Nuveen Select Maturities Municipal Fund (NIM) N-CSRS Certified semi-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  811-07056                             

Nuveen Select Maturities Municipal 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: March 31

Date of reporting period: September 30, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

September

30,

2024

Semi-Annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited

financial

statements.

Nuveen

Select

Maturities

Municipal

Fund

NIM

Nuveen

Select

Tax-Free

Income

Portfolio

NXP

2

Table

of

Contents

Important

Notices

3

Common

Share

Information

4

About

the

Funds’

Benchmarks

6

Fund

Performance

and

Holdings

Summaries

7

Portfolios

of

Investments

12

Statement

of

Assets

and

Liabilities

47

Statement

of

Operations

48

Statement

of

Changes

in

Net

Assets

49

Financial

Highlights

50

Notes

to

Financial

Statements

52

Shareholder

Meeting

Report

61

Additional

Fund

Information

62

Glossary

of

Terms

Used

in

this

Report

63

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

64

Important

Notices

3

Portfolio

manager

commentaries

:

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

your

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

annual

shareholder

report.

Fund

changes

:

For

changes

that

occurred

to

your

Fund

both

during

and

after

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

Fund

principal

investment

policies

and

principal

risks

:

Refer

to

the

Shareholder

Update

section

of

your

Fund’s

annual

shareholder

report

for

information

on

the

Fund’s

principal

investment

policies

and

principal

risks.

Fund

performance

:

For

current

information

on

your

Fund’s

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.

nuveen.com

.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Management

fees:

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

the

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,

dismissed

KPMG

LLP

(“KPMG”)

as

the

independent

registered

public

accounting

firm

for

the

Funds.

KPMG’s

audit

reports

on

the

Funds’

financial

statements

as

of

and

for

the

fiscal

years

ended

March

31,

2024

and

March

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

March

31,

2024

and

March

31,

2023,

and

for

the

period

April

1,

2024

through

October

24,

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

March

31,

2024

and

March

31,

2023

and

for

the

period

April

1,

2024

through

October

24,

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

that

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.

During

the

Funds’

fiscal

years

ended

March

31,

2024

and

March

31,

2023

and

for

the

subsequent

interim

period

through

October

24,

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

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

September

30,

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-

closed-end-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

EQUITY

SHELF

PROGRAMS

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).

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NIM

NXP

April

$0.0260

$0.0485

May

0.0260

0.0485

June

0.0275

0.0520

July

0.0275

0.0520

August

0.0275

0.0520

September

0.0275

0.0520

Total

Distributions

from

Net

Investment

Income

$0.1620

$0.3050

Yields

NIM

NXP

Market

Yield

1

3.56%

4.13%

Taxable-Equivalent

Yield

1

6.02%

6.98%

1

Market

Yield

is

based

on

the

Fund’s

current

annualized

monthly

distribution

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

combined

federal

and

state

income

tax

rate

of

40.8%.

Your

actual

combined

federal

and

state

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

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

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.

NXP

Maximum

aggregate

offering

14,000,000

5

During

the

current

reporting

period,

NXP

sold

common

shares

through

its

Shelf

Offering

at

a

weighted

average

premium

to

their

NAV

per

common

share

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements,

for

further

details

of

Shelf

Offerings

and

each

Fund’s

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

September

30,

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.

NXP

Common

shares

sold

through

shelf

offering

1,233,792

Weighted

average

premium

to

NAV

per

common

share

sold

1.32%

NIM

NXP

Common

shares

cumulatively

repurchased

and

retired

0

0

Common

shares

authorized

for

repurchase

1,240,000

4,785,000

6

About

the

Funds’

Benchmarks

S&P

Municipal

Bond

Index

:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Intermediate

Index

:

An

index

containing

bonds

in

the

S&P

Municipal

Bond

Index

that

mature

between

3

and

15

years.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance

and

Holdings

Summaries

7

The

Fund

Performance

and

Holding

Summaries

for

each

Fund

are

shown

below

within

this

section

of

the

report.

Fund

Performance

Performance

data

for

each

Fund

shown

below

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.

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

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

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;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

8

Nuveen

Select

Maturities

Municipal

Fund

Fund

Performance

and

Holdings

Summaries

September

30,

2024

NIM

Performance*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Intermediate

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

September

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NIM

at

Common

Share

NAV

9/18/92

2.23%

8.95%

1.73%

2.60%

NIM

at

Common

Share

Price

9/18/92

4.85%

13.26%

0.84%

1.95%

S&P

Municipal

Bond

Intermediate

Index

—

2.43%

8.96%

1.47%

2.40%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$10.10

$9.26

(8.32)%

(10.05)%

9

Holdings

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

95.8‌%

Mortgage-Backed

Securities

1.0‌%

Other

Assets

&

Liabilities,

Net

3.3%

Borrowings

(0.1)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

3.7%

AAA

12.8%

AA

32.0%

A

24.5%

BBB

11.6%

BB

or

Lower

6.7%

N/R

(not

rated)

8.7%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Transportation

16.5%

Tax

Obligation/General

16.0%

Housing/Single

Family

14.4%

Utilities

13.3%

Tax

Obligation/Limited

11.9%

Health

Care

10.3%

Housing/Multifamily

3.8%

Other

13.8%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Illinois

8.7%

California

8.2%

Texas

8.1%

Ohio

5.7%

New

York

4.7%

Wisconsin

4.7%

Pennsylvania

4.2%

New

Jersey

4.0%

Colorado

3.9%

Florida

3.7%

Louisiana

2.8%

Puerto

Rico

2.7%

Oklahoma

2.6%

Washington

2.5%

North

Carolina

2.5%

Michigan

2.1%

Georgia

2.0%

Indiana

1.9%

Alabama

1.6%

District

of

Columbia

1.5%

Arizona

1.4%

New

Hampshire

1.4%

Kentucky

1.4%

North

Dakota

1.3%

Oregon

1.2%

Other

15.2%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

10

Nuveen

Select

Tax-Free

Income

Portfolio

Fund

Performance

and

Holdings

Summaries

September

30,

2024

NXP

Performance*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

September

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NXP

at

Common

Share

NAV

3/19/92

2.88%

11.51%

1.97%

3.55%

NXP

at

Common

Share

Price

3/19/92

6.86%

18.40%

2.98%

4.82%

S&P

Municipal

Bond

Index

—

2.98%

10.27%

1.52%

2.57%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$14.76

$15.11

2.37%

(0.32)%

11

Holdings

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

98.9‌%

Other

Assets

&

Liabilities,

Net

1.1%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.0%

AAA

6.8%

AA

49.4%

A

26.3%

BBB

6.5%

BB

or

Lower

2.4%

N/R

(not

rated)

4.6%

Total

100‌%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

28.5%

Transportation

21.1%

Tax

Obligation/General

18.2%

Health

Care

11.4%

Education

and

Civic

Organizations

8.3%

Utilities

7.2%

U.S.

Guaranteed

4.5%

Other

0.8%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

California

16.0%

Illinois

9.3%

Colorado

8.7%

Texas

6.8%

New

Jersey

5.3%

Washington

5.0%

Massachusetts

4.5%

Florida

4.5%

Idaho

3.8%

New

York

3.6%

Arizona

3.0%

Oregon

2.9%

Missouri

2.9%

Puerto

Rico

2.5%

District

of

Columbia

1.8%

Michigan

1.6%

Georgia

1.5%

Nebraska

1.5%

Tennessee

1.4%

Connecticut

1.4%

Other

12.0%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

12

Portfolio

of

Investments

September

30,

2024

NIM

(Unaudited)

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

96.8%   

X

120,353,742

MUNICIPAL

BONDS

-

95.8%

X

120,353,742

ALABAMA

-

1.5%

$

120,000

Alabama

Housing

Finance

Authority,

Collateralized

Single

Family

Mortgage

Revenue

Bonds,

Series

2024B

4.250

%

10/01/39

$

123,500

100,000

Alabama

Housing

Finance

Authority,

Collateralized

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C

4.450

10/01/44

101,374

215,000

Alabama

Public

School

and

College

Authority,

Capital

Improvement

Pool

Revenue

Bonds,

Refunding

Series

2020A

5.000

11/01/27

231,613

80,000

Birmingham-Jefferson

Civic

Center

Authority,

Alabama,

Special

Tax

Bonds,

Series

2018A

4.000

07/01/37

80,727

200,000

Black

Belt

Energy

Gas

District,

Alabama,

Gas

Project

Revenue

Bonds,

Series

2023C,

(Mandatory

Put

6/01/32)

5.500

10/01/54

223,154

345,000

Black

Belt

Energy

Gas

District,

Alabama,

Gas

Supply

Revenue

Bonds,

Series

2021A,

(Mandatory

Put

12/01/31)

4.000

06/01/51

355,397

100,000

Black

Belt

Energy

Gas

District,

Alabama,

Gas

Supply

Revenue

Bonds,

Series

2022

Sub

D-1,

(Mandatory

Put

6/01/27)

4.000

07/01/52

101,178

125,000

Lower

Alabama

Gas

District,

Alabama,

Goldman

Sachs

Gas

Project

2

Revenue

Bonds,

Series

2020A,

(Mandatory

Put

12/01/25)

4.000

12/01/50

125,735

65,000

Mobile

Spring

Hill

College

Educational

Building

Authority,

Alabama,

Revenue

Bonds,

Spring

Hill

College

Project,

Series

2015

5.000

04/15/27

60,232

135,000

Selma

Industrial

Development

Board,

Alabama,

Gulf

Opportunity

Zone

Revenue

Bonds,

International

Paper

Company

Project,

Refunding

Series

2020A,

(Mandatory

Put

6/16/25)

1.375

05/01/34

132,574

200,000

Southeast

Alabama

Gas

Supply

District,

Alabama,

Gas

Supply

Revenue

Bonds,

Project

1,

Refunding

Series

2024A,

(Mandatory

Put

4/01/32)

5.000

08/01/54

217,474

150,000

(a)

Tuscaloosa

County

Industrial

Development

Authority,

Alabama,

Gulf

Opportunity

Zone

Bonds,

Hunt

Refining

Project,

Refunding

Series

2019A

5.250

05/01/44

153,920

TOTAL

ALABAMA

1,906,878

ALASKA

-

0.4%

420,000

Alaska

Housing

Finance

Corporation,

Mortgage

Revenue

Bonds,

General

Series

2020A-II

2.000

12/01/35

343,350

100,000

Alaska

Housing

Finance

Corporation,

Mortgage

Revenue

Bonds,

General

Series

2022A-II

2.350

12/01/39

78,537

150,000

Alaska

Housing

Finance

Corporation,

Mortgage

Revenue

Bonds,

Series

2022B-1

2.150

06/01/36

123,336

100,000

Northern

Tobacco

Securitization

Corporation,

Alaska,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2021B-2

Class

2

0.000

06/01/66

14,084

TOTAL

ALASKA

559,307

ARIZONA

-

1.4%

145,000

(b)

Arizona

State,

Certificates

of

Participation,

Refunding

Series

2019A,

(ETM)

5.000

10/01/27

156,486

110,000

Chandler

Industrial

Development

Authority,

Arizona,

Industrial

Development

Revenue

Bonds,

Intel

Corporation

Project,

Series

2019,

(AMT),

(Mandatory

Put

6/01/29)

4.000

06/01/49

111,477

250,000

Chandler

Industrial

Development

Authority,

Arizona,

Industrial

Development

Revenue

Bonds,

Intel

Corporation

Project,

Series

2022-2,

(AMT),

(Mandatory

Put

9/01/27)

5.000

09/01/52

257,332

100,000

Maricopa

County

and

Phoenix

City

Industrial

Development

Authority,

Arizona,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C

4.625

09/01/44

102,422

235,000

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007

5.000

12/01/32

257,553

730,000

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007

5.000

12/01/37

816,940

TOTAL

ARIZONA

1,702,210

13

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ARKANSAS

-

0.3%

$

100,000

(a)

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2022,

(AMT)

5.450

%

09/01/52

$

104,883

265,000

Arkansas

Development

Finance

Authority,

Revenue

Bonds,

Baptist

Memorial

Health

Care,

Refunding

Series

2020B-2,

(Mandatory

Put

9/01/27)

5.000

09/01/44

273,282

TOTAL

ARKANSAS

378,165

CALIFORNIA

-

7.8%

100,000

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Term

Rate

Series

2018A,

(Mandatory

Put

4/01/26)

2.625

04/01/45

99,345

100,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023C,

(Mandatory

Put

10/01/31)

5.250

01/01/54

108,099

100,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023F,

(Mandatory

Put

11/01/30)

5.500

10/01/54

111,941

200,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A

5.000

06/01/30

218,606

395,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

El

Camino

Hospital,

Series

2017

3.750

02/01/32

403,343

55,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health,

Term

Rate

Series

2019C,

(Mandatory

Put

10/01/25)

5.000

10/01/39

55,572

95,571

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-3

3.250

08/20/36

91,428

205,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

California

Academy

of

Sciences,

San

Francisco,

Series

2024A

3.250

08/01/29

208,274

275,000

(a)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A

5.000

07/01/31

279,168

1,040,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A

-

AGM

Insured,

(AMT)

3.250

12/31/32

1,003,837

150,000

California

Pollution

Control

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Refunding

Series

2015A-2,

(AMT)

3.625

07/01/27

150,319

290,000

California

Pollution

Control

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Series

2015A-

1,

(AMT)

3.375

07/01/25

290,086

205,000

California

Pollution

Control

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management,

Inc.

Project,

Refunding

Series

2015B-1,

(AMT)

3.000

11/01/25

204,282

150,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

5.250

12/01/29

150,415

710,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A

5.000

12/01/27

746,948

30,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A

5.000

12/01/33

31,490

100,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1

3.000

07/01/43

82,359

200,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Series

2021A-1

2.650

12/01/46

161,316

870,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2

0.000

06/01/66

103,931

70,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1

5.000

06/01/51

73,874

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

14

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

100,000

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Canyon

Hills

Improvement

Area

A

&

C,

Series

2014C

5.000

%

09/01/32

$

100,145

55,000

Lake

Elsinore

Redevelopment

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

90-2,

Series

2007A

-

AGM

Insured

4.500

10/01/24

55,000

1,070,000

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

5.875

08/01/28

1,188,412

2,000,000

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Series

2009A

-

AGC

Insured

0.000

08/01/25

1,944,437

2,000,000

San

Diego

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2011

0.000

08/01/37

1,323,439

415,000

(b)

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

01/15/29

417,483

215,000

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Refunding

Series

2015A

5.000

07/01/25

216,771

TOTAL

CALIFORNIA

9,820,320

COLORADO

-

3.8%

750,000

Colorado

Bridge

Enterprise,

Revenue

Bonds,

Central

70

Project,

Senior

Series

2017,

(AMT)

4.000

06/30/30

757,278

300,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5.000

08/01/36

320,704

600,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019B-2,

(Mandatory

Put

8/01/26)

5.000

08/01/49

613,253

295,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2024A

5.000

12/01/34

341,241

300,000

(b)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Series

2016,

(Pre-refunded

9/01/26)

3.125

09/01/42

303,702

100,000

Colorado

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Class

I

Series

2021H

2.000

05/01/42

69,425

235,000

Dawson

Trails

Metropolitan

District

1,

Colorado,

In

The

Town

of

Castle

Rock,

Limited

Tax

General

Obligation

Capital

Appreciation

Turbo

Bonds,

Series

2024

0.000

12/01/31

133,746

70,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5.750

11/15/34

82,893

100,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2023B,

(AMT)

5.000

11/15/27

105,654

100,000

(a)

Denver

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

9th

and

Colorado

Urban

Redevelopement

Area,

Series

2018A

5.250

12/01/39

101,283

355,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0.000

09/01/29

305,050

380,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0.000

09/01/33

277,342

500,000

(a)

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A

6.750

12/01/34

501,102

100,000

Regional

Transportation

District,

Colorado,

Private

Activity

Bonds,

Denver

Transit

Partners

Eagle

P3

Project,

Series

2020A

5.000

01/15/31

110,244

100,000

Regional

Transportation

District,

Colorado,

Private

Activity

Bonds,

Denver

Transit

Partners

Eagle

P3

Project,

Series

2020A

4.000

07/15/40

101,024

100,000

Southlands

Metropolitan

District

1,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A-1

3.500

12/01/27

99,796

500,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6.250

12/01/32

503,377

TOTAL

COLORADO

4,727,114

15

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CONNECTICUT

-

1.0%

$

50,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Series

2021L-1

4.000

%

07/01/28

$

51,956

180,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale

University,

Series

2016A-2,

(Mandatory

Put

7/01/26)

2.000

07/01/42

175,283

80,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2020E-3

1.850

05/15/38

59,721

450,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2022C-1

4.250

11/15/37

467,123

335,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2023B

4.200

11/15/38

345,956

100,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Sustainability

Green

Series

2024D-1

4.550

11/15/44

102,316

TOTAL

CONNECTICUT

1,202,355

DELAWARE

-

0.5%

210,000

Delaware

Economic

Development

Authority,

Exempt

Facility

Revenue

Bonds,

NRG

Energy

Project,

Refunding

Series

2020A,

(Mandatory

Put

10/01/25)

1.250

10/01/45

204,455

100,000

Delaware

State

Housing

Authority,

Senior

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A

4.450

07/01/44

101,689

100,000

Delaware

State

Housing

Authority,

Senior

Single

Family

Mortgage

Revenue

Bonds,

Series

2024B

4.200

07/01/39

102,565

150,000

Delaware

State

Housing

Authority,

Senior

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C

4.450

07/01/44

152,662

TOTAL

DELAWARE

561,371

DISTRICT

OF

COLUMBIA

-

1.4%

105,000

District

of

Columbia

Student

Dormitory

Revenue

Bonds,

Provident

Group

-

Howard

Properties

LLC

Issue,

Series

2013

5.000

10/01/30

105,020

230,000

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2014C

4.000

10/01/41

228,603

300,000

District

of

Columbia,

Income

Tax

Secured

Revenue

Bonds,

Refunding

Series

2023C

5.000

10/01/32

350,857

480,000

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Refunding

Second

Senior

Lien

Series

2022A

-

AGM

Insured

4.000

10/01/52

471,119

250,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2015B,

(AMT)

5.000

10/01/31

253,561

330,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2023A,

(AMT)

5.000

10/01/34

365,398

TOTAL

DISTRICT

OF

COLUMBIA

1,774,558

FLORIDA

-

3.5%

125,000

Cape

Coral,

Florida,

Utility

Improvement

Assessment

Bonds,

Refunding

Various

Areas

Series

2017

-

AGM

Insured

3.000

09/01/28

125,911

395,000

(b)

Citizens

Property

Insurance

Corporation,

Florida,

Coastal

Account

Senior

Secured

Bonds,

Series

2015A-1,

(Pre-refunded

12/01/24)

5.000

06/01/25

396,012

125,000

(a)

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

133,341

1,300,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

5.000

07/01/36

1,367,145

975,000

(a)

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

1,004,172

45,000

Florida

Housing

Finance

Corporation,

Homeowner

Mortgage

Revenue

Bonds,

Series

2018-2

3.750

07/01/33

45,433

100,000

Florida

Housing

Finance

Corporation,

Homeowner

Mortgage

Revenue

Bonds,

Series

2024-5

3.950

07/01/39

101,444

100,000

Florida

Housing

Finance

Corporation,

Homeowner

Mortgage

Revenue

Bonds,

Social

Series

2021-2

2.050

07/01/41

71,627

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

16

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

300,000

Fort

Lauderdale,

Florida,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2014

4.000

%

09/01/34

$

300,106

200,000

Hillsborough

County,

Florida,

Solid

Waste

and

Resource

Recovery

Revenue

Bonds,

Refunding

Series

2016A,

(AMT)

4.000

09/01/34

201,917

15,000

JEA,

Florida,

Electric

System

Revenue

Bonds,

Subordinated

Series

Three

2020A

5.000

10/01/27

16,062

200,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Miami

International

Airport,

Refunding

Series

2014,

(AMT)

5.000

10/01/27

200,226

150,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2024A,

(AMT)

5.000

10/01/29

162,313

90,000

(b)

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

BRCH

Corporation

Obligated

Group,

Refunding

Series

2014,

(Pre-refunded

12/01/24)

5.000

12/01/31

90,208

260,000

Tampa,

Florida,

Capital

Improvement

Cigarette

Tax

Allocation

Bonds,

H.

