N-CSR 1 d823376dncsr.htm NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number |  | 811-21213

Nuveen AMT-Free Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2024

Item 1.    Reports to Stockholders.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
October
31,
2024
Annual
Report
Nuveen
Quality
Municipal
Income
Fund
NAD
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
NEA
2
Table
of
Contents
Important
Notices
3
Discussion
of
Fund
Performance
4
Common
Share
Information
7
About
the
Funds’
Benchmarks
9
Fund
Performance,
Leverage
and
Holdings
10
Report
of
Independent
Registered
Public
Accounting
Firm
15
Portfolios
of
Investments
16
Statement
of
Assets
and
Liabilities
110
Statement
of
Operations
111
Statement
of
Changes
in
Net
Assets
112
Statement
of
Cash
Flows
113
Financial
Highlights
114
Notes
to
Financial
Statements
117
Shareholder
Update
129
Important
Tax
Information
149
Shareholder
Meeting
Report
150
Additional
Fund
Information
151
Glossary
of
Terms
Used
in
this
Report
152
Board
Members
&
Officers
153
Important
Notices
3
Portfolio
Manager
Update:
Effective
April
1,
2024,
Christopher
Drahn
retired
from
Nuveen
Asset
Management,
LLC
and
no
longer
serves
as
a
portfolio
manager
of
the
Funds.
Management
Fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Changes
in
Independent
Registered
Public
Accounting
Firm
(a)
Previous
independent
registered
public
accounting
firm:
On
October
24,
2024,
the
Funds’
Board
of
Trustees
(the
“Board”),
upon
recommendation
from
the
Audit
Committee,
notified
KPMG
LLP
(“KPMG”)
that
it
would
be
dismissed
as
the
independent
registered
public
accounting
firm
for
the
Funds
effective
upon
(i)
completion
of
KPMG’s
audit
of
the
Funds’
financial
statements
to
be
included
in
the
Funds’
Annual
Report
on
Form
N-CSR
(the
“2024
Annual
Report”)
for
the
fiscal
year
ended
October
31,
2024
and
(ii)
the
issuance
of
KPMG’s
report
on
the
same.
KPMG’s
dismissal
as
the
Funds’
independent
registered
public
accounting
firm
was
effective
on
December
26,
2024,
which
is
the
date
on
which
KPMG
issued
their
report
on
their
audit
of
the
Funds’
financial
statements
to
be
included
in
the
2024
Annual
Report.
KPMG’s
audit
reports
on
the
Funds’
financial
statements
as
of
and
for
the
fiscal
years
ended
October
31,
2024
and
October
31,
2023
contained
no
adverse
opinion
or
disclaimer
of
opinion
nor
were
they
qualified
or
modified
as
to
uncertainty,
audit
scope
or
accounting
principles.
During
the
Funds’
fiscal
years
ended
October
31,
2024
and
October
31,
2023,
and
for
the
subsequent
interim
period
through
December
26,
2024,
there
were
no
disagreements
with
KPMG
on
any
matter
of
accounting
principles
or
practices,
financial
statement
disclosure
or
auditing
scope
or
procedures,
which
disagreements
if
not
resolved
to
the
satisfaction
of
KPMG
would
have
caused
them
to
make
reference
in
connection
with
their
reports
opinion
to
the
subject
matter
of
the
disagreement.
During
the
Funds’
fiscal
years
ended
October
31,
2024
and
October
31,
2023
and
for
the
subsequent
interim
period
through
December
26,
2024,
there
were
no
reportable
events
(as
defined
in
Regulation
S-K
Item
304(a)(1)(v)).
The
Funds
provided
KPMG
with
a
copy
of
the
foregoing
disclosures
and
requested
that
KPMG
furnish
the
Funds
with
a
letter
addressed
to
the
U.S.
Securities
and
Exchange
Commission
stating
whether
KPMG
agrees
with
the
above
statements.
(b)
New
independent
registered
public
accounting
firm:
On
October
24,
2024,
the
Board,
upon
recommendation
from
the
Audit
Committee,
appointed
PricewaterhouseCoopers
LLP
(“PwC”)
as
the
new
independent
registered
public
accounting
firm
for
the
Funds
for
the
fiscal
year
ended
October
31,
2025
audit.
During
the
Funds’
fiscal
years
ended
October
31,
2024
and
October
31,
2023
and
for
the
subsequent
interim
period
through
December
26,
2024,
the
Funds
have
not
consulted
with
PwC
regarding
any
of
the
matters
described
in
Regulation
S-K
Item
304
(“S-K
304”),
S-K
304(a)(2)(i)
or
S-K
304(a)(2)(ii)
disclosure.
4
Discussion
of
Fund
Performance
Nuveen
Quality
Municipal
Income
Fund
(NAD)
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(NEA)
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
is
the
investment
adviser
for
the
Nuveen
Quality
Municipal
Income
Fund
(NAD)
and
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(NEA).
The
portfolio
managers
for
NAD
and
NEA
are
Michael
Hamilton
and
Stephen
Candido,
CFA.
Below
is
a
discussion
of
Fund
performance
and
the
factors
that
contributed
and
detracted
during
the
12-month
reporting
period
ended
October
31,
2024.
For
more
information
on
Fund
investment
objectives
and
policies,
please
refer
to
the
Shareholder
Update
section
at
the
end
of
the
report.
Nuveen
Quality
Municipal
Income
Fund
(NAD)
What
factors
affected
markets
during
the
reporting
period?
•
Municipal
bond
yields
ended
the
reporting
period
lower
than
where
they
started,
although
the
path
was
not
a
straight
line
given
uncertainties
about
the
Federal
Reserve’s
plan
for
monetary
easing
and
the
U.S.
election.
•
Credit
fundamentals
remained
strong,
with
default
activity
at
low
levels.
Although
supply
has
increased
in
2024
year-to-
date,
demand
for
municipal
debt
remained
solid.
What
key
strategies
were
used
to
manage
the
Fund
during
the
reporting
period?
•
The
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
There
were
no
material
changes
to
the
Fund’s
positioning.
•
The
portfolio
management
team
took
advantage
of
periods
of
market
softness
to
buy
bonds
at
attractive
valuations
and
continued
to
carefully
manage
the
Fund’s
income
sustainability
via
tactical
trading.
How
did
the
Fund
perform
and
what
factors
affected
relative
performance?
For
the
12-month
reporting
period
ended
October
31,
2024,
NAD
returned
17.34%.
The
Fund
outperformed
the
returns
of
the
NAD
Blended
Benchmark,
which
returned
11.06%.
The
NAD
Blended
Benchmark
consists
of:
(1)
80%
S&P
Municipal
Bond
Investment
Grade
Index
and
(2)
20%
S&P
Municipal
Bond
High
Yield
Index.
Top
contributors
to
relative
performance
•
Duration
positioning,
driven
by
the
Fund’s
longer-duration
profile
and
an
overweight
to
longer-dated
bonds.
•
The
Fund’s
use
of
leverage
through
inverse
floating
rate
securities
and
the
issuance
of
preferred
shares.
•
Credit
quality
positioning,
especially
the
allocation
to
lower
credit
quality
bonds
(rated
BBB
and
below).
Top
detractors
from
relative
performance
•
Sector
allocation,
specifically
overweight
exposures
to
the
transportation
sector.
•
Individual
credit
selection.
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(NEA)
What
factors
affected
markets
during
the
reporting
period?
•
Municipal
bond
yields
ended
the
reporting
period
lower
than
where
they
started,
although
the
path
was
not
a
straight
line
given
uncertainties
about
the
Federal
Reserve’s
plan
for
monetary
easing
and
the
U.S.
election.
•
Credit
fundamentals
remained
strong,
with
default
activity
at
low
levels.
Although
supply
has
increased
in
2024
5
year-to-date,
demand
for
municipal
debt
remained
solid.
What
key
strategies
were
used
to
manage
the
Fund
during
the
reporting
period?
•
The
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
There
were
no
material
changes
to
the
Fund’s
positioning.
•
The
portfolio
management
team
took
advantage
of
periods
of
market
softness
to
buy
bonds
at
attractive
valuations
and
continued
to
seek
enhanced
income
opportunities
by
selling
bonds
with
lower
book
yields
and
replacing
them
with
bonds
with
higher
book
yields.
How
did
the
Fund
perform
and
what
factors
affected
relative
performance?
For
the
12-month
reporting
period
ended
October
31,
2024,
NEA
returned
17.10%.
The
Fund
outperformed
the
returns
of
the
NEA
Blended
Benchmark,
which
returned
11.06%.
The
NEA
Blended
Benchmark
consists
of:
(1)
80%
S&P
Municipal
Bond
Investment
Grade
Index
and
(2)
20%
S&P
Municipal
Bond
High
Yield
Index.
Top
contributors
to
relative
performance
•
Duration
and
yield
curve
positioning,
driven
by
the
overweight
to
the
longest-duration
bonds.
•
The
Fund’s
use
of
leverage
through
inverse
floating
rate
securities
and
the
issuance
of
preferred
shares.
Top
detractors
from
relative
performance
•
Individual
credit
selection.
•
Credit
quality
positioning,
specifically
an
overweight
to
AA
rated
bonds
and
an
underweight
to
non-rated
bonds.
(continued)
6
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements,
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc.
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings,
while
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Common
Share
Information
7
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
October
31,
2024. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
the
Fund’s
distribution
includes
anything
other
than
net
investment
income,
the
Fund
will
provide
a
notice
to
shareholders
of
its
best
estimate
of
the
distribution
sources
at
that
the
time
of
the
distribution.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closedend
funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
their
common
shares
outstanding.
As
of
October
31,
2024,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NAD
NEA
November
$0.0440
$0.0425
December
0.0440
0.0425
January
0.0440
0.0425
February
0.0440
0.0425
March
0.0520
0.0505
April
0.0520
0.0505
May
0.0520
0.0505
June
0.0755
0.0730
July
0.0755
0.0730
August
0.0755
0.0730
September
0.0755
0.0730
October
0.0755
0.0730
Total
Distributions
from
Net
Investment
Income
$0.7095
$0.6865
Yields
NAD
NEA
Market
Yield
1
7.56%
7.55%
Taxable-Equivalent
Yield
1
12.76%
12.73%
1
Market
Yield
is
based
on
the
Fund’s
current
annualized
monthly
dividend
divided
by
the
Fund’s
current
market
price
as
of
the
end
of
the
reporting
period.
Taxable-
Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis.
It
is
based
on
a
federal
income
tax
rate
of
40.8%.
Your
actual
federal
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
not
exempt
from
federal
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
Common
Share
Information
(continued)
8
NAD
NEA
Common
shares
cumulatively
repurchased
and
retired
17,900
120,000
Common
shares
authorized
for
repurchase
23,340,000
29,895,000
About
the
Funds’
Benchmarks
9
S&P
Municipal
Bond
Index
:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Investment
Grade
Index
:
An
index
designed
to
measure
the
performance
of
tax-exempt
investment
grade
municipal
bonds.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
High
Yield
Index
:
An
index
designed
to
measure
the
performance
of
tax-exempt
high
yield
municipal
bonds.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
10
Fund
Performance,
Leverage
and
Holdings
The
Fund
Performance,
Leverage
and
Holding
Summaries
for
each
Fund
are
shown
below
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
performance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Impact
of
Leverage
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
their
issuance
of
preferred
shares
and/or
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
the
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
Leverage
Ratios
Each
Fund’s
Effective
Leverage
and
Regulatory
Leverage
Ratios
are
set
forth
below.
“Effective
Leverage”
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
“Regulatory
Leverage”
consists
of
preferred
shares
or
borrowings
of
a
Fund.
Regulatory
Leverage
is
a
part
of
a
Fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
A
Fund,
however,
may
from
time
to
time
borrow
for
temporary
purposes,
typically
on
a
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
temporary
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
Effective
Leverage
and
Regulatory
Leverage
ratios.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
lowest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Nuveen
Quality
Municipal
Income
Fund
Fund
Performance,
Leverage
and
Holdings
October
31,
2024
11
NAD
Performance*
a
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NAD
Blended
Benchmark.
Effective
September
12,
2016,
the
Fund’s
Blended
Benchmark
consists
of:
1)
80%
S&P
Municipal
Bond
Investment
Grade
Index
and
2)
20%
S&P
Municipal
Bond
High
Yield
Index.
The
Fund’s
performance
was
measured
against
the
S&P
Municipal
Bond
Index
through
September
11,
2016.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of October
31,
2024
-
Common
Share
Price
Total
Returns
as
of
October
31,
2024
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NAD
at
Common
Share
NAV
5/26/99
17.34%
0.25%
2.81%
NAD
at
Common
Share
Price
5/26/99
29.88%
1.27%
3.61%
S&P
Municipal
Bond
Index
—
10.08%
1.22%
2.38%
NAD
Blended
Benchmark
—
11.06%
1.47%
2.60%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$12.85
$11.99
(6.69)%
(11.87)%
12
October
31,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
40.63%
Regulatory
Leverage
36.01%
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
166
.5‌
%
Investment
Companies
0
.0‌
%
Other
Assets
&
Liabilities,
Net
1.9%
Floating
Rate
Obligations
(12.2)%
AMTP
Shares,
Net
(
24
.2‌
)
%
MFP
Shares,
Net
(
15
.2‌
)
%
VRDP
Shares,
Net
(
16
.8‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investments)
U.S.
Guaranteed
4.4%
AAA
2.2%
AA
27.7%
A
39.2%
BBB
14.0%
BB
or
Lower
5.5%
N/R
(not
rated)
7.0%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Transportation
26.8%
Health
Care
19.3%
Tax
Obligation/Limited
17.1%
Tax
Obligation/General
10.1%
Utilities
9.4%
Education
and
Civic
Organizations
5.3%
U.S.
Guaranteed
4.4%
Other
7.6%
Investment
Companies
0.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Colorado
8.6%
Illinois
8.5%
Texas
8.0%
New
York
7.3%
California
7.1%
Florida
6.2%
Pennsylvania
4.1%
Maryland
4.1%
New
Jersey
3.2%
South
Carolina
3.2%
Missouri
3.0%
Wisconsin
2.7%
Ohio
2.4%
Louisiana
2.2%
Michigan
2.1%
Washington
1.9%
Minnesota
1.7%
Georgia
1.7%
Arizona
1.6%
District
of
Columbia
1.6%
Other
18.8%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
Fund
Performance,
Leverage
and
Holdings
October
31,
2024
13
NEA
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NEA
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
80%
S&P
Municipal
Bond
Investment
Grade
Index
and
2)
20%
S&P
Municipal
Bond
High
Yield
Index.
The
Fund’s
performance
was
measured
against
the
S&P
Municipal
Bond
Index
through
September
11,
2016.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of October
31,
2024
-
Common
Share
Price
Total
Returns
as
of
October
31,
2024
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NEA
at
Common
Share
NAV
11/21/02
17.10%
(0.11)%
2.69%
NEA
at
Common
Share
Price
11/21/02
30.16%
0.86%
3.47%
S&P
Municipal
Bond
Index
—
10.08%
1.22%
2.38%
NEA
Blended
Benchmark
—
11.06%
1.47%
2.60%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$12.39
$11.60
(6.38)%
(11.65)%
14
October
31,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
40.16%
Regulatory
Leverage
37.27%
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
165
.4‌
%
Other
Assets
&
Liabilities,
Net
1.4%
Floating
Rate
Obligations
(7.5)%
AMTP
Shares,
Net
(
2
.1‌
)
%
MFP
Shares,
Net
(
26
.0‌
)
%
VRDP
Shares,
Net
(
31
.2‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investments)
U.S.
Guaranteed
6.1%
AAA
3.3%
AA
35.3%
A
36.3%
BBB
10.0%
BB
or
Lower
3.5%
N/R
(not
rated)
5.5%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Health
Care
21.6%
Tax
Obligation/Limited
18.9%
Transportation
13.8%
Tax
Obligation/General
12.3%
Utilities
12.2%
Education
and
Civic
Organizations
7.7%
U.S.
Guaranteed
6.4%
Other
7.1%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Illinois
10.0%
Colorado
9.1%
New
York
6.9%
Texas
6.9%
Michigan
5.9%
Florida
4.9%
New
Jersey
4.5%
Pennsylvania
3.6%
Minnesota
3.5%
Missouri
3.3%
Georgia
3.2%
California
3.1%
Wisconsin
3.0%
District
of
Columbia
2.4%
Ohio
2.4%
Washington
2.4%
South
Carolina
2.2%
North
Carolina
2.0%
Oregon
1.7%
Indiana
1.7%
Other
17.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
Report
of
Independent
Registered
Public
Accounting
Firm
15
To
the
Shareholders
and
Board
of
Trustees
Nuveen
Quality
Municipal
Income
Fund
and
Nuveen
AMT-Free
Quality
Municipal
Income
Fund:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
Nuveen
Quality
Municipal
Income
Fund
and
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(the
Funds),
including
the
portfolios
of
investments,
as
of
October
31,
2024,
the
related
statements
of
operations
and
cash
flows
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
October
31,
2024,
the
results
of
their
operations
and
their
cash
flows
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
October
31,
2024,
by
correspondence
with
custodians
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
KPMG
LLP
We
have
served
as
the
auditor
of
one
or
more
Nuveen
investment
companies
since
2014.
Chicago,
Illinois
December
26,
2024
16
Portfolio
of
Investments
October
31,
2024
NAD
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
166.5%
(100.0%
of
Total
Investments)
INVESTMENT
COMPANIES
-
0.0%
(0.0%
of
Total
Investments)
–
8,812
BlackRock
MuniHoldings
Fund
Inc
$
107,683
32,524
Invesco
Quality
Municipal
Income
Trust
328,167
TOTAL
INVESTMENT
COMPANIES
(Cost
$530,611)
435,850
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
4993955890
MUNICIPAL
BONDS
-
166
.5
%
(
100
.0
%
of
Total
Investments)
4993955890
ALABAMA
-
2.3%
(1.4%
of
Total
Investments)
$
5,000,000
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016C
5
.000
%
11/15/46
5,052,761
5,000,000
Alabama
State
Port
Authority,
Docks
Facilities
Revenue
Bonds,
Refunding
Series
2017A
-
AGM
Insured,
(AMT)
5
.000
10/01/33
5,109,580
5,455,000
Alabama
State
Port
Authority,
Docks
Facilities
Revenue
Bonds,
Refunding
Series
2017A
-
AGM
Insured,
(AMT)
5
.000
10/01/34
5,566,154
5,550,000
Alabama
State
Port
Authority,
Docks
Facilities
Revenue
Bonds,
Refunding
Series
2017A
-
AGM
Insured,
(AMT)
5
.000
10/01/35
5,655,263
3,315,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2024C,
(Mandatory
Put
7/01/31)
5
.000
05/01/55
3,540,853
3,000,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2023
Sub
B-2,
(Mandatory
Put
12/01/30)
5
.250
12/01/53
3,243,109
5,000,000
Homewood
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
CHF-Horizons
I,
LLC
Recreation
Center
Project
at
Samford
University
Series
2024A
5
.500
10/01/49
5,294,044
3,250,000
Homewood
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
CHF-Horizons
I,
LLC
Recreation
Center
Project
at
Samford
University
Series
2024A
5
.500
10/01/54
3,418,421
2,455,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.500
10/01/53
2,659,831
2,255,000
Limestone
County
Water
&
Sewer
Authority,
Alabama,
Water
and
Sewer
Revenue
Bonds,
Series
2022
5
.000
12/01/45
2,383,643
2,500,000
Madison
Water
and
Wastewater
Board,
Alabama,
Water
and
Sewer
Revenue
Bonds,
Series
2023
5
.250
12/01/53
2,727,994
7,590,000
Pike
Road,
Alabama,
General
Obligation
Warrants,
Series
2023
5
.000
03/01/52
8,039,455
5,000,000
(a)
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
1,
Refunding
Series
2024A,
(Mandatory
Put
4/01/32),
(UB)
5
.000
08/01/54
5,355,904
6,665,000
(a)
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
2,
Refunding
Series
2024B,
(Mandatory
Put
5/01/32),
(UB)
5
.000
06/01/49
7,132,670
1,000,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
3,
Fixed
Rate
Series
2022A-1,
(Mandatory
Put
12/01/29)
5
.500
01/01/53
1,077,951
4,165,000
(b)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
5
.250
05/01/44
4,238,366
TOTAL
ALABAMA
70,495,999
ALASKA
-
0.1%
(0.0%
of
Total
Investments)
1,000,000
Alaska
Industrial
Development
and
Export
Authority,
Power
Revenue
Bonds,
Snettisham
Hydroelectric
Project,
Refunding
Series
2015,
(AMT)
5
.000
01/01/28
1,006,360
1,075,000
Alaska
Industrial
Development
and
Export
Authority,
Power
Revenue
Bonds,
Snettisham
Hydroelectric
Project,
Refunding
Series
2015,
(AMT)
5
.000
01/01/29
1,081,498
300,000
Alaska
Industrial
Development
and
Export
Authority,
Power
Revenue
Bonds,
Snettisham
Hydroelectric
Project,
Refunding
Series
2015,
(AMT)
5
.000
01/01/31
301,487
TOTAL
ALASKA
2,389,345
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
-
2.7%
(1.6%
of
Total
Investments)
$
3,815,000
Arizona
Board
of
Regents,
University
of
Arizona,
Speed
Revenue
Bonds,
Stimulus
Plan
for
Economic
and
Educational
Development,
Refunding
Series
2020A
4
.000
%
08/01/44
$
3,774,835
2,500,000
Arizona
Health
Facilities
Authority,
Revenue
Bonds,
Scottsdale
Lincoln
Hospitals
Project,
Refunding
Series
2014A
5
.000
12/01/39
2,502,866
1,000,000
Arizona
Industrial
Development
Authority
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2023
5
.375
07/01/53
1,012,234
11,795,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
4
.000
01/01/36
11,844,309
6,500,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019B,
(AMT)
5
.000
07/01/49
6,621,698
15,935,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
(AMT)
5
.000
07/01/42
16,167,645
7,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Revenue
Bonds,
Civic
Plaza
Expansion
Project,
Series
2005B
-
FGIC
Insured
5
.500
07/01/39
8,508,383
1,000,000
Pinal
County
Electrical
District
4,
Arizona,
Electric
System
Revenue
Bonds,
Refunding Series
2015
-
AGM
Insured
4
.000
12/01/38
1,001,360
500,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.500
12/01/29
541,326
24,765,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
26,876,862
1,000,000
(b)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
American
Leadership
Academy
Project,
Series
2024
5
.000
06/15/54
992,301
TOTAL
ARIZONA
79,843,819
ARKANSAS
-
0.8%
(0.5%
of
Total
Investments)
5,020,000
(b)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
(AMT)
5
.450
09/01/52
5,209,804
6,550,000
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
(AMT)
5
.700
05/01/53
6,924,490
3,500,000
(b)
Arkansas
Development
Finance
Authority,
Charter
School
Revenue
Bonds,
Academy
of
Math
and
Science
-
Little
Rock
Project
Series
2024A
7
.000
07/01/59
3,384,731
5,000,000
(b)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
(AMT)
4
.500
09/01/49
4,889,927
1,000,000
(b)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2020A,
(AMT)
4
.750
09/01/49
985,662
2,055,000
Arkansas
State
University,
Student
Fee
Revenue
Bonds,
Jonesboro
Campus,
Series
2013
4
.875
12/01/43
2,037,496
TOTAL
ARKANSAS
23,432,110
CALIFORNIA
-
11.9%
(7.1%
of
Total
Investments)
3,500,000
(c)
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C
-
AGM
Insured
0
.000
10/01/52
1,954,617
2,665,000
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C
-
AGM
Insured
5
.000
10/01/52
2,860,934
2,945,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/27
2,704,061
7,150,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.010
09/01/28
6,353,090
2,455,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/32
1,873,831
105,000
(d)
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured,
(ETM)
0
.000
09/01/35
72,753
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
95,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
%
09/01/35
$
63,675
1,055,000
Brisbane
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2003
Series
2005
-
AGM
Insured
0
.000
07/01/35
719,254
60,000
(d)
Byron
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2007B,
(ETM)
0
.000
08/01/32
46,448
235,000
(d)
Byron
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2007B
-
SYNCORA
GTY
Insured,
(ETM)
0
.000
08/01/32
181,920
1,405,000
Byron
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2007B
-
SYNCORA
GTY
Insured
0
.000
08/01/32
1,048,531
3,685,000
Calexico
Unified
School
District,
Imperial
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2005B
-
FGIC
Insured
0
.000
08/01/31
2,900,198
4,505,000
Calexico
Unified
School
District,
Imperial
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2005B
-
FGIC
Insured
0
.000
08/01/33
3,273,172
4,495,000
(a)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
(Mandatory
Put
4/01/30),
(UB)
5
.250
11/01/54
4,855,466
10,000,000
(a)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32),
(UB)
5
.000
05/01/54
10,795,443
9,000,000
(b)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
7,812,309
10,000,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
5
.000
11/15/46
10,208,755
2,855,000
(d)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
2,984,109
16,665,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A
5
.000
11/15/48
17,092,377
2,275,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
4
.000
11/15/42
2,245,392
5,000,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/54
5,294,938
5,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/43
5,053,968
3,250,000
California
Municipal
Finance
Authority,
Reveue
Bonds,
Community
Medical
Centers,
Series
2017A
5
.000
02/01/47
3,271,328
2,930,000
(b)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
CIty
Charter
School
Obligated
Group,
Series
2016A
5
.000
06/01/52
2,799,114
3,410,000
(b)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A
4
.000
06/01/51
2,640,461
1,500,000
(b)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.000
07/01/46
1,510,596
500,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/44
495,353
3,550,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.500
12/01/54
3,551,471
1,000,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.000
12/01/46
1,007,503
17,715,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
17,902,028
10,237
(e),(f)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
10,237
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
28,037
(e),(f)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
%
07/01/39
$
28,037
4,890,000
Clovis
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Series
2006B
-
NPFG
Insured
0
.000
08/01/26
4,646,658
1,000,000
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Series
2005A
-
FGIC
Insured
0
.000
08/01/30
827,352
1,000,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2
4
.000
12/01/58
777,236
3,010,000
El
Camino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2012C
0
.000
08/01/25
2,941,567
3,500,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A
-
AGM
Insured
0
.000
01/15/34
2,519,552
9,930,000
(d)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
6/01/25)
5
.000
06/01/45
10,040,165
3,500,000
(d)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A
-
AGM
Insured,
(ETM)
0
.000
06/01/26
3,331,641
1,260,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
Certificates
of
Participation,
Capital
Project,
Series
2007
-
AGM
Insured
0
.000
09/01/35
857,211
5,240,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2005
-
AGM
Insured
0
.000
08/01/30
4,394,610
2,500,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007
-
FGIC
Insured
0
.000
08/01/32
1,939,593
5,000,000
Inland
Empire
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007C-1.Turbo
Capital
Appreciation
0
.010
06/01/36
2,276,798
5,000,000
Kern
Community
College
District,
California,
General
Obligation
Bonds,
Safety,
Repair
&
Improvement,
Election
2002
Series
2006
-
AGM
Insured
0
.000
11/01/24
5,000,000
1,045,000
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2001B
-
NPFG
Insured
0
.000
08/01/31
835,091
9,140,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
(AMT)
5
.000
05/15/41
9,167,446
12,835,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(AMT)
5
.000
05/15/46
13,414,203
40,000
(d)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(Pre-refunded
11/15/31),
(AMT)
5
.000
05/15/46
44,033
5,955,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
0
.000
08/01/43
5,863,017
2,700,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A
7
.000
11/01/34
3,361,444
2,200,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
6
.500
11/01/39
2,805,507
1,170,000
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995
-
NPFG
Insured
7
.400
08/01/25
1,196,249
4,930,000
Patterson
Joint
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009B
-
AGM
Insured
0
.000
08/01/42
2,366,731
6,000,000
(d)
Placentia-Yorba
Linda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation,
Series
2006
-
FGIC
Insured,
(ETM)
0
.000
10/01/34
4,253,862
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,000,000
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Series
2011A
0
.000
%
08/01/41
$
1,034,237
5,000,000
Rialto
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2010
Election
Series
2011A
-
AGM
Insured
7
.350
08/01/41
5,977,802
5,000,000
Riverside
County
Asset
Leasing
Corporation,
California,
Leasehold
Revenue
Bonds,
Riverside
County
Hospital
Project,
Series
1997
-
NPFG
Insured
0
.000
06/01/25
4,907,131
4,615,000
Riverside
County
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Jurupa
Valley
Project
Area,
Series
2011B
0
.000
10/01/38
2,623,112
10,990,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/46
11,436,892
10,175,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/49
10,455,782
4,945,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
(AMT)
5
.000
05/01/41
4,992,891
10,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
(AMT)
5
.000
05/01/42
10,163,962
11,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/45
11,318,348
12,285,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/50
12,600,415
735,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A
5
.000
09/01/43
766,173
2,000,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
2,004,365
15,350,000
(d)
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A,
(Pre-refunded
1/15/25)
5
.000
01/15/44
15,407,367
25,840,000
(d)
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A,
(Pre-refunded
1/15/25)
5
.000
01/15/50
25,936,572
5,000,000
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
(AMT)
5
.000
03/01/41
5,057,110
5,000,000
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
(AMT)
5
.000
03/01/47
5,028,143
14,985,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G
-
AGM
Insured
0
.000
08/01/40
7,879,871
6,660,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/43
2,507,663
2,460,000
Santee
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006,
Series
2008D
-
AGC
Insured
0
.000
08/01/33
1,834,051
1,145,000
Southern
Kern
Unified
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2006C
-
AGM
Insured
0
.000
11/01/30
944,189
1,175,000
Southern
Kern
Unified
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2010B
-
AGM
Insured
0
.000
11/01/35
788,376
2,410,000
Victor
Elementary
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2002A
-
FGIC
Insured
0
.010
08/01/26
2,286,126
3,750,000
(c)
Wiseburn
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2011B
-
AGM
Insured
0
.000
08/01/36
4,184,489
TOTAL
CALIFORNIA
356,606,402
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
-
14.4%
(8.7%
of
Total
Investments)
$
2,325,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
%
12/01/51
$
2,262,747
4,350,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021
4
.375
12/01/52
3,850,466
3,000,000
Anthem
West
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
BAM
Insured
5
.000
12/01/35
3,045,555
2,000,000
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022
4
.000
12/01/48
1,953,483
1,000,000
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A
5
.000
12/01/39
997,659
4,195,000
(d)
Boulder
Larimer
&
Weld
Counties
School
District
RE-1J
Saint
Vrain
Valley,
Colorado,
General
Obligation
Bonds,
Series
2016C,
(Pre-refunded
12/15/26)
4
.000
12/15/34
4,305,829
5,500,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/47
5,829,376
1,627,000
(b)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/29
1,630,925
2,165,000
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
-
AGM
Insured
5
.500
12/01/54
2,415,348
6,314,000
Colorado
Crossing
Metropolitan
District
2,
Colorado
Springs,
California,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2020A-1
5
.000
12/01/47
6,118,570
1,500,000
Colorado
Crossing
Metropolitan
District
2,
Colorado
Springs,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2020A-1
5
.000
12/01/50
1,433,270
2,945,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy,
Inc.
Second
Campus
Project,
Series
2013
7
.350
08/01/43
2,950,596
1,715,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Flagstaff
Academy
Project,
Refunding
Series
2016
3
.625
08/01/46
1,428,172
500,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Liberty
Common
Charter
School,
Series
2014A
5
.000
01/15/44
497,792
1,000,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Peak-to-Peak
Charter
School,
Refunding
Series
2014
5
.000
08/15/30
1,000,949
3,915,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Weld
County
School
District
6
-
Frontier
Academy,
Refunding
&
Improvement
Series
2016
3
.250
06/01/46
3,020,419
545,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
Corporation
for
Atmospheric
Research
Project,
Refunding
Series
2017
3
.625
09/01/31
545,925
1,200,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A
4
.000
03/01/36
1,203,408
1,600,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A
4
.000
03/01/37
1,601,276
5,460,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A
4
.000
11/15/43
5,363,068
17,905,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/46
17,041,773
11,090,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/50
10,429,623
4,600,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/37
4,630,257
5,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
5,147,990
5,395,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
4,953,278
10,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
-
BAM
Insured
4
.000
08/01/49
9,396,926
2,725,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.500
11/01/47
2,998,683
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,300,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.250
%
11/01/52
$
2,462,438
2,670,000
(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A,
(Pre-refunded
6/01/25)
5
.000
06/01/28
2,694,979
6,425,000
(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A,
(Pre-refunded
6/01/25)
5
.000
06/01/40
6,485,107
1,390,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A
5
.250
05/15/47
1,403,432
5,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2022A
5
.000
05/15/52
5,286,682
2,445,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2024A
5
.000
05/15/54
2,575,197
3,785,000
(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
(Pre-refunded
9/01/30)
4
.000
09/01/50
4,043,938
4,535,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A
5
.000
11/01/44
4,729,147
3,300,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A
4
.000
01/01/37
3,325,478
2,100,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017
5
.000
12/31/56
2,099,915
950,000
(d)
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017C,
(Pre-refunded
3/01/28)
-
BAM
Insured
5
.000
03/01/43
1,017,601
710,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017C
-
BAM
Insured
5
.000
03/01/43
734,699
2,360,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E
4
.000
03/01/43
2,342,008
3,420,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2020R
4
.000
03/15/45
3,372,587
4,000,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2021S
4
.000
03/15/41
4,004,950
7,250,000
(d)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/46
7,505,577
9,090,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0
.010
12/01/31
5,137,551
3,250,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
4
.125
11/15/53
3,083,765
8,250,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.500
11/15/53
8,899,244
3,400,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.250
11/15/53
3,694,514
2,790,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.750
11/15/45
3,099,281
5,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.000
11/15/53
5,149,961
17,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.000
12/01/43
17,386,929
11,750,000
(a)
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT),
(UB)
5
.000
12/01/48
11,934,894
9,040,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.250
12/01/48
9,340,329
4,095,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Current
Interest
Series
2018A-1
5
.000
08/01/48
4,185,814
2,005,000
Denver
City
and
County,
Colorado,
Special
Facilities
Airport
Revenue
Bonds,
United
Airlines,
Inc.
