

10,277,128

1,500,000

Miami-Dade

County

Health

Facility

Authority,

Florida,

Hospital

Revenue

Bonds,

Nicklaus

Children's

Hospital,

Refunding

Series

2017

5

.000

08/01/42

1,525,396

5,000,000

Miami-Dade

County

School

District,

Florida,

General

Obligation

Bonds,

School

Series

2022A

-

BAM

Insured

5

.000

03/15/52

5,317,507

3,000,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2015A

-

BAM

Insured,

(AMT)

5

.000

10/01/38

3,018,871

13,385,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

5

.000

10/01/40

13,597,121

7,000,000

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Series

2021A-2

-

AGM

Insured

4

.000

10/01/49

6,777,071

1,005,000

(a)

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Series

2022A,

(AMT),

(UB)

5

.250

10/01/52

1,060,082

1,315,000

(b)

Miami-Dade

County,

Florida,

Special

Assessment

Revenue

Bonds,

Ojus

Sanitary

Sewer

Special

Benefit

Area,

Series

2021

5

.100

07/01/51

1,326,663

5,000,000

Miami-Dade

County,

Florida,

Transit

System

Sales

Surtax

Revenue

Bonds,

Series

2022

5

.000

07/01/51

5,282,881

6,035,000

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2019B

4

.000

10/01/49

5,744,965

3,500,000

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2021

4

.000

10/01/46

3,415,001

7,000,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Obligated

Group,

Inc.,

Series

2022

4

.000

10/01/52

6,572,945

2,360,000

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1

5

.000

10/01/49

2,428,289

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

3,343,088

1,665,000

Pine

Island

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Bella

Collina,

Series

2004

5

.750

05/01/35

1,672,632

4,635,000

Port

Saint

Lucie,

Florida,

Public

Service

Tax

Revenue

Bonds,

Recovery

Zone

Facility

Bond

Series

2014B

5

.000

09/01/43

4,640,717

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

2,569,639

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

2,049,518

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

9,964,958

705,000

(b)

Southeast

Overtown/Park

West

Community

Redevelopement

Agency,

Florida,

Tax

Increment

Revenue

Bonds,

Series

2014A-1

5

.000

03/01/30

705,731

1,500,000

Sumter

County

Industrial

Development

Authority,

Florida,

Hospital

Revenue

Bonds,

Central

Florida

Health

Alliance

Projects,

Series

2014A

5

.250

07/01/44

1,500,906

7,545,000

Tampa,

Florida,

Hospital

Revenue

Bonds,

H.

Lee

Moffitt

Cancer

Center

Project,

Series

2020B

5

.000

07/01/50

7,741,571

130,000

(c)

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2

0

.000

05/01/40

130,537

195,000

(e)

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3

6

.610

05/01/40

2

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

1,015,181

1,500,000

(g)

Two

Lakes

Community

Development

District,

Hialeah,

Florida,

Special

Assessment

Bonds,

Series

2024

5

.000

05/01/55

1,534,199

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

28

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

6,510,000

Volusia

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Stetson

University

Inc.

Project,

Series

2015

5

.000

%

06/01/45

$

6,511,350

TOTAL

FLORIDA

310,016,489

GEORGIA

-

2.9%

(1.7%

of

Total

Investments)

1,890,000

(c)

Atlanta

Development

Authority,

Georgia,

Economic

Development

Certificates,

Gulch

Enterprise

Zone

Project,

Convertible

Capital

Appreciation

Series

2024A-1

Class

A

0

.000

12/15/48

1,580,394

1,775,000

Atlanta

Development

Authority,

Georgia,

Revenue

Bonds,

New

Downtown

Atlanta

Stadium

Project,

Senior

Lien

Series

2015A-1

5

.250

07/01/40

1,790,945

1,400,000

(b)

Atlanta

Development

Authority,

Georgia,

Revenue

Bonds,

Westside

Gulch

Area

Project,

Senior

Series

2024A-2

5

.500

04/01/39

1,420,638

14,000,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Series

2022B,

(AMT)

5

.000

07/01/52

14,420,120

2,600,000

Cobb

County

Kennestone

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System,

Series

2017A

5

.000

04/01/47

2,628,681

2,500,000

Columbia

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System,

Inc.

Project,

Series

2023B

5

.125

04/01/53

2,644,422

3,575,000

Crisp

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Crisp

County

Hospital

Project,

Series

2021

4

.000

07/01/51

3,370,970

390,000

Dalton

Development

Authority,

Georgia,

Revenue

Certificates,

Hamilton

Health

Care

System

Inc.,

Series

1996

-

NPFG

Insured

5

.500

08/15/26

398,800

2,000,000

Fulton

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A

4

.000

07/01/49

1,900,495

3,500,000

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2021

4

.000

07/01/51

3,430,463

3,285,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019A

5

.000

05/15/43

3,385,109

23,200,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019A

5

.000

05/15/49

24,820,100

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

9,968,881

10,260,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2015A

5

.000

07/01/60

10,263,384

3,465,000

Paulding

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System

Inc.,

Series

2022A

5

.000

04/01/42

3,706,178

TOTAL

GEORGIA

85,729,580

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

2,016,159

1,720,000

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

5

.250

06/01/32

1,707,198

2,915,000

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

5

.625

06/01/47

2,862,030

245,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016

5

.000

07/01/27

251,442

1,240,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016

5

.000

01/01/46

1,253,721

2,000,000

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A

5

.000

12/01/33

2,039,056

2,260,000

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A

5

.000

12/01/34

2,299,357

1,175,000

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A

5

.000

12/01/46

1,176,534

355,000

Guam

Port

Authority,

Port

Revenue

Bonds,

Private

Activity

Series

2018B,

(AMT)

5

.000

07/01/33

363,947

TOTAL

GUAM

13,969,444

29

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HAWAII

-

0.9%

(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

$

5,403,397

7,500,000

Hawaii

State,

Airport

System

Revenue

Bonds,

Series

2015A,

(AMT)

5

.000

07/01/45

7,518,219

6,000,000

Hawaii

State,

Airport

System

Revenue

Bonds,

Series

2022,

(AMT)

5

.000

07/01/38

6,341,068

5,000,000

Hawaii

State,

General

Obligation

Bonds,

Series

2017FK

4

.000

05/01/35

5,043,991

3,720,000

Honolulu

City

and

County,

Hawaii,

Wastewater

System

Revenue

Bonds,

First

Bond

Resolution,

Green

Senior

Series

2023

5

.000

07/01/48

4,012,012

TOTAL

HAWAII

28,318,687

IDAHO

-

1.1%

(0.7%

of

Total

Investments)

9,495,000

Boise

City

Water

Renewal

System,

Idaho,

Revenue

Bonds,

Refunding

Series

2022

5

.000

09/01/47

10,079,667

11,205,000

Idaho

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

CHE

Trinity

Helath

Group,

Series

2017ID

5

.000

12/01/46

11,412,429

1,700,000

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Madison

Memorial

Hospital

Project,

Refunding

Series

2016

5

.000

09/01/29

1,714,738

5,585,000

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2021A

4

.000

03/01/46

5,351,476

1,155,000

Idaho

Water

Resource

Board,

Water

Resource

Loan

Program

Revenue,

Ground

Water

Rights

Mitigation

Series

2012A

4

.750

09/01/26

1,155,383

310,000

Idaho

Water

Resource

Board,

Water

Resource

Loan

Program

Revenue,

Ground

Water

Rights

Mitigation

Series

2012A

5

.000

09/01/32

310,148

3,000,000

(b)

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2021

3

.750

09/01/51

2,756,466

TOTAL

IDAHO

32,780,307

ILLINOIS

-

14.4%

(8.6%

of

Total

Investments)

6,000,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016

6

.000

04/01/46

6,213,367

2,170,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues

Series

2012A

5

.000

12/01/42

2,133,512

1,500,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2018D

5

.000

12/01/46

1,467,726

9,250,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A

7

.000

12/01/44

9,452,397

2,400,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016B

6

.500

12/01/46

2,477,290

11,295,000

(b)

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2017A

7

.000

12/01/46

12,050,200

10,130,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1

-

FGIC

Insured

0

.010

12/01/24

10,094,697

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

6,841,415

4,325,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1

-

FGIC

Insured

0

.010

12/01/29

3,529,162

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

3,150,151

8,845,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1999A

-

NPFG

Insured

5

.500

12/01/26

9,052,350

10,285,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Refunding

Senior

Lien

Series

2018A

5

.000

01/01/48

10,469,130

6,745,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2015C

5

.000

01/01/46

6,757,650

2,000,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2016F

-

BAM

Insured

4

.250

01/01/47

1,991,543

4,000,000

(a)

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2022A,

(UB)

4

.625

01/01/53

3,971,693

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

30

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

5,000,000

(a)

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2022A,

(UB)

5

.250

%

01/01/53

$

5,194,199

5,000,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2022A

-

AGM

Insured

5

.500

01/01/53

5,288,363

8,010,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2022A

5

.500

01/01/55

8,526,486

2,000,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2024B

5

.500

01/01/59

2,194,629

4,115,000

Chicago,

Illinois,

General

Obligation

Bonds,

City

Colleges,

Series

1999

-

FGIC

Insured

0

.010

01/01/33

2,930,312

29,600,000

Chicago,

Illinois,

General

Obligation

Bonds,

City

Colleges,

Series

1999

-

FGIC

Insured

0

.000

01/01/38

16,258,999

11,675,000

Chicago,

Illinois,

General

Obligation

Bonds,

Project

&

Refunding

Series

2017A

6

.000

01/01/38

12,099,518

4,000,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A

5

.000

01/01/40

4,091,389

12,870,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A

5

.500

01/01/49

13,225,741

11,575,000

(a)

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A,

(UB)

5

.500

01/01/49

11,894,946

6,245,000

Chicago,

Illinois,

Wastewater

Transmission

Revenue

Bonds,

Second

Lien

Series

2001A

-

NPFG

Insured

5

.500

01/01/30

6,586,673

1,130,000

Chicago,

Illinois,

Water

Revenue

Bonds,

Senior

Lien

Series

2001

-

AMBAC

Insured

5

.750

11/01/30

1,197,921

4,500,000

Cook

County

Community

College

District

508,

Illinois,

General

Obligation

Bonds,

Chicago

City

Colleges,

Series

2017

5

.000

12/01/47

4,574,377

3,000,000

Cook

County,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2016A

5

.000

11/15/31

3,105,389

500,000

Cook

County,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2018

5

.000

11/15/34

515,567

4,550,000

Cook

County,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2018

5

.000

11/15/35

4,678,088

5,000,000

Illinois

Educational

Facilities

Authority,

Revenue

Bonds,

Field

Museum

of

Natural

History,

Series

2002.RMKT

4

.450

11/01/36

5,086,989

815,000

Illinois

Educational

Facilities

Authority,

Revenue

Bonds,

Field

Museum

of

Natural

History,

Series

2002.RMKT

4

.500

11/01/36

815,053

2,785,000

Illinois

Educational

Facilities

Authority,

Revenue

Bonds,

Field

Museum

of

Natural

History,

Series

2002.RMKT

5

.500

11/01/36

2,789,664

410,000

(b)

Illinois

Finance

Authority,

Charter

School

Revenue

Bonds,

Intrinsic

Charter

Schools

Belmont

School

Project,

Series

2015A

6

.000

12/01/45

413,261

1,930,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2015,

(UB)

5

.000

05/01/45

1,943,770

12,025,000

(a),(d)

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2015,

(Pre-refunded

5/01/25),

(UB)

5

.000

05/01/45

12,110,793

2,500,000

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/

fkaPresence

Health

Network,

Series

2016C

5

.000

02/15/33

2,587,349

10,000,000

Illinois

Finance

Authority,

Revenue

Bonds,

Mercy

Health

Corporation,

Series

2016

5

.000

12/01/46

10,081,876

10,745,000

Illinois

Finance

Authority,

Revenue

Bonds,

OSF

Healthcare

System,

Series

2015A

5

.000

11/15/45

10,802,141

560,000

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C

5

.000

08/15/35

564,215

6,245,000

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C

5

.000

08/15/44

6,263,569

10,000,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago

Medicine,

Series

2022A,

(UB)

5

.000

08/15/47

10,477,772

2,670,000

(d)

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Refunding

Series

2015A,

(Pre-refunded

10/01/25)

5

.000

10/01/46

2,712,226

15,030,000

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Series

2023A

5

.250

05/15/54

16,221,006

1,900,000

Illinois

Health

Facilities

Authority,

Revenue

Bonds,

Midwest

Care

Center

I

Inc.,

Series

2001

5

.950

02/20/36

1,902,026

1,830,000

Illinois

Sports

Facility

Authority,

State

Tax

Supported

Bonds,

Refunding

Series

2014

-

AGM

Insured

5

.250

06/15/32

1,840,008

450,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017A

5

.000

12/01/39

461,188

5,705,000

Illinois

State,

General

Obligation

Bonds,

February

Series

2014

5

.250

02/01/33

5,724,425

31

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

5,815,000

Illinois

State,

General

Obligation

Bonds,

February

Series

2014

5

.250

%

02/01/34

$

5,834,800

2,000,000

(d)

Illinois

State,

General

Obligation

Bonds,

February

Series

2014,

(Pre-refunded

1/14/25)

5

.000

02/01/39

2,005,814

3,500,000

Illinois

State,

General

Obligation

Bonds,

January

Series

2016

5

.000

01/01/29

3,562,565

8,250,000

Illinois

State,

General

Obligation

Bonds,

January

Series

2016

5

.000

01/01/32

8,371,142

4,200,000

Illinois

State,

General

Obligation

Bonds,

June

Series

2016

5

.000

06/01/27

4,307,253

2,000,000

Illinois

State,

General

Obligation

Bonds,

June

Series

2022A

5

.500

03/01/42

2,186,812

785,000

Illinois

State,

General

Obligation

Bonds,

June

Series

2022A

5

.500

03/01/47

847,490

16,485,000

Illinois

State,

General

Obligation

Bonds,

March

Series

2021A

5

.000

03/01/46

17,183,503

1,635,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.500

05/01/30

1,749,764

5,305,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.500

05/01/39

5,735,165

3,000,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.750

05/01/45

3,257,285

4,585,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2023B

5

.250

05/01/43

4,913,581

4,525,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2023B

5

.500

05/01/47

4,887,577

1,500,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2016

5

.000

11/01/37

1,526,514

3,510,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2016

5

.000

02/01/27

3,644,295

8,865,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2022C

5

.500

10/01/41

9,764,290

4,685,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2015A

5

.000

01/01/40

4,715,031

7,770,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

4

.000

01/01/42

7,642,693

10,000,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

5

.000

01/01/46

10,654,452

5,000,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Series

2023A

5

.250

01/01/45

5,509,088

1,890,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2015B

5

.000

06/15/52

1,897,230

1,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2015A

5

.500

06/15/53

1,009,023

4,780,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2017A

5

.000

06/15/57

4,837,732

10,775,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Refunding

Series

1996A

-

NPFG

Insured

0

.000

12/15/24

10,724,064

5,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.010

12/15/34

3,392,299

1,100,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.010

12/15/35

714,310

3,805,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

06/15/41

1,874,089

835,000

(d)

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Hospitality

Facility,

Series

1996A,

(ETM)

7

.000

07/01/26

867,375

1,350,000

Northern

Illinois

University,

Auxiliary

Facilities

System

Revenue

Bonds,

Refunding

Series

2020B

-

BAM

Insured

4

.000

04/01/41

1,281,632

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

2,671,172

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

2,463,836

2,250,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

5

.000

03/01/29

2,259,300

3,505,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

-

AGM

Insured

5

.000

03/01/40

3,512,722

TOTAL

ILLINOIS

430,616,109

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

32

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

INDIANA

-

1.5%

(0.9%

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

$

1,408,490

3,950,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

University

Health

Obligation

Group,

Fixed

Rate

Series

2023A

5

.000

10/01/46

4,228,023

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

10,574,254

7,480,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

Unversity

Health

Obligation

Group,

Refunding

2015A

5

.000

12/01/40

7,513,474

4,500,000

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

Series

2012A

4

.000

10/01/42

4,331,736

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

2,632,516

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

8,227,188

1,000,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Senior

Series

2023E

6

.000

03/01/53

1,087,270

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

3,608,213

1,660,000

Northern

Indiana

Commuter

Transportation

District,

Indiana,

Limited

Obligation

Revenue

Bonds,

Series

2024

5

.000

01/01/54

1,752,550

TOTAL

INDIANA

45,363,714

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

2,173,425

2,000,000

Iowa

Finance

Authority

Senior

Living

Facilities

Revenue

Bonds,

Sunrise

Retirement

Community

Project,

Refunding

Series

2021

5

.000

09/01/51

1,568,621

2,505,000

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Alcoa

Inc.

Project,

Series

2012

4

.750

08/01/42

2,507,373

9,535,000

(d)

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Iowa

Fertilizer

Company

Project,

Refunding

Series

2022,

(Pre-refunded

12/01/32)

5

.000

12/01/50

10,897,224

6,235,000

Iowa

State,

Hospital

Revenue

Bonds,

University

of

Iowa

Hospitals

and

Clinics,

SUI

Series

2022A

4

.000

09/01/36

6,302,564

TOTAL

IOWA

23,449,207

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

6,863,037

7,600,000

Lawrence,

Kansas,

Hospital

Revenue

Bonds,

Lawrence

Memorial

Hospital,

Series

2018A

5

.000

07/01/48

7,677,709

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

3,864,170

TOTAL

KANSAS

18,404,916

KENTUCKY

-

0.8%

(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

6,033,501

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

5,596,105

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

4,275,501

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

7,534,623

TOTAL

KENTUCKY

23,439,730

33

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LOUISIANA

-

3.6%

(2.1%

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

$

3,822,124

3,130,000

Jefferson

Sales

Tax

District,

Jefferson

Parish,

Louisiana,

Special

Sales

Tax

Revenue

Bonds,

Series

2017B

-

AGM

Insured

5

.000

12/01/42

3,210,021

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

4,062,536

7,000,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017

5

.000

05/15/46

7,087,125

10,000,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2020A

4

.000

05/15/49

9,401,619

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

6,533,497

1,265,000

(d)

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

1,288,449

8,500,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Loyola

University

of

New

Orleans

Project,

Refunding

Series

2023A

5

.250

10/01/53

8,773,792

1,830,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2016

4

.000

05/15/35

1,835,084

8,540,000

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

9,114,252

4,835,000

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

5,234,703

10,810,000

Louisiana

Stadium

and

Exposition

District,

Revenue

Bonds,

Senior

Series

2023A

5

.000

07/01/48

11,415,086

14,000,000

(d)

Louisiana

State,

Gasoline

and

Fuels

Tax

Revenue

Bonds,

Refunding

Series

2015A,

(Pre-refunded

5/01/25)

4

.000

05/01/41

14,038,002

13,895,000

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

North

Terminal

Project,

Series

2015B,

(AMT)

5

.000

01/01/45

13,895,047

1,200,000

(d)

New

Orleans,

Louisiana,

Water

Revenue

Bonds,

Refunding

Series

2014,

(Pre-refunded

12/01/24)

5

.000

12/01/44

1,201,426

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

1,019,067

5,655,000

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2015

5

.000

12/01/40

5,713,472

TOTAL

LOUISIANA

107,645,302

MAINE

-

0.6%

(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

3,306,027

3,000,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

5

.000

07/01/41

2,994,339

2,800,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

4

.000

07/01/46

2,359,330

4,595,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

5

.000

07/01/46

4,540,096

2,935,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

MaineHealth

Issue,

Series

2018A

5

.000

07/01/48

2,978,170

1,290,000

Maine

Turnpike

Authority,

Special

Obligation

Bonds,

Series

2014

5

.000

07/01/33

1,291,259

1,020,000

Maine

Turnpike

Authority,

Special

Obligation

Bonds,

Series

2014

5

.000

07/01/34

1,020,953

TOTAL

MAINE

18,490,174

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

34

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MARYLAND

-

6.8%

(4.1%

of

Total

Investments)

$

1,780,000

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

$

1,782,632

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

1,180,772

1,000,000

Baltimore

County,

Maryland,

Revenue

Bonds,

Oak

Crest

Village,

Series

2016

3

.625

01/01/37

937,626

2,220,000

Baltimore

County,

Maryland,

Revenue

Bonds,

Oak

Crest

Village,

Series

2016

5

.000

01/01/37

2,238,933

9,215,000

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017

5

.000

09/01/42

9,216,479

4,000,000

Baltimore,

Maryland,

Revenue

Bonds,

Wastewater

Projects,

Subordinate

Series

2017A

5

.000

07/01/46

4,071,100

1,430,000

(d)

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Refunding

Series

1998A

-

FGIC

Insured,

(ETM)

5

.000

07/01/28

1,481,420

2,500,000

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Subordinate

Series

2014A

5

.000

07/01/44

2,501,861

6,000,000

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Subordinate

Series

2017A

5

.000

07/01/41

6,139,773

1,450,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Center/West

Development

Project,

Series

2017A

5

.500

06/01/43

1,414,963

525,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Consolidated

Tax

Increment

Financing,

Series

2015

5

.000

06/15/30

525,395

425,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Consolidated

Tax

Increment

Financing,

Series

2015

5

.000

06/15/33

425,278

1,270,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

East

Baltimore

Research

Park

Project,

Series

2017A

4

.500

09/01/33

1,259,461

240,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

East

Baltimore

Research

Park

Project,

Series

2017A

5

.000

09/01/38

241,159

1,895,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2016

5

.000

06/01/36

1,901,293

250,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2016

5

.125

06/01/43

250,488

2,000,000

(b)

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2019A

3

.625

06/01/46

1,649,889

350,000

(b)

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2019B

3

.875

06/01/46

295,093

450,000

Brunswick,

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Brunswick

Crossing

Special

Taxing

District,

Refunding

Series

2019

4

.000

07/01/29

444,671

738,000

Brunswick,

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Brunswick

Crossing

Special

Taxing

District,

Refunding

Series

2019

5

.000

07/01/36

746,472

3,000,000

(b)

Frederick

County,

Maryland,

Educational

Facilities

Revenue

Bonds,

Mount

Saint

Mary's

University

Inc.,

Series

2017A

5

.000

09/01/37

3,005,288

1,750,000

(b)

Frederick

County,

Maryland,

Educational

Facilities

Revenue

Bonds,

Mount

Saint

Mary's

University

Inc.,

Series

2017A

5

.000

09/01/45

1,679,865

286,000

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Lake

Linganore

Village

Community

Development

Series

2001A

-

RAAI

Insured

5

.700

07/01/29

286,543

1,245,000

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020A

4

.000

07/01/35

1,228,234

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

329,189

110,000

(b)

Frederick

County,

Maryland,

Tax

Increment

and

Special

Tax

Limited

Obligation

Bonds,

Jefferson

Technology

Park

Project,

Refunding

Series

2020B

4

.625

07/01/43

106,364

2,000,000

Gaithersburg,

Maryland,

Economic

Development

Revenue

Bonds,

Asbury

Methodist

Obligated

Group

Project,

Refunding

Series

2018A

5

.000

01/01/33

2,047,462

35

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

1,000,000

Gaithersburg,

Maryland,

Economic

Development

Revenue

Bonds,

Asbury

Methodist

Obligated

Group

Project,

Refunding

Series

2018A

5

.000

%

01/01/36

$

1,019,273

1,500,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Columbia

Commons

Apartments,

Series

2014A

4

.000

06/01/34

1,469,553

1,550,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Columbia

Commons

Apartments,

Series

2014A

5

.000

06/01/44

1,550,502

1,995,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

The

Verona

at

Oakland

Mills

Project,

Series

2013

4

.625

10/01/28

1,997,113

2,995,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

The

Verona

at

Oakland

Mills

Project,

Series

2013

5

.000

10/01/28

2,999,221

1,000,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Woodfield

Oxford

Square

Apartments,

Series

2017

5

.000

12/01/42

1,021,232

1,290,000

Howard

County,

Maryland,

Retirement

Community

Revenue

Bonds,

Vantage

House,

Refunding

Series

2016

5

.000

04/01/46

1,197,109

1,710,000

Howard

County,

Maryland,

Retirement

Community

Revenue

Bonds,

Vantage

House,

Refunding

Series

2017

5

.000

04/01/36

1,709,879

1,500,000

(b)

Howard

County,

Maryland,

Special

Obligation

Bonds,

Downtown

Columbia

Project,

Series

2017A

4

.125

02/15/34

1,448,016

1,550,000

(b)

Howard

County,

Maryland,

Special

Obligation

Bonds,

Downtown

Columbia

Project,

Series

2017A

4

.375

02/15/39

1,485,209

850,000

(b)

Howard

County,

Maryland,

Special

Obligation

Bonds,

Downtown

Columbia

Project,

Series

2017A

4

.500

02/15/47

794,027

2,125,000

Hyattsville,

Maryland,

Special

Obligation

Bonds,

University

Town

Center

Project,

Series

2016

5

.000

07/01/31

2,119,863

1,640,000

Hyattsville,

Maryland,

Special

Obligation

Bonds,

University

Town

Center

Project,

Series

2016

5

.000

07/01/34

1,590,835

1,220,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2000A

2

.800

07/01/45

880,909

1,195,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2014D

3

.900

07/01/40

1,152,290

680,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2017C

3

.550

07/01/42

604,620

700,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2020E

2

.350

07/01/45

460,978

1,445,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2019C

3

.000

03/01/42

1,209,082

2,000,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2020D

2

.100

09/01/40

1,452,556

2,570,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021A

2

.000

09/01/43

1,661,271

2,000,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Taxable

Series

2019D

3

.350

07/01/49

1,689,822

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

993,812

1,000,000

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Transportation

Facilities

Project,

Refunding

Series

2017A

5

.000

06/01/31

1,042,758

1,125,000

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Transportation

Facilities

Project,

Refunding

Series

2017A

5

.000

06/01/32

1,170,803

3,360,000

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Transportation

Facilities

Project,

Refunding

Series

2017A

5

.000

06/01/35

3,478,649

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

36

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

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

$

1,528,608

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

1,031,178

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

848,123

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

3,774,668

5,810,000

Maryland

Economic

Development

Corporation,

Port

Facilities

Revenue

Bonds,

CNX

Marine

Terminals

Inc.

Port

of

Baltimore

Facility,

Refunding

Series

2010

5

.750

09/01/25

5,855,379

2,000,000

(e)

Maryland

Economic

Development

Corporation,

Revenue

Bonds,

Chesapeake

Bay

Hyatt

Conference

Center,

Series

2006A

5

.000

12/01/31

1,297,500

1,100,000

Maryland

Economic

Development

Corporation,

Senior

Student

Housing

Revenue

Bonds,

Towson

University

Project,

Refunding

Series

2017

5

.000

07/01/36

1,114,849

470,000

Maryland

Economic

Development

Corporation,

Senior

Student

Housing

Revenue

Bonds,

Towson

University

Project,

Refunding

Series

2017

5

.000

07/01/37

470,155

585,000

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Metro

Centre

Owings

Mills

Project,

Series

2017

4

.375

07/01/36

561,349

385,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Salisbury

University

Project,

Refunding

Series

2013

5

.000

06/01/27

385,176

500,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Salisbury

University

Project,

Refunding

Series

2013

5

.000

06/01/34

500,080

1,510,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Sheppard

Pratt

University

Village,

Series

2012

5

.000

07/01/33

1,510,421

495,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland

-

Baltimore

Project,

Refunding

Senior

Lien

Series

2015

5

.000

07/01/39

496,577

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

1,059,301

780,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland,

College

Park

Project,

Refunding

Series

2016

-

AGM

Insured

5

.000

06/01/43

788,432

990,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015

4

.000

07/01/32

988,615

2,470,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015

4

.250

07/01/35

2,448,880

1,740,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015

5

.000

07/01/45

1,746,612

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

1,008,010

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

1,008,078

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

146,161

250,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Doctors

Community

Hospital,

Series

2017B

5

.000

07/01/34

255,080

4,820,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Doctors

Community

Hospital,

Series

2017B

5

.000

07/01/38

4,894,562

90,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,  Mercy

Medical

Center,

Series

2016A

5

.000

07/01/36

91,150

37

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

1,450,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,  Mercy

Medical

Center,

Series

2016A

5

.000

%

07/01/38

$

1,464,057

600,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,  Mercy

Medical

Center,

Series

2016A

4

.000

07/01/42

547,829

1,400,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

Healthcare,

Series

2016A

5

.500

01/01/36

1,433,970

4,020,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

Healthcare,

Series

2016A

5

.500

01/01/46

4,072,745

2,125,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Charlestown

Community

Issue,

Series

2016A

5

.000

01/01/36

2,167,015

4,090,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Charlestown

Community

Issue,

Series

2016A

5

.000

01/01/45

4,137,566

1,000,000

Maryland

Health

and

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Frederick

Health

System

Issue;

Series

2020

3

.250

07/01/39

830,035

1,100,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Goucher

College,

Series

2017A

5

.000

07/01/37

1,107,567

1,200,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Goucher

College,

Series

2017A

5

.000

07/01/44

1,175,566

265,000

(b)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Green

Street

Academy,

Series

2017A

5

.125

07/01/37

266,390

500,000

(b)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Green

Street

Academy,

Series

2017A

5

.250

07/01/47

499,304

1,340,000

(d)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Helix

Health,

Series

1997

-

AMBAC

Insured,

(ETM)

5

.000

07/01/27

1,373,082

2,500,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Johns

Hopkins

Health

System

Issue,

Series

2015A

4

.000

05/15/40

2,470,667

500,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Johns

Hopkins

University,

Series

2013B

5

.000

07/01/38

500,177

4,375,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Johns

Hopkins

University,

Series

2013B

4

.250

07/01/41

4,374,913

1,000,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

Issue,

Series

2017

5

.000

07/01/33

1,036,138

1,000,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

Issue,

Series

2017

5

.000

07/01/44

1,014,667

1,500,000

(d)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015,

(Pre-

refunded

7/01/25)

4

.000

07/01/35

1,507,528

1,125,000

(d)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015,

(Pre-

refunded

7/01/25)

5

.000

07/01/40

1,137,998

2,975,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015

4

.125

07/01/47

2,887,329

1,000,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Maryland,

Series

2014

4

.000

10/01/45

918,556

1,250,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Maryland,

Series

2014

5

.000

10/01/45

1,250,028

175,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2016

5

.000

06/01/36

176,713

525,000

(d)

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

540,218

1,000,000

(d)

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

1,028,987

2,500,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MedStar

Health

Issue,

Series

2015

5

.000

08/15/38

2,508,020

4,260,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017MD

5

.000

12/01/46

4,338,862

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

1,010,167

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

38

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

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

$

5,664,876

1,000,000

(d)

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2016,

(Pre-refunded

5/01/26)

5

.000

05/01/35

1,031,521

6,250,000

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2018A

5

.000

05/01/42

6,466,443

7,000,000

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Series

2020

4

.000

07/01/50

6,722,120

1,500,000

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2014A

3

.875

07/01/39

1,425,553

6,000,000

Montgomery

County,

Maryland,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2015

4

.000

12/01/44

5,767,259

320,000

(b)

Prince

George's

County

Revenue

Authority,

Maryland,

Special

Obligation

Bonds,

Suitland-Naylor

Road

Project,

Series

2016

5

.000

07/01/46

320,303

1,050,000

Prince

George's

County,

Maryland,

Revenue

Bonds,

Collington

Episcopal

Life

Care

Community

Inc.,

Series

2017

5

.250

04/01/37

1,052,309

1,300,000

(b)

Prince

George's

County,

Maryland,

Special

Obligation

Bonds,

Westphalia

Town

Center

Project,

Series

2018

5

.125

07/01/39

1,307,232

2,200,000

(b)

Prince

George's

County,

Maryland,

Special

Obligation

Bonds,

Westphalia

Town

Center

Project,

Series

2018

5

.250

07/01/48

2,215,038

1,854,000

Prince

George's

County,

Maryland,

Special

Tax

District

Bonds,

Victoria

Falls

Project,

Series

2005

5

.250

07/01/35

1,856,922

795,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Ingleside

King

Farm

Project,

Refunding

Series

2017A-2

5

.000

11/01/31

805,150

1,070,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Ingleside

King

Farm

Project,

Series

2017A-1

5

.000

11/01/28

1,084,558

1,000,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Ingleside

King

Farm

Project,

Series

2017A-1

5

.000

11/01/37

1,007,192

500,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Series

2017B

5

.000

11/01/42

494,156

1,000,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Series

2017B

5

.000

11/01/47

955,277

1,000,000

(d)

Washington

County

County

Commissioners,

Maryland,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019B,

(ETM)

5

.000

01/01/29

1,080,877

500,000

(d)

Washington

County

County

Commissioners,

Maryland,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019B,

(Pre-refunded

1/01/29)

5

.000

01/01/32

540,438

TOTAL

MARYLAND

202,969,347

MASSACHUSETTS

-

0.8%

(0.5%

of

Total

Investments)

5,000,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2021A-1

4

.000

07/01/51

4,798,979

539,969

(b),(e)

Massachusetts

Development

Finance

Agency,

Health

Care

Facility

Revenue

Bonds,

Adventcare

Project,

Series

2007A

0

.000

10/15/37

54

677,039

(e)