Lee

Moffitt

Cancer

Center

Project,

Series

2020A

0.000

09/01/34

177,082

TOTAL

FLORIDA

4,392,999

GEORGIA

-

1.9%

100,000

(a)

Atlanta

Development

Authority,

Georgia,

Revenue

Bonds,

Westside

Gulch

Area

Project,

Senior

Series

2024A-1

5.000

04/01/34

103,098

250,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2020A

2.600

12/01/32

230,242

240,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2023A

4.150

12/01/38

247,191

100,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2024A

4.100

12/01/39

102,559

1,000,000

Georgia

State,

General

Obligation

Bonds,

Series

2021A

5.000

07/01/27

1,072,321

265,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019B,

(Mandatory

Put

12/02/24)

4.000

08/01/49

265,057

100,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2021A,

(Mandatory

Put

9/01/27)

4.000

07/01/52

101,257

100,000

(a)

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2022C,

(Mandatory

Put

11/01/27)

4.000

08/01/52

99,877

150,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2023E-1,

(Mandatory

Put

6/01/31)

5.000

12/01/53

163,440

TOTAL

GEORGIA

2,385,042

HAWAII

-

0.8%

310,000

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Hawaiian

Electric

Company,

Inc.

and

Subsidiary

Projects,

Refunding

Series

2019

3.200

07/01/39

261,670

665,000

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Hawaiian

Electric

Company,

Inc.

and

Subsidiary

Projects,

Series

2017A,

(AMT)

3.100

05/01/26

639,597

20,000

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Queens

Health

Systems,

Series

2015A

5.000

07/01/29

20,320

45,000

HAWAIIAN

ELECTRIC

COMPANY

INC.

and

Its

Subsidiaries,

Special

Purpose

Revenue

Bonds,

Deparment

of

Budget

and

Finance

of

the

State

of

Hawaii,

Series

2015,

(AMT)

3.250

01/01/25

44,299

TOTAL

HAWAII

965,886

IDAHO

-

0.6%

100,000

Idaho

Housing

and

Finance

Association,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A

4.450

01/01/44

101,335

475,000

Nez

Perce

County,

Idaho,

Pollution

Control

Revenue

Bonds,

Potlatch

Corporation

Project,

Refunding

Series

2016

2.750

10/01/24

475,000

170,000

(a)

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2021

3.750

09/01/51

164,168

TOTAL

IDAHO

740,503

17

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

-

8.3%

$

25,000

Cary,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

1,

Refunding

Series

2016

-

BAM

Insured

2.700

%

03/01/26

$

24,920

25,000

Cary,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

1,

Refunding

Series

2016

-

BAM

Insured

2.900

03/01/28

24,953

65,000

Cary,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

1,

Refunding

Series

2016

-

BAM

Insured

3.050

03/01/30

65,022

25,000

Cary,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

2,

Refunding

Series

2016

-

BAM

Insured

2.700

03/01/26

24,919

35,000

Cary,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

2,

Refunding

Series

2016

-

BAM

Insured

2.900

03/01/28

34,934

40,000

Cary,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

2,

Refunding

Series

2016

-

BAM

Insured

3.050

03/01/30

40,014

1,215,000

(c)

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016

6.000

04/01/46

1,270,205

750,000

(a)

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2017B

6.750

12/01/30

822,735

290,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2017C

5.000

12/01/30

299,271

200,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2017D

5.000

12/01/31

206,039

300,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2018C

5.000

12/01/24

300,490

310,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Refunding

Senior

Lien

Series

2015A

5.000

01/01/33

310,812

100,000

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A

5.500

01/01/39

110,502

190,000

Chicago,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2016C

5.000

01/01/25

190,793

180,000

Chicago,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2016C

5.000

01/01/26

184,064

100,000

Cook

County,

Illinois,

Sales

Tax

Revenue

Bonds,

Series

2021A

4.000

11/15/41

100,640

590,000

Huntley,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

10,

Refunding

Series

2017

-

BAM

Insured

3.300

03/01/28

593,314

180,000

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2008A-2

4.000

11/01/30

182,169

250,000

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Series

2008A-1

4.000

11/01/30

253,020

260,000

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Series

2021B,

(Mandatory

Put

8/15/31)

5.000

08/15/53

289,861

280,000

Illinois

Housing

Development

Authority,

Revenue

Bonds,

Green

Series

2021B

2.150

10/01/41

204,098

400,000

Illinois

State,

General

Obligation

Bonds,

February

Series

2014

5.000

02/01/25

401,851

325,000

(b)

Illinois

State,

General

Obligation

Bonds,

February

Series

2014,

(Pre-refunded

1/14/25)

5.000

02/01/26

326,504

210,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D

5.000

11/01/24

210,279

100,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D

5.000

11/01/28

106,255

385,000

(d)

Illinois

State,

General

Obligation

Bonds,

Refunding

October

Series

2024

5.000

02/01/29

418,705

400,000

Illinois

State,

General

Obligation

Bonds,

Refunding

September

Series

2018B

5.000

10/01/32

426,108

610,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Refunding

Senior

Lien

Series

2016A

5.000

12/01/32

625,632

605,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2014C

5.000

01/01/36

607,760

365,000

North

Barrington,

Lake

County,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

19,

Refunding

Series

2019

-

BAM

Insured

4.000

02/01/28

380,172

200,000

North

Barrington,

Lake

County,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

19,

Refunding

Series

2019

-

BAM

Insured

4.000

02/01/29

208,219

395,000

North

Barrington,

Lake

County,

Illinois,

Special

Tax

Bonds,

Special

Service

Area

19,

Refunding

Series

2019

-

BAM

Insured

4.000

02/01/30

410,618

290,000

(b)

Railsplitter

Tobacco

Settlement

Authority,

Illinois,

Tobacco

Settlement

Revenue

Bonds,

Series

2017,

(ETM)

5.000

06/01/25

293,943

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

18

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

255,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

5.000

%

03/01/33

$

256,662

160,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

-

AGM

Insured

5.000

03/01/34

161,029

TOTAL

ILLINOIS

10,366,512

INDIANA

-

1.8%

170,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Earlham

College,

Refunding

Series

2013A

5.000

10/01/32

169,667

100,000

Indiana

Finance

Authority,

Environmental

Facilities

Revenue

Bonds,

Indianapolis

Power

&

Light

Company

Project,

Refunding

Series

2020A,

(AMT),

(Mandatory

Put

4/01/26)

0.950

12/01/38

97,065

590,000

Indiana

Finance

Authority,

Environmental

Revenue

Bonds,

Duke

Energy

Indiana,

Inc.

Project,

Refunding

Series

2009A-1,

(AMT),

(Mandatory

Put

6/01/32)

4.500

05/01/35

600,291

80,000

Indiana

Finance

Authority,

Wastewater

Utility

Revenue

Bonds,

CWA

Authority

Project,

Series

2014A

5.000

10/01/24

80,000

30,000

Indiana

Housing

and

Community

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021A

2.050

07/01/41

21,488

350,000

Indiana

Housing

and

Community

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

PAC

Series

2021B

2.125

07/01/41

254,595

155,000

Indianapolis,

Indiana,

Thermal

Energy

System

Revenue

Bonds,

Refunding

First

Lien

Series

2014A

5.000

10/01/31

155,179

200,000

Terre

Haute

Sanitary

District,

Indiana,

Revenue

Bonds,

Bond

Anticipation

Notes

Series

2023

5.250

09/28/28

200,079

250,000

Vanderburgh

County,Indiana,

Redevelopment

District

Tax

Increment

Revenue

bonds,

Refunding

Series

2014

5.000

02/01/29

250,447

400,000

Whiting,

Indiana,

Environmental

Facilities

Refunding

Revenue

Bonds,

BP

Products

North

America

Inc.

Project,

Refunidng

Series

2019A,

(AMT),

(Mandatory

Put

6/05/26)

5.000

12/01/44

409,675

TOTAL

INDIANA

2,238,486

IOWA

-

0.4%

200,000

Iowa

Finance

Authority,

Health

Facilities

Revenue

Bonds,

UnityPoint

Health

Project,  Series

2014C

4.125

02/15/35

200,007

200,000

(b)

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Iowa

Fertilizer

Company

Project,

Refunding

Series

2022,

(Pre-refunded

12/01/32),

(Mandatory

Put

12/01/32)

4.000

12/01/50

219,847

100,000

Iowa

Finance

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021B

2.200

07/01/41

73,855

TOTAL

IOWA

493,709

KANSAS

-

0.1%

100,000

(a)

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Sales

Tax

Special

Obligation

Bonds,

Village

East

Project

Areas

2B

3

and

5,

Series

2022

5.750

09/01/39

103,983

TOTAL

KANSAS

103,983

KENTUCKY

-

1.3%

30,000

Ashland,

Kentucky,

Medical

Center

Revenue

Bonds,

Ashland

Hospital

Corporation

d/b/a

King's

Daughters

Medical

Center

Project,

Refunding

Series

2019

4.000

02/01/36

29,673

225,000

Carroll

County,

Kentucky,

Environmental

Facilities

Revenue

Bonds,

Kentucky

Utilities

Company

Project,

Series

2008A,

(AMT)

2.000

02/01/32

191,670

275,000

Henderson,

Kentucky,

Facilities

Revenue

Bonds,

Pratt

Paper

LLC

Project,

Series

2022B,

(AMT)

3.700

01/01/32

272,400

550,000

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A

5.000

06/01/31

568,187

100,000

Public

Energy

Authority

of

Kentucky,

Gas

Supply

Revenue

Bonds,

Series

2020A,

(Mandatory

Put

6/01/26)

4.000

12/01/50

100,980

500,000

Trimble

County,

Kentucky,

Pollution

Control

Revenue

Bonds,

Louisville

Gas

and

Electric

Company

Project,

Series

2016A,

(AMT),

(Mandatory

Put

9/01/27)

1.300

09/01/44

460,797

25,000

Warren

County,

Kentucky,

Hospital

Revenue

Bonds,

Bowling

Green-Warren

County

Community

Hospital

Corporation,

Refunding

Series

2021A

5.000

04/01/29

27,354

TOTAL

KENTUCKY

1,651,061

19

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LOUISIANA

-

2.7%

$

165,000

Calcasieu

Parish

Memorial

Hospital

Service

District,

Louisiana,

Revenue

Bonds,

Lake

Charles

Memorial

Hospital,

Refunding

Series

2019

5.000

%

12/01/39

$

163,875

30,000

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2021D

2.350

12/01/41

23,481

485,000

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2022A

3.850

12/01/37

491,091

100,000

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2024A

4.000

12/01/39

101,825

535,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Entergy

Lousiana,

LLC

Project,

Refunding

Series

2021B

2.500

04/01/36

456,566

920,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Revenue

Bonds,

Westlake

Chemical

Corporation

Projects,

Refunding

Series

2017

3.500

11/01/32

906,593

195,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017

5.000

05/15/30

204,023

310,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2016

5.000

05/15/29

319,265

155,000

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Refunding

Series

2015

5.000

12/01/25

158,580

155,000

(b)

New

Orleans,

Louisiana,

Sewerage

Service

Revenue

Bonds,

Series

2015,

(Pre-refunded

6/01/25)

5.000

06/01/32

157,211

105,000

(a)

Saint

James

Parish,

Louisiana,

Revenue

Bonds,

NuStar

Logistics,

L.P.

Project,

Series

2010B,

(Mandatory

Put

6/01/30)

6.100

12/01/40

117,827

100,000

Saint

John

the

Baptist

Parish,

Louisiana,

Revenue

Bonds,

Marathon

Oil

Corporation

Project,

Refunding

Series

2017A-3,

(Mandatory

Put

7/01/26)

2.200

06/01/37

97,992

165,000

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Junior

Lien

Series

2019B

-

AGM

Insured

4.000

12/01/33

168,281

TOTAL

LOUISIANA

3,366,610

MAINE

-

0.2%

105,000

Maine

State

Housing

Authority,

Multifamily

Mortgage

Purchase

Bonds,

Series

2021A

2.050

11/15/41

74,105

100,000

Maine

State

Housing

Authority,

Multifamily

Mortgage

Purchase

Bonds,

Series

2022A

2.400

11/15/41

76,048

55,000

Maine

State

Housing

Authority,

Single

Family

Mortgage

Purchase

Bonds,

Series

2020D

2.550

11/15/40

45,593

140,000

Maine

State

Housing

Authority,

Single

Family

Mortgage

Purchase

Bonds,

Social

Series

2021C

2.150

11/15/41

101,894

TOTAL

MAINE

297,640

MARYLAND

-

1.0%

335,000

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017

5.000

09/01/30

340,714

245,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2019C

2.700

09/01/34

221,284

230,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021A

1.950

09/01/41

159,626

175,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021B

2.100

09/01/41

126,381

400,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021C

2.450

09/01/41

319,928

120,000

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Refunding

Series

2024A

5.000

07/01/37

141,076

TOTAL

MARYLAND

1,309,009

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

20

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MASSACHUSETTS

-

1.1%

$

200,000

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

Lawrence

General

Hospital

Issue,

Series

2014A

5.000

%

07/01/27

$

199,851

100,000

(a)

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017

4.000

10/01/32

100,647

80,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2

5.000

07/01/33

84,472

100,000

(a)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G

5.000

07/15/36

104,203

50,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2021G

5.000

07/01/35

54,902

100,000

Massachusetts

Housing

Finance

Agency,

Multifamily

Housing

Bonds,

Green

Sustainability

Series

2024A1

4.550

12/01/44

102,326

115,000

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019-214

2.800

12/01/39

101,214

70,000

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2020-220

2.125

12/01/40

51,854

65,000

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021-221

2.200

12/01/41

47,772

65,000

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021-223

2.350

06/01/39

51,327

200,000

Massachusetts

State,

General

Obligation

Bonds,

Refunding

Series

2024B

5.000

11/01/37

236,525

200,000

Massachusetts

State,

General

Obligation

Bonds,

Refunding

Series

2024B

5.000

11/01/38

234,780

TOTAL

MASSACHUSETTS

1,369,873

MICHIGAN

-

2.0%

155,000

Detroit,

Michigan,

Senior

Lien

Sewerage

Disposal

System

Revenue

Bonds,

Series

2001B

-

NPFG

Insured

5.500

07/01/29

165,908

150,000

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

151,911

530,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2022B-MI,

(Mandatory

Put

12/01/28)

5.000

12/01/43

571,309

50,000

Michigan

Housing

Development

Authority,

Rental

Housing

Revenue

Bonds,

Series

2018A

3.800

10/01/38

50,026

270,000

Michigan

Housing

Development

Authority,

Rental

Housing

Revenue

Bonds,

Series

2021A

2.250

10/01/41

201,180

320,000

Michigan

Housing

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019B

2.700

12/01/34

288,064

360,000

Michigan

Housing

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020C

2.600

12/01/40

300,551

125,000

Michigan

Housing

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021A

2.150

12/01/41

90,927

25,000

Michigan

Strategic

Fund,

Limited

Obligation

Revenue

Bonds,

Graphic

Packaging

International,

LLC

Coated

Recycled

Board

Machine

Project,

Green

Series

2021,

(AMT),

(Mandatory

Put

10/01/26)

4.000

10/01/61

25,143

705,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Refunding

Series

2015F,

(AMT)

5.000

12/01/33

716,369

TOTAL

MICHIGAN

2,561,388

MINNESOTA

-

0.8%

64,449

Minnesota

Housing

Finance

Agency,

Homeownership

Finance

Bonds,

Mortgage-Backed

Securities

Program,

Series

2017E

2.850

06/01/47

54,408

165,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2013C

3.900

07/01/43

161,317

105,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020E

2.500

07/01/40

86,513

70,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020I

2.000

07/01/40

50,863

21

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

100,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2021D

2.200

%

07/01/41

$

73,855

115,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2021H

2.350

07/01/41

90,361

325,000

Minnesota

Municipal

Gas

Agency,

Commodity

Supply

Revenue

Bonds,

Series

2022A,

(Mandatory

Put

12/01/27)

4.000

12/01/52

329,508

175,000

White

Bear

Lake

Independent

School

District

624,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2021A

2.000

02/01/28

166,647

TOTAL

MINNESOTA

1,013,472

MISSISSIPPI

-

0.5%

130,000

Mississippi

Business

Finance

Corporation,

Pollution

Control

Revenue,

Mississippi

Power,

Series

2002

3.200

09/01/28

130,007

100,000

Mississippi

Business

Finance

Corporation,

Revenue

Bonds,

System

Energy

Resources,

Inc.

Project,

Refunding

Series

2021

2.375

06/01/44

66,262

30,000

Mississippi

Home

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021A

2.000

12/01/40

21,673

440,000

Mississippi

Home

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C

4.650

12/01/44

452,323

TOTAL

MISSISSIPPI

670,265

MISSOURI

-

0.5%

100,000

Branson

Industrial

Development

Authority,

Missouri,

Tax

Increment

Revenue

Bonds,

Branson

Shoppes

Redevelopment

Project,

Refunding

Series

2017A

4.000

11/01/26

99,926

60,000

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

First

Place

Homeownership

Loan

Program,

Series

2021B

2.000

11/01/41

42,338

490,000

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

First

Place

Homeownership

Loan

Program,

Series

2023B

4.100

11/01/38

499,821

TOTAL

MISSOURI

642,085

MONTANA

-

0.3%

325,000

Forsyth,

Montana

Pollution

Control

Revenue

Bonds,

Portland

General

Electric

Company

Project,

Refunding

Series

1998A

2.125

05/01/33

281,943

25,000

Montana

Board

of

Housing,

Single

Family

Mortgage

Bonds,

Series

2021B

2.000

12/01/41

17,621

100,000

Montana

Board

of

Housing,

Single

Family

Mortgage

Bonds,

Series

2024A

4.450

12/01/44

101,679

TOTAL

MONTANA

401,243

NEBRASKA

-

1.0%

190,000

Central

Plains

Energy

Project,

Nebraska,

Gas

Project

4

Revenue

Bonds,

Refunding

Series

2023A-1,

(Mandatory

Put

11/01/29)

5.000

05/01/54

203,873

75,000

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Series

2019D

2.600

09/01/34

66,916

515,000

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Series

2020A

2.300

09/01/32

458,040

230,000

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Series

2021C

2.300

09/01/41

178,685

100,000

Sarpy

County

School

District

037

Gretna

Public

Schools,

Nebraska,

General

Obligation

Bonds,

Series

2022B

5.000

12/15/27

102,660

100,000

Sarpy

County,

Nebraska,

Limited

Tax

Highway

Allocation

Fund

Pledge

Bonds,

Series

2021

2.000

06/01/27

97,002

140,000

Saunders

County

School

District

1,

Ashland-Greenwood,

Nebraska,

General

Obligation

Bonds,

Series

2021

2.000

12/15/50

82,973

TOTAL

NEBRASKA

1,190,149

NEVADA

-

0.3%

200,000

(b)

Clark

County,

Nevada,

General

Obligation

Bonds,

Flood

Control

Series

2014,

(Pre-refunded

11/01/24)

4.000

11/01/33

200,104

65,000

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Revenue

Bonds,

Refunding

Series

2017B

4.000

07/01/34

66,099

100,000

Nevada

Housing

Division,

Single

Family

Housing

Mortgage

Revenue

Bonds,

Refunding

Series

2021A

2.200

10/01/41

73,641

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

22

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEVADA

(continued)

$

40,000

(a)

Sparks,

Nevada,

Sales

Tax

Revenue

Bonds,

Tourism

Improvement

District

1

Legends

at

Sparks

Marina,

Refunding

Senior

Series

2019A

2.750

%

06/15/28

$

39,156

TOTAL

NEVADA

379,000

NEW

HAMPSHIRE

-

1.3%

241,398

National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Series

2020-1

Class

A

4.125

01/20/34

245,289

393,254

National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Series

2022-1

Class

A

4.375

09/20/36

404,788

146,105

National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Series

2022-2

Class

A

4.000

10/20/36

146,367

208,878

National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Social

Series

2024-1

Class

A

4.250

07/20/41

210,251

149,704

National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Social

Series

2024-2

Class

A

3.625

08/20/39

143,581

295,000

National

Finance

Authority,

New

Hampshire,

Pollution

Control

Revenue

Bonds,

New

York

State

Electric

&

Gas

Corporation

Project,

Refunding

Series

2022A,

(AMT)

4.000

12/01/28

300,257

125,000

(b)

New

Hampshire

Business

Finance

Authority,

Water

Facility

Revenue

Bonds,

Pennichuck

Water

Works

Inc.