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/32
2,005,336
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
5,130,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
%
12/01/30
$
5,232,009
3,900,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/36
3,945,626
3,000,000
Denver
Gateway
Center
Metropolitan
District,
In
the
City
and
County
of
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2018A
5
.625
12/01/48
2,984,170
385,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
0
.000
09/01/35
250,535
150,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
0
.000
09/01/37
88,799
75,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
0
.000
09/01/38
42,177
20,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
0
.000
09/01/39
10,646
110,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
0
.000
09/01/41
52,125
18,380,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
1997B
-
NPFG
Insured
0
.000
09/01/25
17,854,330
1,045,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/29
884,138
2,175,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.010
09/01/30
1,763,979
25,050,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.010
09/01/31
19,448,622
23,305,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/32
17,307,537
100,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/33
70,860
12,500,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2006A
-
NPFG
Insured
0
.010
09/01/38
6,328,868
385,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
09/01/28
338,139
60,000,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
03/01/36
37,628,682
2,200,000
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
Enterprise
Wastewater
Revenue
Bonds,
Improvement
Series
2020A
-
AGM
Insured
4
.000
12/01/49
2,132,354
8,000,000
Ebert
Metropolitan
District,
Denver
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2018A-1
-
BAM
Insured
5
.000
12/01/43
8,314,090
1,000,000
Erie
Highlands
Metropolitan
District
2,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2018A
5
.250
12/01/48
1,005,150
3,550,000
(b)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6
.750
12/01/34
3,461,963
2,000,000
Firestone,
Colorado,
Water
Enterprise
Revenue
Bones,
Series
2020
-
BAM
Insured
4
.000
12/01/45
1,958,800
3,935,000
Flying
Horse
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2020A
-
AGM
Insured
4
.000
12/01/50
3,759,138
2,545,000
Future
Legends
Sports
Park
Business
Improvement
District,
Colorado,
Limited
Tax
General
Obligation
Bonds
Series
2022A
and
Subordinate
Limited
Tax
General
Obligation
Bonds
Series
2022B
6
.000
12/01/52
2,396,214
1,305,000
Goldsmith
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2021
-
AGM
Insured
4
.000
12/01/51
1,239,887
3,130,000
(b)
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
2,
Series
2024
5
.500
12/01/44
3,070,559
1,000,000
Kinston
Metropolitan
District
5,
Loveland,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.125
12/01/50
998,251
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,355,000
Meadowbrook
Crossing
Metropolitan
District,
EL
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2020A
5
.250
%
12/01/49
$
1,355,806
1,500,000
Meridian
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Series
2023
-
AGM
Insured
4
.375
12/01/53
1,503,770
1,860,000
(d)
Metropolitan
State
University
of
Denver,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Aerospace
and
Engineering
Sciences
Building
Project,
Series
2016,
(Pre-refunded
12/01/25)
4
.000
12/01/40
1,879,001
1,750,000
Midtown
at
Clear
Creek
Metropolitan
District,
Adams
County,
Colorado,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2023A
-
BAM
Insured
5
.000
12/01/53
1,865,643
9,520,000
Northern
Colorado
Water
Conservancy
District
Building
Corporation,
Certificates
of
Participation,
Refunding
Series
2021
4
.000
07/01/46
9,362,061
3,250,000
Northern
Colorado
Water
Conservancy
District
Building
Corporation,
Certificates
of
Participation,
Refunding
Series
2021
4
.000
07/01/51
3,125,656
1,565,000
Park
70
Metropolitan
District,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2016
5
.000
12/01/36
1,580,205
2,100,000
Park
70
Metropolitan
District,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2016
5
.000
12/01/46
2,100,685
8,000,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A
5
.000
12/01/46
8,044,736
2,235,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A
-
AGM
Insured
4
.000
12/01/38
2,244,328
5,300,000
(b)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
5
.000
12/01/51
4,578,848
700,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds, Colorado
Springs
Utilities,
Series
2008
6
.500
11/15/38
843,303
750,000
Thompson
Crossing
Metropolitan
District
2,
Johnstown,
Larimer
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2016B
-
AGM
Insured
5
.000
12/01/36
776,603
1,050,000
Traditions
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016
-
BAM
Insured
5
.000
12/01/32
1,088,533
1,000,000
Traditions
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016
-
BAM
Insured
4
.125
12/01/37
1,004,827
1,500,000
Trails
at
Crowfoot
Metropolitan
District
3,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024A
4
.250
12/01/54
1,441,183
500,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5
.000
12/01/51
395,709
2,000,000
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A
-
BAM
Insured
4
.000
12/01/36
2,013,199
6,225,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.750
12/01/52
6,061,982
7,700,000
(b),(c)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2024A-2
0
.000
12/01/54
4,428,295
TOTAL
COLORADO
432,316,737
CONNECTICUT
-
1.3%
(0.8%
of
Total
Investments)
2,135,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A
4
.000
07/01/51
1,944,133
850,000
(b)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A
5
.000
01/01/45
782,977
5,355,000
(a)
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
(UB)
4
.600
11/15/49
5,391,165
14,775,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/34
15,524,539
6,410,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/37
6,702,166
6,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/38
6,266,819
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONNECTICUT
(continued)
$
3,730,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2020A
5
.000
%
02/15/41
$
3,992,578
TOTAL
CONNECTICUT
40,604,377
DELAWARE
-
0.6%
(0.3%
of
Total
Investments)
5,550,000
Delaware
Economic
Development
Authority
Retirement
Communities,
Revenue
Bonds,
ACTS
Retirement-Life
Communities
Series
2023B
5
.250
11/15/53
5,738,220
800,000
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018
5
.000
06/01/48
809,617
3,000,000
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018
5
.000
06/01/50
3,031,258
7,255,000
Delaware
Transportation
Authority,
Revenue
Bonds,
US
301
Project,
Series
2015
5
.000
06/01/55
7,288,100
TOTAL
DELAWARE
16,867,195
DISTRICT
OF
COLUMBIA
-
2.7%
(1.6%
of
Total
Investments)
325,000
District
of
Columbia
Housing
Finance
Agency,
GNMA
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
1988E-4,
(AMT)
6
.375
06/01/26
325,669
51,000,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0
.000
06/15/46
12,844,620
2,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
4
.000
10/01/44
1,900,778
5,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
5
.000
10/01/47
5,142,429
3,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
4
.000
10/01/49
2,768,654
5,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A
-
AGM
Insured
4
.000
10/01/52
4,725,771
2,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
10/01/36
1,264,184
5,000,000
(d)
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
(Pre-refunded
10/01/26)
-
AGC
Insured
6
.500
10/01/41
5,336,466
15,800,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
5
.000
10/01/43
16,151,836
5,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A,
(AMT)
5
.000
10/01/49
5,098,229
8,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2021A,
(AMT)
5
.000
10/01/46
8,282,726
7,400,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5
.250
10/01/53
7,796,120
3,485,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.500
10/01/54
3,781,509
4,000,000
Washington
Metropolitan
Area
Transit
Authority,
Second
Lien
Dedicated
Revenue
Bonds,
Sustainability-
Climate
Transition,
Series
2024A
5
.250
07/15/59
4,335,473
TOTAL
DISTRICT
OF
COLUMBIA
79,754,464
FLORIDA
-
10.3%
(6.2%
of
Total
Investments)
1,480,000
Atlantic
Beach,
Florida,
Healthcare
Facilities
Revenue
Refunding
Bonds,
Fleet
Landing
Project,
Series
2013A
5
.000
11/15/37
1,481,102
450,000
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A
5
.000
09/01/45
450,031
2,260,000
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A
5
.000
09/01/48
2,260,031
8,280,000
Broward
County,
Florida,
Airport
System
Revenue
Bonds,
Series
2019A,
(AMT)
5
.000
10/01/44
8,491,485
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
3,465,000
(b)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Babcock
Neighborhood
School
Inc
Project,
Series
2024
5
.750
%
08/15/49
$
3,437,521
3,250,000
(b)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A
6
.250
06/15/53
3,394,977
4,485,000
Florida
Department
of
Transportation,
Florida,
Right-of-Way
Acquisition
and
Bridge
Construction
Series
2018A
4
.000
07/01/42
4,488,890
175,000
(b)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C
5
.000
09/15/40
168,310
2,000,000
(b)
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA,
Inc.
Project,
Series
2019,
(AMT)
5
.000
05/01/29
2,036,648
5,000,000
(a)
Florida
Development
Finance
Corporation,
Healthcare
Facilities
Revenue
Bonds,
Tampa
General
Hospital
Project,
Series
2024A,
(UB)
5
.250
08/01/55
5,223,576
3,975,000
(b)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT),
(Mandatory
Put
7/15/28)
12
.000
07/15/32
4,217,767
4,200,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.000
07/01/41
4,262,166
8,800,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5
.000
07/01/44
9,136,719
10,100,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5
.250
07/01/47
10,606,402
11,665,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT),
(UB)
5
.250
07/01/47
12,249,869
12,710,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5
.250
07/01/53
13,237,812
5,100,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.500
07/01/53
5,266,906
16,630,000
(b)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2024A,
(AMT),
(Mandatory
Put
2/14/25)
8
.250
07/01/57
17,137,233
31,985,000
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
(AMT)
5
.000
10/01/42
32,528,956
5,000,000
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018E,
(AMT)
5
.000
10/01/43
5,111,341
10,305,000
Hillsborough
County
Aviation
Authority,
Florida,
Tampa
International
Airport
Customer
Facility
Charge
Revenue
Bonds,
Series
2015A
5
.000
10/01/44
10,306,596
10,000,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Florida
Health
Sciences
Center
Inc
D/B/A
Tampa
General
Hospital,
Series
2020A
4
.000
08/01/55
8,958,759
825,000
(b)
Lake
County,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
South
Lake
Charter
School
Project,
Series
2019A
5
.000
01/15/54
774,412
1,500,000
Lauderhill,
Florida,
Water
and
Sewer
Revenue
Bonds,
Series
2023
-
AGM
Insured
5
.000
10/01/53
1,600,095
9,820,000
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A
-
AGM
Insured
5
.000
02/01/44
9,823,257
2,000,000
Miami
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Miami
Jewish
Health
System
Inc.
Project,
Series
2017
5
.125
07/01/46
1,758,388
10,000,000
Miami,
Florida,
Special
Obligation
Non-Ad
Valorem
Revenue
Bonds,
New
Administrative
Building
Series
2023A
5
.250
03/01/53
10,863,085
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,930,000
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2012A
5
.000
%
04/01/42
$
2,930,364
8,070,000
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2015A
5
.000
04/01/45
8,089,842
10,050,000
(a)
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2018A,
(UB)
5
.000
04/01/53
10,277,128
1,500,000
Miami-Dade
County
Health
Facility
Authority,
Florida,
Hospital
Revenue
Bonds,
Nicklaus
Children's
Hospital,
Refunding
Series
2017
5
.000
08/01/42
1,525,396
5,000,000
Miami-Dade
County
School
District,
Florida,
General
Obligation
Bonds,
School
Series
2022A
-
BAM
Insured
5
.000
03/15/52
5,317,507
3,000,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2015A
-
BAM
Insured,
(AMT)
5
.000
10/01/38
3,018,871
13,385,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2017B,
(AMT)
5
.000
10/01/40
13,597,121
7,000,000
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2021A-2
-
AGM
Insured
4
.000
10/01/49
6,777,071
1,005,000
(a)
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
(AMT),
(UB)
5
.250
10/01/52
1,060,082
1,315,000
(b)
Miami-Dade
County,
Florida,
Special
Assessment
Revenue
Bonds,
Ojus
Sanitary
Sewer
Special
Benefit
Area,
Series
2021
5
.100
07/01/51
1,326,663
5,000,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022
5
.000
07/01/51
5,282,881
6,035,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B
4
.000
10/01/49
5,744,965
3,500,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2021
4
.000
10/01/46
3,415,001
7,000,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022
4
.000
10/01/52
6,572,945
2,360,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Series
2019A-1
5
.000
10/01/49
2,428,289
3,260,000
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Retirement
Communities
Revenue
Bonds,
ACTS
Retirement
-
Life
Communities,
Inc
Obligated
Group,
Series
2016
5
.000
11/15/32
3,343,088
1,665,000
Pine
Island
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Bella
Collina,
Series
2004
5
.750
05/01/35
1,672,632
4,635,000
Port
Saint
Lucie,
Florida,
Public
Service
Tax
Revenue
Bonds,
Recovery
Zone
Facility
Bond
Series
2014B
5
.000
09/01/43
4,640,717
2,500,000
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018A
5
.000
03/15/42
2,569,639
2,000,000
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017
5
.000
08/15/42
2,049,518
9,770,000
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017
5
.000
08/15/47
9,964,958
705,000
(b)
Southeast
Overtown/Park
West
Community
Redevelopement
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
Series
2014A-1
5
.000
03/01/30
705,731
1,500,000
Sumter
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Central
Florida
Health
Alliance
Projects,
Series
2014A
5
.250
07/01/44
1,500,906
7,545,000
Tampa,
Florida,
Hospital
Revenue
Bonds,
H.
Lee
Moffitt
Cancer
Center
Project,
Series
2020B
5
.000
07/01/50
7,741,571
130,000
(c)
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2
0
.000
05/01/40
130,537
195,000
(e)
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3
6
.610
05/01/40
2
1,000,000
Twisted
Oaks
Pointe
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds
Assessment
Area
Three
Project
Series
2024
6
.000
05/01/55
1,015,181
1,500,000
(g)
Two
Lakes
Community
Development
District,
Hialeah,
Florida,
Special
Assessment
Bonds,
Series
2024
5
.000
05/01/55
1,534,199
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
6,510,000
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Stetson
University
Inc.
Project,
Series
2015
5
.000
%
06/01/45
$
6,511,350
TOTAL
FLORIDA
310,016,489
GEORGIA
-
2.9%
(1.7%
of
Total
Investments)
1,890,000
(c)
Atlanta
Development
Authority,
Georgia,
Economic
Development
Certificates,
Gulch
Enterprise
Zone
Project,
Convertible
Capital
Appreciation
Series
2024A-1
Class
A
0
.000
12/15/48
1,580,394
1,775,000
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
New
Downtown
Atlanta
Stadium
Project,
Senior
Lien
Series
2015A-1
5
.250
07/01/40
1,790,945
1,400,000
(b)
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
Westside
Gulch
Area
Project,
Senior
Series
2024A-2
5
.500
04/01/39
1,420,638
14,000,000
Atlanta,
Georgia,
Airport
General
Revenue
Bonds,
Series
2022B,
(AMT)
5
.000
07/01/52
14,420,120
2,600,000
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A
5
.000
04/01/47
2,628,681
2,500,000
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B
5
.125
04/01/53
2,644,422
3,575,000
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021
4
.000
07/01/51
3,370,970
390,000
Dalton
Development
Authority,
Georgia,
Revenue
Certificates,
Hamilton
Health
Care
System
Inc.,
Series
1996
-
NPFG
Insured
5
.500
08/15/26
398,800
2,000,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A
4
.000
07/01/49
1,900,495
3,500,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021
4
.000
07/01/51
3,430,463
3,285,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/43
3,385,109
23,200,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/49
24,820,100
10,000,000
(b)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
(Mandatory
Put
11/01/27)
4
.000
08/01/52
9,968,881
10,260,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.000
07/01/60
10,263,384
3,465,000
Paulding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System
Inc.,
Series
2022A
5
.000
04/01/42
3,706,178
TOTAL
GEORGIA
85,729,580
GUAM
-
0.5%
(0.3%
of
Total
Investments)
2,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/34
2,016,159
1,720,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.250
06/01/32
1,707,198
2,915,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.625
06/01/47
2,862,030
245,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
07/01/27
251,442
1,240,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
01/01/46
1,253,721
2,000,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/33
2,039,056
2,260,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/34
2,299,357
1,175,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/46
1,176,534
355,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/33
363,947
TOTAL
GUAM
13,969,444
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII
-
0.9%
(0.6%
of
Total
Investments)
$
6,000,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaiian
Electric
Company,
Inc.
and
Subsidiary
Projects,
Refunding
Series
2017B,
(AMT)
4
.000
%
03/01/37
$
5,403,397
7,500,000
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2015A,
(AMT)
5
.000
07/01/45
7,518,219
6,000,000
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2022,
(AMT)
5
.000
07/01/38
6,341,068
5,000,000
Hawaii
State,
General
Obligation
Bonds,
Series
2017FK
4
.000
05/01/35
5,043,991
3,720,000
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Green
Senior
Series
2023
5
.000
07/01/48
4,012,012
TOTAL
HAWAII
28,318,687
IDAHO
-
1.1%
(0.7%
of
Total
Investments)
9,495,000
Boise
City
Water
Renewal
System,
Idaho,
Revenue
Bonds,
Refunding
Series
2022
5
.000
09/01/47
10,079,667
11,205,000
Idaho
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
CHE
Trinity
Helath
Group,
Series
2017ID
5
.000
12/01/46
11,412,429
1,700,000
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Madison
Memorial
Hospital
Project,
Refunding
Series
2016
5
.000
09/01/29
1,714,738
5,585,000
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Saint
Luke's
Health
System
Project,
Series
2021A
4
.000
03/01/46
5,351,476
1,155,000
Idaho
Water
Resource
Board,
Water
Resource
Loan
Program
Revenue,
Ground
Water
Rights
Mitigation
Series
2012A
4
.750
09/01/26
1,155,383
310,000
Idaho
Water
Resource
Board,
Water
Resource
Loan
Program
Revenue,
Ground
Water
Rights
Mitigation
Series
2012A
5
.000
09/01/32
310,148
3,000,000
(b)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2021
3
.750
09/01/51
2,756,466
TOTAL
IDAHO
32,780,307
ILLINOIS
-
14.4%
(8.6%
of
Total
Investments)
6,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
6,213,367
2,170,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues
Series
2012A
5
.000
12/01/42
2,133,512
1,500,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D
5
.000
12/01/46
1,467,726
9,250,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/44
9,452,397
2,400,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B
6
.500
12/01/46
2,477,290
11,295,000
(b)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A
7
.000
12/01/46
12,050,200
10,130,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
FGIC
Insured
0
.010
12/01/24
10,094,697
7,140,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
FGIC
Insured
0
.000
12/01/25
6,841,415
4,325,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
FGIC
Insured
0
.010
12/01/29
3,529,162
4,235,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
FGIC
Insured
0
.000
12/01/31
3,150,151
8,845,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A
-
NPFG
Insured
5
.500
12/01/26
9,052,350
10,285,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Refunding
Senior
Lien
Series
2018A
5
.000
01/01/48
10,469,130
6,745,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2015C
5
.000
01/01/46
6,757,650
2,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2016F
-
BAM
Insured
4
.250
01/01/47
1,991,543
4,000,000
(a)
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A,
(UB)
4
.625
01/01/53
3,971,693
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
5,000,000
(a)
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A,
(UB)
5
.250
%
01/01/53
$
5,194,199
5,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A
-
AGM
Insured
5
.500
01/01/53
5,288,363
8,010,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A
5
.500
01/01/55
8,526,486
2,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2024B
5
.500
01/01/59
2,194,629
4,115,000
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
-
FGIC
Insured
0
.010
01/01/33
2,930,312
29,600,000
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
-
FGIC
Insured
0
.000
01/01/38
16,258,999
11,675,000
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A
6
.000
01/01/38
12,099,518
4,000,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.000
01/01/40
4,091,389
12,870,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.500
01/01/49
13,225,741
11,575,000
(a)
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A,
(UB)
5
.500
01/01/49
11,894,946
6,245,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Series
2001A
-
NPFG
Insured
5
.500
01/01/30
6,586,673
1,130,000
Chicago,
Illinois,
Water
Revenue
Bonds,
Senior
Lien
Series
2001
-
AMBAC
Insured
5
.750
11/01/30
1,197,921
4,500,000
Cook
County
Community
College
District
508,
Illinois,
General
Obligation
Bonds,
Chicago
City
Colleges,
Series
2017
5
.000
12/01/47
4,574,377
3,000,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016A
5
.000
11/15/31
3,105,389
500,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018
5
.000
11/15/34
515,567
4,550,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018
5
.000
11/15/35
4,678,088
5,000,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
4
.450
11/01/36
5,086,989
815,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
4
.500
11/01/36
815,053
2,785,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
5
.500
11/01/36
2,789,664
410,000
(b)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Intrinsic
Charter
Schools
Belmont
School
Project,
Series
2015A
6
.000
12/01/45
413,261
1,930,000
(a)
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Refunding
Series
2015,
(UB)
5
.000
05/01/45
1,943,770
12,025,000
(a),(d)
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Refunding
Series
2015,
(Pre-refunded
5/01/25),
(UB)
5
.000
05/01/45
12,110,793
2,500,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C
5
.000
02/15/33
2,587,349
10,000,000
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016
5
.000
12/01/46
10,081,876
10,745,000
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A
5
.000
11/15/45
10,802,141
560,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/35
564,215
6,245,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/44
6,263,569
10,000,000
(a)
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago
Medicine,
Series
2022A,
(UB)
5
.000
08/15/47
10,477,772
2,670,000
(d)
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Refunding
Series
2015A,
(Pre-refunded
10/01/25)
5
.000
10/01/46
2,712,226
15,030,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2023A
5
.250
05/15/54
16,221,006
1,900,000
Illinois
Health
Facilities
Authority,
Revenue
Bonds,
Midwest
Care
Center
I
Inc.,
Series
2001
5
.950
02/20/36
1,902,026
1,830,000
Illinois
Sports
Facility
Authority,
State
Tax
Supported
Bonds,
Refunding
Series
2014
-
AGM
Insured
5
.250
06/15/32
1,840,008
450,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
12/01/39
461,188
5,705,000
Illinois
State,
General
Obligation
Bonds,
February
Series
2014
5
.250
02/01/33
5,724,425
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
5,815,000
Illinois
State,
General
Obligation
Bonds,
February
Series
2014
5
.250
%
02/01/34
$
5,834,800
2,000,000
(d)
Illinois
State,
General
Obligation
Bonds,
February
Series
2014,
(Pre-refunded
1/14/25)
5
.000
02/01/39
2,005,814
3,500,000
Illinois
State,
General
Obligation
Bonds,
January
Series
2016
5
.000
01/01/29
3,562,565
8,250,000
Illinois
State,
General
Obligation
Bonds,
January
Series
2016
5
.000
01/01/32
8,371,142
4,200,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2016
5
.000
06/01/27
4,307,253
2,000,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
5
.500
03/01/42
2,186,812
785,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
5
.500
03/01/47
847,490
16,485,000
Illinois
State,
General
Obligation
Bonds,
March
Series
2021A
5
.000
03/01/46
17,183,503
1,635,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/30
1,749,764
5,305,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/39
5,735,165
3,000,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.750
05/01/45
3,257,285
4,585,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B
5
.250
05/01/43
4,913,581
4,525,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B
5
.500
05/01/47
4,887,577
1,500,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2016
5
.000
11/01/37
1,526,514
3,510,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016
5
.000
02/01/27
3,644,295
8,865,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C
5
.500
10/01/41
9,764,290
4,685,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A
5
.000
01/01/40
4,715,031
7,770,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
01/01/42
7,642,693
10,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
5
.000
01/01/46
10,654,452
5,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Series
2023A
5
.250
01/01/45
5,509,088
1,890,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2015B
5
.000
06/15/52
1,897,230
1,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
5
.500
06/15/53
1,009,023
4,780,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A
5
.000
06/15/57
4,837,732
10,775,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Refunding
Series
1996A
-
NPFG
Insured
0
.000
12/15/24
10,724,064
5,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.010
12/15/34
3,392,299
1,100,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.010
12/15/35
714,310
3,805,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/41
1,874,089
835,000
(d)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Hospitality
Facility,
Series
1996A,
(ETM)
7
.000
07/01/26
867,375
1,350,000
Northern
Illinois
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Refunding
Series
2020B
-
BAM
Insured
4
.000
04/01/41
1,281,632
2,495,000
Sangamon
County
School
District
186
Springfield,
Illinois,
General
Obligation
Bonds,
Alternate
Revenue
Source
Series
2023
-
AGM
Insured
5
.500
06/01/58
2,671,172
2,500,000
Sangamon
County
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds
Alternate
Revenue
Source,
Project
&
Refunding
Series
2019A
-
BAM
Insured
4
.000
01/01/44
2,463,836
2,250,000
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
5
.000
03/01/29
2,259,300
3,505,000
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
-
AGM
Insured
5
.000
03/01/40
3,512,722
TOTAL
ILLINOIS
430,616,109
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
-
1.5%
(0.9%
of
Total
Investments)
$
1,480,000
(b)
Gary
Local
Public
Improvement
Bond
Bank,
Indiana,
Economic
Development
Revenue
Bonds,
Drexel
Foundation
for
Educational
Excellence
Project,
Refunding
Series
2020A
5
.875
%
06/01/55
$
1,408,490
3,950,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Fixed
Rate
Series
2023A
5
.000
10/01/46
4,228,023
10,000,000
(a)
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Fixed
Rate
Series
2023A,
(UB)
5
.000
10/01/53
10,574,254
7,480,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
5
.000
12/01/40
7,513,474
4,500,000
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
Series
2012A
4
.000
10/01/42
4,331,736
2,605,000
(a)
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024A-1,
(UB)
4
.650
07/01/49
2,632,516
8,150,000
(a)
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024A-1,
(UB)
4
.750
07/01/54
8,227,188
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6
.000
03/01/53
1,087,270
3,460,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1
-
BAM
Insured
5
.000
03/01/53
3,608,213
1,660,000
Northern
Indiana
Commuter
Transportation
District,
Indiana,
Limited
Obligation
Revenue
Bonds,
Series
2024
5
.000
01/01/54
1,752,550
TOTAL
INDIANA
45,363,714
IOWA
-
0.8%
(0.5%
of
Total
Investments)
2,550,000
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
5
.000
09/01/41
2,173,425
2,000,000
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
5
.000
09/01/51
1,568,621
2,505,000
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012
4
.750
08/01/42
2,507,373
9,535,000
(d)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32)
5
.000
12/01/50
10,897,224
6,235,000
Iowa
State,
Hospital
Revenue
Bonds,
University
of
Iowa
Hospitals
and
Clinics,
SUI
Series
2022A
4
.000
09/01/36
6,302,564
TOTAL
IOWA
23,449,207
KANSAS
-
0.6%
(0.4%
of
Total
Investments)
6,770,000
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
5
.000
07/01/43
6,863,037
7,600,000
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
5
.000
07/01/48
7,677,709
3,625,000
Wyandotte
County
Unified
School
District
203,
Piper,
Kansas,
General
Obligation
Bonds,
Improvement
and
Refunding
Series
2022A
-
AGM
Insured
5
.250
09/01/52
3,864,170
TOTAL
KANSAS
18,404,916
KENTUCKY
-
0.8%
(0.5%
of
Total
Investments)
6,000,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
5
.000
06/01/45
6,033,501
4,790,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.750
07/01/43
5,596,105
3,655,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.875
07/01/46
4,275,501
7,100,000
(a)
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2024A-1,
(Mandatory
Put
7/01/30),
(UB)
5
.000
05/01/55
7,534,623
TOTAL
KENTUCKY
23,439,730
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
-
3.6%
(2.1%
of
Total
Investments)
$
3,820,000
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013
6
.000
%
07/01/36
$
3,822,124
3,130,000
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B
-
AGM
Insured
5
.000
12/01/42
3,210,021
4,000,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Womans
Hospital
Foundation
Project,
Refunding
Series
2017A
5
.000
10/01/44
4,062,536
7,000,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5
.000
05/15/46
7,087,125
10,000,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2020A
4
.000
05/15/49
9,401,619
6,530,000
(b)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
(AMT)
6
.500
07/01/36
6,533,497
1,265,000
(d)
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
and
Refunding
Bonds,
Lafayette
General
Medical
Center
Project,
Series
2016A,
(Pre-refunded
11/01/25)
5
.000
11/01/45
1,288,449
8,500,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A
5
.250
10/01/53
8,773,792
1,830,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016
4
.000
05/15/35
1,835,084
8,540,000
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.500
09/01/59
9,114,252
4,835,000
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.750
09/01/64
5,234,703
10,810,000
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
5
.000
07/01/48
11,415,086
14,000,000
(d)
Louisiana
State,
Gasoline
and
Fuels
Tax
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
5/01/25)
4
.000
05/01/41
14,038,002
13,895,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2015B,
(AMT)
5
.000
01/01/45
13,895,047
1,200,000
(d)
New
Orleans,
Louisiana,
Water
Revenue
Bonds,
Refunding
Series
2014,
(Pre-refunded
12/01/24)
5
.000
12/01/44
1,201,426
1,000,000
(b)
Plaquemines
Port,
Louisiana,
Harbor
and
Terminal
District
Facilities
Revenue
Bonds
NOLA
Terminal
LLC
Project
Dock
and
Wharf
Series
2024A
9
.000
12/01/44
1,019,067
5,655,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2015
5
.000
12/01/40
5,713,472
TOTAL
LOUISIANA
107,645,302
MAINE
-
0.6%
(0.4%
of
Total
Investments)
3,820,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
4
.000
07/01/41
3,306,027
3,000,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5
.000
07/01/41
2,994,339
2,800,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
4
.000
07/01/46
2,359,330
4,595,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5
.000
07/01/46
4,540,096
2,935,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A
5
.000
07/01/48
2,978,170
1,290,000
Maine
Turnpike
Authority,
Special
Obligation
Bonds,
Series
2014
5
.000
07/01/33
1,291,259
1,020,000
Maine
Turnpike
Authority,
Special
Obligation
Bonds,
Series
2014
5
.000
07/01/34
1,020,953
TOTAL
MAINE
18,490,174
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
-
6.8%
(4.1%
of
Total
Investments)
$
1,780,000
Anne
Arundel
County,
Maryland,
FNMA
Multifamily
Housing
Revenue
Bonds,
Glenview
Gardens
Apartments
Project,
Series
2009,
(Mandatory
Put
1/01/27)
5
.000
%
01/01/28
$
1,782,632
1,180,000
Anne
Arundel
County,
Maryland,
Special
Tax
District
Revenue
Bonds,
Villages
of
Dorchester
&
Farmington
Village
Projects,
Series
2013
5
.000
07/01/32
1,180,772
1,000,000
Baltimore
County,
Maryland,
Revenue
Bonds,
Oak
Crest
Village,
Series
2016
3
.625
01/01/37
937,626
2,220,000
Baltimore
County,
Maryland,
Revenue
Bonds,
Oak
Crest
Village,
Series
2016
5
.000
01/01/37
2,238,933
9,215,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/42
9,216,479
4,000,000
Baltimore,
Maryland,
Revenue
Bonds,
Wastewater
Projects,
Subordinate
Series
2017A
5
.000
07/01/46
4,071,100
1,430,000
(d)
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Refunding
Series
1998A
-
FGIC
Insured,
(ETM)
5
.000
07/01/28
1,481,420
2,500,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2014A
5
.000
07/01/44
2,501,861
6,000,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A
5
.000
07/01/41
6,139,773
1,450,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Center/West
Development
Project,
Series
2017A
5
.500
06/01/43
1,414,963
525,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Consolidated
Tax
Increment
Financing,
Series
2015
5
.000
06/15/30
525,395
425,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Consolidated
Tax
Increment
Financing,
Series
2015
5
.000
06/15/33
425,278
1,270,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A
4
.500
09/01/33
1,259,461
240,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A
5
.000
09/01/38
241,159
1,895,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2016
5
.000
06/01/36
1,901,293
250,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2016
5
.125
06/01/43
250,488
2,000,000
(b)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019A
3
.625
06/01/46
1,649,889
350,000
(b)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019B
3
.875
06/01/46
295,093
450,000
Brunswick,
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Brunswick
Crossing
Special
Taxing
District,
Refunding
Series
2019
4
.000
07/01/29
444,671
738,000
Brunswick,
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Brunswick
Crossing
Special
Taxing
District,
Refunding
Series
2019
5
.000
07/01/36
746,472
3,000,000
(b)
Frederick
County,
Maryland,
Educational
Facilities
Revenue
Bonds,
Mount
Saint
Mary's
University
Inc.,
Series
2017A
5
.000
09/01/37
3,005,288
1,750,000
(b)
Frederick
County,
Maryland,
Educational
Facilities
Revenue
Bonds,
Mount
Saint
Mary's
University
Inc.,
Series
2017A
5
.000
09/01/45
1,679,865
286,000
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Lake
Linganore
Village
Community
Development
Series
2001A
-
RAAI
Insured
5
.700
07/01/29
286,543
1,245,000
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020A
4
.000
07/01/35
1,228,234
370,000
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
B
Limited
Obligation
Bonds,
Oakdale-Lake
Linganore
Project,
Series
2019
3
.750
07/01/39
329,189
110,000
(b)
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020B
4
.625
07/01/43
106,364
2,000,000
Gaithersburg,
Maryland,
Economic
Development
Revenue
Bonds,
Asbury
Methodist
Obligated
Group
Project,
Refunding
Series
2018A
5
.000
01/01/33
2,047,462
35
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
1,000,000
Gaithersburg,
Maryland,
Economic
Development
Revenue
Bonds,
Asbury
Methodist
Obligated
Group
Project,
Refunding
Series
2018A
5
.000
%
01/01/36
$
1,019,273
1,500,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Commons
Apartments,
Series
2014A
4
.000
06/01/34
1,469,553
1,550,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Commons
Apartments,
Series
2014A
5
.000
06/01/44
1,550,502
1,995,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
The
Verona
at
Oakland
Mills
Project,
Series
2013
4
.625
10/01/28
1,997,113
2,995,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
The
Verona
at
Oakland
Mills
Project,
Series
2013
5
.000
10/01/28
2,999,221
1,000,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Woodfield
Oxford
Square
Apartments,
Series
2017
5
.000
12/01/42
1,021,232
1,290,000
Howard
County,
Maryland,
Retirement
Community
Revenue
Bonds,
Vantage
House,
Refunding
Series
2016
5
.000
04/01/46
1,197,109
1,710,000
Howard
County,
Maryland,
Retirement
Community
Revenue
Bonds,
Vantage
House,
Refunding
Series
2017
5
.000
04/01/36
1,709,879
1,500,000
(b)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A
4
.125
02/15/34
1,448,016
1,550,000
(b)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A
4
.375
02/15/39
1,485,209
850,000
(b)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A
4
.500
02/15/47
794,027
2,125,000
Hyattsville,
Maryland,
Special
Obligation
Bonds,
University
Town
Center
Project,
Series
2016
5
.000
07/01/31
2,119,863
1,640,000
Hyattsville,
Maryland,
Special
Obligation
Bonds,
University
Town
Center
Project,
Series
2016
5
.000
07/01/34
1,590,835
1,220,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2000A
2
.800
07/01/45
880,909
1,195,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2014D
3
.900
07/01/40
1,152,290
680,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2017C
3
.550
07/01/42
604,620
700,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2020E
2
.350
07/01/45
460,978
1,445,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019C
3
.000
03/01/42
1,209,082
2,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2020D
2
.100
09/01/40
1,452,556
2,570,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021A
2
.000
09/01/43
1,661,271
2,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Taxable
Series
2019D
3
.350
07/01/49
1,689,822
1,000,000
Maryland
Community
Development
Administration,
Department
of
Housing
and
Community
Development,
Multifamily
Development
Revenue
Bonds,
Marlborough
Apartments,
Series
2014I
3
.450
12/15/31
993,812
1,000,000
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Transportation
Facilities
Project,
Refunding
Series
2017A
5
.000
06/01/31
1,042,758
1,125,000
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Transportation
Facilities
Project,
Refunding
Series
2017A
5
.000
06/01/32
1,170,803
3,360,000
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Transportation
Facilities
Project,
Refunding
Series
2017A
5
.000
06/01/35
3,478,649
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
1,600,000
Maryland
Economic
Development
Corporation,
Air
Cargo
Obligated
Group
Revenue
Bonds,
AFCO
Airport
Real
Estate
Group,
Series
2019,
(AMT)
4
.000
%
07/01/39
$
1,528,608
1,250,000
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds
Baltimore
City
Project,
Subordinate
Parking
Facilities
Revenue
Bonds,
Series
2018C
4
.000
06/01/48
1,031,178
1,080,000
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds
Baltimore
City
Project,
Subordinate
Parking
Facilities
Revenue
Bonds,
Series
2018C
4
.000
06/01/58
848,123
3,725,000
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds,
Baltimore
City
Project,
Senior
Parking
Facilities
Revenue
Bonds,
Series
2018A
5
.000
06/01/58
3,774,668
5,810,000
Maryland
Economic
Development
Corporation,
Port
Facilities
Revenue
Bonds,
CNX
Marine
Terminals
Inc.