Massachusetts

Development

Finance

Agency,

Health

Care

Facility

Revenue

Bonds,

Adventcare

Project,

Series

2010

0

.000

10/15/37

68

825,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Green

Bonds,

Series

2015D

5

.000

07/01/44

826,415

3,200,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015

4

.500

01/01/45

3,058,317

5,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G

5

.000

07/01/44

5,000,943

1,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care,

Series

2016I

4

.000

07/01/41

1,357,054

1,145,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Western

New

England

University,

Series

2015

5

.000

09/01/40

1,148,318

1,280,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Western

New

England

University,

Series

2015

5

.000

09/01/45

1,281,092

39

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MASSACHUSETTS

(continued)

$

2,000,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2013B

4

.500

%

06/01/56

$

1,944,505

1,600,000

(a)

Massachusetts

Housing

Finance

Agency,

Multifamily

Housing

Bonds,

Green

Sustainability

Series

2024A1,

(UB)

4

.900

12/01/59

1,619,097

4,485,000

(a)

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2024-234,

(UB)

4

.700

12/01/49

4,548,359

TOTAL

MASSACHUSETTS

25,583,201

MICHIGAN

-

3.5%

(2.1%

of

Total

Investments)

960,000

Eastern

Michigan

University,

General

Revenue

Bonds,

Series

2018A

-

AGM

Insured

4

.000

03/01/44

939,105

40,000

(d)

Eastern

Michigan

University,

General

Revenue

Bonds,

Series

2018A,

(Pre-refunded

3/01/28)

4

.000

03/01/44

41,516

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

4,380,413

2,000,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Series

2019A

5

.000

07/01/48

2,085,598

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

9,249,341

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

9,413,208

5,000,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

McLaren

Health

Care,

Series

2019A

4

.000

02/15/47

4,619,326

3,000,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Fixed

Rate

Series

2022A-MI

4

.000

12/01/47

2,822,346

4,500,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2019A-MI

4

.000

12/01/49

4,189,719

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

4,660,015

5,000,000

Michigan

Hospital

Finance

Authority,

Revenue

Bonds,

Ascension

Health

Senior

Credit

Group,

Refunding

&

Project

Series

2010F-6

4

.000

11/15/47

4,643,084

2,500,000

Michigan

Housing

Development

Authority,

Rental

Housing

Revenue

Bonds,

Series

2024A

4

.700

10/01/54

2,556,971

2,450,000

(a)

Michigan

Housing

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024A,

(UB)

4

.650

12/01/49

2,475,969

10,000,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I

5

.000

04/15/34

10,130,849

1,000,000

Michigan

State

University,

General

Revenue

Bonds,

Refunding

Series

2019C

4

.000

02/15/44

982,334

8,000,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program

Series

2020B

4

.000

11/15/45

7,891,517

6,000,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2023

5

.500

11/15/49

6,735,647

7,500,000

(a)

Monroe

Public

Schools,

Monroe

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020I,

(UB)

5

.000

05/01/50

7,796,786

5,000,000

Troy

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023

5

.000

05/01/47

5,346,377

11,225,000

Walled

Lake

Consolidated

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020

5

.000

05/01/50

11,691,575

1,200,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2015D

5

.000

12/01/45

1,209,058

TOTAL

MICHIGAN

103,860,754

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

40

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

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

$

294,055

750,000

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A

5

.000

07/01/47

677,423

500,000

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

Project,

Series

2016A

4

.000

07/01/37

483,071

6,905,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/48

6,993,822

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

12,071,522

1,925,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.250

02/15/53

1,963,183

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

1,108,577

725,000

Hawley

Independent

School

District

150,

Clay

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A

4

.000

02/01/43

729,247

500,000

Independence,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Paladin

Career

&

Technical

High

School

Project,

Series

2021A

4

.000

06/01/41

407,709

2,010,000

Independent

School

District

621,

Mounds

View,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A

4

.000

02/01/42

2,011,931

1,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

(AMT)

5

.000

01/01/31

1,053,054

1,300,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

(AMT)

5

.000

01/01/38

1,346,232

3,420,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

(AMT)

5

.000

01/01/44

3,494,583

4,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

(AMT)

5

.000

01/01/49

4,069,843

2,295,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Senior

Lien

Series

2016C

5

.000

01/01/41

2,355,675

470,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2016D,

(AMT)

5

.000

01/01/32

481,055

450,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2016D,

(AMT)

5

.000

01/01/35

459,117

580,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2016D,

(AMT)

5

.000

01/01/37

590,590

750,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2016D,

(AMT)

5

.000

01/01/41

759,526

2,745,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

(AMT)

5

.250

01/01/47

2,888,750

1,300,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Refunding

Series

2017

3

.750

03/01/38

1,271,794

1,460,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Refunding

Series

2017

4

.000

03/01/41

1,457,395

2,150,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Refunding

Series

2017

4

.000

03/01/48

2,061,492

270,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021A

3

.000

08/01/36

243,200

41

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

190,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021B

3

.000

%

08/01/36

$

171,140

2,910,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022A

5

.000

08/01/41

3,148,799

5,000,000

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2022

5

.000

11/15/57

5,334,157

2,380,000

Round

Lake-Brewster

Independent

School

District

2907,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A

4

.000

02/01/44

2,343,858

2,000,000

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019

5

.000

05/01/48

2,062,435

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

1,496,980

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

1,407,640

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

2,653,926

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

1,259,345

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

766,698

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

2,247,909

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

2,535,761

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

2,541,324

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

479,421

1,745,000

Saint

Paul

Housing

and

Redevelopment

Authority

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Episcopal

Homes

Project,

Series

2013

5

.000

05/01/33

1,701,398

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

876,849

2,245,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

5

.000

11/15/47

2,264,492

1,000,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Lease

Revenue

Bonds,

Hope

Community

Academy

Project,

Series

2015A

5

.000

12/01/43

792,866

750,000

(d)

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A,

(Pre-

refunded

11/15/25)

5

.000

11/15/29

763,267

2,000,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

5

.000

08/01/54

2,009,823

TOTAL

MINNESOTA

86,130,934

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

1,515,786

6,000,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A

5

.000

09/01/41

6,033,370

15,500,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A

5

.000

09/01/46

15,525,516

TOTAL

MISSISSIPPI

23,074,672

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

42

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MISSOURI

-

4.9%

(2.9%

of

Total

Investments)

$

1,000,000

Boone

County,

Missouri,

Hospital

Revenue

Bonds,

Boone

Hospital

Center,

Refunding

Series

2016

5

.000

%

08/01/28

$

940,804

2,010,000

Bridgeton

Industrial

Development

Authority,

Missouri,

Senior

Housing

Revenue

Bonds,

The

Sarah

Community

Project,

Refunding

Series

2016

3

.625

05/01/30

2,001,465

1,945,000

Jefferson

County

School

District

R-1

Northwest,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program

Series

2023

4

.000

03/01/42

1,939,766

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

5,768,385

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

3,040,656

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

13,532,945

11,950,000

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

12,117,011

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

366,953

7,000,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0

.000

04/15/27

6,452,374

5,000,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0

.000

04/15/28

4,454,126

5,000,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0

.000

04/15/29

4,293,217

6,185,000

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2023A

4

.000

01/01/48

6,044,580

1,000,000

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Revenue

Bonds,

Union

Electric

Company

Project,

Series

1998C

2

.750

09/01/33

887,606

1,000,000

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2016

5

.000

11/15/34

1,021,736

11,010,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2021A

4

.000

07/01/46

10,765,510

1,045,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A

5

.000

11/15/44

1,045,312

11,090,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A

5

.000

11/15/48

11,091,277

3,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

5

.000

11/15/42

3,069,122

6,265,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

5

.000

11/15/47

6,356,253

10,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2020

4

.000

06/01/53

9,389,110

1,800,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4

.000

02/15/44

1,752,535

7,815,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4

.000

02/15/49

7,410,220

2,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

SSM

Health

Care,

Series

2018A

4

.000

06/01/48

1,846,568

3,500,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

SSM

Health

Care,

Series

2018A

5

.000

06/01/48

3,555,517

7,925,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A

5

.000

02/01/46

7,965,390

4,370,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016B

5

.000

02/01/46

4,392,272

43

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

725,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2017A

4

.000

%

10/01/36

$

730,395

3,510,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2017A

5

.000

10/01/47

3,577,302

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

6,508,200

1,185,000

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

First

Place

Homeownership

Loan

Program,

Series

2024A

4

.700

11/01/54

1,189,234

1,330,000

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Series

2018

5

.000

12/01/37

1,372,566

1,140,000

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Series

2018

5

.000

12/01/38

1,173,660

375,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A

5

.875

09/01/43

375,384

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

1,005,280

TOTAL

MISSOURI

147,432,731

MONTANA

-

0.4%

(0.3%

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

2,107,024

3,315,000

Montana

Facility

Finance

Authority,

Montana,

Health

Facilities

Reveue

Bonds,

Bozeman

Deaconess

Health

Services

Obligated

Group,

Series

2018

5

.000

06/01/48

3,384,072

6,830,000

Montana

State

Board

of

Regents

of

Higher

Education,

General

Revenue

Bonds,

Series

2022

-

AGM

Insured

5

.250

11/15/52

7,367,416

TOTAL

MONTANA

12,858,512

NEBRASKA

-

0.1%

(0.1%

of

Total

Investments)

1,625,000

Douglas

County

Hospital

Authority

2,

Nebraska,

Health

Facilities

Revenue

Bonds,

Children's

Hospital

Obligated

Group,

Refunding

Series

2020A

4

.000

11/15/40

1,604,735

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

1,626,493

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

1,006,526

TOTAL

NEBRASKA

4,237,754

NEVADA

-

1.1%

(0.6%

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

9,120,878

7,500,000

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Convention

Center

Expansion

Revenue

Bonds,

Series

2018B

4

.000

07/01/49

7,029,487

9,000,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015

5

.000

06/01/32

9,010,698

5,000,000

(d)

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015,

(Pre-refunded

12/01/24)

5

.000

06/01/39

5,005,944

2,400,000

Nevada

System

of

Higher

Education,

Community

College

Revenue

Bonds,

Series

2017

4

.000

07/01/41

2,392,511

TOTAL

NEVADA

32,559,518

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

2,864,068

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

1,257,409

3,500,000

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Catholic

Medical

Center,

Series

2012

4

.000

07/01/32

3,415,650

4,000,000

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Dartmouth-Hitchcock

Obligated

Group,

Series

2018A

5

.000

08/01/35

4,141,652

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

44

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

HAMPSHIRE

(continued)

$

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

$

5,517,806

TOTAL

NEW

HAMPSHIRE

17,196,585

NEW

JERSEY

-

5.3%

(3.2%

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

5,239,886

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

1,967,223

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

1,866,719

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

1,586,234

6,030,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

New

Jersey

Transit

Corporation

Projects

Sublease,

Refunding

Series

2017B

5

.000

11/01/25

6,125,055

2,000,000

(d)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2016BBB,

(Pre-refunded

12/15/26)

5

.500

06/15/31

2,112,589

6,770,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2005N-1

-

NPFG

Insured

5

.500

09/01/27

7,215,809

2,410,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Social

Series

2021QQQ

4

.000

06/15/50

2,326,006

5,275,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A

4

.000

07/01/51

5,114,191

2,020,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1

5

.000

06/15/28

2,074,417

3,340,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1

5

.000

06/15/29

3,424,108

8,155,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA

4

.250

06/15/44

8,181,038

4,890,000

(a)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023BB,

(UB)

5

.250

06/15/50

5,320,488

1,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/26

933,739

21,120,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0

.010

12/15/28

18,392,895

10,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0

.010

12/15/32

7,502,886

20,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0

.000

12/15/33

14,386,672

25,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0

.000

12/15/35

16,358,785

30,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0

.000

12/15/36

18,747,888

2,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009A

0

.000

12/15/32

1,488,654

1,690,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

5

.250

06/15/33

1,706,981

2,840,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

5

.000

06/15/45

2,850,836

2,800,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2018A

5

.000

12/15/36

2,936,734

2,460,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2017B

4

.000

01/01/34

2,507,330

5,250,000

(a)

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B,

(UB)

5

.250

01/01/52

5,747,254

7,810,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A

5

.000

11/01/45

8,085,568

3,215,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5

.000

06/01/36

3,342,279

45

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

JERSEY

(continued)

$

1,405,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5

.000

%

06/01/46

$

1,431,680

1,200,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B

5

.000

06/01/46

1,203,779

TOTAL

NEW

JERSEY

160,177,723

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

3,436,452

7,000,000

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2019A

4

.000

08/01/48

6,605,377

2,195,000

Santa

Fe

County,

New

Mexico,

Correctional

System

Gross

Receipts

Tax

Revenue

Bonds,

Series

1997

-

AGM

Insured

6

.000

02/01/27

2,272,360

TOTAL

NEW

MEXICO

12,314,189

NEW

YORK

-

12.1%

(7.3%

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

2,683,251

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

490,217

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

3,912,772

1,680,000

(d)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

North

Shore

Long

Island

Jewish

Obligated

Group,

Series

2015A,

(Pre-refunded

5/01/25)

4

.125

05/01/42

1,685,675

3,195,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

North

Shore

Long

Island

Jewish

Obligated

Group,

Series

2015A

5

.000

05/01/43

3,219,535

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

584,801

2,295,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

White

Plains

Hospital,

Series

2024

5

.250

10/01/49

2,439,187

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

3,193,487

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

19,701,398

3,760,000

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2017A

5

.000

03/15/44

3,849,635

5,000,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005

5

.250

10/01/35

5,744,127

5,000,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2018

5

.000

09/01/37

5,284,015

4,000,000

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Green

Series

2024A

5

.250

11/15/54

4,396,517

10,000,000

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Refunding

Series

2012A

0

.000

11/15/32

7,450,862

9,220,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Refunding

Series

2024A

-

BAM

Insured

4

.000

11/15/48

8,822,074

2,000,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2017D

4

.000

11/15/42

1,914,255

8,715,000

(a)

Nassau

County,

New

York,

General

Obligation

Bonds,

General

Improvement

Series

2024A,

(UB)

4

.000

04/01/54

8,416,728

500,000

(e)

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

331,250

1,000,000

(e)

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

662,500

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

4,990,732

6,140,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2024

Series

BB-1

5

.250

06/15/54

6,707,459

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

46

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

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

$

2,033,396

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

5,236,636

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

19,768,706

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

9,373,022

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

5,298,504

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

6,081,207

3,530,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025D

4

.250

05/01/54

3,477,778

2,060,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2017

Series

B-1

5

.000

12/01/41

2,111,306

2,000,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

F-1

5

.000

03/01/43

2,131,069

3,000,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2022

Series

A-1

5

.000

08/01/47

3,174,047

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

2,013,059

55,000

New

York

Counties

Tobacco

Trust

I,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

2000B

6

.500

06/01/35

55,039

840,000

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-Through

Bonds,

Series

Series

2016A-1

5

.625

06/01/35

858,909

27,820,000

(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

27,819,705

7,210,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Series

2021A-1

4

.000

03/15/55

6,881,773

5,000,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Green

Series

2023A

5

.000

03/15/63

5,290,208

13,370,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C

5

.000

03/15/47

14,056,266

4,120,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C

5

.000

03/15/50

4,314,781

2,000,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2022A

5

.000

03/15/46

2,138,122

19,000,000

New

York

State

Urban

Development

Corporation,

State

Sales

Tax

Revenue

Bonds,

Empire

Series

2021A

4

.000

03/15/47

18,483,766

14,390,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5

.000

07/01/46

14,311,497

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

28,798,937

6,115,000

(g)

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

6,450,158

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

75,133

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

5,947,763

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

3,297,460

47

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

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

.000

%

06/30/54

$

10,330,769

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

8,693,501

6,000,000

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

6,329,834

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

2,869,596

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

3,132,403

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

3,113,419

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

1,228,904

10,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Taxable

Two

Hundred

Forty

First

Series

2023

5

.000

07/15/53

10,698,074

5,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Seventeen

Series

2019

5

.000

11/01/44

5,267,280

2,835,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5

.000

01/01/29

2,212,710

2,700,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5

.000

01/01/34

2,064,153

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

5

.250

05/15/64

6,650,634

1,250,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006

5

.000

06/01/45

1,116,461

2,850,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006

5

.000

06/01/48

2,517,848

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

916,259

TOTAL

NEW

YORK

363,100,569

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

2,687,361

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

7,555,041

4,160,000

North

Carolina

Housing

Finance

Agency,

Home

Ownership

Revenue

Bonds,

1998

Trust

Agreement

Series

54-A

4

.700

07/01/50

4,180,663

11,145,000

North

Carolina

Medial

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Rex

Healthcare,

Series

2020A

4

.000

07/01/49

10,771,045

1,570,000

North

Carolina

Medical

Care

Commission,  Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Southminster

Project,

Refunding

Series

2016

5

.000

10/01/31

1,585,350

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

1,674,306

500,000

North

Carolina

Municipal

Power

Agency

1,

Catawba

Electric

Revenue

Bonds,

Refunding

Series

2015A

5

.000

01/01/32

508,388

11,480,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019

5

.000

01/01/49

11,821,998

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

48

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NORTH

CAROLINA

(continued)

$

1,100,000

Union

County,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Series

2019A

4

.000

%

06/01/44

$

1,085,911

TOTAL

NORTH

CAROLINA

41,870,063

NORTH

DAKOTA

-

0.3%

(0.2%

of

Total

Investments)

5,000,000

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2017A

4

.000

12/01/47

4,388,558

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

536,449

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

685,068

1,350,000

(a)

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2024A,

(UB)

4

.750

01/01/52

1,359,331

3,000,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5

.000

06/01/48

2,958,131

TOTAL

NORTH

DAKOTA

9,927,537

OHIO

-

3.9%

(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

6,313,401

6,000,000

Allen

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017A

4

.000

08/01/36

6,024,866

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

0

.010

06/01/57

2,112,794

790,000

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

708,949

5,500,000

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

4,974,148

3,960,000

Butler

County,

Ohio,  Hospital

Facilities

Revenue

Bonds,

UC

Health,

Refunding

Series

2017

4

.000

11/15/34

3,769,003

3,000,000

Butler

County,

Ohio,  Hospital

Facilities

Revenue

Bonds,

UC

Health,

Refunding

Series

2017

4

.000

11/15/35

2,831,588

2,000,000

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017

5

.000

12/01/47

2,014,499

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

1,998,501

1,000,000

County

of

Lucas,

Ohio,

Hospital

Revenue

Bonds,

ProMedica

Healthcare

Obligated

Group,

Series

2018A

5

.250

11/15/48

1,008,215

4,795,000

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013

5

.000

06/15/43

4,269,113

5,000,000

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

TriHealth,

Inc.

Obligated

Group

Project,

Series

2017A

5

.000

08/15/42

5,099,986

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

3,855,022

8,360,000

(d)

Lake

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Lake

Hospital

System,

Inc.,

Refunding

Series

2015,

(Pre-refunded

8/15/25)

5

.000

08/15/45

8,459,931

2,000,000

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013

5

.000

02/15/33

1,999,983

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

5,445,765

4,200,000

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

4,119,947

49

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

OHIO

(continued)

$

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

$

1,047,774

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

1,307,909

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

1,724,596

4,350,000

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

University

of

Dayton,

Series

2015A

5

.000

12/01/44

4,374,168

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

4,244,517

3,375,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission,

Infrastructure

Projects,

Junior

Lien

Series

2018A

4

.000

02/15/38

3,397,435

16,325,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission,

Infrastructure

Projects,

Junior

Lien

Series

2018A

5

.000

02/15/43

16,917,779

5,450,000

Ohio

Water

Development

Authority,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generating

Corporation

Project,

Series

2009A

4

.750

06/01/33

5,710,367

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

4,568,527

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

3,751,005

6,000,000

West

Holmes

Local

School

District,

Ohio,

Certificates

of

Participation,

Series

2023

-

BAM

Insured

5

.250

12/01/53

6,382,355

TOTAL

OHIO

118,432,143

OKLAHOMA

-

0.4%

(0.2%

of

Total

Investments)

1,700,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.500

08/15/57

1,735,416

1,800,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022

5

.500

08/15/41

1,855,428

6,815,000

Oklahoma

State

Turnpike

Authority,

Turnpike

System

Revenue

Bonds,

Second

Senior

Series

2017C

5

.000

01/01/47

6,992,115

1,000,000

Tulsa

County

Industrial

Authority,

Oklahoma,

Senior

Living

Community

Revenue

Bonds,

Montereau,

Inc

Project,

Refunding

Series

2017

5

.250

11/15/37

1,018,218

TOTAL

OKLAHOMA

11,601,177

OREGON

-

2.6%

(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

1,573,985

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

2,536,634

725,000

Clackamas

County

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Rose

Villa

Inc.,

Series

2020A

5

.250

11/15/50

726,191

4,875,000

Deschutes

County

Hospital

Facility

Authority,

Oregon,

Hospital

Revenue

Bonds,

Saint

Charles

Health

System,

Inc.,

Series

2016A

5

.000

01/01/48

4,896,877

3,180,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Legacy

Health

Project,

Series

2016A

5

.000

06/01/46

3,207,384

2,410,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Legacy

Health

Project,

Series

2022A

5

.000

06/01/52

2,516,833

1,500,000

Oregon

Health

and

Science

University,

Revenue

Bonds,

Refunding

Series

2016B

5

.000

07/01/39

1,531,310

4,250,000

Port

of

Portland,

Oregon,

International

Airport

Revenue

Bonds,

Green

Series

2023-29,

(AMT)

5

.500

07/01/53

4,593,104

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

50

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

OREGON

(continued)

$

10,645,000

Port

of

Portland,

Oregon,

International

Airport

Revenue

Bonds,

Series

2017-24B,

(AMT)

5

.000

%

07/01/47

$

10,744,441

15,440,000

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Refunding

Series

2016A

5

.000

05/15/46

15,597,628

30,870,000

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Series

2019A

4

.000

05/15/49

29,022,798

2,000,000

University

of

Oregon,

General

Revenue

Bonds,

Series

2018A

5

.000

04/01/48

2,059,418

TOTAL

OREGON

79,006,603

PENNSYLVANIA

-

6.8%

(4.1%

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

13,283,596

1,000,000

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2020B

4

.000

06/01/45

989,811

1,765,000

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2020B

4

.000

06/01/50

1,714,613

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

3,961,168

345,000

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018

5

.000

06/01/34

362,872

3,500,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

5

.000

07/01/37

3,644,494

8,385,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

5

.000

07/01/42

8,645,397

16,515,000

(a)

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021,

(UB)

5

.000

11/01/51

17,020,234

5,400,000

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Capital

Appreciation

Series

2013B

0

.000

12/01/33

3,691,443

11,000,000

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Capital

Appreciation

Series

2013B

0

.000

12/01/38

5,799,556

2,400,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A

5

.000

09/01/35

2,497,898

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

5,493,451

13,150,000

(a)

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B,

(UB)

5

.000

05/01/57

13,490,009

3,430,000

(d)

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

(Pre-refunded

1/15/25)

5

.250

01/15/45

3,440,772

235,000

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

National

Gypsum

Company,

Refunding

Series

2014,

(AMT)

5

.500

11/01/44

235,918

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

1,012,695

7,730,000

(a)

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Revenue

Bonds,

Villanova

University

Project,

Series

2024,

(UB)

4

.000

08/01/54

7,511,268

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

1,635,935

4,000,000

(g)

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2024B-2

5

.000

11/01/54

4,155,546

9,575,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2019

4

.000

08/15/44

9,320,093

12,000,000

(a)

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024-144A,

(UB)

4

.600

10/01/49

12,079,807

51

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

16,750,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E

6

.375

%

12/01/38

$

18,131,450

4,210,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B

5

.000

12/01/45

4,249,685

7,235,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2021B

5

.000

12/01/51

7,652,490

3,635,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B

5

.250

12/01/52

3,943,134

2,000,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Lien

Series

2014A-1

5

.000

12/01/38

2,002,377

14,500,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2009C

-

AGM

Insured

6

.250

06/01/33

15,164,624

6,890,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2015B-1

5

.000

12/01/45

6,959,861

7,500,000

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A

-

BAM

Insured

4

.000

09/01/46

7,330,007

7,400,000

(a)

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017B,

(AMT),

(UB)

5

.000

07/01/47

7,484,248

10,000,000

Westmoreland

County

Municipal

Authority,

Pennsylvania,

Municipal

Service

Revenue

Bonds,

Series

2016

-

BAM

Insured

5

.000

08/15/38

10,093,086

TOTAL

PENNSYLVANIA

202,997,538

PUERTO

RICO

-

2.5%

(1.5%

of

Total

Investments)

2,380,000

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-

Backed

Bonds,

Refunding

Series

2002

5

.500

05/15/39

2,393,426

90,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/27

81,138

88,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/29

73,413

114,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/31

87,192

128,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/33

89,494

1,093,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.500

07/01/34

1,095,997

21,208,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/51

5,146,208

16,965,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.750

07/01/53

16,848,652

41,350,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5

.000

07/01/58

41,445,097

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

3,264,112

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

3,839,013

20,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.536

07/01/53

19,200

2,000,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.784

07/01/58

1,985,096

TOTAL

PUERTO

RICO

76,368,038

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

3,350,933

30,175,000

Rhode

Island

Tobacco

Settlement

Financing

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

0

.000

06/01/52

4,886,823

TOTAL

RHODE

ISLAND

8,237,756

SOUTH

CAROLINA

-

5.3%

(3.2%

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

1,499,922

7,500,000

Lexington

County

Health

Services

District,

Inc.,

South

Carolina,

Hospital

Revenue

Bonds,

Lexington

Medical

Center,

Series

2016

5

.000

11/01/41

7,587,827

21,565,000

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2

-

AMBAC

Insured

0

.000

01/01/30

17,566,690

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

52

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

SOUTH

CAROLINA

(continued)

$

1,250,000

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2

-

AGC

Insured

0

.000

%

01/01/31

$

976,238

6,000,000

Rock

Hill,

South

Carolina,

Combined

Utility

System

Revenue

Bonds,

Series

2016

5

.000

01/01/41

6,054,690

1,640,000

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

Furman

University,

Refunding

Series

2015

5

.000

10/01/45

1,653,770

20,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

4

.500

11/01/54

19,938,796

2,100,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

5

.500

11/01/54

2,312,287

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

530,576

10,060,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc,

Series

2020A

5

.000

12/01/46

10,469,049

1,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

McLeod

Health

Projects,

Refunding

&

Improvement

Series

2018

5

.000

11/01/43

1,025,649

2,500,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

McLeod

Health

Projects,

Refunding

&

Improvement

Series

2018

4

.000

11/01/48

2,380,426

13,220,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

McLeod

Health

Projects,

Refunding

&

Improvement

Series

2018

5

.000

11/01/48

13,430,940

9,135,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

&

Improvement

Series

2015A

5

.000

12/01/50

9,159,852

9,750,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

5

.000

12/01/46

9,884,044

9,000,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

5

.000

12/01/56

9,081,311

2,500,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022A

4

.000

12/01/52

2,270,951

11,922,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022B

4

.000

12/01/43

11,604,462

860,000

(d)

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2015,

(Pre-refunded

7/01/25),

(AMT)

5

.250

07/01/55

870,201

4,140,000

(d)

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2015,

(Pre-refunded

7/01/25),

(AMT)

5

.250

07/01/55

4,189,109

2,100,000

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018,

(AMT)

5

.000

07/01/48

2,127,766

2,750,000

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018,

(AMT)

5

.000

07/01/55

2,775,597

10,000,000

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2019B,

(AMT)

5

.000

07/01/44

10,243,464

10,365,000

(a)

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2019B,

(AMT),

(UB)

5

.000

07/01/54

10,485,213

TOTAL

SOUTH

CAROLINA

158,118,830

SOUTH

DAKOTA

-

0.6%

(0.4%

of

Total

Investments)

3,750,000

Clay

County,

South

Dakota,

General

Obligation

Bonds,

Series

2023

5

.000

12/01/44

3,960,286

5,915,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Regional

Health,

Refunding

Series

2017

5

.000

09/01/40

6,068,051

3,500,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sanford

Health,

Series

2014B

5

.000

11/01/44

3,502,351

5,165,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sanford

Health,

Series

2015

5

.000

11/01/45

5,207,262

TOTAL

SOUTH

DAKOTA

18,737,950

53

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TENNESSEE

-

2.0%

(1.2%

of

Total

Investments)

$

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

$

6,905,193

9,000,000

Greeneville

Health

and

Educational

Facilities

Board,

Tennessee,

Hospital

Revenue

Bonds,

Ballad

Health,

Series

2018A

5

.000

07/01/36

9,334,184

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

17,317,684

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

1,457,107

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

6,516,694

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

3,241,969

4,500,000

(a)

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022B,

(AMT),

(UB)

5

.250

07/01/47

4,770,579

2,000,000

(a)

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022B,

(AMT),

(UB)

5

.500

07/01/52

2,148,277

3,505,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

(AMT)

5

.000

07/01/49

3,593,582

2,005,000

(a)

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Social

Series

2024-1A,

(UB)

4

.700

07/01/49

2,025,387

4,000,000

The

Tennessee

Energy

Acquisition

Corporation,

Gas

Revenue

Bonds,

Series

2006A

5

.250

09/01/26

4,087,620

TOTAL

TENNESSEE

61,398,276

TEXAS

-

13.5%

(8.1%

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

2,003,959

16,615,000

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2019B,

(AMT)

5

.000

11/15/44

17,049,123

17,300,000

(a)

Austin,

Texas,

Airport

System

Revenue

Bonds,

Series

2019B,

(AMT),

(UB)

5

.000

11/15/48

17,668,494

3,000,000

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2015A

5

.000

11/15/38

3,033,702

13,705,000

(a)

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2015A,

(UB)

5

.000

11/15/45

13,819,997

1,450,000

Austin,

Texas,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2016

5

.000

11/15/41

1,481,841

800,000

(b),(g)

Bastrop

County,

Texas,

Special

Assessment

Revenue

Bonds,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

2

Project

Series

2024

5

.500

09/01/54

795,281

4,390,000

Bastrop

Independent

School

District,

Bastrop

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

5

.000

02/15/53

4,678,713

2,000,000

Brownsville,

Texas,

Utility

System

Revenue

Bonds,

Refunding

Series

2015

5

.000

09/01/31

2,024,440

740,000

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

1

Project,

Refunding

Series

2024

-

BAM

Insured

5

.000

09/01/45

763,364

2,945,000

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2010

0

.000

01/01/36

1,845,022

2,205,000

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2010

0

.000

01/01/37

1,305,014

2,160,000

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2010

0

.000

01/01/38

1,214,287

1,000,000

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2010

0

.000

01/01/40

499,945

2,600,000

(d)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5

.000

01/01/35

2,629,179

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

54

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

3,035,000

(d)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5

.000

%

01/01/45

$

3,069,060

1,000,000

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education

Charter

School,

Series

2013A

4

.350

12/01/42

955,150

1,000,000

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education

Charter

School,

Series

2013A

4

.400

12/01/47

926,169

2,000,000

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2021B

5

.000

12/01/47

2,107,846

1,680,000

(d)

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Refunding

Series

2016A,

(Pre-refunded

12/01/25)

5

.000

12/01/48

1,714,925

5,000,000

Dallas,

Texas,

Waterworks

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2016A

5

.000

10/01/41

5,090,044

5,000,000

Deer

Park

Independent

School

District,

Harris

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2022

5

.000

08/15/47

5,355,184

5,185,000

(a)

Denton

Independent

School

District,

Denton

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023,

(UB)

5

.000

08/15/53

5,510,394

8,120,000

Fredericksburg

Independent

School

District,

Gillespie,

Blanco,

and

Kendall

Counties,

Texas,

School

Building

Series

2022

5

.000

02/15/47

8,674,840

7,375,000

(a)

Godley

Independent

School

District,

Texas,

General

Obligation

Bonds,

School

Building

Series

2022,

(UB)

5

.000

02/15/54

7,776,957

1,000,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Refunding

First

Tier

Series

2020C

-

AGM

Insured

4

.000

10/01/49

957,837

5,295,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Subordinate

Lien

Series

2018A.