Project

,

Series

2015A.,

(Pre-refunded

1/01/26),

(AMT)

4.250

01/01/36

126,442

100,000

New

Hampshire

Housing

Finance

Authority,

Single

Family

Mortgage

Acquisition

Bonds,

Social

Series

2024A

4.500

07/01/44

101,540

TOTAL

NEW

HAMPSHIRE

1,678,515

NEW

JERSEY

-

3.8%

35,000

(b)

Gloucester

County

Pollution

Control

Financing

Authority,

New

Jersey,

Pollution

Control

Revenue

Bonds,

Logan

Project,

Refunding

Series

2014A,

(AMT),

(ETM)

5.000

12/01/24

35,087

220,000

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013,

(AMT)

5.000

01/01/28

220,233

1,000,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2015XX

5.000

06/15/27

1,013,421

170,000

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999,

(AMT)

5.250

09/15/29

170,199

250,000

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

New

Jersey-American

Water

Company

Inc.

Project,

Refunding

Series

2019A,

(AMT),

(Mandatory

Put

12/03/29)

2.200

10/01/39

224,541

95,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2017-1A,

(AMT)

3.750

12/01/31

94,786

500,000

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A

4.000

06/01/30

539,047

150,000

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A

4.000

06/01/31

162,347

35,000

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A

4.000

06/01/32

38,005

1,280,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0.000

12/15/33

936,473

170,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019AA

3.750

06/15/33

171,925

210,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5.000

06/01/28

223,795

685,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5.000

06/01/29

729,476

235,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5.000

06/01/36

246,800

TOTAL

NEW

JERSEY

4,806,135

23

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

MEXICO

-

0.2%

$

90,000

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2019D

2.800

%

07/01/34

$

82,427

100,000

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2021C

2.100

07/01/41

72,370

100,000

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2024C

4.100

09/01/39

102,473

TOTAL

NEW

MEXICO

257,270

NEW

YORK

-

4.5%

115,000

(a)

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Family

Life

Academy

Charter

School,

Series

2020B-1

5.000

06/01/40

112,910

200,000

(a)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017

5.000

12/01/28

201,149

750,000

Genesee

County

Funding

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2022A

5.000

12/01/36

796,661

60,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Saint

Anns

Community

Project,

Series

2019

5.000

01/01/40

58,990

20,000

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A

-

AGM

Insured

4.000

01/01/32

21,050

135,000

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A

-

AGM

Insured

3.000

01/01/33

132,012

125,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Series

2024B

5.000

05/01/38

143,993

275,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Series

2024D-1

5.000

11/01/27

296,165

350,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

A-1

5.000

08/01/29

390,661

100,000

New

York

State

Housing

Finance

Agency,

Affordable

Housing

Revenue

Bonds,

Climate

Bond

Certified/Green

Bond

Series

2018I

3.625

11/01/33

100,761

255,000

New

York

State

Housing

Finance

Agency,

Affordable

Housing

Revenue

Bonds,

Climate

Bond

Certified/Sustainability

Series

2019P

2.600

11/01/34

227,769

240,000

New

York

State

Housing

Finance

Agency,

Affordable

Housing

Revenue

Bonds,

Refunding

Series

2019C

3.500

11/01/34

241,114

330,000

New

York

State

Housing

Finance

Agency,

Affordable

Housing

Revenue

Bonds,

Sustainability

Series

2023C-2,

(Mandatory

Put

5/01/29)

3.800

11/01/62

332,556

120,000

New

York

State

Mortgage

Agency,

Homeowner

Mortgage

Revenue

Bonds,

Series

223

2.650

10/01/34

107,614

100,000

New

York

State

Mortgage

Agency,

Homeowner

Mortgage

Revenue

Bonds,

Series

225

2.300

10/01/40

79,249

75,000

New

York

State

Mortgage

Agency,

Homeowner

Mortgage

Revenue

Bonds,

Series

233

2.200

04/01/36

62,274

245,000

New

York

State

Mortgage

Agency,

Homeowner

Mortgage

Revenue

Bonds,

Social

Series

239

2.450

10/01/41

195,822

245,000

New

York

State

Mortgage

Agency,

Homeowner

Mortgage

Revenue

Bonds,

Social

Series

242

2.950

10/01/37

217,530

100,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

4.000

07/01/32

100,006

230,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

4.000

07/01/33

230,009

160,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.000

07/01/34

160,228

620,000

(c)

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.000

07/01/41

620,001

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

24

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

70,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A

-

AGM

Insured,

(AMT)

4.000

%

07/01/46

$

67,869

80,000

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

80,149

500,000

(c)

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5.000

12/01/29

538,624

100,000

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A-2

5.000

06/01/33

109,718

TOTAL

NEW

YORK

5,624,884

NORTH

CAROLINA

-

2.4%

100,000

North

Carolina

Housing

Finance

Agency,

Home

Ownership

Revenue

Bonds,

1998

Trust

Agreement

Series

54-A

4.550

07/01/44

101,885

400,000

(d)

North

Carolina

Housing

Finance

Agency,

Home

Ownership

Revenue

Bonds,

1998

Trust

Agreement

Series

55A

4.000

07/01/39

407,241

100,000

North

Carolina

Housing

Finance

Agency,

Home

Ownership

Revenue

Bonds,

1998

Trust

Agreement

Social

Series

53-A

4.000

07/01/39

101,655

85,000

North

Carolina

Housing

Finance

Agency,

Home

Ownership

Revenue

Bonds,

1998

Trust

Agreement,

Series

2020-43

2.800

01/01/40

72,915

720,000

North

Carolina

Housing

Finance

Agency,

Home

Ownership

Revenue

Bonds,

Social

Series

2023-50

3.950

07/01/38

733,034

1,365,000

North

Carolina

Municipal

Power

Agency

1,

Catawba

Electric

Revenue

Bonds,

Series

2015C

5.000

01/01/29

1,399,766

250,000

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Capital

Appreciation

Series

2017C

0.000

07/01/27

225,616

TOTAL

NORTH

CAROLINA

3,042,112

NORTH

DAKOTA

-

1.2%

120,000

Cass

County

Joint

Water

Reserve

District,

North

Dakota,

Temporary

Improvement  Special

Assessment

Bonds,

Refunding

Series

2024A

3.450

04/01/27

120,855

270,000

Horace,

Cass

County,

North

Dakota,

General

Obligation

Bonds,

Refunding

Improvement

Series

2021

3.000

05/01/46

190,260

55,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Series

2019C

3.200

07/01/39

49,999

55,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Series

2020A

2.700

07/01/35

48,992

95,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Series

2020B

2.350

07/01/40

76,169

100,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Series

2021A

2.250

07/01/41

74,598

675,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2022F

3.950

07/01/37

687,469

200,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5.000

06/01/28

207,094

100,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5.000

06/01/43

100,522

TOTAL

NORTH

DAKOTA

1,555,958

OHIO

-

5.4%

155,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1

5.000

06/01/27

161,180

75,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1

5.000

06/01/29

80,327

130,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1

5.000

06/01/31

140,739

100,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1

5.000

06/01/32

108,100

25

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

OHIO

(continued)

$

250,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1

5.000

%

06/01/34

$

269,755

120,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1

5.000

06/01/35

129,244

100,000

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

93,507

290,000

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

273,309

480,000

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013

5.000

06/15/43

441,562

20,000

Montgomery

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Kettering

Health

Network

Obligated

Group

Project,

Refunding

&

Improvement

Series

2021

3.000

08/01/40

16,821

150,000

(d)

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

American

Electric

Power

Company

Project,

Refunding

Series

2005A,

(AMT)

3.750

01/01/29

150,071

225,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

American

Electric

Power

Company

Project,

Refunding

Series

2007A,

(AMT),

(Mandatory

Put

10/01/29)

2.500

08/01/40

212,385

350,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

American

Electric

Power

Company

Project,

Refunding

Series

2007B,

(AMT),

(Mandatory

Put

10/01/29)

2.500

11/01/42

330,377

100,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

American

Electric

Power

Company

Project,

Refunding

Series

2014B,

(AMT),

(Mandatory

Put

10/01/29)

2.600

06/01/41

94,846

400,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

Dayton

Power

&

Light

Company

Project,

Refunding

Collateralized

Series

2015A,

(AMT),

(Mandatory

Put

6/01/27)

4.250

11/01/40

410,710

200,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

Dueke

Energy

Corporation

Project,

Refunding

Series

2022A,

(AMT),

(Mandatory

Put

6/01/27)

4.250

11/01/39

203,712

45,000

(a)

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

Pratt

Paper

Ohio,

LLC

Project,

Series

2017,

(AMT)

3.750

01/15/28

45,014

50,000

Ohio

Higher

Educational

Facility

Commission,

Senior

Hospital

Parking

Revenue

Bonds,

University

Circle

Incorporated

2020

Project,

Series

2020

5.000

01/15/36

54,319

100,000

Ohio

Housing

Finance

Agency,

Residential

Mortgage

Revenue

Bonds,

Mortgage-Backed

Securities

Program,

Series

2019B

3.000

09/01/39

88,491

100,000

Ohio

Housing

Finance

Agency,

Residential

Mortgage

Revenue

Bonds,

Mortgage-Backed

Securities

Program,

Series

2020A

2.750

09/01/40

85,866

25,000

Ohio

Housing

Finance

Agency,

Residential

Mortgage

Revenue

Bonds,

Mortgage-Backed

Securities

Program,

Series

2020B

2.250

09/01/40

19,032

100,000

Ohio

Housing

Finance

Agency,

Residential

Mortgage

Revenue

Bonds,

Mortgage-Backed

Securities

Program,

Social

Series

2024A

4.350

09/01/44

100,889

2,520,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission

Infrastructure

Projects,

Junior

Lien,

Capital

Appreciation

Series

2013A-3

5.700

02/15/34

2,960,747

85,000

Toledo-Lucas

County

Port

Authority,

Ohio,

Development

Revenue

Bonds,

Northwest

Ohio

Bond

Fund,

HB

Magruder

Memorial

Hospital

Project,

Series

2021F

2.250

11/15/36

69,614

70,000

Tuscarawas

County

Economic

Development

and

Finance

Alliance,

Ohio,

Higher

Education

Facilities

Revenue

Bonds,

Ashland

University,

Refunding

&

Improvement

Series

2015

5.375

03/01/27

70,130

200,000

Washington

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Memorial

Health

System

Obligated

Group,

Series

2022

6.375

12/01/37

220,084

TOTAL

OHIO

6,830,831

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

26

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

OKLAHOMA

-

2.5%

$

75,000

Bryan

County

School

Finance

Authority,

Oklahoma,

Educational

Facilities

Lease

Revenue

Bonds,

Durant

Public

Schools

Project,

Refunding

Series

2020

4.000

%

12/01/28

$

78,679

115,000

Bryan

County

School

Finance

Authority,

Oklahoma,

Educational

Facilities

Lease

Revenue

Bonds,

Durant

Public

Schools

Project,

Series

2020

2.750

09/01/31

109,784

800,000

Caddo

County

Governmental

Building

Authority,

Oklahoma,

Sales

Tax

Revenue

Bonds,

Refunding

Series

2018

3.625

09/01/33

773,977

330,000

Canadian

County

Educational

Facilities

Authority,

Oklahoma,

Lease

Revenue

Bonds,

Piedmont

Public

Schools

Project,

Series

2024

4.000

08/15/34

343,175

100,000

Cleveland

County

Public

Facilities

Authority,

Oklahoma,

Educational

Facilities

Lease

Revenue

Bonds,

Moore

Norman

Technology

Center

Project,

Series

2021

4.000

05/01/35

105,003

250,000

Comanche

County

Educational

Facilities

Authority,

Oklahoma,

Educational

Facilities

Lease

Revenue

Bonds,

Elgin

Public

Schools

Project,

Series

2017A

5.000

12/01/31

268,545

200,000

Oklahoma

County

Independent

School

District

89

Oklahoma

City,

Oklahoma,

General

Obligation

Bonds,

Combined

Purpose

Series

2024A

1.250

07/01/26

195,332

230,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5.000

08/15/28

242,286

105,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5.500

08/15/52

108,718

95,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5.500

08/15/57

98,120

100,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022

5.500

08/15/37

106,825

45,000

Oklahoma

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Homeownership

Loan

Program,

Series

2020A

2.650

09/01/35

40,212

495,000

Oklahoma

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Homeownership

Loan

Program,

Series

2022A

3.800

09/01/37

500,316

160,000

Weatherford

Industrial

Trust

Educational,

Oklahoma,

Facilities

Lease

Revenue

Bonds,

Weatherford

Public

Schools

Project,

Series

2019

5.000

03/01/31

172,444

TOTAL

OKLAHOMA

3,143,416

OREGON

-

1.2%

1,325,000

Beaverton

School

District

48J,

Washington

and

Multnomah

Counties,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017B

0.000

06/15/31

1,033,631

335,000

Oregon

Health

and

Science

University,

Revenue

Bonds,

Green

Series

2021B-2,

(Mandatory

Put

2/01/32)

5.000

07/01/46

375,359

95,000

Oregon

Housing

and

Community

Services

Department,

Single

Family

Mortgage

Program

Revenue

Bonds,

Series

2021A

2.250

07/01/41

70,868

TOTAL

OREGON

1,479,858

PENNSYLVANIA

-

4.0%

130,000

(a)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018

5.000

05/01/28

134,955

36,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-2

6.000

06/30/34

39,144

502,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-3

5.000

06/30/39

497,648

250,000

(e)

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-1

0.000

06/30/44

159,390

2,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-2

6.000

06/30/34

2,175

75,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Taxable

Series

2024A-1

8.000

06/30/34

76,766

4,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Taxable

Series

2024B-1

8.000

06/30/34

4,000

27

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

235,000

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018

-

AGM

Insured

4.000

%

06/01/39

$

236,791

375,000

Lehigh

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

Pennsylvania

Power

and

Light

Company,

Series

2016A

3.000

09/01/29

374,855

225,000

Luzerne

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania-American

Water

Company

Project,

Refunding

Series

2019,

(AMT),

(Mandatory

Put

12/03/29)

2.450

12/01/39

206,600

230,000

Pennsylvania

Economic

Development

Financing

Authority,

Private

Activity

Revenue

Bonds,

Pennsylvania

Rapid

Bridge

Replacement

Project,

Series

2015,

(AMT)

5.000

12/31/25

233,615

250,000

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Project,

Series

2017A,

(AMT),

(Mandatory

Put

8/01/25)

4.250

08/01/37

250,292

150,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LaSalle

University,

Series

2012

5.000

05/01/42

120,847

245,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-125A,

(AMT)

3.400

10/01/32

234,277

25,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-128A,

(AMT)

3.650

10/01/32

24,246

170,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-129

2.950

10/01/34

159,524

150,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-132A

2.300

10/01/35

128,459

200,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133

2.350

10/01/40

158,728

200,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-1394A

4.000

10/01/37

202,118

440,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Subordinate

Second

Series

2016B-2

5.000

06/01/29

455,512

860,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Subordinate

Second

Series

2016B-2

5.000

06/01/35

885,614

400,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Subordinate

Third

Series

2017

5.000

12/01/32

422,481

20,000

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016

3.375

06/01/26

19,420

TOTAL

PENNSYLVANIA

5,027,457

PUERTO

RICO

-

2.6%

250,000

(a)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

5.000

07/01/30

264,966

260,000

(a)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

5.000

07/01/35

273,074

557,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

07/01/27

503,974

165,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

07/01/29

138,319

597,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

07/01/31

461,345

351,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

07/01/33

248,985

207,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4.500

07/01/34

207,409

100,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5.000

07/01/58

101,035

140,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.329

07/01/40

139,931

71,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.329

07/01/40

70,965

79,896

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.375

07/01/25

80,372

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

28

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PUERTO

RICO

(continued)

$

175,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.625

%

07/01/27

$

182,783

115,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.625

07/01/29

124,253

119,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.750

07/01/31

132,428

199,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

0.000

07/01/33

135,337

177,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000

07/01/33

177,338

50,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000

07/01/35

49,951

TOTAL

PUERTO

RICO

3,292,465

RHODE

ISLAND

-

0.4%

100,000

Rhode

Island

Health

and

Educational

Building

Corporation,

Hospital

Financing

Revenue

Bonds,

Care

New

England

Issue,

Refunding

Series

2016B

5.000

09/01/36

100,625

180,000

Rhode

Island

Housing

&

Mortgage

Finance

Corporation,

Homeownership

Opportunity

Bond

Program,

2021

Series

75A

2.250

10/01/41

133,902

205,000

Rhode

Island

Housing

&

Mortgage

Finance

Corporation,

Homeownership

Opportunity

Bond

Program,

2022

Series

76A

2.350

10/01/36

171,103

50,000

Rhode

Island

Housing

and

Mortgage

Finance

Corporation,

Homeownership

Opportunity

Bond

Program,

Series

2020-72A

2.550

10/01/40

41,520

80,000

Rhode

Island

Tobacco

Settlement

Financing

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2015B

4.500

06/01/45

80,304

TOTAL

RHODE

ISLAND

527,454

SOUTH

CAROLINA

-

0.9%

170,000

South

Carolina

Housing

Finance

and

Development

Authority,

Mortgage

Revenue

Bonds,

Series

2021A

2.050

07/01/41

121,766

970,000

South

Carolina

Housing

Finance

and

Development

Authority,

Mortgage

Revenue

Bonds,

Series

2023A

4.750

07/01/43

1,003,135

TOTAL

SOUTH

CAROLINA

1,124,901

SOUTH

DAKOTA

-

0.4%

75,000

South

Dakota

Housing

Development

Authority,

Homeownership

Mortgage

Revenue

Bonds,

Series

2021A

2.100

11/01/41

54,049

105,000

South

Dakota

Housing

Development

Authority,

Homeownership

Mortgage

Revenue

Bonds,

Series

2021B

2.050

11/01/41

74,880

110,000

South

Dakota

Housing

Development

Authority,

Homeownership

Mortgage

Revenue

Bonds,

Series

2022B

2.300

11/01/37

92,534

225,000

South

Dakota

Housing

Development

Authority,

Homeownership

Mortgage

Revenue

Bonds,

Series

2024C

4.000

11/01/37

226,255

TOTAL

SOUTH

DAKOTA

447,718

TENNESSEE

-

0.8%

125,000

Tennergy

Corporation,

Tennessee,

Gas

Revenue

Bonds,

Series

2021A,

(Mandatory

Put

9/01/28)

4.000

12/01/51

127,221

165,000

Tennergy

Corporation,

Tennessee,

Gas

Revenue

Bonds,

Series

2022A,

(Mandatory

Put

12/01/30)

5.500

10/01/53

180,085

65,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Series

2021-3

2.300

07/01/41

50,580

100,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Series

2022-2

4.050

07/01/37

101,341

375,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Social

Series

2023-3A

5.200

07/01/43

400,457

40,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Social

Series

2024-1A

4.500

07/01/44

40,616

100,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Tender

Option

Bond

Trust

Series

2023-XL0448

4.150

07/01/38

103,275

TOTAL

TENNESSEE

1,003,575

29

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

-

7.8%

$

40,000

Austin

Convention

Enterprises

Inc.,

Texas,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

First

Tier

Series

2017A

5.000

%

01/01/28

$

40,871

55,000

Austin

Convention

Enterprises

Inc.,

Texas,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

First

Tier

Series

2017A

5.000

01/01/30

56,113

1,000,000

(b)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5.000

01/01/31

1,015,296

25,000

City

of

Houston,

Texas,

Convention

&

Entertainment

Facilities

Department

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Refunding

Series

2019

5.000

09/01/34

26,805

200,000

Cypress-Fairbanks

Independent

School

District,

Harris

County,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015

4.000

02/15/35

200,236

1,000,000

Dallas,

Texas,

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2024B

5.000

02/15/27

1,057,184

50,000

Fort

Bend

County

Industrial

Development

Corporation,

Texas,

Revenue

Bonds,

NRG

Energy

Inc.