Port
of
Baltimore
Facility,
Refunding
Series
2010
5
.750
09/01/25
5,855,379
2,000,000
(e)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A
5
.000
12/01/31
1,297,500
1,100,000
Maryland
Economic
Development
Corporation,
Senior
Student
Housing
Revenue
Bonds,
Towson
University
Project,
Refunding
Series
2017
5
.000
07/01/36
1,114,849
470,000
Maryland
Economic
Development
Corporation,
Senior
Student
Housing
Revenue
Bonds,
Towson
University
Project,
Refunding
Series
2017
5
.000
07/01/37
470,155
585,000
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Metro
Centre
Owings
Mills
Project,
Series
2017
4
.375
07/01/36
561,349
385,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Salisbury
University
Project,
Refunding
Series
2013
5
.000
06/01/27
385,176
500,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Salisbury
University
Project,
Refunding
Series
2013
5
.000
06/01/34
500,080
1,510,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Sheppard
Pratt
University
Village,
Series
2012
5
.000
07/01/33
1,510,421
495,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland
-
Baltimore
Project,
Refunding
Senior
Lien
Series
2015
5
.000
07/01/39
496,577
1,110,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
Baltimore
County
Project,
Refunding
Series
2016
-
AGM
Insured
3
.600
07/01/35
1,059,301
780,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
College
Park
Project,
Refunding
Series
2016
-
AGM
Insured
5
.000
06/01/43
788,432
990,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
4
.000
07/01/32
988,615
2,470,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
4
.250
07/01/35
2,448,880
1,740,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
5
.000
07/01/45
1,746,612
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Parking
Facilities
Revenue
Bonds,
Johns
Hopkins
Hospital,
Series
2001
-
AMBAC
Insured
5
.000
07/01/27
1,008,010
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Parking
Facilities
Revenue
Bonds,
Johns
Hopkins
Hospital,
Series
2001
-
AMBAC
Insured
5
.000
07/01/34
1,008,078
145,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Parking
Facilities
Revenue
Bonds,
Johns
Hopkins
Medical
Institutions,
Series
1996
-
AMBAC
Insured
5
.500
07/01/26
146,161
250,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds
Doctors
Community
Hospital,
Series
2017B
5
.000
07/01/34
255,080
4,820,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds
Doctors
Community
Hospital,
Series
2017B
5
.000
07/01/38
4,894,562
90,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds, Mercy
Medical
Center,
Series
2016A
5
.000
07/01/36
91,150
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
1,450,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds, Mercy
Medical
Center,
Series
2016A
5
.000
%
07/01/38
$
1,464,057
600,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds, Mercy
Medical
Center,
Series
2016A
4
.000
07/01/42
547,829
1,400,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A
5
.500
01/01/36
1,433,970
4,020,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A
5
.500
01/01/46
4,072,745
2,125,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Charlestown
Community
Issue,
Series
2016A
5
.000
01/01/36
2,167,015
4,090,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Charlestown
Community
Issue,
Series
2016A
5
.000
01/01/45
4,137,566
1,000,000
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Frederick
Health
System
Issue;
Series
2020
3
.250
07/01/39
830,035
1,100,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Goucher
College,
Series
2017A
5
.000
07/01/37
1,107,567
1,200,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Goucher
College,
Series
2017A
5
.000
07/01/44
1,175,566
265,000
(b)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Green
Street
Academy,
Series
2017A
5
.125
07/01/37
266,390
500,000
(b)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Green
Street
Academy,
Series
2017A
5
.250
07/01/47
499,304
1,340,000
(d)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Helix
Health,
Series
1997
-
AMBAC
Insured,
(ETM)
5
.000
07/01/27
1,373,082
2,500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
Health
System
Issue,
Series
2015A
4
.000
05/15/40
2,470,667
500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
University,
Series
2013B
5
.000
07/01/38
500,177
4,375,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
University,
Series
2013B
4
.250
07/01/41
4,374,913
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2017
5
.000
07/01/33
1,036,138
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2017
5
.000
07/01/44
1,014,667
1,500,000
(d)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015,
(Pre-
refunded
7/01/25)
4
.000
07/01/35
1,507,528
1,125,000
(d)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015,
(Pre-
refunded
7/01/25)
5
.000
07/01/40
1,137,998
2,975,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015
4
.125
07/01/47
2,887,329
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2014
4
.000
10/01/45
918,556
1,250,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2014
5
.000
10/01/45
1,250,028
175,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2016
5
.000
06/01/36
176,713
525,000
(d)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2017,
(Pre-refunded
6/01/26)
5
.000
06/01/35
540,218
1,000,000
(d)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2017,
(Pre-refunded
6/01/26)
5
.000
06/01/42
1,028,987
2,500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2015
5
.000
08/15/38
2,508,020
4,260,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017MD
5
.000
12/01/46
4,338,862
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2015
5
.000
07/01/35
1,010,167
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
5,500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2017B
5
.000
%
07/01/39
$
5,664,876
1,000,000
(d)
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2016,
(Pre-refunded
5/01/26)
5
.000
05/01/35
1,031,521
6,250,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A
5
.000
05/01/42
6,466,443
7,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020
4
.000
07/01/50
6,722,120
1,500,000
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2014A
3
.875
07/01/39
1,425,553
6,000,000
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015
4
.000
12/01/44
5,767,259
320,000
(b)
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016
5
.000
07/01/46
320,303
1,050,000
Prince
George's
County,
Maryland,
Revenue
Bonds,
Collington
Episcopal
Life
Care
Community
Inc.,
Series
2017
5
.250
04/01/37
1,052,309
1,300,000
(b)
Prince
George's
County,
Maryland,
Special
Obligation
Bonds,
Westphalia
Town
Center
Project,
Series
2018
5
.125
07/01/39
1,307,232
2,200,000
(b)
Prince
George's
County,
Maryland,
Special
Obligation
Bonds,
Westphalia
Town
Center
Project,
Series
2018
5
.250
07/01/48
2,215,038
1,854,000
Prince
George's
County,
Maryland,
Special
Tax
District
Bonds,
Victoria
Falls
Project,
Series
2005
5
.250
07/01/35
1,856,922
795,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Refunding
Series
2017A-2
5
.000
11/01/31
805,150
1,070,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/28
1,084,558
1,000,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/37
1,007,192
500,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
5
.000
11/01/42
494,156
1,000,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
5
.000
11/01/47
955,277
1,000,000
(d)
Washington
County
County
Commissioners,
Maryland,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019B,
(ETM)
5
.000
01/01/29
1,080,877
500,000
(d)
Washington
County
County
Commissioners,
Maryland,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019B,
(Pre-refunded
1/01/29)
5
.000
01/01/32
540,438
TOTAL
MARYLAND
202,969,347
MASSACHUSETTS
-
0.8%
(0.5%
of
Total
Investments)
5,000,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2021A-1
4
.000
07/01/51
4,798,979
539,969
(b),(e)
Massachusetts
Development
Finance
Agency,
Health
Care
Facility
Revenue
Bonds,
Adventcare
Project,
Series
2007A
0
.000
10/15/37
54
677,039
(e)
Massachusetts
Development
Finance
Agency,
Health
Care
Facility
Revenue
Bonds,
Adventcare
Project,
Series
2010
0
.000
10/15/37
68
825,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
826,415
3,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
4
.500
01/01/45
3,058,317
5,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G
5
.000
07/01/44
5,000,943
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I
4
.000
07/01/41
1,357,054
1,145,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
5
.000
09/01/40
1,148,318
1,280,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
5
.000
09/01/45
1,281,092
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
2,000,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2013B
4
.500
%
06/01/56
$
1,944,505
1,600,000
(a)
Massachusetts
Housing
Finance
Agency,
Multifamily
Housing
Bonds,
Green
Sustainability
Series
2024A1,
(UB)
4
.900
12/01/59
1,619,097
4,485,000
(a)
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024-234,
(UB)
4
.700
12/01/49
4,548,359
TOTAL
MASSACHUSETTS
25,583,201
MICHIGAN
-
3.5%
(2.1%
of
Total
Investments)
960,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
-
AGM
Insured
4
.000
03/01/44
939,105
40,000
(d)
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A,
(Pre-refunded
3/01/28)
4
.000
03/01/44
41,516
4,180,000
Hudsonville
Public
Schools,
Ottawa
and
Allegan
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Refunding
Series
2023
5
.000
05/01/53
4,380,413
2,000,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/48
2,085,598
10,000,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
4
.000
11/01/55
9,249,341
10,125,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
4
.000
11/01/55
9,413,208
5,000,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
McLaren
Health
Care,
Series
2019A
4
.000
02/15/47
4,619,326
3,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Fixed
Rate
Series
2022A-MI
4
.000
12/01/47
2,822,346
4,500,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019A-MI
4
.000
12/01/49
4,189,719
4,435,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2
5
.000
06/01/40
4,660,015
5,000,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6
4
.000
11/15/47
4,643,084
2,500,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2024A
4
.700
10/01/54
2,556,971
2,450,000
(a)
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024A,
(UB)
4
.650
12/01/49
2,475,969
10,000,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/34
10,130,849
1,000,000
Michigan
State
University,
General
Revenue
Bonds,
Refunding
Series
2019C
4
.000
02/15/44
982,334
8,000,000
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program
Series
2020B
4
.000
11/15/45
7,891,517
6,000,000
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2023
5
.500
11/15/49
6,735,647
7,500,000
(a)
Monroe
Public
Schools,
Monroe
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020I,
(UB)
5
.000
05/01/50
7,796,786
5,000,000
Troy
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
5
.000
05/01/47
5,346,377
11,225,000
Walled
Lake
Consolidated
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020
5
.000
05/01/50
11,691,575
1,200,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D
5
.000
12/01/45
1,209,058
TOTAL
MICHIGAN
103,860,754
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
40
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
-
2.9%
(1.7%
of
Total
Investments)
$
310,000
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A
4
.000
%
08/01/36
$
294,055
750,000
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A
5
.000
07/01/47
677,423
500,000
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2016A
4
.000
07/01/37
483,071
6,905,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/48
6,993,822
11,925,000
(a)
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A,
(UB)
5
.000
02/15/53
12,071,522
1,925,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.250
02/15/53
1,963,183
1,125,000
GFW
Independent
School
District
No.
2365,
Sibley,
Renville,
McLeod
and
Nicollet
Counties,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2023A
4
.125
02/01/52
1,108,577
725,000
Hawley
Independent
School
District
150,
Clay
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2023A
4
.000
02/01/43
729,247
500,000
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Paladin
Career
&
Technical
High
School
Project,
Series
2021A
4
.000
06/01/41
407,709
2,010,000
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A
4
.000
02/01/42
2,011,931
1,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B,
(AMT)
5
.000
01/01/31
1,053,054
1,300,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B,
(AMT)
5
.000
01/01/38
1,346,232
3,420,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B,
(AMT)
5
.000
01/01/44
3,494,583
4,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B,
(AMT)
5
.000
01/01/49
4,069,843
2,295,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C
5
.000
01/01/41
2,355,675
470,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2016D,
(AMT)
5
.000
01/01/32
481,055
450,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2016D,
(AMT)
5
.000
01/01/35
459,117
580,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2016D,
(AMT)
5
.000
01/01/37
590,590
750,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2016D,
(AMT)
5
.000
01/01/41
759,526
2,745,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022B,
(AMT)
5
.250
01/01/47
2,888,750
1,300,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017
3
.750
03/01/38
1,271,794
1,460,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017
4
.000
03/01/41
1,457,395
2,150,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunding
Series
2017
4
.000
03/01/48
2,061,492
270,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021A
3
.000
08/01/36
243,200
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
190,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B
3
.000
%
08/01/36
$
171,140
2,910,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022A
5
.000
08/01/41
3,148,799
5,000,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022
5
.000
11/15/57
5,334,157
2,380,000
Round
Lake-Brewster
Independent
School
District
2907,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2023A
4
.000
02/01/44
2,343,858
2,000,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019
5
.000
05/01/48
2,062,435
1,520,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Refunding
Series
2015A
5
.000
12/01/50
1,496,980
1,395,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Series
2019
5
.000
12/01/39
1,407,640
2,625,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A
5
.000
09/01/40
2,653,926
1,250,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A
5
.000
09/01/43
1,259,345
780,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A
5
.000
09/01/55
766,698
2,205,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
5
.500
09/01/36
2,247,909
2,500,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
5
.750
09/01/46
2,535,761
2,500,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
6
.000
09/01/51
2,541,324
500,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A
5
.000
07/01/44
479,421
1,745,000
Saint
Paul
Housing
and
Redevelopment
Authority
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Episcopal
Homes
Project,
Series
2013
5
.000
05/01/33
1,701,398
1,000,000
Saint
Paul
Housing
and
Redevelopment
Authority
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Episcopal
Homes
Project,
Series
2013
5
.125
05/01/48
876,849
2,245,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
5
.000
11/15/47
2,264,492
1,000,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2015A
5
.000
12/01/43
792,866
750,000
(d)
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
(Pre-
refunded
11/15/25)
5
.000
11/15/29
763,267
2,000,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/54
2,009,823
TOTAL
MINNESOTA
86,130,934
MISSISSIPPI
-
0.8%
(0.5%
of
Total
Investments)
1,500,000
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A
5
.000
09/01/36
1,515,786
6,000,000
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A
5
.000
09/01/41
6,033,370
15,500,000
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A
5
.000
09/01/46
15,525,516
TOTAL
MISSISSIPPI
23,074,672
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
-
4.9%
(2.9%
of
Total
Investments)
$
1,000,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
5
.000
%
08/01/28
$
940,804
2,010,000
Bridgeton
Industrial
Development
Authority,
Missouri,
Senior
Housing
Revenue
Bonds,
The
Sarah
Community
Project,
Refunding
Series
2016
3
.625
05/01/30
2,001,465
1,945,000
Jefferson
County
School
District
R-1
Northwest,
Missouri,
General
Obligation
Bonds,
Direct
Deposit
Program
Series
2023
4
.000
03/01/42
1,939,766
5,640,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019A,
(AMT)
5
.000
03/01/44
5,768,385
2,965,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
(AMT)
5
.000
03/01/39
3,040,656
13,250,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
(AMT)
5
.000
03/01/46
13,532,945
11,950,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
(AMT)
5
.000
03/01/54
12,117,011
400,000
(b)
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016
5
.000
04/01/46
366,953
7,000,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/27
6,452,374
5,000,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/28
4,454,126
5,000,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/29
4,293,217
6,185,000
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2023A
4
.000
01/01/48
6,044,580
1,000,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Series
1998C
2
.750
09/01/33
887,606
1,000,000
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2016
5
.000
11/15/34
1,021,736
11,010,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2021A
4
.000
07/01/46
10,765,510
1,045,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/44
1,045,312
11,090,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/48
11,091,277
3,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/42
3,069,122
6,265,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/47
6,356,253
10,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020
4
.000
06/01/53
9,389,110
1,800,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/44
1,752,535
7,815,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/49
7,410,220
2,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2018A
4
.000
06/01/48
1,846,568
3,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2018A
5
.000
06/01/48
3,555,517
7,925,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A
5
.000
02/01/46
7,965,390
4,370,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016B
5
.000
02/01/46
4,392,272
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
725,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2017A
4
.000
%
10/01/36
$
730,395
3,510,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2017A
5
.000
10/01/47
3,577,302
6,440,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Home
Ownership
Loan
Program
Series
2024C
4
.650
11/01/49
6,508,200
1,185,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2024A
4
.700
11/01/54
1,189,234
1,330,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018
5
.000
12/01/37
1,372,566
1,140,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018
5
.000
12/01/38
1,173,660
375,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A
5
.875
09/01/43
375,384
1,000,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A
5
.125
09/01/48
1,005,280
TOTAL
MISSOURI
147,432,731
MONTANA
-
0.4%
(0.3%
of
Total
Investments)
2,090,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
07/01/43
2,107,024
3,315,000
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Reveue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2018
5
.000
06/01/48
3,384,072
6,830,000
Montana
State
Board
of
Regents
of
Higher
Education,
General
Revenue
Bonds,
Series
2022
-
AGM
Insured
5
.250
11/15/52
7,367,416
TOTAL
MONTANA
12,858,512
NEBRASKA
-
0.1%
(0.1%
of
Total
Investments)
1,625,000
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Refunding
Series
2020A
4
.000
11/15/40
1,604,735
1,635,000
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
4
.125
11/01/36
1,626,493
1,000,000
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
5
.000
11/01/45
1,006,526
TOTAL
NEBRASKA
4,237,754
NEVADA
-
1.1%
(0.6%
of
Total
Investments)
8,835,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B
5
.000
07/01/43
9,120,878
7,500,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B
4
.000
07/01/49
7,029,487
9,000,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015
5
.000
06/01/32
9,010,698
5,000,000
(d)
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015,
(Pre-refunded
12/01/24)
5
.000
06/01/39
5,005,944
2,400,000
Nevada
System
of
Higher
Education,
Community
College
Revenue
Bonds,
Series
2017
4
.000
07/01/41
2,392,511
TOTAL
NEVADA
32,559,518
NEW
HAMPSHIRE
-
0.6%
(0.3%
of
Total
Investments)
3,000,000
(b)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018B
4
.625
11/01/42
2,864,068
1,500,000
(b)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2020A,
(Mandatory
Put
7/02/40)
3
.625
07/01/43
1,257,409
3,500,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Catholic
Medical
Center,
Series
2012
4
.000
07/01/32
3,415,650
4,000,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2018A
5
.000
08/01/35
4,141,652
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
HAMPSHIRE
(continued)
$
5,000,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2020A
-
AGM
Insured
5
.000
%
08/01/59
$
5,517,806
TOTAL
NEW
HAMPSHIRE
17,196,585
NEW
JERSEY
-
5.3%
(3.2%
of
Total
Investments)
5,000,000
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Series
2020A
5
.000
11/01/40
5,239,886
1,965,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.000
01/01/31
1,967,223
1,865,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.125
01/01/39
1,866,719
1,585,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.125
07/01/42
1,586,234
6,030,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B
5
.000
11/01/25
6,125,055
2,000,000
(d)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
(Pre-refunded
12/15/26)
5
.500
06/15/31
2,112,589
6,770,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1
-
NPFG
Insured
5
.500
09/01/27
7,215,809
2,410,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ
4
.000
06/15/50
2,326,006
5,275,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
4
.000
07/01/51
5,114,191
2,020,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/28
2,074,417
3,340,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/29
3,424,108
8,155,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA
4
.250
06/15/44
8,181,038
4,890,000
(a)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
(UB)
5
.250
06/15/50
5,320,488
1,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/26
933,739
21,120,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.010
12/15/28
18,392,895
10,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.010
12/15/32
7,502,886
20,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/33
14,386,672
25,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/35
16,358,785
30,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/36
18,747,888
2,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A
0
.000
12/15/32
1,488,654
1,690,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
5
.250
06/15/33
1,706,981
2,840,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
5
.000
06/15/45
2,850,836
2,800,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2018A
5
.000
12/15/36
2,936,734
2,460,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B
4
.000
01/01/34
2,507,330
5,250,000
(a)
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
(UB)
5
.250
01/01/52
5,747,254
7,810,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A
5
.000
11/01/45
8,085,568
3,215,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/36
3,342,279
45
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
1,405,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
%
06/01/46
$
1,431,680
1,200,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
1,203,779
TOTAL
NEW
JERSEY
160,177,723
NEW
MEXICO
-
0.4%
(0.2%
of
Total
Investments)
3,370,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2017A
5
.000
08/01/46
3,436,452
7,000,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A
4
.000
08/01/48
6,605,377
2,195,000
Santa
Fe
County,
New
Mexico,
Correctional
System
Gross
Receipts
Tax
Revenue
Bonds,
Series
1997
-
AGM
Insured
6
.000
02/01/27
2,272,360
TOTAL
NEW
MEXICO
12,314,189
NEW
YORK
-
12.1%
(7.3%
of
Total
Investments)
6,600,000
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009
0
.000
07/15/44
2,683,251
490,000
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Catholic
Health
System,
Inc.
Project,
Series
2015
5
.250
07/01/35
490,217
4,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A,
(UB)
4
.250
05/01/52
3,912,772
1,680,000
(d)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
North
Shore
Long
Island
Jewish
Obligated
Group,
Series
2015A,
(Pre-refunded
5/01/25)
4
.125
05/01/42
1,685,675
3,195,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
North
Shore
Long
Island
Jewish
Obligated
Group,
Series
2015A
5
.000
05/01/43
3,219,535
600,000
(b)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/34
584,801
2,295,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.250
10/01/49
2,439,187
3,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
5
.000
03/15/46
3,193,487
20,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D
4
.000
02/15/47
19,701,398
3,760,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A
5
.000
03/15/44
3,849,635
5,000,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005
5
.250
10/01/35
5,744,127
5,000,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018
5
.000
09/01/37
5,284,015
4,000,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024A
5
.250
11/15/54
4,396,517
10,000,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Refunding
Series
2012A
0
.000
11/15/32
7,450,862
9,220,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Refunding
Series
2024A
-
BAM
Insured
4
.000
11/15/48
8,822,074
2,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D
4
.000
11/15/42
1,914,255
8,715,000
(a)
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2024A,
(UB)
4
.000
04/01/54
8,416,728
500,000
(e)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2
.300
10/01/37
331,250
1,000,000
(e)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2
.350
10/01/46
662,500
5,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
EE
4
.000
06/15/42
4,990,732
6,140,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-1
5
.250
06/15/54
6,707,459
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
46
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
2,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
A-1
5
.000
%
05/01/40
$
2,033,396
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Series
A-1
5
.000
08/01/40
5,236,636
20,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Subseries
C-1
4
.000
11/01/42
19,768,706
9,530,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
B-1
4
.000
08/01/45
9,373,022
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1
5
.000
02/01/47
5,298,504
6,250,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025C-1
4
.000
05/01/51
6,081,207
3,530,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025D
4
.250
05/01/54
3,477,778
2,060,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
B-1
5
.000
12/01/41
2,111,306
2,000,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
F-1
5
.000
03/01/43
2,131,069
3,000,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1
5
.000
08/01/47
3,174,047
2,000,000
New
York
Convention
Center
Development
Corporation,
New
York,
Revenue
Bonds,
Hotel
Unit
Fee
Secured,
Refunding
Series
2015
5
.000
11/15/45
2,013,059
55,000
New
York
Counties
Tobacco
Trust
I,
Tobacco
Settlement
Pass-
Through
Bonds,
Series
2000B
6
.500
06/01/35
55,039
840,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1
5
.625
06/01/35
858,909
27,820,000
(b)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
27,819,705
7,210,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Series
2021A-1
4
.000
03/15/55
6,881,773
5,000,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Green
Series
2023A
5
.000
03/15/63
5,290,208
13,370,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
5
.000
03/15/47
14,056,266
4,120,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
5
.000
03/15/50
4,314,781
2,000,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A
5
.000
03/15/46
2,138,122
19,000,000
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Empire
Series
2021A
4
.000
03/15/47
18,483,766
14,390,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/46
14,311,497
28,800,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.250
01/01/50
28,798,937
6,115,000
(g)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5
.250
12/31/54
6,450,158
75,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/26
75,133
5,940,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/31
5,947,763
3,105,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.250
08/01/31
3,297,460
47
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
10,060,000
(a)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024
-
AGM
Insured,
(AMT),
(UB)
5
.000
%
06/30/54
$
10,330,769
8,305,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024
-
AGM
Insured,
(AMT)
5
.250
06/30/60
8,693,501
6,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024,
(AMT)
5
.500
06/30/60
6,329,834
2,790,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023
-
AGM
Insured,
(AMT)
5
.000
06/30/49
2,869,596
3,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/39
3,132,403
3,050,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/33
3,113,419
1,100,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
(AMT)
6
.000
04/01/35
1,228,904
10,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Taxable
Two
Hundred
Forty
First
Series
2023
5
.000
07/15/53
10,698,074
5,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Seventeen
Series
2019
5
.000
11/01/44
5,267,280
2,835,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/29
2,212,710
2,700,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/34
2,064,153
6,110,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2024A-1
5
.250
05/15/64
6,650,634
1,250,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/45
1,116,461
2,850,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/48
2,517,848
820,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023
-
AGM
Insured
5
.750
11/01/48
916,259
TOTAL
NEW
YORK
363,100,569
NORTH
CAROLINA
-
1.4%
(0.8%
of
Total
Investments)
2,500,000
Greater
Asheville
Regional
Airport
Authority,
North
Carolina,
Airport
System
Revenue
Bonds
Series
2022A
-
AGM
Insured,
(AMT)
5
.500
07/01/47
2,687,361
7,555,000
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015,
(AMT)
5
.000
06/30/54
7,555,041
4,160,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Series
54-A
4
.700
07/01/50
4,180,663
11,145,000
North
Carolina
Medial
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Rex
Healthcare,
Series
2020A
4
.000
07/01/49
10,771,045
1,570,000
North
Carolina
Medical
Care
Commission, Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
5
.000
10/01/31
1,585,350
1,655,000
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Deerfield
Episcopal
Retirement
Community,
Refunding
First
Mortgage
Series
2016
5
.000
11/01/37
1,674,306
500,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A
5
.000
01/01/32
508,388
11,480,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019
5
.000
01/01/49
11,821,998
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
48
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
CAROLINA
(continued)
$
1,100,000
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2019A
4
.000
%
06/01/44
$
1,085,911
TOTAL
NORTH
CAROLINA
41,870,063
NORTH
DAKOTA
-
0.3%
(0.2%
of
Total
Investments)
5,000,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
4
.000
12/01/47
4,388,558
520,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2023A
-
AGM
Insured
5
.000
12/01/53
536,449
700,000
Grand
Forks,
North
Dakota,
Senior
Housing
&
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
and
Services
Obligated
Group,
Series
2017
5
.000
12/01/36
685,068
1,350,000
(a)
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
(UB)
4
.750
01/01/52
1,359,331
3,000,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/48
2,958,131
TOTAL
NORTH
DAKOTA
9,927,537
OHIO
-
3.9%
(2.4%
of
Total
Investments)
6,250,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Summa
Health
System,
Refunding
&
Improvement
Series
2016
5
.250
11/15/46
6,313,401
6,000,000
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A
4
.000
08/01/36
6,024,866
22,740,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2
0
.010
06/01/57
2,112,794
790,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
4
.000
06/01/48
708,949
5,500,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
4,974,148
3,960,000
Butler
County,
Ohio, Hospital
Facilities
Revenue
Bonds,
UC
Health,
Refunding
Series
2017
4
.000
11/15/34
3,769,003
3,000,000
Butler
County,
Ohio, Hospital
Facilities
Revenue
Bonds,
UC
Health,
Refunding
Series
2017
4
.000
11/15/35
2,831,588
2,000,000
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017
5
.000
12/01/47
2,014,499
2,000,000
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Bridge
Park
D
Block
Project,
Series
2019A-1
5
.000
12/01/51
1,998,501
1,000,000
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A
5
.250
11/15/48
1,008,215
4,795,000
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013
5
.000
06/15/43
4,269,113
5,000,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A
5
.000
08/15/42
5,099,986
3,780,000
(b)
Jefferson
County
Port
Authority,
Ohio,
Economic
Development
Revenue
Bonds,
JSW
Steel
USA
Ohio,
Inc.
Project,
Series
2023,
(AMT),
(Mandatory
Put
12/01/28)
5
.000
12/01/53
3,855,022
8,360,000
(d)
Lake
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Lake
Hospital
System,
Inc.,
Refunding
Series
2015,
(Pre-refunded
8/15/25)
5
.000
08/15/45
8,459,931
2,000,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013
5
.000
02/15/33
1,999,983
5,500,000
(b)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
(AMT)
5
.000
07/01/49
5,445,765
4,200,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
(Mandatory
Put
9/15/21)
3
.375
08/01/29
4,119,947
49
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
1,000,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2009A,
(Mandatory
Put
6/01/22)
4
.750
%
06/01/33
$
1,047,774
1,500,000
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2020
Project,
Series
2020
4
.000
10/01/50
1,307,909
2,000,000
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2022
Project,
Series
2022
4
.000
10/01/52
1,724,596
4,350,000
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
University
of
Dayton,
Series
2015A
5
.000
12/01/44
4,374,168
3,710,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3
5
.800
02/15/36
4,244,517
3,375,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission,
Infrastructure
Projects,
Junior
Lien
Series
2018A
4
.000
02/15/38
3,397,435
16,325,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission,
Infrastructure
Projects,
Junior
Lien
Series
2018A
5
.000
02/15/43
16,917,779
5,450,000
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A
4
.750
06/01/33
5,710,367
4,250,000
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023
5
.250
12/01/59
4,568,527
3,770,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Duke
Energy
Convention
Center
Project,
TOT
First
Subordinate
Development
Revenue
Bonds,
Refunding
Series
2024B
-
AGM
Insured
4
.250
12/01/48
3,751,005
6,000,000
West
Holmes
Local
School
District,
Ohio,
Certificates
of
Participation,
Series
2023
-
BAM
Insured
5
.250
12/01/53
6,382,355
TOTAL
OHIO
118,432,143
OKLAHOMA
-
0.4%
(0.2%
of
Total
Investments)
1,700,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
1,735,416
1,800,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022
5
.500
08/15/41
1,855,428
6,815,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2017C
5
.000
01/01/47
6,992,115
1,000,000
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017
5
.250
11/15/37
1,018,218
TOTAL
OKLAHOMA
11,601,177
OREGON
-
2.6%
(1.6%
of
Total
Investments)
1,500,000
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Columbia
Memorial
Hospital
Project,
Series
2024
5
.250
08/01/54
1,573,985
2,435,000
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Convertible
Deferred
Interest
Series
2017D
5
.000
06/15/36
2,536,634
725,000
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A
5
.250
11/15/50
726,191
4,875,000
Deschutes
County
Hospital
Facility
Authority,
Oregon,
Hospital
Revenue
Bonds,
Saint
Charles
Health
System,
Inc.,
Series
2016A
5
.000
01/01/48
4,896,877
3,180,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A
5
.000
06/01/46
3,207,384
2,410,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2022A
5
.000
06/01/52
2,516,833
1,500,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Refunding
Series
2016B
5
.000
07/01/39
1,531,310
4,250,000
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Green
Series
2023-29,
(AMT)
5
.500
07/01/53
4,593,104
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
50
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON
(continued)
$
10,645,000
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2017-24B,
(AMT)
5
.000
%
07/01/47
$
10,744,441
15,440,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
5
.000
05/15/46
15,597,628
30,870,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Series
2019A
4
.000
05/15/49
29,022,798
2,000,000
University
of
Oregon,
General
Revenue
Bonds,
Series
2018A
5
.000
04/01/48
2,059,418
TOTAL
OREGON
79,006,603
PENNSYLVANIA
-
6.8%
(4.1%
of
Total
Investments)
13,000,000
(a)
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
(AMT),
(UB)
5
.000
01/01/56
13,283,596
1,000,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
4
.000
06/01/45
989,811
1,765,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
4
.000
06/01/50
1,714,613
3,800,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
(Mandatory
Put
7/01/33)
4
.750
01/01/35
3,961,168
345,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
5
.000
06/01/34
362,872
3,500,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/37
3,644,494
8,385,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/42
8,645,397
16,515,000
(a)
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
(UB)
5
.000
11/01/51
17,020,234
5,400,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B
0
.000
12/01/33
3,691,443
11,000,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B
0
.000
12/01/38
5,799,556
2,400,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
5
.000
09/01/35
2,497,898
5,410,000
(a)
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A,
(UB)
5
.000
09/01/48
5,493,451
13,150,000
(a)
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B,
(UB)
5
.000
05/01/57
13,490,009
3,430,000
(d)
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
(Pre-refunded
1/15/25)
5
.250
01/15/45
3,440,772
235,000
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
(AMT)
5
.500
11/01/44
235,918
1,000,000
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
PPL
Energy
Supply,
LLC
Project,
Refunding
Series
2009C,
(Mandatory
Put
6/01/27)
5
.250
12/01/37
1,012,695
7,730,000
(a)
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University
Project,
Series
2024,
(UB)
4
.000
08/01/54
7,511,268
2,000,000
(b)
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Covanta
Project,
Green
Series
2019A,
(AMT)
3
.250
08/01/39
1,635,935
4,000,000
(g)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-2
5
.000
11/01/54
4,155,546
9,575,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019
4
.000
08/15/44
9,320,093
12,000,000
(a)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
(UB)
4
.600
10/01/49
12,079,807
51
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
16,750,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E
6
.375
%
12/01/38
$
18,131,450
4,210,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
5
.000
12/01/45
4,249,685
7,235,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2021B
5
.000
12/01/51
7,652,490
3,635,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B
5
.250
12/01/52
3,943,134
2,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Lien
Series
2014A-1
5
.000
12/01/38
2,002,377
14,500,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C
-
AGM
Insured
6
.250
06/01/33
15,164,624
6,890,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2015B-1
5
.000
12/01/45
6,959,861
7,500,000
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A
-
BAM
Insured
4
.000
09/01/46
7,330,007
7,400,000
(a)
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017B,
(AMT),
(UB)
5
.000
07/01/47
7,484,248
10,000,000
Westmoreland
County
Municipal
Authority,
Pennsylvania,
Municipal
Service
Revenue
Bonds,
Series
2016
-
BAM
Insured
5
.000
08/15/38
10,093,086
TOTAL
PENNSYLVANIA
202,997,538
PUERTO
RICO
-
2.5%
(1.5%
of
Total
Investments)
2,380,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-
Backed
Bonds,
Refunding
Series
2002
5
.500
05/15/39
2,393,426
90,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/27
81,138
88,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/29
73,413
114,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/31
87,192
128,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
89,494
1,093,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
1,095,997
21,208,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
5,146,208
16,965,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
16,848,652
41,350,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
41,445,097
3,291,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
3,264,112
3,875,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
3,839,013
20,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
19,200
2,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
1,985,096
TOTAL
PUERTO
RICO
76,368,038
RHODE
ISLAND
-
0.3%
(0.2%
of
Total
Investments)
3,320,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group,
Refunding
Series
2016
5
.000
05/15/39
3,350,933
30,175,000
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
0
.000
06/01/52
4,886,823
TOTAL
RHODE
ISLAND
8,237,756
SOUTH
CAROLINA
-
5.3%
(3.2%
of
Total
Investments)
1,500,000
Lancaster
County,
South
Carolina,
Assessment
Revenue
Bonds,
Walnut
Creek
Improvement
District,
Series
2016A-1
5
.000
12/01/37
1,499,922
7,500,000
Lexington
County
Health
Services
District,
Inc.,
South
Carolina,
Hospital
Revenue
Bonds,
Lexington
Medical
Center,
Series
2016
5
.000
11/01/41
7,587,827
21,565,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AMBAC
Insured
0
.000
01/01/30
17,566,690
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
52
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
(continued)
$
1,250,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AGC
Insured
0
.000
%
01/01/31
$
976,238
6,000,000
Rock
Hill,
South
Carolina,
Combined
Utility
System
Revenue
Bonds,
Series
2016
5
.000
01/01/41
6,054,690
1,640,000
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Furman
University,
Refunding
Series
2015
5
.000
10/01/45
1,653,770
20,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
4
.500
11/01/54
19,938,796
2,100,000
South
Carolina
Jobs-Economic
Development
Authority,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Group,
Series
2024A
5
.500
11/01/54
2,312,287
500,000
South
Carolina
Jobs-Economic
Development
Authority,
Healthcare
Revenue
Bonds,
Beaufort
Memorial
Hospital
&
South
of
Broad
Healthcare
Project,
Series
2024
5
.750
11/15/54
530,576
10,060,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc,
Series
2020A
5
.000
12/01/46
10,469,049
1,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
5
.000
11/01/43
1,025,649
2,500,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
4
.000
11/01/48
2,380,426
13,220,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
5
.000
11/01/48
13,430,940
9,135,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A
5
.000
12/01/50
9,159,852
9,750,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/46
9,884,044
9,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/56
9,081,311
2,500,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A
4
.000
12/01/52
2,270,951
11,922,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022B
4
.000
12/01/43
11,604,462
860,000
(d)
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2015,
(Pre-refunded
7/01/25),
(AMT)
5
.250
07/01/55
870,201
4,140,000
(d)
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2015,
(Pre-refunded
7/01/25),
(AMT)
5
.250
07/01/55
4,189,109
2,100,000
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2018,
(AMT)
5
.000
07/01/48
2,127,766
2,750,000
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2018,
(AMT)
5
.000
07/01/55
2,775,597
10,000,000
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2019B,
(AMT)
5
.000
07/01/44
10,243,464
10,365,000
(a)
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2019B,
(AMT),
(UB)
5
.000
07/01/54
10,485,213
TOTAL
SOUTH
CAROLINA
158,118,830
SOUTH
DAKOTA
-
0.6%
(0.4%
of
Total
Investments)
3,750,000
Clay
County,
South
Dakota,
General
Obligation
Bonds,
Series
2023
5
.000
12/01/44
3,960,286
5,915,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Regional
Health,
Refunding
Series
2017
5
.000
09/01/40
6,068,051
3,500,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2014B
5
.000
11/01/44
3,502,351
5,165,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015
5
.000
11/01/45
5,207,262
TOTAL
SOUTH
DAKOTA
18,737,950
53
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
-
2.0%
(1.2%
of
Total
Investments)
$
6,400,000
Cleveland
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Hamilton
Health
Care
System,
Inc.
Project,
Series
2024A
5
.250
%
08/15/54
$
6,905,193
9,000,000
Greeneville
Health
and
Educational
Facilities
Board,
Tennessee,
Hospital
Revenue
Bonds,
Ballad
Health,
Series
2018A
5
.000
07/01/36
9,334,184
17,000,000
Knox
County
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Hospital
Revenue
Bonds,
Covenant
Health,
Refunding
Series
2016A
5
.000
01/01/42
17,317,684
1,350,000
Knox
County
Health,
Educational,
and
Housing
Facilities
Board,
Revenue
Bonds,
Provident
Group
-
UTK
Properties
LLC
-
University
of
Tennessee
Project,
Student
Housing
Series
2024A-1
-
BAM
Insured
5
.500
07/01/54
1,457,107
6,000,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.250
07/01/48
6,516,694
3,000,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Series
2023
5
.250
05/01/48
3,241,969
4,500,000
(a)
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B,
(AMT),
(UB)
5
.250
07/01/47
4,770,579
2,000,000
(a)
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B,
(AMT),
(UB)
5
.500
07/01/52
2,148,277
3,505,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
(AMT)
5
.000
07/01/49
3,593,582
2,005,000
(a)
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2024-1A,
(UB)
4
.700
07/01/49
2,025,387
4,000,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006A
5
.250
09/01/26
4,087,620
TOTAL
TENNESSEE
61,398,276
TEXAS
-
13.5%
(8.1%
of
Total
Investments)
1,975,000
Allen
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2016
5
.000
02/15/39
2,003,959
16,615,000
Austin,
Texas,
Airport
System
Revenue
Bonds,
Series
2019B,
(AMT)
5
.000
11/15/44
17,049,123
17,300,000
(a)
Austin,
Texas,
Airport
System
Revenue
Bonds,
Series
2019B,
(AMT),
(UB)
5
.000
11/15/48
17,668,494
3,000,000
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/38
3,033,702
13,705,000
(a)
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A,
(UB)
5
.000
11/15/45
13,819,997
1,450,000
Austin,
Texas,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2016
5
.000
11/15/41
1,481,841
800,000
(b),(g)
Bastrop
County,
Texas,
Special
Assessment
Revenue
Bonds,
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
2
Project
Series
2024
5
.500
09/01/54
795,281
4,390,000
Bastrop
Independent
School
District,
Bastrop
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/15/53
4,678,713
2,000,000
Brownsville,
Texas,
Utility
System
Revenue
Bonds,
Refunding
Series
2015
5
.000
09/01/31
2,024,440
740,000
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
1
Project,
Refunding
Series
2024
-
BAM
Insured
5
.000
09/01/45
763,364
2,945,000
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2010
0
.000
01/01/36
1,845,022
2,205,000
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2010
0
.000
01/01/37
1,305,014
2,160,000
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2010
0
.000
01/01/38
1,214,287
1,000,000
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2010
0
.000
01/01/40
499,945
2,600,000
(d)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
01/01/35
2,629,179
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
54
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
3,035,000
(d)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
%
01/01/45
$
3,069,060
1,000,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
4
.350
12/01/42
955,150
1,000,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
4
.400
12/01/47
926,169
2,000,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2021B
5
.000
12/01/47
2,107,846
1,680,000
(d)
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2016A,
(Pre-refunded
12/01/25)
5
.000
12/01/48
1,714,925
5,000,000
Dallas,
Texas,
Waterworks
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
10/01/41
5,090,044
5,000,000
Deer
Park
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2022
5
.000
08/15/47
5,355,184
5,185,000
(a)
Denton
Independent
School
District,
Denton
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
(UB)
5
.000
08/15/53
5,510,394
8,120,000
Fredericksburg
Independent
School
District,
Gillespie,
Blanco,
and
Kendall
Counties,
Texas,
School
Building
Series
2022
5
.000
02/15/47
8,674,840
7,375,000
(a)
Godley
Independent
School
District,
Texas,
General
Obligation
Bonds,
School
Building
Series
2022,
(UB)
5
.000
02/15/54
7,776,957
1,000,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
-
AGM
Insured
4
.000
10/01/49
957,837
5,295,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2018A.