Tela

Supported

5

.000

10/01/48

5,457,189

4,960,000

Gulf

Coast

Industrial

Development

Authority,

Texas,

Solid

Waste

Disposal

Revenue

Bonds,

Citgo

Petroleum

Corporation

Project,

Series

1995,

(AMT)

4

.875

05/01/25

4,961,210

5,000,000

(a)

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Memorial

Hermann

Health

System,

Series

2022A,

(UB)

5

.000

07/01/52

5,263,401

1,895,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Houston

Methodist

Hospital

System,

Series

2015

4

.000

12/01/45

1,814,138

4,850,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Houston

Methodist

Hospital

System,

Series

2015

5

.000

12/01/45

4,867,835

1,330,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Refunding

Bonds,

Young

Men's

Christian

Association

of

the

Greater

Houston

Area,

Series

2013A

5

.000

06/01/28

1,330,065

3,000,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Refunding

Bonds,

Young

Men's

Christian

Association

of

the

Greater

Houston

Area,

Series

2013A

5

.000

06/01/38

2,813,937

5,000,000

Harris

County

Flood

Control

District,

Texas,

General

Obligation

Bonds,

Refunding

Improvement,

Green

Series

2023A

4

.000

09/15/48

4,835,820

5,150,000

Harris

County,

Texas,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2016A

5

.000

08/15/41

5,253,992

5,000,000

Harris

County,

Texas,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2018A

4

.000

08/15/48

4,795,452

510,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/41

232,393

1,020,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/42

441,408

1,255,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/43

515,762

3,305,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/44

1,290,629

4,460,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/45

1,647,974

55

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

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

$

2,156,486

105,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0

.000

11/15/24

104,832

495,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.000

11/15/24

494,182

4,390,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0

.000

11/15/29

3,674,418

50,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0

.000

11/15/29

41,850

105,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0

.000

11/15/30

84,351

625,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0

.000

11/15/30

502,090

4,065,000

(d)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0

.000

11/15/31

3,136,469

3,505,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.000

11/15/31

2,619,536

210,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.000

11/15/32

146,857

260,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

0

.000

11/15/33

169,967

2,045,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.010

11/15/34

1,249,779

1,130,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.010

11/15/36

603,863

4,370,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.010

11/15/38

2,040,500

2,260,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0

.010

11/15/39

985,811

600,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Refunding

Second

Lien

Series

2014C

5

.000

11/15/33

600,228

400,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Refunding

Second

Lien

Series

2014C

5

.000

11/15/34

400,082

3,440,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Senior

Lien

Series

2001G

-

NPFG

Insured

0

.010

11/15/41

1,440,509

1,000,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Third

Lien

Series

2004A-3

-

NPFG

Insured

0

.010

11/15/33

590,205

5,000,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2023A

-

AGM

Insured,

(AMT)

5

.250

07/01/53

5,295,782

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

5,151,540

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

380,122

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

1,926,647

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

1,022,458

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

1,015,942

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

3,154,208

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

3,878,560

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

56

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

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

$

2,508,163

12,030,000

Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Project,

Series

2001B

-

AMBAC

Insured

0

.010

09/01/31

9,209,416

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

1,074,230

8,000,000

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015A

4

.000

08/15/37

8,010,288

2,275,000

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015A

5

.000

08/15/40

2,293,703

1,750,000

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds

Series

2015,

(AMT)

5

.000

11/01/35

1,764,356

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

4,818,634

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

9,503,578

1,000,000

McCamey

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Series

2013

5

.750

12/01/33

1,004,710

3,000,000

McCamey

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Series

2013

6

.125

12/01/38

3,015,932

3,470,000

Midland,

Texas,

General

Obligation

Bonds,

Refunding

Series

2022B

5

.000

03/01/47

3,701,200

2,835,000

(b)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

(AMT)

4

.625

10/01/31

2,836,698

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

4,735,295

245,000

(d)

North

Central

Texas

Health

Facilities

Development

Corporation,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

System,

Series

1996A

-

NPFG

Insured,

(ETM)

5

.750

06/01/26

251,091

3,860,000

North

Harris

County

Regional

Water

Authority,

Texas,

Water

Revenue

Bonds,

Refunding

Senior

Lien

Series

2013

5

.000

12/15/33

3,863,048

4,030,000

(d)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

(Pre-

refunded

9/01/31)

7

.000

09/01/43

4,894,504

8,470,000

(d)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

(Pre-

refunded

9/01/31)

6

.750

09/01/45

10,331,974

7,000,000

(d)

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I,

(Pre-refunded

1/01/25)

6

.500

01/01/43

7,032,915

2,500,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2008D

-

AGC

Insured

0

.010

01/01/36

1,643,520

13,355,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier,

Series

2015A

5

.000

01/01/33

13,386,809

1,000,000

(d)

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier,

Series

2015A,

(Pre-refunded

1/01/25)

5

.000

01/01/35

1,002,382

2,500,000

(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

2,570,725

1,425,000

Port

of

Houston

Authority,

Harris

County,

Texas,

General

Obligation

Bonds,

Series

2010E

0

.000

10/01/35

961,175

1,250,000

(b),(g)

Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Southridge

Public

Improvement

District

Improvement

Area

2

Project,

Series

2024

5

.500

09/01/54

1,246,243

57

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

205,000

Reagan

Hospital

District

of

Reagan

County,

Texas,

Limited

Tax

Revenue

Bonds,

Series

2014A

5

.125

%

02/01/39

$

201,103

2,500,000

San

Antonio,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Series

2012,

(AMT)

5

.000

07/01/27

2,502,621

7,950,000

(a)

San

Antonio,

Texas,

Water

System

Revenue

Bonds,

Junior

Lien

Series

2022B,

(UB)

5

.250

05/15/52

8,549,562

5,000,000

Splendora

Independent

School

District,

Montgomery

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024

5

.000

02/15/54

5,310,113

1,925,000

Stephen

F.

Austin

State

University,

Texas,

Revenue

Bonds,

Refunding

&

Improvement

Series

2016

5

.000

10/15/42

2,008,413

7,500,000

Tarrant

County

College

District,

Texas,

General

Obligation

Bonds,

Series

2022

5

.000

08/15/40

8,202,150

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

5,445,923

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

2,409,829

3,195,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Christus

Health,

Series

2022A

4

.000

07/01/53

3,062,963

2,000,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A

5

.000

02/15/41

2,034,002

1,575,000

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

I,

Gas

Supply

Revenue

Bonds,

Senior

Lien

Series

2008D

6

.250

12/15/26

1,618,707

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

8,943,918

15,985,000

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

16,209,466

1,875,000

Texas

Transportation

Commission,

State

Highway

249

System

Revenue

Bonds,

First

Tier

Toll

Series

2019A

5

.000

08/01/57

1,907,966

10,000,000

(a)

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2017A,

(UB)

4

.000

10/15/42

10,013,929

2,500,000

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2021

4

.000

10/15/51

2,399,101

2,670,000

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2024A

4

.250

10/15/51

2,664,301

10,000,000

(a)

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2024A,

(UB)

4

.250

10/15/51

9,978,655

2,490,000

Uptown

Development

Authority,

Houston,

Texas,

Tax

Increment

Contract

Revenue

Bonds,

Infrastructure

Improvement

Facilities,

Series

2018

5

.000

09/01/40

2,494,995

125,000

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

125,338

780,000

(d)

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

Capital

Appreciation

Series

2015,

(Pre-

refunded

8/15/25)

0

.000

08/15/50

269,501

1,000,000

(d)

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B,

(Pre-refunded

8/15/25)

0

.000

08/15/45

429,094

8,000,000

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B

0

.000

08/15/45

2,962,550

1,850,000

(d)

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B,

(Pre-refunded

8/15/25)

0

.000

08/15/50

639,202

4,370,000

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B

0

.000

08/15/50

1,227,339

TOTAL

TEXAS

404,610,576

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

58

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

UTAH

-

1.9%

(1.1%

of

Total

Investments)

$

15,000,000

(a)

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A,

(AMT),

(UB)

5

.000

%

07/01/42

$

15,211,455

11,750,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2018A,

(AMT)

5

.000

07/01/43

11,972,027

15,665,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2021A,

(AMT)

5

.000

07/01/46

16,200,995

1,645,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

(AMT)

5

.250

07/01/53

1,736,249

4,250,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

(AMT)

5

.500

07/01/53

4,609,060

1,705,000

(b)

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Leadership

Learning

Academy

Project,

Series

2019A

5

.000

06/15/39

1,696,162

1,670,000

(b)

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Leadership

Learning

Academy

Project,

Series

2019A

5

.000

06/15/50

1,577,777

3,180,000

(b)

Utah

Charter

School

Finance

Authority,

Revenue

Bonds,

Wallace

Stegner

Academy

Project,

Series

2019A

5

.000

06/15/49

2,983,823

TOTAL

UTAH

55,987,548

VIRGIN

ISLANDS

-

0.3%

(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

3,974,375

1,800,000

(b)

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015

5

.000

09/01/33

1,808,811

2,000,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006

-

FGIC

Insured

5

.000

10/01/27

2,023,745

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

2,242,431

TOTAL

VIRGIN

ISLANDS

10,049,362

VIRGINIA

-

2.3%

(1.4%

of

Total

Investments)

285,000

Amherst

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Sweet

Briar

College,

Series

2006

5

.000

09/01/26

281,648

1,435,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020

4

.000

07/01/45

1,389,903

515,000

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B

4

.875

07/15/40

530,105

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

1,001,843

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

11,273,388

350,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6

.875

12/01/58

386,932

2,300,000

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2021

4

.000

01/01/47

2,189,467

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

6,708,604

6,115,000

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset

Backed

Bonds,

Series

2007B1

5

.000

06/01/47

5,790,100

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

1,716,745

1,000,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-I

4

.550

10/01/49

1,004,317

10,000,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

(AMT)

5

.000

12/31/52

10,123,597

16,605,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

(AMT)

5

.000

12/31/56

16,785,304

59

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

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

$

10,010,752

TOTAL

VIRGINIA

69,192,705

WASHINGTON

-

3.2%

(1.9%

of

Total

Investments)

2,375,000

(d)

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

2,427,268

8,840,000

King

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

EvergreenHealth,

Limited

Tax

2020A

4

.000

12/01/45

8,428,426

2,270,000

Port

Everett,

Washington,

Revenue

Bonds,

Refunding

Series

2016

5

.000

12/01/46

2,305,379

15,220,000

(a)

Port

of

Seattle,

Washington,

Revenue

Bonds,

Intermediate

Lien

Series

2018A,

(AMT),

(UB)

5

.000

05/01/43

15,384,603

13,725,000

Port

of

Seattle,

Washington,

Revenue

Bonds,

Refunding

Intermediate

Lien

Series

2021C,

(AMT)

5

.000

08/01/46

14,175,287

15,000,000

Seattle,

Washington,

Municipal

Light

and

Power

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A

4

.000

07/01/47

14,706,843

10,000,000

Seattle,

Washington,

Municipal

Light

and

Power

Revenue

Bonds,

Refunding

&

Improvement

Series

2023

5

.000

03/01/53

10,694,254

4,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2012A

5

.000

10/01/32

4,009,244

12,260,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Children's

Hospital,

Series

2015A

5

.000

10/01/45

12,296,112

6,200,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Refunding

Series2021B.

Exchange

Purchase

3

.000

07/01/58

4,314,920

4,000,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

5

.000

07/01/58

4,070,909

2,410,000

Washington

State

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Seattle

University,

Series

2020

4

.000

05/01/50

2,194,998

310,000

Washington

State

Housing

Finance

Commission,

Revenue

Bonds,

Riverview

Retirement

Community,

Refunding

Series

2012

5

.000

01/01/48

294,482

TOTAL

WASHINGTON

95,302,725

WEST

VIRGINIA

-

0.2%

(0.1%

of

Total

Investments)

2,000,000

West

Virginia

Hospital

Finance

Authority,

Revenue

Bonds,

West

Virginia

University

Health

System

Obligated

Group,

Improvement

Series

2017A

5

.000

06/01/47

2,022,626

3,000,000

West

Virginia

Parkways

Authority,

Turnpike

Toll

Revenue

Bonds,

Senior

Lien

Series

2021

4

.000

06/01/43

2,944,984

TOTAL

WEST

VIRGINIA

4,967,610

WISCONSIN

-

4.5%

(2.7%

of

Total

Investments)

3,235,000

Milwaukee,

Wisconsin,

General

Obligation

Bonds,

Promissory

Note

Series

2022-B4

-

AGM

Insured

5

.000

04/01/36

3,515,687

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

1,261,504

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

812,392

34,226

(b),(e)

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

956

29,918

(b),(e)

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

790

29,439

(b),(e)

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

733

28,482

(b),(e)

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

658

28,003

(b),(e)

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

612

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

60

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

36,381

(b),(e)

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

$

739

35,902

(b),(e)

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

691

34,705

(b),(e)

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

628

33,987

(b),(e)

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

582

33,269

(b),(e)

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

542

1,810,675

(b),(e)

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

1,381,338

36,859

(b),(e)

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

565

35,902

(b),(e)

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

521

34,944

(b),(e)

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

482

34,226

(b),(e)

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

444

33,748

(b),(e)

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

412

32,790

(b),(e)

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

379

32,072

(b),(e)

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

352

31,354

(b),(e)

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

328

30,876

(b),(e)

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

303

33,269

(b),(e)

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

303

400,670

(b),(e)

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

3,308

59,473

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/46

1,795

58,635

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/47

1,638

58,216

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/48

1,538

57,797

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/49

1,438

61

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

56,960

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

%

01/01/50

$

1,315

62,405

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/51

1,364

1,606,485

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

3

.750

07/01/51

1,149,109

61,986

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/52

1,260

61,149

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/53

1,177

60,730

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/54

1,099

59,892

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/55

1,025

59,054

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/56

961

58,635

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/57

899

57,797

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/58

839

57,379

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/59

792

56,960

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/60

738

56,123

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/61

686

55,704

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/62

644

54,866

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/63

602

54,447

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/64

570

54,028

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/65

531

53,191

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/66

484

692,746

(b),(e)

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

0

.000

01/01/67

5,720

5,455,000

Public

Finance

Authority

of

Wisconsin,

Health

Care

System

Revenue

Bonds,

Cone

Health,

Series

2022A

4

.000

10/01/52

5,155,816

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

2,044,306

Portfolio

of

Investments

October

31,

2024

(continued)

NAD

62

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

2,550,000

Public

Finance

Authority

Wisconsin,

Tax

Exempt

Pooled

Securities,

Certificates

Series

2024-2

Class

A,

(Mandatory

Put

8/01/27)

4

.000

%

08/01/59

$

2,525,751

5,330,000

Public

Finance

Authority,

Wisconsin,

Educational

Revenue

Bonds,

Lake

Norman

Charter

School,

Series

2024A

5

.000

06/15/64

5,374,835

4,210,000

(b)

Public

Finance

Authority,

Wisconsin,

Tax

Increment

Revenue

Senior

Bonds,

World

Center

Project

Series

2024A

5

.000

06/01/41

4,320,022

3,000,000

University

of

Wisconsin

Hospitals

and

Clinics

Authority,

Revenue

Bonds,

Sustainability

Series

2024A

4

.250

04/01/52

2,949,007

2,545,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Ascension

Health

Alliance

Senior

Credit

Group,

Series

2013B-1

4

.000

11/15/43

2,447,825

10,715,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Aspirus,

Inc.

Obligated

Group,

Inc.

Project,

Series

2021

4

.000

08/15/46

10,428,397

5,810,000

(a)

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022B,

(UB)

5

.250

12/01/48

6,201,949

1,690,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

PHW

Muskego,

Inc.

Project,

Series

2021

4

.000

10/01/41

1,449,903

2,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

PHW

Muskego,

Inc.

Project,

Series

2021

4

.000

10/01/61

1,471,100

10,345,000

(a)

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Aspirus,

Inc.

Obligated

Group,

Series

2017,

(UB)

5

.000

08/15/52

10,494,804

4,220,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Children's

Hospital

of

Wisconsin,

Inc.,

Series

2017

4

.000

08/15/42

4,113,775

4,315,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marshfield

Clinic

Health

System

Inc

Series

2024A

5

.500

02/15/54

4,667,044

11,440,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016A

5

.000

02/15/42

11,465,849

7,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016A

5

.000

02/15/46

6,971,185

2,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Oakwood

Lutheran

Senior

Ministries,

Series

2021

4

.000

01/01/47

1,738,592

10,235,000

(a)

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Saint

John's

Communities

Inc.,

Refunding

Series

2022A,

(UB)

5

.000

04/01/52

10,687,722

8,770,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

ThedaCare

Inc,

Series

2019

4

.000

12/15/49

8,115,945

11,720,000

(a)

Wisconsin

Housing

and

Economic

Development

Authority,

Home

Ownership

Revenue

Bonds,

Social

Series

2024A,

(UB)

4

.750

09/01/50

11,819,340

12,500,000

(a)

Wisconsin

Housing

and

Economic

Development

Authority,

Home

Ownership

Revenue

Bonds,

Social

Series

2024B,

(UB)

4

.750

03/01/51

12,514,217

TOTAL

WISCONSIN

135,118,857

TOTAL

MUNICIPAL

BONDS

(Cost

$4,907,933,381)

4,993,955,890

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$4,908,463,992)

4,994,391,740

FLOATING

RATE

OBLIGATIONS

-

(12.2)%

(

364,940,000

)

AMTP

SHARES,

NET

-

(24.2)%(h)

(

727,309,426

)

MFP

SHARES,

NET

-

(15.2)%(i)

(

455,428,078

)

VRDP

SHARES,

NET

-

(16.8)%(j)

(

503,842,949

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   1.9%

56,542,538

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

2,999,413,825

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

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

$228,532,099

or

4.6%

of

Total

Investments.

63

(c)

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.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

When-issued

or

delayed

delivery

security.

(h)

AMTP

Shares,

Net

as

a

percentage

of

Total

Investments

is

14.6%.

(i)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

9.1%.

(j)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

10.1%.

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.

See

Notes

to

Financial

Statements

64

Portfolio

of

Investments

October

31,

2024

NEA

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

165.4%

(100.0%

of

Total

Investments)

6127327881

MUNICIPAL

BONDS

-

165

.4

%

(

100

.0

%

of

Total

Investments)

6127327881

ALABAMA

-

1.3%

(0.8%

of

Total

Investments)

$

15,520,000

Alabama

Special

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Ascension

Health,

Series

2016B

5

.000

%

11/15/46

$

15,683,772

5,920,000

Autauga

County

Board

of

Education,

Alabama,

Special

Tax

Warrants,

Series

2021

4

.000

04/01/51

5,638,135

35,000

Birmingham

Airport

Authority,

Alabama,

Airport

Revenue

Bonds,

Series

2020

-

BAM

Insured

4

.000

07/01/35

35,340

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

4,290,740

9,910,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.500

10/01/53

10,736,835

4,900,000

Mobile

Spring

Hill

College

Educational

Building

Authority,

Alabama,

Revenue

Bonds,

Spring

Hill

College

Project,

Series

2015

5

.875

04/15/45

3,631,987

2,410,000

Pike

Road,

Alabama,

General

Obligation

Warrants,

Series

2023

5

.000

03/01/52

2,552,712

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

1,077,951

5,310,000

(a)

Tuscaloosa

County

Industrial

Development

Authority,

Alabama,

Gulf

Opportunity

Zone

Bonds,

Hunt

Refining

Project,

Refunding

Series

2019A

5

.250

05/01/44

5,403,534

TOTAL

ALABAMA

49,051,006

ARIZONA

-

2.2%

(1.3%

of

Total

Investments)

6,970,000

(b)

Arizona

Industrial

Development

Authority,

(UB)

4

.650

10/01/48

7,021,867

1,150,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017A

5

.000

07/01/47

1,155,350

1,965,000

(b)

Arizona

Industrial

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A,

(UB)

4

.700

10/01/51

1,967,196

7,115,000

Lake

Havasu

City,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015B

-

AGM

Insured

5

.000

07/01/43

7,148,655

1,315,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2019A

5

.000

09/01/42

1,358,768

8,895,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2021A

4

.000

09/01/51

8,266,468

5,135,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A

4

.000

01/01/36

5,156,467

3,130,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Series

2017D

4

.000

01/01/48

3,021,991

6,550,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019A

4

.000

07/01/49

6,341,178

1,500,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019A

5

.000

07/01/49

1,553,590

6,545,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Revenue

Bonds,

Civic

Plaza

Expansion

Project,

Series

2005B

-

FGIC

Insured

5

.500

07/01/37

7,889,814

10,000,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Revenue

Bonds,

Civic

Plaza

Expansion

Project,

Series

2005B

-

FGIC

Insured

5

.500

07/01/40

12,173,831

3,000,000

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2018A

5

.000

08/01/47

3,116,047

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

12,024,859

2,135,000

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2024A

5

.250

08/01/54

2,296,054

TOTAL

ARIZONA

80,492,135

65

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ARKANSAS

-

0.0%

(0.0%

of

Total

Investments)

$

1,750,000

(a)

Arkansas

Development

Finance

Authority,

Charter

School

Revenue

Bonds,

Academy

of

Math

and

Science

-

Little

Rock

Project

Series

2024A

7

.000

%

07/01/59

$

1,692,366

TOTAL

ARKANSAS

1,692,366

CALIFORNIA

-

5.1%

(3.1%

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

3,580,194

4,225,000

Alameda

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Series

2005B

-

AGM

Insured

0

.000

08/01/28

3,776,932

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

2,987,007

8,000,000

Beverly

Hills

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2008

Election

Series

2009

0

.000

08/01/33

5,990,112

2,250,000

(c)

Burbank

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2013,

Series

2015A,

(Pre-

refunded

2/01/25)

5

.000

08/01/32

2,260,031

1,350,000

(c)

Burbank

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2013,

Series

2015A,

(Pre-

refunded

2/01/25)

5

.000

08/01/33

1,356,019

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

50,825

7,615,000

California

Educational

Facilities

Authority,

Revenue

Refunding

Bonds,

Loyola

Marymount

University,

Series

2001A

-

NPFG

Insured

0

.000

10/01/25

7,383,260

1,350,000

California

Educational

Facilities

Authority,

Revenue

Refunding

Bonds,

Loyola

Marymount

University,

Series

2001A

-

NPFG

Insured

0

.000

10/01/39

730,733

1,500,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

5

.000

07/01/42

1,521,146

965,000

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017

5

.000

10/15/47

971,413

5,000,000

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2017

4

.000

08/01/36

5,029,273

5,000

California

State,

General

Obligation

Bonds,

Series

2004

-

AMBAC

Insured

5

.000

04/01/31

5,009

9,130,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.250

12/01/56

9,226,391

15,104

(d),(e)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A

5

.750

07/01/30

15,104

19,389

(d),(e)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A

5

.750

07/01/35

19,389

23,267

(d),(e)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A

5

.500

07/01/39

23,267

10,445,000

Castaic

Lake

Water

Agency,

California,

Certificates

of

Participation,

Water

System

Improvement

Project,

Series

1999a

-

AMBAC

Insured

0

.000

08/01/29

9,085,692

4,775,000

(c)

Clovis

Unified

School

District,

Fresno

County,

California,

General

Obligation

Bonds,

Series

2001A

-

FGIC

Insured,

(ETM)

0

.000

08/01/25

4,661,124

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

5,597,005

910,000

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A

6

.850

01/15/42

1,074,695

5,000,000

Huntington

Beach

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2007

-

FGIC

Insured

0

.000

08/01/32

3,879,185

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

66

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

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

$

1,402,854

995,000

(c)

Los

Angeles

Department

of

Water

and

Power,

California,

Electric

Plant

Revenue

Bonds,

Series

1994,

(ETM)

5

.375

02/15/34

1,011,730

2,490,000

Madera

Unified

School

District,

Madera

County,

California,

General

Obligation

Bonds,

Election

2002

Series

2005

-

NPFG

Insured

0

.000

08/01/27

2,287,530

10,335,000

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

0

.000

08/01/43

10,175,363

5,500,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009B

6

.500

11/01/39

7,013,768

14,100,000

New

Haven

Unified

School

District,

California,

General

Obligation

Bonds,

Refunding

Series

2009

-

AGC

Insured

0

.000

08/01/34

10,064,008

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

2,157,422

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

383,413

1,745,000

(c)

Orange

County

Water

District,

California,

Revenue

Certificates

of

Participation,

Series

2003B,

(Pre-refunded

8/15/32)

-

NPFG

Insured

5

.000

08/15/34

1,997,349

1,490,000

(c)

Orange

County

Water

District,

California,

Revenue

Certificates

of

Participation,

Series

2003B

-

NPFG

Insured,

(ETM)

5

.000

08/15/34

1,646,334

1,000,000

Pajaro

Valley

Unified

School

District,

Santa

Cruz

County,

California,

General

Obligation

Bonds,

Series

2005B

-

AGM

Insured

0

.000

08/01/29

867,015

9,320,000

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Series

2009A

-

AGC

Insured

0

.000

08/01/33

6,554,266

1,800,000

Rialto

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2010

Election

Series

2011A

0

.000

08/01/28

1,615,064

4,080,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2017A

5

.000

07/01/47

4,201,863

10,595,000

(c)

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2014A,

(Pre-refunded

1/15/25)

5

.000

01/15/44

10,634,597

32,725,000

(c)

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2014A,

(Pre-refunded

1/15/25)

5

.000

01/15/50

32,847,303

2,965,000

San

Juan

Unified

School

District,

Sacramento

County,

California,

General

Obligation

Bonds,

Series

2004A

-

NPFG

Insured

0

.000

08/01/28

2,646,644

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

3,800,742

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

8,710,089

5,000,000

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015

0

.000

08/01/46

1,584,467

6,570,000

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015

0

.000

08/01/47

1,961,276

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

.010

06/01/54

4,174,294

2,630,000

Union

Elementary

School

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Series

2001B

-

FGIC

Insured

0

.000

09/01/25

2,564,489

TOTAL

CALIFORNIA

189,525,686

67

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

-

15.0%

(9.1%

of

Total

Investments)

$

1,815,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2019

5

.000

%

12/01/51

$

1,766,402

6,600,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021

4

.375

12/01/52

5,842,086

2,500,000

Arapahoe

County

Water

and

Wastewater

Authority,

Colorado,

Revenue

Bonds,

Refunding

Series

2019

4

.000

12/01/38

2,529,995

1,610,000

Arvada,

Colorado,

Water

Enterprise

Revenue

Bonds,

Series

2022

4

.000

12/01/48

1,572,554

2,220,000

Arvada,

Colorado,

Water

Enterprise

Revenue

Bonds,

Series

2022

4

.000

12/01/52

2,128,704

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

3,194,573

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

1,916,956

9,000,000

Boulder

Valley

School

District

RE2,

Boulder

County,

Colorado,

General

Obligation

Bonds,

Series

2019A

4

.000

12/01/48

8,722,840

3,010,000

Brighton,

Colorado,

Water

Activity

Enterprise

Revenue

Bonds,

Water

System

Project,

Series

2022

5

.000

06/01/42

3,257,424

7,975,000

Brighton,

Colorado,

Water

Activity

Enterprise

Revenue

Bonds,

Water

System

Project,

Series

2022

5

.000

06/01/52

8,466,262

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

1,057,663

1,060,000

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Improvement

Series

2018

5

.250

12/01/48

1,036,654

1,575,000

(a)

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

5

.000

12/01/37

1,557,167

3,620,000

(a)

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

5

.000

12/01/47

3,438,216

1,445,000

Colorado

Bridge

and

Tunnel

Enterprise,

Colorado,

Senior

Infrastructure

Revenue

Bonds,

Series

2024A

-

AGM

Insured

5

.500

12/01/54

1,612,092

2,545,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

University

of

Denver,

Series

2017A

5

.000

03/01/47

2,590,377

2,005,000

(c)

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

2,105,596

4,615,000

(c)

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

4,846,547

7,205,000

(c)

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

7,566,494

8,715,000

(c)

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

9,152,254

4,105,000

(c)

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

4,310,958

8,545,000

(c)

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

8,973,725

10,575,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2021A

4

.000

11/15/46

10,065,164

33,390,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2021A

4

.000

11/15/50

31,401,722

3,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2018A

5

.000

11/15/48

3,080,805

1,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2016

5

.000

01/01/31

1,009,527

4,290,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2016

5

.000

01/01/37

4,318,217

21,340,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/44

21,971,624

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

68

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

17,205,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

-

BAM

Insured

4

.000

%

08/01/49

$

16,167,411

11,075,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

4

.000

08/01/49

10,168,221

3,410,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

5

.500

11/01/47

3,752,480

3,500,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Covenant

Living

Communities

&

Services,

Series

2020A

4

.000

12/01/50

3,045,682

750,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Meadows

Project,

Refunding

&

Improvement

Series

2017A

5

.250

05/15/37

767,675

1,500,000

(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Refunding

Series

2015B,

(Pre-refunded

9/01/25)

4

.000

09/01/34

1,510,199

7,080,000

(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Series

2020A,

(Pre-refunded

9/01/30)

4

.000

09/01/45

7,564,353

3,000,000

(c)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Series

2020A,

(Pre-refunded

9/01/30)

4

.000

09/01/50

3,205,235

4,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sanford

Health,

Series

2019A

4

.000

11/01/39

3,895,886

3,300,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

SCL

Health

System,

Refunding

Series

2019A

4

.000

01/01/38

3,319,131

5,000,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

SCL

Health

System,

Refunding

Series

2019B

4

.000

01/01/40

5,002,667

4,150,000

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017

5

.000

12/31/56

4,149,833

1,892,000

Colorado

International

Center

Metropolitan

District

14,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018

5

.625

12/01/32

1,902,841

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

2,667,608

2,000,000

Colorado

School

of

Mines

Board

of

Trustees,

Golden,

Colorado,

Institutional

Enterprise

Revenue

Bonds,

Series

2023C

5

.250

12/01/53

2,171,053

1,500,000

(c)

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

1,576,300

6,000,000

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017E

4

.000

03/01/43

5,954,257

7,000,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2019O

4

.000

03/15/44

6,928,992

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

2,552,084

5,000,000

Colorado

State,

Certificates

of

Participation,

Rural

Series

2018A

4

.000

12/15/35

5,071,307

7,115,000

(c)

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2016,

(Pre-refunded

8/01/26)

5

.000

08/01/41

7,365,818

1,000,000

(c)

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2016,

(Pre-refunded

8/01/26)

5

.000

08/01/46

1,035,252

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

1,197,320

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

.010

12/01/31

8,686,926

2,930,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022B

5

.000

11/15/47

3,125,662

6,700,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022B

5

.250

11/15/53

7,280,365

5,000,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B

5

.000

12/01/43

5,193,329

2,500,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B

5

.000

12/01/48

2,578,778

69

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

6,500,000

Denver

City

and

County,

Colorado,

Dedicated

Tax

Revenue

Bonds,

Current

Interest

Series

2018A-1

5

.000

%

08/01/48

$

6,644,150

10,000,000

Denver

City

and

County,

Colorado,

Dedicated

Tax

Revenue

Bonds,

Series

2021A

4

.000

08/01/51

9,631,190

5,120,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

5

.000

12/01/32

5,208,238

2,935,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

5

.000

12/01/35

2,973,788

1,800,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

5

.000

12/01/40

1,815,374

335,000

(a)

Denver

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

9th

and

Colorado

Urban

Redevelopement

Area,

Series

2018A

5

.250

12/01/39

337,268

1,500,000

(a)

DIATC

Metropolitan

District,

Commerce

City,

Adams

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Series

2019

5

.000

12/01/49

1,441,885

45,540,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.010

09/01/30

36,934,074

16,635,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/32

12,354,039

49,250,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

09/01/33

34,898,304

9,310,000

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A

-

NPFG

Insured

0

.000

09/01/28

8,176,820

2,900,000

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A

-

NPFG

Insured

0

.010

09/01/34

1,960,038

18,500,000

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A

-

NPFG

Insured

0

.000

03/01/36

11,602,177

5,950,000

(a)

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A

6

.750

12/01/34

5,802,445

3,850,000

Firestone,

Colorado,

Water

Enterprise

Revenue

Bones,

Series

2020

-

BAM

Insured

4

.000

12/01/49

3,691,230

5,000,000

Gunnison

Watershed

School

District

RE1J,

Gunnison

and

Saguache

Counties,

Colorado,

General

Obligation

Bonds,

Series

2023

5

.000

12/01/47

5,330,820

4,070,000

(a)

Hess

Ranch

Metropolitan

District

5,

Parker,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

2,

Series

2024

5

.500

12/01/44

3,992,708

5,700,000

Johnstown,

Colorado,

Wastewater

Revenue

Bonds,

Series

2021

-

AGM

Insured

4

.000

12/01/46

5,542,638

1,440,000

Johnstown,

Colorado,

Wastewater

Revenue

Bonds,

Series

2021

-

AGM

Insured

4

.000

12/01/51

1,372,577

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

1,900,210

1,000,000

Lorson

Ranch

Metropolitan

District

2,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2016

5

.000

12/01/36

1,015,680

1,000,000

Louisville,

Boulder

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax,

Series

2017

4

.000

12/01/36

1,008,199

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

1,756,261

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

1,114,341

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

1,086,829

5,000,000

Northern

Colorado

Water

Conservancy

District

Building

Corporation,

Certificates

of

Participation,

Refunding

Series

2021

4

.000

07/01/51

4,808,702

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

70

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

2,325,000

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022

5

.000

%

07/01/42

$

2,479,405

16,320,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Refunding

Series

2015A

5

.000

12/01/45

16,418,127

3,680,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2017A

5

.000

12/01/46

3,700,578

4,055,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2019A

-

AGM

Insured

4

.000

12/01/39

4,067,502

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

2,960,249

5,088,000

(a)

Platte

River

Metropolitan

District,

Weld

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2023A

6

.500

08/01/53

5,263,792

600,000

(a)

Pueblo

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

EVRAZ

Project,

Series

2021A

4

.750

12/01/45

410,634

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

10,178,647

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

3,697,599

2,350,000

Roaring

Fork

Transporation

Authority,

Colorado,

Property

Tax

Revenue

Bonds,

Series

2021A

4

.000

12/01/46

2,315,096

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

884,861

1,000,000

(a)

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

973,745

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

949,274

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

3,338,170

685,000

(a)

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

620,945

1,300,000

(a)

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

1,285,493

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

787,461

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

860,016

2,500,000

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Refunding

Green

Series

2021A

4

.000

06/01/46

2,455,597

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

2,516,499

5,000,000

Weld

County

School

District

6,

Greeley,

Colorado,

General

Obligation

Bonds,

Series

2020

5

.000

12/01/44

5,272,696

2,175,000

Weld

County

School

District

RE1,

Colorado,

General

Obligation

Bonds,

Series

2017

5

.000

12/15/30

2,271,743

5,650,000

Weld

County

School

District

RE-4,

Windsor,

Colorado,

General

Obligation

Bonds,

Series

2023

5

.250

12/01/47

6,185,694

7,810,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6

.750

12/01/52

7,605,475

10,825,000

(a),(f)

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2024A-2

0

.000

12/01/54

6,225,492

71

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,785,000

(a)

West

Meadow

Metropolitan

District,

Town

of

Fraser,

Grand

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Senior

Series

2023A

6

.500

%

12/01/50

$

1,862,209

500,000

Westerly

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-1

5

.000

12/01/50

435,837

TOTAL

COLORADO

555,752,084

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

1,666,624

6,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A

4

.000

07/01/51

5,463,605

2,800,000

(a)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

McLean

Affiliates,

Series

2020A

5

.000

01/01/55

2,450,121

7,165,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Refunding

Series

2015L

5

.000

07/01/45

7,200,194

500,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2017I-1

5

.000

07/01/34

516,793

7,500,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2020A

5

.000

05/01/37

8,119,850

TOTAL

CONNECTICUT

25,417,187

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

1,012,022

TOTAL

DELAWARE

1,012,022

DISTRICT

OF

COLUMBIA

-

4.0%

(2.4%

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

1,232,403

107,000,000

District

of

Columbia

Tobacco

Settlement

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2006A

0

.000

06/15/46

26,948,517

19,035,000

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2014C

4

.000

10/01/41

18,038,735

5,000,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2021D

4

.000

02/01/46

4,877,334

3,500,000

District

of

Columbia,

Revenue

Bonds,

Georgetown

University,

Refunding

Series

2017

5

.000

04/01/35

3,586,354

60,000

(c)

District

of

Columbia,

Revenue

Bonds,

Georgetown

University,

Refunding

Series

2017,

(Pre-refunded

4/01/27)

5

.000

04/01/36

63,094

3,440,000

District

of

Columbia,

Revenue

Bonds,

Georgetown

University,

Refunding

Series

2017

5

.000

04/01/36

3,520,163

12,455,000

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

11,837,094

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

4,885,307

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

12,652,749

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

4,424,645

32,000,000

(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

34,153,382

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

19,714,376

3,000,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2018

5

.000

07/01/43

3,079,589

TOTAL

DISTRICT

OF

COLUMBIA

149,013,742

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

72

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

-

8.0%

(4.9%

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

$

2,800,206

2,830,000

City

of

Miami

Beach,

Florida,

Stormwater

Revenue

Bonds,

Series

2015

5

.000

09/01/41

2,851,569

5,810,000

Collier

County,

Florida,

Tourist

Development

Tax

Revenue

Bonds,

Series

2018

4

.000

10/01/43

5,822,409

530,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School,

Inc.