Project,

Series

2012B

4.750

11/01/42

50,015

200,000

Grand

Prairie

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015

4.000

02/15/31

200,574

110,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Memorial

Hermann

Health

System,

Series

2022B,

(Mandatory

Put

12/01/28)

5.000

06/01/50

119,147

385,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2014A

-

AGM

Insured

5.000

11/15/26

385,883

705,000

Hidalgo

County

Regional

Mobility

Authority,

Texas,

Toll

and

Vehicle

Registration

Fee

Revenue

Bonds,

Senior

Lien

Series

2022A

0.000

12/01/42

303,155

465,000

(c)

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2023A

-

AGM

Insured,

(AMT)

5.000

07/01/32

516,167

50,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

E

Project,

Refunding

Series

2014,

(AMT)

5.000

07/01/29

50,023

500,000

Houston,

Texas,

Combined

Utility

System

Revenue

Bonds,

Refunding

First

Lien

Series

2014D

5.000

11/15/39

500,866

200,000

Klein

Independent

School

District,

Harris

County,

Texas,

General

Obligation

Bonds,

Refunding

Schoolhouse

Series

2015A

4.000

08/01/32

201,053

430,000

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds

Series

2015,

(AMT)

5.000

11/01/28

437,733

50,000

McCamey

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Series

2013

5.000

12/01/25

50,149

100,000

McCamey

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Series

2013

5.250

12/01/28

100,831

300,000

Midland

Independent

School

District,

Midland

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024

5.000

02/15/26

309,696

100,000

(a)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

(AMT)

4.625

10/01/31

100,464

245,000

(b)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

(Pre-

refunded

9/01/31)

7.000

09/01/43

304,203

500,000

(b)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

(Pre-

refunded

9/01/31)

6.750

09/01/45

623,677

110,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Series

2023A

5.000

01/01/27

116,139

100,000

(a)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021A,

(AMT)

2.750

01/01/36

86,043

300,000

(a)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021A,

(AMT)

2.875

01/01/41

244,827

100,000

(a)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021A,

(AMT)

3.000

01/01/50

73,461

100,000

Round

Rock,

Texas,

Combined

Tax

and

Revenue

Certificates

of

Obligation,

Series

2021C

2.000

08/15/46

61,900

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

30

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

100,000

Texas

Department

of

Housing

and

Community

Affairs,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021A

2.050

%

09/01/41

$

71,471

300,000

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

IV,

Gas

Supply

Revenue

Bonds,

Series

2023A,

(Mandatory

Put

1/01/30)

5.500

01/01/54

326,804

150,000

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

IV,

Gas

Supply

Revenue

Bonds,

Series

2023B,

(Mandatory

Put

1/01/34)

5.500

01/01/54

170,695

515,000

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Revenue

Bonds,

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Managed

Lanes

Project,

Refunding

Senior

Lien

Series

2019A

4.000

12/31/38

521,069

150,000

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

06/30/35

154,313

500,000

Texas

State,

General

Obligation

Bonds,

College

Student

Loan

Series

2023A,

(AMT)

5.000

08/01/36

553,857

500,000

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C

5.000

08/15/34

500,715

210,000

Texas

Transportation

Commission,

General

Obligation

Bonds,

Highway

Improvement

Refunding

Series

2024

5.000

04/01/28

228,384

TOTAL

TEXAS

9,759,819

UTAH

-

0.4%

250,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

(AMT)

5.250

07/01/36

281,493

160,000

Utah

Housing

Corporation,

Single

Family

Mortgage

Bonds,

Series

2024E

4.600

07/01/44

164,004

TOTAL

UTAH

445,497

VIRGINIA

-

1.1%

100,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-3

4.000

10/01/39

101,860

250,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5.000

07/01/36

267,680

150,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5.000

01/01/38

159,886

115,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5.000

12/31/38

126,142

445,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5.000

12/31/39

485,311

150,000

Wise

County

Industrial

Development

Authority,

Virginia,

Solid

Waste

and

Sewage

Disposal

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Series

2009A,

(Mandatory

Put

9/02/25)

0.750

10/01/40

144,390

100,000

Wise

County

Industrial

Development

Authority,

Virginia,

Solid

Waste

and

Sewage

Disposal

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Series

2010A,

(Mandatory

Put

5/28/27)

3.800

11/01/40

102,533

TOTAL

VIRGINIA

1,387,802

WASHINGTON

-

2.4%

150,000

Port

of

Seattle,

Washington,

Revenue

Bonds,

Intermediate

Lien

Series

2017C,

(AMT)

5.000

05/01/31

155,879

400,000

Port

of

Seattle,

Washington,

Revenue

Bonds,

Intermediate

Lien

Series

2018A,

(AMT)

5.000

05/01/31

415,576

100,000

Washington

State

Housing

Finance

Commission,

Single

Family

Program

Bonds,

Series

2021-1N

2.200

06/01/41

73,929

327,589

Washington

State

Housing

Finance

Commission,

Social

Municipal

Certificates

Multifamily

Revenue

Bonds,

Series

2021-1

Class

A

3.500

12/20/35

313,221

110,000

(d)

Washington

State

Housing

Finance

Commission,

Social

Municipal

Certificates

Multifamily

Revenue

Bonds,

Series

2024A-1

4.084

03/20/40

109,391

600,000

Washington

State,

General

Obligation

Bonds,

Motor

Vehicle

Fuel

Tax

&

Vehicle

Related

Fees,

Refunding

Series

R-2024C

5.000

08/01/27

643,852

31

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WASHINGTON

(continued)

$

250,000

Washington

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

R-2018D

5.000

%

08/01/27

$

268,414

500,000

Washington

State,

General

Obligation

Bonds,

Various

Purpose

Group

1

Series

2024C

5.000

02/01/26

517,168

595,000

Whidbey

Island

Public

Hospital

District,

Island

County,

Washington,

General

Obligation

Bonds,

Whidbey

General

Hospital,

Series

2013

5.500

12/01/33

569,355

TOTAL

WASHINGTON

3,066,785

WEST

VIRGINIA

-

0.6%

100,000

(a)

Monongalia

County

Commission,

West

Virginia,

Special

District

Excise

Tax

Revenue

Bonds,

University

Town

Centre

Economic

Opportunity

Development

District,

Refunding

&

Improvement

Series

2017A

4.500

06/01/27

101,216

190,000

West

Virginia

Economic

Development

Authority,

Solid

Waste

Disposal

Facilities

Revenue

Bonds,

Appalachian

Power

Company

-

Amos

Project,

Series

2010,

(Mandatory

Put

12/15/25)

0.625

12/01/38

181,201

80,000

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Charleston

Area

Medical

Center,

Series

2014A

5.000

09/01/25

80,091

265,000

West

Virginia

Hospital

Finance

Authority,

Revenue

Bonds,

West

Virginia

University

Health

System

Obligated

Group,

Improvement

Series

2017A

3.375

06/01/29

264,322

145,000

West

Virginia

Housing

Development

Fund,

Housing

Finance

Revenue

Bonds,

Social

Series

2024A

4.400

11/01/44

146,727

TOTAL

WEST

VIRGINIA

773,557

WISCONSIN

-

4.5%

500,000

Milwaukee,

Wisconsin,

General

Obligation

Bonds,

Promissory

Notes

Series

2024-N1

-

AGM

Insured

5.000

04/01/30

553,986

600,000

(a)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

6.500

12/01/37

615,697

345,000

Public

Finance

Authority

of

Wisconsin,

Pollution

Control

Revenue

Bonds,

Duke

Energy

Progress

Project,

Refunding

Series

2022A-2,

(Mandatory

Put

10/01/30)

3.700

10/01/46

348,922

350,000

Public

Finance

Authority

of

Wisconsin,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Refunding

Series

2016A-2

2.875

05/01/27

339,918

65,000

Public

Finance

Authority,

Wisconsin,

Exempt

Facilities

Revenue

Bonds,

Celanese

Project,

Refunding

Series

2016C

4.050

11/01/30

65,067

175,000

Public

Finance

Authority,

Wisconsin,

Exempt

Facilities

Revenue

Bonds,

Celanese

Project,

Refunding

Series

2016C

4.300

11/01/30

175,846

40,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

PHW

Muskego,

Inc.

Project,

Series

2021

4.000

10/01/41

35,121

80,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Gundersen

Health

System,

Refunding

Series

2021A

4.000

10/15/34

83,046

200,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2020B-2,

(Mandatory

Put

2/15/27)

5.000

02/15/51

205,706

1,555,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

ThedaCare

Inc,

Series

2015

5.000

12/15/26

1,561,271

565,000

Wisconsin

Housing

and

Ecconomic

Development

Authority,

Home

Ownership

Revenue

Bonds,

Series

2020A

2.700

09/01/35

502,093

100,000

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2021C

2.500

11/01/41

76,957

100,000

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2023E,

(Mandatory

Put

5/01/27)

3.875

11/01/54

100,977

240,000

Wisconsin

State,

General

Obligation

Bonds,

Refunding

Series

2024-1

5.000

05/01/32

280,021

650,000

Wisconsin

State,

Transportation

Revenue

Bonds,

Refunding

Series

2024-2

5.000

07/01/26

679,082

TOTAL

WISCONSIN

5,623,710

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

32

Investment

in

Derivatives

Total

Return

Swaps

-

OTC

Uncleared

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WYOMING

-

0.2%

$

210,000

Campbell

County,

Wyoming

Solid

Waste

Facilities

Revenue

Bonds,

Basin

Electric

Power

Cooperative,

Dry

Fork

Station

Facilities,

Series

2019A

3.625

%

07/15/39

$

198,847

25,000

Wyoming

Community

Development

Authority,

Housing

Revenue

Bonds,

2020

Series

1

2.625

12/01/35

21,905

60,000

Wyoming

Community

Development

Authority,

Housing

Revenue

Bonds,

2023

Series

1

4.200

12/01/38

62,078

TOTAL

WYOMING

282,830

TOTAL

MUNICIPAL

BONDS

(Cost

$120,102,498)

120,353,742

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

–

MORTGAGE-BACKED

SECURITIES

-

1.0%

–

692,206

Federal

Home

Loan

Mortgage

Corporation,

Notes,

2023

23-ML15

4.140

01/25/40

714,148

194,411

Federal

Home

Loan

Mortgage

Corporation,

Notes,

2022

M068

3.150

10/15/36

178,269

66,710

Freddie

Mac

Multi-Family

ML

Certificates,

Series

ML

08,

Series

2021,

2021

21-ML08

1.877

07/25/37

55,287

105,805

Freddie

Mac

Multi-Family

ML

Certificates,

Series

ML

10,

Series

2021,

2021

ML10

2.032

01/25/38

85,554

249,486

Freddie

Mac

Multi-Family

ML

Certificates,

Series

ML

22

Class

A-US,

Series

2024,

2024

24-ML22

4.683

10/25/40

271,870

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$1,328,381)

1,305,128

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$121,430,879)

121,658,870

BORROWINGS

-

(0.1)%

(f)

(93,458)

OTHER

ASSETS

&

LIABILITIES,

NET

-   3.3%

4,136,765

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

125,702,177

Fund

Unrealized

Pay/

Underlying

Pay/Receive

Floating

Payment

Maturity

Notional

Appreciation

Counterparty

Receive

(g)

Reference

Units

Floating

Rate

Rate

Frequency

Date

Amount

(Depreciation)

Toronto-Dominion

Bank

Pay

TDCENRGY

Index

(h)

(1,912)

Receive

SOFR

minus

0.60%

Maturity

Date

3/9/26

(248,888)

(50,832)

Toronto-Dominion

Bank

Pay

TDCENRGY

Index

(h)

(1,902)

Receive

SOFR

minus

0.60%

Maturity

Date

3/9/26

(247,586)

(60,314)

Toronto-Dominion

Bank

Pay

TDCENRGY

Index

(h)

(2,549)

Receive

SOFR

minus

0.60%

Maturity

Date

3/9/26

(331,807)

(82,179)

Toronto-Dominion

Bank

Pay

TDCENRGY

Index

(h)

(2,522)

Receive

SOFR

minus

0.60%

Maturity

Date

3/9/26

(328,292)

(83,130)

Toronto-Dominion

Bank

Pay

TDCENRGY

Index

(h)

(2,535)

Receive

SOFR

minus

0.60%

Maturity

Date

3/9/26

(329,985)

(88,607)

Toronto-Dominion

Bank

Pay

TDCENRGY

Index

(h)

(2,020)

Receive

SOFR

minus

0.60%

Maturity

Date

3/9/26

(262,946)

(70,794)

Total

(1,749,504)

(435,856)

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

$7,209,452

or

5.9%

of

Total

Investments.

(b)

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.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(d)

When-issued

or

delayed

delivery

security.

(e)

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.

(f)

Borrowings

as

a

percentage

of

Total

Investments

is

0.1%.

33

(g)

Receive

represents

that

the

Fund

receives

payments

for

any

positive

net

return

on

the

underlying

reference.

The

Fund

makes

payments

for

any

negative

net

return

on

such

underlying

reference.

Pay

represents

that

the

Fund

receives

payments

for

any

negative

net

return

on

the

underlying

reference.

The

Fund

makes

payments

for

any

positive

net

return

on

such

underlying

reference.

(h)

The

following

table

represents

the

individual

positions

within

each

Toronto-Dominion

Bank

total

return

swaps:

Description

Shares

Value

%

of

Index

COMMON

STOCKS

AES

Corp/The

(1,825)

(36,609)

14.7%

Brookfield

Renewable

Corp

(137)

(4,461)

1.8%

Clearway

Energy

Inc

(36)

(1,095)

0.4%

Constellation

Energy

Corp

(284)

(73,760)

29.6%

Innergex

Renewable

Energy

Inc

(83)

(870)

0.3%

NextEra

Energy

Inc

(123)

(10,405)

4.2%

Northland

Power

Inc

(167)

(3,906)

1.6%

Public

Service

Enterprise

Group

Inc

(417)

(37,193)

14.9%

Vistra

Corp

(680)

(80,589)

32.4%

Total

(248,888)

100%

Description

Shares

Value

%

of

Index

COMMON

STOCKS

AES

Corp/The

(1,815)

(36,417)

14.7%

Brookfield

Renewable

Corp

(136)

(4,438)

1.8%

Clearway

Energy

Inc

(35)

(1,089)

0.4%

Constellation

Energy

Corp

(282)

(73,375)

29.6%

Innergex

Renewable

Energy

Inc

(83)

(866)

0.3%

NextEra

Energy

Inc

(122)

(10,351)

4.2%

Northland

Power

Inc

(167)

(3,885)

1.6%

Public

Service

Enterprise

Group

Inc

(415)

(36,999)

14.9%

Vistra

Corp

(676)

(80,167)

32.4%

Total

(247,586)

100%

Description

Shares

Value

%

of

Index

COMMON

STOCKS

AES

Corp/The

(2,433)

(48,805)

14.7%

Brookfield

Renewable

Corp

(182)

(5,947)

1.8%

Clearway

Energy

Inc

(48)

(1,459)

0.4%

Constellation

Energy

Corp

(378)

(98,334)

29.6%

Innergex

Renewable

Energy

Inc

(111)

(1,160)

0.3%

NextEra

Energy

Inc

(164)

(13,872)

4.2%

Northland

Power

Inc

(223)

(5,207)

1.6%

Public

Service

Enterprise

Group

Inc

(556)

(49,585)

14.9%

Vistra

Corp

(906)

(107,437)

32.4%

Total

(331,807)

100%

Description

Shares

Value

%

of

Index

COMMON

STOCKS

AES

Corp/The

(2,407)

(48,288)

14.7%

Brookfield

Renewable

Corp

(180)

(5,884)

1.8%

Clearway

Energy

Inc

(47)

(1,444)

0.4%

Constellation

Energy

Corp

(374)

(97,293)

29.6%

Innergex

Renewable

Energy

Inc

(110)

(1,148)

0.3%

NextEra

Energy

Inc

(162)

(13,725)

4.2%

Northland

Power

Inc

(221)

(5,152)

1.6%

Public

Service

Enterprise

Group

Inc

(550)

(49,059)

14.9%

Vistra

Corp

(897)

(106,299)

32.4%

Total

(328,292)

100%

Portfolio

of

Investments

September

30,

2024

(continued)

NIM

34

Description

Shares

Value

%

of

Index

COMMON

STOCKS

AES

Corp/The

(2,420)

(48,537)

14.7%

Brookfield

Renewable

Corp

(181)

(5,915)

1.8%

Clearway

Energy

Inc

(47)

(1,451)

0.4%

Constellation

Energy

Corp

(376)

(97,794)

29.6%

Innergex

Renewable

Energy

Inc

(110)

(1,154)

0.3%

NextEra

Energy

Inc

(163)

(13,796)

4.2%

Northland

Power

Inc

(222)

(5,178)

1.6%

Public

Service

Enterprise

Group

Inc

(553)

(49,312)

14.9%

Vistra

Corp

(901)

(106,848)

32.4%

Total

(329,985)

100%

Description

Shares

Value

%

of

Index

COMMON

STOCKS

AES

Corp/The

(1,928)

(38,677)

14.7%

Brookfield

Renewable

Corp

(144)

(4,713)

1.8%

Clearway

Energy

Inc

(38)

(1,156)

0.4%

Constellation

Energy

Corp

(300)

(77,927)

29.6%

Innergex

Renewable

Energy

Inc

(88)

(919)

0.3%

NextEra

Energy

Inc

(130)

(10,993)

4.2%

Northland

Power

Inc

(177)