Tela
Supported
5
.000
10/01/48
5,457,189
4,960,000
Gulf
Coast
Industrial
Development
Authority,
Texas,
Solid
Waste
Disposal
Revenue
Bonds,
Citgo
Petroleum
Corporation
Project,
Series
1995,
(AMT)
4
.875
05/01/25
4,961,210
5,000,000
(a)
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2022A,
(UB)
5
.000
07/01/52
5,263,401
1,895,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
4
.000
12/01/45
1,814,138
4,850,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
5
.000
12/01/45
4,867,835
1,330,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Refunding
Bonds,
Young
Men's
Christian
Association
of
the
Greater
Houston
Area,
Series
2013A
5
.000
06/01/28
1,330,065
3,000,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Refunding
Bonds,
Young
Men's
Christian
Association
of
the
Greater
Houston
Area,
Series
2013A
5
.000
06/01/38
2,813,937
5,000,000
Harris
County
Flood
Control
District,
Texas,
General
Obligation
Bonds,
Refunding
Improvement,
Green
Series
2023A
4
.000
09/15/48
4,835,820
5,150,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A
5
.000
08/15/41
5,253,992
5,000,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018A
4
.000
08/15/48
4,795,452
510,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/41
232,393
1,020,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/42
441,408
1,255,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/43
515,762
3,305,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/44
1,290,629
4,460,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/45
1,647,974
55
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
6,500,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
%
11/15/47
$
2,156,486
105,000
(d)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/24
104,832
495,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/24
494,182
4,390,000
(d)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/29
3,674,418
50,000
(d)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/29
41,850
105,000
(d)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/30
84,351
625,000
(d)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/30
502,090
4,065,000
(d)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/31
3,136,469
3,505,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/31
2,619,536
210,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/32
146,857
260,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
0
.000
11/15/33
169,967
2,045,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.010
11/15/34
1,249,779
1,130,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.010
11/15/36
603,863
4,370,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.010
11/15/38
2,040,500
2,260,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.010
11/15/39
985,811
600,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2014C
5
.000
11/15/33
600,228
400,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2014C
5
.000
11/15/34
400,082
3,440,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Senior
Lien
Series
2001G
-
NPFG
Insured
0
.010
11/15/41
1,440,509
1,000,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Third
Lien
Series
2004A-3
-
NPFG
Insured
0
.010
11/15/33
590,205
5,000,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2023A
-
AGM
Insured,
(AMT)
5
.250
07/01/53
5,295,782
5,000,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Technical
Operations
Center
Project,
Series
2018,
(AMT)
5
.000
07/15/28
5,151,540
380,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2014,
(AMT)
5
.000
07/01/29
380,122
1,885,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2020A,
(AMT)
5
.000
07/01/27
1,926,647
1,000,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Refunding
Series
2020B-2,
(AMT)
5
.000
07/15/27
1,022,458
1,015,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Facilities
Department,
Refunding
Series
2014
5
.000
09/01/34
1,015,942
3,250,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/25
3,154,208
4,130,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/26
3,878,560
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
56
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
3,130,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
%
09/01/30
$
2,508,163
12,030,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.010
09/01/31
9,209,416
1,470,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/32
1,074,230
8,000,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
4
.000
08/15/37
8,010,288
2,275,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
5
.000
08/15/40
2,293,703
1,750,000
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds
Series
2015,
(AMT)
5
.000
11/01/35
1,764,356
4,660,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2020A
5
.000
05/15/50
4,818,634
9,180,000
Matagorda
County
Navigation
District
1,
Texas,
Collateralized
Revenue
Refunding
Bonds,
Houston
Light
and
Power
Company,
Series
1997
-
AMBAC
Insured,
(AMT)
5
.125
11/01/28
9,503,578
1,000,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5
.750
12/01/33
1,004,710
3,000,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
6
.125
12/01/38
3,015,932
3,470,000
Midland,
Texas,
General
Obligation
Bonds,
Refunding
Series
2022B
5
.000
03/01/47
3,701,200
2,835,000
(b)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
(AMT)
4
.625
10/01/31
2,836,698
4,735,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
College
Station
I
LLC
-
Texas
A&M
University
Project,
Series
2014A
-
AGM
Insured
5
.000
04/01/46
4,735,295
245,000
(d)
North
Central
Texas
Health
Facilities
Development
Corporation,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
System,
Series
1996A
-
NPFG
Insured,
(ETM)
5
.750
06/01/26
251,091
3,860,000
North
Harris
County
Regional
Water
Authority,
Texas,
Water
Revenue
Bonds,
Refunding
Senior
Lien
Series
2013
5
.000
12/15/33
3,863,048
4,030,000
(d)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
7
.000
09/01/43
4,894,504
8,470,000
(d)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
6
.750
09/01/45
10,331,974
7,000,000
(d)
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I,
(Pre-refunded
1/01/25)
6
.500
01/01/43
7,032,915
2,500,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D
-
AGC
Insured
0
.010
01/01/36
1,643,520
13,355,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A
5
.000
01/01/33
13,386,809
1,000,000
(d)
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A,
(Pre-refunded
1/01/25)
5
.000
01/01/35
1,002,382
2,500,000
(b)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2024A,
(AMT)
5
.125
01/01/44
2,570,725
1,425,000
Port
of
Houston
Authority,
Harris
County,
Texas,
General
Obligation
Bonds,
Series
2010E
0
.000
10/01/35
961,175
1,250,000
(b),(g)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Southridge
Public
Improvement
District
Improvement
Area
2
Project,
Series
2024
5
.500
09/01/54
1,246,243
57
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
205,000
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A
5
.125
%
02/01/39
$
201,103
2,500,000
San
Antonio,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Series
2012,
(AMT)
5
.000
07/01/27
2,502,621
7,950,000
(a)
San
Antonio,
Texas,
Water
System
Revenue
Bonds,
Junior
Lien
Series
2022B,
(UB)
5
.250
05/15/52
8,549,562
5,000,000
Splendora
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
5
.000
02/15/54
5,310,113
1,925,000
Stephen
F.
Austin
State
University,
Texas,
Revenue
Bonds,
Refunding
&
Improvement
Series
2016
5
.000
10/15/42
2,008,413
7,500,000
Tarrant
County
College
District,
Texas,
General
Obligation
Bonds,
Series
2022
5
.000
08/15/40
8,202,150
5,675,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Methodist
Hospital
of
Dallas,
Series
2022
4
.000
10/01/47
5,445,923
2,185,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Scott
&
White
Healthcare
Project,
Series
2022D
5
.500
11/15/47
2,409,829
3,195,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Christus
Health,
Series
2022A
4
.000
07/01/53
3,062,963
2,000,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A
5
.000
02/15/41
2,034,002
1,575,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D
6
.250
12/15/26
1,618,707
8,330,000
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Senior
Lien
Series
2023,
(AMT)
5
.500
12/31/58
8,943,918
15,985,000
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Segments
3C
Project,
Series
2019,
(AMT)
5
.000
06/30/58
16,209,466
1,875,000
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A
5
.000
08/01/57
1,907,966
10,000,000
(a)
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
(UB)
4
.000
10/15/42
10,013,929
2,500,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021
4
.000
10/15/51
2,399,101
2,670,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2024A
4
.250
10/15/51
2,664,301
10,000,000
(a)
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2024A,
(UB)
4
.250
10/15/51
9,978,655
2,490,000
Uptown
Development
Authority,
Houston,
Texas,
Tax
Increment
Contract
Revenue
Bonds,
Infrastructure
Improvement
Facilities,
Series
2018
5
.000
09/01/40
2,494,995
125,000
Winter
Garden
Housing
Finance
Corporation,
Texas,
GNMA/
FNMA
Mortgage-Backed
Securities
Program
Single
Family
Mortgage
Revenue
Bonds,
Series
1994,
(AMT)
6
.950
10/01/27
125,338
780,000
(d)
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
Capital
Appreciation
Series
2015,
(Pre-
refunded
8/15/25)
0
.000
08/15/50
269,501
1,000,000
(d)
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B,
(Pre-refunded
8/15/25)
0
.000
08/15/45
429,094
8,000,000
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B
0
.000
08/15/45
2,962,550
1,850,000
(d)
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B,
(Pre-refunded
8/15/25)
0
.000
08/15/50
639,202
4,370,000
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B
0
.000
08/15/50
1,227,339
TOTAL
TEXAS
404,610,576
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
58
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
-
1.9%
(1.1%
of
Total
Investments)
$
15,000,000
(a)
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017A,
(AMT),
(UB)
5
.000
%
07/01/42
$
15,211,455
11,750,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018A,
(AMT)
5
.000
07/01/43
11,972,027
15,665,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2021A,
(AMT)
5
.000
07/01/46
16,200,995
1,645,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.250
07/01/53
1,736,249
4,250,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.500
07/01/53
4,609,060
1,705,000
(b)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Leadership
Learning
Academy
Project,
Series
2019A
5
.000
06/15/39
1,696,162
1,670,000
(b)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Leadership
Learning
Academy
Project,
Series
2019A
5
.000
06/15/50
1,577,777
3,180,000
(b)
Utah
Charter
School
Finance
Authority,
Revenue
Bonds,
Wallace
Stegner
Academy
Project,
Series
2019A
5
.000
06/15/49
2,983,823
TOTAL
UTAH
55,987,548
VIRGIN
ISLANDS
-
0.3%
(0.2%
of
Total
Investments)
3,825,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
3,974,375
1,800,000
(b)
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015
5
.000
09/01/33
1,808,811
2,000,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006
-
FGIC
Insured
5
.000
10/01/27
2,023,745
2,240,000
(b)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Working
Capital
Series
2014A
-
AGM
Insured
5
.000
10/01/34
2,242,431
TOTAL
VIRGIN
ISLANDS
10,049,362
VIRGINIA
-
2.3%
(1.4%
of
Total
Investments)
285,000
Amherst
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Sweet
Briar
College,
Series
2006
5
.000
09/01/26
281,648
1,435,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/45
1,389,903
515,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.875
07/15/40
530,105
1,000,000
Fairfax
County
Redevelopment
and
Housing
Authority,
Virginia,
Multifamily
Housing
Revenue
Bonds,
FHA-Insured
Mortgage
-
Cedar
Ridge
Project,
Series
2007,
(AMT)
4
.850
10/01/48
1,001,843
11,555,000
(a)
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A,
(UB)
4
.000
07/01/52
11,273,388
350,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6
.875
12/01/58
386,932
2,300,000
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021
4
.000
01/01/47
2,189,467
6,250,000
Northern
Virginia
Transportation
Commission,
Transportation
District
Special
Obligation
Revenue
Bonds,
Transforming
Rail
In
Virginia
Program,
Green
Series
2022
5
.000
06/01/47
6,708,604
6,115,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1
5
.000
06/01/47
5,790,100
1,500,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7
.000
09/01/53
1,716,745
1,000,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-I
4
.550
10/01/49
1,004,317
10,000,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/52
10,123,597
16,605,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/56
16,785,304
59
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
9,625,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
%
12/31/47
$
10,010,752
TOTAL
VIRGINIA
69,192,705
WASHINGTON
-
3.2%
(1.9%
of
Total
Investments)
2,375,000
(d)
Grant
County
Public
Utility
District
2,
Washington,
Revenue
Bonds,
Priest
Rapids
Hydroelectric
Project,
Refunding
Series
2015A,
(Pre-refunded
1/01/26)
5
.000
01/01/41
2,427,268
8,840,000
King
County
Public
Hospital
District
2,
Washington,
General
Obligation
Bonds,
EvergreenHealth,
Limited
Tax
2020A
4
.000
12/01/45
8,428,426
2,270,000
Port
Everett,
Washington,
Revenue
Bonds,
Refunding
Series
2016
5
.000
12/01/46
2,305,379
15,220,000
(a)
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2018A,
(AMT),
(UB)
5
.000
05/01/43
15,384,603
13,725,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Refunding
Intermediate
Lien
Series
2021C,
(AMT)
5
.000
08/01/46
14,175,287
15,000,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
4
.000
07/01/47
14,706,843
10,000,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2023
5
.000
03/01/53
10,694,254
4,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
5
.000
10/01/32
4,009,244
12,260,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Children's
Hospital,
Series
2015A
5
.000
10/01/45
12,296,112
6,200,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase
3
.000
07/01/58
4,314,920
4,000,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/58
4,070,909
2,410,000
Washington
State
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Seattle
University,
Series
2020
4
.000
05/01/50
2,194,998
310,000
Washington
State
Housing
Finance
Commission,
Revenue
Bonds,
Riverview
Retirement
Community,
Refunding
Series
2012
5
.000
01/01/48
294,482
TOTAL
WASHINGTON
95,302,725
WEST
VIRGINIA
-
0.2%
(0.1%
of
Total
Investments)
2,000,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A
5
.000
06/01/47
2,022,626
3,000,000
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021
4
.000
06/01/43
2,944,984
TOTAL
WEST
VIRGINIA
4,967,610
WISCONSIN
-
4.5%
(2.7%
of
Total
Investments)
3,235,000
Milwaukee,
Wisconsin,
General
Obligation
Bonds,
Promissory
Note
Series
2022-B4
-
AGM
Insured
5
.000
04/01/36
3,515,687
1,325,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School
Bonds,
North
Carolina,
Series
2019A
5
.000
06/15/39
1,261,504
1,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
High
Desert
Montessori
Charter
School,
Series
2021A
5
.000
06/01/51
812,392
34,226
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/47
956
29,918
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/48
790
29,439
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/49
733
28,482
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/50
658
28,003
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/51
612
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
60
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
36,381
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
%
01/01/52
$
739
35,902
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/53
691
34,705
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/54
628
33,987
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/55
582
33,269
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/56
542
1,810,675
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
5
.500
07/01/56
1,381,338
36,859
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/57
565
35,902
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/58
521
34,944
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/59
482
34,226
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/60
444
33,748
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/61
412
32,790
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/62
379
32,072
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/63
352
31,354
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/64
328
30,876
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/65
303
33,269
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/66
303
400,670
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
0
.000
01/01/67
3,308
59,473
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/46
1,795
58,635
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/47
1,638
58,216
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/48
1,538
57,797
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/49
1,438
61
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
56,960
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
%
01/01/50
$
1,315
62,405
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/51
1,364
1,606,485
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
3
.750
07/01/51
1,149,109
61,986
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/52
1,260
61,149
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/53
1,177
60,730
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/54
1,099
59,892
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/55
1,025
59,054
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/56
961
58,635
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/57
899
57,797
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/58
839
57,379
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/59
792
56,960
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/60
738
56,123
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/61
686
55,704
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/62
644
54,866
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/63
602
54,447
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/64
570
54,028
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/65
531
53,191
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/66
484
692,746
(b),(e)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/67
5,720
5,455,000
Public
Finance
Authority
of
Wisconsin,
Health
Care
System
Revenue
Bonds,
Cone
Health,
Series
2022A
4
.000
10/01/52
5,155,816
2,000,000
(b)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
6
.750
12/01/42
2,044,306
Portfolio
of
Investments
October
31,
2024
(continued)
NAD
62
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
2,550,000
Public
Finance
Authority
Wisconsin,
Tax
Exempt
Pooled
Securities,
Certificates
Series
2024-2
Class
A,
(Mandatory
Put
8/01/27)
4
.000
%
08/01/59
$
2,525,751
5,330,000
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2024A
5
.000
06/15/64
5,374,835
4,210,000
(b)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
World
Center
Project
Series
2024A
5
.000
06/01/41
4,320,022
3,000,000
University
of
Wisconsin
Hospitals
and
Clinics
Authority,
Revenue
Bonds,
Sustainability
Series
2024A
4
.250
04/01/52
2,949,007
2,545,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2013B-1
4
.000
11/15/43
2,447,825
10,715,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021
4
.000
08/15/46
10,428,397
5,810,000
(a)
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Bellin
Memorial
Hospital
Incorporated
Series
2022B,
(UB)
5
.250
12/01/48
6,201,949
1,690,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/41
1,449,903
2,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/61
1,471,100
10,345,000
(a)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Series
2017,
(UB)
5
.000
08/15/52
10,494,804
4,220,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Children's
Hospital
of
Wisconsin,
Inc.,
Series
2017
4
.000
08/15/42
4,113,775
4,315,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic
Health
System
Inc
Series
2024A
5
.500
02/15/54
4,667,044
11,440,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A
5
.000
02/15/42
11,465,849
7,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A
5
.000
02/15/46
6,971,185
2,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021
4
.000
01/01/47
1,738,592
10,235,000
(a)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
John's
Communities
Inc.,
Refunding
Series
2022A,
(UB)
5
.000
04/01/52
10,687,722
8,770,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2019
4
.000
12/15/49
8,115,945
11,720,000
(a)
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024A,
(UB)
4
.750
09/01/50
11,819,340
12,500,000
(a)
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024B,
(UB)
4
.750
03/01/51
12,514,217
TOTAL
WISCONSIN
135,118,857
TOTAL
MUNICIPAL
BONDS
(Cost
$4,907,933,381)
4,993,955,890
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$4,908,463,992)
4,994,391,740
FLOATING
RATE
OBLIGATIONS
-
(12.2)%
(
364,940,000
)
AMTP
SHARES,
NET
-
(24.2)%(h)
(
727,309,426
)
MFP
SHARES,
NET
-
(15.2)%(i)
(
455,428,078
)
VRDP
SHARES,
NET
-
(16.8)%(j)
(
503,842,949
)
OTHER
ASSETS
&
LIABILITIES,
NET
- 1.9%
56,542,538
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
2,999,413,825
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(a)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$228,532,099
or
4.6%
of
Total
Investments.
63
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
When-issued
or
delayed
delivery
security.
(h)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
14.6%.
(i)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
9.1%.
(j)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.1%.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
See
Notes
to
Financial
Statements
64
Portfolio
of
Investments
October
31,
2024
NEA
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
165.4%
(100.0%
of
Total
Investments)
6127327881
MUNICIPAL
BONDS
-
165
.4
%
(
100
.0
%
of
Total
Investments)
6127327881
ALABAMA
-
1.3%
(0.8%
of
Total
Investments)
$
15,520,000
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016B
5
.000
%
11/15/46
$
15,683,772
5,920,000
Autauga
County
Board
of
Education,
Alabama,
Special
Tax
Warrants,
Series
2021
4
.000
04/01/51
5,638,135
35,000
Birmingham
Airport
Authority,
Alabama,
Airport
Revenue
Bonds,
Series
2020
-
BAM
Insured
4
.000
07/01/35
35,340
4,250,000
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile,
Alabama,
Revenue
Bonds,
Infirmary
Health
System,
Inc.,
Series
2016A
5
.000
02/01/41
4,290,740
9,910,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.500
10/01/53
10,736,835
4,900,000
Mobile
Spring
Hill
College
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
Spring
Hill
College
Project,
Series
2015
5
.875
04/15/45
3,631,987
2,410,000
Pike
Road,
Alabama,
General
Obligation
Warrants,
Series
2023
5
.000
03/01/52
2,552,712
1,000,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
3,
Fixed
Rate
Series
2022A-1,
(Mandatory
Put
12/01/29)
5
.500
01/01/53
1,077,951
5,310,000
(a)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
5
.250
05/01/44
5,403,534
TOTAL
ALABAMA
49,051,006
ARIZONA
-
2.2%
(1.3%
of
Total
Investments)
6,970,000
(b)
Arizona
Industrial
Development
Authority,
(UB)
4
.650
10/01/48
7,021,867
1,150,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017A
5
.000
07/01/47
1,155,350
1,965,000
(b)
Arizona
Industrial
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.700
10/01/51
1,967,196
7,115,000
Lake
Havasu
City,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015B
-
AGM
Insured
5
.000
07/01/43
7,148,655
1,315,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A
5
.000
09/01/42
1,358,768
8,895,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2021A
4
.000
09/01/51
8,266,468
5,135,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
4
.000
01/01/36
5,156,467
3,130,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Series
2017D
4
.000
01/01/48
3,021,991
6,550,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
4
.000
07/01/49
6,341,178
1,500,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
5
.000
07/01/49
1,553,590
6,545,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Revenue
Bonds,
Civic
Plaza
Expansion
Project,
Series
2005B
-
FGIC
Insured
5
.500
07/01/37
7,889,814
10,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Revenue
Bonds,
Civic
Plaza
Expansion
Project,
Series
2005B
-
FGIC
Insured
5
.500
07/01/40
12,173,831
3,000,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A
5
.000
08/01/47
3,116,047
11,080,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
12,024,859
2,135,000
Yuma
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yuma
Regional
Medical
Center,
Series
2024A
5
.250
08/01/54
2,296,054
TOTAL
ARIZONA
80,492,135
65
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARKANSAS
-
0.0%
(0.0%
of
Total
Investments)
$
1,750,000
(a)
Arkansas
Development
Finance
Authority,
Charter
School
Revenue
Bonds,
Academy
of
Math
and
Science
-
Little
Rock
Project
Series
2024A
7
.000
%
07/01/59
$
1,692,366
TOTAL
ARKANSAS
1,692,366
CALIFORNIA
-
5.1%
(3.1%
of
Total
Investments)
3,335,000
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C
-
AGM
Insured
5
.000
10/01/52
3,580,194
4,225,000
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2005B
-
AGM
Insured
0
.000
08/01/28
3,776,932
3,450,000
Antelope
Valley
Joint
Union
High
School
District,
Los
Angeles
and
Kern
Counties,
California,
General
Obligation
Bonds,
Series
2004B
-
NPFG
Insured
0
.000
08/01/29
2,987,007
8,000,000
Beverly
Hills
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009
0
.000
08/01/33
5,990,112
2,250,000
(c)
Burbank
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2013,
Series
2015A,
(Pre-
refunded
2/01/25)
5
.000
08/01/32
2,260,031
1,350,000
(c)
Burbank
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2013,
Series
2015A,
(Pre-
refunded
2/01/25)
5
.000
08/01/33
1,356,019
50,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-1
5
.000
06/01/49
50,825
7,615,000
California
Educational
Facilities
Authority,
Revenue
Refunding
Bonds,
Loyola
Marymount
University,
Series
2001A
-
NPFG
Insured
0
.000
10/01/25
7,383,260
1,350,000
California
Educational
Facilities
Authority,
Revenue
Refunding
Bonds,
Loyola
Marymount
University,
Series
2001A
-
NPFG
Insured
0
.000
10/01/39
730,733
1,500,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/42
1,521,146
965,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017
5
.000
10/15/47
971,413
5,000,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2017
4
.000
08/01/36
5,029,273
5,000
California
State,
General
Obligation
Bonds,
Series
2004
-
AMBAC
Insured
5
.000
04/01/31
5,009
9,130,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
9,226,391
15,104
(d),(e)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
15,104
19,389
(d),(e)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
19,389
23,267
(d),(e)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
07/01/39
23,267
10,445,000
Castaic
Lake
Water
Agency,
California,
Certificates
of
Participation,
Water
System
Improvement
Project,
Series
1999a
-
AMBAC
Insured
0
.000
08/01/29
9,085,692
4,775,000
(c)
Clovis
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Series
2001A
-
FGIC
Insured,
(ETM)
0
.000
08/01/25
4,661,124
7,775,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A
-
AGM
Insured
0
.000
01/15/34
5,597,005
910,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A
6
.850
01/15/42
1,074,695
5,000,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007
-
FGIC
Insured
0
.000
08/01/32
3,879,185
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
66
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,500,000
Lincoln
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2005
-
AMBAC
Insured
0
.000
%
09/01/26
$
1,402,854
995,000
(c)
Los
Angeles
Department
of
Water
and
Power,
California,
Electric
Plant
Revenue
Bonds,
Series
1994,
(ETM)
5
.375
02/15/34
1,011,730
2,490,000
Madera
Unified
School
District,
Madera
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005
-
NPFG
Insured
0
.000
08/01/27
2,287,530
10,335,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
0
.000
08/01/43
10,175,363
5,500,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009B
6
.500
11/01/39
7,013,768
14,100,000
New
Haven
Unified
School
District,
California,
General
Obligation
Bonds,
Refunding
Series
2009
-
AGC
Insured
0
.000
08/01/34
10,064,008
2,500,000
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005B
0
.000
08/01/29
2,157,422
375,000
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995
-
NPFG
Insured
7
.400
08/01/25
383,413
1,745,000
(c)
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B,
(Pre-refunded
8/15/32)
-
NPFG
Insured
5
.000
08/15/34
1,997,349
1,490,000
(c)
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B
-
NPFG
Insured,
(ETM)
5
.000
08/15/34
1,646,334
1,000,000
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Series
2005B
-
AGM
Insured
0
.000
08/01/29
867,015
9,320,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A
-
AGC
Insured
0
.000
08/01/33
6,554,266
1,800,000
Rialto
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2010
Election
Series
2011A
0
.000
08/01/28
1,615,064
4,080,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A
5
.000
07/01/47
4,201,863
10,595,000
(c)
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A,
(Pre-refunded
1/15/25)
5
.000
01/15/44
10,634,597
32,725,000
(c)
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A,
(Pre-refunded
1/15/25)
5
.000
01/15/50
32,847,303
2,965,000
San
Juan
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
08/01/28
2,646,644
4,005,000
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2000,
Series
2002B
-
FGIC
Insured
0
.000
09/01/26
3,800,742
15,750,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G
-
AGM
Insured
0
.000
08/01/39
8,710,089
5,000,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/46
1,584,467
6,570,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/47
1,961,276
20,990,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed,
Capital
Appreciation
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
Refunding
Senior
Series
2019B-Class
2
0
.010
06/01/54
4,174,294
2,630,000
Union
Elementary
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Series
2001B
-
FGIC
Insured
0
.000
09/01/25
2,564,489
TOTAL
CALIFORNIA
189,525,686
67
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
-
15.0%
(9.1%
of
Total
Investments)
$
1,815,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
%
12/01/51
$
1,766,402
6,600,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021
4
.375
12/01/52
5,842,086
2,500,000
Arapahoe
County
Water
and
Wastewater
Authority,
Colorado,
Revenue
Bonds,
Refunding
Series
2019
4
.000
12/01/38
2,529,995
1,610,000
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022
4
.000
12/01/48
1,572,554
2,220,000
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022
4
.000
12/01/52
2,128,704
3,315,000
Aurora,
Colorado,
Sewer
Improvement
Revenue
Bonds,
Seam
Facility
and
Other
System
Improvements
Project,
First
Lien
Series
2021
4
.000
08/01/46
3,194,573
2,000,000
Aurora,
Colorado,
Sewer
Improvement
Revenue
Bonds,
Seam
Facility
and
Other
System
Improvements
Project,
First
Lien
Series
2021
4
.000
08/01/51
1,916,956
9,000,000
Boulder
Valley
School
District
RE2,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Series
2019A
4
.000
12/01/48
8,722,840
3,010,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/42
3,257,424
7,975,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/52
8,466,262
1,150,000
Castle
Oaks
Metropolitan
District
3,
Castle
Rock,
Douglas
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2020
-
AGM
Insured
4
.000
12/01/50
1,057,663
1,060,000
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Improvement
Series
2018
5
.250
12/01/48
1,036,654
1,575,000
(a)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/37
1,557,167
3,620,000
(a)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/47
3,438,216
1,445,000
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
-
AGM
Insured
5
.500
12/01/54
1,612,092
2,545,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A
5
.000
03/01/47
2,590,377
2,005,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/34
2,105,596
4,615,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/35
4,846,547
7,205,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/36
7,566,494
8,715,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/37
9,152,254
4,105,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/42
4,310,958
8,545,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/47
8,973,725
10,575,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/46
10,065,164
33,390,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/50
31,401,722
3,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2018A
5
.000
11/15/48
3,080,805
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/31
1,009,527
4,290,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/37
4,318,217
21,340,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
21,971,624
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
68
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
17,205,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
-
BAM
Insured
4
.000
%
08/01/49
$
16,167,411
11,075,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
10,168,221
3,410,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.500
11/01/47
3,752,480
3,500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Living
Communities
&
Services,
Series
2020A
4
.000
12/01/50
3,045,682
750,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A
5
.250
05/15/37
767,675
1,500,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Refunding
Series
2015B,
(Pre-refunded
9/01/25)
4
.000
09/01/34
1,510,199
7,080,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
(Pre-refunded
9/01/30)
4
.000
09/01/45
7,564,353
3,000,000
(c)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
(Pre-refunded
9/01/30)
4
.000
09/01/50
3,205,235
4,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A
4
.000
11/01/39
3,895,886
3,300,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A
4
.000
01/01/38
3,319,131
5,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019B
4
.000
01/01/40
5,002,667
4,150,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017
5
.000
12/31/56
4,149,833
1,892,000
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
5
.625
12/01/32
1,902,841
2,660,000
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
5
.875
12/01/46
2,667,608
2,000,000
Colorado
School
of
Mines
Board
of
Trustees,
Golden,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Series
2023C
5
.250
12/01/53
2,171,053
1,500,000
(c)
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016B,
(Pre-refunded
3/01/27)
5
.000
03/01/41
1,576,300
6,000,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E
4
.000
03/01/43
5,954,257
7,000,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2019O
4
.000
03/15/44
6,928,992
2,550,000
Colorado
State,
Certificates
of
Participation,
Lease
Purchase
Agreement
Department
of
Transportation
Second
Amended
&
Restated
Headquaters
Facilities,
Refunding
Series
2020
4
.000
06/15/41
2,552,084
5,000,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A
4
.000
12/15/35
5,071,307
7,115,000
(c)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/41
7,365,818
1,000,000
(c)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/46
1,035,252
1,250,000
Copper
Ridge
Metropolitan
District,
Colorado
Springs,
Colorado,
Tax
Increment
and
Sales
Tax
Supported
Revenue
Bonds,
Series
2019
5
.000
12/01/39
1,197,320
15,370,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0
.010
12/01/31
8,686,926
2,930,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.000
11/15/47
3,125,662
6,700,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.250
11/15/53
7,280,365
5,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
5
.000
12/01/43
5,193,329
2,500,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
5
.000
12/01/48
2,578,778
69
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
6,500,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Current
Interest
Series
2018A-1
5
.000
%
08/01/48
$
6,644,150
10,000,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Series
2021A
4
.000
08/01/51
9,631,190
5,120,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/32
5,208,238
2,935,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/35
2,973,788
1,800,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/40
1,815,374
335,000
(a)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5
.250
12/01/39
337,268
1,500,000
(a)
DIATC
Metropolitan
District,
Commerce
City,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2019
5
.000
12/01/49
1,441,885
45,540,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.010
09/01/30
36,934,074
16,635,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/32
12,354,039
49,250,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/33
34,898,304
9,310,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
09/01/28
8,176,820
2,900,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.010
09/01/34
1,960,038
18,500,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
03/01/36
11,602,177
5,950,000
(a)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6
.750
12/01/34
5,802,445
3,850,000
Firestone,
Colorado,
Water
Enterprise
Revenue
Bones,
Series
2020
-
BAM
Insured
4
.000
12/01/49
3,691,230
5,000,000
Gunnison
Watershed
School
District
RE1J,
Gunnison
and
Saguache
Counties,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.000
12/01/47
5,330,820
4,070,000
(a)
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
2,
Series
2024
5
.500
12/01/44
3,992,708
5,700,000
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021
-
AGM
Insured
4
.000
12/01/46
5,542,638
1,440,000
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021
-
AGM
Insured
4
.000
12/01/51
1,372,577
2,000,000
Leyden
Rock
Metropolitan
District,
Arvada,
Jefferson
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax,
Refunding
&
Improvement
Series
2021
-
AGM
Insured
4
.000
12/01/51
1,900,210
1,000,000
Lorson
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2016
5
.000
12/01/36
1,015,680
1,000,000
Louisville,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax,
Series
2017
4
.000
12/01/36
1,008,199
1,730,000
Meridian
Ranch
Metropolitan
District
2018,
Subdistrict,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.750
12/01/52
1,756,261
1,230,000
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Senior
Series
2021A
-
AGM
Insured
4
.000
12/01/51
1,114,341
1,085,000
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A
5
.750
12/01/47
1,086,829
5,000,000
Northern
Colorado
Water
Conservancy
District
Building
Corporation,
Certificates
of
Participation,
Refunding
Series
2021
4
.000
07/01/51
4,808,702
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
70
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,325,000
Northern
Colorado
Water
Conservancy
District,
Certificates
of
Participation,
Series
2022
5
.000
%
07/01/42
$
2,479,405
16,320,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A
5
.000
12/01/45
16,418,127
3,680,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A
5
.000
12/01/46
3,700,578
4,055,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A
-
AGM
Insured
4
.000
12/01/39
4,067,502
3,000,000
Parker
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Sewer
Enterprise
Revenue
Bonds,
Refunding
&
Improvement
Series
2022
4
.000
11/01/47
2,960,249
5,088,000
(a)
Platte
River
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023A
6
.500
08/01/53
5,263,792
600,000
(a)
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A
4
.750
12/01/45
410,634
9,865,000
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/42
10,178,647
3,600,000
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/47
3,697,599
2,350,000
Roaring
Fork
Transporation
Authority,
Colorado,
Property
Tax
Revenue
Bonds,
Series
2021A
4
.000
12/01/46
2,315,096
850,000
Sierra
Ridge
Metropolitan
District
2,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Bonds,
Series
2022
-
AGM
Insured
5
.000
12/01/52
884,861
1,000,000
(a)
Sky
Ranch
Community
Authority
Board
(Arapahoe
County,
Colorado),
Limited
Tax
Supported
District
No.