Projects,

Series

2020C

5

.000

09/15/50

482,079

6,925,000

(b)

Florida

Housing

Finance

Corp,

(UB)

4

.700

07/01/49

7,026,468

6,060,000

(b)

Florida

Housing

Finance

Corp,

(UB)

4

.750

07/01/54

6,103,045

1,040,000

Florida

Municipal

Loan

Council,

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

11/01/25

996,847

1,590,000

Florida

Municipal

Loan

Council,

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0

.000

11/01/26

1,466,476

2,000,000

Fort

Myers,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2019A

4

.000

10/01/49

1,921,607

15,000,000

(b)

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Series

2018F,

(UB)

5

.000

10/01/48

15,471,288

2,850,000

Hillsborough

County

Industrial

Development

Authority,

Florida,

Health

System

Revenue

Bonds,

BayCare

Health

System

Series

2024C

5

.250

11/15/49

3,130,089

3,760,000

(b)

Hillsborough

County

Industrial

Development

Authority,

Florida,

Health

System

Revenue

Bonds,

BayCare

Health

System

Series

2024C,

(UB)

4

.125

11/15/51

3,629,923

3,025,000

Hillsborough

County

Industrial

Development

Authority,

Florida,

Health

System

Revenue

Bonds,

BayCare

Health

System

Series

2024C

5

.500

11/15/54

3,386,827

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

12,274,829

5,060,000

Hollywood,

Florida,

General

Obligation

Bonds,

Series

2022

5

.000

07/01/47

5,371,518

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

3,818,318

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

19,151,350

205,000

Miami

Health

Facilities

Authority,

Florida,

Health

Facilities

Revenue

Bonds,

Miami

Jewish

Health

System

Inc.

Project,

Series

2017

5

.000

07/01/32

196,662

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

4,426,741

2,420,000

(g)

Miami-Dade

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

University

of

Miami,

Refunding

Series

2024B

5

.250

04/01/45

2,628,181

7,390,000

Miami-Dade

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

University

of

Miami,

Series

2015A

5

.000

04/01/45

7,408,170

27,470,000

Miami-Dade

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

University

of

Miami,

Series

2018A

5

.000

04/01/53

28,090,817

10,000,000

Miami-Dade

County

Expressway

Authority,

Florida,

Toll

System

Revenue

Bonds,

Series

2010A

5

.000

07/01/35

10,035,464

5,560,000

Miami-Dade

County

Health

Facility

Authority,

Florida,

Hospital

Revenue

Bonds,

Nicklaus

Children's

Hospital

Project,

Refunding

Series

2021A

4

.000

08/01/51

5,250,666

3,000,000

Miami-Dade

County

Industrual

Development

Authority,

Florida,

Revenue

Bonds,

Doral

Academy,

Seres

2018

5

.000

01/15/48

3,001,349

7,000,000

(b)

Miami-Dade

County

School

District,

Florida,

General

Obligation

Bonds,

School

Series

2022A

-

BAM

Insured,

(UB)

5

.000

03/15/52

7,444,509

14,015,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2016A

5

.000

10/01/41

14,217,309

4,715,000

Miami-Dade

County,

Florida,

Public

Facilities

Revenue

Bonds,

Jackson

Health

System,

Series

2017

5

.000

06/01/38

4,812,910

73

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

7,000,000

Miami-Dade

County,

Florida,

Transit

System

Sales

Surtax

Revenue

Bonds,

Series

2018

4

.000

%

07/01/48

$

6,748,936

5,000,000

Miami-Dade

County,

Florida,

Transit

System

Sales

Surtax

Revenue

Bonds,

Series

2022

5

.000

07/01/51

5,282,881

6,000,000

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2019B

4

.000

10/01/44

5,948,560

3,965,000

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2019B

4

.000

10/01/49

3,774,447

8,900,000

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2024A

5

.250

10/01/54

9,650,137

11,240,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Obligated

Group,

Inc.,

Series

2022

4

.000

10/01/52

10,554,271

3,260,000

Orange

County

Health

Facilities

Authority,

Florida,

Revenue

Bonds,

Presbyterian

Retirement

Communities

Project,

Series

2024

5

.000

08/01/54

3,347,222

1,095,000

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Capital

Appreciation

Series

2019A-2

0

.000

10/01/32

790,948

4,250,000

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1

5

.000

10/01/49

4,372,979

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

2,198,334

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

4,799,280

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

8,428,415

12,170,000

Sarasota

County

Public

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

Sarasota

Memorial

Hospital

Project,

Series

2018

4

.000

07/01/48

11,450,173

6,625,000

South

Broward

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

Refunding

Series

2015

4

.000

05/01/33

6,641,291

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

8,198,073

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

8,766,511

615,000

Tampa

Sports

Authority,

Hillsborough

County,

Florida,

Sales

Tax

Payments

Special

Purpose

Bonds,

Stadium

Project,

Series

1995

-

NPFG

Insured

5

.750

10/01/25

625,597

4,000,000

Tampa,

Florida,

Health

System

Revenue

Bonds,

Baycare

Health

System,

Series

2016A

4

.000

11/15/46

3,833,836

2,000,000

(c)

Volusia

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Embry-Riddle

Aeronautical

University,

Series

2015B,

(Pre-

refunded

4/15/25)

5

.000

10/15/45

2,014,877

7,400,000

Volusia

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Stetson

University

Inc.

Project,

Series

2015

5

.000

06/01/45

7,401,534

TOTAL

FLORIDA

298,045,928

GEORGIA

-

5.2%

(3.2%

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

10,336,490

2,000,000

Cobb

County

Kennestone

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System,

Series

2017A

5

.000

04/01/42

2,034,527

10,000,000

Cobb

County

Kennestone

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System,

Series

2017A

5

.000

04/01/47

10,110,312

2,500,000

Columbia

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System,

Inc.

Project,

Series

2023B

5

.125

04/01/53

2,644,422

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

74

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

GEORGIA

(continued)

$

5,300,000

Crisp

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Crisp

County

Hospital

Project,

Series

2021

4

.000

%

07/01/46

$

5,101,591

5,725,000

Fayette

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Piedmont

Healthcare,

Inc.

Project,

Series

2016A

5

.000

07/01/46

5,781,769

4,330,000

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A

5

.000

04/01/42

4,404,751

7,250,000

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A

5

.000

04/01/47

7,329,976

6,370,000

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A

4

.000

04/01/50

6,059,741

9,495,000

Fulton

County

Development

Authority,

Georgia,

Revenue

Bonds,

Georgia

Tech

Facilities,

Series

2024

5

.000

06/15/56

10,099,524

4,000,000

Fulton

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2016A

5

.000

07/01/46

4,039,023

5,000,000

Fulton

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A

4

.000

07/01/49

4,751,239

12,590,000

(c)

Gainesville

and

Hall

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Northeast

Georgia

Health

Services

Inc.,

Series

2014A,

(Pre-refunded

2/15/25)

5

.500

08/15/54

12,670,338

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

7,831,375

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

2,006,641

6,665,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2024A

4

.700

12/01/54

6,721,637

8,000,000

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2021

4

.000

07/01/51

7,841,058

1,860,000

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2022

4

.000

07/01/52

1,819,865

11,000,000

Griffin-Spalding

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System

Inc.,

Series

2017A

4

.000

04/01/42

10,768,570

1,350,000

Henry

County

Water

and

Sewerage

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

2005

5

.250

02/01/27

1,423,435

1,860,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019A

5

.000

05/15/43

1,916,682

14,100,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019A

5

.000

05/15/49

15,084,630

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

3,644,818

10,160,000

(b)

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2023C,

(Mandatory

Put

9/01/30),

(UB)

5

.000

09/01/53

10,812,073

6,310,000

Metropolitan

Atlanta

Rapid

Transit

Authority,

Georgia,

Sales

Tax

Revenue

Bonds,

Third

Indenture,

Series

2015B

5

.000

07/01/43

6,441,692

5,680,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2015A

5

.000

07/01/60

5,681,873

3,300,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2015A

5

.500

07/01/60

3,322,755

3,750,000

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Series

2024A

5

.250

01/01/49

4,056,090

4,710,000

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Series

2024A

-

BAM

Insured

5

.250

01/01/54

5,094,468

8,230,000

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Mercer

University,

Series

2015

5

.000

10/01/40

8,297,242

5,000,000

Rockdale

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A

4

.000

07/01/44

4,863,446

TOTAL

GEORGIA

192,992,053

75

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HAWAII

-

0.1%

(0.1%

of

Total

Investments)

$

3,500,000

Honolulu

City

and

County,

Hawaii,

Wastewater

System

Revenue

Bonds,

First

Bond

Resolution,

Green

Senior

Series

2023

5

.000

%

07/01/48

$

3,774,743

TOTAL

HAWAII

3,774,743

IDAHO

-

0.8%

(0.5%

of

Total

Investments)

3,860,000

Boise

State

University,

Idaho,

General

Revenue

Bonds,

Series

2023A

5

.250

04/01/53

4,175,989

7,885,000

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2021A

4

.000

03/01/51

7,437,160

2,135,000

Idaho

Housing

and

Finance

Association,

GNMA

Housing

Revenue

Refunding

Bonds,

Wedgewood

Terrace

Project,

Series

2002A-1

7

.250

03/20/37

2,159,002

5,500,000

(a)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

The

College

of

Idaho

Project,

Series

2023

5

.875

11/01/53

5,660,588

2,800,000

(b)

Idaho

Housing

and

Finance

Association,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A,

(UB)

4

.600

01/01/49

2,801,976

4,970,000

(b)

Idaho

Housing

and

Finance

Association,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A,

(UB)

4

.650

01/01/54

4,986,927

3,325,000

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2024

6

.250

09/01/53

3,494,601

TOTAL

IDAHO

30,716,243

ILLINOIS

-

16.5%

(10.0%

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

1,046,742

285,000

Board

of

Regents

of

Illinois

State

University,

Auxiliary

Facilities

System

Revenue

Bonds,

Series

2018A

-

AGM

Insured

5

.000

04/01/37

296,737

1,370,000

Board

of

Regents

of

Illinois

State

University,

Auxiliary

Facilities

System

Revenue

Bonds,

Series

2018A

-

AGM

Insured

5

.000

04/01/38

1,425,084

4,595,000

Bolingbrook,

Will

and

DuPage

Counties,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2002B

-

FGIC

Insured

0

.000

01/01/32

3,395,641

4,000,000

Bolingbrook,

Will

and

DuPage

Counties,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2002B

-

FGIC

Insured

0

.010

01/01/34

2,689,732

11,000,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016

6

.000

04/01/46

11,391,172

3,155,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2023

5

.750

04/01/48

3,443,808

5,750,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2017H

5

.000

12/01/36

5,799,533

6,920,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2018D

5

.000

12/01/46

6,771,111

11,450,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A

7

.000

12/01/44

11,700,535

1,785,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016B

6

.500

12/01/46

1,842,484

23,535,000

(a)

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2017A

7

.000

12/01/46

25,108,583

2,900,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2022A

5

.000

12/01/47

2,859,410

2,175,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2023A

6

.000

12/01/49

2,355,419

1,000,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1999A

-

NPFG

Insured

5

.500

12/01/26

1,023,443

4,000,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Second

Lien

Series

2020A

4

.000

12/01/50

3,691,756

14,765,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Second

Lien

Series

2020A

-

BAM

Insured

4

.000

12/01/50

14,016,122

9,285,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Series

2014

5

.250

12/01/49

9,307,629

4,000,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2018B

5

.000

01/01/53

4,108,606

15,000,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2024B

5

.250

01/01/53

16,234,623

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

76

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

1,000,000

(b)

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A,

(UB)

5

.500

%

01/01/40

$

1,068,888

22,670,000

Chicago,

Illinois,

General

Obligation

Bonds,

City

Colleges,

Series

1999

-

FGIC

Insured

0

.000

01/01/25

22,515,985

10,565,000

Chicago,

Illinois,

General

Obligation

Bonds,

Project

&

Refunding

Series

2017A

6

.000

01/01/38

10,949,157

4,000,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A

5

.000

01/01/40

4,091,390

5,425,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A

5

.500

01/01/49

5,574,953

12,190,000

Chicago,

Illinois,

Wastewater

Transmission

Revenue

Bonds,

Second

Lien

Project,

Series

2023A

-

AGM

Insured

5

.250

01/01/53

13,065,281

2,000,000

Chicago,

Illinois,

Wastewater

Transmission

Revenue

Bonds,

Second

Lien

Project,

Series

2023A

-

AGM

Insured

5

.250

01/01/58

2,142,320

7,240,000

(b)

Chicago,

Illinois,

Water

Revenue

Bonds,

Second

Lien

Series

2023A

-

AGM

Insured,

(UB)

5

.250

11/01/53

7,762,652

6,030,000

Chicago,

Illinois,

Water

Revenue

Bonds,

Second

Lien

Series

2023A

-

AGM

Insured

5

.500

11/01/62

6,581,629

4,500,000

Cook

County

Community

College

District

508,

Illinois,

General

Obligation

Bonds,

Chicago

City

Colleges,

Series

2017

5

.000

12/01/47

4,574,377

3,500,000

Evanston,

Cook

County,

Illinois,

General

Obligation

Bonds,

Corporate

Purpose

Series

2018A

4

.000

12/01/43

3,392,154

2,750,000

Illinois

Educational

Facilities

Authority,

Revenue

Bonds,

Field

Museum

of

Natural

History,

Series

2002.RMKT

3

.900

11/01/36

2,762,333

5,265,000

Illinois

Educational

Facilities

Authority,

Revenue

Bonds,

Field

Museum

of

Natural

History,

Series

2002.RMKT

5

.500

11/01/36

5,273,817

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

2,895,133

25,090,000

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health

Alliance,

Series

2016C

4

.000

02/15/41

24,195,843

790,000

(c)

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health

Alliance,

Series

2016C,

(Pre-refunded

2/15/27)

4

.000

02/15/41

805,764

3,500,000

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/

fkaPresence

Health

Network,

Series

2016C

5

.000

02/15/32

3,627,310

55,000

(c)

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/

fkaPresence

Health

Network,

Series

2016C,

(Pre-refunded

2/15/27)

4

.000

02/15/41

56,098

1,200,000

(c)

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/

fkaPresence

Health

Network,

Series

2016C,

(Pre-refunded

2/15/27)

4

.000

02/15/41

1,223,946

3,000,000

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/

fkaPresence

Health

Network,

Series

2016C

5

.000

02/15/41

3,062,037

2,500,000

Illinois

Finance

Authority,

Revenue

Bonds,

Bradley

University,

Refunding

Series

2021A

4

.000

08/01/51

2,112,666

1,000,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

DePaul

College

Prep

Foundation,

Series

2023A

5

.625

08/01/53

1,066,912

16,165,000

Illinois

Finance

Authority,

Revenue

Bonds,

Mercy

Health

Corporation,

Series

2016

5

.000

12/01/40

16,400,413

10,945,000

Illinois

Finance

Authority,

Revenue

Bonds,

Northshore

-

Edward-

Elmhurst

Health

Credit

Group,

Series

2022A

4

.000

08/15/42

10,602,754

5,285,000

Illinois

Finance

Authority,

Revenue

Bonds,

Northshore

-

Edward-

Elmhurst

Health

Credit

Group,

Series

2022A

5

.000

08/15/51

5,523,197

22,590,000

Illinois

Finance

Authority,

Revenue

Bonds,

OSF

Healthcare

System,

Series

2015A

5

.000

11/15/45

22,710,131

7,285,000

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C

5

.000

08/15/35

7,339,830

4,135,000

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C

5

.000

08/15/44

4,147,295

5,410,000

Illinois

FInance

Authority,

Revenue

Bonds,

Southern

Illinois

Healthcare

Enterprises,

Inc.,

Series

2017A

5

.000

03/01/47

5,430,022

14,200,000

Illinois

Finance

Authority,

Revenue

Bonds,

The

Carle

Foundation,

Fixed

Period

Series

2021A

4

.000

08/15/41

13,688,188

2,500,000

Illinois

State,

General

Obligation

Bonds,

April

Series

2014

5

.000

04/01/31

2,507,011

3,000,000

Illinois

State,

General

Obligation

Bonds,

April

Series

2014

5

.000

04/01/38

3,008,414

77

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

5,000,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017A

5

.000

%

12/01/34

$

5,174,769

2,000,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017A

5

.000

12/01/35

2,065,703

5,420,000

Illinois

State,

General

Obligation

Bonds,

December

Series

2017A

5

.000

12/01/39

5,554,749

2,300,000

Illinois

State,

General

Obligation

Bonds,

February

Series

2014

5

.250

02/01/32

2,307,831

1,750,000

Illinois

State,

General

Obligation

Bonds,

January

Series

2016

5

.000

01/01/32

1,775,697

3,565,000

Illinois

State,

General

Obligation

Bonds,

June

Series

2016

5

.000

06/01/26

3,656,170

4,170,000

Illinois

State,

General

Obligation

Bonds,

June

Series

2022A

5

.500

03/01/47

4,501,951

17,000,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2018A

6

.000

05/01/26

17,667,784

4,485,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2018A

6

.000

05/01/27

4,789,485

1,115,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.500

05/01/30

1,193,264

5,305,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.500

05/01/39

5,735,164

2,360,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2020

5

.750

05/01/45

2,562,398

4,825,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2023B

5

.500

05/01/47

5,211,615

9,710,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2016

5

.000

02/01/27

10,081,512

5,000,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2022C

5

.500

10/01/41

5,507,214

29,430,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2015A

5

.000

01/01/40

29,618,646

10,000,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2019A

5

.000

01/01/44

10,502,625

12,010,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2020A

5

.000

01/01/45

12,711,048

9,640,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

4

.000

01/01/42

9,482,053

10,455,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

5

.000

01/01/46

11,139,230

5,410,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Series

2023A

5

.250

01/01/43

5,991,040

5,420,000

Illinois,

General

Obligation

Bonds,

Illinois

FIRST

Program,

Series

2001

-

FGIC

Insured

6

.000

11/01/26

5,528,842

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

1,175,590

5,080,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A

5

.000

06/15/50

5,200,533

8,800,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2015A

5

.500

06/15/53

8,879,400

4,750,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2017A

5

.000

06/15/57

4,807,370

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

13,818,549

5,355,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Capital

Appreciation

Refunding

Series

2010B-1

-

AGM

Insured

0

.010

06/15/46

2,115,775

13,350,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Refunding

Series

1996A

-

NPFG

Insured

0

.000

12/15/24

13,286,892

3,505,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

0

.000

06/15/30

2,865,876

195,000

(c)

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A,

(ETM)

0

.000

06/15/30

162,054

28,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

AGM

Insured

0

.000

12/15/35

18,482,515

3,280,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

06/15/37

1,975,385

11,715,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0

.000

12/15/38

6,559,280

2,955,000

(c)

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Hospitality

Facility,

Series

1996A,

(ETM)

7

.000

07/01/26

3,069,573

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

78

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

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

$

2,598,175

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

3,056,592

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

2,463,836

2,250,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

5

.000

03/01/29

2,259,299

7,000,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

5

.000

03/01/31

7,027,765

TOTAL

ILLINOIS

611,229,319

INDIANA

-

2.8%

(1.7%

of

Total

Investments)

6,000,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Valparaiso

University

Project,

Series

2014

5

.000

10/01/44

6,000,114

7,000,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

Unversity

Health

Obligation

Group,

Fixed

Rate

Series

2019A

4

.000

12/01/49

6,628,709

1,875,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

Unversity

Health

Obligation

Group,

Refunding

2015A

4

.000

12/01/40

1,812,457

3,400,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

Unversity

Health

Obligation

Group,

Refunding

2015A

5

.000

12/01/40

3,415,216

13,415,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022

-

AGM

Insured

5

.000

01/01/52

13,900,522

11,000,000

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

First

Lien

Green

Series

2016A

5

.000

10/01/46

11,163,748

12,820,000

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

First

Lien

Green

Series

2022B

5

.250

10/01/52

13,621,282

5,130,000

Indiana

Finance

Authority,

Water

Utility

Revenue

Bonds,

Citizens

Energy

Group

Project,

First

Lien

Series

2016A

5

.000

10/01/46

5,206,366

8,000,000

(g)

Indiana

Housing

and

Community

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024D-1,

(UB)

4

.750

07/01/54

8,000,337

1,000,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Senior

Series

2023E

6

.000

03/01/53

1,087,270

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

3,608,213

8,040,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Stormwater

Project,

Green

Series

2022C

5

.000

01/01/52

8,507,335

9,255,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Series

1999E

-

AMBAC

Insured

0

.000

02/01/25

9,165,113

9,560,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Series

1999E

-

AMBAC

Insured

0

.000

02/01/26

9,142,895

1,000,000

Northern

Indiana

Commuter

Transportation

District,

Indiana,

Limited

Obligation

Revenue

Bonds,

Series

2024

5

.250

01/01/49

1,086,912

1,580,000

Zionsville

Community

Schools

Building

Corporation,

Boone

County,

Indiana,

First

Mortgage

Bonds,

Series

2005Z

-

AGM

Insured

0

.000

01/15/28

1,419,204

TOTAL

INDIANA

103,765,693

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

5,313,704

7,000,000

(c)

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

8,000,060

8,250,000

(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

9,428,642

3,085,000

Iowa

Finance

Authority,

Senior

Housing

Revenue

Bonds,

Northcrest

Inc.

Project,

Series

2018A

5

.000

03/01/48

2,969,670

79

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

IOWA

(continued)

$

4,700,000

(c)

Xenia

Rural

Water

District,

Iowa,

Water

Revenue

Bonds,

Refunding

Capital

Loan

Note

Series

2016,

(Pre-refunded

12/01/26)

5

.000

%

12/01/36

$

4,909,737

5,990,000

(c)

Xenia

Rural

Water

District,

Iowa,

Water

Revenue

Bonds,

Refunding

Capital

Loan

Note

Series

2016,

(Pre-refunded

12/01/26)

5

.000

12/01/41

6,257,304

TOTAL

IOWA

36,879,117

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

5,329,787

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

3,230,045

3,700,000

Kansas

Municipal

Energy

Agency,

Power

Project

Revenue

Bonds,

Dogwood

Project,

Series

2018A

-

BAM

Insured

5

.000

04/01/38

3,793,178

6,000,000

Lawrence,

Kansas,

Hospital

Revenue

Bonds,

Lawrence

Memorial

Hospital,

Series

2018A

5

.000

07/01/43

6,082,455

6,465,000

Lawrence,

Kansas,

Hospital

Revenue

Bonds,

Lawrence

Memorial

Hospital,

Series

2018A

5

.000

07/01/48

6,531,104

TOTAL

KANSAS

24,966,569

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

5,097,892

1,300,000

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A

5

.000

06/01/37

1,321,147

700,000

(b)

Kentucky

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C,

(UB)

4

.400

07/01/44

697,968

1,290,000

(b)

Kentucky

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C,

(UB)

4

.600

07/01/49

1,299,727

4,855,000

(b)

Kentucky

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C,

(UB)

4

.650

01/01/55

4,896,571

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

5,841,446

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

10,071,700

10,000,000

(b)

Public

Energy

Authority

of

Kentucky,

Gas

Supply

Revenue

Bonds,

Series

2024A-1,

(Mandatory

Put

7/01/30),

(UB)

5

.000

05/01/55

10,612,145

TOTAL

KENTUCKY

39,838,596

LOUISIANA

-

2.1%

(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

5,948,305

5,000,000

East

Baton

Rouge

Parish

Capital

Improvement

District,

Louisiana,

MOVEBR

Sales

Tax

Revenue

Bonds,

Series

2019

5

.000

08/01/48

5,195,084

1,870,000

Jefferson

Sales

Tax

District,

Jefferson

Parish,

Louisiana,

Special

Sales

Tax

Revenue

Bonds,

Series

2017B

-

AGM

Insured

5

.000

12/01/42

1,917,808

3,940,000

(b)

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2024A,

(UB)

4

.550

12/01/49

3,956,754

1,895,000

(b)

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2024A,

(UB)

4

.650

12/01/54

1,911,138

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

2,106,626

13,590,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017

5

.000

05/15/46

13,759,148

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

1,706,432

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

80

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LOUISIANA

(continued)

$

20,000

(c)

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2016,

(Pre-refunded

5/15/26)

4

.000

%

05/15/35

$

20,259

2,345,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2016

4

.000

05/15/36

2,349,668

20,000

(c)

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2016,

(Pre-refunded

5/15/26)

5

.000

05/15/47

20,558

1,975,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015

5

.000

05/15/47

1,981,071

3,615,000

Louisiana

Stadium

and

Exposition

District,

Revenue

Bonds,

Senior

Series

2023A

5

.000

07/01/48

3,817,349

10,765,000

Louisiana

Stadium

and

Exposition

District,

Revenue

Bonds,

Senior

Series

2023A

5

.250

07/01/53

11,518,775

3,500,000

(g)

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

Series

2024C-1

5

.000

01/01/54

3,670,115

10,000,000

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Public

Improvement

Series

2024A

5

.000

12/01/53

10,629,641

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

5,073,544

1,355,000

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2015

5

.000

12/01/40

1,369,010

TOTAL

LOUISIANA

76,951,285

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

6,288,112

8,675,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

MaineHealth

Issue,

Series

2018A

5

.000

07/01/43

8,856,816

11,150,000

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MaineHealth

Issue,

Series

2020A

4

.000

07/01/50

10,263,692

TOTAL

MAINE

25,408,620

MARYLAND

-

1.5%

(0.9%

of

Total

Investments)

5,905,000

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017

5

.000

09/01/46

5,880,395

8,610,000

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Subordinate

Series

2017A

5

.000

07/01/41

8,819,581

2,000,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

Issue,

Series

2016

5

.000

07/01/47

2,022,806

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

3,808,650

4,125,000

Maryland

Stadium

Authority,

Lease

Revenue

Bonds,

Built

To

Learn,

Series

2022A

4

.000

06/01/47

4,023,302

17,000,000

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2018A

5

.000

05/01/42

17,588,725

3,000,000

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Series

2020

4

.000

07/01/39

3,021,661

3,000,000

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Series

2020

4

.000

07/01/50

2,880,909

4,000,000

Montgomery

County,

Maryland,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2015

5

.000

12/01/44

4,011,485

1,150,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Ingleside

King

Farm

Project,

Series

2017A-1

5

.000

11/01/37

1,158,271

2,250,000

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Series

2017B

5

.000

11/01/47

2,149,372

TOTAL

MARYLAND

55,365,157

81

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MASSACHUSETTS

-

2.6%

(1.6%

of

Total

Investments)

$

5,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Children's

Hospital

Series

2024T

5

.250

%

03/01/54

$

5,450,570

930,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Green

Bonds,

Series

2015D

5

.000

07/01/44

931,596

3,890,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2023FF

5

.000

10/01/48

4,202,814

3,630,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2

5

.000

07/01/53

3,686,763

1,100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-Farber

Cancer

Institute

Issue,

Series

2016N

5

.000

12/01/46

1,117,864

2,070,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015

4

.500

01/01/45

1,978,349

8,800,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015

5

.000

01/01/45

8,801,805

4,100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2017S-1

4

.000

07/01/36

4,112,518

1,380,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Western

New

England

University,

Series

2015

5

.000

09/01/40

1,384,000

1,545,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Western

New

England

University,

Series

2015

5

.000

09/01/45

1,546,317

3,000,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A

-

AMBAC

Insured

5

.750

01/01/42

3,630,667

26,750,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015B

4

.000

05/01/45

26,323,083

5,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C

5

.250

10/01/52

5,426,959

14,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2023A

5

.000

05/01/48

15,029,540

12,000,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2022B

5

.000

06/01/52

12,760,679

TOTAL

MASSACHUSETTS

96,383,524

MICHIGAN

-

9.7%

(5.9%

of

Total

Investments)

315,000

Advanced

Technology

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2019

5

.000

11/01/34

323,543

1,000,000

Conner

Creek

Academy

East,

Michigan,

Public

School

Revenue

Bonds,

Series

2007

5

.250

11/01/36

800,925

2,000,000

County

of

Calhoun

Hospital

Finance

Authority,

Michigan,

Hospital

Revenue

Bonds,

Oaklawn

Hospital,

Refunding

Series

2016

5

.000

02/15/47

1,924,601

2,350,000

Detroit,

Michigan,

Senior

Lien

Sewerage

Disposal

System

Revenue

Bonds,

Series

2001B

-

NPFG

Insured

5

.500

07/01/29

2,486,350

15,000

Detroit,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

Second

Lien

Series

2004A

-

AGM

Insured

5

.000

07/01/34

15,021

1,700,000

Downriver

Utility

Wastewater

Authority,

Michigan,

Sewer

System

Revenue

Bonds,

Series

2018

-

AGM

Insured

5

.000

04/01/43

1,755,277

1,100,000

Eastern

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2017A

-

BAM

Insured

5

.000

03/01/33

1,132,619

2,270,000

Eastern

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2017A

-

BAM

Insured

5

.000

03/01/36

2,332,056

455,000

(c)

Eastern

Michigan

University,

General

Revenue

Bonds,

Series

2018A,

(Pre-refunded

3/01/28)