(4,126)

1.6%

Public

Service

Enterprise

Group

Inc

(440)

(39,294)

14.9%

Vistra

Corp

(718)

(85,141)

32.4%

Total

(262,946)

100%

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

35

Portfolio

of

Investments

September

30,

2024

NXP

(Unaudited)

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

98.9%   

X

717,857,500

MUNICIPAL

BONDS

-

98.9%

X

717,857,500

ALABAMA

-

0.2%

$

1,450,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5.250

%

10/01/49

$

1,580,173

TOTAL

ALABAMA

1,580,173

ARIZONA

-

3.0%

255,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017F

3.000

07/01/26

253,862

2,350,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017F

5.000

07/01/47

2,395,169

1,000,000

(a)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2021A

4.000

07/01/51

889,811

1,465,000

(a)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Taxable

Series

2019B

5.000

07/01/54

1,477,607

2,000,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A

5.000

01/01/38

2,067,223

1,950,000

McAllister

Academic

Village

LLC,

Arizona,

Revenue

Bonds,

Arizona

State

University

Hassayampa

Academic

Village

Project,

Refunding

Series

2016

5.000

07/01/37

2,000,572

1,250,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A

5.000

07/01/34

1,265,232

3,185,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019A

5.000

07/01/44

3,382,833

5,000,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019B,

(AMT)

5.000

07/01/49

5,166,014

2,410,000

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007

5.000

12/01/37

2,697,021

TOTAL

ARIZONA

21,595,344

ARKANSAS

-

0.5%

500,000

(a)

Arkansas

Development

Finance

Authority,

Charter

School

Revenue

Bonds,

Academy

of

Math

and

Science

-

Little

Rock

Project

Series

2024A

7.000

07/01/59

495,413

6,555,000

Arkansas

Development

Finance

Authority,

Tobacco

Settlement

Revenue

Bonds,

Arkansas

Cancer

Research

Center

Project,

Series

2006

-

AMBAC

Insured

0.000

07/01/46

2,389,822

500,000

Pulaski

County,

Arkansas,

Hospital

Revenue

Bonds,

Arkansas

Children's

Hospital,

Series

2023

5.000

03/01/43

546,869

TOTAL

ARKANSAS

3,432,104

CALIFORNIA

-

15.8%

11,000,000

Alhambra

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Capital

Appreciation

Series

2009B

-

AGC

Insured

0.000

08/01/41

6,116,660

4,245,000

Anaheim

City

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Election

2002

Series

2007

-

AGM

Insured

0.000

08/01/31

3,474,441

2,840,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

0.000

09/01/30

2,392,646

6,740,000

(b)

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured,

(ETM)

0.000

09/01/35

4,857,948

5,760,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

0.000

09/01/35

4,021,968

1,175,000

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B,

(AMT)

5.250

07/01/49

1,290,579

Portfolio

of

Investments

September

30,

2024

(continued)

NXP

36

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

120,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A

4.000

%

06/01/49

$

113,679

2,645,000

Cypress

Elementary

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2009A

-

AGM

Insured

0.000

05/01/34

1,980,458

2,440,000

Eureka

Unified

School

District,

Humboldt

County,

California,

General

Obligation

Bonds,

Series

2002

-

AGM

Insured

0.000

08/01/27

2,264,942

3,290,000

Folsom

Cordova

Unified

School

District,

Sacramento

County,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

4,

Series

2007A

-

NPFG

Insured

0.000

10/01/24

3,290,000

2,275,000

Folsom

Cordova

Unified

School

District,

Sacramento

County,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

4,

Series

2007A

-

NPFG

Insured

0.000

10/01/28

2,048,527

1,000,000

Fresno,

California,

Airport

Revenue

Bonds,

Series

2023A

-

BAM

Insured,

(AMT)

5.000

07/01/53

1,068,376

6,080,000

(b)

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2005A

-

AMBAC

Insured,

(ETM)

0.000

06/01/28

5,518,603

6,060,000

Grossmont

Union

High

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Series

2006

-

NPFG

Insured

0.000

08/01/25

5,919,750

1,495,000

Huntington

Beach

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Series

2007

-

FGIC

Insured

0.000

08/01/33

1,147,106

4,055,000

Kern

Community

College

District,

California,

General

Obligation

Bonds,

Series

2003A

-

FGIC

Insured

0.000

03/01/28

3,705,124

3,480,000

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

6.250

08/01/43

3,518,515

450,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C

6.500

11/01/39

588,848

11,985,000

Norwalk

La

Mirada

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2002,

Series

2007C

-

AGM

Insured

0.000

08/01/32

9,546,435

1,195,000

Palmdale

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2003

-

AGM

Insured

0.000

08/01/28

1,082,627

3,000,000

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

of

2004,

Series

2007A

-

NPFG

Insured

0.000

08/01/25

2,911,882

8,790,000

Pittsburg

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Los

Medanos

Community

Development

Project,

Series

1999

-

AMBAC

Insured

0.000

08/01/29

7,627,165

12,240,000

(b)

Placentia-Yorba

Linda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation,

Series

2006

-

FGIC

Insured,

(ETM)

0.000

10/01/34

8,995,291

1,500,000

Placer

Union

High

School

District,

Placer

County,

California,

General

Obligation

Bonds,

Series

2004C

-

AGM

Insured

0.000

08/01/32

1,188,359

8,000,000

Poway

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

2007-1,

Election

2008

Series

2009A

0.000

08/01/32

6,371,006

8,000,000

Poway

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

2007-1,

Election

2008

Series

2009A

0.000

08/01/33

6,154,719

3,940,000

Rancho

Mirage

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Combined

Whitewater

and

1984

Project

Areas,

Series

2003A

-

NPFG

Insured

0.000

04/01/35

2,727,807

2,755,000

Sacramento

City

Unified

School

District,

Sacramento

County,

California,

General

Obligation

Bonds,

Series

2007

-

AGM

Insured

0.000

07/01/25

2,700,944

3,570,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

(AMT)

5.000

07/01/48

3,832,716

37

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

2,110,000

Sierra

Sands

Unified

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Election

of

2006,

Series

2006A

-

FGIC

Insured

0.000

%

11/01/28

$

1,871,166

6,025,000

Simi

Valley

Unified

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Election

of

2004

Series

2007C

0.000

08/01/30

5,129,369

1,150,000

Woodside

Elementary

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

of

2005,

Series

2007

-

AMBAC

Insured

0.000

10/01/30

969,952

TOTAL

CALIFORNIA

114,427,608

COLORADO

-

8.6%

4,150,000

Arkansas

River

Power

Authority,

Colorado,

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2018A

5.000

10/01/43

4,254,034

5,625,000

Colorado

Bridge

and

Tunnel

Enterprise,

Colorado,

Senior

Infrastructure

Revenue

Bonds,

Series

2024A

-

AGM

Insured

5.250

12/01/49

6,327,557

150,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1

4.000

08/01/44

146,149

1,600,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5.000

08/01/44

1,669,007

540,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

4.000

08/01/49

515,489

5,000,000

Colorado

School

of

Mines

Board

of

Trustees,

Golden,

Colorado,

Institutional

Enterprise

Revenue

Bonds,

Series

2017B

5.000

12/01/47

5,158,526

2,475,000

Colorado

State,

Certificates

of

Participation,

Rural

Series

2020A

4.000

12/15/37

2,559,614

9,000,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

(AMT)

5.000

11/15/47

9,567,489

2,275,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5.750

11/15/45

2,581,223

4,400,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B

5.000

12/01/43

4,627,288

8,350,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0.000

09/01/29

7,175,111

1,295,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0.000

09/01/32

985,345

4,475,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

-

NPFG

Insured

0.000

09/01/33

3,266,066

12,500,000

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2006A

-

NPFG

Insured

0.000

09/01/38

6,347,820

1,000,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Refunding

Series

2015A

5.000

12/01/33

1,020,239

620,000

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Refunding

Series

2015A

5.000

12/01/35

631,761

5,000,000

Windy

Gap

Firming

Project

Water

Activity

Enterprise,

Colorado,

Senior

Revenue

Bonds,

Series

2021

5.000

07/15/51

5,360,305

TOTAL

COLORADO

62,193,023

CONNECTICUT

-

1.4%

2,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avon

Old

Farms

School,

Series

2021D-1

2.625

07/01/51

1,370,951

2,500,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2022U

4.000

07/01/52

2,407,906

5,390,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2021A

4.000

05/01/40

5,564,500

750,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2015A

5.000

03/15/31

773,696

TOTAL

CONNECTICUT

10,117,053

Portfolio

of

Investments

September

30,

2024

(continued)

NXP

38

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

DISTRICT

OF

COLUMBIA

-

1.8%

$

1,500,000

(b)

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

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

$

1,617,837

2,000,000

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B

6.500

10/01/44

2,218,558

5,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2023A,

(AMT)

5.250

10/01/53

5,377,251

2,450,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2024A,

(AMT)

5.250

10/01/49

2,675,743

1,070,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Green

Series

2021A

4.000

07/15/46

1,055,707

TOTAL

DISTRICT

OF

COLUMBIA

12,945,096

FLORIDA

-

4.4%

1,000,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

5.000

07/01/41

1,031,034

1,700,000

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

1,791,871

3,000,000

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

3,143,677

6,590,000

(a)

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

6,787,172

2,000,000

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A,

(AMT)

5.000

10/01/42

2,055,070

1,545,000

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A,

(AMT)

5.000

10/01/47

1,579,960

1,000,000

Hillsborough

County

Industrial

Development

Authority,

Florida,

Health

System

Revenue

Bonds,

BayCare

Health

System

Series

2024C

4.125

11/15/51

984,471

1,565,000

Hillsborough

County

Industrial

Development

Authority,

Florida,

Health

System

Revenue

Bonds,

BayCare

Health

System

Series

2024C

5.500

11/15/54

1,782,029

1,500,000

Lakeland,

Florida,

Hospital

System

Revenue

Bonds,

Lakeland

Regional

Health,

Series

2015

5.000

11/15/45

1,502,772

5,000,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

5.000

10/01/40

5,129,785

5,000,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2019A,

(AMT)

5.000

10/01/49

5,153,758

1,090,000

Orange

County

Health

Facilities

Authority,

Florida,

Revenue

Bonds,

Presbyterian

Retirement

Communities

Project,

Series

2024

5.000

08/01/54

1,151,521

TOTAL

FLORIDA

32,093,120

GEORGIA

-

1.5%

3,665,000

Brookhaven

Development

Authority,

Georgia,

Revenue

Bonds,

Children's

Healthcare

of

Atlanta,

Inc.

Project,

Series

2019A

4.000

07/01/49

3,644,322

3,775,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2023D,

(Mandatory

Put

12/01/30)

5.000

12/01/54

4,034,740

1,250,000

(c)

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Series

2024A,

(WI/DD)

5.250

01/01/49

1,383,931

1,570,000

(c)

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Series

2024A

-

BAM

Insured,

(WI/DD)

5.250

01/01/54

1,736,446

TOTAL

GEORGIA

10,799,439

39

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

GUAM

-

1.2%

$

7,250,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D

5.000

%

11/15/39

$

7,294,056

1,460,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016

5.000

01/01/46

1,484,478

TOTAL

GUAM

8,778,534

HAWAII

-

1.0%

6,895,000

Hawaii

State,

Airport

System

Revenue

Bonds,

Series

2015A,

(AMT)

5.000

07/01/41

6,939,442

TOTAL

HAWAII

6,939,442

IDAHO

-

3.7%

5,000,000

Boise

City

Water

Renewal

System,

Idaho,

Revenue

Bonds,

Refunding

Series

2022

5.000

09/01/47

5,440,291

1,600,000

Boise

State

University,

Idaho,

General

Revenue

Bonds,

Series

2023A

5.000

04/01/48

1,756,103

10,000,000

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2014A

5.000

03/01/44

10,001,448

1,220,000

Idaho

Housing

&

Finance

Association,

Idaho,

Sales

Tax

Revenue

Bonds,

Transportation

Expansion

&

Congestion

Mitigation

Fund,

Series

2023A

5.250

08/15/48

1,370,263

2,000,000

(a)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

The

College

of

Idaho

Project,

Series

2023

5.625

11/01/43

2,111,043

6,000,000

(a)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

The

College

of

Idaho

Project,

Series

2023

5.875

11/01/53

6,306,453

TOTAL

IDAHO

26,985,601

ILLINOIS

-

9.2%

2,050,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016

6.000

04/01/46

2,143,144

1,790,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2017C

5.000

12/01/30

1,847,222

725,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016B

6.500

12/01/46

754,661

1,500,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2021A

5.000

12/01/38

1,561,094

3,900,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Series

1999A

-

FGIC

Insured

0.000

12/01/28

3,341,319

55,000

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1

-

FGIC

Insured

0.000

12/01/28

47,198

5,000,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2024A

5.250

01/01/48

5,461,033

880,000

Chicago,

Illinois,

General

Obligation

Bonds,

Project

&

Refunding

Series

2017A

6.000

01/01/38

920,097

1,500,000

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Senior

Lien

Series

2023C

5.000

01/01/41

1,601,798

5,000,000

Chicago,

Illinois,

Wastewater

Transmission

Revenue

Bonds,

Second

Lien

Project,

Series

2023A

-

AGM

Insured

5.250

01/01/53

5,479,425

1,190,000

Chicago,

Illinois,

Water

Revenue

Bonds,

Second

Lien

Series

2023A

-

AGM

Insured

5.250

11/01/53

1,303,214

2,500,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

4

.000

01/01/46

2,485,117

1,720,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

12/15/29

1,457,824

765,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

0.000

06/15/30

634,443

45,000

(b)

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A,

(ETM)

0.000

06/15/30

38,071

2,500,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

12/15/30

2,033,908

Portfolio

of

Investments

September

30,

2024

(continued)

NXP

40

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

17,195,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

%

12/15/31

$

13,421,968

1,350,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

06/15/35

917,416

15,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

12/15/36

9,546,501

2,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

06/15/37

1,246,629

9,370,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

-

NPFG

Insured

0.000

06/15/39

5,298,685

5,000,000

Springfield,

Illinois,

Electric

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015

5.000

03/01/28

5,039,855

TOTAL

ILLINOIS

66,580,622

INDIANA

-

1.3%

1,600,000

(b)

Indiana

Bond

Bank,

Special

Program

Bonds,

Carmel

Junior

Waterworks

Project,

Series

2008B

-

AGM

Insured,

(ETM)

0.000

06/01/30

1,362,765

2,040,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

Unversity

Health

Obligation

Group,

Refunding

2015A

5.000

12/01/40

2,055,363

5,060,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Marion

General

Hospital

Project,

Series

2020A

4

.000

07/01/45

4,786,645

500,000

Northern

Indiana

Commuter

Transportation

District,

Indiana,

Limited

Obligation

Revenue

Bonds,

Series

2024

5.250

01/01/49

556,867

1,000,000

Zionsville

Community

Schools

Building

Corporation,

Boone

County,

Indiana,

First

Mortgage

Bonds,

Series

2005Z

-

AGM

Insured

0.000

07/15/28

892,619

TOTAL

INDIANA

9,654,259

IOWA

-

0.2%

1,165,000

(b)

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

1,365,679

TOTAL

IOWA

1,365,679

KENTUCKY

-

0.1%

805,000

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Convertible

Capital

Appreciation

First

Tier

Series

2013C

6.750

07/01/43

946,531

TOTAL

KENTUCKY

946,531

LOUISIANA

-

0.6%

1,870,000

Jefferson

Sales

Tax

District,

Jefferson

Parish,

Louisiana,

Special

Sales

Tax

Revenue

Bonds,

Series

2017B

-

AGM

Insured

5.000

12/01/42

1,935,934

500,000

Louisiana

Publics

Facilities

Authority,

Louisiana,

Revenue

Bonds,

I-10

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

5.500

09/01/54

551,618

2,000,000

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Public

Improvement

Series

2024A

5.000

12/01/53

2,170,857

TOTAL

LOUISIANA

4,658,409

MASSACHUSETTS

-

4.5%

10,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2016BB-1

4.000

10/01/46

9,877,515

2,230,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2016BB-1

5.000

10/01/46

2,311,067

6,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-Farber

Cancer

Institute

Issue,

Series

2016N

5.000

12/01/46

6,611,090

600,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017L

3.625

07/01/37

553,672

41

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

MASSACHUSETTS

(continued)

$

3,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015B

4.000

%

05/01/45

$

2,996,972

2,415,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2017A

5.000

06/01/47

2,498,286

5,000,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Sustainability  Green

Series

2022A

5.000

06/01/50

5,405,825

1,000,000

Newburyport,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan,

Refunding

Series

2013

4.000

01/15/30

1,000,543

480,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2014-1

5.000

11/01/39

480,522

255,000

(b)

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2014-1,

(Pre-refunded

11/01/24)

5.000

11/01/39

255,342

220,000

(b)

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2014-1,

(Pre-refunded

11/01/24)

5.000

11/01/39

220,295

210,000

(b)

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2014-1,

(Pre-refunded

11/01/24)

5.000

11/01/39

210,282

TOTAL

MASSACHUSETTS

32,421,411

MICHIGAN

-

1.5%

5,000,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Refunding

Series

2024A

5.250

07/01/54

5,571,353

385,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I

5.000

04/15/38

391,185

4,000,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2016-I

5.000

04/15/35

4,170,920

1,000,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2023B

-

AGM

Insured,

(AMT)

5.500

12/01/48

1,117,009

TOTAL

MICHIGAN

11,250,467

MINNESOTA

-

1.1%

1,500,000

Minnesota

Agricultural

and

Economic

Development

Board,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2024A

5.250

01/01/54

1,654,912

1,000,000

(c)

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2024

4.000

05/01/50

981,962

1,300,000

(c)

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2024

5.000

05/01/54

1,409,387

3,850,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hmong

College

Prep

Academy

Project,

Series

2016A

6.000

09/01/51

3,929,921

TOTAL

MINNESOTA

7,976,182

MISSOURI

-

2.8%

5,000,000

Jackson

County,

Missouri,

Special

Obligation

Bonds,

Series

2023A

5.250

12/01/47

5,524,104

7,000,000

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

7,230,915

5,000,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1

-

AMBAC

Insured

0.000

04/15/30

4,200,918

2,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A

5.000

11/15/38

2,001,573

1,700,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4.000

02/15/54

1,623,332

TOTAL

MISSOURI

20,580,842

NEBRASKA

-

1.5%

3,550,000

Central

Plains

Energy

Project,

Nebraska,

Gas

Project

4

Revenue

Bonds,

Refunding

Series

2023A-1,

(Mandatory

Put

11/01/29)

5.000

05/01/54

3,809,205

3,000,000

Douglas

County

Hospital

Authority

2,

Nebraska,

Health

Facilities

Revenue

Bonds,

Children's

Hospital

Obligated

Group,

Series

2017

5.000

11/15/47

3,057,919

545,000

Douglas

County

Hospital

Authority

3,

Nebraska,

Health

Facilities

Revenue

Bonds,

Nebraska

Methodist

Health

System,

Refunding

Series

2015

4.125

11/01/36

546,821

Portfolio

of

Investments

September

30,

2024

(continued)

NXP

42

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEBRASKA

(continued)