3
Senior
Bonds
(Tax-Exempt
Fixed
Rate),
Series
2022A
and
Subordinate
Bonds
(Tax-Exempt
Fixed
Rate),
Series
2022B(3)
5
.750
12/01/52
973,745
1,000,000
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2019A
5
.000
12/01/49
949,274
3,250,000
Thompson
Crossing
Metropolitan
District
2,
Johnstown,
Larimer
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2016B
-
AGM
Insured
5
.000
12/01/46
3,338,170
685,000
(a)
Thompson
Crossing
Metropolitan
District
6,
Larimer
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Convertible
to
Unlimited
Tax
Series
2020
3
.000
12/01/30
620,945
1,300,000
(a)
Thompson
Crossing
Metropolitan
District
6,
Larimer
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Convertible
to
Unlimited
Tax
Series
2020
5
.000
12/01/44
1,285,493
995,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
5
.000
12/01/51
787,461
1,000,000
Triview
Metropolitan
District,
El
Paso
County,
Colorado,
Water
and
Wastewater
Enterprise
Revenue
Bonds,
Green
Series
2020
-
BAM
Insured
3
.250
12/01/45
860,016
2,500,000
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Green
Series
2021A
4
.000
06/01/46
2,455,597
2,500,000
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A
-
BAM
Insured
4
.000
12/01/36
2,516,499
5,000,000
Weld
County
School
District
6,
Greeley,
Colorado,
General
Obligation
Bonds,
Series
2020
5
.000
12/01/44
5,272,696
2,175,000
Weld
County
School
District
RE1,
Colorado,
General
Obligation
Bonds,
Series
2017
5
.000
12/15/30
2,271,743
5,650,000
Weld
County
School
District
RE-4,
Windsor,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.250
12/01/47
6,185,694
7,810,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.750
12/01/52
7,605,475
10,825,000
(a),(f)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2024A-2
0
.000
12/01/54
6,225,492
71
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,785,000
(a)
West
Meadow
Metropolitan
District,
Town
of
Fraser,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2023A
6
.500
%
12/01/50
$
1,862,209
500,000
Westerly
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-1
5
.000
12/01/50
435,837
TOTAL
COLORADO
555,752,084
CONNECTICUT
-
0.7%
(0.4%
of
Total
Investments)
1,650,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2016Q-1
5
.000
07/01/46
1,666,624
6,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A
4
.000
07/01/51
5,463,605
2,800,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A
5
.000
01/01/55
2,450,121
7,165,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L
5
.000
07/01/45
7,200,194
500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1
5
.000
07/01/34
516,793
7,500,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2020A
5
.000
05/01/37
8,119,850
TOTAL
CONNECTICUT
25,417,187
DELAWARE
-
0.0%
(0.0%
of
Total
Investments)
1,000,000
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018
5
.000
06/01/48
1,012,022
TOTAL
DELAWARE
1,012,022
DISTRICT
OF
COLUMBIA
-
4.0%
(2.4%
of
Total
Investments)
1,250,000
District
of
Columbia
Student
Dormitory
Revenue
Bonds,
Provident
Group
-
Howard
Properties
LLC
Issue,
Series
2013
5
.000
10/01/45
1,232,403
107,000,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0
.000
06/15/46
26,948,517
19,035,000
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014C
4
.000
10/01/41
18,038,735
5,000,000
District
of
Columbia,
General
Obligation
Bonds,
Series
2021D
4
.000
02/01/46
4,877,334
3,500,000
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017
5
.000
04/01/35
3,586,354
60,000
(c)
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017,
(Pre-refunded
4/01/27)
5
.000
04/01/36
63,094
3,440,000
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017
5
.000
04/01/36
3,520,163
12,455,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
4
.000
10/01/44
11,837,094
4,750,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
5
.000
10/01/47
4,885,307
13,710,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
4
.000
10/01/49
12,652,749
7,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
10/01/36
4,424,645
32,000,000
(c)
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
(Pre-refunded
10/01/26)
-
AGC
Insured
6
.500
10/01/41
34,153,382
18,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B
6
.500
10/01/44
19,714,376
3,000,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018
5
.000
07/01/43
3,079,589
TOTAL
DISTRICT
OF
COLUMBIA
149,013,742
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
72
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
-
8.0%
(4.9%
of
Total
Investments)
$
2,800,000
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2016
5
.000
%
09/01/46
$
2,800,206
2,830,000
City
of
Miami
Beach,
Florida,
Stormwater
Revenue
Bonds,
Series
2015
5
.000
09/01/41
2,851,569
5,810,000
Collier
County,
Florida,
Tourist
Development
Tax
Revenue
Bonds,
Series
2018
4
.000
10/01/43
5,822,409
530,000
(a)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C
5
.000
09/15/50
482,079
6,925,000
(b)
Florida
Housing
Finance
Corp,
(UB)
4
.700
07/01/49
7,026,468
6,060,000
(b)
Florida
Housing
Finance
Corp,
(UB)
4
.750
07/01/54
6,103,045
1,040,000
Florida
Municipal
Loan
Council,
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
11/01/25
996,847
1,590,000
Florida
Municipal
Loan
Council,
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
11/01/26
1,466,476
2,000,000
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A
4
.000
10/01/49
1,921,607
15,000,000
(b)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018F,
(UB)
5
.000
10/01/48
15,471,288
2,850,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.250
11/15/49
3,130,089
3,760,000
(b)
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C,
(UB)
4
.125
11/15/51
3,629,923
3,025,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.500
11/15/54
3,386,827
13,480,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Florida
Health
Sciences
Center
Inc
D/B/A
Tampa
General
Hospital,
Series
2020A
4
.000
08/01/50
12,274,829
5,060,000
Hollywood,
Florida,
General
Obligation
Bonds,
Series
2022
5
.000
07/01/47
5,371,518
3,810,000
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A
-
AGM
Insured
5
.000
02/01/40
3,818,318
19,145,000
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A
-
AGM
Insured
5
.000
02/01/44
19,151,350
205,000
Miami
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Miami
Jewish
Health
System
Inc.
Project,
Series
2017
5
.000
07/01/32
196,662
5,035,000
Miami
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Miami
Jewish
Health
System
Inc.
Project,
Series
2017
5
.125
07/01/46
4,426,741
2,420,000
(g)
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Refunding
Series
2024B
5
.250
04/01/45
2,628,181
7,390,000
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2015A
5
.000
04/01/45
7,408,170
27,470,000
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2018A
5
.000
04/01/53
28,090,817
10,000,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A
5
.000
07/01/35
10,035,464
5,560,000
Miami-Dade
County
Health
Facility
Authority,
Florida,
Hospital
Revenue
Bonds,
Nicklaus
Children's
Hospital
Project,
Refunding
Series
2021A
4
.000
08/01/51
5,250,666
3,000,000
Miami-Dade
County
Industrual
Development
Authority,
Florida,
Revenue
Bonds,
Doral
Academy,
Seres
2018
5
.000
01/15/48
3,001,349
7,000,000
(b)
Miami-Dade
County
School
District,
Florida,
General
Obligation
Bonds,
School
Series
2022A
-
BAM
Insured,
(UB)
5
.000
03/15/52
7,444,509
14,015,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2016A
5
.000
10/01/41
14,217,309
4,715,000
Miami-Dade
County,
Florida,
Public
Facilities
Revenue
Bonds,
Jackson
Health
System,
Series
2017
5
.000
06/01/38
4,812,910
73
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
7,000,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2018
4
.000
%
07/01/48
$
6,748,936
5,000,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022
5
.000
07/01/51
5,282,881
6,000,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B
4
.000
10/01/44
5,948,560
3,965,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B
4
.000
10/01/49
3,774,447
8,900,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2024A
5
.250
10/01/54
9,650,137
11,240,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022
4
.000
10/01/52
10,554,271
3,260,000
Orange
County
Health
Facilities
Authority,
Florida,
Revenue
Bonds,
Presbyterian
Retirement
Communities
Project,
Series
2024
5
.000
08/01/54
3,347,222
1,095,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/32
790,948
4,250,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Series
2019A-1
5
.000
10/01/49
4,372,979
2,155,000
Palm
Beach
County
Health
Facilities
Authority,
Florida Retirement
Communities
Revenue
Bonds,
ACTS
Retirement
-
Life
Communities,
Inc
Obligated
Group,
Series
2018A
5
.000
11/15/45
2,198,334
4,680,000
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Retirement
Communities
Revenue
Bonds,
ACTS
Retirement
-
Life
Communities,
Inc
Obligated
Group,
Series
2016
5
.000
11/15/32
4,799,280
8,200,000
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018A
5
.000
03/15/42
8,428,415
12,170,000
Sarasota
County
Public
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Sarasota
Memorial
Hospital
Project,
Series
2018
4
.000
07/01/48
11,450,173
6,625,000
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015
4
.000
05/01/33
6,641,291
8,000,000
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017
5
.000
08/15/42
8,198,073
8,595,000
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017
5
.000
08/15/47
8,766,511
615,000
Tampa
Sports
Authority,
Hillsborough
County,
Florida,
Sales
Tax
Payments
Special
Purpose
Bonds,
Stadium
Project,
Series
1995
-
NPFG
Insured
5
.750
10/01/25
625,597
4,000,000
Tampa,
Florida,
Health
System
Revenue
Bonds,
Baycare
Health
System,
Series
2016A
4
.000
11/15/46
3,833,836
2,000,000
(c)
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Embry-Riddle
Aeronautical
University,
Series
2015B,
(Pre-
refunded
4/15/25)
5
.000
10/15/45
2,014,877
7,400,000
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Stetson
University
Inc.
Project,
Series
2015
5
.000
06/01/45
7,401,534
TOTAL
FLORIDA
298,045,928
GEORGIA
-
5.2%
(3.2%
of
Total
Investments)
10,235,000
Clarke
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A
5
.000
07/01/46
10,336,490
2,000,000
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A
5
.000
04/01/42
2,034,527
10,000,000
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A
5
.000
04/01/47
10,110,312
2,500,000
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B
5
.125
04/01/53
2,644,422
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
74
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
5,300,000
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021
4
.000
%
07/01/46
$
5,101,591
5,725,000
Fayette
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A
5
.000
07/01/46
5,781,769
4,330,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
5
.000
04/01/42
4,404,751
7,250,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
5
.000
04/01/47
7,329,976
6,370,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
4
.000
04/01/50
6,059,741
9,495,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Georgia
Tech
Facilities,
Series
2024
5
.000
06/15/56
10,099,524
4,000,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A
5
.000
07/01/46
4,039,023
5,000,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A
4
.000
07/01/49
4,751,239
12,590,000
(c)
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2014A,
(Pre-refunded
2/15/25)
5
.500
08/15/54
12,670,338
7,500,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B
5
.500
02/15/42
7,831,375
2,000,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2021A
4
.000
02/15/40
2,006,641
6,665,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024A
4
.700
12/01/54
6,721,637
8,000,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021
4
.000
07/01/51
7,841,058
1,860,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2022
4
.000
07/01/52
1,819,865
11,000,000
Griffin-Spalding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System
Inc.,
Series
2017A
4
.000
04/01/42
10,768,570
1,350,000
Henry
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2005
5
.250
02/01/27
1,423,435
1,860,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/43
1,916,682
14,100,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/49
15,084,630
3,425,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023C,
(Mandatory
Put
9/01/30)
5
.000
09/01/53
3,644,818
10,160,000
(b)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023C,
(Mandatory
Put
9/01/30),
(UB)
5
.000
09/01/53
10,812,073
6,310,000
Metropolitan
Atlanta
Rapid
Transit
Authority,
Georgia,
Sales
Tax
Revenue
Bonds,
Third
Indenture,
Series
2015B
5
.000
07/01/43
6,441,692
5,680,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.000
07/01/60
5,681,873
3,300,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.500
07/01/60
3,322,755
3,750,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Series
2024A
5
.250
01/01/49
4,056,090
4,710,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Series
2024A
-
BAM
Insured
5
.250
01/01/54
5,094,468
8,230,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2015
5
.000
10/01/40
8,297,242
5,000,000
Rockdale
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A
4
.000
07/01/44
4,863,446
TOTAL
GEORGIA
192,992,053
75
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII
-
0.1%
(0.1%
of
Total
Investments)
$
3,500,000
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Green
Senior
Series
2023
5
.000
%
07/01/48
$
3,774,743
TOTAL
HAWAII
3,774,743
IDAHO
-
0.8%
(0.5%
of
Total
Investments)
3,860,000
Boise
State
University,
Idaho,
General
Revenue
Bonds,
Series
2023A
5
.250
04/01/53
4,175,989
7,885,000
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Saint
Luke's
Health
System
Project,
Series
2021A
4
.000
03/01/51
7,437,160
2,135,000
Idaho
Housing
and
Finance
Association,
GNMA
Housing
Revenue
Refunding
Bonds,
Wedgewood
Terrace
Project,
Series
2002A-1
7
.250
03/20/37
2,159,002
5,500,000
(a)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
The
College
of
Idaho
Project,
Series
2023
5
.875
11/01/53
5,660,588
2,800,000
(b)
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.600
01/01/49
2,801,976
4,970,000
(b)
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.650
01/01/54
4,986,927
3,325,000
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024
6
.250
09/01/53
3,494,601
TOTAL
IDAHO
30,716,243
ILLINOIS
-
16.5%
(10.0%
of
Total
Investments)
1,000,000
Board
of
Regents
of
Illinois
State
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2018A
-
AGM
Insured
5
.000
04/01/34
1,046,742
285,000
Board
of
Regents
of
Illinois
State
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2018A
-
AGM
Insured
5
.000
04/01/37
296,737
1,370,000
Board
of
Regents
of
Illinois
State
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2018A
-
AGM
Insured
5
.000
04/01/38
1,425,084
4,595,000
Bolingbrook,
Will
and
DuPage
Counties,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2002B
-
FGIC
Insured
0
.000
01/01/32
3,395,641
4,000,000
Bolingbrook,
Will
and
DuPage
Counties,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2002B
-
FGIC
Insured
0
.010
01/01/34
2,689,732
11,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
11,391,172
3,155,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
5
.750
04/01/48
3,443,808
5,750,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017H
5
.000
12/01/36
5,799,533
6,920,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D
5
.000
12/01/46
6,771,111
11,450,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/44
11,700,535
1,785,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B
6
.500
12/01/46
1,842,484
23,535,000
(a)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A
7
.000
12/01/46
25,108,583
2,900,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2022A
5
.000
12/01/47
2,859,410
2,175,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
6
.000
12/01/49
2,355,419
1,000,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A
-
NPFG
Insured
5
.500
12/01/26
1,023,443
4,000,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A
4
.000
12/01/50
3,691,756
14,765,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A
-
BAM
Insured
4
.000
12/01/50
14,016,122
9,285,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Series
2014
5
.250
12/01/49
9,307,629
4,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2018B
5
.000
01/01/53
4,108,606
15,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2024B
5
.250
01/01/53
16,234,623
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
76
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,000,000
(b)
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A,
(UB)
5
.500
%
01/01/40
$
1,068,888
22,670,000
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
-
FGIC
Insured
0
.000
01/01/25
22,515,985
10,565,000
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A
6
.000
01/01/38
10,949,157
4,000,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.000
01/01/40
4,091,390
5,425,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.500
01/01/49
5,574,953
12,190,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
-
AGM
Insured
5
.250
01/01/53
13,065,281
2,000,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
-
AGM
Insured
5
.250
01/01/58
2,142,320
7,240,000
(b)
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Series
2023A
-
AGM
Insured,
(UB)
5
.250
11/01/53
7,762,652
6,030,000
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Series
2023A
-
AGM
Insured
5
.500
11/01/62
6,581,629
4,500,000
Cook
County
Community
College
District
508,
Illinois,
General
Obligation
Bonds,
Chicago
City
Colleges,
Series
2017
5
.000
12/01/47
4,574,377
3,500,000
Evanston,
Cook
County,
Illinois,
General
Obligation
Bonds,
Corporate
Purpose
Series
2018A
4
.000
12/01/43
3,392,154
2,750,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
3
.900
11/01/36
2,762,333
5,265,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
5
.500
11/01/36
5,273,817
3,215,000
Illinois
Finance
Authority,
Health
Services
Facility
Lease
Revenue
Bonds,
Provident
Group
-
UIC
Surgery
Center,
LLC
-
University
of
Illinois
Health
Services
Facility
Project,
Series
2020
4
.000
10/01/50
2,895,133
25,090,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Alliance,
Series
2016C
4
.000
02/15/41
24,195,843
790,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Alliance,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
805,764
3,500,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C
5
.000
02/15/32
3,627,310
55,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
56,098
1,200,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
1,223,946
3,000,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C
5
.000
02/15/41
3,062,037
2,500,000
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A
4
.000
08/01/51
2,112,666
1,000,000
(a)
Illinois
Finance
Authority,
Revenue
Bonds,
DePaul
College
Prep
Foundation,
Series
2023A
5
.625
08/01/53
1,066,912
16,165,000
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016
5
.000
12/01/40
16,400,413
10,945,000
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A
4
.000
08/15/42
10,602,754
5,285,000
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A
5
.000
08/15/51
5,523,197
22,590,000
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A
5
.000
11/15/45
22,710,131
7,285,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/35
7,339,830
4,135,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/44
4,147,295
5,410,000
Illinois
FInance
Authority,
Revenue
Bonds,
Southern
Illinois
Healthcare
Enterprises,
Inc.,
Series
2017A
5
.000
03/01/47
5,430,022
14,200,000
Illinois
Finance
Authority,
Revenue
Bonds,
The
Carle
Foundation,
Fixed
Period
Series
2021A
4
.000
08/15/41
13,688,188
2,500,000
Illinois
State,
General
Obligation
Bonds,
April
Series
2014
5
.000
04/01/31
2,507,011
3,000,000
Illinois
State,
General
Obligation
Bonds,
April
Series
2014
5
.000
04/01/38
3,008,414
77
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
5,000,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
%
12/01/34
$
5,174,769
2,000,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
12/01/35
2,065,703
5,420,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
12/01/39
5,554,749
2,300,000
Illinois
State,
General
Obligation
Bonds,
February
Series
2014
5
.250
02/01/32
2,307,831
1,750,000
Illinois
State,
General
Obligation
Bonds,
January
Series
2016
5
.000
01/01/32
1,775,697
3,565,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2016
5
.000
06/01/26
3,656,170
4,170,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
5
.500
03/01/47
4,501,951
17,000,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
6
.000
05/01/26
17,667,784
4,485,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
6
.000
05/01/27
4,789,485
1,115,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/30
1,193,264
5,305,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/39
5,735,164
2,360,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.750
05/01/45
2,562,398
4,825,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B
5
.500
05/01/47
5,211,615
9,710,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016
5
.000
02/01/27
10,081,512
5,000,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C
5
.500
10/01/41
5,507,214
29,430,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A
5
.000
01/01/40
29,618,646
10,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A
5
.000
01/01/44
10,502,625
12,010,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2020A
5
.000
01/01/45
12,711,048
9,640,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
01/01/42
9,482,053
10,455,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
5
.000
01/01/46
11,139,230
5,410,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Series
2023A
5
.250
01/01/43
5,991,040
5,420,000
Illinois,
General
Obligation
Bonds,
Illinois
FIRST
Program,
Series
2001
-
FGIC
Insured
6
.000
11/01/26
5,528,842
1,175,000
Macon
and
DeWitt
Counties
Community
Unit
School
District
2
Maroa-Forsyth,
Illinois,
General
Obligation
Bonds,
Series
2021
-
AGM
Insured
4
.000
12/01/41
1,175,590
5,080,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
5
.000
06/15/50
5,200,533
8,800,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
5
.500
06/15/53
8,879,400
4,750,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A
5
.000
06/15/57
4,807,370
33,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Capital
Appreciation
Refunding
Series
2010B-1
-
AGM
Insured
0
.000
06/15/45
13,818,549
5,355,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Capital
Appreciation
Refunding
Series
2010B-1
-
AGM
Insured
0
.010
06/15/46
2,115,775
13,350,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Refunding
Series
1996A
-
NPFG
Insured
0
.000
12/15/24
13,286,892
3,505,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
0
.000
06/15/30
2,865,876
195,000
(c)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A,
(ETM)
0
.000
06/15/30
162,054
28,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
AGM
Insured
0
.000
12/15/35
18,482,515
3,280,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/37
1,975,385
11,715,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/38
6,559,280
2,955,000
(c)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Hospitality
Facility,
Series
1996A,
(ETM)
7
.000
07/01/26
3,069,573
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
78
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
2,300,000
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2000A
-
NPFG
Insured
6
.500
%
07/01/30
$
2,598,175
2,855,000
Sangamon
County
School
District
186
Springfield,
Illinois,
General
Obligation
Bonds,
Alternate
Revenue
Source
Series
2023
-
AGM
Insured
5
.500
06/01/58
3,056,592
2,500,000
Sangamon
County
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds
Alternate
Revenue
Source,
Project
&
Refunding
Series
2019A
-
BAM
Insured
4
.000
01/01/44
2,463,836
2,250,000
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
5
.000
03/01/29
2,259,299
7,000,000
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
5
.000
03/01/31
7,027,765
TOTAL
ILLINOIS
611,229,319
INDIANA
-
2.8%
(1.7%
of
Total
Investments)
6,000,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Valparaiso
University
Project,
Series
2014
5
.000
10/01/44
6,000,114
7,000,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Fixed
Rate
Series
2019A
4
.000
12/01/49
6,628,709
1,875,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
4
.000
12/01/40
1,812,457
3,400,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
5
.000
12/01/40
3,415,216
13,415,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Reid
Health
Series
2022
-
AGM
Insured
5
.000
01/01/52
13,900,522
11,000,000
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
First
Lien
Green
Series
2016A
5
.000
10/01/46
11,163,748
12,820,000
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
First
Lien
Green
Series
2022B
5
.250
10/01/52
13,621,282
5,130,000
Indiana
Finance
Authority,
Water
Utility
Revenue
Bonds,
Citizens
Energy
Group
Project,
First
Lien
Series
2016A
5
.000
10/01/46
5,206,366
8,000,000
(g)
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024D-1,
(UB)
4
.750
07/01/54
8,000,337
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6
.000
03/01/53
1,087,270
3,460,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1
-
BAM
Insured
5
.000
03/01/53
3,608,213
8,040,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Stormwater
Project,
Green
Series
2022C
5
.000
01/01/52
8,507,335
9,255,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/25
9,165,113
9,560,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/26
9,142,895
1,000,000
Northern
Indiana
Commuter
Transportation
District,
Indiana,
Limited
Obligation
Revenue
Bonds,
Series
2024
5
.250
01/01/49
1,086,912
1,580,000
Zionsville
Community
Schools
Building
Corporation,
Boone
County,
Indiana,
First
Mortgage
Bonds,
Series
2005Z
-
AGM
Insured
0
.000
01/15/28
1,419,204
TOTAL
INDIANA
103,765,693
IOWA
-
1.0%
(0.6%
of
Total
Investments)
6,775,000
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
5
.000
09/01/51
5,313,704
7,000,000
(c)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32),
(Mandatory
Put
12/01/42)
5
.000
12/01/50
8,000,060
8,250,000
(c)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32)
5
.000
12/01/50
9,428,642
3,085,000
Iowa
Finance
Authority,
Senior
Housing
Revenue
Bonds,
Northcrest
Inc.
Project,
Series
2018A
5
.000
03/01/48
2,969,670
79
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IOWA
(continued)
$
4,700,000
(c)
Xenia
Rural
Water
District,
Iowa,
Water
Revenue
Bonds,
Refunding
Capital
Loan
Note
Series
2016,
(Pre-refunded
12/01/26)
5
.000
%
12/01/36
$
4,909,737
5,990,000
(c)
Xenia
Rural
Water
District,
Iowa,
Water
Revenue
Bonds,
Refunding
Capital
Loan
Note
Series
2016,
(Pre-refunded
12/01/26)
5
.000
12/01/41
6,257,304
TOTAL
IOWA
36,879,117
KANSAS
-
0.7%
(0.4%
of
Total
Investments)
5,000,000
Ellis
County
Unified
School
District
489
Hays,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2022B
-
AGM
Insured
5
.000
09/01/42
5,329,787
3,050,000
Ellis
County
Unified
School
District
489
Hays,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2022B
-
AGM
Insured
5
.000
09/01/47
3,230,045
3,700,000
Kansas
Municipal
Energy
Agency,
Power
Project
Revenue
Bonds,
Dogwood
Project,
Series
2018A
-
BAM
Insured
5
.000
04/01/38
3,793,178
6,000,000
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
5
.000
07/01/43
6,082,455
6,465,000
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
5
.000
07/01/48
6,531,104
TOTAL
KANSAS
24,966,569
KENTUCKY
-
1.1%
(0.7%
of
Total
Investments)
6,010,000
Kentucky
Economic
Development
Finance
Authority,
Health
System
Revenue
Bonds,
Norton
Healthcare
Inc.,
Series
2000B
-
NPFG
Insured
0
.000
10/01/28
5,097,892
1,300,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
5
.000
06/01/37
1,321,147
700,000
(b)
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
4
.400
07/01/44
697,968
1,290,000
(b)
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
4
.600
07/01/49
1,299,727
4,855,000
(b)
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
4
.650
01/01/55
4,896,571
5,000,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.750
07/01/43
5,841,446
8,610,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.875
07/01/46
10,071,700
10,000,000
(b)
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2024A-1,
(Mandatory
Put
7/01/30),
(UB)
5
.000
05/01/55
10,612,145
TOTAL
KENTUCKY
39,838,596
LOUISIANA
-
2.1%
(1.3%
of
Total
Investments)
5,945,000
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013
6
.000
07/01/36
5,948,305
5,000,000
East
Baton
Rouge
Parish
Capital
Improvement
District,
Louisiana,
MOVEBR
Sales
Tax
Revenue
Bonds,
Series
2019
5
.000
08/01/48
5,195,084
1,870,000
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B
-
AGM
Insured
5
.000
12/01/42
1,917,808
3,940,000
(b)
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A,
(UB)
4
.550
12/01/49
3,956,754
1,895,000
(b)
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A,
(UB)
4
.650
12/01/54
1,911,138
1,965,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
East
Baton
Rouge
Sewerage
Commission
Projects,
Refunding
Series
2023
5
.000
02/01/41
2,106,626
13,590,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5
.000
05/15/46
13,759,148
1,695,000
Louisiana
Public
Facilities
Authority,
Lease
Revenue
Bonds,
Provident
Group-Flagship
Properties
LLC
-
Louisiana
State
University
Nicolson
Gateway
Project,
Series
2016A
5
.000
07/01/46
1,706,432
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
80
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
20,000
(c)
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016,
(Pre-refunded
5/15/26)
4
.000
%
05/15/35
$
20,259
2,345,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016
4
.000
05/15/36
2,349,668
20,000
(c)
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016,
(Pre-refunded
5/15/26)
5
.000
05/15/47
20,558
1,975,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015
5
.000
05/15/47
1,981,071
3,615,000
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
5
.000
07/01/48
3,817,349
10,765,000
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
5
.250
07/01/53
11,518,775
3,500,000
(g)
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
Series
2024C-1
5
.000
01/01/54
3,670,115
10,000,000
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Public
Improvement
Series
2024A
5
.000
12/01/53
10,629,641
5,000,000
Saint
Tammany
Parish
Hospital
Service
District
1,
Louisiana,
Hospital
Revenue
Bonds,
St.
Tammany
Parish
Hospital
Project,
Refunding
Series
2018A
5
.000
07/01/48
5,073,544
1,355,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2015
5
.000
12/01/40
1,369,010
TOTAL
LOUISIANA
76,951,285
MAINE
-
0.7%
(0.4%
of
Total
Investments)
6,300,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5
.000
07/01/41
6,288,112
8,675,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A
5
.000
07/01/43
8,856,816
11,150,000
Maine
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MaineHealth
Issue,
Series
2020A
4
.000
07/01/50
10,263,692
TOTAL
MAINE
25,408,620
MARYLAND
-
1.5%
(0.9%
of
Total
Investments)
5,905,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/46
5,880,395
8,610,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A
5
.000
07/01/41
8,819,581
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016
5
.000
07/01/47
2,022,806
4,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Taxable
Series
2017D
4
.000
07/01/48
3,808,650
4,125,000
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2022A
4
.000
06/01/47
4,023,302
17,000,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A
5
.000
05/01/42
17,588,725
3,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020
4
.000
07/01/39
3,021,661
3,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020
4
.000
07/01/50
2,880,909
4,000,000
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015
5
.000
12/01/44
4,011,485
1,150,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/37
1,158,271
2,250,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
5
.000
11/01/47
2,149,372
TOTAL
MARYLAND
55,365,157
81
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
-
2.6%
(1.6%
of
Total
Investments)
$
5,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Children's
Hospital
Series
2024T
5
.250
%
03/01/54
$
5,450,570
930,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
931,596
3,890,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2023FF
5
.000
10/01/48
4,202,814
3,630,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5
.000
07/01/53
3,686,763
1,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5
.000
12/01/46
1,117,864
2,070,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
4
.500
01/01/45
1,978,349
8,800,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
5
.000
01/01/45
8,801,805
4,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1
4
.000
07/01/36
4,112,518
1,380,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
5
.000
09/01/40
1,384,000
1,545,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
5
.000
09/01/45
1,546,317
3,000,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A
-
AMBAC
Insured
5
.750
01/01/42
3,630,667
26,750,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015B
4
.000
05/01/45
26,323,083
5,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C
5
.250
10/01/52
5,426,959
14,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2023A
5
.000
05/01/48
15,029,540
12,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2022B
5
.000
06/01/52
12,760,679
TOTAL
MASSACHUSETTS
96,383,524
MICHIGAN
-
9.7%
(5.9%
of
Total
Investments)
315,000
Advanced
Technology
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019
5
.000
11/01/34
323,543
1,000,000
Conner
Creek
Academy
East,
Michigan,
Public
School
Revenue
Bonds,
Series
2007
5
.250
11/01/36
800,925
2,000,000
County
of
Calhoun
Hospital
Finance
Authority,
Michigan,
Hospital
Revenue
Bonds,
Oaklawn
Hospital,
Refunding
Series
2016
5
.000
02/15/47
1,924,601
2,350,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B
-
NPFG
Insured
5
.500
07/01/29
2,486,350
15,000
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Second
Lien
Series
2004A
-
AGM
Insured
5
.000
07/01/34
15,021
1,700,000
Downriver
Utility
Wastewater
Authority,
Michigan,
Sewer
System
Revenue
Bonds,
Series
2018
-
AGM
Insured
5
.000
04/01/43
1,755,277
1,100,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2017A
-
BAM
Insured
5
.000
03/01/33
1,132,619
2,270,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2017A
-
BAM
Insured
5
.000
03/01/36
2,332,056
455,000
(c)
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A,
(Pre-refunded
3/01/28)
4
.000
03/01/44
472,247
10,710,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
-
AGM
Insured
4
.000
03/01/44
10,476,892
8,575,000
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
0
.000
12/01/24
8,549,021
8,900,000
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
0
.000
12/01/25
8,591,566
3,000,000
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
0
.000
12/01/26
2,813,805
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
82
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
100,000
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
0
.000
%
12/01/27
$
90,999
4,305,000
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
0
.000
12/01/29
3,670,647
1,000,000
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
School
Building
&
Site
Series
2016
-
AGM
Insured
5
.000
05/01/38
1,019,991
1,250,000
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019
-
AGM
Insured
5
.000
11/01/42
1,318,840
1,850,000
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019
-
AGM
Insured
5
.000
11/01/43
1,945,390
2,500,000
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018
5
.000
01/01/43
2,583,787
6,055,000
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018
5
.000
01/01/48
6,230,692
4,295,000
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Series
2020
5
.000
01/01/45
4,513,436
1,720,000
Grand
Traverse
County
Hospital
Finance
Authority,
Michigan,
Revenue
Bonds,
Munson
Healthcare,
Series
2019A
5
.000
07/01/36
1,813,327
1,995,000
Grand
Traverse
County
Hospital
Finance
Authority,
Michigan,
Revenue
Bonds,
Munson
Healthcare,
Series
2019A
5
.000
07/01/39
2,090,383
500,000
Grand
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2014B
5
.000
12/01/28
500,614
1,005,000
Great
Lakes
Water
Authority,
Michigan,
Sewer
Disposal
System
Revenue
Bonds,
Refunding
Second
Lien
Series
2016C
5
.000
07/01/32
1,032,540
6,245,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016C
5
.000
07/01/32
6,424,331
10,000,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016C
5
.000
07/01/35
10,265,330
27,955,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Senior
Lien
Series
2016A
5
.000
07/01/46
28,434,753
6,910,000
Hudsonville
Public
Schools,
Ottawa
and
Allegan
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020-I
4
.000
05/01/47
6,729,392
1,265,000
Jenison
Public
Schools,
Ottawa
County,
Michigan,
General
Obligation
Bonds,
Series
2017
5
.000
05/01/30
1,327,029
1,000,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2016
5
.000
06/01/31
1,032,002
1,445,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2016
5
.000
06/01/34
1,485,811
1,570,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2017A
5
.000
06/01/36
1,646,940
1,650,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2017A
5
.000
06/01/37
1,727,373
1,025,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2015
5
.000
01/01/34
1,027,264
3,440,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2015
5
.000
01/01/31
3,448,514
2,375,000
Kentwood
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023-II
-
AGM
Insured
5
.000
05/01/49
2,527,340
2,395,000
Lake
Superior
State
University
Board
of
Trustees,
Michigan,
General
Revenue
Bonds,
Series
2018
-
AGM
Insured
5
.000
01/15/38
2,487,109
4,000,000
Lake
Superior
State
University
Board
of
Trustees,
Michigan,
General
Revenue
Bonds,
Series
2018
-
AGM
Insured
5
.000
01/15/43
4,112,132
10,900,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/44
11,416,663
3,000,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/48
3,128,397
83
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
11,835,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2021A
5
.000
%
07/01/51
$
12,463,844
1,325,000
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
School
Building
and
Site
Series
2019II
5
.000
05/01/40
1,406,803
2,085,000
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
Series
2016I
5
.000
05/01/38
2,124,847
2,200,000
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
Series
2016I
5
.000
05/01/41
2,237,859
2,200,000
Lansing
Township
Downtown
Development
Authority,
Ingham
County,
Michigan,
Tax
Increment
Bonds,
Series
2013A
5
.950
02/01/42
2,171,737
500,000
Marquettte,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
07/01/33
510,543
1,500,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018
5
.000
11/01/43
1,549,661
17,500,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
4
.000
11/01/50
16,408,231
10,005,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
4
.000
11/01/55
9,253,966
3,500,000
Michigan
Finance
Authority,
Higher
Education
Limited
Obligation
Revenue
Bonds,
Kalamazoo
College
Project,
Refunding
Series
2018
5
.000
12/01/43
3,575,144
3,330,000
(c)
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015,
(Pre-refunded
5/15/25)
5
.000
11/15/45
3,357,313
2,730,000
(c)
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015,
(Pre-refunded
5/15/25)
5
.000
11/15/45
2,752,392
4,665,000
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Sewage
Disposal
System
Local
Project,
Second
Lien
Series
2015C
5
.000
07/01/34
4,698,389
1,070,000
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Sewage
Disposal
System
Local
Project,
Second
Lien
Series
2015C
5
.000
07/01/35
1,078,080
175,000
(c)
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI,
(Pre-refunded
6/01/26)
5
.000
12/01/45
180,621
5,340,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI
5
.000
12/01/45
5,382,745
9,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI-2
4
.000
03/01/51
8,538,337
10,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017A-MI
4
.000
12/01/36
9,833,295
1,900,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017MI
5
.000
12/01/30
1,975,680
2,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019A-MI
4
.000
12/01/49
1,862,097
11,730,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2
5
.000
06/01/40
12,325,134
10,330,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6
4
.000
11/15/47
9,592,612
190,000
Michigan
Public
Educational
Facilities
Authority,
Charter
School
Revenue
Bonds,
American
Montessori
Academy,
Series
2007
6
.500
12/01/37
190,092
2,085,000
(c)
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I,
(Pre-refunded
10/15/25)
5
.000
04/15/31
2,120,365
14,915,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/31
15,140,718
5,615,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/38
5,679,869
665,000
(c)
Michigan
State
Hospital
Finance
Authority,
Hospital
Revenue
Refunding
Bonds,
St.
John's
Health
System,
Series
1998A
-
AMBAC
Insured,
(ETM)
5
.000
05/15/28
693,509
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
84
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
8,300,000
Michigan
State
University,
General
Revenue
Bonds,
Refunding
Series
2019C
4
.000
%
02/15/44
$
8,153,369
3,000,000
Michigan
State
University,
General
Revenue
Bonds,
Taxable
Series
2019A
5
.000
02/15/48
3,105,487
1,950,000
Michigan
State,
Comprehensive
Transportation
Revenue
Bonds,
Refunding
Series
2015
5
.000
11/15/29
1,953,184
1,350,000
Muskegon
County,
Michigan,
General
Obligation
Wastewater
Bonds,
Management
System
1,
Refunding
Series
2015
5
.000
11/01/33
1,371,285
1,730,000
Muskegon
County,
Michigan,
General
Obligation
Wastewater
Bonds,
Management
System
1,
Refunding
Series
2015
5
.000
11/01/36
1,755,400
400,000
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
5
.000
12/01/33
424,296
650,000
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
5
.000
12/01/35
690,004
665,000
Novi
Community
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2022-II
4
.000
05/01/47
647,624
3,805,000
Rockford
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023II
5
.000
05/01/44
4,083,843
1,510,000
Royal
Oak,
Oakland
County,
Michigan,
General
Obligation
Bonds,
Taxable
Limited
Tax
Series
2018
5
.000
04/01/43
1,581,714
810,000
Saginaw
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016A
5
.000
07/01/35
827,921
5,240,000
Troy
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
5
.000
05/01/52
5,559,639
1,065,000
(c)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27)
5
.000
04/01/36
1,119,922
2,000,000
(c)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27)
5
.000
04/01/42
2,103,141
5,000,000
(c)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27)
5
.000
04/01/47
5,257,852
7,200,000
(b),(c)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27),
(UB)
5
.000
04/01/47
7,571,306
1,000,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Senior
Series
2017A
5
.000
12/01/42
1,026,332
2,200,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D
5
.000
12/01/45
2,216,607
5,000,000
Wayne
State
University,
Michigan,
General
Revenue
Bonds,
Series
2018A
5
.000
11/15/43
5,140,278
2,590,000
West
Bloomfield
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2017
-
AGM
Insured
5
.000
05/01/36
2,695,315
1,500,000
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/40
1,509,856
850,000
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/45
854,139
3,335,000
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2019A
5
.000
11/15/44
3,483,097
175,000
Williamston
Community
School
District,
Michigan,
Unlimited
Tax
General
Obligation
QSBLF
Bonds,
Series
1996
-
NPFG
Insured
5
.500
05/01/25
176,870
2,700,000
Wyandotte,
Michigan,
Electric
Revenue
Bonds,
Refunding
Series
2015A
-
BAM
Insured
5
.000
10/01/44
2,718,312
TOTAL
MICHIGAN
358,835,625
MINNESOTA
-
5.7%
(3.5%
of
Total
Investments)
285,000
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A
4
.000
08/01/36
270,341
875,000
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Spectrum
High
School
Project,
Series
2024
5
.000
07/01/59
866,681
5,000,000
Bird
Island-Olivia-Lake
Lillian
Independent
School
District
2534,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2024A
5
.000
02/01/49
5,359,659
85
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
3,565,000
Brooklyn
Center,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Tesfa
International
dba
Twin
Lakes
STEM
Academy
Project,
Series
2021A
5
.250
%
06/15/56
$
2,606,074
730,000
Brooklyn
Center,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Tesfa
International
dba
Twin
Lakes
STEM
Academy
Project,
Taxable
Series
2021B
6
.000
06/15/31
676,693
350,000
Chatfield,
Minnesota,
Healthcare
and
Housing
Facilities
Revenue
Bonds,
Chosen
Valley
Care
Center
Project,
Refunding
Series
2019
4
.000
09/01/39
298,802
1,000,000
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A
5
.000
07/01/36
975,344
4,005,000
City
of
Milaca,
Minnesota
Refunding
Revenue
Bonds,
Grandview
Christian
Home
Project,
Series
2016
5
.000
10/01/41
4,017,157
550,000
(a)
Dakota
County
Community
Development
Agency,
Minnesota,
Senior
Housing
Revenue
Bonds,
Walker
Highview
Hills
LLC
Project,
Refunding
Series
2016A
3
.500
08/01/25
547,442
1,000,000
(a)
Dakota
County
Community
Development
Agency,
Minnesota,
Senior
Housing
Revenue
Bonds,
Walker
Highview
Hills
LLC
Project,
Refunding
Series
2016A
5
.000
08/01/46
989,463
590,000
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A
5
.250
07/01/37
593,802
3,600,000
(a)
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Seven
Hills
Preparatory
Academy
Project,
Series
2024A
6
.125
06/15/61
3,637,475
2,000,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
4
.250
02/15/43
1,964,680
1,300,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/43
1,325,953
4,050,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/48
4,102,097
6,650,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/53
6,731,708
3,000,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.250
02/15/53
3,059,505
7,240,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.250
02/15/58
7,386,333
3,600,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022B
5
.250
06/15/47
3,879,453
1,980,000
GFW
Independent
School
District
No.