4

.000

03/01/44

472,247

10,710,000

Eastern

Michigan

University,

General

Revenue

Bonds,

Series

2018A

-

AGM

Insured

4

.000

03/01/44

10,476,892

8,575,000

Grand

Rapids

and

Kent

County

Joint

Building

Authority,

Michigan,

Limited

Tax

General

Obligation

Bonds,

Devos

Place

Project,

Series

2001

0

.000

12/01/24

8,549,021

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

8,591,566

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

2,813,805

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

82

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

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

$

90,999

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

3,670,647

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

1,019,991

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

1,318,840

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

1,945,390

2,500,000

Grand

Rapids,

Michigan,

Sanitary

Sewer

System

Revenue

Bonds,

Series

2018

5

.000

01/01/43

2,583,787

6,055,000

Grand

Rapids,

Michigan,

Sanitary

Sewer

System

Revenue

Bonds,

Series

2018

5

.000

01/01/48

6,230,692

4,295,000

Grand

Rapids,

Michigan,

Water

Supply

System

Revenue

Bonds,

Series

2020

5

.000

01/01/45

4,513,436

1,720,000

Grand

Traverse

County

Hospital

Finance

Authority,

Michigan,

Revenue

Bonds,

Munson

Healthcare,

Series

2019A

5

.000

07/01/36

1,813,327

1,995,000

Grand

Traverse

County

Hospital

Finance

Authority,

Michigan,

Revenue

Bonds,

Munson

Healthcare,

Series

2019A

5

.000

07/01/39

2,090,383

500,000

Grand

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2014B

5

.000

12/01/28

500,614

1,005,000

Great

Lakes

Water

Authority,

Michigan,

Sewer

Disposal

System

Revenue

Bonds,

Refunding

Second

Lien

Series

2016C

5

.000

07/01/32

1,032,540

6,245,000

Great

Lakes

Water

Authority,

Michigan,

Water

Supply

Revenue

Bonds,

Refunding

Senior

Lien

Series

2016C

5

.000

07/01/32

6,424,331

10,000,000

Great

Lakes

Water

Authority,

Michigan,

Water

Supply

Revenue

Bonds,

Refunding

Senior

Lien

Series

2016C

5

.000

07/01/35

10,265,330

27,955,000

Great

Lakes

Water

Authority,

Michigan,

Water

Supply

Revenue

Bonds,

Senior

Lien

Series

2016A

5

.000

07/01/46

28,434,753

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

6,729,392

1,265,000

Jenison

Public

Schools,

Ottawa

County,

Michigan,

General

Obligation

Bonds,

Series

2017

5

.000

05/01/30

1,327,029

1,000,000

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2016

5

.000

06/01/31

1,032,002

1,445,000

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2016

5

.000

06/01/34

1,485,811

1,570,000

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2017A

5

.000

06/01/36

1,646,940

1,650,000

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2017A

5

.000

06/01/37

1,727,373

1,025,000

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Series

2015

5

.000

01/01/34

1,027,264

3,440,000

Kent

County,

Michigan,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2015

5

.000

01/01/31

3,448,514

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

2,527,340

2,395,000

Lake

Superior

State

University

Board

of

Trustees,

Michigan,

General

Revenue

Bonds,

Series

2018

-

AGM

Insured

5

.000

01/15/38

2,487,109

4,000,000

Lake

Superior

State

University

Board

of

Trustees,

Michigan,

General

Revenue

Bonds,

Series

2018

-

AGM

Insured

5

.000

01/15/43

4,112,132

10,900,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Series

2019A

5

.000

07/01/44

11,416,663

3,000,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Series

2019A

5

.000

07/01/48

3,128,397

83

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

11,835,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Series

2021A

5

.000

%

07/01/51

$

12,463,844

1,325,000

Lansing

School

District,

Ingham

County,

Michigan,

General

Obligation

Bonds,

School

Building

and

Site

Series

2019II

5

.000

05/01/40

1,406,803

2,085,000

Lansing

School

District,

Ingham

County,

Michigan,

General

Obligation

Bonds,

Series

2016I

5

.000

05/01/38

2,124,847

2,200,000

Lansing

School

District,

Ingham

County,

Michigan,

General

Obligation

Bonds,

Series

2016I

5

.000

05/01/41

2,237,859

2,200,000

Lansing

Township

Downtown

Development

Authority,

Ingham

County,

Michigan,

Tax

Increment

Bonds,

Series

2013A

5

.950

02/01/42

2,171,737

500,000

Marquettte,

Michigan,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2016A

5

.000

07/01/33

510,543

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

1,549,661

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

16,408,231

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

9,253,966

3,500,000

Michigan

Finance

Authority,

Higher

Education

Limited

Obligation

Revenue

Bonds,

Kalamazoo

College

Project,

Refunding

Series

2018

5

.000

12/01/43

3,575,144

3,330,000

(c)

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2015,

(Pre-refunded

5/15/25)

5

.000

11/15/45

3,357,313

2,730,000

(c)

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2015,

(Pre-refunded

5/15/25)

5

.000

11/15/45

2,752,392

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

4,698,389

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

1,078,080

175,000

(c)

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2016MI,

(Pre-refunded

6/01/26)

5

.000

12/01/45

180,621

5,340,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2016MI

5

.000

12/01/45

5,382,745

9,000,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2016MI-2

4

.000

03/01/51

8,538,337

10,000,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2017A-MI

4

.000

12/01/36

9,833,295

1,900,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2017MI

5

.000

12/01/30

1,975,680

2,000,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2019A-MI

4

.000

12/01/49

1,862,097

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

12,325,134

10,330,000

Michigan

Hospital

Finance

Authority,

Revenue

Bonds,

Ascension

Health

Senior

Credit

Group,

Refunding

&

Project

Series

2010F-6

4

.000

11/15/47

9,592,612

190,000

Michigan

Public

Educational

Facilities

Authority,

Charter

School

Revenue

Bonds,

American

Montessori

Academy,

Series

2007

6

.500

12/01/37

190,092

2,085,000

(c)

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I,

(Pre-refunded

10/15/25)

5

.000

04/15/31

2,120,365

14,915,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I

5

.000

04/15/31

15,140,718

5,615,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I

5

.000

04/15/38

5,679,869

665,000

(c)

Michigan

State

Hospital

Finance

Authority,

Hospital

Revenue

Refunding

Bonds,

St.

John's

Health

System,

Series

1998A

-

AMBAC

Insured,

(ETM)

5

.000

05/15/28

693,509

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

84

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

8,300,000

Michigan

State

University,

General

Revenue

Bonds,

Refunding

Series

2019C

4

.000

%

02/15/44

$

8,153,369

3,000,000

Michigan

State

University,

General

Revenue

Bonds,

Taxable

Series

2019A

5

.000

02/15/48

3,105,487

1,950,000

Michigan

State,

Comprehensive

Transportation

Revenue

Bonds,

Refunding

Series

2015

5

.000

11/15/29

1,953,184

1,350,000

Muskegon

County,

Michigan,

General

Obligation

Wastewater

Bonds,

Management

System

1,

Refunding

Series

2015

5

.000

11/01/33

1,371,285

1,730,000

Muskegon

County,

Michigan,

General

Obligation

Wastewater

Bonds,

Management

System

1,

Refunding

Series

2015

5

.000

11/01/36

1,755,400

400,000

Northern

Michigan

University,

General

Revenue

Bonds,

Series

2018A

5

.000

12/01/33

424,296

650,000

Northern

Michigan

University,

General

Revenue

Bonds,

Series

2018A

5

.000

12/01/35

690,004

665,000

Novi

Community

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2022-II

4

.000

05/01/47

647,624

3,805,000

Rockford

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023II

5

.000

05/01/44

4,083,843

1,510,000

Royal

Oak,

Oakland

County,

Michigan,

General

Obligation

Bonds,

Taxable

Limited

Tax

Series

2018

5

.000

04/01/43

1,581,714

810,000

Saginaw

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2016A

5

.000

07/01/35

827,921

5,240,000

Troy

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023

5

.000

05/01/52

5,559,639

1,065,000

(c)

University

of

Michigan,

Michigan,

General

Revenue

Bonds,

Series

2017A,

(Pre-refunded

4/01/27)

5

.000

04/01/36

1,119,922

2,000,000

(c)

University

of

Michigan,

Michigan,

General

Revenue

Bonds,

Series

2017A,

(Pre-refunded

4/01/27)

5

.000

04/01/42

2,103,141

5,000,000

(c)

University

of

Michigan,

Michigan,

General

Revenue

Bonds,

Series

2017A,

(Pre-refunded

4/01/27)

5

.000

04/01/47

5,257,852

7,200,000

(b),(c)

University

of

Michigan,

Michigan,

General

Revenue

Bonds,

Series

2017A,

(Pre-refunded

4/01/27),

(UB)

5

.000

04/01/47

7,571,306

1,000,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Senior

Series

2017A

5

.000

12/01/42

1,026,332

2,200,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2015D

5

.000

12/01/45

2,216,607

5,000,000

Wayne

State

University,

Michigan,

General

Revenue

Bonds,

Series

2018A

5

.000

11/15/43

5,140,278

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

2,695,315

1,500,000

Western

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2015A

5

.000

11/15/40

1,509,856

850,000

Western

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2015A

5

.000

11/15/45

854,139

3,335,000

Western

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2019A

5

.000

11/15/44

3,483,097

175,000

Williamston

Community

School

District,

Michigan,

Unlimited

Tax

General

Obligation

QSBLF

Bonds,

Series

1996

-

NPFG

Insured

5

.500

05/01/25

176,870

2,700,000

Wyandotte,

Michigan,

Electric

Revenue

Bonds,

Refunding

Series

2015A

-

BAM

Insured

5

.000

10/01/44

2,718,312

TOTAL

MICHIGAN

358,835,625

MINNESOTA

-

5.7%

(3.5%

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

270,341

875,000

Bethel,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Spectrum

High

School

Project,

Series

2024

5

.000

07/01/59

866,681

5,000,000

Bird

Island-Olivia-Lake

Lillian

Independent

School

District

2534,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2024A

5

.000

02/01/49

5,359,659

85

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

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

$

2,606,074

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

676,693

350,000

Chatfield,

Minnesota,

Healthcare

and

Housing

Facilities

Revenue

Bonds,

Chosen

Valley

Care

Center

Project,

Refunding

Series

2019

4

.000

09/01/39

298,802

1,000,000

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A

5

.000

07/01/36

975,344

4,005,000

City

of

Milaca,

Minnesota

Refunding

Revenue

Bonds,

Grandview

Christian

Home

Project,

Series

2016

5

.000

10/01/41

4,017,157

550,000

(a)

Dakota

County

Community

Development

Agency,

Minnesota,

Senior

Housing

Revenue

Bonds,

Walker

Highview

Hills

LLC

Project,

Refunding

Series

2016A

3

.500

08/01/25

547,442

1,000,000

(a)

Dakota

County

Community

Development

Agency,

Minnesota,

Senior

Housing

Revenue

Bonds,

Walker

Highview

Hills

LLC

Project,

Refunding

Series

2016A

5

.000

08/01/46

989,463

590,000

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

Project,

Series

2015A

5

.250

07/01/37

593,802

3,600,000

(a)

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Seven

Hills

Preparatory

Academy

Project,

Series

2024A

6

.125

06/15/61

3,637,475

2,000,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

4

.250

02/15/43

1,964,680

1,300,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/43

1,325,953

4,050,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/48

4,102,097

6,650,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/53

6,731,708

3,000,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.250

02/15/53

3,059,505

7,240,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.250

02/15/58

7,386,333

3,600,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022B

5

.250

06/15/47

3,879,453

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

2,130,342

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

1,108,577

535,000

Independence,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Paladin

Career

&

Technical

High

School

Project,

Series

2021A

4

.000

06/01/41

436,249

9,840,000

Independent

School

District

621,

Mounds

View,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A

4

.000

02/01/41

9,870,647

2,800,000

Itasca

County

Independent

School

District

318,

Minnesota,

General

Obligation

Bonds,

Series

2018A

4

.000

02/01/37

2,839,522

1,000,000

Maple

River

Independent

School

District

2135,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A

4

.000

02/01/50

956,926

405,000

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Cyber

Village

Academy

Project,

Series

2022A

5

.500

06/01/57

382,765

2,250,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021

4

.000

11/15/40

2,237,634

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

86

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

2,530,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A

4

.000

%

11/15/48

$

2,252,360

1,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A

5

.000

01/01/33

1,076,018

2,245,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A

5

.000

01/01/44

2,346,830

3,500,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A

5

.000

01/01/49

3,632,565

1,630,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Senior

Lien

Series

2016C

5

.000

01/01/37

1,681,963

7,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Senior

Lien

Series

2016C

5

.000

01/01/46

7,146,274

2,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022A

4

.125

01/01/47

1,975,738

2,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022A

4

.250

01/01/52

1,977,223

12,345,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022A

5

.000

01/01/52

12,949,014

7,335,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Series

2024A

5

.000

01/01/52

7,805,194

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

5,378,712

610,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B

4

.125

10/01/42

610,586

1,000,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B

4

.125

10/01/42

1,000,960

2,140,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B

5

.000

10/01/47

2,233,864

1,000,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2020D

4

.000

08/01/42

987,413

3,165,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021C

4

.000

08/01/43

3,086,847

3,805,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022C

5

.000

08/01/41

4,117,244

2,000,000

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2017A

5

.000

12/01/42

2,049,004

10,000,000

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2022

5

.000

11/15/57

10,668,313

10,325,000

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019

5

.000

05/01/48

10,647,321

6,000,000

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019

4

.000

05/01/49

5,719,878

4,825,000

(a)

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

School

of

Excellence,

Series

2023

5

.500

03/01/53

4,947,746

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

1,965,892

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

2,028,609

530,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hope

Community

Academy

Project,

Series

2020A

3

.875

12/01/30

464,142

4,170,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Nova

Classical

Academy,

Series

2016A

4

.125

09/01/47

3,723,325

87

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

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

$

1,008,444

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

4,029,291

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

3,443,693

595,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

4

.000

11/15/35

579,130

1,470,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

4

.000

11/15/43

1,326,984

3,315,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

5

.000

11/15/47

3,343,783

800,000

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2023-3

4

.750

10/01/43

818,076

180,000

Saint

Paul,

Minnesota,

Housing

and

Redevelopment

Authority,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Series

2022A

6

.500

06/01/29

180,638

1,070,000

Saint

Paul,

Minnesota,

Housing

and

Redevelopment

Authority,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Series

2022A

6

.375

06/01/42

1,088,556

3,055,000

Saint

Paul,

Minnesota,

Housing

and

Redevelopment

Authority,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Series

2022A

6

.500

06/01/57

3,115,121

850,000

Sartell,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Country

Manor

Campus

LLC

Project,

Refunding

Series

2017

5

.000

09/01/42

810,088

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

4,288,585

3,595,000

(c)

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A,

(Pre-

refunded

11/15/25)

5

.000

11/15/40

3,658,594

5,315,000

(c)

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A,

(Pre-

refunded

11/15/25)

5

.000

11/15/44

5,409,019

300,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

5

.000

08/01/32

305,207

150,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

5

.000

08/01/33

152,553

250,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

5

.000

08/01/35

254,000

600,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

4

.000

08/01/39

583,013

2,000,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

5

.000

08/01/49

2,013,163

3,000,000

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Series

2018A

5

.000

01/01/49

3,095,536

TOTAL

MINNESOTA

211,227,833

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

4,335,314

TOTAL

MISSISSIPPI

4,335,314

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

1,998,965

4,590,000

Boone

County,

Missouri,

Hospital

Revenue

Bonds,

Boone

Hospital

Center,

Refunding

Series

2016

5

.000

08/01/35

3,903,608

3,700,000

Hannibal

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Hannibal

Regional

Healthcare

System,

Series

2017

5

.000

10/01/47

3,680,174

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

88

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

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

$

2,141,926

6,940,000

(b)

Jackson

County,

Missouri,

Special

Obligation

Bonds,

Series

2023A,

(UB)

5

.250

12/01/47

7,491,108

8,150,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0

.000

04/15/27

7,512,407

5,000,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0

.000

04/15/31

3,959,726

2,475,000

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2018A

4

.000

01/01/38

2,487,758

4,470,000

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2018A

4

.000

01/01/42

4,413,001

1,475,000

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Kansas

City

Missouri

Projects,

Series

2021A

5

.000

04/01/40

1,561,245

1,750,000

Kansas

City,

Missouri,

Water

Revenue

Bonds,

Series

2023A

4

.000

12/01/47

1,708,325

2,700,000

Maryland

Heights,

Missouri,

Tax

Increment

and

Special

District

Revenue

Bonds,

Westport

Plaza

Redevelopment

Area,

Series

2020

4

.125

11/01/38

2,631,270

2,695,000

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2019B

5

.000

05/01/44

2,835,590

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

2,396,004

3,000,000

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Revenue

Bonds,

Union

Electric

Company

Project,

Refunding

Series

1998A

2

.900

09/01/33

2,690,234

1,350,000

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2016

5

.000

11/15/35

1,377,713

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

1,431,627

1,830,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2021A

4

.000

07/01/40

1,840,439

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

1,409,992

14,000,000

(b)

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Variable

Rate

Demand

Obligation

Series

2017D,

(Mandatory

Put

1/01/48),

(UB)

4

.000

01/01/58

13,370,041

4,165,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Fixed

Series

2019A

4

.000

11/15/44

4,052,836

4,220,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Fixed

Series

2019A

4

.000

11/15/49

4,031,974

17,300,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A

5

.000

11/15/48

17,301,991

5,110,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2015A

5

.000

11/15/39

5,153,699

1,400,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F

5

.000

11/15/45

1,400,142

1,050,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

4

.000

11/15/36

1,042,721

2,980,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

4

.000

11/15/37

2,951,010

2,620,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

5

.000

11/15/42

2,680,366

2,500,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

5

.000

11/15/47

2,536,414

28,565,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2020

4

.000

06/01/53

26,819,993

89

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

1,500,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4

.000

%

02/15/44

$

1,460,445

2,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4

.000

02/15/49

1,896,410

8,725,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4

.000

02/15/54

8,112,831

3,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

SSM

Health

Care,

Series

2022A

4

.000

06/01/52

2,828,514

10,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Children's

Mercy

Hospital,

Series

2017A

4

.000

05/15/42

9,673,587

1,150,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A

5

.000

02/01/46

1,155,861

700,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016B

5

.000

02/01/34

708,922

1,950,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2019A

5

.000

02/01/42

1,976,097

1,500,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2019C

5

.000

02/01/42

1,548,612

1,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2019C

4

.000

02/01/48

902,891

1,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2024A

5

.250

02/01/54

1,046,914

7,085,000

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Pairie

State

Power

Project,

Refunding

Series

2016A

5

.000

12/01/34

7,249,036

5,000,000

Saint

Charles

County

Francis

Howell

School

District,

Missouri,

General

Obligation

Bonds,

Series

2022

5

.000

03/01/41

5,378,962

2,000,000

Saint

Charles

County

Francis

Howell

School

District,

Missouri,

General

Obligation

Bonds,

Series

2022

5

.000

03/01/42

2,141,063

1,675,000

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Refudning

Series

2016C

4

.000

12/01/31

1,685,661

2,535,000

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Refudning

Series

2016C

5

.000

12/01/32

2,575,117

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

3,465,801

220,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A

5

.875

09/01/43

220,225

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

7,291,914

2,300,000

(a)

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023

6

.000

10/01/49

2,302,516

545,000

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

514,647

TOTAL

MISSOURI

202,948,325

MONTANA

-

0.5%

(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

2,579,115

4,965,000

Montana

Facility

Finance

Authority,

Healthcare

Facility

Revenue

Bonds,

Kalispell

Regional

Medical

Center,

Series

2018B

5

.000

07/01/48

4,981,479

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

3,378,968

1,825,000

Montana

Facility

Finance

Authority,

Revenue

Bonds,

Billings

Clinic

Obligated

Group,

Series

2018A

5

.000

08/15/48

1,858,678

6,130,000

Montana

State

Board

of

Regents

of

Higher

Education,

General

Revenue

Bonds,

Series

2022

-

AGM

Insured

5

.250

11/15/52

6,612,337

TOTAL

MONTANA

19,410,577

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

90

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

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

$

15,555,504

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

3,522,840

1,900,000

Douglas

County

School

District

54,

Ralston,

Nebraska,

General

Obligation

Bonds,

Series

2023

5

.000

12/15/48

2,019,166

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

2,210,076

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

2,052,194

1,000,000

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Series

2018

5

.000

07/01/32

1,000,729

820,000

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Series

2018

5

.000

07/01/33

820,323

2,000,000

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Series

2018

5

.000

07/01/34

2,000,064

5,110,000

Municipal

Energy

Agency

of

Nebraska,

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2016A

5

.000

04/01/38

5,282,810

8,500,000

(b)

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2024C,

(UB)

4

.800

09/01/54

8,564,159

TOTAL

NEBRASKA

43,027,865

NEVADA

-

2.4%

(1.5%

of

Total

Investments)

6,480,000

Carson

City,

Nevada,

Hospital

Revenue

Bonds,

Carson

Tahoe

Regional

Healthcare

Project,

Series

2017A

5

.000

09/01/47

6,542,042

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

7,782,326

365,000

(a)

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

366,322

2,205,000

Henderson,

Nevada,

Limited

Obligation

Bonds,

Local

Improvement

District

T-18

Inspirada,

Refunding

Series

2016

4

.000

09/01/26

2,191,914

1,465,000

Henderson,

Nevada,

Limited

Obligation

Bonds,

Local

Improvement

District

T-18

Inspirada,

Refunding

Series

2016

4

.000

09/01/27

1,456,881

2,550,000

Henderson,

Nevada,

Limited

Obligation

Bonds,

Local

Improvement

District

T-18

Inspirada,

Refunding

Series

2016

4

.000

09/01/29

2,496,442

2,795,000

Henderson,

Nevada,

Limited

Obligation

Bonds,

Local

Improvement

District

T-18

Inspirada,

Refunding

Series

2016

4

.000

09/01/30

2,706,445

18,000,000

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Convention

Center

Expansion

Revenue

Bonds,

Series

2018B

5

.000

07/01/43

18,582,433

5,000,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015

5

.000

06/01/32

5,005,944

43,505,000

(c)

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015,

(Pre-refunded

12/01/24)

5

.000

06/01/39

43,557,051

TOTAL

NEVADA

90,687,800

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

1,524,924

1,115,000

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Dartmouth-Hitchcock

Obligated

Group,

Series

2018A

5

.000

08/01/36

1,153,188

2,935,000

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Dartmouth-Hitchcock

Obligated

Group,

Series

2018A

5

.000

08/01/37

3,030,581

TOTAL

NEW

HAMPSHIRE

5,708,693

91

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

JERSEY

-

7.4%

(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

$

10,767,094

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

6,111,544

20,890,000

(c)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2016BBB,

(Pre-refunded

12/15/26)

5

.500

06/15/30

22,065,996

370,000

(c)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2018EEE,

(Pre-refunded

12/15/28)

5

.000

06/15/43

403,260

2,515,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2018EEE

5

.000

06/15/43

2,591,111

2,415,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Social

Series

2021QQQ

4

.000

06/15/50

2,330,832

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

2,586,627

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

26,720,448

12,775,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A

4

.000

07/01/51

12,385,552

3,050,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1

5

.000

06/15/28

3,132,165

7,795,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1

5

.000

06/15/29

7,991,294

5,450,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022BB

4

.000

06/15/46

5,267,783

4,390,000

(c)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC,

(Pre-refunded

12/15/32)

5

.500

06/15/50

5,142,477

4,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA

5

.000

06/15/40

4,346,731

4,890,000

(b)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023BB,

(UB)

5

.250

06/15/50

5,320,488

5,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/26

4,668,694

16,495,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0

.000

12/15/33

11,759,605

1,815,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

0

.000

12/15/26

1,700,054

10,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

FGIC

Insured

0

.000

12/15/30

8,078,228

38,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0

.000

12/15/33

27,334,677

45,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0

.000

12/15/35

29,445,813

10,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0

.000

12/15/36

6,249,296

5,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019A

5

.000

12/15/32

5,380,078

5,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB

4

.000

06/15/44

4,812,046

9,615,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA

4

.000

06/15/50

9,265,303

14,000,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2005D-1

-

AGM

Insured

5

.250

01/01/26

14,212,801

1,160,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2017B

4

.000

01/01/34

1,182,318

1,500,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2017G

4

.000

01/01/33

1,531,449

5,500,000

(b)

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B,

(UB)

5

.000

01/01/46

5,954,579

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

92

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

JERSEY

(continued)

$

3,000,000

Rahway

Valley

Sewerage

Authority,

New

Jersey,

Sewer

Revenue

Bonds,

Series

2005A

-

NPFG

Insured

0

.000

%

09/01/25

$

2,914,439

5,000,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A

5

.250

11/01/52

5,335,645

10,355,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5

.000

06/01/46

10,551,637

4,710,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5

.250

06/01/46

4,845,923

2,280,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B

5

.000

06/01/46

2,287,180

TOTAL

NEW

JERSEY

274,673,167

NEW

MEXICO

-

0.2%

(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

3,732,038

2,500,000

University

of

New

Mexico,

Revenue

Bonds,

System

Improvement

Series

2023

-

AGM

Insured

5

.500

06/01/53

2,758,612

TOTAL

NEW

MEXICO

6,490,650

NEW

YORK

-

11.4%

(6.9%

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

2,707,830

900,000

(c)

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

910,458

11,930,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

School

University,

Series

2015A

5

.000

07/01/50

11,934,620

1,000,000

(a)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017

5

.000

12/01/33

979,827

5,000

(c)

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2015B

Group

C,

(Pre-refunded

2/15/25)

5

.000

02/15/36

5,026

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

10,123,003

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

4,236,693

15,355,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2022A,

(UB)

5

.000

03/15/46

16,345,331

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

4,065,345

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

14,314,955

37,175,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2019D

4

.000

02/15/47

36,619,974

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

10,474,289

1,645,000

Genesee

County

Funding

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2022A

5

.250

12/01/52

1,716,288

10,000,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005

5

.250

10/01/35

11,488,253

5,000,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2018

5

.000

09/01/37

5,284,015

15,000,000

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Green

Series

2024B-1

5

.000

11/15/49

16,191,077

8,620,000

(b)

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,  University

of

Rochester

Project,

Series

2023A,

(UB)

5

.000

07/01/53

9,265,211

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

4,990,732

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

5,342,566

93

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

6,140,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2024

Series

BB-1

5

.250

%

06/15/54

$

6,707,459

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

5,236,636

7,000,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2021

Subseries

C-1

4

.000

05/01/46

6,867,556

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

9,986,978

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

13,776,111

1,500,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2022

Subseries

F-1

5

.000

02/01/51

1,584,810

2,060,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2017

Series

B-1

5

.000

12/01/41

2,111,306

10,370,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2020

Series

A-1

4

.000

08/01/42

10,199,464

3,500,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2020

SeriesD-1

4

.000

03/01/50

3,388,459

12,000,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

F-1

4

.000

03/01/47

11,688,902

12,000,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2022

Series

A-1

5

.000

08/01/47

12,696,190

5,365,000

(b)

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2024

Series

A,

(UB)

5

.000

08/01/51

5,723,501

10,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

Series

1996J

5

.500

02/15/26

10,019

5,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

Series

1997H

6

.125

08/01/25

5,014

23,920,000

(a)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014

5

.000

11/15/44

23,919,746

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

1,562,173

5,000

(c)

New

York

State

Dormitory

Authority,

Personal

Income

Tax

Revenue

Bonds,

Series

2015B,

(Pre-refunded

2/15/25)

5

.000

02/15/36

5,026

14,065,000

New

York

State

Dormitory

Authority,

Personal

Income

Tax

Revenue

Bonds,

Series

2015B

5

.000

02/15/36

14,109,967

5,900,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Bidding

Group

1

Series

2022A

4

.000

03/15/50

5,697,717

4,000,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Transportation

Series

2021A-1

4

.000

03/15/44

3,940,320

10,000,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Green

Series

2023A,

(UB)

5

.000

03/15/63

10,580,415

25,035,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2022A

5

.000

03/15/45

26,842,151

5,500,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2022A

5

.000

03/15/46

5,879,835

7,500,000

New

York

State

Urban

Development

Corporation,

State

Sales

Tax

Revenue

Bonds,

Series

2019A

5

.000

03/15/40

7,970,172

5,000,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

Refunding

Series

2015A

5

.000

11/15/50

5,021,432

10,725,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A

0

.010

11/15/31

8,297,053

1,105,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A

0

.010

11/15/32

819,431

1,300,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2020A

5

.000

11/15/54

1,362,102

3,265,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2022

A

5

.000

05/15/44

3,511,820

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

94

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

9,695,000

(b)

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2022

A,

(UB)

5

.000

%

05/15/57

$

10,224,508

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

6,947,881

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

13,012,591

10,000,000

(b)

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-

City

Sales

Tax,

Series

2024A-1,

(UB)

5

.250

05/15/59

10,926,088

5,000,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006

5

.000

06/01/45

4,465,843

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

916,259

TOTAL

NEW

YORK

422,990,428

NORTH

CAROLINA

-

3.3%

(2.0%

of

Total

Investments)

1,000,000

Catawba

County,

North

Carolina,

General

Obligation

Bonds,

Limited

Obligation

Series

2014A

5

.000

06/01/30

1,001,059

730,000

Catawba

County,

North

Carolina,

General

Obligation

Bonds,

Limited

Obligation

Series

2014A

5

.000

06/01/31

730,727

1,365,000

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Refunding

Series

2017A

5

.000

07/01/42

1,407,454

5,390,000

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Refunding

Series

2017A

5

.000

07/01/47

5,513,884

5,000,000

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Series

2023A

5

.000

07/01/48

5,358,314

2,045,000

Charlotte,

North

Carolina,

Storm

Water

Fee

Revenue

Bonds,

Refunding

Series

2014

5

.000

12/01/39

2,047,431

2,325,000

Charlotte,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2015

5

.000

07/01/40

2,343,785

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

4,225,212

2,000,000

(c)

Greensboro,

North

Carolina,

Limited

Obligation

Bonds,

Coliseum

Complex

Project,

Series

2018A,

(Pre-refunded

4/01/28)

5

.000

04/01/42

2,148,962

500,000

Henderson

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2015

5

.000

10/01/31

507,675

6,140,000

(c)

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

6,516,451

1,800,000

North

Carolina

Agricultural

&

Technical

State

University,

General

Revenue

Bonds,

Refunding

Series

2015A

5

.000

10/01/40

1,819,322

2,500,000

North

Carolina

Agricultural

&

Technical

State

University,

General

Revenue

Bonds,

Series

2023

5

.000

10/01/52

2,649,040

3,900,000

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University

Project,

Refunding

Series

2016B

5

.000

07/01/42

4,018,264

1,605,000

(c)

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University

Project,

Series

2015

A,

(Pre-refunded

10/01/25)

5

.000

10/01/55

1,631,842

9,485,000

(b),(c)

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

9,643,624

5,000,000

North

Carolina

Capital

Facilities

Financing

Agency,

Educational

Facility

Revenue

Bonds,

Wake

Forest

University,

Refunding

Series

2016

4

.000

01/01/37

5,026,806

2,500,000

North

Carolina

Capital

Facilities

Financing

Agency,

Educational

Facility

Revenue

Bonds,

Wake

Forest

University,

Series

2018

5

.000

01/01/48

2,579,298

700,000

North

Carolina

Medical

Care

Commission,  Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Southminster

Project,

Refunding

Series

2016

5

.000

10/01/31

706,844

2,720,000

North

Carolina

Medical

Care

Commission,  Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Southminster

Project,

Refunding

Series

2016

5

.000

10/01/37

2,734,682

95

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NORTH

CAROLINA

(continued)

$

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

$

3,002,650

1,545,000

North

Carolina

Municipal

Power

Agency

1,

Catawba

Electric

Revenue

Bonds,

Refunding

Series

2015A

5

.000

01/01/28

1,577,330

1,500,000

North

Carolina

Municipal

Power

Agency

1,

Catawba

Electric

Revenue

Bonds,

Refunding

Series

2015A

5

.000

01/01/32

1,525,165

835,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/28

719,267

800,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/30

625,687

850,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/31

631,400

2,400,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/33

1,609,574

3,160,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/36

1,808,895

3,100,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/37

1,683,476

1,900,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0

.000

07/01/40

885,105

400,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Series

2017A

5

.000

07/01/47

404,053

2,200,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2017

-

AGM

Insured

5

.000

01/01/39

2,249,877

1,000,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Series

2018

5

.000

01/01/40

1,039,005

150,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

01/01/31

120,164

4,375,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

01/01/33

3,222,011

2,300,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

01/01/34

1,619,087

2,380,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

01/01/35

1,598,829

7,575,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

01/01/37

4,629,786

1,470,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

01/01/38

854,555

10,000,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019

5

.000

01/01/49

10,297,908

3,040,000

Oak

Island,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2015

5

.000

06/01/33

3,061,205

2,500,000

Raleigh,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Refunding

Series

2016A

4

.000

03/01/46

2,478,214

1,250,000

Sampson

County,

North

Carolina,

Limited

Obligaiton

Bonds,

Refunding

Series

2017

4

.000

09/01/35

1,249,341

1,265,000

Sampson

County,

North

Carolina,

Limited

Obligaiton

Bonds,

Refunding

Series

2017

4

.000

09/01/36

1,262,249

1,000,000

Sampson

County,

North

Carolina,

Limited

Obligaiton

Bonds,

Refunding

Series

2017

4

.000

09/01/37

991,322

800,000

(c)

University

of

North

Carolina,

Charlotte,

General

Revenue

Bonds,

Refunding

Series

2015,

(Pre-refunded

4/01/25)

5

.000

04/01/45

806,027

4,735,000

University

of

North

Carolina,

Charlotte,

General

Revenue

Bonds,

Series

2017

5

.000

10/01/42

4,894,714

4,765,000

University

of

North

Carolina,

Greensboro,

General

Revenue

Bonds,

Series

2018

5

.000

04/01/43

4,930,718

1,250,000

Western

Carolina

University,

North

Carolina,

General

Revenue

Bonds,

Refunding

Series

2015A

5

.000

10/01/45

1,260,944

TOTAL

NORTH

CAROLINA

123,649,234

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

96

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NORTH

DAKOTA

-

0.9%

(0.5%

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

$

1,012,815

8,525,000

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2017A

5

.000

12/01/42

8,614,030

7,070,000

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2017A

4

.000

12/01/47

6,205,421

1,800,000

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2021

4

.000

12/01/51

1,550,402

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

665,403

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

880,802

500,000

Grand

Forks,

North

Dakota,

Senior

Housing

and

Nursing

Facilities

Revenue

Bonds,

Valley

Homes

Obligated

Group,

Series

2016A

5

.125

12/01/24

500,190

2,700,000

University

of

North

Dakota,

Certificates

of

Participation,

Housing

Infrastructure

Project,

Series

2021A

-

AGM

Insured

4

.000

06/01/51

2,555,959

11,065,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5

.000

06/01/43

11,099,008

1,139,631

(d)

Williston,

North

Dakota,

Multifamily

Housing

Revenue

Bonds,

Eagle

Crest

Apartments

LLC

Project,

Series

2013

7

.750

09/01/38

227,926

TOTAL

NORTH

DAKOTA

33,311,956

OHIO

-

4.0%

(2.4%

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

3,063,817

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

8,338,740

10,940,000

Allen

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Mercy

Health,

Refunding

&

Improvement

Series

2015A

5

.000

11/01/43

10,947,362

8,655,000

Allen

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017A

4

.000

08/01/38

8,619,938

25,315,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Capital

Appreciation

Series

2020B-3

Class

2

0

.010

06/01/57

2,352,039

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

982,657

35,790,000

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

32,368,140

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

4,917,155

5,165,000

Cuyahoga

Community

College

District,

Ohio,

General

Obligation

Bonds,

Facilities

Construction

&

Improvement

Series

2018

4

.000

12/01/38

5,180,745

5,975,000

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013

5

.000

06/15/43

5,319,697

1,500,000

Hamilton

County,

Ohio,

Healthcare

Revenue

Bonds,

Life

Enriching

Communities

Project,

Series

2017A

5

.000

01/01/47

1,476,201

1,120,000

Hamilton

County,

Ohio,

Healthcare

Revenue

Bonds,

Life

Enriching

Communities

Project,

Series

2017A

5

.000

01/01/52

1,079,635

3,425,000

Hamilton

County,

Ohio,

Healthcare

Revenue

Bonds,

Life

Enriching

Communities,

Refunding

&

Improvement

Series

2016

5

.000

01/01/46

3,393,861

6,000,000

Hamilton

County,

Ohio,

Healthcare

Revenue

Bonds,

Life

Enriching

Communities,

Refunding

&

Improvement

Series

2016

5

.000

01/01/51

5,804,047

3,000,000

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

TriHealth,

Inc.