$

2,700,000

Douglas

County

Hospital

Authority

3,

Nebraska,

Health

Facilities

Revenue

Bonds,

Nebraska

Methodist

Health

System,

Refunding

Series

2015

5.000

%

11/01/45

$

2,721,324

250,000

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Series

2018

5.000

07/01/26

252,604

305,000

Madison

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Faith

Regional

Health

Services

Project,

Series

2018

5.000

07/01/27

307,121

TOTAL

NEBRASKA

10,694,994

NEVADA

-

0.7%

1,710,000

Carson

City,

Nevada,

Hospital

Revenue

Bonds,

Carson

Tahoe

Regional

Healthcare

Project,

Series

2017A

5.000

09/01/37

1,764,108

3,000,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015

5.000

06/01/34

3,007,937

TOTAL

NEVADA

4,772,045

NEW

JERSEY

-

5.3%

3,495,000

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,  Series

2013

5.000

01/01/37

3,504,917

940,000

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013

-

AGM

Insured,

(AMT)

5.125

01/01/39

941,050

2,000,000

(b)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2016BBB,

(Pre-refunded

12/15/26)

5.500

06/15/31

2,136,054

305,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A

-

AGM

Insured

5.000

07/01/28

309,842

260,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A

-

AGM

Insured

5.000

07/01/29

263,983

4,900,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AMBAC

Insured

0.000

12/15/28

4,318,589

35,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0.000

12/15/34

24,823,673

2,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

5.250

06/15/29

2,032,072

TOTAL

NEW

JERSEY

38,330,180

NEW

MEXICO

-

0.7%

1,000,000

Farmington

Municipal

School

District

5,

San

Juan

County,

New

Mexico,

General

Obligation

Bonds,

School

Building

Series

2015

5.000

09/01/28

1,019,476

3,000,000

New

Mexico

Mortgage

Finance

Authority,

Multifamily

Housing

Revenue

Bonds,

St

Anthony,

Series

2007A,

(AMT)

5.250

09/01/42

3,007,960

1,035,000

University

of

New

Mexico,

Revenue

Bonds,

Refunding

&

Improvement

Subordinate

Lien

Series

2016A

4.500

06/01/36

1,056,851

TOTAL

NEW

MEXICO

5,084,287

NEW

YORK

-

3.6%

2,000,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2019A-1,

(Mandatory

Put

11/15/24)

5.000

11/15/48

2,002,261

1,260,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2015

Series

HH

5.000

06/15/37

1,275,639

3,775,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2024

Series

BB-2

5.250

06/15/47

4,256,191

10,000,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020A

4.000

03/15/45

9,994,489

2,500,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Four

Series

2022,

(AMT)

5.250

08/01/47

2,714,864

43

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

5,000,000

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

%

05/15/59

$

5,565,228

TOTAL

NEW

YORK

25,808,672

NORTH

CAROLINA

-

0.1%

1,000,000

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Series

2023B,

(AMT)

5.000

07/01/48

1,064,467

TOTAL

NORTH

CAROLINA

1,064,467

OHIO

-

0.2%

1,000,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2

5.000

06/01/55

942,445

250,000

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

249,310

TOTAL

OHIO

1,191,755

OKLAHOMA

-

0.9%

1,230,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5.000

08/15/38

1,270,457

5,000,000

Oklahoma

State

Turnpike

Authority,

Turnpike

System

Revenue

Bonds,

Second

Senior

Series

2023

5.500

01/01/53

5,565,042

TOTAL

OKLAHOMA

6,835,499

OREGON

-

2.9%

500,000

Astoria

Hospital

Facilities

Authority,

Oregon,

Hospital

Revenue

Bonds,

Columbia

Memorial

Hospital

Project,

Series

2024

5.250

08/01/54

536,429

1,505,000

Beaverton

School

District

48J,

Washington

and

Multnomah

Counties,

Oregon,

General

Obligation

Bonds,

Convertible

Deferred

Interest

Series

2017D

5.000

06/15/36

1,586,641

60,000

Clackamas

Community

College

District,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017A

5.000

06/15/40

62,872

500,000

Clackamas

County

Hospital

Facility

Authority,

Oregon,

Senior

Living

Revenue

Bonds,

Willamette

View

Project,

Series

2017A

5.000

11/15/52

496,238

2,000,000

Clackamas

County

School

District

12,

North

Clackamas,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017A

0.000

06/15/41

954,746

2,130,000

Medford

Hospital

Facilities

Authority,

Oregon,

Hospital

Revenue

Bonds,

Asante

Health

System,

Refunding

Series

2020A

5.000

08/15/50

2,234,058

2,000,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Willamette

University,

Refunding

Series

2016B

5.000

10/01/40

2,019,987

5,000,000

Oregon

Health

and

Science

University,

Revenue

Bonds,

Green

Series

2021A

4.000

07/01/44

5,054,028

3,000,000

Port

of

Portland,

Oregon,

International

Airport

Revenue

Bonds,

Green

Series

2024-30A,

(AMT)

5.250

07/01/54

3,271,383

2,500,000

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Refunding

Series

2016A

5.000

05/15/46

2,529,774

750,000

Washington

and

Clackamas

Counties

School

District

23J

Tigard-Tualatin,

Oregon,

General

Obligation

Bonds,

Series

2017

5.000

06/15/30

799,152

1,500,000

Yamhill

County,

Oregon,

Revenue

Bonds,

George

Fox

University

Project,

Refunding

Series

2021

4.000

12/01/36

1,534,499

TOTAL

OREGON

21,079,807

PENNSYLVANIA

-

0.9%

1,500,000

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Generation

Project,

Series

2008B

3.750

10/01/47

1,343,906

4,935,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

State

System

of

Higher

Education,

Series

2016AT-1

5.000

06/15/31

5,104,002

65,000

(b)

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

State

System

of

Higher

Education,

Series

2016AT-1,

(Pre-refunded

6/15/26)

5.000

06/15/31

67,536

TOTAL

PENNSYLVANIA

6,515,444

Portfolio

of

Investments

September

30,

2024

(continued)

NXP

44

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

PUERTO

RICO

-

2.5%

$

21,600,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

%

07/01/46

$

7,330,766

2,550,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4.750

07/01/53

2,557,849

4,000,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.329

07/01/40

3,998,028

3,624,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.784

07/01/58

3,633,669

536,540

Puerto

Rico,

General

Obligation

Bonds,

Clawback

Highway

Transportation

Authority

Claims

Taxable

Series

2022

0.000

11/01/51

351,434

TOTAL

PUERTO

RICO

17,871,746

SOUTH

CAROLINA

-

0.3%

1,940,000

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018,

(AMT)

5.000

07/01/48

1,987,501

TOTAL

SOUTH

CAROLINA

1,987,501

SOUTH

DAKOTA

-

0.1%

1,000,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sanford

Health,

Series

2015

5.000

11/01/35

1,019,283

TOTAL

SOUTH

DAKOTA

1,019,283

TENNESSEE

-

1.4%

4,695,000

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

5,143,403

5,000,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

(AMT)

5.000

07/01/49

5,212,579

TOTAL

TENNESSEE

10,355,982

TEXAS

-

6.7%

110,000

(b)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5.000

01/01/33

111,683

85,000

(b)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5.000

01/01/34

86,300

240,000

(b)

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien,

Series

2015A,

(Pre-refunded

7/01/25)

5.000

01/01/35

243,671

1,160,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Houston

Methodist

Hospital

System,

Series

2015

5.000

12/01/45

1,167,010

520,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0.000

11/15/24

517,380

110,000

(b)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0.000

11/15/24

109,460

2,935,000

(b)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0.000

11/15/30

2,402,896

480,000

(b)

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured,

(ETM)

0.000

11/15/30

392,978

1,405,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0.000

11/15/32

1,003,634

2,510,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0.000

11/15/36

1,371,052

12,480,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

-

NPFG

Insured

0.000

11/15/41

4,834,475

2,235,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Third

Lien

Series

2004A-3

-

NPFG

Insured

0.000

11/15/32

1,394,135

4,230,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Third

Lien

Series

2004A-3

-

NPFG

Insured

0.000

11/15/35

2,207,244

3,045,000

Harris

County-Houston

Sports

Authority,

Texas,

Special

Revenue

Bonds,

Refunding

Senior

Lien

Series

2001A

-

NPFG

Insured

0.000

11/15/34

1,923,666

8,110,000

Harris

County-Houston

Sports

Authority,

Texas,

Special

Revenue

Bonds,

Refunding

Senior

Lien

Series

2001A

-

NPFG

Insured

0.000

11/15/38

3,918,182

45

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TEXAS

(continued)

$

5,325,000

Irving

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

5.000

%

02/15/41

$

5,954,135

13,410,000

Lamar

Consolidated

Independent

School

District,

Fort

Bend

County,

Texas,

General

Obligation

Bonds,

Schoolhouse

Series

2023A

5.000

02/15/53

14,514,383

1,500,000

Midland

Independent

School

District,

Midland

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024

5.000

02/15/50

1,568,588

430,000

(a)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

(AMT)

4.625

10/01/31

431,996

290,000

(b)

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I,

(Pre-

refunded

1/01/25)

-

AGC

Insured

6.200

01/01/42

292,040

2,000,000

(b)

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I,

(Pre-

refunded

1/01/25)

6.500

01/01/43

2,015,292

200,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Scott

&

White

Healthcare

Project,

Series

2016A

4.000

11/15/42

199,391

2,410,000

Texas

Turnpike

Authority,

Central

Texas

Turnpike

System

Revenue

Bonds,

First

Tier

Series

2002A

-

AMBAC

Insured

0.000

08/15/25

2,342,994

TOTAL

TEXAS

49,002,585

UTAH

-

0.3%

2,095,000

Millard

School

District,

Utah,  Lease

Revenue

Bonds,

Local

Building

Authority

Series

2024

-

BAM

Insured

5.000

05/15/49

2,329,142

TOTAL

UTAH

2,329,142

VIRGIN

ISLANDS

-

0.2%

1,645,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

5.000

10/01/39

1,722,903

TOTAL

VIRGIN

ISLANDS

1,722,903

WASHINGTON

-

4.9%

5,000,000

Port

of

Seattle,

Washington,

Revenue

Bonds,

Intermediate

Lien

Series

2019,

(AMT)

5.000

04/01/44

5,184,581

3,485,000

Port

of

Seattle,

Washington,

Revenue

Bonds,

Refunding

Intermediate

Lien

Series

2021C,

(AMT)

5.000

08/01/46

3,681,353

4,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2012A

5.000

10/01/32

4,009,379

5,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014D

5.000

10/01/38

5,001,553

8,390,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Refunding

Series

2021B

4.000

07/01/58

8,068,493

5,710,000

Washington

State,

General

Obligation

Bonds,

Various

Purpose

Series

2015B

5.000

02/01/37

5,742,443

2,060,000

Washington

State,

General

Obligation

Bonds,

Various

Purpose

Series

2016A-1

5.000

08/01/39

2,085,743

2,115,000

Washington

State,

Motor

Vehicle

Fuel

Tax

General

Obligation

Bonds,

Series

2003F

-

NPFG

Insured

0.000

12/01/27

1,940,629

TOTAL

WASHINGTON

35,714,174

Portfolio

of

Investments

September

30,

2024

(continued)

NXP

46

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

WISCONSIN

-

1.3%

$

3,290,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mercy

Alliance,

Inc.,

Series

2012

5.000

%

06/01/39

$

3,291,851

2,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Ascension

Health

Alliance

Senior

Credit

Group,

Series

2016A

4.000

11/15/46

1,898,928

3,855,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Medical

College

of

Wisconsin,

Inc.,

Series

2016

5.000

12/01/41

3,965,316

TOTAL

WISCONSIN

9,156,095

TOTAL

MUNICIPAL

BONDS

(Cost

$668,043,434)

717,857,500

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$668,043,434)

717,857,500

OTHER

ASSETS

&

LIABILITIES,

NET

-   1.1%

8,157,689

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

726,015,189

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

$18,499,495

or

2.6%

of

Total

Investments.

(b)

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.

(c)

When-issued

or

delayed

delivery

security.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

47

September

30,

2024

(Unaudited)

NIM

NXP

ASSETS

Long-term

investments,

at

value

†

$

121,658,870‌

$

717,857,500‌

Cash

42,953‌

3,430,821‌

Receivables:

Interest

1,350,625‌

6,614,563‌

Investments

sold

841,933‌

–‌

Shares

sold

–‌

230,906‌

Sale

of

Vistra

Vision

interest

#(1)

4,023,168‌

5,908,283‌

Deferred

offering

costs

–‌

242,571‌

Other

2,606‌

136,003‌

Total

assets

127,920,155‌

734,420,647‌

LIABILITIES

Borrowings

93,458‌

–‌

Unrealized

depreciation

on

total

return

swaps

contracts

435,856‌

–‌

Payables:

Management

fees

47,462‌

109,474‌

Dividends

335,772‌

2,431,420‌

Interest

83‌

368‌

Investments

purchased

-

regular

settlement

81,859‌

—‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

1,066,248‌

5,475,835‌

Vistra

Vision

sale

transactions

costs

(1)

97,166‌

142,695‌

Accrued

expenses:

Custodian

fees

35,453‌

47,508‌

Investor

relations

2,378‌

9,047‌

Trustees

fees

2,143‌

134,202‌

Professional

fees

17,568‌

20,348‌

Shareholder

reporting

expenses

2,201‌

17,791‌

Shareholder

servicing

agent

fees

331‌

2,956‌

Other

—‌

13,814‌

Total

liabilities

2,217,978‌

8,405,458‌

Net

assets

applicable

to

common

shares

$

125,702,177‌

$

726,015,189‌

Common

shares

outstanding

12,446,597‌

49,183,420‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

10.10‌

$

14.76‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

124,466‌

$

491,834‌

Paid-in

capital

123,856,804‌

689,833,469‌

Total

distributable

earnings

(loss)

1,720,907‌

35,689,886‌

Net

assets

applicable

to

common

shares

$

125,702,177‌

$

726,015,189‌

Authorized

shares:

Common

Unlimited

Unlimited

†

Long-term

investments,

cost

$

121,430,879‌

$

668,043,434‌

#

Net

of

discount

of

$

268,834‌

$

394,800‌

(1)

Refer

to

Note

4

of

the

Notes

to

Financial

Statements

for

more

information.

Statement

of

Operations

See

Notes

to

Financial

Statements

48

Six

Months

Ended

September

30,

2024

(Unaudited)

NIM

NXP

INVESTMENT

INCOME

Dividends

$

18,863‌

$

27,702‌

Interest

2,381,524‌

15,954,182‌

Total

investment

income

2,400,387‌

15,981,884‌

EXPENSES

–

–

Management

fees

287,273‌

654,408‌

Shareholder

servicing

agent

fees

1,048‌

8,971‌

Interest

expense

313‌

6,500‌

Trustees

fees

2,350‌

13,143‌

Custodian

expenses,

net

26,588‌

37,023‌

Investor

relations

expenses

3,285‌

17,466‌

Professional

fees

28,987‌

45,783‌

Shareholder

reporting

expenses

12,425‌

30,783‌

Stock

exchange

listing

fees

3,943‌

7,780‌

Other

6,979‌

18,240‌

Total

expenses

373,191‌

840,097‌

Net

investment

income

(loss)

2,027,196‌

15,141,787‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

2,008,827‌

1,972,837‌

Swap

contracts

(

655,979‌

)

—‌

Net

realized

gain

(loss)

1,352,848‌

1,972,837‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(

235,740‌

)

2,930,095‌

Swap

contracts

(

435,856‌

)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

(

671,596‌

)

2,930,095‌

Net

realized

and

unrealized

gain

(loss)

681,252‌

4,902,932‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

2,708,448‌

$

20,044,719‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

49

NIM

NXP

Unaudited

Six

Months

Ended

9/30/24

Year

Ended

3/31/24

Unaudited

Six

Months

Ended

9/30/24

Year

Ended

3/31/24

OPERATIONS

Net

investment

income

(loss)

$

2,027,196‌

$

3,850,109‌

$

15,141,787‌

$

28,587,867‌

Net

realized

gain

(loss)

1,352,848‌

1,108,535‌

1,972,837‌

(

2,647,731‌

)

Net

change

in

unrealized

appreciation

(depreciation)

(

671,596‌

)

(

577,161‌

)

2,930,095‌

5,458,669‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

2,708,448‌

4,381,483‌

20,044,719‌

31,398,805‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

2,016,349‌

)

(

3,883,338‌

)

(

14,707,768‌

)

(

27,510,589‌

)

Total

distributions

(

2,016,349‌

)

(

3,883,338‌

)

(

14,707,768‌

)

(

27,510,589‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

—‌

18,179,384‌

15,928,457‌

Reinvestments

of

distributions

—‌

—‌

170,705‌

455,655‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

18,350,089‌

16,384,112‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

692,099‌

498,145‌

23,687,040‌

20,272,328‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

125,010,078‌

124,511,933‌

702,328,149‌

682,055,821‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

125,702,177‌

$

125,010,078‌

$

726,015,189‌

$

702,328,149‌

Financial

Highlights

50

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

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NIM

9/30/24(d)

$

10.04

$

0.16

$

0.06

$

0.22

$

(0.16)

$

—

$

(0.16)

$

—

$

10.10

$

9.26

3/31/24

10.00

0.31

0.04

0.35

(0.31)

—

(0.31)

—

10.04

8.99

3/31/23

10.26

0.28

(0.27)

0.01

(0.27)

—

(0.27)

—

10.00

9.23

3/31/22

10.77

0.27

(0.51)

(0.24)

(0.27)

—

(0.27)

—

10.26

9.58

3/31/21

10.44

0.29

0.41

0.70

(0.32)

(0.05)

(0.37)

—

10.77

10.68

3/31/20

10.56

0.31

(0.11)

0.20

(0.32)

—

(0.32)

—

10.44

9.77

NXP

9/30/24(d)

14.65

0.31

0.11

0.42

(0.31)

—

(0.31)

—

14.76

15.11

3/31/24

14.57

0.60

0.06

0.66

(0.58)

—

(0.58)

—(f)

14.65

14.44

3/31/23

15.13

0.51

(0.51)

—

(0.56)

—

(0.56)

—

14.57

14.31

3/31/22

16.34

0.43

(1.09)

(0.66)

(0.55)

—

(0.55)

—

15.13

14.43

3/31/21

15.77

0.59

0.53

1.12

(0.55)

—

(0.55)

—

16.34

17.39

3/31/20

15.51

0.58

0.23

0.81

(0.55)

—

(0.55)

—

15.77

14.97

(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

51

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NIM

NXP

9/30/24(d

)

—

%

—

%

3/31/24

—

—

3/31/23

—

—

3/31/22

—

—

3/31/21

—

—

3/31/20

—

—

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)(c)

Portfolio

Turnover

Rate

2.23‌

%

4.85‌

%

$

125,702

0.59‌

%

(e)

3.23‌

%

(e)

11‌

%

3.61‌

0.85‌

125,010

0.58‌

3.13‌

23‌

0.17‌

(0.79‌)

124,512

0.57‌

2.84‌

21‌

(2.31‌)

(7.98‌)

127,668

0.56‌

2.54‌

13‌

6.73‌

13.22‌

134,048

0.56‌

2.69‌

12‌

1.83‌

1.14‌

129,879

0.56‌

2.88‌

13‌

2.88‌

6.86‌

726,015

0.24‌

(e)

4.30‌

(e)

10‌

4.70‌

5.11‌

702,328

0.23‌

4.21‌

26‌

0.07‌

3.19‌

682,056

0.24‌

3.53‌

22‌

(4.24‌)

(14.16‌)

708,249

0.29‌

3.26‌

13‌

7.16‌

20.16‌

271,091

0.26‌

3.64‌

10‌

5.19‌

5.89‌

261,438

0.26‌

3.60‌

10‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

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

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)

Unaudited.

(e)

Annualized.

(f)

Value

rounded

to

zero.