2365,
Sibley,
Renville,
McLeod
and
Nicollet
Counties,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2023A
5
.000
02/01/42
2,130,342
1,125,000
GFW
Independent
School
District
No.
2365,
Sibley,
Renville,
McLeod
and
Nicollet
Counties,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2023A
4
.125
02/01/52
1,108,577
535,000
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Paladin
Career
&
Technical
High
School
Project,
Series
2021A
4
.000
06/01/41
436,249
9,840,000
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A
4
.000
02/01/41
9,870,647
2,800,000
Itasca
County
Independent
School
District
318,
Minnesota,
General
Obligation
Bonds,
Series
2018A
4
.000
02/01/37
2,839,522
1,000,000
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A
4
.000
02/01/50
956,926
405,000
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Cyber
Village
Academy
Project,
Series
2022A
5
.500
06/01/57
382,765
2,250,000
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021
4
.000
11/15/40
2,237,634
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
86
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
2,530,000
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A
4
.000
%
11/15/48
$
2,252,360
1,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
5
.000
01/01/33
1,076,018
2,245,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
5
.000
01/01/44
2,346,830
3,500,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
5
.000
01/01/49
3,632,565
1,630,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C
5
.000
01/01/37
1,681,963
7,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C
5
.000
01/01/46
7,146,274
2,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
4
.125
01/01/47
1,975,738
2,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
4
.250
01/01/52
1,977,223
12,345,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
5
.000
01/01/52
12,949,014
7,335,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Series
2024A
5
.000
01/01/52
7,805,194
5,000,000
Minnesota
Agricultural
and
Economic
Development
Board,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2024A
5
.250
01/01/54
5,378,712
610,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
4
.125
10/01/42
610,586
1,000,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
4
.125
10/01/42
1,000,960
2,140,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
5
.000
10/01/47
2,233,864
1,000,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020D
4
.000
08/01/42
987,413
3,165,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C
4
.000
08/01/43
3,086,847
3,805,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022C
5
.000
08/01/41
4,117,244
2,000,000
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A
5
.000
12/01/42
2,049,004
10,000,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022
5
.000
11/15/57
10,668,313
10,325,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019
5
.000
05/01/48
10,647,321
6,000,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019
4
.000
05/01/49
5,719,878
4,825,000
(a)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023
5
.500
03/01/53
4,947,746
2,000,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A
5
.000
09/01/55
1,965,892
2,000,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
5
.750
09/01/46
2,028,609
530,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2020A
3
.875
12/01/30
464,142
4,170,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Nova
Classical
Academy,
Series
2016A
4
.125
09/01/47
3,723,325
87
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
1,000,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A
5
.000
%
07/01/29
$
1,008,444
4,000,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A
5
.000
07/01/31
4,029,291
3,420,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A
5
.000
07/01/33
3,443,693
595,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
4
.000
11/15/35
579,130
1,470,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
4
.000
11/15/43
1,326,984
3,315,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
5
.000
11/15/47
3,343,783
800,000
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2023-3
4
.750
10/01/43
818,076
180,000
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
6
.500
06/01/29
180,638
1,070,000
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
6
.375
06/01/42
1,088,556
3,055,000
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
6
.500
06/01/57
3,115,121
850,000
Sartell,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Country
Manor
Campus
LLC
Project,
Refunding
Series
2017
5
.000
09/01/42
810,088
4,270,000
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Charter
School
Revenue
Bonds,
Higher
Ground
Academy
Charter
School,
Series
2018
5
.000
12/01/43
4,288,585
3,595,000
(c)
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
(Pre-
refunded
11/15/25)
5
.000
11/15/40
3,658,594
5,315,000
(c)
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
(Pre-
refunded
11/15/25)
5
.000
11/15/44
5,409,019
300,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/32
305,207
150,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/33
152,553
250,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/35
254,000
600,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
4
.000
08/01/39
583,013
2,000,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/49
2,013,163
3,000,000
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A
5
.000
01/01/49
3,095,536
TOTAL
MINNESOTA
211,227,833
MISSISSIPPI
-
0.1%
(0.1%
of
Total
Investments)
4,500,000
Medical
Center
Educational
Building
Corporation,
Mississippi,
Revenue
Bonds,
University
of
Mississippi
Medical
Center
New
Facilities
&
Refinancing
Project,
Series
2017A
4
.000
06/01/47
4,335,314
TOTAL
MISSISSIPPI
4,335,314
MISSOURI
-
5.5%
(3.3%
of
Total
Investments)
2,470,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
4
.000
08/01/33
1,998,965
4,590,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
5
.000
08/01/35
3,903,608
3,700,000
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017
5
.000
10/01/47
3,680,174
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
88
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
2,000,000
Hazelwood
School
District,
St.
Louis
County,
Missouri,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2023A
-
BAM
Insured
5
.000
%
03/01/42
$
2,141,926
6,940,000
(b)
Jackson
County,
Missouri,
Special
Obligation
Bonds,
Series
2023A,
(UB)
5
.250
12/01/47
7,491,108
8,150,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/27
7,512,407
5,000,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/31
3,959,726
2,475,000
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A
4
.000
01/01/38
2,487,758
4,470,000
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A
4
.000
01/01/42
4,413,001
1,475,000
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2021A
5
.000
04/01/40
1,561,245
1,750,000
Kansas
City,
Missouri,
Water
Revenue
Bonds,
Series
2023A
4
.000
12/01/47
1,708,325
2,700,000
Maryland
Heights,
Missouri,
Tax
Increment
and
Special
District
Revenue
Bonds,
Westport
Plaza
Redevelopment
Area,
Series
2020
4
.125
11/01/38
2,631,270
2,695,000
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2019B
5
.000
05/01/44
2,835,590
2,160,000
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of Independence
Annual
Appropriation
Electric
System,
Refunding
Series
2022
-
AGM
Insured
5
.000
06/01/34
2,396,004
3,000,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Refunding
Series
1998A
2
.900
09/01/33
2,690,234
1,350,000
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2016
5
.000
11/15/35
1,377,713
1,400,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2017A
5
.000
06/01/42
1,431,627
1,830,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2021A
4
.000
07/01/40
1,840,439
1,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2013C,
(Mandatory
Put
1/01/46)
4
.000
01/01/50
1,409,992
14,000,000
(b)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2017D,
(Mandatory
Put
1/01/48),
(UB)
4
.000
01/01/58
13,370,041
4,165,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Fixed
Series
2019A
4
.000
11/15/44
4,052,836
4,220,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Fixed
Series
2019A
4
.000
11/15/49
4,031,974
17,300,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/48
17,301,991
5,110,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A
5
.000
11/15/39
5,153,699
1,400,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F
5
.000
11/15/45
1,400,142
1,050,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
4
.000
11/15/36
1,042,721
2,980,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
4
.000
11/15/37
2,951,010
2,620,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/42
2,680,366
2,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/47
2,536,414
28,565,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020
4
.000
06/01/53
26,819,993
89
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
1,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
%
02/15/44
$
1,460,445
2,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/49
1,896,410
8,725,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/54
8,112,831
3,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2022A
4
.000
06/01/52
2,828,514
10,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A
4
.000
05/15/42
9,673,587
1,150,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A
5
.000
02/01/46
1,155,861
700,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016B
5
.000
02/01/34
708,922
1,950,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019A
5
.000
02/01/42
1,976,097
1,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C
5
.000
02/01/42
1,548,612
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C
4
.000
02/01/48
902,891
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2024A
5
.250
02/01/54
1,046,914
7,085,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Pairie
State
Power
Project,
Refunding
Series
2016A
5
.000
12/01/34
7,249,036
5,000,000
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022
5
.000
03/01/41
5,378,962
2,000,000
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022
5
.000
03/01/42
2,141,063
1,675,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C
4
.000
12/01/31
1,685,661
2,535,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C
5
.000
12/01/32
2,575,117
3,500,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Ranken-Jordan
Project,
Refunding
&
Improvement
Series
2016
5
.000
11/15/41
3,465,801
220,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A
5
.875
09/01/43
220,225
7,250,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A
5
.250
09/01/53
7,291,914
2,300,000
(a)
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023
6
.000
10/01/49
2,302,516
545,000
The
Industrial
Development
Authority
of
the
City
of
Saint
Louis,
Missouri,
Development
Financing
Revenue
Bonds,
Ballpark
Village
Development
Project,
Series
2017A
3
.875
11/15/29
514,647
TOTAL
MISSOURI
202,948,325
MONTANA
-
0.5%
(0.3%
of
Total
Investments)
2,975,000
Kalispell,
Montana,
Housing
and
Healthcare
Facilities
Revenue
Bonds,
Immanuel
Lutheran
Corporation,
Series
2017A
5
.250
05/15/47
2,579,115
4,965,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
07/01/48
4,981,479
3,310,000
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Reveue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2018
5
.000
06/01/48
3,378,968
1,825,000
Montana
Facility
Finance
Authority,
Revenue
Bonds,
Billings
Clinic
Obligated
Group,
Series
2018A
5
.000
08/15/48
1,858,678
6,130,000
Montana
State
Board
of
Regents
of
Higher
Education,
General
Revenue
Bonds,
Series
2022
-
AGM
Insured
5
.250
11/15/52
6,612,337
TOTAL
MONTANA
19,410,577
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
90
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA
-
1.2%
(0.7%
of
Total
Investments)
$
14,165,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A
5
.000
%
09/01/42
$
15,555,504
3,500,000
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
5
.000
11/01/45
3,522,840
1,900,000
Douglas
County
School
District
54,
Ralston,
Nebraska,
General
Obligation
Bonds,
Series
2023
5
.000
12/15/48
2,019,166
2,150,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Refunding
Series
2017A
5
.000
07/01/29
2,210,076
2,000,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Refunding
Series
2017A
5
.000
07/01/30
2,052,194
1,000,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/32
1,000,729
820,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/33
820,323
2,000,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/34
2,000,064
5,110,000
Municipal
Energy
Agency
of
Nebraska,
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
04/01/38
5,282,810
8,500,000
(b)
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024C,
(UB)
4
.800
09/01/54
8,564,159
TOTAL
NEBRASKA
43,027,865
NEVADA
-
2.4%
(1.5%
of
Total
Investments)
6,480,000
Carson
City,
Nevada,
Hospital
Revenue
Bonds,
Carson
Tahoe
Regional
Healthcare
Project,
Series
2017A
5
.000
09/01/47
6,542,042
7,525,000
Clark
County,
Nevada,
General
Obligation
Bonds,
Stadium
Improvement,
Limited
Tax
Additionally
Secured
by
Pledged
Revenues,
Series
2018A
5
.000
05/01/48
7,782,326
365,000
(a)
Director
of
the
State
of
Nevada
Department
of
Business
and
Industry,
Charter
School
Lease
Revenue
Bonds,
Somerset
Academy,
Series
2018A
5
.000
12/15/38
366,322
2,205,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/26
2,191,914
1,465,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/27
1,456,881
2,550,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/29
2,496,442
2,795,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/30
2,706,445
18,000,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B
5
.000
07/01/43
18,582,433
5,000,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015
5
.000
06/01/32
5,005,944
43,505,000
(c)
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015,
(Pre-refunded
12/01/24)
5
.000
06/01/39
43,557,051
TOTAL
NEVADA
90,687,800
NEW
HAMPSHIRE
-
0.2%
(0.1%
of
Total
Investments)
1,500,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Concord
Hospital,
Series
2017
5
.000
10/01/47
1,524,924
1,115,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2018A
5
.000
08/01/36
1,153,188
2,935,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2018A
5
.000
08/01/37
3,030,581
TOTAL
NEW
HAMPSHIRE
5,708,693
91
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
-
7.4%
(4.5%
of
Total
Investments)
$
10,600,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B
5
.000
%
11/01/25
$
10,767,094
6,000,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Montclair
Properties
LLC,
Montclair
State
University
Student
Housing
Project,
Refunding
Series
2017
-
AGM
Insured
5
.000
06/01/42
6,111,544
20,890,000
(c)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
(Pre-refunded
12/15/26)
5
.500
06/15/30
22,065,996
370,000
(c)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2018EEE,
(Pre-refunded
12/15/28)
5
.000
06/15/43
403,260
2,515,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2018EEE
5
.000
06/15/43
2,591,111
2,415,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ
4
.000
06/15/50
2,330,832
2,500,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A
5
.000
07/01/37
2,586,627
26,320,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A
5
.000
07/01/43
26,720,448
12,775,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
4
.000
07/01/51
12,385,552
3,050,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/28
3,132,165
7,795,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/29
7,991,294
5,450,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB
4
.000
06/15/46
5,267,783
4,390,000
(c)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
(Pre-refunded
12/15/32)
5
.500
06/15/50
5,142,477
4,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA
5
.000
06/15/40
4,346,731
4,890,000
(b)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
(UB)
5
.250
06/15/50
5,320,488
5,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/26
4,668,694
16,495,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/33
11,759,605
1,815,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
0
.000
12/15/26
1,700,054
10,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
FGIC
Insured
0
.000
12/15/30
8,078,228
38,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/33
27,334,677
45,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/35
29,445,813
10,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/36
6,249,296
5,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A
5
.000
12/15/32
5,380,078
5,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
4
.000
06/15/44
4,812,046
9,615,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA
4
.000
06/15/50
9,265,303
14,000,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2005D-1
-
AGM
Insured
5
.250
01/01/26
14,212,801
1,160,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B
4
.000
01/01/34
1,182,318
1,500,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2017G
4
.000
01/01/33
1,531,449
5,500,000
(b)
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
(UB)
5
.000
01/01/46
5,954,579
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
92
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
3,000,000
Rahway
Valley
Sewerage
Authority,
New
Jersey,
Sewer
Revenue
Bonds,
Series
2005A
-
NPFG
Insured
0
.000
%
09/01/25
$
2,914,439
5,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A
5
.250
11/01/52
5,335,645
10,355,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/46
10,551,637
4,710,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.250
06/01/46
4,845,923
2,280,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
2,287,180
TOTAL
NEW
JERSEY
274,673,167
NEW
MEXICO
-
0.2%
(0.1%
of
Total
Investments)
3,955,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A
4
.000
08/01/48
3,732,038
2,500,000
University
of
New
Mexico,
Revenue
Bonds,
System
Improvement
Series
2023
-
AGM
Insured
5
.500
06/01/53
2,758,612
TOTAL
NEW
MEXICO
6,490,650
NEW
YORK
-
11.4%
(6.9%
of
Total
Investments)
7,000,000
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009
0
.000
07/15/45
2,707,830
900,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
07/01/50
910,458
11,930,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A
5
.000
07/01/50
11,934,620
1,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/33
979,827
5,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
C,
(Pre-refunded
2/15/25)
5
.000
02/15/36
5,026
10,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
4
.000
03/15/39
10,123,003
3,980,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
5
.000
03/15/46
4,236,693
15,355,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A,
(UB)
5
.000
03/15/46
16,345,331
4,115,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
4
.000
03/15/49
4,065,345
14,800,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019A.
Bidding
Group
1,2,3,4
4
.000
03/15/48
14,314,955
37,175,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D
4
.000
02/15/47
36,619,974
10,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018E
Group
2
5
.000
03/15/40
10,474,289
1,645,000
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A
5
.250
12/01/52
1,716,288
10,000,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005
5
.250
10/01/35
11,488,253
5,000,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018
5
.000
09/01/37
5,284,015
15,000,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024B-1
5
.000
11/15/49
16,191,077
8,620,000
(b)
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds, University
of
Rochester
Project,
Series
2023A,
(UB)
5
.000
07/01/53
9,265,211
5,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
EE
4
.000
06/15/42
4,990,732
5,500,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
GG-1
4
.000
06/15/50
5,342,566
93
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
6,140,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-1
5
.250
%
06/15/54
$
6,707,459
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Series
A-1
5
.000
08/01/40
5,236,636
7,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2021
Subseries
C-1
4
.000
05/01/46
6,867,556
10,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2021
Subseries
E-1
4
.000
02/01/42
9,986,978
13,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1
5
.000
02/01/47
13,776,111
1,500,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1
5
.000
02/01/51
1,584,810
2,060,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
B-1
5
.000
12/01/41
2,111,306
10,370,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
Series
A-1
4
.000
08/01/42
10,199,464
3,500,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
SeriesD-1
4
.000
03/01/50
3,388,459
12,000,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
F-1
4
.000
03/01/47
11,688,902
12,000,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1
5
.000
08/01/47
12,696,190
5,365,000
(b)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2024
Series
A,
(UB)
5
.000
08/01/51
5,723,501
10,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
1996J
5
.500
02/15/26
10,019
5,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
1997H
6
.125
08/01/25
5,014
23,920,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
23,919,746
1,590,000
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021
-
BAM
Insured
4
.000
02/15/43
1,562,173
5,000
(c)
New
York
State
Dormitory
Authority,
Personal
Income
Tax
Revenue
Bonds,
Series
2015B,
(Pre-refunded
2/15/25)
5
.000
02/15/36
5,026
14,065,000
New
York
State
Dormitory
Authority,
Personal
Income
Tax
Revenue
Bonds,
Series
2015B
5
.000
02/15/36
14,109,967
5,900,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A
4
.000
03/15/50
5,697,717
4,000,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Transportation
Series
2021A-1
4
.000
03/15/44
3,940,320
10,000,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Green
Series
2023A,
(UB)
5
.000
03/15/63
10,580,415
25,035,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A
5
.000
03/15/45
26,842,151
5,500,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A
5
.000
03/15/46
5,879,835
7,500,000
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Series
2019A
5
.000
03/15/40
7,970,172
5,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/50
5,021,432
10,725,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
0
.010
11/15/31
8,297,053
1,105,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
0
.010
11/15/32
819,431
1,300,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2020A
5
.000
11/15/54
1,362,102
3,265,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A
5
.000
05/15/44
3,511,820
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
94
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
9,695,000
(b)
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A,
(UB)
5
.000
%
05/15/57
$
10,224,508
6,500,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2022A
5
.000
05/15/47
6,947,881
12,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2022A
5
.250
05/15/52
13,012,591
10,000,000
(b)
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2024A-1,
(UB)
5
.250
05/15/59
10,926,088
5,000,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/45
4,465,843
820,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023
-
AGM
Insured
5
.750
11/01/48
916,259
TOTAL
NEW
YORK
422,990,428
NORTH
CAROLINA
-
3.3%
(2.0%
of
Total
Investments)
1,000,000
Catawba
County,
North
Carolina,
General
Obligation
Bonds,
Limited
Obligation
Series
2014A
5
.000
06/01/30
1,001,059
730,000
Catawba
County,
North
Carolina,
General
Obligation
Bonds,
Limited
Obligation
Series
2014A
5
.000
06/01/31
730,727
1,365,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A
5
.000
07/01/42
1,407,454
5,390,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A
5
.000
07/01/47
5,513,884
5,000,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Series
2023A
5
.000
07/01/48
5,358,314
2,045,000
Charlotte,
North
Carolina,
Storm
Water
Fee
Revenue
Bonds,
Refunding
Series
2014
5
.000
12/01/39
2,047,431
2,325,000
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2015
5
.000
07/01/40
2,343,785
4,000,000
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
Doing
Business
as
Atrium
Health,
Refunding
Series
2018A
5
.000
01/15/36
4,225,212
2,000,000
(c)
Greensboro,
North
Carolina,
Limited
Obligation
Bonds,
Coliseum
Complex
Project,
Series
2018A,
(Pre-refunded
4/01/28)
5
.000
04/01/42
2,148,962
500,000
Henderson
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2015
5
.000
10/01/31
507,675
6,140,000
(c)
New
Hanover
County,
North
Carolina,
Hospital
Revenue
Bonds,
New
Hanover
Regional
Medical
Center,
Series
2017,
(Pre-
refunded
10/01/27)
5
.000
10/01/47
6,516,451
1,800,000
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
10/01/40
1,819,322
2,500,000
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Series
2023
5
.000
10/01/52
2,649,040
3,900,000
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B
5
.000
07/01/42
4,018,264
1,605,000
(c)
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
(Pre-refunded
10/01/25)
5
.000
10/01/55
1,631,842
9,485,000
(b),(c)
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
(Pre-refunded
10/01/25),
(UB)
5
.000
10/01/55
9,643,624
5,000,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Refunding
Series
2016
4
.000
01/01/37
5,026,806
2,500,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Series
2018
5
.000
01/01/48
2,579,298
700,000
North
Carolina
Medical
Care
Commission, Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
5
.000
10/01/31
706,844
2,720,000
North
Carolina
Medical
Care
Commission, Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
5
.000
10/01/37
2,734,682
95
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
CAROLINA
(continued)
$
3,000,000
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Wake
Forest
Baptist
Obligated
Group,
Series
2012A
5
.000
%
12/01/45
$
3,002,650
1,545,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A
5
.000
01/01/28
1,577,330
1,500,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A
5
.000
01/01/32
1,525,165
835,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/28
719,267
800,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/30
625,687
850,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/31
631,400
2,400,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/33
1,609,574
3,160,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/36
1,808,895
3,100,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/37
1,683,476
1,900,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/40
885,105
400,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A
5
.000
07/01/47
404,053
2,200,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
-
AGM
Insured
5
.000
01/01/39
2,249,877
1,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Series
2018
5
.000
01/01/40
1,039,005
150,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/31
120,164
4,375,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/33
3,222,011
2,300,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/34
1,619,087
2,380,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/35
1,598,829
7,575,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/37
4,629,786
1,470,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/38
854,555
10,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019
5
.000
01/01/49
10,297,908
3,040,000
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015
5
.000
06/01/33
3,061,205
2,500,000
Raleigh,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016A
4
.000
03/01/46
2,478,214
1,250,000
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
4
.000
09/01/35
1,249,341
1,265,000
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
4
.000
09/01/36
1,262,249
1,000,000
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
4
.000
09/01/37
991,322
800,000
(c)
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Refunding
Series
2015,
(Pre-refunded
4/01/25)
5
.000
04/01/45
806,027
4,735,000
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2017
5
.000
10/01/42
4,894,714
4,765,000
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Series
2018
5
.000
04/01/43
4,930,718
1,250,000
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
10/01/45
1,260,944
TOTAL
NORTH
CAROLINA
123,649,234
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
96
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
DAKOTA
-
0.9%
(0.5%
of
Total
Investments)
$
1,000,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
5
.000
%
12/01/37
$
1,012,815
8,525,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
5
.000
12/01/42
8,614,030
7,070,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
4
.000
12/01/47
6,205,421
1,800,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021
4
.000
12/01/51
1,550,402
645,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2023A
-
AGM
Insured
5
.000
12/01/53
665,403
900,000
Grand
Forks,
North
Dakota,
Senior
Housing
&
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
and
Services
Obligated
Group,
Series
2017
5
.000
12/01/36
880,802
500,000
Grand
Forks,
North
Dakota,
Senior
Housing
and
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
Obligated
Group,
Series
2016A
5
.125
12/01/24
500,190
2,700,000
University
of
North
Dakota,
Certificates
of
Participation,
Housing
Infrastructure
Project,
Series
2021A
-
AGM
Insured
4
.000
06/01/51
2,555,959
11,065,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/43
11,099,008
1,139,631
(d)
Williston,
North
Dakota,
Multifamily
Housing
Revenue
Bonds,
Eagle
Crest
Apartments
LLC
Project,
Series
2013
7
.750
09/01/38
227,926
TOTAL
NORTH
DAKOTA
33,311,956
OHIO
-
4.0%
(2.4%
of
Total
Investments)
3,020,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Summa
Health
System,
Refunding
&
Improvement
Series
2016
5
.250
11/15/41
3,063,817
8,255,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Summa
Health
System,
Refunding
&
Improvement
Series
2016
5
.250
11/15/46
8,338,740
10,940,000
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Refunding
&
Improvement
Series
2015A
5
.000
11/01/43
10,947,362
8,655,000
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A
4
.000
08/01/38
8,619,938
25,315,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2
0
.010
06/01/57
2,352,039
1,095,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
4
.000
06/01/48
982,657
35,790,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
32,368,140
5,000,000
Cleveland
Clinic
Health
System
Obligated
Group,
Ohio,
Martin
County
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Series
2019B
4
.000
01/01/43
4,917,155
5,165,000
Cuyahoga
Community
College
District,
Ohio,
General
Obligation
Bonds,
Facilities
Construction
&
Improvement
Series
2018
4
.000
12/01/38
5,180,745
5,975,000
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013
5
.000
06/15/43
5,319,697
1,500,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities
Project,
Series
2017A
5
.000
01/01/47
1,476,201
1,120,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities
Project,
Series
2017A
5
.000
01/01/52
1,079,635
3,425,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities,
Refunding
&
Improvement
Series
2016
5
.000
01/01/46
3,393,861
6,000,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities,
Refunding
&
Improvement
Series
2016
5
.000
01/01/51
5,804,047
3,000,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A
5
.000
08/15/42
3,059,991
5,000,000
Miami
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Kettering
Health
Network
Obligated
Group
Project,
Refunding
Improvement
Series
2019
5
.000
08/01/49
5,043,460
97
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
6,000,000
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007
-
AGM
Insured
5
.250
%
12/01/31
$
6,645,004
3,000,000
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
University
of
Dayton,
Series
2018A
5
.000
12/01/48
3,075,515
1,755,000
(b)
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A,
(UB)
4
.550
09/01/49
1,763,024
3,195,000
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Fixed
Interest
Rate
Series
2020A
5
.000
01/15/50
3,281,606
7,065,000
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Series
2021A
4
.000
01/15/46
6,762,974
7,550,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3
5
.800
02/15/36
8,637,763
2,400,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Green
Series
2023B
5
.000
12/01/43
2,639,787
4,250,000
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023
5
.250
12/01/59
4,568,527
4,190,000
Springboro
Community
City
School
District,
Warren
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007
-
AGM
Insured
5
.250
12/01/26
4,374,647
3,670,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015
6
.000
03/01/45
3,672,068
TOTAL
OHIO
147,368,400
OKLAHOMA
-
0.5%
(0.3%
of
Total
Investments)
3,135,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/52
3,204,367
6,340,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
6,472,079
9,040,000
(b)
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2024B,
(UB)
4
.600
09/01/44
9,048,457
1,125,000
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017
5
.250
11/15/37
1,145,495
TOTAL
OKLAHOMA
19,870,398
OREGON
-
2.9%
(1.7%
of
Total
Investments)
1,035,000
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Columbia
Memorial
Hospital
Project,
Series
2024
5
.250
08/01/49
1,093,238
760,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/38
790,945
1,000,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/39
1,038,932
1,725,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/40
1,788,208
1,185,000
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A
5
.375
11/15/55
1,187,764
4,170,000
Eugene,
Oregon,
Electric
Utility
Revenue
Bonds,
Series
2020A
4
.000
08/01/45
4,125,693
2,250,000
Eugene,
Oregon,
Water
Utility
System
Revenue
Bonds,
Series
2023
5
.000
08/01/52
2,405,803
2,820,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A
5
.000
06/01/46
2,844,284
7,895,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2022A
5
.000
06/01/52
8,244,977
6,275,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A
5
.000
10/01/35
6,354,785
140,000
(c)
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A,
(Pre-refunded
10/01/26)
5
.000
10/01/46
145,241
2,120,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A
5
.000
10/01/46
2,119,589
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
98
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON
(continued)
$
23,400,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A
4
.000
%
07/01/51
$
22,468,579
4,100,000
Port
of
Portland,
Oregon,
Portland
International
Airport,
Revenue
Bonds,
Series
2019
25A
5
.000
07/01/49
4,257,055
4,000,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
4
.000
05/15/41
3,915,715
13,220,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
5
.000
05/15/46
13,354,964
8,005,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Series
2019A
5
.000
05/15/44
8,293,093
10,805,000
Tualatin
Valley
Water
District,
Oregon,
Water
Revenue
Bonds,
Series
2023
5
.000
06/01/48
11,646,513
10,000,000
University
of
Oregon,
General
Revenue
Bonds,
Series
2020A
5
.000
04/01/50
10,434,191
TOTAL
OREGON
106,509,569
PENNSYLVANIA
-
6.0%
(3.6%
of
Total
Investments)
1,670,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
4
.000
06/01/45
1,652,984
2,000,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
4
.000
06/01/50
1,942,904
3,155,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
05/15/26
2,981,539
4,145,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
11/15/26
3,851,697
2,800,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
05/15/28
2,463,916
3,000,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
11/15/28
2,589,124
1,200,000
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2018A
5
.000
11/15/42
1,231,439
895,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
5
.000
06/01/34
941,364
3,595,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/42
3,706,643
5,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/47
5,109,330
95,000
Delaware
Valley
Regional
Finance
Authority,
Pennsylvania,
Local
Government
Revenue
Bonds,
Series
1997B
-
AMBAC
Insured
5
.700
07/01/27
101,016
5,000,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021
5
.000
11/01/51
5,152,962
4,915,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
United
Zion
Retirement
Community,
Series
2017A
5
.000
12/01/47
4,169,193
4,480,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B
0
.000
12/01/31
3,376,624
5,180,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B
0
.000
12/01/32
3,723,440
5,210,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
5
.000
09/01/43
5,342,169
1,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019
4
.000
09/01/44
954,785
5,000,000
(c)
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
(Pre-refunded
1/15/25)
5
.250
01/15/45
5,015,703
2,905,000
Neshaminy
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2022
4
.000
11/01/43
2,912,942
99
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
630,207
(d)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Series
2013A0
&
AE2
2
.200
%
06/30/27
$
277,291
347,128
(d)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Taxable
Series
2013B,
(cash
5.000%,
PIK
5.000%)
0
.900
06/30/27
62,483
2,525,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University
Project,
Series
2024
5
.000
08/01/49
2,737,949
10,000,000
(g)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-1
5
.000
11/01/51
10,501,810
5,910,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019
4
.000
08/15/44
5,752,663
5,250,000
(b)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
(UB)
4
.650
10/01/51
5,252,137
16,000,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
12/01/51
15,128,307
16,805,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E
6
.375
12/01/38
18,190,986
6,580,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
5
.000
12/01/40
6,661,492
8,510,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
5
.000
12/01/45
8,590,218
5,800,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2019A
5
.000
12/01/49
6,089,144
6,500,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2021B
5
.000
12/01/46
6,913,570
17,375,000
(b)
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2023A,
(UB)
5
.250
12/01/53
18,876,949
19,250,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C
-
AGM
Insured
6
.250
06/01/33
20,132,345
7,475,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A
4
.000
12/01/45
7,300,454
1,445,000
Philadelphia
Authority
for
Industrial
Development
Senior
Living
Facilities,
Philadelphia,
Pennsylvania,
Revenue
Bonds,
Wesley
Enhanced
Living
Obligated
Group,
Series
2017A
5
.000
07/01/37
1,452,417
7,500,000
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A
-
BAM
Insured
4
.000
09/01/46
7,330,007
3,410,000
(c)
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
1997A
-
AMBAC
Insured,
(ETM)
5
.125
08/01/27
3,603,791
10,000,000
(g)
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2024C
5
.250
09/01/54
10,847,860
8,135,000
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A
4
.000
06/01/49
7,733,800
TOTAL
PENNSYLVANIA
220,655,447
PUERTO
RICO
-
2.0%
(1.2%
of
Total
Investments)
3,996,324
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0
0
.010
08/01/54
813,197
625,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS
-
SYNCORA
GTY
Insured
5
.000
07/01/25
623,267
5,281,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
5,295,481
6,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
1,455,925
23,031,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
22,873,051
24,161,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
24,216,565
1,370,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A
4
.550
07/01/40
1,376,756
5,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
4,953,565
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
100
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
(continued)
$
5,951,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
%
07/01/40
$
5,902,380
8,291,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
8,229,214
TOTAL
PUERTO
RICO
75,739,401
RHODE
ISLAND
-
0.9%
(0.5%
of
Total
Investments)
3,000,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group
Issue
Series
2024
5
.250
05/15/54
3,175,599
1,315,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group,
Refunding
Series
2016
5
.000
05/15/39
1,327,252
174,390,000
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
0
.000
06/01/52
28,242,356
TOTAL
RHODE
ISLAND
32,745,207
SOUTH
CAROLINA
-
3.6%
(2.2%
of
Total
Investments)
5,000,000
Charleston
County
Airport
District,
South
Carolina,
Airport
Revenue
Bonds,
Series
2024B
5
.000
07/01/49
5,339,969
5,000,000
Charleston
County
Airport
District,
South
Carolina,
Airport
Revenue
Bonds,
Series
2024B
5
.250
07/01/54
5,459,562
1,290,000
Lexington
County
Health
Services
District,
Inc.,
South
Carolina,
Hospital
Revenue
Bonds,
Lexington
Medical
Center,
Series
2016
5
.000
11/01/41
1,305,106
4,000,000
Lexington
County
Health
Services
District,
Inc.,
South
Carolina,
Hospital
Revenue
Bonds,
Lexington
Medical
Center,
Series
2016
5
.000
11/01/46
4,026,894
26,955,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AMBAC
Insured
0
.000
01/01/31
20,924,770
15,420,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AMBAC
Insured
0
.000
01/01/32
11,403,163
4,000,000
Rock
Hill,
South
Carolina,
Combined
Utility
System
Revenue
Bonds,
Series
2024A
5
.000
01/01/54
4,244,719
1,370,000
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Bishop
Gadsden
Episcopal
Retirement
Community,
Series
2019A
5
.000
04/01/54
1,380,191
1,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A
7
.000
06/15/43
1,047,955
1,095,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A
7
.125
06/15/53
1,146,132
12,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc,
Series
2020A
4
.000
12/01/44
11,601,379
9,030,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
5
.000
11/01/43
9,261,610
6,210,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
4
.000
11/01/48
5,912,978
5,195,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
5
.000
11/01/48
5,277,892
16,760,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2014C
5
.000
12/01/46
16,764,215
6,800,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/46
6,893,487
10,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/56
10,090,346
5,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A
4
.000
12/01/52
4,541,902
8,686,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022B
4
.000
12/01/39
8,679,812
TOTAL
SOUTH
CAROLINA
135,302,082
101
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
DAKOTA
-
1.2%
(0.7%
of
Total
Investments)
$
4,000,000
Clay
County,
South
Dakota,
General
Obligation
Bonds,
Series
2023
5
.000
%
12/01/52
$
4,168,975
3,000,000
Sioux
Falls,
South
Dakota,
Health
Facilities
Revenue
Bonds,
Dow
Rummel
Village
Project,
Series
2017
5
.000
11/01/42
2,856,307
3,150,000
Sioux
Falls,
South
Dakota,
Health
Facilities
Revenue
Bonds,
Dow
Rummel
Village
Project,
Series
2017
5
.125
11/01/47
2,934,730
22,800,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Monument
Health,
Inc.,
Series
2020A
4
.000
09/01/50
21,649,704
2,500,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2014B
5
.000
11/01/44
2,501,679
9,325,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015
5
.000
11/01/45
9,401,301
TOTAL
SOUTH
DAKOTA
43,512,696
TENNESSEE
-
1.6%
(1.0%
of
Total
Investments)
2,180,000
Greeneville
Health
and
Educational
Facilities
Board,
Tennessee,
Hospital
Revenue
Bonds,
Ballad
Health,
Series
2018A
5
.000
07/01/35
2,265,328
5,000,000
Knox
County
Health,
Educational
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
University
Health
System,
Inc.,
Series
2016
5
.000
09/01/36
5,022,003
1,000,000
Knox
County
Health,
Educational
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
University
Health
System,
Inc.,
Series
2016
5
.000
09/01/47
974,765
445,000
Knox
County
Health,
Educational
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
University
Health
System,
Inc.,
Series
2017
5
.000
04/01/31
453,456
1,755,000
Knox
County
Health,
Educational
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
University
Health
System,
Inc.,
Series
2017
5
.000
04/01/36
1,771,878
4,100,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.250
07/01/48
4,453,074
11,670,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.250
07/01/56
12,503,137
4,170,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Series
2023
5
.250
05/01/53
4,473,896
2,225,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Lipscomb
University,
Refunding
&
Improvement
Series
2016A
5
.000
10/01/41
2,246,501
2,910,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Lipscomb
University,
Refunding
&
Improvement
Series
2016A
5
.000
10/01/45
2,933,345
5,000,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University
Medical
Center,
Series
2016A
5
.000
07/01/40
5,088,095
6,000,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University
Medical
Center,
Series
2016A
5
.000
07/01/46
6,059,488
2,750,000
Metropolitan
Knoxville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Series
2024A
5
.250
06/01/54
2,985,132
390,000
(a)
Shelby
County
Health,
Educational,
Housing,
and
Facility
Board,
Tennessee,
Student
Housing
Revenue
Bonds,
Madrone
Memphis
Student
Housing,
I
LLC
-
University
of
Memphis
Project
Series
2024A-1
5
.250
06/01/56
399,124
7,325,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Project
Revenue
Bonds,
Series
2023A-1,
(Mandatory
Put
5/01/28)
5
.000
05/01/53
7,618,974
TOTAL
TENNESSEE
59,248,196
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
102
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
-
11.4%
(6.9%
of
Total
Investments)
$
2,260,000
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2023
5
.000
%
11/15/48
$
2,404,906
14,615,000
(b)
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A,
(UB)
5
.000
11/15/45
14,737,633
8,805,000
Bastrop
Independent
School
District,
Bastrop
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/15/53
9,384,070
1,000,000
Cedar
Hill
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2002
-
FGIC
Insured
0
.000
08/15/32
748,578
7,750,000
(c)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
01/01/45
7,836,974
1,925,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
4
.350
12/01/42
1,838,663
1,000,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
4
.400
12/01/47
926,169
10,000,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2021B
5
.000
12/01/47
10,539,230
5,000,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
and
Improvement
Series
2024
4
.000
11/01/45
4,870,900
9,000,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
and
Improvement
Series
2024
5
.250
11/01/48
9,902,542
6,125,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
Series
2021B
4
.000
11/01/45
5,966,853
10,000,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
Series
2022B
5
.000
11/01/50
10,583,835
9,000,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2021A.