Obligated

Group

Project,

Series

2017A

5

.000

08/15/42

3,059,991

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

5,043,460

97

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

OHIO

(continued)

$

6,000,000

Middletown

City

School

District,

Butler

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007

-

AGM

Insured

5

.250

%

12/01/31

$

6,645,004

3,000,000

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

University

of

Dayton,

Series

2018A

5

.000

12/01/48

3,075,515

1,755,000

(b)

Ohio

Housing

Finance

Agency,

Residential

Mortgage

Revenue

Bonds,

Mortgage-Backed

Securities

Program,

Social

Series

2024A,

(UB)

4

.550

09/01/49

1,763,024

3,195,000

Ohio

State,

Hospital

Revenue

Bonds,

University

Hospitals

Health

System,

Inc.,

Fixed

Interest

Rate

Series

2020A

5

.000

01/15/50

3,281,606

7,065,000

Ohio

State,

Hospital

Revenue

Bonds,

University

Hospitals

Health

System,

Inc.,

Series

2021A

4

.000

01/15/46

6,762,974

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

8,637,763

2,400,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Green

Series

2023B

5

.000

12/01/43

2,639,787

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

4,568,527

4,190,000

Springboro

Community

City

School

District,

Warren

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007

-

AGM

Insured

5

.250

12/01/26

4,374,647

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

3,672,068

TOTAL

OHIO

147,368,400

OKLAHOMA

-

0.5%

(0.3%

of

Total

Investments)

3,135,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.500

08/15/52

3,204,367

6,340,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5

.500

08/15/57

6,472,079

9,040,000

(b)

Oklahoma

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Homeownership

Loan

Program,

Series

2024B,

(UB)

4

.600

09/01/44

9,048,457

1,125,000

Tulsa

County

Industrial

Authority,

Oklahoma,

Senior

Living

Community

Revenue

Bonds,

Montereau,

Inc

Project,

Refunding

Series

2017

5

.250

11/15/37

1,145,495

TOTAL

OKLAHOMA

19,870,398

OREGON

-

2.9%

(1.7%

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

1,093,238

760,000

Clackamas

Community

College

District,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017A

5

.000

06/15/38

790,945

1,000,000

Clackamas

Community

College

District,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017A

5

.000

06/15/39

1,038,932

1,725,000

Clackamas

Community

College

District,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017A

5

.000

06/15/40

1,788,208

1,185,000

Clackamas

County

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Rose

Villa

Inc.,

Series

2020A

5

.375

11/15/55

1,187,764

4,170,000

Eugene,

Oregon,

Electric

Utility

Revenue

Bonds,

Series

2020A

4

.000

08/01/45

4,125,693

2,250,000

Eugene,

Oregon,

Water

Utility

System

Revenue

Bonds,

Series

2023

5

.000

08/01/52

2,405,803

2,820,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Legacy

Health

Project,

Series

2016A

5

.000

06/01/46

2,844,284

7,895,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Legacy

Health

Project,

Series

2022A

5

.000

06/01/52

8,244,977

6,275,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Samaritan

Health

Services,

Refunding

Series

2016A

5

.000

10/01/35

6,354,785

140,000

(c)

Oregon

Facilities

Authority,

Revenue

Bonds,

Samaritan

Health

Services,

Refunding

Series

2016A,

(Pre-refunded

10/01/26)

5

.000

10/01/46

145,241

2,120,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Samaritan

Health

Services,

Refunding

Series

2016A

5

.000

10/01/46

2,119,589

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

98

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

OREGON

(continued)

$

23,400,000

Oregon

Health

and

Science

University,

Revenue

Bonds,

Green

Series

2021A

4

.000

%

07/01/51

$

22,468,579

4,100,000

Port

of

Portland,

Oregon,

Portland

International

Airport,

Revenue

Bonds,

Series

2019

25A

5

.000

07/01/49

4,257,055

4,000,000

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Refunding

Series

2016A

4

.000

05/15/41

3,915,715

13,220,000

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Refunding

Series

2016A

5

.000

05/15/46

13,354,964

8,005,000

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Series

2019A

5

.000

05/15/44

8,293,093

10,805,000

Tualatin

Valley

Water

District,

Oregon,

Water

Revenue

Bonds,

Series

2023

5

.000

06/01/48

11,646,513

10,000,000

University

of

Oregon,

General

Revenue

Bonds,

Series

2020A

5

.000

04/01/50

10,434,191

TOTAL

OREGON

106,509,569

PENNSYLVANIA

-

6.0%

(3.6%

of

Total

Investments)

1,670,000

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2020B

4

.000

06/01/45

1,652,984

2,000,000

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2020B

4

.000

06/01/50

1,942,904

3,155,000

Bethlehem

Authority,

Northampton

and

Lehigh

Counties,

Pennsylvania,

Guaranteed

Water

Revenue

Bonds,

Series

1998

-

AGM

Insured

0

.000

05/15/26

2,981,539

4,145,000

Bethlehem

Authority,

Northampton

and

Lehigh

Counties,

Pennsylvania,

Guaranteed

Water

Revenue

Bonds,

Series

1998

-

AGM

Insured

0

.000

11/15/26

3,851,697

2,800,000

Bethlehem

Authority,

Northampton

and

Lehigh

Counties,

Pennsylvania,

Guaranteed

Water

Revenue

Bonds,

Series

1998

-

AGM

Insured

0

.000

05/15/28

2,463,916

3,000,000

Bethlehem

Authority,

Northampton

and

Lehigh

Counties,

Pennsylvania,

Guaranteed

Water

Revenue

Bonds,

Series

1998

-

AGM

Insured

0

.000

11/15/28

2,589,124

1,200,000

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2018A

5

.000

11/15/42

1,231,439

895,000

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018

5

.000

06/01/34

941,364

3,595,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

5

.000

07/01/42

3,706,643

5,000,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

5

.000

07/01/47

5,109,330

95,000

Delaware

Valley

Regional

Finance

Authority,

Pennsylvania,

Local

Government

Revenue

Bonds,

Series

1997B

-

AMBAC

Insured

5

.700

07/01/27

101,016

5,000,000

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021

5

.000

11/01/51

5,152,962

4,915,000

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

United

Zion

Retirement

Community,

Series

2017A

5

.000

12/01/47

4,169,193

4,480,000

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Capital

Appreciation

Series

2013B

0

.000

12/01/31

3,376,624

5,180,000

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Capital

Appreciation

Series

2013B

0

.000

12/01/32

3,723,440

5,210,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A

5

.000

09/01/43

5,342,169

1,000,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019

4

.000

09/01/44

954,785

5,000,000

(c)

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

(Pre-refunded

1/15/25)

5

.250

01/15/45

5,015,703

2,905,000

Neshaminy

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2022

4

.000

11/01/43

2,912,942

99

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

630,207

(d)

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

(d)

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

2,737,949

10,000,000

(g)

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2024B-1

5

.000

11/01/51

10,501,810

5,910,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2019

4

.000

08/15/44

5,752,663

5,250,000

(b)

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024-144A,

(UB)

4

.650

10/01/51

5,252,137

16,000,000

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Senior

Lien

Series

2021A

4

.000

12/01/51

15,128,307

16,805,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E

6

.375

12/01/38

18,190,986

6,580,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B

5

.000

12/01/40

6,661,492

8,510,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B

5

.000

12/01/45

8,590,218

5,800,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2019A

5

.000

12/01/49

6,089,144

6,500,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2021B

5

.000

12/01/46

6,913,570

17,375,000

(b)

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2023A,

(UB)

5

.250

12/01/53

18,876,949

19,250,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2009C

-

AGM

Insured

6

.250

06/01/33

20,132,345

7,475,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2021A

4

.000

12/01/45

7,300,454

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

1,452,417

7,500,000

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A

-

BAM

Insured

4

.000

09/01/46

7,330,007

3,410,000

(c)

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

1997A

-

AMBAC

Insured,

(ETM)

5

.125

08/01/27

3,603,791

10,000,000

(g)

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2024C

5

.250

09/01/54

10,847,860

8,135,000

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A

4

.000

06/01/49

7,733,800

TOTAL

PENNSYLVANIA

220,655,447

PUERTO

RICO

-

2.0%

(1.2%

of

Total

Investments)

3,996,324

Cofina

Class

2

Trust

Tax-Exempt

Class

2054,

Puerto

Rico.

Unit

Exchanged

From

Cusip

74529JAP0

0

.010

08/01/54

813,197

625,000

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2005SS

-

SYNCORA

GTY

Insured

5

.000

07/01/25

623,267

5,281,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.500

07/01/34

5,295,481

6,000,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/51

1,455,925

23,031,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.750

07/01/53

22,873,051

24,161,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5

.000

07/01/58

24,216,565

1,370,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A

4

.550

07/01/40

1,376,756

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

4,953,565

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

100

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PUERTO

RICO

(continued)

$

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

$

5,902,380

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

8,229,214

TOTAL

PUERTO

RICO

75,739,401

RHODE

ISLAND

-

0.9%

(0.5%

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

3,175,599

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

1,327,252

174,390,000

Rhode

Island

Tobacco

Settlement

Financing

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

0

.000

06/01/52

28,242,356

TOTAL

RHODE

ISLAND

32,745,207

SOUTH

CAROLINA

-

3.6%

(2.2%

of

Total

Investments)

5,000,000

Charleston

County

Airport

District,

South

Carolina,

Airport

Revenue

Bonds,

Series

2024B

5

.000

07/01/49

5,339,969

5,000,000

Charleston

County

Airport

District,

South

Carolina,

Airport

Revenue

Bonds,

Series

2024B

5

.250

07/01/54

5,459,562

1,290,000

Lexington

County

Health

Services

District,

Inc.,

South

Carolina,

Hospital

Revenue

Bonds,

Lexington

Medical

Center,

Series

2016

5

.000

11/01/41

1,305,106

4,000,000

Lexington

County

Health

Services

District,

Inc.,

South

Carolina,

Hospital

Revenue

Bonds,

Lexington

Medical

Center,

Series

2016

5

.000

11/01/46

4,026,894

26,955,000

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2

-

AMBAC

Insured

0

.000

01/01/31

20,924,770

15,420,000

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2

-

AMBAC

Insured

0

.000

01/01/32

11,403,163

4,000,000

Rock

Hill,

South

Carolina,

Combined

Utility

System

Revenue

Bonds,

Series

2024A

5

.000

01/01/54

4,244,719

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

1,380,191

1,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Riverwalk

Academy

Project

Series

2023A

7

.000

06/15/43

1,047,955

1,095,000

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Riverwalk

Academy

Project

Series

2023A

7

.125

06/15/53

1,146,132

12,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc,

Series

2020A

4

.000

12/01/44

11,601,379

9,030,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

McLeod

Health

Projects,

Refunding

&

Improvement

Series

2018

5

.000

11/01/43

9,261,610

6,210,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

McLeod

Health

Projects,

Refunding

&

Improvement

Series

2018

4

.000

11/01/48

5,912,978

5,195,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

McLeod

Health

Projects,

Refunding

&

Improvement

Series

2018

5

.000

11/01/48

5,277,892

16,760,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2014C

5

.000

12/01/46

16,764,215

6,800,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

5

.000

12/01/46

6,893,487

10,000,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

5

.000

12/01/56

10,090,346

5,000,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022A

4

.000

12/01/52

4,541,902

8,686,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022B

4

.000

12/01/39

8,679,812

TOTAL

SOUTH

CAROLINA

135,302,082

101

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

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

$

4,168,975

3,000,000

Sioux

Falls,

South

Dakota,

Health

Facilities

Revenue

Bonds,

Dow

Rummel

Village

Project,

Series

2017

5

.000

11/01/42

2,856,307

3,150,000

Sioux

Falls,

South

Dakota,

Health

Facilities

Revenue

Bonds,

Dow

Rummel

Village

Project,

Series

2017

5

.125

11/01/47

2,934,730

22,800,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Monument

Health,

Inc.,

Series

2020A

4

.000

09/01/50

21,649,704

2,500,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sanford

Health,

Series

2014B

5

.000

11/01/44

2,501,679

9,325,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sanford

Health,

Series

2015

5

.000

11/01/45

9,401,301

TOTAL

SOUTH

DAKOTA

43,512,696

TENNESSEE

-

1.6%

(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

2,265,328

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

5,022,003

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

974,765

445,000

Knox

County

Health,

Educational

and

Housing

Facilities

Board,

Tennessee,

Revenue

Bonds,

University

Health

System,

Inc.,

Series

2017

5

.000

04/01/31

453,456

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

1,771,878

4,100,000

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

4,453,074

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

12,503,137

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

4,473,896

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

2,246,501

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

2,933,345

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

5,088,095

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

6,059,488

2,750,000

Metropolitan

Knoxville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Series

2024A

5

.250

06/01/54

2,985,132

390,000

(a)

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

399,124

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

7,618,974

TOTAL

TENNESSEE

59,248,196

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

102

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

-

11.4%

(6.9%

of

Total

Investments)

$

2,260,000

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2023

5

.000

%

11/15/48

$

2,404,906

14,615,000

(b)

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2015A,

(UB)

5

.000

11/15/45

14,737,633

8,805,000

Bastrop

Independent

School

District,

Bastrop

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

5

.000

02/15/53

9,384,070

1,000,000

Cedar

Hill

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

Refunding

Series

2002

-

FGIC

Insured

0

.000

08/15/32

748,578

7,750,000

(c)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5

.000

01/01/45

7,836,974

1,925,000

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education

Charter

School,

Series

2013A

4

.350

12/01/42

1,838,663

1,000,000

Clifton

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education

Charter

School,

Series

2013A

4

.400

12/01/47

926,169

10,000,000

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2021B

5

.000

12/01/47

10,539,230

5,000,000

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds

Refunding

and

Improvement

Series

2024

4

.000

11/01/45

4,870,900

9,000,000

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds

Refunding

and

Improvement

Series

2024

5

.250

11/01/48

9,902,542

6,125,000

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds

Refunding

Series

2021B

4

.000

11/01/45

5,966,853

10,000,000

Dallas

Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds

Refunding

Series

2022B

5

.000

11/01/50

10,583,835

9,000,000

Dallas-Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Refunding

Series

2021A.

4

.000

11/01/46

8,779,636

3,700,000

El

Paso

Independent

School

District,

El

Paso

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2017

5

.000

08/15/42

3,778,440

3,500,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Refunding

First

Tier

Series

2020C

4

.000

10/01/40

3,487,761

27,280,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Refunding

First

Tier

Series

2020C

4

.000

10/01/45

26,324,327

12,695,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Refunding

First

Tier

Series

2020C

-

AGM

Insured

4

.000

10/01/49

12,159,742

8,500,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Refunding

First

Tier

Series

2020C

4

.000

10/01/49

8,003,807

5,295,000

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Subordinate

Lien

Series

2018A.

Tela

Supported

5

.000

10/01/48

5,457,189

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

8,942,618

2,845,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Houston

Methodist

Hospital

System,

Series

2015

4

.000

12/01/45

2,723,601

2,320,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Houston

Methodist

Hospital

System,

Series

2015

5

.000

12/01/45

2,328,531

7,570,000

(b)

Harris

County,

Texas,

Toll

Road

Revenue

Bonds,

Refunding

First

Lien

Series

2024A,

(UB)

5

.250

08/15/54

8,234,674

5,000,000

Harris

County,

Texas,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2018A

4

.000

08/15/48

4,795,452

4,040,000

(a),(b)

Harris

County,

Texas,

Toll

Road

Revenue

Bonds,

Tender

Options

Bond

Trust

2015

-

AGM

Insured,

(IF)

7

.304

08/15/28

5,115,719

1,195,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/41

544,530

2,390,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/42

1,034,280

2,660,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/43

1,093,169

103

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

7,260,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

%

11/15/44

$

2,835,089

10,440,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

0

.010

11/15/45

3,857,588

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

2,137,476

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

763,564

2,710,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

&

Subordinate

Lien

Series

2018B

5

.000

07/01/48

2,787,256

5,000,000

Houston,

Texas,

Combined

Utility

System

Revenue

Bonds,

Combined

First

Lien

Series

2024A

5

.250

11/15/54

5,438,303

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

10,521,588

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

1,253,269

2,725,000

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015A

5

.000

08/15/40

2,747,402

4,000,000

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015A

4

.000

08/15/41

3,955,816

8,305,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2015

5

.000

05/15/45

8,332,681

1,780,000

McCamey

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Series

2013

5

.750

12/01/33

1,788,385

1,800,000

McCamey

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Series

2013

6

.125

12/01/38

1,809,559

9,750,000

Midland

Independent

School

District,

Midland

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024

4

.000

02/15/54

9,424,835

16,285,000

Midtown

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue,

Refunding

Series

2017

5

.000

01/01/36

16,851,655

10,040,000

Midtown

Redevelopment

Authority,

Texas,

Tax

Increment

Contract

Revenue,

Refunding

Series

2017

-

AGM

Insured

5

.000

01/01/38

10,366,855

2,100,000

Montgomery

County

Toll

Road

Authority,

Texas,

Toll

Road

Revenue

Bonds,

Senior

Lien

Series

2018

5

.000

09/15/43

2,109,056

1,815,000

Montgomery

County

Toll

Road

Authority,

Texas,

Toll

Road

Revenue

Bonds,

Senior

Lien

Series

2018

5

.000

09/15/48

1,821,778

4,240,000

New

Braunfels,

Comal

County,

Texas,

Utility

System

Revenue

Bonds,

Refunding

Series

2022

5

.000

07/01/47

4,486,712

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

3,900,243

1,880,000

(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

2,283,292

7,990,000

(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

9,746,455

4,000,000

(c)

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I,

(Pre-refunded

1/01/25)

6

.500

01/01/43

4,018,809

2,125,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2008D

-

AGC

Insured

0

.000

01/01/28

1,918,454

2,000,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2015B

5

.000

01/01/45

2,004,932

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

104

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

14,610,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2017A

5

.000

%

01/01/43

$

15,025,004

5,000,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2018

5

.000

01/01/48

5,138,579

6,285,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier,

Series

2015A

5

.000

01/01/33

6,299,970

8,000,000

(c)

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier,

Series

2015A,

(Pre-refunded

1/01/25)

5

.000

01/01/35

8,019,054

10,500,000

Port

of

Houston

Authority,

Harris

County,

Texas,

Revenue

Bonds,

First

Lien

Series

2023,

(UB)

5

.000

10/01/53

11,086,984

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

2,074,203

2,000,000

San

Antonio,

Texas,

General

Obligation

Bonds,

General

Improvement

Series

2021

4

.000

08/01/41

2,001,279

7,975,000

Tarrant

County

College

District,

Texas,

General

Obligation

Bonds,

Series

2022

5

.000

08/15/39

8,775,393

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

2,399,085

1,500,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Christus

Health,

Series

2022A

4

.000

07/01/53

1,438,011

2,500,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A

5

.000

02/15/41

2,542,502

10,500,000

(b)

Texas

Department

of

Housing

and

Community

Affairs,

Residential

Mortgage

Revenue

Bonds,

Series

2024C,

(UB)

5

.125

01/01/54

10,771,401

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

1,290,522

1,000,000

Texas

Transportation

Commission,

State

Highway

249

System

Revenue

Bonds,

First

Tier

Toll

Series

2019A

5

.000

08/01/57

1,017,582

4,000,000

Texas

Turnpike

Authority,

Central

Texas

Turnpike

System

Revenue

Bonds,

First

Tier

Series

2002A

-

AMBAC

Insured

0

.000

08/15/25

3,887,505

5,000,000

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2019A

4

.000

10/15/49

4,825,507

10,500,000

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2021

4

.000

10/15/51

10,076,223

17,220,000

University

of

Houston,

Texas,

Consolidated

Revenue

Bonds,

Refunding

Series

2022A

5

.000

02/15/52

18,118,941

7,000,000

West

Harris

County

Regional

Water

Authority,

Texas,

Water

System

Revenue

Bonds,

Series

2022

-

AGM

Insured

5

.000

12/15/57

7,362,678

TOTAL

TEXAS

421,855,304

UTAH

-

0.7%

(0.4%

of

Total

Investments)

1,045,000

(a)

Black

Desert

Public

Infrastructure

District,

Washington

County,

Utah,

Special

Assessment

Bonds,

Black

Desert

Assessment

Area

1,

Series

2024

5

.625

12/01/53

1,071,722

6,000,000

(b)

Millard

School

District,

Utah,

Lease

Revenue

Bonds,

Local

Building

Authority

Series

2024

-

BAM

Insured,

(UB)

5

.000

05/15/59

6,438,047

3,560,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017B

5

.000

07/01/42

3,641,655

1,975,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017B

5

.000

07/01/47

2,012,389

4,000,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2018B

5

.000

07/01/48

4,114,032

1,000,000

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Utah

Charter

Academies

Project,

Series

2018

5

.000

10/15/38

1,019,751

2,320,000

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Utah

Charter

Academies

Project,

Series

2018

5

.000

10/15/43

2,350,172

2,040,000

Utah

Charter

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Utah

Charter

Academies

Project,

Series

2018

5

.000

10/15/48

2,055,980

105

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

UTAH

(continued)

$

1,940,000

(b)

Utah

Housing

Corporation,

Single

Family

Mortgage

Bonds,

Series

2024C,

(UB)

4

.700

%

01/01/54

$

1,946,592

TOTAL

UTAH

24,650,340

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

990,890

10,000,000

University

of

Vermont

and

State

Agricultural

College,

General

Obligation

Bonds,

Series

2015

5

.000

10/01/45

10,091,146

2,730,000

Vermont

Educational

and

Health

Buildings

Financing

Agency,

Revenue

Bonds,

Middlebury

College

Project,

Series

2023

5

.000

11/01/52

2,917,329

TOTAL

VERMONT

13,999,365

VIRGIN

ISLANDS

-

0.1%

(0.0%

of

Total

Investments)

2,645,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

5

.000

10/01/32

2,748,293

TOTAL

VIRGIN

ISLANDS

2,748,293

VIRGINIA

-

0.6%

(0.4%

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

1,593,678

430,000

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B

4

.875

07/15/40

442,611

4,000,000

(b)

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2018A,

(UB)

4

.000

05/15/48

3,906,139

8,075,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2022A

4

.000

07/01/52

7,878,201

425,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6

.875

12/01/58

469,846

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

2,060,094

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

7,196,925

TOTAL

VIRGINIA

23,547,494

WASHINGTON

-

4.0%

(2.4%

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

7,177,304

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

11,630,141

7,000,000

Douglas

County

Public

Utility

District

1,

Washington,

Revenue

Bonds,

Wells

Hydroelectric,

Series

2022B

5

.000

09/01/47

7,421,043

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

4,292,610

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

7,708,972

10,630,000

King

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

EvergreenHealth,

Limited

Tax

2020A

4

.000

12/01/45

10,135,087

10,535,000

Seattle,

Washington,

Drainage

and

Wastewater

System

Revenue

Bonds,

Improvement

Series

2023

5

.000

02/01/49

11,286,589

15,000,000

Seattle,

Washington,

Municipal

Light

and

Power

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A

4

.000

07/01/51

14,449,326

3,750,000

Seattle,

Washington,

Municipal

Light

and

Power

Revenue

Bonds,

Refunding

&

Improvement

Series

2022

5

.000

07/01/52

3,993,096

10,000,000

Seattle,

Washington,

Municipal

Light

and

Power

Revenue

Bonds,

Refunding

&

Improvement

Series

2023

5

.000

03/01/53

10,694,254

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

106

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WASHINGTON

(continued)

$

1,185,000

(g)

Spokane

County,

Washington,

Airport

Revenue

Bonds,

Spokane

International

Airport

Series

2024A,

(UB)

5

.000

%

01/01/41

$

1,284,804

1,245,000

(g)

Spokane

County,

Washington,

Airport

Revenue

Bonds,

Spokane

International

Airport

Series

2024A,

(UB)

5

.000

01/01/42

1,341,408

1,310,000

(g)

Spokane

County,

Washington,

Airport

Revenue

Bonds,

Spokane

International

Airport

Series

2024A,

(UB)

5

.000

01/01/43

1,405,943

7,645,000

(g)

Spokane

County,

Washington,

Airport

Revenue

Bonds,

Spokane

International

Airport

Series

2024A,

(UB)

5

.250

01/01/54

8,195,979

5,250,000

Tacoma,

Washington,

Sewer

Revenue

Bonds,

Series

2018

4

.000

12/01/48

5,088,324

6,180,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

08/01/44

6,362,916

4,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2012A

5

.000

10/01/32

4,009,244

10,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2012A

4

.250

10/01/40

9,484,692

3,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014D

5

.000

10/01/41

3,000,195

5,160,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Children's

Hospital,

Series

2015A

4

.000

10/01/45

5,001,230

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

1,754,378

2,525,000

Washington

State

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Seattle

University,

Series

2020

4

.000

05/01/45

2,407,299

500,000

(a)

Washington

State

Housing

Finance

Commission,

Non-profit

Housing

Revenue

Bonds,

Presbyterian

Retirement

Communities

Northwest

Proejct,

Refunding

Series

2016A

5

.000

01/01/46

470,113

9,000,000

Washington

State,

Motor

Vehicle

Fuel

Tax

General

Obligation

Bonds,

Series

2003C

-

FGIC

Insured

0

.000

06/01/28

8,061,412

TOTAL

WASHINGTON

146,656,359

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

12,833,561

2,065,000

West

Virginia

Parkways

Authority,

Turnpike

Toll

Revenue

Bonds,

Senior

Lien

Series

2021

5

.000

06/01/47

2,181,757

5,750,000

West

Virginia

State,

General

Obligation

Bonds,

State

Road

Competitive

Series

2018B

4

.000

06/01/42

5,669,354

TOTAL

WEST

VIRGINIA

20,684,672

WISCONSIN

-

5.0%

(3.0%

of

Total

Investments)

43,035

(a),(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

1,299

42,429

(a),(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

1,186

42,126

(a),(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

1,113

41,823

(a),(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

1,040

41,217

(a),(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

952

45,157

(a),(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

987

1,162,471

(a),(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

831,508

107

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

44,853

(a),(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

$

911

44,247

(a),(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

852

43,944

(a),(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

795

43,338

(a),(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

742

42,732

(a),(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

696

42,429

(a),(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

651

41,823

(a),(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

607

41,519

(a),(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

573

41,217

(a),(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

534

40,611

(a),(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

496

40,307

(a),(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

466

39,701

(a),(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

436

39,398

(a),(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

412

39,095

(a),(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

384

38,489

(a),(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

350

501,278

(a),(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

4,139

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

1,492,334

8,335,000

(a)

Public

Finance

Authority,

Wisconsin,

Educational

Revenue

Bonds,

Lake

Norman

Charter

School,

Series

2018A

5

.000

06/15/48

8,352,259

10,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Ascension

Health

Alliance

Senior

Credit

Group,

Series

2013B-1

4

.000

11/15/43

9,618,175

9,830,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Aspirus,

Inc.

Obligated

Group,

Inc.

Project,

Series

2021

4

.000

08/15/46

9,567,069

8,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Aspirus,

Inc.

Obligated

Group,

Inc.

Project,

Series

2021

4

.000

08/15/51

7,413,875

10,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C

5

.000

02/15/47

9,933,639

2,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016B

5

.000

02/15/35

2,014,293

Portfolio

of

Investments

October

31,

2024

(continued)

NEA

108

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

7,625,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mercy

Alliance,

Inc.,

Series

2012

5

.000

%

06/01/39

$

7,628,567

2,415,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

PHW

Muskego,

Inc.

Project,

Series

2021

4

.000

10/01/51

1,886,539

2,470,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

PHW

Muskego,

Inc.

Project,

Series

2021

4

.000

10/01/61

1,816,808

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

5,166,673

1,110,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Benevolent

Corporation

Cedar

Community,

Series

2017

5

.000

06/01/37

1,101,769

955,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Benevolent

Corporation

Cedar

Community,

Series

2017

5

.000

06/01/41

915,470

1,000,000

(c)

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

1,053,872

1,110,000

(c)

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

1,169,798

1,100,000

(c)

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

1,159,259

1,725,000

(c)

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

1,817,929

1,775,000

(c)

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

1,870,623

1,910,000

(c)

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

2,012,896

2,065,000

(c)

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

2,176,246

15,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Froedtert

Health,

Inc.

Obligated

Group,

Series

2022A

4

.000

04/01/41

14,542,601

18,595,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marquette

University,

Series

2016

5

.000

10/01/46

18,859,837

8,215,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016A

5

.000

02/15/42

8,233,562

5,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Medical

College

of

Wisconsin,

Inc.,

Series

2016

5

.000

12/01/41

5,106,679

10,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Medical

College

of

Wisconsin,

Inc.,

Series

2022

4

.000

12/01/46

9,584,735

10,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Medical

College

of

Wisconsin,

Inc.,

Series

2022

4

.000

12/01/51

9,455,192

1,525,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Oakwood

Lutheran

Senior

Ministries,

Series

2021

4

.000

01/01/57

1,248,669

11,480,000

(c)

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

ThedaCare

Inc,

Series

2015,

(Pre-refunded

12/16/24)

5

.000

12/15/44

11,500,543

109

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

29,080,000

(b)

Wisconsin

Housing

and

Economic

Development

Authority,

Home

Ownership

Revenue

Bonds,

Social

Series

2024B,

(UB)

4

.750

%

03/01/51

$

29,113,076

TOTAL

WISCONSIN

186,664,116

TOTAL

MUNICIPAL

BONDS

(Cost

$6,037,052,641)

6,127,327,881

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$6,037,052,641)

6,127,327,881

FLOATING

RATE

OBLIGATIONS

-

(7.5)%

(

277,110,000

)

AMTP

SHARES,

NET

-

(2.1)%(h)

(

77,974,106

)

MFP

SHARES,

NET

-

(26.0)%(i)

(

962,370,278

)

VRDP

SHARES,

NET

-

(31.2)%(j)

(

1,155,165,787

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   1.4%

50,607,422

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

3,705,315,132

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(a)

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

$138,253,176

or

2.3%

of

Total

Investments.

(b)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(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

1.3%.

(i)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

15.7%.

(j)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

18.9%.