52

Notes

to

Financial

Statements

(Unaudited)

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

Select

Maturities

Municipal

Fund

(NIM)

Nuveen

Select

Tax-Free

Income

Portfolio

(NXP)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

closed-end

management

investment

companies.

NIM

and

NXP

were

organized

as

Massachusetts

business

trusts

on

July

23,

1992

and

January

29,

1992,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

September

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

September

30,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Fund’s

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

portfolio

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

common

shares

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and common

shares 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.

Fund

Gross

Custodian

Fee

Credits

NIM

$

—

NXP

—

53

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Investment

income

also

reflects

dividend

income,

which

is

recorded

on

the

ex-dividend

date.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

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:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

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.

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.

54

Notes

to

Financial

Statements

(continued)

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:

The

Funds

hold

liabilities

in

floating

rate

obligations,

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

later

in

these

Notes

to

Financial

Statements.

The

Funds,

where

applicable,

have

a

receivable

for

the

sale

of

their

interest

in

Vistra

Vision,

which

is

not

reflected

in

the

tables

above.

The

carrying

value

of

this

receivable

approximates

fair

value.

The

“Receivable

for

sale

of

Vistra

Vision

interest”

is

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

of

the

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.

The

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”

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.

NIM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

120,353,742

$

–

$

120,353,742

Mortgage-Backed

Securities

–

1,305,128

–

1,305,128

Investments

in

Derivatives:

Total

Return

Swaps

–

(435,856

)

–

(435,856

)

Total

$

–

$

121,2

23,014

$

–

$

121,223

,

014

NXP

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

717,857,500

$

–

$

717,857,500

Total

$

–

$

717,857,500

$

–

$

717,857,500

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

55

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.

During

the

current

fiscal

period,

the

Funds

did

not

have

any

transactions

in

self-deposited

Inverse

Floaters

and/or

externally-deposited

Inverse

Floaters. 

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

(excluding

in-kind

transactions,

where

applicable)

during

the

current fiscal

period

were

as

follows:

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.

Sale

of

Vistra

Vision

interests:

On

September

18,

2024,

Vistra

Corp.

(“Vistra”)

and

Nuveen

agreed

to

terms

for

the

sale

of

the

Vistra

Vision

interest.

In

exchange

for

its

interest

in

Vistra

Vision,

the

Funds

will

receive

proceeds

from

the

sale

over

a

series

of

payments

from

Vistra

through

December

31,

2026.

The

resulting

receivables

have

been

discounted

using

an

effective

interest

rate

of

6.18%.

The

receivable,

net

of

discount,

and

related

transaction

costs

are

recognized

as

“Receivable

for

sale

of

Vistra

Vision

interest”

and

“Payable

for

Vistra

Vision

sale

transactions

costs,”

respectively,

on

the

Statement

of

Assets

and

Liabilities.

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.

5.

Derivative

Investments

In

addition

to

the

inverse

floating

rate

securities

in

which

each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes,

each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments

such

as

futures,

options

and

swap

contracts.

Each

Fund

limits

its

investments

in

futures,

options

on

futures

and

swap

contracts

to

the

extent

necessary

for

the

Adviser

to

claim

the

exclusion

from

registration

by

the

Commodity

Futures

Trading

Commission

as

a

commodity

pool

operator

with

respect

to

the

Fund.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable.

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Total

Return Swap

Contracts:

During

the

current

fiscal

period, NIM used

total

return

swaps

to

help

manage

the

equity

risk

of

the

portfolio’s

Vistra

Vision

exposure.

In

a

total

return

swap,

one

party

agrees

to

pay

the

other

the

total

return

of

a

defined

underlying

asset

during

a

specified

period,

in

return

for

periodic

payments

based

on

a

fixed

or

variable

interest

rate

or

the

total

return

from

other

underlying

assets.

A

total

return

swap

may

be

applied

to

any

underlying

asset

but

is

most

commonly

used

with

equity

indices,

single

stocks,

bonds

and

defined

baskets

of

loans

and

mortgages.

The

Fund

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

NIM

$

12,305,678

$

767,881

$

16,713,560

$

1,641

NXP

76,190,493

—

67,014,311

—

56

Notes

to

Financial

Statements

(continued)

entered

into

a

total

return

swap

involving

an

underlying

index

or

basket

of

securities

to

create

exposure

to

a

number

of

securities

in

a

single

trade.

An

index

total

return

swap

can

be

used

by

the

Fund

to

assume

risk,

without

the

complications

of

buying

the

component

securities

from

what

may

not

always

be

the

most

liquid

of

markets.

Total

return

swap

contracts

are

valued

daily.

Changes

in

the

value

of

a

total

return

swap

during

the

fiscal

period

are

recognized

as

a

component

of

"Change

in

net

unrealized

appreciation

(depreciation)

of

swaps"

and

realized

gains

and

losses

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

swaps”

on

the

Statement

of

Operations.

For

over-the-counter

("OTC")

swaps,

the

daily

change

in

market

value

of

the

swap

contract,

along

with

any

daily

interest

accrued,

are

recognized

as

components

of

“Unrealized

appreciation

or

depreciation

on

credit

default

swaps”

on

the

Statement

of

Assets

and

Liabilities.

The

average

notional

amount

of

Total

Return

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

6.

Fund

Shares

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs:

NXP

has

filed

a

registration

statement

with

the

Securities

and

Exchange

Commission

(“

SEC”)

authorizing

the

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

prior

fiscal

periods.

Under

this

Shelf

Offering,

the

Fund,

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above

the

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Fund

Average

Notional

Amount

of

Swap

Contracts

Outstanding

*

NIM

$

436,413

Gross

Amounts

Not

Offset

on

the

Statement

of

Assets

and

Liabilities

Fund

Counterparty

Gross

Unrealized

Appreciation

Total

Return

Swaps**

Gross

Unrealized

(Depreciation)

Total

Return

Swaps**

Net

Unrealized

Appreciation

(Depreciation)

on

Total

Return

Swaps

Total

Return

Swaps

Premium

Paid

(Received)

Financial

Instruments***

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

NIM

Toronto-Dominion

Bank

$  -

$

(435,856)

$

(435,856)

$

-

$-  

$-  

$

(435,856)

**    

Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

***        

Represents

inverse

floating

rate

securities

available

to

offset.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

NIM

Total

Return

Swaps

Equity

-

$

–

Unrealized

depreciation

on

swap

contracts

$

(435,856

)

1

1

1

1

1

1

1

1

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

NIM

Swap

contracts

Equity

$

(655,979)

$

(435,856)

57

Additional

authorized

common

shares,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

the

Fund’s

Shelf

Offering

during

the

Fund’s

current

and

prior

fiscal

period

were

as

follows:

Costs

incurred

by

the

Fund

in

connection

with its

initial

shelf

registrations

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Fund

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

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,

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.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

NXP

Six

Month

Ended

9/30/24

Year

Ended

3/31/24

1

Additional

authorized

common

shares

14,000,000

14,000,000

Common

shares

sold

1,233,792

1,101,796

Offering

proceeds,

net

of

offering

costs

18,179,384

15,928,457

1

Represents

additional

authorized

shares

for

the

period

July

5,

2023

through

March

31,

2024.

NIM

NXP

Six

Months

Ended

9/30/24

Year

Ended

3/31/24

Six

Months

Ended

9/30/24

Year

Ended

3/31/24

Common

Shares:

Sold

through

shelf

offering

—

—

1,233,792

1,101,796

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

—

11,643

31,500

Total

—

—

1,245,435

1,133,296

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

$–

$–

$–

$14.46

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

–%

1.32%

0.56%

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NIM

$

121,296,787

$

3,452,167

$

(3,525,940)

$

(73,773)

NXP

663,646,762

56,135,535

(1,924,797)

54,210,738

58

Notes

to

Financial

Statements

(continued)

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

Placeholder:

Returns

Snippet

Content

(Note

7

-

Utilized

Capital

Loss

Carryforwards

sentence

and

table)

8.

Management

Fees

and

Other

Transactions

with

Affiliates

The

annual

fund-level

fee,

payable

monthly

is

calculated

according

to

the

following

schedules:

For

the

period

April

1,

2023

through

April

30,

2024

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

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

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

NIM

$

344,570

$

13

$

431,431

$

576,406

$

—

$

—

$

(323,612)

$

1,028,808

NXP

4,088,345

196

—

50,790,717

(22,202,680)

—

(2,323,643)

30,352,935

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

on

March

1,

2024

and

paid

on

April

1,

2024.

Fund

Short-Term

Long-Term

Total

NIM

$

—

$

—

$

—

NXP

1

5,876,054

16,326,626

22,202,680

1

A

portion

of

NXP’s

capital

loss

carryforwards

is

subject

to

a

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Average

Daily

Net

Assets*

NIM

Fund-Level

Fee

Rate

For

the

first

$125

million

0.3000

%

For

the

next

$125

million

0.2875

For

the

next

$250

million

0.2750

For

the

next

$500

million

0.2625

For

the

next

$1

billion

0.2500

For

the

next

$3

billion

0.2250

For

managed

assets

over

$5

billion

0.2125

Average

Daily

Net

Assets*

NXP

Fund-Level

Fee

Rate

For

the

first

$125

million

0.0500

%

For

the

next

$125

million

0.0375

For

the

next

$250

million

0.0250

For

the

next

$500

million

0.0125

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

59

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:

*

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

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.

As

of

September

30,

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.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

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

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. 

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

Fund

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

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

NIM

0.1569%

NXP

0.1569%

Fund

Purchases

Sales

Realized

Gain

(Loss)

NIM

$

—

$

—

$

—

NXP

10,017,953

2,900,575

(128,242)

60

Notes

to

Financial

Statements

(continued)

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

Borrowings

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.

10.

Subsequent

Events

Total

Return

Swap

Contracts:

In

connection

with

the

sale

of

the

Vistra

Vision

interests

as

noted

earlier

in

these

Notes

to

Financial

Statements

,

as

of

October

8,

2024,

NIM

is

no

longer

invested

in

the

total

return

swaps

that

were

used

to

help

manage

the

equity

risk

of

the

portfolio’s

Vistra

Vision

exposure.

Fund

Maximum

Outstanding

Balance

NIM

$

253,744

NXP

—

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NIM

4

$

213,673

6.41

%

NXP

—

—

—

Shareholder

Meeting

Report

61

(Unaudited)

The

annual

meeting

of

shareholders

for

NIM

and

NXP

was

held

on

August

8,

2024;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

Members.

The

vote

totals

for

NIM

and

NXP

are

set

forth

below:

NIM

NXP

Common

Shares

Common

Shares

Approval

of

the

Board

Members

was

reached

as

follows:

Joanne

T.

Medero

For

10,086,913

38,484,259

Withhold

239,258

1,353,974

Total

10,326,171

39,838,233

Albin

F.

Moschner

For

10,124,796

38,467,879

Withhold

201,375

1,370,354

Total

10,326,171

39,838,233

Loren

M.

Starr

For

10,167,391

38,494,518

Withhold

158,780

1,343,715

Total

10,326,171

39,838,233

Matthew

Thornton

III

For

10,128,865

38,437,843

Withhold

197,306

1,400,390

Total

10,326,171

39,838,233

62

Additional

Fund

Information

(Unaudited)

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

The

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

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NIM

NXP

Common

shares

repurchased

0

0

Glossary

of

Terms

Used

in

this

Report

63

(Unaudited)

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.

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.

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

.

64

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

Nuveen

Select

Maturities

Municipal

Fund

Nuveen

Select

Tax-Free

Income

Portfolio

The

Approval

Process

At

meetings

held

on

April

18

and

19,

2024

(the

“Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds

approved,

for

their

respective

Fund,

the

renewal

of

the

investment

management

agreement

(each

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(“NFAL”;

NFAL

is

an

“Adviser”)

pursuant

to

which

NFAL

serves

as

investment

adviser

to

such

Fund.

Similarly,

for

each

Fund,

the

Board

approved

the

renewal

of

the

sub-advisory

agreement

(each

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund.

The

Board

Members

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

and,

therefore,

the

Board

is

deemed

to

be

comprised

of

all

disinterested

Board

Members.

References

to

the

Board

and

the

Board

Members

are

interchangeable.

Below

is

a

summary

of

the

annual

review

process

the

Board

undertook

related

to

its

most

recent

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund.

In

accordance

with

applicable

law,

following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-

Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

NFAL

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each

a

“Fund

Adviser.”

In

addition,

the

fund

complex

consists

of

the

group

of

funds

advised

by

NFAL

(collectively

referred

to

as

the

“Nuveen

funds”)

and

the

group

of

funds

advised

by

Teachers

Advisors,

LLC

(“TAL”

and

such

funds

are

collectively,

the

“TC

funds”).

For

clarity,

NFAL

serves

as

Adviser

to

the

Nuveen

funds,

including

the

Funds,

and

TAL

serves

as

“Adviser”

to

the

TC

funds.

The

Board

Members

considered

that

the

prior

separate

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

Accordingly,

at

the

Meeting,

the

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

as

well

as

reviewed

the

investment

management

agreements

for

the

TC

funds.

Depending

on

the

appropriate

context,

references

to

“the

Adviser”

may

be

to

NFAL

with

respect

to

the

Nuveen

funds

and/or

TAL

with

respect

to

the

TC

funds.

The

Board

Members

considered

the

review

of

the

advisory

agreements

of

the

Nuveen

funds

and

the

TC

funds

to

be

an

ongoing

process.

The

Board

Members

therefore

employed

the

accumulated

information,

knowledge

and

experience

they

had

gained

during

their

tenure

on

the

respective

board

of

the

TC

funds

or

Nuveen

funds

(as

the

case

may

be)

governing

the

applicable

funds

and

working

with

the

respective

investment

advisers

and

sub-

advisers,

as

applicable,

in

their

review

of

the

advisory

agreements

for

the

fund

complex.

During

the

course

of

the

year

prior

to

the

Meeting,

the

Board

and/or

its

committees

received

a

wide

variety

of

materials

that

covered

a

range

of

topics

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements,

including

reports

on

fund

investment

results

over

various

periods;

product

initiatives

for

various

funds;

fund

expenses;

compliance,

regulatory

and

risk

management

matters;

trading

practices,

including

soft

dollar

arrangements

(as

applicable);

the

liquidity

and

derivatives

risk

management

programs;

management

of

distributions;

valuation

of

securities;

payments

to

financial

intermediaries

(as

applicable);

securities

lending

(as

applicable);

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

met

periodically

with

and/or

received

presentations

by

key

investment

professionals

managing

a

fund’s

portfolio.

In

particular,

at

the

Board

meeting

held

on

February

27-29,

2024

(the

“February

Meeting”),

the

Board

and/or

its

Investment

Committee

received

the

annual

performance

review

of

the

funds

as

described

in

further

detail

below.

The

presentations,

discussions

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

and

consider

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

sub-advisers,

as

applicable,

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

the

advisory

agreements.

The

materials

provided

at

the

Meeting

and/or

prior

meetings

covered

a

wide

range

of

matters

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

the

consolidation

of

the

Nuveen

fund

family

and

TC

fund

family;

a

review

of

product

actions

advanced

in

2023

for

the

benefit

of

particular

funds

and/or

the

fund

complex;

a

review

of

each

sub-adviser,

if

applicable,

and/or

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

funds

considered

to

have

met

certain

challenged

performance

measurements;

an

analysis

of

the

fees

and

expense

ratios

of

the

funds

with

a

focus

on

funds

considered

to

have

certain

expense

characteristics;

a

list

of

management

fee

and,

if

applicable,

sub-advisory

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

primary

and

secondary

markets

for

the

Nuveen

closed-end

funds

(including,

among

other

things,

premium

or

discount

data

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

during

2023);

a

description

of

the

profitability

and/or

financial

data

of

Nuveen,

TAL

and

the

sub-advisers;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

funds,

as

applicable.

The

Board

also

considered

information

provided

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

comparing

fee

and

expense

levels

of

each

respective

fund

to

those

of

a

peer

universe.

65

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

fund

complex

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

over

time.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Board

Members.

As

part

of

their

review,

the

Board

Members

and

independent

legal

counsel

met

by

videoconference

in

executive

session

on

April

10,

2024

(the

“April

Executive

Session”)

to

review

and

discuss

materials

provided

in

connection

with

their

annual

review

of

the

advisory

agreements

for

the

fund

complex.

After

reviewing

this

information,

the

Board

Members

requested,

directly

or

through

independent

legal

counsel,

additional

information,

and

the

Board

subsequently

reviewed

and

discussed

the

responses

to

these

follow-up

questions

and

requests.

The

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

of

management

were

present.

In

connection

with

their

annual

review,

the

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decisions

to

renew

each

Advisory

Agreement

were

not

based

on

a

single

identified

factor,

but

rather

each

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

annual

review

process.

The

contractual

arrangements

may

reflect

the

results

of

prior

year(s)

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

funds’

advisory

arrangements

and

oversight

of

the

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

annual

review

process

and

may

have

placed

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

each

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

roles

of

NFAL

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

considered

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

other

services

to

manage

and

operate

the

applicable

funds.

The

Board

considered

the

Adviser’s

and

its

affiliates’

dedication

of

resources,

time,

people

and

capital

as

well

as

continual

program

of

improvement

and

innovation

aimed

at

enhancing

the

funds

and

fund

complex

for

investors

and

meeting

the

needs

of

an

increasingly

complex

regulatory

environment.

In

particular,

over

the

past

several

years,

the

Board

considered

the

significant

resources,

both

financial

and

personnel,

the

Adviser

and

its

affiliates

have

committed

in

working

to

consolidate

the

Nuveen

fund

family

and

TC

fund

family

under

one

centralized

umbrella.

The

Board

considered

that

the

organizational

changes

in

bringing

together

Nuveen,

its

affiliates

and

TIAA’s

(as

defined

below)

asset

management

businesses,

consolidating

the

Nuveen

and

TC

fund

families

and

other

initiatives

were

anticipated

to

provide

various

benefits

for

the

funds

through,

among

other

things,

enhanced

operating

efficiencies,

centralized

investment

leadership

and

a

centralized

shared

resources

and

support

model.

As

part

of

these

efforts,

the

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

In

addition,

in

conjunction

with

these

consolidation

efforts,

the

Board

approved

at

the

Meeting

changes

to

fee

and

breakpoint

structures

(as

applicable)

that

could

provide

cost

savings

to

participating

funds,

as

described

in

further

detail

below.

The

Board

also

reviewed

information

regarding

other

product

actions

undertaken

or

continued

by

management

in

the

2023

calendar

year

in

seeking

to

improve

the

effectiveness

of

the

organization,

the

product

line-up

as

well

as

particular

funds

through,

among

other

things,

continuing

to

review

and

optimize

the

product

line

and

gaining

efficiencies

through

mergers

and

liquidations;

reviewing

and

updating

investment

policies

and

benchmarks;

implementing

fee

waivers

and/or

expense

cap

changes

for

certain

funds;

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

considered.

In

its

review,

the

Board

considered

that

the

funds

operated

in

a

highly

regulated

industry

and

the

scope

and

complexity

of

the

services

and

resources

that

the

Adviser

and

its

affiliates

must

provide

to

manage

and

operate

the

applicable

funds

have

expanded

over

the

years

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments,

such

as

the

adoption

of

the

tailored

shareholder

report

or

the

revised

fund

name

rule.

In

considering

the

breadth

and

quality

of

services

the

Adviser

and

its

various

teams

provide,

the

Board

considered

that

the

Adviser

provides

investment

advisory

services.

With

respect

to

the

Nuveen

funds,

such

funds

utilize

sub-advisers

to

manage

the

portfolios

of

the

funds

subject

to

the

supervision

of

NFAL.