4
.000
11/01/46
8,779,636
3,700,000
El
Paso
Independent
School
District,
El
Paso
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2017
5
.000
08/15/42
3,778,440
3,500,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/40
3,487,761
27,280,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/45
26,324,327
12,695,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
-
AGM
Insured
4
.000
10/01/49
12,159,742
8,500,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/49
8,003,807
5,295,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2018A.
Tela
Supported
5
.000
10/01/48
5,457,189
9,275,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2022A
4
.125
07/01/52
8,942,618
2,845,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
4
.000
12/01/45
2,723,601
2,320,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
5
.000
12/01/45
2,328,531
7,570,000
(b)
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
First
Lien
Series
2024A,
(UB)
5
.250
08/15/54
8,234,674
5,000,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018A
4
.000
08/15/48
4,795,452
4,040,000
(a),(b)
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Tender
Options
Bond
Trust
2015
-
AGM
Insured,
(IF)
7
.304
08/15/28
5,115,719
1,195,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/41
544,530
2,390,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/42
1,034,280
2,660,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/43
1,093,169
103
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
7,260,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
%
11/15/44
$
2,835,089
10,440,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.010
11/15/45
3,857,588
7,165,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/49
2,137,476
3,000,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/52
763,564
2,710,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B
5
.000
07/01/48
2,787,256
5,000,000
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Combined
First
Lien
Series
2024A
5
.250
11/15/54
5,438,303
10,850,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/25
10,521,588
1,715,000
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
-
AMBAC
Insured
0
.000
09/01/32
1,253,269
2,725,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
5
.000
08/15/40
2,747,402
4,000,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
4
.000
08/15/41
3,955,816
8,305,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2015
5
.000
05/15/45
8,332,681
1,780,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5
.750
12/01/33
1,788,385
1,800,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
6
.125
12/01/38
1,809,559
9,750,000
Midland
Independent
School
District,
Midland
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
4
.000
02/15/54
9,424,835
16,285,000
Midtown
Redevelopment
Authority,
Texas,
Tax
Increment
Contract
Revenue,
Refunding
Series
2017
5
.000
01/01/36
16,851,655
10,040,000
Midtown
Redevelopment
Authority,
Texas,
Tax
Increment
Contract
Revenue,
Refunding
Series
2017
-
AGM
Insured
5
.000
01/01/38
10,366,855
2,100,000
Montgomery
County
Toll
Road
Authority,
Texas,
Toll
Road
Revenue
Bonds,
Senior
Lien
Series
2018
5
.000
09/15/43
2,109,056
1,815,000
Montgomery
County
Toll
Road
Authority,
Texas,
Toll
Road
Revenue
Bonds,
Senior
Lien
Series
2018
5
.000
09/15/48
1,821,778
4,240,000
New
Braunfels,
Comal
County,
Texas,
Utility
System
Revenue
Bonds,
Refunding
Series
2022
5
.000
07/01/47
4,486,712
3,900,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
College
Station
I
LLC
-
Texas
A&M
University
Project,
Series
2014A
-
AGM
Insured
5
.000
04/01/46
3,900,243
1,880,000
(c)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
7
.000
09/01/43
2,283,292
7,990,000
(c)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
6
.750
09/01/45
9,746,455
4,000,000
(c)
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I,
(Pre-refunded
1/01/25)
6
.500
01/01/43
4,018,809
2,125,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D
-
AGC
Insured
0
.000
01/01/28
1,918,454
2,000,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2015B
5
.000
01/01/45
2,004,932
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
104
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
14,610,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A
5
.000
%
01/01/43
$
15,025,004
5,000,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2018
5
.000
01/01/48
5,138,579
6,285,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A
5
.000
01/01/33
6,299,970
8,000,000
(c)
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A,
(Pre-refunded
1/01/25)
5
.000
01/01/35
8,019,054
10,500,000
Port
of
Houston
Authority,
Harris
County,
Texas,
Revenue
Bonds,
First
Lien
Series
2023,
(UB)
5
.000
10/01/53
11,086,984
2,250,000
Red
River
Education
Finance
Corporation,
Texas,
Higher
Education
Revenue
Bonds,
Saint
Edward?s
University
Project,
Series
2016
4
.000
06/01/36
2,074,203
2,000,000
San
Antonio,
Texas,
General
Obligation
Bonds,
General
Improvement
Series
2021
4
.000
08/01/41
2,001,279
7,975,000
Tarrant
County
College
District,
Texas,
General
Obligation
Bonds,
Series
2022
5
.000
08/15/39
8,775,393
2,500,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Methodist
Hospital
of
Dallas,
Series
2022
4
.000
10/01/47
2,399,085
1,500,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Christus
Health,
Series
2022A
4
.000
07/01/53
1,438,011
2,500,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A
5
.000
02/15/41
2,542,502
10,500,000
(b)
Texas
Department
of
Housing
and
Community
Affairs,
Residential
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
5
.125
01/01/54
10,771,401
1,300,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-635
Managed
Lanes
Project,
Refunding Series
2020A
4
.000
06/30/39
1,290,522
1,000,000
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A
5
.000
08/01/57
1,017,582
4,000,000
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A
-
AMBAC
Insured
0
.000
08/15/25
3,887,505
5,000,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2019A
4
.000
10/15/49
4,825,507
10,500,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021
4
.000
10/15/51
10,076,223
17,220,000
University
of
Houston,
Texas,
Consolidated
Revenue
Bonds,
Refunding
Series
2022A
5
.000
02/15/52
18,118,941
7,000,000
West
Harris
County
Regional
Water
Authority,
Texas,
Water
System
Revenue
Bonds,
Series
2022
-
AGM
Insured
5
.000
12/15/57
7,362,678
TOTAL
TEXAS
421,855,304
UTAH
-
0.7%
(0.4%
of
Total
Investments)
1,045,000
(a)
Black
Desert
Public
Infrastructure
District,
Washington
County,
Utah,
Special
Assessment
Bonds,
Black
Desert
Assessment
Area
1,
Series
2024
5
.625
12/01/53
1,071,722
6,000,000
(b)
Millard
School
District,
Utah,
Lease
Revenue
Bonds,
Local
Building
Authority
Series
2024
-
BAM
Insured,
(UB)
5
.000
05/15/59
6,438,047
3,560,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
5
.000
07/01/42
3,641,655
1,975,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
5
.000
07/01/47
2,012,389
4,000,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B
5
.000
07/01/48
4,114,032
1,000,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Utah
Charter
Academies
Project,
Series
2018
5
.000
10/15/38
1,019,751
2,320,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Utah
Charter
Academies
Project,
Series
2018
5
.000
10/15/43
2,350,172
2,040,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Utah
Charter
Academies
Project,
Series
2018
5
.000
10/15/48
2,055,980
105
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
1,940,000
(b)
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024C,
(UB)
4
.700
%
01/01/54
$
1,946,592
TOTAL
UTAH
24,650,340
VERMONT
-
0.4%
(0.2%
of
Total
Investments)
1,000,000
University
of
Vermont
and
State
Agricultural
College,
General
Obligation
Bonds,
Series
2015
4
.000
10/01/40
990,890
10,000,000
University
of
Vermont
and
State
Agricultural
College,
General
Obligation
Bonds,
Series
2015
5
.000
10/01/45
10,091,146
2,730,000
Vermont
Educational
and
Health
Buildings
Financing
Agency,
Revenue
Bonds,
Middlebury
College
Project,
Series
2023
5
.000
11/01/52
2,917,329
TOTAL
VERMONT
13,999,365
VIRGIN
ISLANDS
-
0.1%
(0.0%
of
Total
Investments)
2,645,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
2,748,293
TOTAL
VIRGIN
ISLANDS
2,748,293
VIRGINIA
-
0.6%
(0.4%
of
Total
Investments)
1,610,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/40
1,593,678
430,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.875
07/15/40
442,611
4,000,000
(b)
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2018A,
(UB)
4
.000
05/15/48
3,906,139
8,075,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A
4
.000
07/01/52
7,878,201
425,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6
.875
12/01/58
469,846
1,800,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7
.000
09/01/53
2,060,094
7,505,000
Virginia
Resources
Authority,
Infrastructure
and
State
Moral
Obligation
Revenue
Bonds,
Pooled
Loan
Bond
Program,
State
Moral
Series
2024A
4
.000
11/01/49
7,196,925
TOTAL
VIRGINIA
23,547,494
WASHINGTON
-
4.0%
(2.4%
of
Total
Investments)
7,000,000
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Green
Series
2016S-1
5
.000
11/01/41
7,177,304
12,235,000
Chelan
County
Public
Utility
District
1,
Washington,
Columbia
River-Rock
Island
Hydro-Electric
System
Revenue
Refunding
Bonds,
Series
1997A
-
NPFG
Insured
0
.000
06/01/26
11,630,141
7,000,000
Douglas
County
Public
Utility
District
1,
Washington,
Revenue
Bonds,
Wells
Hydroelectric,
Series
2022B
5
.000
09/01/47
7,421,043
4,200,000
King
County
Public
Hospital
District
1,
Washington,
Limited
Tax
General
Obligation
Bonds,
Valley
Medical
Center,
Refunding
Series
2016
5
.000
12/01/36
4,292,610
7,500,000
King
County
Public
Hospital
District
1,
Washington,
Limited
Tax
General
Obligation
Bonds,
Valley
Medical
Center,
Refunding
Series
2018
5
.000
12/01/43
7,708,972
10,630,000
King
County
Public
Hospital
District
2,
Washington,
General
Obligation
Bonds,
EvergreenHealth,
Limited
Tax
2020A
4
.000
12/01/45
10,135,087
10,535,000
Seattle,
Washington,
Drainage
and
Wastewater
System
Revenue
Bonds,
Improvement
Series
2023
5
.000
02/01/49
11,286,589
15,000,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
4
.000
07/01/51
14,449,326
3,750,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2022
5
.000
07/01/52
3,993,096
10,000,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2023
5
.000
03/01/53
10,694,254
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
106
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
1,185,000
(g)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.000
%
01/01/41
$
1,284,804
1,245,000
(g)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.000
01/01/42
1,341,408
1,310,000
(g)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.000
01/01/43
1,405,943
7,645,000
(g)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.250
01/01/54
8,195,979
5,250,000
Tacoma,
Washington,
Sewer
Revenue
Bonds,
Series
2018
4
.000
12/01/48
5,088,324
6,180,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
6,362,916
4,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
5
.000
10/01/32
4,009,244
10,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
4
.250
10/01/40
9,484,692
3,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D
5
.000
10/01/41
3,000,195
5,160,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Children's
Hospital,
Series
2015A
4
.000
10/01/45
5,001,230
2,600,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B. Exchange
Purchase
3
.000
07/01/58
1,754,378
2,525,000
Washington
State
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Seattle
University,
Series
2020
4
.000
05/01/45
2,407,299
500,000
(a)
Washington
State
Housing
Finance
Commission,
Non-profit
Housing
Revenue
Bonds,
Presbyterian
Retirement
Communities
Northwest
Proejct,
Refunding
Series
2016A
5
.000
01/01/46
470,113
9,000,000
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2003C
-
FGIC
Insured
0
.000
06/01/28
8,061,412
TOTAL
WASHINGTON
146,656,359
WEST
VIRGINIA
-
0.6%
(0.3%
of
Total
Investments)
12,690,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A
5
.000
06/01/47
12,833,561
2,065,000
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021
5
.000
06/01/47
2,181,757
5,750,000
West
Virginia
State,
General
Obligation
Bonds,
State
Road
Competitive
Series
2018B
4
.000
06/01/42
5,669,354
TOTAL
WEST
VIRGINIA
20,684,672
WISCONSIN
-
5.0%
(3.0%
of
Total
Investments)
43,035
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/46
1,299
42,429
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/47
1,186
42,126
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/48
1,113
41,823
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/49
1,040
41,217
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/50
952
45,157
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/51
987
1,162,471
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
3
.750
07/01/51
831,508
107
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
44,853
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
%
01/01/52
$
911
44,247
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/53
852
43,944
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/54
795
43,338
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/55
742
42,732
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/56
696
42,429
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/57
651
41,823
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/58
607
41,519
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/59
573
41,217
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/60
534
40,611
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/61
496
40,307
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/62
466
39,701
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/63
436
39,398
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/64
412
39,095
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/65
384
38,489
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/66
350
501,278
(a),(d)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/67
4,139
1,950,000
Public
Finance
Authority
of
Wisconsin,
Health
Care
Facilities
Revenue
Bonds,
Appalachian
Regional
Healthcare
System
Obligated
Group,
Series
2021A
4
.000
07/01/56
1,492,334
8,335,000
(a)
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2018A
5
.000
06/15/48
8,352,259
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2013B-1
4
.000
11/15/43
9,618,175
9,830,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021
4
.000
08/15/46
9,567,069
8,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021
4
.000
08/15/51
7,413,875
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2017C
5
.000
02/15/47
9,933,639
2,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016B
5
.000
02/15/35
2,014,293
Portfolio
of
Investments
October
31,
2024
(continued)
NEA
108
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
7,625,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
%
06/01/39
$
7,628,567
2,415,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/51
1,886,539
2,470,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/61
1,816,808
5,155,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A
4
.000
11/15/34
5,166,673
1,110,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Benevolent
Corporation
Cedar
Community,
Series
2017
5
.000
06/01/37
1,101,769
955,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Benevolent
Corporation
Cedar
Community,
Series
2017
5
.000
06/01/41
915,470
1,000,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/30
1,053,872
1,110,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/31
1,169,798
1,100,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/32
1,159,259
1,725,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/33
1,817,929
1,775,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/34
1,870,623
1,910,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/35
2,012,896
2,065,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/36
2,176,246
15,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Froedtert
Health,
Inc.
Obligated
Group,
Series
2022A
4
.000
04/01/41
14,542,601
18,595,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marquette
University,
Series
2016
5
.000
10/01/46
18,859,837
8,215,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A
5
.000
02/15/42
8,233,562
5,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2016
5
.000
12/01/41
5,106,679
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2022
4
.000
12/01/46
9,584,735
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2022
4
.000
12/01/51
9,455,192
1,525,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021
4
.000
01/01/57
1,248,669
11,480,000
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2015,
(Pre-refunded
12/16/24)
5
.000
12/15/44
11,500,543
109
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
29,080,000
(b)
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024B,
(UB)
4
.750
%
03/01/51
$
29,113,076
TOTAL
WISCONSIN
186,664,116
TOTAL
MUNICIPAL
BONDS
(Cost
$6,037,052,641)
6,127,327,881
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$6,037,052,641)
6,127,327,881
FLOATING
RATE
OBLIGATIONS
-
(7.5)%
(
277,110,000
)
AMTP
SHARES,
NET
-
(2.1)%(h)
(
77,974,106
)
MFP
SHARES,
NET
-
(26.0)%(i)
(
962,370,278
)
VRDP
SHARES,
NET
-
(31.2)%(j)
(
1,155,165,787
)
OTHER
ASSETS
&
LIABILITIES,
NET
- 1.4%
50,607,422
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
3,705,315,132
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$138,253,176
or
2.3%
of
Total
Investments.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
When-issued
or
delayed
delivery
security.
(h)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
1.3%.
(i)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
15.7%.
(j)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
18.9%.
ETM
Escrowed
to
maturity
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
110
e
October
31,
2024
NAD
NEA
ASSETS
Long-term
investments,
at
value
†
$
4,994,391,740‌
$
6,127,327,881‌
Receivables:
Dividends
524‌
–‌
Interest
69,191,981‌
79,494,237‌
Investments
sold
45,046,457‌
68,382,475‌
Other
792,367‌
1,484,296‌
Total
assets
5,109,423,069‌
6,276,688,889‌
LIABILITIES
Cash
overdraft
13,312,099‌
8,899,405‌
Floating
rate
obligations
364,940,000‌
277,110,000‌
AMTP
Shares,
Net
*
727,309,426‌
77,974,106‌
MFP
Shares,
Net
**
455,428,078‌
962,370,278‌
VRDP
Shares,
Net
***
503,842,949‌
1,155,165,787‌
Payables:
Management
fees
2,356,178‌
2,847,311‌
Dividends
16,755,176‌
20,955,788‌
Interest
3,936,269‌
2,361,165‌
Investments
purchased
-
regular
settlement
7,106,014‌
9,355,462‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
14,118,287‌
53,152,550‌
Accrued
expenses:
Custodian
fees
330,605‌
354,881‌
Investor
relations
2,525‌
5,045‌
Trustees
fees
454,783‌
605,284‌
Professional
fees
37,677‌
110,581‌
Shareholder
reporting
expenses
62,289‌
89,746‌
Shareholder
servicing
agent
fees
15,974‌
13,049‌
Other
915‌
3,319‌
Total
liabilities
2,110,009,244‌
2,571,373,757‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
2,999,413,825‌
$
3,705,315,132‌
Common
shares
outstanding
233,404,655‌
298,992,392‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.85‌
$
12
.39‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
2,334,047‌
$
2,989,924‌
Paid-in
capital
3,195,509,116‌
3,945,054,278‌
Total
distributable
earnings
(loss)
(
198,429,338‌
)
(
242,729,070‌
)
Net
assets
applicable
to
common
shares
$
2,999,413,825‌
$
3,705,315,132‌
Authorized
shares:
Common
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
†
Long-term
investments,
cost
$
4,908,463,992‌
$
6,037,052,641‌
*
AMTP
Shares,
liquidation
preference
727,500,000‌
78,000,000‌
**
MFP
Shares,
liquidation
preference
455,800,000‌
963,900,000‌
***
VRDP
Shares,
liquidation
preference
504,300,000‌
1,159,400,000‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
111
0
Year
Ended
October
31,
2024
NAD
NEA
INVESTMENT
INCOME
Dividends
$
24,465‌
$
—‌
Interest
228,312,691‌
272,874,235‌
Total
investment
income
228,337,156‌
272,874,235‌
EXPENSES
–
–
Management
fees
27,827,071‌
33,786,534‌
Shareholder
servicing
agent
fees
97,601‌
104,028‌
Interest
expense
and
amortization
of
offering
costs
84,938,031‌
94,049,926‌
Trustees
fees
178,385‌
223,714‌
Custodian
expenses,
net
341,697‌
385,175‌
Excise
tax
liability
expense
8,912‌
56,725‌
Investor
relations
expenses
285,236‌
554,326‌
Liquidity
fees
3,916,426‌
10,601,024‌
Professional
fees
794,650‌
959,873‌
Remarketing
fees
512,705‌
2,252,048‌
Shareholder
reporting
expenses
162,424‌
228,964‌
Stock
exchange
listing
fees
73,315‌
93,921‌
Other
168,846‌
338,672‌
Total
expenses
119,305,299‌
143,634,930‌
Net
investment
income
(loss)
109,031,857‌
129,239,305‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
23,429,889‌
)
(
18,303,691‌
)
Net
realized
gain
(loss)
(
23,429,889‌
)
(
18,303,691‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
382,026,632‌
460,040,981‌
Net
change
in
unrealized
appreciation
(depreciation)
382,026,632‌
460,040,981‌
Net
realized
and
unrealized
gain
(loss)
358,596,743‌
441,737,290‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
467,628,600‌
$
570,976,595‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
112
NAD
NEA
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
109,031,857‌
$
111,494,499‌
$
129,239,305‌
$
131,150,181‌
Net
realized
gain
(loss)
(
23,429,889‌
)
(
59,006,602‌
)
(
18,303,691‌
)
(
78,469,770‌
)
Net
change
in
unrealized
appreciation
(depreciation)
382,026,632‌
(
9,283,730‌
)
460,040,981‌
(
18,105,892‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
467,628,600‌
43,204,167‌
570,976,595‌
34,574,519‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
122,000,551‌
)
(
111,450,722‌
)
(
139,293,798‌
)
(
131,275,845‌
)
Return
of
Capital
(
43,600,052‌
)
–‌
(
65,964,481‌
)
–‌
Total
distributions
(
165,600,603‌
)
(
111,450,722‌
)
(
205,258,279‌
)
(
131,275,845‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Cost
of
shares
repurchased
and
retired
–‌
–‌
–‌
(
445,350‌
)
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
—‌
—‌
(
445,350‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
302,027,997‌
(
68,246,555‌
)
365,718,316‌
(
97,146,676‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
2,697,385,828‌
2,765,632,383‌
3,339,596,816‌
3,436,743,492‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
2,999,413,825‌
$
2,697,385,828‌
$
3,705,315,132‌
$
3,339,596,816‌
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
113
Year
Ended
October
31,
2024
NAD
NEA
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
467,628,600‌
$
570,976,595‌
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(
972,075,550‌
)
(
774,511,608‌
)
Proceeds
from
sale
and
maturities
of
investments
898,964,547‌
749,049,372‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
72,015,000‌
56,805,000‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(
9,537,790‌
)
(
11,844,527‌
)
Amortization
of
deferred
offering
costs
394,100‌
865,534‌
(Increase)
Decrease
in:
Receivable
for
dividends
(
211‌
)
—‌
Receivable
for
interest
(
1,027,434‌
)
1,905,172‌
Receivable
for
investments
sold
(
22,631,185‌
)
(
20,338,774‌
)
Other
assets
694,886‌
964,808‌
Increase
(Decrease)
in:
Payable
for
interest
2,980,405‌
1,504,011‌
Payable
for
investments
purchased
-
regular
settlement
(
6,199,164‌
)
(
8,716,353‌
)
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
11,683,237‌
35,936,341‌
Payable
for
management
fees
127,324‌
113,987‌
Accrued
custodian
fees
30,354‌
39,743‌
Accrued
investor
relations
fees
(
74,422‌
)
(
91,366‌
)
Accrued
Trustees
fees
(
720,752‌
)
(
978,115‌
)
Accrued
professional
fees
13,912‌
85,603‌
Accrued
shareholder
reporting
expenses
(
9,252‌
)
1,069‌
Accrued
shareholder
servicing
agent
fees
(
859‌
)
(
4,081‌
)
Accrued
other
expenses
(
20,669‌
)
(
25,330‌
)
Net
realized
(gain)
loss
from
investments
23,429,889‌
18,303,691‌
Net
realized
(gain)
loss
from
paydowns
(
649‌
)
(
8,693‌
)
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(
382,026,632‌
)
(
460,040,981‌
)
Net
cash
provided
by
(used
in)
operating
activities
83,637,685‌
159,991,098‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
110,979,335‌
24,074,104‌
(Repayments)
of
borrowings
(
110,979,335‌
)
(
24,074,104‌
)
Proceeds
from
floating
rate
obligations
321,905,000‌
213,155,000‌
(Repayments
of)
floating
rate
obligations
(
35,365,000‌
)
(
14,365,000‌
)
Proceeds
from
AMTP
Shares
issued,
at
liquidation
preference
—‌
(
95,000,000‌
)
Proceeds
from
MFP
Shares
issued,
at
liquidation
preference
(
223,200,000‌
)
(
75,000,000‌
)
Increase
(Decrease)
in:
Cash
overdraft
10,268,000‌
5,537,926‌
Cash
distributions
paid
to
common
shareholders
(
157,245,685‌
)
(
194,319,024‌
)
Net
cash
provided
by
(used
in)
financing
activities
(
83,637,685‌
)
(
159,991,098‌
)
Net
increase
(decrease)
in
Cash
–‌
–‌
Cash
at
the
beginning
of
period
—‌
—‌
Cash
at
the
end
of
period
$
—‌
$
—‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NAD
NEA
Cash
paid
for
interest
$
81,523,867‌
$
91,634,974‌
Financial
Highlights
114
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NAD
10/31/24
$
11.56
$
0.47
$
1.53
$
2.00
$
(
0.52
)
$
—
$
(
0.19
)
$
(
0.71
)
$
—
$
12.85
$
11.99
10/31/23
11.85
0.48
(
0.29
)
0.19
(
0.48
)
—
—
(
0.48
)
—
11.56
9.81
10/31/22
16.11
0.63
(
4.21
)
(
3.58
)
(
0.68
)
—
—
(
0.68
)
—
11.85
10.63
10/31/21
15.75
0.72
0.35
1.07
(
0.71
)
—
—
(
0.71
)
—
16.11
15.63
10/31/20
15.91
0.70
(
0.19
)
0.51
(
0.67
)
—
—
(
0.67
)
—
15.75
14.44
NEA
10/31/24
11.17
0.43
1.48
1.91
(
0.47
)
—
(
0.22
)
(
0.69
)
—
12.39
11.60
10/31/23
11.49
0.44
(
0.32
)
0.12
(
0.44
)
—
—
(
0.44
)
—
(d)
11.17
9.47
10/31/22
15.71
0.60
(
4.17
)
(
3.57
)
(
0.65
)
—
—
(
0.65
)
—
11.49
10.32
10/31/21
15.50
0.69
0.22
0.91
(
0.70
)
—
—
(
0.70
)
—
15.71
15.18
10/31/20
15.58
0.69
(
0.11
)
0.58
(
0.66
)
—
—
(
0.66
)
—
15.50
14.33
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
notes
to
financial
statements
115
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NAD
NEA
10/31/24
2
.94
%
2
.84
%
10/31/23
2
.77
2
.72
10/31/22
1
.06
1
.06
10/31/21
0
.53
0
.53
10/31/20
0
.94
0
.94
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
17
.34‌
%
29
.88‌
%
$
2,999,414
3
.92‌
%
3
.59‌
%
18‌
%
1
.26‌
(
3
.68‌
)
2,697,386
3
.73‌
3
.72‌
24‌
(
22
.79‌
)
(
28
.38‌
)
2,765,632
2
.02‌
4
.44‌
37‌
6
.85‌
13
.31‌
3,759,374
1
.44‌
4
.43‌
10‌
3
.27‌
4
.89‌
3,334,252
1
.87‌
4
.47‌
15‌
17
.10‌
30
.16‌
3,705,315
3
.81‌
3
.43‌
12‌
0
.72‌
(
4
.42‌
)
3,339,597
3
.68‌
3
.53‌
23‌
(
23
.31‌
)
(
28
.47‌
)
3,436,743
2
.01‌
4
.31‌
36‌
5
.91‌
10
.92‌
4,697,314
1
.44‌
4
.31‌
12‌
3
.84‌
5
.74‌
4,318,384
1
.85‌
4
.46‌
16‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expense
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements)
and/or
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Value
rounded
to
zero.
116
Financial
Highlights
(continued)
Asset
Coverage
Per
$1,000
Share(c)
NEA
10/31/24
$2,683
10/31/23
2,408
10/31/22
2,402
10/31/21
2,831
10/31/20
2,805
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
AMTP
Shares
MFP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b),(d)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Asset
Coverage
Per
$1
Liquidation
Preference(e)
NAD
10/31/24
$
727,500
$
277,733
$
455,800
$
277,733
$
504,300
$
277,733
$
2.78
10/31/23
727,500
241,165
679,000
241,165
504,300
241,165
2.41
10/31/22
727,500
240,874
679,000
240,874
504,300
240,874
2.41
10/31/21
727,500
284,419
679,000
284,419
632,000
284,419
2.84
10/31/20
545,500
279,599
679,000
279,599
632,000
279,599
2.80
NEA
10/31/24
78,000
268,324
963,900
268,324
1,159,400
268,324
2.68
10/31/23
173,000
240,834
1,038,900
240,834
1,159,400
240,834
2.41
10/31/22
173,000
240,229
1,088,900
240,229
1,159,400
240,229
2.40
10/31/21
316,500
283,145
1,088,900
283,145
1,159,400
283,145
2.83
10/31/20
143,500
280,550
958,000
280,550
1,290,300
280,550
2.81
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
100,000.
(c)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
1,000.
(d)
NEA’s
Series
D
MFP
Shares
have
a
$1,000
liquidation
preference
per
share,
while
all
other
MFP
Shares
have
a
$100,000
liquidation
preference
per
share. The
asset
coverage
per
$1,000
share
for
NEA’s
Series
D
MFP
Shares
were
as
follows:
(e)
Includes
all
preferred
shares
presented
for
the
Fund.
Notes
to
Financial
Statements
117
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
Quality
Municipal
Income
Fund
(NAD)
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(NEA)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
closed-end
management
investment
companies.
NAD
and
NEA
were
organized
as
Massachusetts
business
trusts
on
January
15,
1999
and
July
29,
2002,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
October
31,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
October
31,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
–
Investment
Companies.
The
net
asset
value
(“NAV”)
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The
Board
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Fund
Gross
Custodian
Fee
Credits
NAD
$
64,451
NEA
55,866
118
Notes
to
Financial
Statements
(continued)
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Investment
income
also
reflects
dividend
income,
which
is
recorded
on
the
ex-dividend
date.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
New
Accounting
Pronouncement:
In
November
2023,
the
FASB
issued
Accounting
Standard
Update
(“ASU”)
No.
2023-07,
Segment
Reporting
(Topic
280)
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”).
The
amendments
in
ASU
2023-07
improve
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
significant
segment
expenses.
ASU
2023-07
also
requires
a
public
entity
that
has
a
single
reportable
segment
to
provide
all
the
disclosures
required
by
the
amendments
in
ASU
2023-07
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
in
ASU
2023-07
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
fiscal
years
beginning
after
December
15,
2024.
Early
adoption
is
permitted.
Management
has
assessed
the
new
guidance
and
determined
that
it
will
not
have
a
material
impact
on
the
financial
positions
or
results
of
operations
of
the
Funds.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
119
The
Funds
hold
liabilities
in
floating
rate
obligations
and
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
these
Notes
to
Financial
Statements.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
in
these
Notes
to
Financial
Statements.
4.
Portfolio
Securities
Inverse
Floating
Rate
Securities:
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
A Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
NAD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Investment
Companies
$
435,850
$
–
$
–
$
435,850
Municipal
Bonds
–
4,993,917,616
38,274
4,993,955,890
Total
$
435,850
$
4,993,917,616
$
38,274
$
4,994,391,740
NEA
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
6,127,270,121
$
57,760
$
6,127,327,881
Total
$
–
$
6,127,270,121
$
57,760
$
6,127,327,881
120
Notes
to
Financial
Statements
(continued)
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows
(sometimes
referred
to
as
"shortfall
payments").
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
reporting
period, each
Fund's
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities:
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Purchases
and
sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NAD
$
364,940,000
$
—
$
364,940,000
NEA
277,110,000
8,070,000
285,180,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NAD
$
242,728,096
3.91
%
NEA
140,972,192
3.85
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NAD
$
364,940,000
$
—
$
364,940,000
NEA
277,110,000
8,070,000
285,180,000
121
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Preferred
Shares
Adjustable
Rate
MuniFund
Term
Preferred
Shares:
The
Funds
have
issued
and
have
outstanding
Adjustable
Rate
MuniFund
Term
Preferred
(“AMTP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
AMTP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
NAD
and
NEA
had
$727,309,426
and
$77,974,106
of
AMTP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
each
Fund’s
AMTP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
NAD
$
972,075,550
$
898,964,547
NEA
774,511,608
749,049,372
NEA
Year
Ended
10/31/24
Year
Ended
10/31/23
Common
Shares:
Repurchased
and
retired
through
tender
offer
—
45,000
Total
—
45,000
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
–
9.88
Discount
per
share
repurchased
and
retired
–%
(17.23)%
Fund
Series
Shares
Outstanding
Liquidation
Preference
NAD
2028
3,370
$337,000,000
2028-1
2,085
$208,500,000
2028-2
1,820
$182,000,000
NEA
2028-1
780
$78,000,000
122
Notes
to
Financial
Statements
(continued)
Each
Fund
is
obligated
to
redeem
its
AMTP
Shares
by
the
date
as
specified
in
its
offering
document
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
AMTP
Shares
are
subject
to
optional
and
mandatory
redemption
in
certain
circumstances.
The
AMTP
Shares
may
be
redeemed
at
the
option
of
the
Fund,
subject
to
payment
of
premium
for
approximately
six
months
following
the
date
of
issuance
(“Premium
Expiration
Date”),
and
at
the
redemption
price
per
share
thereafter.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
AMTP
Shares
are
short-term
or
short/intermediate-term
instruments
that
pay
a
variable
dividend
rate
tied
to
a
short-term
index,
plus
an
additional
fixed
“spread”
amount
which
is
initially
established
at
the
time
of
issuance
and
may
be
adjusted
in
the
future
based
upon
a
mutual
agreement
between
the
majority
owner
and
the
Fund.
From
time-to-time
the
majority
owner
may
propose
to
the
Fund
an
adjustment
to
the
dividend
rate.
Should
the
majority
owner
and
the
Fund
fails
to
agree
upon
an
adjusted
dividend
rate,
and
such
proposed
dividend
rate
adjustment
is
not
withdrawn,
the
Fund
will
be
required
to
redeem
all
outstanding
shares
upon
the
end
of
a
notice
period.
In
addition,
the
Fund
may
be
obligated
to
redeem
a
certain
amount
of
the
AMTP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
and
leverage
ratio
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
Term
Redemption
Date
and
Premium
Expiration
Date
for
the
Fund’s
AMTP
Shares
are
as
follows:
The
average
liquidation
preference
of
AMTP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
AMTP
Shares
are
subject
to
restrictions
on
transfer,
generally
do
not
trade,
and
market
quotations
are
generally
not
available.
The
fair
value
of
AMTP
Shares
is
expected
to
be
approximately
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
AMTP
Shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market
environment.
In
present
market
conditions,
the
Funds’
Adviser
has
determined
that
the
fair
value
of
AMTP
Shares
is
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
For
financial
reporting
purposes,
the
liquidation
preference
of
AMTP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“AMTP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
AMTP
Share
dividends
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
AMTP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
AMTP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
AMTP
Shares
were
recorded
as
deferred
charges,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
components
of
“AMTP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
MuniFund
Preferred
Shares:
The
Funds
have
issued
and
have
outstanding
MuniFund
Preferred
(“MFP”)
Shares,
with
a
$100,000
($1,000
for
NEA’s
Series
D)
liquidation
preference
per
share.
These
MFP
Shares
were
issued
via
private
placement
and
are
not
publically
available.
The
Funds
are
obligated
to
redeem
their
MFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Funds.
MFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
MFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Funds.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Funds
may
establish
additional
mode
structures
with
the
MFP
Share.
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
Shareholders
have
the
ability
to
request
a
best-efforts
tender
of
its
shares
upon
seven
days
notice.
If
the
remarketing
agent
is
unable
to
identify
an
alternative
purchaser,
the
shares
will
be
retained
by
the
shareholder
requesting
tender
and
the
subsequent
dividend
rate
will
increase
to
its
step-up
dividend
rate.
If
after
one
consecutive
year
of
unsuccessful
remarketing
attempts,
the
Fund
will
be
required
to
designate
an
alternative
mode
or
redeem
the
shares.