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.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

110

e

October

31,

2024

NAD

NEA

ASSETS

Long-term

investments,

at

value

†

$

4,994,391,740‌

$

6,127,327,881‌

Receivables:

Dividends

524‌

–‌

Interest

69,191,981‌

79,494,237‌

Investments

sold

45,046,457‌

68,382,475‌

Other

792,367‌

1,484,296‌

Total

assets

5,109,423,069‌

6,276,688,889‌

LIABILITIES

Cash

overdraft

13,312,099‌

8,899,405‌

Floating

rate

obligations

364,940,000‌

277,110,000‌

AMTP

Shares,

Net

*

727,309,426‌

77,974,106‌

MFP

Shares,

Net

**

455,428,078‌

962,370,278‌

VRDP

Shares,

Net

***

503,842,949‌

1,155,165,787‌

Payables:

Management

fees

2,356,178‌

2,847,311‌

Dividends

16,755,176‌

20,955,788‌

Interest

3,936,269‌

2,361,165‌

Investments

purchased

-

regular

settlement

7,106,014‌

9,355,462‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

14,118,287‌

53,152,550‌

Accrued

expenses:

Custodian

fees

330,605‌

354,881‌

Investor

relations

2,525‌

5,045‌

Trustees

fees

454,783‌

605,284‌

Professional

fees

37,677‌

110,581‌

Shareholder

reporting

expenses

62,289‌

89,746‌

Shareholder

servicing

agent

fees

15,974‌

13,049‌

Other

915‌

3,319‌

Total

liabilities

2,110,009,244‌

2,571,373,757‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

2,999,413,825‌

$

3,705,315,132‌

Common

shares

outstanding

233,404,655‌

298,992,392‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12

.85‌

$

12

.39‌

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)

(

198,429,338‌

)

(

242,729,070‌

)

Net

assets

applicable

to

common

shares

$

2,999,413,825‌

$

3,705,315,132‌

Authorized

shares:

Common

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

†

Long-term

investments,

cost

$

4,908,463,992‌

$

6,037,052,641‌

*

AMTP

Shares,

liquidation

preference

727,500,000‌

78,000,000‌

**

MFP

Shares,

liquidation

preference

455,800,000‌

963,900,000‌

***

    VRDP

Shares,

liquidation

preference

504,300,000‌

1,159,400,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

111

0

Year

Ended

October

31,

2024

NAD

NEA

INVESTMENT

INCOME

Dividends

$

24,465‌

$

—‌

Interest

228,312,691‌

272,874,235‌

Total

investment

income

228,337,156‌

272,874,235‌

EXPENSES

–

–

Management

fees

27,827,071‌

33,786,534‌

Shareholder

servicing

agent

fees

97,601‌

104,028‌

Interest

expense

and

amortization

of

offering

costs

84,938,031‌

94,049,926‌

Trustees

fees

178,385‌

223,714‌

Custodian

expenses,

net

341,697‌

385,175‌

Excise

tax

liability

expense

8,912‌

56,725‌

Investor

relations

expenses

285,236‌

554,326‌

Liquidity

fees

3,916,426‌

10,601,024‌

Professional

fees

794,650‌

959,873‌

Remarketing

fees

512,705‌

2,252,048‌

Shareholder

reporting

expenses

162,424‌

228,964‌

Stock

exchange

listing

fees

73,315‌

93,921‌

Other

168,846‌

338,672‌

Total

expenses

119,305,299‌

143,634,930‌

Net

investment

income

(loss)

109,031,857‌

129,239,305‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

23,429,889‌

)

(

18,303,691‌

)

Net

realized

gain

(loss)

(

23,429,889‌

)

(

18,303,691‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

382,026,632‌

460,040,981‌

Net

change

in

unrealized

appreciation

(depreciation)

382,026,632‌

460,040,981‌

Net

realized

and

unrealized

gain

(loss)

358,596,743‌

441,737,290‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

467,628,600‌

$

570,976,595‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

112

NAD

NEA

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

$

109,031,857‌

$

111,494,499‌

$

129,239,305‌

$

131,150,181‌

Net

realized

gain

(loss)

(

23,429,889‌

)

(

59,006,602‌

)

(

18,303,691‌

)

(

78,469,770‌

)

Net

change

in

unrealized

appreciation

(depreciation)

382,026,632‌

(

9,283,730‌

)

460,040,981‌

(

18,105,892‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

467,628,600‌

43,204,167‌

570,976,595‌

34,574,519‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

122,000,551‌

)

(

111,450,722‌

)

(

139,293,798‌

)

(

131,275,845‌

)

Return

of

Capital

(

43,600,052‌

)

–‌

(

65,964,481‌

)

–‌

Total

distributions

(

165,600,603‌

)

(

111,450,722‌

)

(

205,258,279‌

)

(

131,275,845‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Cost

of

shares

repurchased

and

retired

–‌

–‌

–‌

(

445,350‌

)

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

—‌

(

445,350‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

302,027,997‌

(

68,246,555‌

)

365,718,316‌

(

97,146,676‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

2,697,385,828‌

2,765,632,383‌

3,339,596,816‌

3,436,743,492‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

2,999,413,825‌

$

2,697,385,828‌

$

3,705,315,132‌

$

3,339,596,816‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

113

Year

Ended

October

31,

2024

NAD

NEA

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

467,628,600‌

$

570,976,595‌

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

(

972,075,550‌

)

(

774,511,608‌

)

Proceeds

from

sale

and

maturities

of

investments

898,964,547‌

749,049,372‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

72,015,000‌

56,805,000‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

9,537,790‌

)

(

11,844,527‌

)

Amortization

of

deferred

offering

costs

394,100‌

865,534‌

(Increase)

Decrease

in:

Receivable

for

dividends

(

211‌

)

—‌

Receivable

for

interest

(

1,027,434‌

)

1,905,172‌

Receivable

for

investments

sold

(

22,631,185‌

)

(

20,338,774‌

)

Other

assets

694,886‌

964,808‌

Increase

(Decrease)

in:

Payable

for

interest

2,980,405‌

1,504,011‌

Payable

for

investments

purchased

-

regular

settlement

(

6,199,164‌

)

(

8,716,353‌

)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

11,683,237‌

35,936,341‌

Payable

for

management

fees

127,324‌

113,987‌

Accrued

custodian

fees

30,354‌

39,743‌

Accrued

investor

relations

fees

(

74,422‌

)

(

91,366‌

)

Accrued

Trustees

fees

(

720,752‌

)

(

978,115‌

)

Accrued

professional

fees

13,912‌

85,603‌

Accrued

shareholder

reporting

expenses

(

9,252‌

)

1,069‌

Accrued

shareholder

servicing

agent

fees

(

859‌

)

(

4,081‌

)

Accrued

other

expenses

(

20,669‌

)

(

25,330‌

)

Net

realized

(gain)

loss

from

investments

23,429,889‌

18,303,691‌

Net

realized

(gain)

loss

from

paydowns

(

649‌

)

(

8,693‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

382,026,632‌

)

(

460,040,981‌

)

Net

cash

provided

by

(used

in)

operating

activities

83,637,685‌

159,991,098‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

110,979,335‌

24,074,104‌

(Repayments)

of

borrowings

(

110,979,335‌

)

(

24,074,104‌

)

Proceeds

from

floating

rate

obligations

321,905,000‌

213,155,000‌

(Repayments

of)

floating

rate

obligations

(

35,365,000‌

)

(

14,365,000‌

)

Proceeds

from

AMTP

Shares

issued,

at

liquidation

preference

—‌

(

95,000,000‌

)

Proceeds

from

MFP

Shares

issued,

at

liquidation

preference

(

223,200,000‌

)

(

75,000,000‌

)

Increase

(Decrease)

in:

Cash

overdraft

10,268,000‌

5,537,926‌

Cash

distributions

paid

to

common

shareholders

(

157,245,685‌

)

(

194,319,024‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

83,637,685‌

)

(

159,991,098‌

)

Net

increase

(decrease)

in

Cash

–‌

–‌

Cash

at

the

beginning

of

period

—‌

—‌

Cash

at

the

end

of

period

$

—‌

$

—‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NAD

NEA

Cash

paid

for

interest

$

81,523,867‌

$

91,634,974‌

Financial

Highlights

114

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

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

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

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

)

—

(d)

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

Fund’s

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.

See

notes

to

financial

statements

115

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NAD

NEA

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

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

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

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

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:

(d)

Value

rounded

to

zero.

116

Financial

Highlights

(continued)

Asset

Coverage

Per

$1,000

Share(c)

NEA

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

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

AMTP

Shares

MFP

Shares

VRDP

Shares

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

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

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

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

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

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

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)

NEA’s

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

NEA’s

Series

D

MFP

Shares

were

as

follows:

(e)

Includes

all

preferred

shares

presented

for

the

Fund.

Notes

to

Financial

Statements

117

1.

General

Information 

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

October

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

October

31,

2024

(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.

2.

Significant

Accounting

Policies

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

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

Fund’s

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:

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.

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.

Fund

Gross

Custodian

Fee

Credits

NAD

$

64,451

NEA

55,866

118

Notes

to

Financial

Statements

(continued)

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.

New

Accounting

Pronouncement:

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.

Early

adoption

is

permitted.

Management

has

assessed

the

new

guidance

and

determined

that

it

will

not

have

a

material

impact

on

the

financial

positions

or

results

of

operations

of

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

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

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

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

security’s

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

obligor’s

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

obligor’s

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:

119

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.

4.

Portfolio

Securities

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

Bond’s

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

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

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”).

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

Fund’s

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

Trust’s

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

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

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

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

NAD

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Investment

Companies

$

435,850

$

–

$

–

$

435,850

Municipal

Bonds

–

4,993,917,616

38,274

4,993,955,890

Total

$

435,850

$

4,993,917,616

$

38,274

$

4,994,391,740

NEA

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

6,127,270,121

$

57,760

$

6,127,327,881

Total

$

–

$

6,127,270,121

$

57,760

$

6,127,327,881

120

Notes

to

Financial

Statements

(continued)

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:

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

Trust’s

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

Trust’s

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

Fund’s

potential

exposure

to

losses

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

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

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

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NAD

$

364,940,000

$

—

$

364,940,000

NEA

277,110,000

8,070,000

285,180,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NAD

$

242,728,096

3.91

%

NEA

140,972,192

3.85

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NAD

$

364,940,000

$

—

$

364,940,000

NEA

277,110,000

8,070,000

285,180,000

121

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.

5.

Derivative

Investments

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

Fund’s

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.

6.

Fund

Shares

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

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.

As

of

the

end

of

the

reporting

period,

NAD

and

NEA

had

$727,309,426

and

$77,974,106

of

AMTP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs,

respectively.

Further

details

of

each

Fund’s

AMTP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

NAD

$

972,075,550

$

898,964,547

NEA

774,511,608

749,049,372

NEA

Year

Ended

10/31/24

Year

Ended

10/31/23

Common

Shares:

Repurchased

and

retired

through

tender

offer

—

45,000

Total

—

45,000

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

–

9.88

Discount

per

share

repurchased

and

retired

–%

(17.23)%

Fund

Series

Shares

Outstanding

Liquidation

Preference

NAD

2028

3,370

$337,000,000

2028-1

2,085

$208,500,000

2028-2

1,820

$182,000,000

NEA

2028-1

780

$78,000,000

122

Notes

to

Financial

Statements

(continued)

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

Fund’s

AMTP

Shares

are

as

follows:

The

average

liquidation

preference

of

AMTP

Shares

outstanding

and

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

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

Fund’s

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

NEA’s

Series

D)

liquidation

preference

per

share.

These

MFP

Shares

were

issued

via

private

placement

and

are

not

publically

available.

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.

Fund

Notice

Period

Series

Term

Redemption

Date

Premium

Expiration

Date

NAD

360-day

2028

December

1,

2028*

November

30,

2019

360-day

2028-1

December

1,

2028*

November

30,

2019

360-day

2028-2

December

1,

2028*

November

30,

2019

NEA

360-day

2028-1

December

1,

2028*

December

13,

2019

*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

AMTP

Shares

Outstanding

Annualized

Dividend

Rate

NAD

$

727,500,000

4.34

%

NEA

139,352,459

4.32

123

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

agent’s

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

Fund’s

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

$455,428,078

and

$962,370,278

of

MFP

Shares

at

liquidation

preference,

net

of

deferred

available

offering

costs,

respectively.

Further

details

of

each

Fund’s

MFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows.

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

annualized

dividend

rate

for

each

Fund

during

the

current

fiscal

period

were

as

follows:

Fund

Series

Shares

Outstanding

Term

Redemption

Date

Mode

Mode

Termination

Date

NAD

A

3,838

January

3,

2028

VRM

January

3,

2028*

B

720

September

1,

2047

VRM

December

1,

2024

NEA

A

1,350

February

3,

2048

VRM

February

3,

2048*

B

2,600

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

*

Subject

to

earlier

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

NAD

$

553,244,809

4.60

%

NEA

998,736,066

4.10

124

Notes

to

Financial

Statements

(continued)

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

$503,842,949

and

$1,155,165,787

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:

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

Fund’s

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

agent’s

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:

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:

Transactions

in

MFP

Shares

for

the

Funds,

where

applicable,

were

as

follows:

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Special

Rate

Period

Expiration

Maturity

NAD

1

2,368

0.10%

$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

January

1,

2046

*

Remarketing

fees

as

a

percentage

of

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding

for

each

series.

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NAD

$

504,300,000

3.55

%

NEA

1,159,400,000

3.51

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

NEA

Series

Shares

Amount

Series

Shares

Amount

AMTP

Shares

redeemed

2028-1

(950)

$(95,000,000)

2028

(1,435)

$(143,500,000)

125

Transactions

in

VRDP

Shares

for

the

Funds,

where

applicable,

were

as

follows:

7.

Income

Tax

Information

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

Fund's

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

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

investments

in

partnerships,

nondeductible

expenses,

paydowns,

taxable

market

discount

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

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

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Year

Ended

October

31,

2024

NAD

Series

Shares

Amount

MFP

Shares

redeemed

A

(2,232)

$(223,200,000)

Year

Ended

October

31,

2024

NEA

Series

Shares

Amount

MFP

Shares

redeemed

B

(750)

$(75,000,000)

Year

Ended

October

31,

2023

NEA

Series

Shares

Amount

MFP

Shares

redeemed

A

(500)

$(50,000,000)

Year

Ended

October

31,

2023

NAD

Series

Shares

Amount

VRDP

Shares

redeemed

3

(1,277)

$(127,700,000)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NAD

$

4,538,125,316

$

131,546,914

$

(40,220,445)

$

91,326,469

NEA

5,752,127,389

164,707,408

(66,617,281)

98,090,127

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

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)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

on

October

1,

2024

and

paid

on

November

1,

2024.

126

Notes

to

Financial

Statements

(continued)

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

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

Fund’s

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

Fund’s

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: 

For

the

period

May

1,

2023

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

fund

was

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

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

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

10/31/24

10/31/23

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NAD

$

121,907,366

$

93,185

$

—

$

43,600,052

$

111,085,011

$

365,711

$

—

$

—

NEA

139,218,646

75,152

—

65,964,481

130,286,846

988,999

—

—

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

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

NAD's

and

NEA's

capital

loss

carryforwards

is

subject

to

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

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

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

127

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Effective

May

1,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

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

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances. 

As

of

October

31,

2024,

the

annual

complex-level

fee

for

each

fund

was

as

follows:

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: 

9.

Commitments

and

Contingencies

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.

10.

Borrowing

Arrangements

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

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

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

Fund

Complex-Level

Fee

NAD

0.1572%

NEA

0.1572%

Fund

Purchases

Sales

Realized

Gain

(Loss)

NAD

$

60,632,870

$

53,608,499

$

(3,216,429)

NEA

78,292,109

72,450,174

(3,826,396)

128

Notes

to

Financial

Statements

(continued)

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

2025

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. The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

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

facility’s

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

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

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

fund’s

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

fund’s

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)

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

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

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

day’s

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

fund’s

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

day’s

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.

Fund

Maximum

Outstanding

Balance

NAD

$

42,000,000

NEA

12,406,589

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NAD

52

$

11,620,197

6.36

%

NEA

8

12,037,052

6.53

Shareholder

Update

129

(U

naudited)

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUNDS

NUVEEN

QUALITY

MUNICIPAL

INCOME

FUND

(NAD)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

income

tax

and

to

enhance

portfolio

value

relative

to

the

municipal

bond

market

by

investing

in

tax-exempt

municipal

securities

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

income

taxes.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax.

The

Fund

may

invest

up

to

35%

of

its

Managed

Assets

in

securities

that,

at

the

time

of

investment,

are

rated

below

the

three

highest

grades

(Baa

or

BBB

or

lower)

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities.

The

Fund

may

not

enter

into

a

futures

contract

or

related

options

or

forward

contracts

if

more

than

30%

of

the

Fund’s

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

the

Fund’s

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

or

related

options.

The

Fund

will

generally

maintain

an

investment

portfolio

with

an

overall

weighted

average

maturity

of

greater

than

10

years.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

income

taxes,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

tender

option

bond

trusts

(“TOB

Trusts”),

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

United

States

(“U.S.”)

federal

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

U.S.

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

noncorporate

taxpayers

(“AMT

Bonds”).

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

130

Shareholder

Update

(continued)

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both  short-term floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

131

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

municipal

market

data

rate

locks

(“MMD

Rate

Locks”)),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below

C-,

at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

preferred

shares

of

beneficial

interest

(“Preferred

Shares”),

investments

in

inverse

floating

rate

securities,

entering

into

reverse

repurchase

agreements

(effectively

a

secured

borrowing)

and

borrowings

(subject

to

certain

investment

restrictions). In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

any

percentage

of

its

Managed

Assets

in

short-term

investments

including

high

quality,

short-term

debt

securities

that

may

be

either tax-exempt or

taxable.

The

Fund

may

not

achieve

its

investment

objectives

during

such

periods.

132

Shareholder

Update

(continued)

NUVEEN

AMT-FREE

QUALITY

MUNICIPAL

INCOME

FUND

(NEA)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

income

tax

and

federal

alternative

minimum

tax

applicable

to

individuals,

and

to

enhance

portfolio

value

relative

to

the

municipal

bond

market

by

investing

in

tax-exempt

municipal

securities

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued. 

Investment

Policies

As

a

fundamental

investment

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

that

pay

interest

exempt

from

regular

federal

income

tax.

Additionally,

as

a

fundamental

investment

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

in

a

portfolio

of

securities,

the

income

from

which

is

exempt

from

the

federal

alternative

minimum

tax

applicable

to

individuals.

As

a non-fundamental

investment policy,

under

normal

circumstances,

the

Fund

will

invest

100%

of

its

Managed

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

the

federal

alternative

minimum

tax

applicable

to

individuals

at

the

time

of

purchase.

“Assets”

means

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

means

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Additionally,

as

a

non-fundamental

policy,

the

Fund:

May

invest

up

to

35%

of

its

Managed

Assets

in

securities

rated,

at

the

time

of

investment,

below

the

three

highest

grades

(Baa

or

BBB

or

lower)

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

which

includes

below-investment-grade

securities,

or

unrated

securities

judged

to

be

of

comparable

quality

by

the Fund’s

sub-adviser.

May

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities.

The

Fund

may

not

enter

into

a

futures

contract

or

related

options

or

forward

contracts

if

more

than

30%

of

the

Fund’s

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

the

Fund’s

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

or

related

options.

The

Fund

will

generally

maintain

an

investment

portfolio

with

an

overall

weighted

average

maturity

of

greater

than

10

years.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

fundamental

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

that

pay

interest

exempt

from

both

regular

federal

income

tax

and

the

federal

alternative

minimum

tax

applicable

to

individuals

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

its

assets

in

a

portfolio

of

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

tender

option

bond

trusts

(“TOB

Trusts”),

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

United

States

(“U.S.”)

federal

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

U.S.

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

invest

in

municipal

securities

that

are

additionally

secured

by

insurance,

bank

credit

agreements

or

escrow

accounts.

133

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both  short-term floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

134

Shareholder

Update

(continued)

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

municipal

market

data

rate

locks

(“MMD

Rate

Locks”)),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below

C-,

at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

preferred

shares

of

beneficial

interest

(“Preferred

Shares”),

investments

in

inverse

floating

rate

securities,

entering

into

reverse

repurchase

agreements

(effectively

a

secured

borrowing)

and

borrowings

(subject

to

certain

investment

restrictions). In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

or

in

order

to

help

keep

the

Fund’s

assets

fully

invested,

including

during

the

period

within

which

the

net

proceeds

of

an

offering

of

Securities

are

first

being

invested,

the

Fund

may

deviate

from

its

investment

policies

and

objectives.

During

such

periods,

the

Fund

may

invest

any

percentage

of

its

Managed

Assets

in

short-term

investments,

including

high

quality,

short-term

debt

securities

that

may

be

either

tax-exempt

or

taxable.

The

Fund

may

not

achieve

its

investment

objectives

during

such

periods.

135

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

NAD

NEA

Portfolio

Level

Risks

Alternative

Minimum

Tax

Risk

X

-

Below

Investment

Grade

Risk

X

X

Call

Risk

X

X

Credit

Risk

X

X

Credit

Spread

Risk

X

X

Deflation

Risk

X

X

Derivatives

Risk

X

X

Direct

Lending

Risk

X

X

Distressed

or

Defaulted

Securities

Risk

X

X

Duration

Risk

X

X

Economic

Sector

Risk

X

X

Financial

Futures

and

Options

Risk

X

X

Floating

and

Variable

Rate

Securities

Risk

X

X

Hedging

Risk

X

X

Illiquid

Investments

Risk

X

X

Income

Risk

X

X

Inflation

Risk

X

X

Insurance

Risk

X

X

Interest

Rate

Risk

X

X

Inverse

Floating

Rate

Securities

Risk

X

X

Municipal

Securities

Risk

X

X

Municipal

Securities

Market

Liquidity

Risk

X

X

Municipal

Securities

Market

Risk

X

X

Other

Investment

Companies

Risk

X

X

Puerto

Rico

Municipal

Securities

Market

Risk

X

X

Reinvestment

Risk

X

X

Special

Risks

Related

to

Certain

Municipal

Obligations

X

X

Swap

Transactions

Risk

X

X

Tax

Risk

X

X

Taxability

Risk

X

X

Tobacco

Settlement

Bond

Risk

X

X

Unrated

Securities

Risk

X

X

Valuation

Risk

X

X

When-Issued

and

Delayed-Delivery

Transactions

Risk

X

X

Zero

Coupon

Bonds

Risk

X

X

136

Shareholder

Update

(continued)

Risk

NAD

NEA

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

Counterparty

Risk

X

X

Cybersecurity

Risk

X

X

Economic

and

Political

Events

Risk

X

X

Fund

Tax

Risk

X

X

Global

Economic

Risk

X

X

Investment

and

Market

Risk

X

X

Legislation

and

Regulatory

Risk

X

X

Leverage

Risk

X

X

Market

Discount

from

Net

Asset

Value

X

X

Recent

Market

Conditions

X

X

Reverse

Repurchase

Agreement

Risk

X

X

137

Portfolio

Level

Risks:

Alternative

Minimum

Tax

Risk.

The

Fund

may

invest

in

AMT

Bonds.

Therefore,

a

portion

of

the

Fund’s

otherwise

exempt-interest

dividends

may

be

taxable

to

those

shareholders

subject

to

the

federal

alternative

minimum

tax.

Below

Investment

Grade

Risk.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

investment.

If

a

below

investment

grade

investment

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Call

Risk.

The

Fund

may

invest

in

municipal

securities

that

are

subject

to

call

risk.

Such

municipal

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

municipal

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Credit

Risk.

Issuers

of

municipal

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

municipal

security

experiencing

non-payment

and

potentially

a

decrease

in

the

net

asset

value

(“NAV”)

of

the

Fund.

To

the

extent

that

the

credit

rating

assigned

to

a

municipal

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

municipal

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

municipal

security

or

other

asset

without

buying

or

selling

the

municipal

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation,

could

adversely

impact

the

Fund’s

ability

successfully

use

derivative

instruments.

Direct

Lending

Risk.

The

Fund

may

engage

in

direct

lending.

Direct

loans

between

the

Fund

and

a

borrower

may

not

be

administered

by

an

underwriter

or

agent

bank.

The

Fund

may

provide

financing

to

commercial

borrowers

directly

or

through

companies

affiliated

with

the

Fund.

The

terms

of

the

direct

loans

are

negotiated

with

borrowers

in

private

transactions.

Furthermore,

a

direct

loan

may

be

secured

or

unsecured.

The

Fund

will

rely

primarily

upon

the

creditworthiness

of

the

borrower

and/or

any

collateral

for

payment

of

interest

and

repayment

of

principal.

Direct

loans

may

subject

the

Fund

to

liquidity

risk,

interest

rate

risk,

and

borrower

default

or

insolvency.

Direct

loans

are

not

publicly

traded

and

may

not

have

a

secondary

market

which

may

have

an

adverse

impact

on

the

ability

of

the

Fund

to

dispose

of

a

direct

loan

and/or

value

the

direct

loan.

The

Fund’s

performance

may

be

impacted

by

the

Fund’s

ability

to

lend

on

favorable

terms

as

the

Fund

may

be

subject

to

increased

competition

or

a

reduced

supply

of

qualifying

loans

which

could

lead

to

lower

yields

and

reduce

Fund

performance.

As

part

of

its

lending

activities,

the

Fund

may

originate

loans

to

companies

that

are

experiencing

significant

financial

or

business

difficulties,

including

companies

involved

in

bankruptcy

or

other

reorganization

and

liquidation

proceedings.

Although

the

terms

of

such

financing

may

result

in

significant

financial

returns

to

the

Fund,

they

involve

a

substantial

degree

of

risk.

The

level

of

analytical

sophistication,

both

financial

and

legal,

necessary

for

successful

financing

to

companies

experiencing

significant

business

and

financial

difficulties

is

unusually

high.

Different

types

of

assets

may

be

used

as

collateral

for

the

Fund’s

loans

and,

accordingly,

the

valuation

of

and

risks

associated

with

such

collateral

will

vary

by

loan.

There

is

no

assurance

that

the

Fund

will

correctly

evaluate

the

value

of

the

assets

collateralizing

the

Fund’s

loans

or

the

prospects

for

a

successful

reorganization

or

similar

action.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

borrower

that

the

Fund

is

lending

money

to,

the

Fund

may

lose

all

or

part

of

the

amounts

advanced

to

the

borrower

or

may

be

required

to

accept

collateral

with

a

value

less

than

the

amount

of

the

loan

advanced

by

the

Fund

to

the

borrower.

Furthermore,

in

the

event

of

a

default

by

a

borrower,

the

Fund

may

have

difficulty

disposing

of

the

assets

used

as

collateral

for

a

138

Shareholder

Update

(continued)

loan.

To

the

extent

the

Fund

seeks

to

engage

in

direct

lending,

the

Fund

will

be

subject

to

enhanced

risks

of

litigation,

regulatory

actions

and

other

proceedings.

As

a

result,

the

Fund

may

be

required

to

pay

legal

fees,

settlement

costs,

damages,

penalties

or

other

charges,

any

or

all

of

which

could

materially

adversely

affect

the

Fund

and

its

holdings.

Distressed

or

Defaulted

Securities

Risk.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Economic

Sector

Risk.

The

Fund

may

invest

a

significant

amount

of

its

total

assets

in

municipal

securities

in

the

same

economic

sector.

This

may

make

the

Fund

more

susceptible

to

adverse

economic,

political

or

regulatory

occurrences

affecting

an

economic

sector

making

the

Fund

more

vulnerable

to

unfavorable

developments

in

that

sector

than

funds

that

invest

more

broadly.

As

the

percentage

of

the

Fund’s

Managed

Assets

invested

in

a

particular

sector

increases,

so

does

the

potential

for

fluctuation

in

the

value

of

the

Fund’s

assets.

In

addition,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

certain

sectors

of

the

municipal

securities

market,

such

as

health

care

facilities,

private

educational

facilities,

special

taxing

districts

and

start-up

utility

districts,

and

private

activity

bonds

including

industrial

development

bonds

on

behalf

of

transportation

companies,

whose

credit

quality

and

performance

may

be

more

susceptible

to

economic,

business,

political,

regulatory

and

other

developments

than

other

sectors

of

municipal

issuers.

If

the

Fund

invests

a

significant

portion

of

its

assets

in

one

or

more

particular

sectors,

the

Fund’s

performance

may

be

subject

to

additional

risk

and

variability.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

municipal

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

municipal

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Floating

and

Variable

Rate

Securities

Risk.

Floating

and

variable

rate

securities

provide

for

adjustment

in

the

interest

rate

paid

on

the

obligations.

The

terms

of

such

obligations

typically

provide

that

interest

rates

are

adjusted

based

upon

an

interest

or

market

rate

adjustment

as

provided

in

the

respective

obligations.

The

adjustment

intervals

may

be

regular,

and

range

from

daily

up

to

annually,

or

may

be

event-based,

such

as

based

on

a

change

in

the

prime

rate.

Because

of

the

interest

rate

adjustment

feature,

floating

and

variable

rate

securities

provide

an

investor

with

a

certain

degree

of

protection

against

rises

in

interest

rates,

although

the

investor

will

participate

in

any

declines

in

interest

rates

as

well.

Generally,

changes

in

interest

rates

will

have

a

smaller

effect

on

the

market

value

of

floating

and

variable

rate

securities

than

on

the

market

value

of

comparable

fixed-

income

obligations.

Thus,

investing

in

floating

and

variable

rate

securities

generally

allows

less

opportunity

for

capital

appreciation

and

depreciation

than

investing

in

comparable

fixed-income

securities.

Floating

and

variable

rate

securities

may

be

subject

to

greater

liquidity

risk

than

other

debt

securities,

meaning

that

there

may

be

limitations

on

the

Fund’s

ability

to

sell

the

securities

at

any

given

time.

Such

securities

also

may

lose

value.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or,

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

139

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Insurance

Risk.

The

Fund

may

purchase

municipal

securities

that

are

secured

by

insurance,

bank

credit

agreements

or

escrow

accounts.

The

credit

quality

of

the

companies

that

provide

such

credit

enhancements

will

affect

the

value

of

those

securities.

Certain

significant

providers

of

insurance

for

municipal

securities

have

incurred

significant

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower

credit

quality

investments.

As

a

result,

such

losses

reduced

the

insurers’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

insurance

if

they

are

called

upon

to

do

so

in

the

future.

While

an

insured

municipal

security

will

typically

be

deemed

to

have

the

rating

of

its

insurer,

if

the

insurer

of

a

municipal

security

suffers

a

downgrade

in

its

credit

rating

or

the

market

discounts

the

value

of

the

insurance

provided

by

the

insurer,

the

value

of

the

municipal

security

would

more

closely,

if

not

entirely,

reflect

such

rating.

In

such

a

case,

the

value

of

insurance

associated

with

a

municipal

security

may

not

add

any

value.

The

insurance

feature

of

a

municipal

security

does

not

guarantee

the

full

payment

of

principal

and

interest

through

the

life

of

an

insured

obligation,

the

market

value

of

the

insured

obligation

or

the

NAV

of

the

common

shares

represented

by

such

insured

obligation.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

municipal

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

municipal

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

municipal

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-

term

municipal

securities

generally

fluctuate

more

than

prices

of

shorter-term

municipal

securities

as

interest

rates

change.

If

the

Fund

invests

in

floating

rate

securities,

the

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

rest.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating

rate

securities

may

decline

due

to

lower

coupon

payments

on

floating-

rate

securities.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Municipal

Securities

Risk.

The

values

of

municipal

securities

may

be

adversely

affected

by

local

political

and

economic

conditions

and

developments.

Adverse

conditions

in

an

industry

significant

to

a

local

economy

could

have

a

correspondingly

adverse

effect

on

the

financial

condition

of

local

issuers.

Other

factors

that

could

affect

municipal

securities

include

a

change

in

the

local,

state,

or

national

economy,

a

downgrade

of

a

state’s

credit

rating

or

the

rating

of

authorities

or

political

subdivisions

of

the

state,

demographic

factors,

ecological

or

environmental

concerns,

inability

or

perceived

inability

of

a

government

authority

to

collect

sufficient

tax

or

other

revenues,

statutory

limitations

on

the

issuer’s

ability

to

increase

taxes,

and

other

developments

generally

affecting

the

revenue

of

issuers

(for

example,

legislation

or

court

decisions

reducing

state

aid

to

local

governments

or

mandating

additional

services).

This

risk

would

be

heightened

to

the

extent

that

the

Fund

invests

a

substantial

portion

of

the

below-investment

grade

quality

portion

of

its

portfolio

in

the

bonds

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

in

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

municipal

lease

obligations,

private

activity

bonds

or

moral

obligation

bonds)

that

are

particularly

exposed

to

specific

types

of

adverse

economic,

business

or

political

events.

The

value

of

municipal

securities

may

also

be

adversely

affected

by

rising

health

care

costs,

increasing

unfunded

pension

liabilities,

and

by

the

phasing

out

of

federal

programs

providing

financial

support.

In

recent

periods,

a

number

of

municipal

issuers

have

defaulted

on

obligations,

been

downgraded

or

commenced

insolvency

proceedings.

Financial

difficulties

of

municipal

issuers

may

continue

or

get

worse.

In

addition,

the

amount

of

public

information

available

about

municipal

bonds

is

generally

less

than

for

certain

corporate

equities

or

bonds,

meaning

that

the

investment

performance

of

the

Fund

may

be

more

dependent

on

the

analytical

abilities

of

the

Fund’s

sub-adviser

than

funds

that

invest

in

stock

or

other

corporate

investments.