Accordingly,

the

Board

considered

that

NFAL

and

its

affiliates,

among

other

things,

oversee

and

review

the

performance

of

the

respective

sub-adviser

and

its

investment

team(s);

evaluate

Nuveen

fund

performance

and

market

conditions;

evaluate

investment

strategies

and

recommend

changes

thereto;

set

and

manage

distributions

consistent

with

the

respective

Nuveen

fund’s

product

design;

oversee

trade

execution

and,

as

applicable,

securities

lending;

evaluate

investment

risks;

and

manage

valuation

matters.

With

respect

to

closed-end

Nuveen

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

considered

that,

with

respect

to

such

funds,

management

actively

monitors

any

discount

from

net

asset

value

per

share

at

which

the

respective

Nuveen

fund’s

common

stock

trades

and

evaluates

potential

avenues

to

mitigate

the

discount,

including

evaluating

the

level

of

distributions

that

the

fund

pays.

The

Board

further

considered

that

over

the

course

of

the

2023

calendar

year,

the

Nuveen

global

public

product

team

which

supports

the

funds

in

the

fund

complex

and

their

66

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(continued)

shareholders

assessed

the

investment

personnel

across

the

investment

leadership

teams

which

resulted

in

additions

or

other

modifications

to

the

portfolio

management

teams

of

various

funds.

The

Board

also

reviewed

a

description

of

the

compensation

structure

applicable

to

certain

portfolio

managers.

In

addition

to

the

above

investment

advisory

services,

the

Board

further

considered

the

extensive

compliance,

regulatory,

administrative

and

other

services

the

Adviser

and

its

various

teams

or

affiliates

provide

to

manage

and

operate

the

applicable

funds.

Given

the

highly

regulated

industry

in

which

the

funds

operate,

the

Board

considered

the

breadth

of

the

Adviser’s

compliance

program

and

related

policies

and

procedures.

The

Board

reviewed

various

initiatives

the

Adviser’s

compliance

team

undertook

or

continued

in

2023,

in

part,

to

address

new

regulatory

requirements,

support

international

business

growth

and

product

development,

enhance

international

trading

capabilities,

enhance

monitoring

capabilities

in

light

of

the

new

regulatory

requirements

and

guidance

and

maintain

a

comprehensive

training

program.

The

Board

further

considered,

among

other

things,

that

other

non-advisory

services

provided

included,

among

other

things,

board

support

and

reporting;

establishing

and

reviewing

the

services

provided

by

other

fund

service

providers

(such

as

a

fund’s

custodian,

accountant,

and

transfer

agent);

risk

management,

including

reviews

of

the

liquidity

risk

management

and

derivatives

risk

management

programs;

legal

support

services;

regulatory

advocacy;

and

cybersecurity,

business

continuity

and

disaster

recovery

planning

and

testing.

Aside

from

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and/or

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

funds,

including

to

enhance

global

talent,

middle

office

systems,

software

and

international

and

internal

capabilities.

The

Board

considered

the

access

provided

by

the

Adviser

and

its

affiliates

to

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

considered

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

funds

including

during

stressed

times.

The

Board

considered

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates

and

the

Adviser’s

continuing

commitment

to

provide

high

quality

services.

In

its

review,

the

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

applicable

funds,

including

entrepreneurial

risks

in

sponsoring

and

supporting

new

funds

and

smaller

funds

and

ongoing

risks

with

managing

the

funds,

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

With

respect

to

the

Funds,

the

Board

considered

the

division

of

responsibilities

between

NFAL

and

the

Sub-Adviser

and

considered

that

the

Sub-

Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

NFAL

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

NFAL

which

included,

among

other

things,

a

summary

of

changes

in

the

leadership

teams

and/or

portfolio

manager

teams;

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time;

and

data

reflecting

product

changes

(if

any)

taken

with

respect

to

certain

Nuveen

funds.

The

Board

considered

that

NFAL

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Funds.

In

this

regard,

the

Board

and/or

its

Investment

Committee

reviewed,

among

other

things,

performance

of

the

Funds

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2023

and

March 31,

2024.

The

Board

performed

its

annual

review

of

fund

performance

at

its

February

Meeting

and

an

additional

review

at

the

April

Executive

Session

and

also

reviewed

and

discussed

performance

data

at

its

other

regularly

scheduled

quarterly

meetings

throughout

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

were

provided

at

the

Meeting

and

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

management’s

analysis

of

a

fund’s

performance

with

particular

focus

on

funds

that

met

certain

challenged

performance

measurements

as

determined

pursuant

to

a

methodology

approved

by

the

Board

or

additional

measurements

as

determined

by

management’s

investment

analysts.

As

various

Nuveen

funds

have

modified

their

portfolio

teams

and/or

made

significant

changes

to

their

portfolio

strategies

over

time,

the

Board

reviewed,

among

other

things,

certain

tracking

performance

data

over

specific

periods

comparing

performance

before

and

after

such

changes.

The

Board

considered

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

considered

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

over

the

various

time

periods

and

considered

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”),

subject

to

certain

exceptions,

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies,

dates

of

fund

inception

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

fund.

With

respect

to

relative

performance

of

a

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

management

generally

has

ranked

the

relevancy

of

the

Performance

Peer

Groups

to

the

Funds

as

low,

medium

or

high.

67

In

its

review

of

relative

performance,

the

Board

considered

a

Fund’s

performance

relative

to

its

Performance

Peer

Group,

among

other

things,

by

evaluating

its

quartile

ranking

with

the

1st

quartile

representing

the

top

performing

funds

within

the

Performance

Peer

Group

and

the

4th

quartile

representing

the

lowest

performing

funds.

The

Board

also

considered

that

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore,

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

at

various

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

considered

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

providing

higher

levels

of

income.

The

Board

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

considered

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

considered

that

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

considered

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances,

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

more

closely

until

performance

improves,

discuss

with

the

Adviser

the

reasons

for

such

results,

consider

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

discuss

and

evaluate

the

potential

consequences

of

such

steps

and

review

the

results

of

any

steps

undertaken.

The

performance

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Select

Maturities

Municipal

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-year

period

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

and

first

quartile

for

the

three-year

period

ended

December

31,

2023.

In

addition,

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2024

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

first

quartile

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

March

31,

2024.

In

its

review,

the

Board

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Select

Tax-Free

Income

Portfolio,

the

Board

considered

that

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2023

and

March

31,

2024.

The

Fund

also

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December

31,

2023

and

first

quartile

for

the

five-year

period

ended

December

31,

2023.

In

addition,

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2024

and

second

quartile

for

the

three-year

period

ended

March

31,

2024.

In

its

review,

the

Board

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

68

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(continued)

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

the

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

reviewed

information

about

other

expenses

and

the

total

operating

expense

ratio

of

each

Fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Board

Members

reviewed,

among

other

things,

each

Fund’s

management

fee

rates

and

net

total

expense

ratio

in

relation

to

similar

data

for

a

comparable

universe

of

funds

(the

“Expense

Universe”)

established

by

Broadridge.

The

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Expense

Universe

and

considered

that

differences

between

the

applicable

fund

and

its

respective

Expense

Universe

as

well

as

changes

to

the

composition

of

the

Expense

Universe

from

year

to

year,

may

limit

some

of

the

value

of

the

comparative

data.

The

Board

Members

also

considered

that

it

can

be

difficult

to

compare

management

fees

among

funds

as

there

are

variations

in

the

services

that

are

included

for

the

fees

paid.

The

Board

Members

took

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Board

Members

also

considered

a

Fund’s

operating

expense

ratio

as

it

more

directly

reflected

a

shareholder’s

total

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Board

Members

considered,

in

particular,

each

fund

with

a

net

total

expense

ratio

(based

on

common

assets

and

excluding

investment-related

costs

such

as

the

costs

of

leverage

and

taxes

for

closed-end

funds)

meeting

certain

expense

or

fee

criteria

when

compared

to

its

Expense

Universe

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

net

total

expense

ratio

both

including

and

excluding

investment-

related

expenses

(e.g.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

considered

that

leverage

expenses

will

vary

across

funds

and

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

excluding

investment-related

costs

and

taxes

for

the

closed-end

funds.

The

Board

also

considered

that

the

use

of

leverage

for

closed-end

funds

may

create

a

conflict

of

interest

for

NFAL

and

the

applicable

sub-adviser

given

the

increase

of

assets

from

leverage

upon

which

an

advisory

or

sub-advisory

fee

is

based.

The

Board

Members

considered,

however,

that

NFAL

and

the

sub-advisers

(as

applicable)

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

NFAL

and/or

a

sub-

adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

The

Board

Members

also

considered,

in

relevant

part,

a

Fund’s

management

fee

and

net

total

expense

ratio

in

light

of

the

Fund’s

performance

history,

including

reviewing

certain

funds

identified

by

management

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

their

evaluation

of

the

fee

arrangements

for

the

Funds,

the

Board

Members

also

reviewed

the

management

fee

schedules

and

the

expense

reimbursements

and/or

fee

waivers

agreed

to

by

the

Adviser

for

the

respective

fund

(if

any).

In

its

review,

the

Board

considered

that

the

management

fees

of

the

Nuveen

funds

were

generally

comprised

of

two

components,

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

As

indicated

above,

the

Board

approved

a

revised

fee

schedule

which

would

reduce

and

streamline

the

asset

thresholds

necessary

to

meet

breakpoints

in

the

complex-level

fee

component.

The

Board

considered

that

management

anticipated

approximately

$50

million

in

savings

for

Nuveen

fund

shareholders

as

a

result

of

the

revised

fee

schedule

as

well

as

additional

estimated

savings

over

time.

The

Board

further

considered

management’s

representation

that

there

will

be

no

increase

to

any

Nuveen

fund’s

respective

advisory

agreement

fee

rate

as

a

result

of

the

revised

complex-level

fee

schedule.

In

its

review,

the

Board

considered

that

across

the

Nuveen

fund

and

TC

fund

complex,

management

estimated

that

fund-level

breakpoints

resulted

in

approximately

$82.5

million

in

reduced

fees

overall

in

2023.

In

addition,

the

Board

considered

that

management

determined

that

the

Nuveen

funds

achieved

additional

fee

reductions

of

approximately

$49

million

due

to

the

complex-wide

management

fee

structure

in

2023.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund.

In

its

review,

the

Board

considered

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

NFAL,

not

the

Funds.

The

Board’s

considerations

regarding

the

comparative

fee

data

for

each

of

the

Funds

are

set

forth

below.

For

Nuveen

Select

Maturities

Municipal

Fund,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

above

the

Expense

Universe

median.

The

Board,

however,

considered

that

the

fee

differential

was

primarily

due

to

the

composition

of

the

Expense

Universe,

which

contained

only

one

other

fund,

which

was

another

Nuveen

fund.

For

Nuveen

Select

Tax-Free

Income

Portfolio,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

below

the

Expense

Universe

median.

The

Board,

however,

considered

the

composition

of

the

Expense

Universe,

which

contained

only

one

other

fund,

which

was

another

Nuveen

fund.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

69

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

that

the

Adviser,

affiliated

sub-advisers

and/or

their

affiliate(s)

provide

investment

management

services

to

other

types

of

clients

which

may

include:

separately

managed

accounts,

retail

managed

accounts,

foreign

funds

(UCITS),

other

investment

companies

(as

sub-advisers),

limited

partnerships

and

collective

investment

trusts.

The

Board

reviewed

the

equal

weighted

average

fee

or

other

fee

data

for

the

other

types

of

clients

managed

in

a

similar

manner

to

certain

of

the

Nuveen

funds

and

TC

funds.

The

Board

considered

the

Adviser’s

rationale

for

the

differences

in

the

management

fee

rates

of

the

funds

compared

to

the

management

fee

rates

charged

to

these

other

types

of

clients.

In

this

regard,

the

Board

considered

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

regulatory,

disclosure

and

governance

requirements;

servicing

relationships

with

vendors;

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

and

account

sizes

all

may

contribute

to

variations

in

relative

fee

rates.

Further,

differences

in

the

client

base,

governing

bodies,

distribution,

jurisdiction

and

operational

complexities

also

would

contribute

to

variations

in

management

fees

assessed

the

funds

compared

to

foreign

fund

clients.

In

addition,

differences

in

the

level

of

advisory

services

required

for

passively

managed

funds

also

contribute

to

differences

in

the

management

fee

levels

of

such

funds

compared

to

actively

managed

funds.

As

a

general

matter,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

considered

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

The

Board

further

considered

that

a

sub-adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

that

the

varying

levels

of

fees

were

reasonable

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Board

Members

considered

various

profitability

data

relating

to

the

Fund

Advisers’

services

to

the

Nuveen

funds.

With

respect

to

the

Nuveen

funds,

the

Board

Members

reviewed

the

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

overall

as

well

as

profitability

data

of

certain

other

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2023

and

2022

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution)

for

the

2023

and

2022

calendar

years.

The

Board

Members

also

considered

the

rationale

for

the

change

in

Nuveen’s

profitability

from

2022

to

2023.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

NFAL

derived

from

its

exchange-traded

fund

product

line

for

the

2023

and

2022

calendar

years.

In

developing

the

profitability

data,

the

Board

Members

considered

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

single

universally

recognized

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

refinements

Nuveen

had

made

to

the

methodology

that

had

occurred

over

the

years

from

2010

through

2021

to

provide

Nuveen’s

profitability

analysis,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2023.

The

Board

of

the

Nuveen

funds

had

also

appointed

two

Board

Members

to

serve

as

the

Board’s

liaisons

to

meet

with

representatives

of

NFAL

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

considered

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2014

to

2023.

In

their

review

of

the

comparative

data,

the

Board

Members

considered

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

70

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(continued)

Aside

from

the

profitability

data,

the

Board

considered

that

NFAL

and

TAL

are

affiliates

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

NFAL

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

TIAA,

and

TAL

is

an

indirect

wholly

owned

subsidiary

of

TIAA.

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2023

and

2022

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

considered

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

considered

the

reinvestments

the

Adviser,

its

parent

and/or

other

affiliates

made

into

their

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

funds,

initiatives

in

international

expansion,

investments

in

infrastructure

and

continued

investments

in

enhancements

to

technological

capabilities.

The

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2023

and

December

31,

2022.

The

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

grouped

by

similar

types

of

funds

(such

as

municipal,

taxable

fixed

income,

equity,

real

assets

and

index/asset

allocation)

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2023

and

December

31,

2022.

In

evaluating

the

reasonableness

of

the

compensation,

the

Board

Members

also

considered

the

indirect

benefits

NFAL

or

the

Sub-Adviser

received

that

were

directly

attributable

to

the

management

of

the

applicable

funds

as

discussed

in

further

detail

below.

Based

on

its

review,

the

Board

was

satisfied

that

each

Fund

Adviser’s

level

of

profitability

from

its

relationship

with

each

Nuveen

fund

was

not

unreasonable

over

various

time

frames

in

light

of

the

nature,

extent

and

quality

of

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

funds

in

the

fund

complex,

including

the

Funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

such

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

considered

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

the

rates

at

which

certain

expenses

are

incurred

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

there

are

various

methods

that

may

be

employed

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

the

Adviser’s

business

which

can

enhance

the

services

provided

to

the

applicable

funds

for

the

fees

paid.

The

Board

considered

that

the

Adviser

has

generally

employed

one

or

more

of

these

various

methods

among

the

applicable

funds.

In

this

regard,

the

Board

considered,

as

noted

above,

that

the

management

fee

of

NFAL

generally

was

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

With

this

structure,

the

Board

considered

that

the

complex-level

breakpoint

schedule

was

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

assets

of

eligible

funds

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

were

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

As

summarized

above,

the

Board

approved

a

new

complex-level

breakpoint

schedule

which

would

simplify

and

reduce

the

complex-level

fee

rates

at

various

thresholds

and

expanded

the

eligible

funds

whose

assets

would

be

included

in

calculating

the

complex-level

fee,

effective

May

1,

2024.

Among

other

things,

the

assets

of

certain

TC

funds

advised

by

TAL

would

be

phased

into

the

calculation

of

the

complex-wide

assets

in

determining

the

complex-level

fee

over

a

ten-year

period.

The

Board

considered

the

cost

savings

and

additional

potential

sharing

of

economies

of

scale

as

a

result

of

the

reduced

complex-level

breakpoint

schedule

and

the

additional

assets

from

more

eligible

funds

in

calculating

the

assets

of

the

complex

for

determining

the

complex-level

fee

component.

The

Board

reviewed

the

projected

shareholder

savings

derived

from

such

modifications

over

a

ten-year

period

from

2024

to

2033.

The

Board

considered

management’s

representation

that

there

will

be

no

increase

to

any

fund’s

respective

advisory

agreement

fee

rate.

The

Board

also

considered

that

with

respect

to

Nuveen

closed-end

funds,

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

The

Board

Members

also

considered

the

continued

reinvestment

in

Nuveen/TIAA’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

were

not

specific

to

individual

funds,

but

rather

incurred

across

a

variety

of

products

and

services

pursuant

to

which

the

family

of

funds

as

a

whole

may

benefit.

The

Board

further

considered

that

the

Adviser

and

its

affiliates

have

provided

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

without

raising

advisory

fees

to

the

funds,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

The

Board

considered

the

Adviser’s

and/or

its

affiliates’

ongoing

efforts

to

streamline

the

product

line-up,

among

other

things,

to

create

more

scaled

funds

which

may

help

improve

both

expense

and

trading

economies.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

management’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Board

Members

received

and

considered

information

regarding

various

indirect

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

funds

in

the

fund

complex,

including

the

Funds.

These

benefits

included,

among

other

things,

economies

of

scale

to

the

extent

the

Adviser

or

its

affiliates

share

investment

resources

and/or

personnel

with

other

clients

of

the

Adviser.

The

funds

may

also

be

71

used

as

investment

options

for

other

products

or

businesses

offered

by

the

Adviser

and/or

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans,

and

affiliates

of

the

Adviser

may

serve

as

sub-advisers

to

various

funds

in

which

case

all

advisory

and

sub-advisory

fees

generated

by

such

funds

stay

within

Nuveen.

The

Board

considered

that

an

affiliate

of

the

Adviser

received

compensation

in

2023

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services

in

2023

and

2022.

In

addition,

the

Board

Members

considered

that

the

Adviser

and

Sub-Adviser

may

utilize

soft

dollar

brokerage

arrangements

attributable

to

the

respective

funds

to

obtain

research

and

other

services

for

any

or

all

of

their

clients,

although

the

Board

Members

also

considered

reimbursements

of

such

costs

by

the

Adviser

and/or

Sub-Adviser.

The

Adviser

and

its

affiliates

may

also

benefit

from

the

advisory

relationships

with

the

funds

in

the

fund

complex

to

the

extent

this

relationship

results

in

potential

investors

viewing

the

TIAA

group

of

companies

as

a

leading

retirement

plan

provider

in

the

academic

and

nonprofit

market

and

a

single

source

for

all

their

financial

service

needs.

The

Adviser

and/or

its

affiliates

may

further

benefit

to

the

extent

that

they

have

pricing

or

other

information

regarding

vendors

the

funds

utilize

in

establishing

arrangements

with

such

vendors

for

other

products.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-A-0924P

3925466-INV-B-11/25

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.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

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

Not applicable to this filing.

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

Not applicable to this filing.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the 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 to this filing.
(a)(2)	Not applicable to this filing.
(a)(3)	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4)	Not applicable.
(a)(5)	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 Select Maturities Municipal Fund

Date: December 4, 2024	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: December 4, 2024	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer
		(principal executive officer)
Date: December 4, 2024	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)