To

the

extent

that

a

fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

issuers

located

in

a

given

state

or

U.S.

territory,

it

will

be

disproportionally

affected

by

political

and

economic

conditions

and

developments

in

that

state

or

territory

and

may

involve

greater

risk

than

funds

that

invest

in

a

larger

universe

of

securities.

In

addition,

economic,

political

or

regulatory

changes

in

that

state

or

territory

could

adversely

affect

municipal

securities

issuers

in

that

state

or

territory

and

therefore

the

value

of

a

fund’s

investment

portfolio.

Municipal

Securities

Market

Liquidity

Risk.

Inventories

of

municipal

securities

held

by

brokers

and

dealers

have

decreased

in

recent

years,

lessening

their

ability

to

make

a

market

in

these

securities.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities

at

attractive

prices,

and

increase

municipal

security

price

volatility

and

trading

costs,

particularly

during

periods

of

economic

140

Shareholder

Update

(continued)

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

municipal

securities,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities.

As

a

result,

the

Fund

may

be

forced

to

accept

a

lower

price

to

sell

a

security,

to

sell

other

securities

to

raise

cash,

or

to

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

municipal

securities

to

raise

cash

to

meet

its

obligations,

those

sales

could

further

reduce

the

municipal

securities’

prices

and

hurt

performance.

Municipal

Securities

Market

Risk.

The

amount

of

public

information

available

about

the

municipal

securities

in

the

Fund’s

portfolio

is

generally

less

than

that

for

corporate

equities

or

bonds,

and

the

investment

performance

of

the

Fund

may

therefore

be

more

dependent

on

the

analytical

abilities

of

the

sub-adviser

than

if

the

Fund

were

a

stock

fund

or

taxable

bond

fund.

The

secondary

market

for

municipal

securities,

particularly

below

investment

grade

municipal

securities,

also

tends

to

be

less

well-developed

or

liquid

than

many

other

securities

markets,

which

may

adversely

affect

the

Fund’s

ability

to

sell

its

municipal

securities

at

attractive

prices.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Puerto

Rico

Municipal

Securities

Market

Risk.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

issued

by

the

Commonwealth

of

Puerto

Rico

or

its

political

subdivisions,

agencies,

instrumentalities,

or

public

corporations

(collectively

referred

to

as

“Puerto

Rico”

or

the

“Commonwealth”),

it

will

be

disproportionally

affected

by

political,

social

and

economic

conditions

and

developments

in

the

Commonwealth.

In

addition,

economic,

political

or

regulatory

changes

in

that

territory

could

adversely

affect

the

value

of

the

Fund’s

investment

portfolio.

Puerto

Rico

currently

is

experiencing

significant

fiscal

and

economic

challenges,

including

substantial

debt

service

obligations,

high

levels

of

unemployment,

underfunded

public

retirement

systems,

and

persistent

government

budget

deficits.

These

challenges

may

negatively

affect

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Several

major

ratings

agencies

have

downgraded

the

general

obligation

debt

of

Puerto

Rico

to

below

investment

grade

and

continue

to

maintain

a

negative

outlook

for

this

debt,

which

increases

the

likelihood

that

the

rating

will

be

lowered

further.

In

both

August

2015

and

January

2016,

Puerto

Rico

defaulted

on

its

debt

by

failing

to

make

full

payment

due

on

its

outstanding

bonds,

and

there

can

be

no

assurance

that

Puerto

Rico

will

be

able

to

satisfy

its

future

debt

obligations.

Further

downgrades

or

defaults

may

place

additional

strain

on

the

Puerto

Rico

economy

and

may

negatively

affect

the

value,

liquidity,

and

volatility

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Additionally,

numerous

issuers

have

entered

Title

III

of

the

Puerto

Rico

Oversite,

Management

and

Economic

Stability

Act

(“PROMESA”),

which

is

similar

to

bankruptcy

protection,

through

which

the

Commonwealth

of

Puerto

Rico

can

restructure

its

debt.

However,

Puerto

Rico’s

case

is

the

first

ever

heard

under

PROMESA

and

there

is

no

existing

case

precedent

to

guide

the

proceedings.

Accordingly,

Puerto

Rico’s

debt

restructuring

process

could

take

significantly

longer

than

traditional

municipal

bankruptcy

proceedings.

Further,

it

is

not

clear

whether

a

debt

restructuring

process

will

ultimately

be

approved

or,

if

so,

the

extent

to

which

it

will

apply

to

Puerto

Rico

municipal

securities

sold

by

an

issuer

other

than

the

territory.

A

debt

restructuring

could

reduce

the

principal

amount

due,

the

interest

rate,

the

maturity,

and

other

terms

of

Puerto

Rico

municipal

securities,

which

could

adversely

affect

the

value

of

Puerto

Rican

municipal

securities.

Legislation,

including

PROMESA

that

would

allow

Puerto

Rico

to

restructure

its

municipal

debt

obligations,

thus

increasing

the

risk

that

Puerto

Rico

may

never

pay

off

municipal

indebtedness,

or

may

pay

only

a

small

fraction

of

the

amount

owed,

could

also

impact

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

These

challenges

and

uncertainties

have

been

exacerbated

by

Hurricanes

Irma

and

Maria

and

the

resulting

natural

disaster

in

Puerto

Rico.

In

September

2017,

Hurricanes

Irma

and

Maria

struck

Puerto

Rico,

causing

major

damage

across

the

Commonwealth,

including

damage

to

its

water,

power,

and

telecommunications

infrastructure.

The

length

of

time

needed

to

rebuild

Puerto

Rico’s

infrastructure

is

unclear,

but

could

amount

to

years,

during

which

the

Commonwealth

is

likely

to

be

in

an

uncertain

economic

state.

The

full

extent

of

the

natural

disaster’s

impact

on

Puerto

Rico’s

economy

and

foreign

investment

in

Puerto

Rico

is

difficult

to

estimate.

More

recently,

in

late

December

2019

and

January

2020,

a

series

of

earthquakes

hit

Puerto

Rico,

including

a

magnitude

6.4

earthquake,

the

most

powerful

earthquake

to

hit

the

island

in

more

than

a

century,

causing

an

estimated

$200

million

in

damage.

In

addition,

in

early

2020,

as

the

population

of

Puerto

Rico

worked

to

recover

from

these

natural

disasters,

the

island

was

significantly

impacted

by

Covid,

resulting

in

the

Commonwealth’s

authorization

of

a

$787

million

relief

package

to

fight

the

pandemic

and

its

economic

impacts.

Any

reduction

in

the

Commonwealth’s

revenues

as

a

result

of

the

pandemic

could

have

a

negative

ability

on

the

Commonwealth

to

meet

its

debt

service

obligations,

including

with

respect

to

debt

held

by

the

Fund.

Puerto

Rico’s

political

and

economic

conditions

could

have

a

negative

impact

on

the

liquidity

or

value

of

Puerto

Rican

municipal

securities,

and

consequently

may

affect

the

Fund’s

investments

and

its

performance

if

the

Fund

invests

a

significant

portion

of

its

assets

in

Puerto

Rican

municipal

securities.

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

municipal

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

141

Special

Risks

Related

to

Certain

Municipal

Obligations.

Municipal

leases

and

certificates

of

participation

involve

special

risks

not

normally

associated

with

general

obligations

or

revenue

bonds.

Leases

and

installment

purchase

or

conditional

sale

contracts

(which

normally

provide

for

title

to

the

leased

asset

to

pass

eventually

to

the

governmental

issuer)

have

evolved

as

a

means

for

governmental

issuers

to

acquire

property

and

equipment

without

meeting

the

constitutional

and

statutory

requirements

for

the

issuance

of

debt.

The

debt

issuance

limitations

are

deemed

to

be

inapplicable

because

of

the

inclusion

in

many

leases

or

contracts

of

“non-appropriation”

clauses

that

relieve

the

governmental

issuer

of

any

obligation

to

make

future

payments

under

the

lease

or

contract

unless

money

is

appropriated

for

such

purpose

by

the

appropriate

legislative

body.

In

addition,

such

leases

or

contracts

may

be

subject

to

the

temporary

abatement

of

payments

in

the

event

that

the

governmental

issuer

is

prevented

from

maintaining

occupancy

of

the

leased

premises

or

utilizing

the

leased

equipment.

Although

the

obligations

may

be

secured

by

the

leased

equipment

or

facilities,

the

disposition

of

the

property

in

the

event

of

non-appropriation

or

foreclosure

might

prove

difficult,

time

consuming

and

costly,

and

may

result

in

a

delay

in

recovering

or

the

failure

to

fully

recover

the

Fund’s

original

investment.

In

the

event

of

non-appropriation,

the

issuer

would

be

in

default

and

taking

ownership

of

the

assets

may

be

a

remedy

available

to

the

Fund,

although

the

Fund

does

not

anticipate

that

such

a

remedy

would

normally

be

pursued.

Certificates

of

participation

involve

the

same

risks

as

the

underlying

municipal

leases.

In

addition,

the

Fund

may

be

dependent

upon

the

municipal

authority

issuing

the

certificates

of

participation

to

exercise

remedies

with

respect

to

the

underlying

securities.

Certificates

of

participation

also

entail

a

risk

of

default

or

bankruptcy,

both

of

the

issuer

of

the

municipal

lease

and

also

the

municipal

agency

issuing

the

certificate

of

participation.

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts,

interest

rate

swaps,

and

MMD

Rate

Locks.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/or

the

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/

or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Tax

Risk.

The

value

of

the

Fund’s

investments

and

its

NAV

may

be

adversely

affected

by

changes

in

tax

rates,

rules

and

policies.

Because

interest

income

from

municipal

securities

is

normally

not

subject

to

regular

federal

income

taxation,

the

attractiveness

of

municipal

securities

in

relation

to

other

investment

alternatives

is

affected

by

changes

in

federal

income

tax

rates

or

changes

in

the

tax

exempt

status

of

interest

income

from

municipal

securities.

Additionally,

the

Fund

is

not

a

suitable

investment

for

individual

retirement

accounts,

for

other

tax

exempt

or

tax-deferred

accounts,

for

investors

who

are

not

sensitive

to

the

federal

income

tax

consequences

of

their

investments.

Taxability

Risk.

The

Fund

will

invest

in

municipal

securities

in

reliance

at

the

time

of

purchase

on

an

opinion

of

bond

counsel

to

the

issuer

that

the

interest

paid

on

those

securities

will

be

excludable

from

gross

income

for

regular

federal

income

tax

purposes,

and

the

sub-adviser

will

not

independently

verify

that

opinion.

Subsequent

to

the

Fund’s

acquisition

of

such

a

municipal

security,

however,

the

security

may

be

determined

to

pay,

or

to

have

paid,

taxable

income.

As

a

result,

the

treatment

of

dividends

previously

paid

or

to

be

paid

by

the

Fund

as

“exempt-interest

dividends”

could

be

adversely

affected,

subjecting

the

Fund’s

shareholders

to

increased

federal

income

tax

liabilities.

Certain

other

investments

made

by

the

Fund,

including

derivatives

transactions,

may

result

in

the

receipt

of

taxable

income

or

gains

by

the

Fund.

Tobacco

Settlement

Bond

Risk.

The

Fund

may

invest

in

tobacco

settlement

bonds.

Tobacco

settlement

bonds

are

municipal

securities

that

are

backed

solely

by

expected

revenues

to

be

derived

from

lawsuits

involving

tobacco

related

deaths

and

illnesses

which

were

settled

between

certain

states

and

American

tobacco

companies.

Tobacco

settlement

bonds

are

secured

by

an

issuing

state’s

proportionate

share

in

the

Master

Settlement

Agreement,

an

agreement

between

46

states

and

nearly

all

of

the

U.S.

tobacco

manufacturers

(the

“MSA”).

Under

the

terms

of

the

MSA,

the

actual

amount

of

future

settlement

payments

by

tobacco-manufacturers

is

dependent

on

many

factors,

including,

among

other

things,

reduced

cigarette

consumption.

Payments

made

by

tobacco

manufacturers

could

be

negatively

impacted

if

the

decrease

in

tobacco

consumption

is

significantly

greater

than

the

forecasted

decline.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

Valuation

Risk.

The

municipal

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

municipal

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

142

Shareholder

Update

(continued)

Zero

Coupon

Bonds

Risk.

Because

interest

on

zero

coupon

bonds

is

not

paid

on

a

current

basis,

the

values

of

zero

coupon

bonds

will

be

more

volatile

in

response

to

interest

rate

changes

than

the

values

of

bonds

that

distribute

income

regularly.

Although

zero

coupon

bonds

generate

income

for

accounting

purposes,

they

do

not

produce

cash

flow,

and

thus

the

Fund

could

be

forced

to

liquidate

securities

at

an

inopportune

time

in

order

to

generate

cash

to

distribute

to

shareholders

as

required

by

tax

laws.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Declaration

of

Trust

and

the

Fund’s

by

laws

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status.

These

provisions

could

have

the

effect

of

depriving

the

Common

Shareholders

of

opportunities

to

sell

their

Common

Shares

at

a

premium

over

the

then-current

market

price

of

the

Common

Shares.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Economic

and

Political

Events

Risk.

The

Fund

may

be

more

sensitive

to

adverse

economic,

business

or

political

developments

if

it

invests

a

substantial

portion

of

its

assets

in

the

municipal

securities

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

private

activity

bonds

or

moral

obligation

bonds).

Such

developments

may

adversely

affect

a

specific

industry

or

local

political

and

economic

conditions,

and

thus

may

lead

to

declines

in

the

creditworthiness

and

value

of

such

municipal

securities.

Fund

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

assets

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

war,

natural

and

environmental

disasters,

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies,

terrorist

attacks

in

the

United

States

and

around

the

world,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—to

international

events,

further

downgrade

of

U.S.

government

securities,

changes

in

the

U.S.

president

or

political

shifts

in

Congress

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

Hamas’

attack

on

Israel

in

October

2023

and

the

ensuing

conflict,

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-

range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events,

and

the

future

impact

of

these

and

similar

events

on

the

global

economy

and

securities

markets

is

uncertain.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

143

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

Certain

types

of

leverage

may

result

in

the

Fund

being

subject

to

certain

covenants,

asset

coverage

or

other

portfolio

composition

limits

by

its

lenders,

debt

or

preferred

securities

purchasers,

rating

agencies

that

may

rate

the

debt

or

preferred

securities,

or

reverse

repurchase

counterparties.

Such

limitations

may

be

more

stringent

than

those

imposed

by

the

1940

Act

and

may

impact

whether

the

Fund

is

able

to

maintain

its

desired

amount

of

leverage.

In

addition,

whenever

the

Fund

incurs

borrowings

and/or

preferred

shares

are

outstanding,

Common

Shareholders

will

not

be

entitled

to

receive

any

cash

distributions

from

the

Fund

unless

all

interest

on

such

borrowings

has

been

paid

and

all

accumulated

dividends

on

preferred

shares

have

been

paid,

unless

asset

coverage

(as

defined

in

the

1940

Act)

with

respect

to

any

borrowings

would

be

at

least

300%

after

giving

effect

to

the

distributions

and

asset

coverage

(as

defined

in

the

1940

Act)

with

respect

to

preferred

shares

would

be

at

least

200%

after

giving

effect

to

the

distributions.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions,

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

There

is

no

assurance

that

the

Fund’s

use

of

leverage

will

be

successful.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-advisor

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

advisor

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

144

Shareholder

Update

(continued)

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

Additionally,

in

October

2023

armed

conflict

broke

out

between

Israel

and

the

militant

group

Hamas

after

Hamas

infiltrated

Israel’s

southern

border

from

the

Gaza

Strip.

Israel

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

The

U.S.

Federal

Reserve

(the

“Fed”)

has

in

the

past

sharply

raised

interest

rates,

and

while

the

Fed

has

recently

lowered

the

federal

funds

rate,

it

has

signaled

an

intention

to

maintain

relatively

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

("FDIC")

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

145

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements

and

investments

in

inverse

floating

rate

securities,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

a

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

October

31,

2024

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Funds

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

October

31,

2024)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Funds.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Funds

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

NAD

NEA

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

40.63%

40.16%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

4.40%

4.38%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.79%

1.76%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

(19.85)%

(19.65)%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

(11.43)%

(11.30)%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

(3.01)%

(2.94)%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

5.41%

6.42%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

13.83%

13.77%

146

Shareholder

Update

(continued)

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

month

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

If

you

withdraw

or

the

Plan

is

terminated,

you

will

receive

whole

shares

in

your

account

under

the

Plan

and

you

will

receive

a

cash

payment

for

any

fraction

of

a

share

in

your

account.

If

you

wish,

the

Plan

Agent

will

sell

your

shares

and

send

you

the

proceeds,

minus

brokerage

commissions

and

a

$2.50

service

fee.

Fractional

Shares

The

Plan

Agent

will

confirm

your

acquisition

made

for

your

account

as

soon

as

practicable

but

not

later

than

60

days

after

the

date

thereof.

Although

you

may

from

time

to

time

have

an

undivided

fractional

interest

(computed

up

to

six

decimal

places)

in

a

share

(“fractional

shares”)

of

the

Fund

within

the

operation

of

the

Plan,

and

distributions

on

fractional

shares

will

be

credited

to

your

account,

no

fractional

shares

will

be

transferred.

In

the

event

of

termination

of

your

account

under

the

Plan,

the

Plan

Agent

will

either

(a)

continue

to

hold

your

Common

Shares

in

book-entry

form,

or

(b)

transfer

a

whole

number

of

Common

Shares

to

an

intermediary

of

your

choosing,

in

either

case

disbursing

to

the

investor

an

amount

of

cash

equal

to

the

value

of

any

such

fractional

shares

valued

at

the

then-current

market

value

of

the

Fund's

Common

Shares

at

the

time

of

termination,

less

any

applicable

fees.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

advisor

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

147

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

a

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Funds’

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Funds;

(iv)

a

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders

except

as

follows:

Principal

Risks

The

following

risk

factors

were

added

as

a

principal

risk

to

the

Funds:

Direct

Lending

Risk.

The

Fund

may

engage

in

direct

lending.

Direct

loans

between

the

Fund

and

a

borrower

may

not

be

administered

by

an

underwriter

or

agent

bank.

The

Fund

may

provide

financing

to

commercial

borrowers

directly

or

through

companies

affiliated

with

the

Fund.

The

terms

of

the

direct

loans

are

negotiated

with

borrowers

in

private

transactions.

Furthermore,

a

direct

loan

may

be

secured

or

unsecured.

The

Fund

will

rely

primarily

upon

the

creditworthiness

of

the

borrower

and/or

any

collateral

for

payment

of

interest

and

repayment

of

principal.

Direct

loans

may

subject

the

Fund

to

liquidity

risk,

interest

rate

risk,

and

borrower

default

or

insolvency.

Direct

loans

are

not

publicly

traded

and

may

not

have

a

secondary

market

which

may

have

an

adverse

impact

on

the

ability

of

the

Fund

to

dispose

of

a

direct

loan

and/or

value

the

direct

loan.

The

Fund’s

performance

may

be

impacted

by

the

Fund’s

ability

to

lend

on

favorable

terms

as

the

Fund

may

be

subject

to

increased

competition

or

a

reduced

supply

of

qualifying

loans

which

could

lead

to

lower

yields

and

reduce

Fund

performance.

As

part

of

its

lending

activities,

the

Fund

may

originate

loans

to

companies

that

are

experiencing

significant

financial

or

business

difficulties,

including

companies

involved

in

bankruptcy

or

other

reorganization

and

liquidation

proceedings.

Although

the

terms

of

such

financing

may

result

in

significant

financial

returns

to

the

Fund,

they

involve

a

substantial

degree

of

risk.

The

level

of

analytical

sophistication,

both

financial

and

legal,

necessary

for

successful

financing

to

companies

experiencing

significant

business

and

financial

difficulties

is

unusually

high.

Different

types

of

assets

may

be

used

as

collateral

for

the

Fund’s

loans

and,

accordingly,

the

valuation

of

and

risks

associated

with

such

collateral

will

vary

by

loan.

There

is

no

assurance

that

the

Fund

will

correctly

evaluate

the

value

of

the

assets

collateralizing

the

Fund’s

loans

or

the

prospects

for

a

successful

reorganization

or

similar

action.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

borrower

that

the

Fund

is

lending

money

to,

the

Fund

may

lose

all

or

part

of

the

amounts

advanced

to

the

borrower

or

may

be

required

to

accept

collateral

with

a

value

less

than

the

amount

of

the

loan

advanced

by

the

Fund

to

the

borrower.

Furthermore,

in

the

event

of

a

default

by

a

borrower,

the

Fund

may

have

difficulty

disposing

of

the

assets

used

as

collateral

for

a

loan.

To

the

extent

the

Fund

seeks

to

engage

in

direct

lending,

the

Fund

will

be

subject

to

enhanced

risks

of

litigation,

regulatory

actions

and

other

proceedings.

As

a

result,

the

Fund

may

be

required

to

pay

legal

fees,

settlement

costs,

damages,

penalties

or

other

charges,

any

or

all

of

which

could

materially

adversely

affect

the

Fund

and

its

holdings.

Floating

and

Variable

Rate

Securities

Risk.

Floating

and

variable

rate

securities

provide

for

adjustment

in

the

interest

rate

paid

on

the

obligations.

The

terms

of

such

obligations

typically

provide

that

interest

rates

are

adjusted

based

upon

an

interest

or

market

rate

adjustment

as

provided

in

the

respective

obligations.

The

adjustment

intervals

may

be

regular,

and

range

from

daily

up

to

annually,

or

may

be

event-based,

such

as

based

on

a

change

in

the

prime

rate.

Because

of

the

interest

rate

adjustment

feature,

floating

and

variable

rate

securities

provide

an

investor

with

a

certain

degree

of

protection

against

rises

in

interest

rates,

although

the

investor

will

participate

in

any

declines

in

interest

rates

as

well.

Generally,

changes

in

interest

rates

will

have

a

smaller

effect

on

the

market

value

of

floating

and

variable

rate

securities

than

on

the

market

value

of

comparable

fixed-

income

obligations.

Thus,

investing

in

floating

and

variable

rate

securities

generally

allows

less

opportunity

for

capital

appreciation

and

depreciation

than

investing

in

comparable

fixed-income

securities.

Floating

and

variable

rate

securities

may

be

subject

to

greater

liquidity

risk

than

other

debt

securities,

meaning

that

there

may

be

limitations

on

the

Fund’s

ability

to

sell

the

securities

at

any

given

time.

Such

securities

also

may

lose

value.

Municipal

Securities

Risk.

The

values

of

municipal

securities

may

be

adversely

affected

by

local

political

and

economic

conditions

and

developments.

Adverse

conditions

in

an

industry

significant

to

a

local

economy

could

have

a

correspondingly

adverse

effect

on

the

financial

condition

of

local

issuers.

Other

factors

that

could

affect

municipal

securities

include

a

change

in

the

local,

state,

or

national

economy,

a

downgrade

of

a

state’s

credit

rating

or

the

rating

of

authorities

or

political

subdivisions

of

the

state,

demographic

factors,

ecological

or

environmental

concerns,

inability

or

perceived

inability

of

a

government

authority

to

collect

sufficient

tax

or

other

revenues,

statutory

limitations

on

the

issuer’s

ability

to

increase

taxes,

and

other

developments

generally

affecting

the

revenue

of

issuers

(for

example,

legislation

or

court

decisions

reducing

state

aid

to

local

governments

or

mandating

additional

services).

This

risk

would

be

heightened

to

the

extent

that

the

Fund

invests

a

substantial

portion

of

the

below-investment

grade

quality

portion

of

its

portfolio

in

the

bonds

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

in

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

municipal

lease

obligations,

private

activity

bonds

or

moral

obligation

bonds)

that

are

particularly

exposed

to

specific

types

of

adverse

economic,

business

or

political

events.

The

value

of

municipal

securities

may

also

be

adversely

affected

by

rising

health

care

costs,

increasing

unfunded

pension

liabilities,

and

by

the

phasing

out

of

federal

programs

providing

financial

support.

In

recent

periods,

a

number

of

municipal

issuers

have

defaulted

on

obligations,

been

downgraded

or

commenced

insolvency

proceedings.

Financial

difficulties

of

municipal

issuers

may

continue

or

get

worse.

In

addition,

the

amount

of

public

information

available

about

municipal

bonds

is

generally

less

than

for

certain

corporate

equities

or

bonds,

meaning

that

the

investment

performance

of

the

Fund

may

be

more

dependent

on

the

analytical

abilities

of

the

Fund’s

sub-adviser

than

funds

that

invest

in

stock

or

other

corporate

investments.

148

Shareholder

Update

(continued)

To

the

extent

that

a

fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

issuers

located

in

a

given

state

or

U.S.

territory,

it

will

be

disproportionally

affected

by

political

and

economic

conditions

and

developments

in

that

state

or

territory

and

may

involve

greater

risk

than

funds

that

invest

in

a

larger

universe

of

securities.

In

addition,

economic,

political

or

regulatory

changes

in

that

state

or

territory

could

adversely

affect

municipal

securities

issuers

in

that

state

or

territory

and

therefore

the

value

of

a

fund’s

investment

portfolio.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

Amended

and

Restated

By-laws

On

October

5,

2020,

the

Nuveen

Quality

Municipal

Income

Fund

and

the

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

(each

a

“Fund”

and

collectively

the

“Funds”)

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

February

24,

2022,

the

Board

of

the

Funds

suspended

the

Control-Share

By-Law

provisions.

Subsequently,

on

February

28,

2024,

the

Board

of

the

Funds

adopted

Amended

and

Restated

By-Laws

to

eliminate

the

Control

Share

By-Law

provision

in

its

entirety.

Other

than

the

elimination

of

the

Control

Share

By-Law

provisions,

the

Amended

and

Restated

By-Laws

are

identical

to

the

previously

adopted

by-laws.

Portfolio

Managers

Effective

April

1,

2024

Christopher

L.

Drahn

retired

from

Nuveen

Asset

Management,

LLC

and

no

longer

serves

as

a

portfolio

manager

for

the

Funds.

149

Important

Tax

Information

(U

naudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NAD

$

—

NEA

—

150

Shareholder

Meeting

Report

(U

naudited)

The

annual

meeting

of

shareholders

for

NAD

was

held

on

August

8,

2024

and

NEA

was

held

on

August

15,

2024;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

Members.

The

vote

totals

for

NAD

and

NEA

are

set

forth

below:

NAD

NEA

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Approval

of

the

Board

Members

was

reached

as

follows:

Joanne

T.

Medero

For

164,506,588

—

205,210,718

—

Withhold

25,763,973

—

40,208,986

—

Total

190,270,561

—

245,419,704

—

Loren

M.

Starr

For

165,484,743

—

206,681,984

—

Withhold

24,785,818

—

38,737,720

—

Total

190,270,561

—

245,419,704

—

Matthew

Thornton

III

For

164,343,844

—

205,591,760

—

Withhold

25,926,717

—

39,827,944

—

Total

190,270,561

—

245,419,704

—

Albin

F.

Moschner

For

—

17,376

—

338,554

Withhold

—

—

—

—

Total

—

17,376

—

338,554

Margaret

L.

Wolff

For

—

17,376

—

338,554

Withhold

—

—

—

—

Total

—

17,376

—

338,554

151

Additional

Fund

Information

(U

naudited)

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

SEC’s

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

Nuveen’s

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

Fund’s

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.

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.

Board

of

Trustees

Joseph

A.

Boateng

Michael

A.

Forrester

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NAD

NEA

Common

shares

repurchased

0

0

152

Glossary

of

Terms

Used

in

this

Report

(U

naudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

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

bond’s

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond’s

or

bond

fund’s

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond’s

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

below)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

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.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

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

bond’s

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

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

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

fund’s

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

fund’s

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

bond’s

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

fund’s

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

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

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

trust’s

issuance

of

floating

rate

securities.

Board

Members

&

Officers

153

(U

naudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Joseph

A.

Boateng

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2019

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007);

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006);

Board

Member,

Lumina

Foundation

(since

2019)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member

and

Former

Chair

(since

2007),

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member

(since

2019),

The

Seattle

Foundation;

Trustee

(2018–2023),

the

College

Retirement

Equities

Fund;

Manager

(2019–2023),

TIAA

Separate

Account

VA-1.

211

Michael

A.

Forrester

1967

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2007

Class

I

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2007–2023).

211

Thomas

J.

Kenny

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Board

Member

2011

Class

I

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B’Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School;

Trustee

(2011–

2023)

and

Chairman

(2017–2023),

the

College

Retirement

Equities

Fund;

Manager

(2011–2023)

and

Chairman

(2017–2023),

TIAA

Separate

Account

VA-1.

216

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

IDC

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

216

154

Board

Members

&

Officers

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

216

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

216

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Formerly,

Member

of

Board

of

Directors

of

Core12

LLC

(2008–

2023)

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

The

President’s

Council

of

Fordham

University

(2010–2019);

formerly,

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009–2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012–2014);

formerly,

Trustee

and

Chairman

of

the

Board

of

Trustees

of

Marian

University

(2010–2013);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007–2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

216

155

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Loren

M.

Starr

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2022

Class

III

Independent

Consultant/Advisor

(since

2021);

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director

(since

2023)

and

Audit

Committee

member

(since

2024),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2022–2023).

215

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

216

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2008

Class

II

Formerly,

a

Co–Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008–2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012–2021);

Chair

and

Member

of

the

Board

of

Directors

(since

2021),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017–2022),

Mather

Foundation

Board

(philanthropy);

formerly,

Member

(2005–2016),

Chicago

Fellowship

Board

(philanthropy);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010–2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012–2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008–2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004–2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000–2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005–2007),

Northern

Trust

Global

Investments

Board

(2004–2007),

Northern

Trust

Japan

Board

(2004–2007),

Northern

Trust

Securities

Inc.

Board

(2003–

2007)

and

Northern

Trust

Hong

Kong

Board

(1997–2004).

216

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022)

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-

2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

216

156

Board

Members

&

Officers

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Board

Member

2017

Class

I

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

216

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

(Principal

Executive

Officer)

2015

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Nuveen

Securities,

LLC

and

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Marc

Cardella

1984

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

(Principal

Financial

Officer)

2024

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC,

Managing

Director

of

Teachers

Insurance

and

Annuity

Association

of

America

and

TIAA

SMA

Strategies

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Managing

Director

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

157

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

TIAA.

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

Executive

Vice

President,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

158

Board

Members

&

Officers

(continued)

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-B-1024P

4015282-INV-Y-12/25

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

world’s

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

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional

investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

Nuveen Quality Municipal Income Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees   Billed to Fund1		Audit-Related Fees Billed to Fund2		Tax Fees  Billed to Fund3		All Other Fees   Billed to Fund4
October 31, 2024		$38,000		$3,625		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%
October 31, 2023		$40,000		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided

constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
October 31, 2024		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%
October 31, 2023		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating LLP’s independence.

Fiscal Year Ended	Total Non-Audit Fees  Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
October 31, 2024		$0		$0		$0		$0
October 31, 2023		$0		$0		$0		$0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii)

reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

Item 4(i) and Item 4(j) are not applicable to the registrant.

Item 5. Audit Committee of Listed Registrants.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Chair, Loren M. Starr, Margaret L. Wolff and Robert L. Young.

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.

Not applicable to this filing.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Michael S. Hamilton, Managing Director, manages tax-exempt fixed income portfolios for Nuveen. He began working in the investment industry when he joined the firm in 1989. Michael, who became a portfolio manager in 1992, was previously a fixed-income fund manager and trader. He received a B.A. from the College of Idaho and an M.B.A. from Western Washington University. He is a member of the CFA Institute and the Portland Society of Financial Analysts.

Stephen J. Candido, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment grade and high yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the unit trust division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield sectors including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen’s global structured products team beginning in 2005. He also served as the manager of the fixed income unit trust product management and pricing group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

(a)(2) Other Accounts Managed by Portfolio Managers

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of   Accounts	Assets*
Michael S. Hamilton	Registered Investment Company	18	$11.50 billion
	Other Pooled Investment Vehicles	0	$0
	Other Accounts	5	$640.15 million
Stephen J. Candido	Registered Investment Company	29	$51.18 billion
	Other Pooled Investment Vehicles	2	$505.69 million
	Other Accounts	4	$199.91 million

* Assets are as of October 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject

to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3) Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

(a)(4) Beneficial Ownership of NAD Securities

As of October 31, 2024, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager	None	$1-   $10,000	$10,001-   $50,000	$50,001-   $100,000	$100,001-   $500,000	$500,001-   $1,000,000	Over   $1,000,000
Michael S. Hamilton	X
Stephen J. Candido	X

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 registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s 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 registrant’s 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 registrant’s 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 because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.
(a)(2)	Not applicable.
(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)	Change in the registrant’s independent public accountant. Filed herewith.
(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 Quality Municipal Income Fund

Date: January 6, 2025		By:	/s/ David J. Lamb
			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: January 6, 2025		By:	/s/ David J. Lamb
			David J. Lamb
			Chief Administrative Officer (principal executive officer)
Date: January 6, 2025		By:	/s/ Marc Cardella
			Marc Cardella
			Vice President and Controller (principal financial officer)