Fund
Notice
Period
Series
Term
Redemption
Date
Premium
Expiration
Date
NAD
360-day
2028
December
1,
2028*
November
30,
2019
360-day
2028-1
December
1,
2028*
November
30,
2019
360-day
2028-2
December
1,
2028*
November
30,
2019
NEA
360-day
2028-1
December
1,
2028*
December
13,
2019
*
Subject
to
early
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NAD
$
727,500,000
4.34
%
NEA
139,352,459
4.32
123
Each
Fund
will
pay
a
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
designated
in
VRRM.
Payments
made
by
the
Fund
to
the
remarketing
agent
are
recognized
as
“Remarketing
fees”
on
the
Statement
of
Operations.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
MFP
Shares.
The
fair
value
of
MFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
During
the
current
reporting
period,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
approximated
their
liquidation
preference.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which
the
Fund
has
entered
into
a
contractual
agreement,
to
purchase
shares
in
the
event
that
the
shares
are
not
able
to
be
successfully
remarketed.
In
the
event
that
shares
within
this
mode
are
unable
to
be
successfully
remarketed
and
are
purchased
by
the
liquidity
provider,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
shares.
Each
Fund
is
required
to
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The
Fund
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
shares
while
within
VRDM.
Payments
made
by
the
Fund
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
on
the
MFP
shares
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
MFP
shares
are
recognized
as
a
component
on
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
MFP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Subject
to
certain
conditions,
MFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund.
The
Fund
may
also
be
required
to
redeem
certain
MFP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
MFP
Shares
were
recorded
as
a
deferred
charge
and
are
being
amortized
over
the
life
of
the
shares.
These
offering
costs
are
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
NAD
and
NEA
had
$455,428,078
and
$962,370,278
of
MFP
Shares
at
liquidation
preference,
net
of
deferred
available
offering
costs,
respectively.
Further
details
of
each
Fund’s
MFP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows.
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
Fund
Series
Shares
Outstanding
Term
Redemption
Date
Mode
Mode
Termination
Date
NAD
A
3,838
January
3,
2028
VRM
January
3,
2028*
B
720
September
1,
2047
VRM
December
1,
2024
NEA
A
1,350
February
3,
2048
VRM
February
3,
2048*
B
2,600
March
2,
2028
VRM
March
2,
2028*
C
2,380
March
2,
2028
VRDM
March
2,
2028*
D
330,900
March
1,
2029
VRRM
N/A
*
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NAD
$
553,244,809
4.60
%
NEA
998,736,066
4.10
124
Notes
to
Financial
Statements
(continued)
Variable
Rate
Demand
Preferred
Shares:
The
following
Funds
have
issued
and
have
outstanding
Variable
Rate
Demand
Preferred
(“VRDP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
VRDP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
NAD
and
NEA
had
$503,842,949
and
$1,155,165,787
of
VRDP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
the
Funds’
VRDP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
VRDP
Shares
include
a
liquidity
feature
that
allows
VRDP
shareholders
to
have
their
shares
purchased
by
a
liquidity
provider
with
whom
each
Fund
has
contracted
in
the
event
that
the
VRDP
Shares
are
not
able
to
be
successfully
remarketed.
Each
Fund
is
required
to
redeem
any
VRDP
Shares
that
are
still
owned
by
the
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
Each
Fund
pays
an
annual
remarketing
fee
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
Dividends
on
the
VRDP
Shares
(which
are
treated
as
interest
payments
for
financial
reporting
purposes)
are
set
at
a
rate
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
VRDP
Shares
is
expected
to
approximate
its
liquidation
preference.
In
the
event
that
VRDP
Shares
are
unable
to
be
successfully
remarketed,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
VRDP
Shares.
Subject
to
certain
conditions,
VRDP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
each
Fund.
Each
Fund
may
also
redeem
certain
of
the
VRDP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
The
average
liquidation
preference
of
VRDP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Dividends
accrued
on
VRDP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
by
the
Funds
in
connection
with
their
offerings
of
VRDP
Shares
were
recorded
as
a
deferred
charge,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
may
also
pay
a
per
annum
liquidity
fee
to
the
liquidity
provider,
as
well
as
a
remarketing
fee,
which
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees,”
respectively,
on
the
Statement
of
Operations.
Preferred
Share
Transactions:
Transactions
in
preferred
shares
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Transactions
in
AMTP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Transactions
in
MFP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special
Rate
Period
Expiration
Maturity
NAD
1
2,368
0.10%
$236,800,000
N/A
September
11,
2026
2
2,675
0.10%
$267,500,000
N/A
September
11,
2026
NEA
1
2,190
0.10%
$219,000,000
N/A
June
1,
2040
3
3,509
0.05%
$350,900,000
N/A
March
1,
2040
4
4,895
0.10%
$489,500,000
N/A
September
11,
2026
5
1,000
0.10%
$100,000,000
N/A
January
1,
2046
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NAD
$
504,300,000
3.55
%
NEA
1,159,400,000
3.51
Year
Ended
October
31,
2024
Year
Ended
October
31,
2023
NEA
Series
Shares
Amount
Series
Shares
Amount
AMTP
Shares
redeemed
2028-1
(950)
$(95,000,000)
2028
(1,435)
$(143,500,000)
125
Transactions
in
VRDP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
income
tax,
and
in
the
case
of
NEA
the
AMT
applicable
to
individuals
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
investments
in
partnerships,
nondeductible
expenses,
paydowns,
taxable
market
discount
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
Year
Ended
October
31,
2024
NAD
Series
Shares
Amount
MFP
Shares
redeemed
A
(2,232)
$(223,200,000)
Year
Ended
October
31,
2024
NEA
Series
Shares
Amount
MFP
Shares
redeemed
B
(750)
$(75,000,000)
Year
Ended
October
31,
2023
NEA
Series
Shares
Amount
MFP
Shares
redeemed
A
(500)
$(50,000,000)
Year
Ended
October
31,
2023
NAD
Series
Shares
Amount
VRDP
Shares
redeemed
3
(1,277)
$(127,700,000)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAD
$
4,538,125,316
$
131,546,914
$
(40,220,445)
$
91,326,469
NEA
5,752,127,389
164,707,408
(66,617,281)
98,090,127
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NAD
$
—
$
15,002
$
—
$
91,326,469
$
(272,148,758)
$
—
$
(17,622,051)
$
(198,429,338)
NEA
—
31,795
—
98,090,127
(319,024,547)
—
(21,826,445)
(242,729,070)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
on
October
1,
2024
and
paid
on
November
1,
2024.
126
Notes
to
Financial
Statements
(continued)
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
Annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
For
the
period
May
1,
2023
through
April
30,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
fund
was
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
fund’s
daily
managed
assets:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
10/31/24
10/31/23
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
NAD
$
121,907,366
$
93,185
$
—
$
43,600,052
$
111,085,011
$
365,711
$
—
$
—
NEA
139,218,646
75,152
—
65,964,481
130,286,846
988,999
—
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
NAD
1
$
137,555,797
$
134,592,961
$
272,148,758
NEA
1
156,845,347
162,179,200
319,024,547
1
A
portion
of
NAD's
and
NEA's
capital
loss
carryforwards
is
subject
to
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.4500
%
For
the
next
$125
million
0.4375
For
the
next
$250
million
0.4250
For
the
next
$500
million
0.4125
For
the
next
$1
billion
0.4000
For
the
next
$3
billion
0.3750
For
managed
assets
over
$5
billion
0.3625
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
127
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Effective
May
1,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
October
31,
2024,
the
annual
complex-level
fee
for
each
fund
was
as
follows:
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
or
by
an
affiliate
of
the
Adviser
(each
an, “Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
9.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote. As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments
other
then
those
disclosed
in
the
Notes
to
Financial
Statements,
when
applicable.
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
10.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
funds
managed
by
the
Adviser
and
by
an
affiliate
of
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
NAD
0.1572%
NEA
0.1572%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NAD
$
60,632,870
$
53,608,499
$
(3,216,429)
NEA
78,292,109
72,450,174
(3,826,396)
128
Notes
to
Financial
Statements
(continued)
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2025
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed. The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
the
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund
may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Fund
Maximum
Outstanding
Balance
NAD
$
42,000,000
NEA
12,406,589
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NAD
52
$
11,620,197
6.36
%
NEA
8
12,037,052
6.53
Shareholder
Update
129
(U
naudited)
CURRENT
INVESTMENT
OBJECTIVES,
INVESTMENT
POLICIES
AND
PRINCIPAL
RISKS
OF
THE
FUNDS
NUVEEN
QUALITY
MUNICIPAL
INCOME
FUND
(NAD)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
income
tax
and
to
enhance
portfolio
value
relative
to
the
municipal
bond
market
by
investing
in
tax-exempt
municipal
securities
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
income
taxes.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax.
The
Fund
may
invest
up
to
35%
of
its
Managed
Assets
in
securities
that,
at
the
time
of
investment,
are
rated
below
the
three
highest
grades
(Baa
or
BBB
or
lower)
by
at
least
one
nationally
recognized
statistical
rating
organization
(“NRSRO”)
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities.
The
Fund
may
not
enter
into
a
futures
contract
or
related
options
or
forward
contracts
if
more
than
30%
of
the
Fund’s
Managed
Assets
would
be
represented
by
futures
contracts
or
more
than
5%
of
the
Fund’s
Managed
Assets
would
be
committed
to
initial
margin
deposits
and
premiums
on
futures
contracts
or
related
options.
The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
with
respect
to
the
Fund’s
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
income
taxes,
such
policy
may
not
be
changed
without
60
days’
prior
written
notice
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
tender
option
bond
trusts
(“TOB
Trusts”),
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
United
States
(“U.S.”)
federal
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
U.S.
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
noncorporate
taxpayers
(“AMT
Bonds”).
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
130
Shareholder
Update
(continued)
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended
(the
“1933
Act”),
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
131
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
municipal
market
data
rate
locks
(“MMD
Rate
Locks”)),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
exchange-traded
funds
(“ETFs”))
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
Securities
and
Exchange
Commission
(“SEC”).
The
Fund
may
invest
in
distressed
securities
but
may
not
invest
in
the
securities
of
an
issuer
which,
at
the
time
of
investment,
is
in
default
on
its
obligations
to
pay
principal
or
interest
thereon
when
due
or
that
is
involved
in
a
bankruptcy
proceeding
(i.e.,
rated
below
C-,
at
the
time
of
investment);
provided,
however,
that
the
Fund’s
sub-adviser
may
determine
that
it
is
in
the
best
interest
of
shareholders
in
pursuing
a
workout
arrangement
with
issuers
of
defaulted
securities
to
make
loans
to
the
defaulted
issuer
or
another
party,
or
purchase
a
debt,
equity
or
other
interest
from
the
defaulted
issuer
or
another
party,
or
take
other
related
or
similar
steps
involving
the
investment
of
additional
monies,
but
only
if
that
issuer’s
securities
are
already
held
by
the
Fund.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
preferred
shares
of
beneficial
interest
(“Preferred
Shares”),
investments
in
inverse
floating
rate
securities,
entering
into
reverse
repurchase
agreements
(effectively
a
secured
borrowing)
and
borrowings
(subject
to
certain
investment
restrictions). In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
and
in
order
to
keep
the
Fund’s
cash
fully
invested,
the
Fund
may
invest
any
percentage
of
its
Managed
Assets
in
short-term
investments
including
high
quality,
short-term
debt
securities
that
may
be
either tax-exempt or
taxable.
The
Fund
may
not
achieve
its
investment
objectives
during
such
periods.
132
Shareholder
Update
(continued)
NUVEEN
AMT-FREE
QUALITY
MUNICIPAL
INCOME
FUND
(NEA)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
income
tax
and
federal
alternative
minimum
tax
applicable
to
individuals,
and
to
enhance
portfolio
value
relative
to
the
municipal
bond
market
by
investing
in
tax-exempt
municipal
securities
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
investment
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
that
pay
interest
exempt
from
regular
federal
income
tax.
Additionally,
as
a
fundamental
investment
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
in
a
portfolio
of
securities,
the
income
from
which
is
exempt
from
the
federal
alternative
minimum
tax
applicable
to
individuals.
As
a non-fundamental
investment policy,
under
normal
circumstances,
the
Fund
will
invest
100%
of
its
Managed
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
the
federal
alternative
minimum
tax
applicable
to
individuals
at
the
time
of
purchase.
“Assets”
means
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
means
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Additionally,
as
a
non-fundamental
policy,
the
Fund:
May
invest
up
to
35%
of
its
Managed
Assets
in
securities
rated,
at
the
time
of
investment,
below
the
three
highest
grades
(Baa
or
BBB
or
lower)
by
at
least
one
nationally
recognized
statistical
rating
organization
(“NRSRO”)
which
includes
below-investment-grade
securities,
or
unrated
securities
judged
to
be
of
comparable
quality
by
the Fund’s
sub-adviser.
May
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities.
The
Fund
may
not
enter
into
a
futures
contract
or
related
options
or
forward
contracts
if
more
than
30%
of
the
Fund’s
Managed
Assets
would
be
represented
by
futures
contracts
or
more
than
5%
of
the
Fund’s
Managed
Assets
would
be
committed
to
initial
margin
deposits
and
premiums
on
futures
contracts
or
related
options.
The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
with
respect
to
the
Fund’s
fundamental
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
that
pay
interest
exempt
from
both
regular
federal
income
tax
and
the
federal
alternative
minimum
tax
applicable
to
individuals
such
policy
may
not
be
changed
without
60
days’
prior
written
notice
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
its
assets
in
a
portfolio
of
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
tender
option
bond
trusts
(“TOB
Trusts”),
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
United
States
(“U.S.”)
federal
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
U.S.
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
invest
in
municipal
securities
that
are
additionally
secured
by
insurance,
bank
credit
agreements
or
escrow
accounts.
133
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
134
Shareholder
Update
(continued)
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
Securities
Act
of
,
as
amended
(the
“1933
Act”),
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
municipal
market
data
rate
locks
(“MMD
Rate
Locks”)),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
exchange-traded
funds
(“ETFs”))
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
Securities
and
Exchange
Commission
(“SEC”).
The
Fund
may
invest
in
distressed
securities
but
may
not
invest
in
the
securities
of
an
issuer
which,
at
the
time
of
investment,
is
in
default
on
its
obligations
to
pay
principal
or
interest
thereon
when
due
or
that
is
involved
in
a
bankruptcy
proceeding
(i.e.,
rated
below
C-,
at
the
time
of
investment);
provided,
however,
that
the
Fund’s
sub-adviser
may
determine
that
it
is
in
the
best
interest
of
shareholders
in
pursuing
a
workout
arrangement
with
issuers
of
defaulted
securities
to
make
loans
to
the
defaulted
issuer
or
another
party,
or
purchase
a
debt,
equity
or
other
interest
from
the
defaulted
issuer
or
another
party,
or
take
other
related
or
similar
steps
involving
the
investment
of
additional
monies,
but
only
if
that
issuer’s
securities
are
already
held
by
the
Fund.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
preferred
shares
of
beneficial
interest
(“Preferred
Shares”),
investments
in
inverse
floating
rate
securities,
entering
into
reverse
repurchase
agreements
(effectively
a
secured
borrowing)
and
borrowings
(subject
to
certain
investment
restrictions). In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
or
in
order
to
help
keep
the
Fund’s
assets
fully
invested,
including
during
the
period
within
which
the
net
proceeds
of
an
offering
of
Securities
are
first
being
invested,
the
Fund
may
deviate
from
its
investment
policies
and
objectives.
During
such
periods,
the
Fund
may
invest
any
percentage
of
its
Managed
Assets
in
short-term
investments,
including
high
quality,
short-term
debt
securities
that
may
be
either
tax-exempt
or
taxable.
The
Fund
may
not
achieve
its
investment
objectives
during
such
periods.
135
PRINCIPAL
RISKS
OF
THE
FUNDS
The
factors
that
are
most
likely
to
have
a
material
effect
on
a
particular
Fund’s
portfolio
as
a
whole
are
called
“principal
risks.”
Each
Fund
is
subject
to
the
principal
risks
indicated
below,
whether
through
direct
investment
or
derivative
positions.
Each
Fund
may
be
subject
to
additional
risks
other
than
those
identified
and
described
below
because
the
types
of
investments
made
by
a
Fund
can
change
over
time.
Risk
NAD
NEA
Portfolio
Level
Risks
Alternative
Minimum
Tax
Risk
X
-
Below
Investment
Grade
Risk
X
X
Call
Risk
X
X
Credit
Risk
X
X
Credit
Spread
Risk
X
X
Deflation
Risk
X
X
Derivatives
Risk
X
X
Direct
Lending
Risk
X
X
Distressed
or
Defaulted
Securities
Risk
X
X
Duration
Risk
X
X
Economic
Sector
Risk
X
X
Financial
Futures
and
Options
Risk
X
X
Floating
and
Variable
Rate
Securities
Risk
X
X
Hedging
Risk
X
X
Illiquid
Investments
Risk
X
X
Income
Risk
X
X
Inflation
Risk
X
X
Insurance
Risk
X
X
Interest
Rate
Risk
X
X
Inverse
Floating
Rate
Securities
Risk
X
X
Municipal
Securities
Risk
X
X
Municipal
Securities
Market
Liquidity
Risk
X
X
Municipal
Securities
Market
Risk
X
X
Other
Investment
Companies
Risk
X
X
Puerto
Rico
Municipal
Securities
Market
Risk
X
X
Reinvestment
Risk
X
X
Special
Risks
Related
to
Certain
Municipal
Obligations
X
X
Swap
Transactions
Risk
X
X
Tax
Risk
X
X
Taxability
Risk
X
X
Tobacco
Settlement
Bond
Risk
X
X
Unrated
Securities
Risk
X
X
Valuation
Risk
X
X
When-Issued
and
Delayed-Delivery
Transactions
Risk
X
X
Zero
Coupon
Bonds
Risk
X
X
136
Shareholder
Update
(continued)
Risk
NAD
NEA
Fund
Level
and
Other
Risks
Anti-Takeover
Provisions
X
X
Counterparty
Risk
X
X
Cybersecurity
Risk
X
X
Economic
and
Political
Events
Risk
X
X
Fund
Tax
Risk
X
X
Global
Economic
Risk
X
X
Investment
and
Market
Risk
X
X
Legislation
and
Regulatory
Risk
X
X
Leverage
Risk
X
X
Market
Discount
from
Net
Asset
Value
X
X
Recent
Market
Conditions
X
X
Reverse
Repurchase
Agreement
Risk
X
X
137
Portfolio
Level
Risks:
Alternative
Minimum
Tax
Risk.
The
Fund
may
invest
in
AMT
Bonds.
Therefore,
a
portion
of
the
Fund’s
otherwise
exempt-interest
dividends
may
be
taxable
to
those
shareholders
subject
to
the
federal
alternative
minimum
tax.
Below
Investment
Grade
Risk.
Investments
of
below
investment
grade
quality
are
regarded
as
having
speculative
characteristics
with
respect
to
the
issuer’s
capacity
to
pay
dividends
or
interest
and
repay
principal,
and
may
be
subject
to
higher
price
volatility
and
default
risk
than
investment
grade
investments
of
comparable
terms
and
duration.
Issuers
of
lower
grade
investments
may
be
highly
leveraged
and
may
not
have
available
to
them
more
traditional
methods
of
financing.
The
prices
of
these
lower
grade
investments
are
typically
more
sensitive
to
negative
developments,
such
as
a
decline
in
the
issuer’s
revenues
or
a
general
economic
downturn.
The
secondary
market
for
lower
rated
investments
may
not
be
as
liquid
as
the
secondary
market
for
more
highly
rated
investments,
a
factor
which
may
have
an
adverse
effect
on
the
Fund’s
ability
to
dispose
of
a
particular
investment.
If
a
below
investment
grade
investment
goes
into
default,
or
its
issuer
enters
bankruptcy,
it
might
be
difficult
to
sell
that
security
in
a
timely
manner
at
a
reasonable
price.
Call
Risk.
The
Fund
may
invest
in
municipal
securities
that
are
subject
to
call
risk.
Such
municipal
securities
may
be
redeemed
at
the
option
of
the
issuer,
or
“called,”
before
their
stated
maturity
or
redemption
date.
In
general,
an
issuer
will
call
its
instruments
if
they
can
be
refinanced
by
issuing
new
instruments
that
bear
a
lower
interest
rate.
The
Fund
is
subject
to
the
possibility
that
during
periods
of
falling
interest
rates,
an
issuer
will
call
its
high
yielding
municipal
securities.
The
Fund
would
then
be
forced
to
invest
the
unanticipated
proceeds
at
lower
interest
rates,
resulting
in
a
decline
in
the
Fund’s
income.
Credit
Risk.
Issuers
of
municipal
securities
in
which
the
Fund
may
invest
may
default
on
their
obligations
to
pay
principal
or
interest
when
due.
This
non-payment
would
result
in
a
reduction
of
income
to
the
Fund,
a
reduction
in
the
value
of
a
municipal
security
experiencing
non-payment
and
potentially
a
decrease
in
the
net
asset
value
(“NAV”)
of
the
Fund.
To
the
extent
that
the
credit
rating
assigned
to
a
municipal
security
in
the
Fund’s
portfolio
is
downgraded,
the
market
price
and
liquidity
of
such
security
may
be
adversely
affected.
Credit
Spread
Risk.
Credit
spread
risk
is
the
risk
that
credit
spreads
(i.e.,
the
difference
in
yield
between
securities
that
is
due
to
differences
in
their
credit
quality)
may
increase
when
the
market
believes
that
municipal
securities
generally
have
a
greater
risk
of
default.
Increasing
credit
spreads
may
reduce
the
market
values
of
the
Fund’s
securities.
Credit
spreads
often
increase
more
for
lower
rated
and
unrated
securities
than
for
investment
grade
securities.
In
addition,
when
credit
spreads
increase,
reductions
in
market
value
will
generally
be
greater
for
longer-maturity
securities.
Deflation
Risk.
Deflation
risk
is
the
risk
that
prices
throughout
the
economy
decline
over
time.
Deflation
may
have
an
adverse
effect
on
the
creditworthiness
of
issuers
and
may
make
issuer
default
more
likely,
which
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Derivatives
Risk.
The
use
of
derivatives
involves
additional
risks
and
transaction
costs
which
could
leave
the
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Derivative
instruments
can
be
used
to
acquire
or
to
transfer
the
risk
and
returns
of
a
municipal
security
or
other
asset
without
buying
or
selling
the
municipal
security
or
asset.
These
instruments
may
entail
investment
exposures
that
are
greater
than
their
cost
would
suggest.
As
a
result,
a
small
investment
in
derivatives
can
result
in
losses
that
greatly
exceed
the
original
investment.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
An
over-the-counter
derivative
transaction
between
the
Fund
and
a
counterparty
that
is
not
cleared
through
a
central
counterparty
also
involves
the
risk
that
a
loss
may
be
sustained
as
a
result
of
the
failure
of
the
counterparty
to
the
contract
to
make
required
payments.
The
payment
obligation
for
a
cleared
derivative
transaction
is
guaranteed
by
a
central
counterparty,
which
exposes
the
Fund
to
the
creditworthiness
of
the
central
counterparty.
The
use
of
certain
derivatives
involves
leverage,
which
can
cause
the
Fund’s
portfolio
to
be
more
volatile
than
if
the
portfolio
had
not
been
leveraged.
Leverage
can
significantly
magnify
the
effect
of
price
movements
of
the
reference
asset,
disproportionately
increasing
the
Fund’s
losses
and
reducing
the
Fund’s
opportunities
for
gains
when
the
reference
asset
changes
in
unexpected
ways.
In
some
instances,
such
leverage
could
result
in
losses
that
exceed
the
original
amount
invested.
It
is
possible
that
regulatory
or
other
developments
in
the
derivatives
market,
including
changes
in
government
regulation,
could
adversely
impact
the
Fund’s
ability
successfully
use
derivative
instruments.
Direct
Lending
Risk.
The
Fund
may
engage
in
direct
lending.
Direct
loans
between
the
Fund
and
a
borrower
may
not
be
administered
by
an
underwriter
or
agent
bank.
The
Fund
may
provide
financing
to
commercial
borrowers
directly
or
through
companies
affiliated
with
the
Fund.
The
terms
of
the
direct
loans
are
negotiated
with
borrowers
in
private
transactions.
Furthermore,
a
direct
loan
may
be
secured
or
unsecured.
The
Fund
will
rely
primarily
upon
the
creditworthiness
of
the
borrower
and/or
any
collateral
for
payment
of
interest
and
repayment
of
principal.
Direct
loans
may
subject
the
Fund
to
liquidity
risk,
interest
rate
risk,
and
borrower
default
or
insolvency.
Direct
loans
are
not
publicly
traded
and
may
not
have
a
secondary
market
which
may
have
an
adverse
impact
on
the
ability
of
the
Fund
to
dispose
of
a
direct
loan
and/or
value
the
direct
loan.
The
Fund’s
performance
may
be
impacted
by
the
Fund’s
ability
to
lend
on
favorable
terms
as
the
Fund
may
be
subject
to
increased
competition
or
a
reduced
supply
of
qualifying
loans
which
could
lead
to
lower
yields
and
reduce
Fund
performance.
As
part
of
its
lending
activities,
the
Fund
may
originate
loans
to
companies
that
are
experiencing
significant
financial
or
business
difficulties,
including
companies
involved
in
bankruptcy
or
other
reorganization
and
liquidation
proceedings.
Although
the
terms
of
such
financing
may
result
in
significant
financial
returns
to
the
Fund,
they
involve
a
substantial
degree
of
risk.
The
level
of
analytical
sophistication,
both
financial
and
legal,
necessary
for
successful
financing
to
companies
experiencing
significant
business
and
financial
difficulties
is
unusually
high.
Different
types
of
assets
may
be
used
as
collateral
for
the
Fund’s
loans
and,
accordingly,
the
valuation
of
and
risks
associated
with
such
collateral
will
vary
by
loan.
There
is
no
assurance
that
the
Fund
will
correctly
evaluate
the
value
of
the
assets
collateralizing
the
Fund’s
loans
or
the
prospects
for
a
successful
reorganization
or
similar
action.
In
any
reorganization
or
liquidation
proceeding
relating
to
a
borrower
that
the
Fund
is
lending
money
to,
the
Fund
may
lose
all
or
part
of
the
amounts
advanced
to
the
borrower
or
may
be
required
to
accept
collateral
with
a
value
less
than
the
amount
of
the
loan
advanced
by
the
Fund
to
the
borrower.
Furthermore,
in
the
event
of
a
default
by
a
borrower,
the
Fund
may
have
difficulty
disposing
of
the
assets
used
as
collateral
for
a
138
Shareholder
Update
(continued)
loan.
To
the
extent
the
Fund
seeks
to
engage
in
direct
lending,
the
Fund
will
be
subject
to
enhanced
risks
of
litigation,
regulatory
actions
and
other
proceedings.
As
a
result,
the
Fund
may
be
required
to
pay
legal
fees,
settlement
costs,
damages,
penalties
or
other
charges,
any
or
all
of
which
could
materially
adversely
affect
the
Fund
and
its
holdings.
Distressed
or
Defaulted
Securities
Risk.
Investments
in
“distressed”
securities,
meaning
those
whose
issuers
are
experiencing
financial
difficulties
or
distress
at
the
time
of
acquisition,
present
a
substantial
risk
of
future
default.
In
the
event
distressed
securities
become
defaulted
securities
or
the
Fund
otherwise
holds
defaulted
securities,
the
Fund
may
incur
losses,
including
additional
expenses,
to
the
extent
it
is
required
to
seek
recovery
upon
a
default
in
the
payment
of
principal
or
interest
on
those
securities.
In
any
reorganization
or
liquidation
proceeding
relating
to
a
portfolio
security,
the
Fund
may
lose
its
entire
investment
or
may
be
required
to
accept
cash
or
securities
with
a
value
less
than
its
original
investment.
Defaulted
or
distressed
securities
may
be
subject
to
restrictions
on
resale.
Duration
Risk.
Duration
is
the
sensitivity,
expressed
in
years,
of
the
price
of
a
fixed-income
security
to
changes
in
the
general
level
of
interest
rates
(or
yields).
Securities
with
longer
durations
tend
to
be
more
sensitive
to
interest
rate
(or
yield)
changes,
which
typically
corresponds
to
increased
volatility
and
risk,
than
securities
with
shorter
durations.
For
example,
if
a
security
or
portfolio
has
a
duration
of
three
years
and
interest
rates
increase
by
1%,
then
the
security
or
portfolio
would
decline
in
value
by
approximately
3%.
Duration
differs
from
maturity
in
that
it
considers
potential
changes
to
interest
rates,
and
a
security’s
coupon
payments,
yield,
price
and
par
value
and
call
features,
in
addition
to
the
amount
of
time
until
the
security
matures.
The
duration
of
a
security
will
be
expected
to
change
over
time
with
changes
in
market
factors
and
time
to
maturity.
Economic
Sector
Risk.
The
Fund
may
invest
a
significant
amount
of
its
total
assets
in
municipal
securities
in
the
same
economic
sector.
This
may
make
the
Fund
more
susceptible
to
adverse
economic,
political
or
regulatory
occurrences
affecting
an
economic
sector
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
value
of
the
Fund’s
assets.
In
addition,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
health
care
facilities,
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies,
whose
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
assets
in
one
or
more
particular
sectors,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Financial
Futures
and
Options
Transactions
Risk.
The
Fund
may
use
certain
transactions
for
hedging
the
portfolio’s
exposure
to
credit
risk
and
the
risk
of
increases
in
interest
rates,
which
could
result
in
poorer
overall
performance
for
the
Fund.
There
may
be
an
imperfect
correlation
between
price
movements
of
the
futures
and
options
and
price
movements
of
the
portfolio
securities
being
hedged.
If
the
Fund
engages
in
futures
transactions
or
in
the
writing
of
options
on
futures,
it
will
be
required
to
maintain
initial
margin
and
maintenance
margin
and
may
be
required
to
make
daily
variation
margin
payments
in
accordance
with
applicable
rules
of
the
exchanges
and
the
Commodity
Futures
Trading
Commission
(“CFTC”).
If
the
Fund
purchases
a
financial
futures
contract
or
a
call
option
or
writes
a
put
option
in
order
to
hedge
the
anticipated
purchase
of
municipal
securities,
and
if
the
Fund
fails
to
complete
the
anticipated
purchase
transaction,
the
Fund
may
have
a
loss
or
a
gain
on
the
futures
or
options
transaction
that
will
not
be
offset
by
price
movements
in
the
municipal
securities
that
were
the
subject
of
the
anticipatory
hedge.
There
can
be
no
assurance
that
a
liquid
market
will
exist
at
a
time
when
the
Fund
seeks
to
close
out
a
derivatives
or
futures
or
a
futures
option
position,
and
the
Fund
would
remain
obligated
to
meet
margin
requirements
until
the
position
is
closed.
Floating
and
Variable
Rate
Securities
Risk.
Floating
and
variable
rate
securities
provide
for
adjustment
in
the
interest
rate
paid
on
the
obligations.
The
terms
of
such
obligations
typically
provide
that
interest
rates
are
adjusted
based
upon
an
interest
or
market
rate
adjustment
as
provided
in
the
respective
obligations.
The
adjustment
intervals
may
be
regular,
and
range
from
daily
up
to
annually,
or
may
be
event-based,
such
as
based
on
a
change
in
the
prime
rate.
Because
of
the
interest
rate
adjustment
feature,
floating
and
variable
rate
securities
provide
an
investor
with
a
certain
degree
of
protection
against
rises
in
interest
rates,
although
the
investor
will
participate
in
any
declines
in
interest
rates
as
well.
Generally,
changes
in
interest
rates
will
have
a
smaller
effect
on
the
market
value
of
floating
and
variable
rate
securities
than
on
the
market
value
of
comparable
fixed-
income
obligations.
Thus,
investing
in
floating
and
variable
rate
securities
generally
allows
less
opportunity
for
capital
appreciation
and
depreciation
than
investing
in
comparable
fixed-income
securities.
Floating
and
variable
rate
securities
may
be
subject
to
greater
liquidity
risk
than
other
debt
securities,
meaning
that
there
may
be
limitations
on
the
Fund’s
ability
to
sell
the
securities
at
any
given
time.
Such
securities
also
may
lose
value.
Hedging
Risk.
The
Fund’s
use
of
derivatives
or
other
transactions
to
reduce
risk
involves
costs
and
will
be
subject
to
the
investment
adviser’s
and/or
the
sub-adviser’s
ability
to
predict
correctly
changes
in
the
relationships
of
such
hedge
instruments
to
the
Fund’s
portfolio
holdings
or
other
factors.
No
assurance
can
be
given
that
the
investment
adviser’s
and/or
the
sub-adviser’s
judgment
in
this
respect
will
be
correct,
and
no
assurance
can
be
given
that
the
Fund
will
enter
into
hedging
or
other
transactions
at
times
or
under
circumstances
in
which
it
may
be
advisable
to
do
so.
Hedging
activities
may
reduce
the
Fund’s
opportunities
for
gain
by
offsetting
the
positive
effects
of
favorable
price
movements
and
may
result
in
net
losses.
Illiquid
Investments
Risk.
Illiquid
investments
are
investments
that
are
not
readily
marketable.
These
investments
may
include
restricted
investments,
including
Rule
144A
securities,
which
cannot
be
resold
to
the
public
without
an
effective
registration
statement
under
the
1933
Act,
or,
if
they
are
unregistered
may
be
sold
only
in
a
privately
negotiated
transaction
or
pursuant
to
an
available
exemption
from
registration.
The
Fund
may
not
be
able
to
readily
dispose
of
such
investments
at
prices
that
approximate
those
at
which
the
Fund
could
sell
such
investments
if
they
were
more
widely
traded
and,
as
a
result
of
such
illiquidity,
the
Fund
may
have
to
sell
other
investments
or
engage
in
borrowing
transactions
if
necessary
to
raise
cash
to
meet
its
obligations.
Limited
liquidity
can
also
affect
the
market
price
of
investments,
thereby
adversely
affecting
the
Fund’s
NAV
and
ability
to
make
dividend
distributions.
The
financial
markets
in
general
have
in
recent
years
experienced
periods
of
extreme
secondary
market
supply
and
demand
imbalance,
resulting
in
a
loss
of
liquidity
during
which
market
prices
were
suddenly
and
substantially
below
traditional
measures
of
intrinsic
value.
During
such
periods,
some
investments
could
be
sold
only
at
arbitrary
prices
and
with
substantial
losses.
Periods
of
such
market
dislocation
may
occur
again
at
any
time.
Income
Risk.
The
Fund’s
income
could
decline
due
to
falling
market
interest
rates.
This
is
because,
in
a
falling
interest
rate
environment,
the
Fund
generally
will
have
to
invest
the
proceeds
from
maturing
portfolio
securities
in
lower-yielding
securities.
139
Inflation
Risk.
Inflation
risk
is
the
risk
that
the
value
of
assets
or
income
from
investments
will
be
worth
less
in
the
future
as
inflation
decreases
the
value
of
money.
As
inflation
increases,
the
real
value
of
the
common
shares
and
distributions
can
decline.
Currently,
inflation
rates
are
elevated
relative
to
normal
market
conditions
and
could
increase.
Insurance
Risk.
The
Fund
may
purchase
municipal
securities
that
are
secured
by
insurance,
bank
credit
agreements
or
escrow
accounts.
The
credit
quality
of
the
companies
that
provide
such
credit
enhancements
will
affect
the
value
of
those
securities.
Certain
significant
providers
of
insurance
for
municipal
securities
have
incurred
significant
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower
credit
quality
investments.
As
a
result,
such
losses
reduced
the
insurers’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
insurance
if
they
are
called
upon
to
do
so
in
the
future.
While
an
insured
municipal
security
will
typically
be
deemed
to
have
the
rating
of
its
insurer,
if
the
insurer
of
a
municipal
security
suffers
a
downgrade
in
its
credit
rating
or
the
market
discounts
the
value
of
the
insurance
provided
by
the
insurer,
the
value
of
the
municipal
security
would
more
closely,
if
not
entirely,
reflect
such
rating.
In
such
a
case,
the
value
of
insurance
associated
with
a
municipal
security
may
not
add
any
value.
The
insurance
feature
of
a
municipal
security
does
not
guarantee
the
full
payment
of
principal
and
interest
through
the
life
of
an
insured
obligation,
the
market
value
of
the
insured
obligation
or
the
NAV
of
the
common
shares
represented
by
such
insured
obligation.
Interest
Rate
Risk.
Interest
rate
risk
is
the
risk
that
municipal
securities
in
the
Fund’s
portfolio
will
decline
in
value
because
of
changes
in
market
interest
rates.
Generally,
when
market
interest
rates
rise,
the
market
value
of
such
securities
will
fall,
and
vice
versa.
As
interest
rates
decline,
issuers
of
municipal
securities
may
prepay
principal
earlier
than
scheduled,
forcing
the
Fund
to
reinvest
in
lower-yielding
securities
and
potentially
reducing
the
Fund’s
income.
As
interest
rates
increase,
slower
than
expected
principal
payments
may
extend
the
average
life
of
municipal
securities,
potentially
locking
in
a
below-market
interest
rate
and
reducing
the
Fund’s
value.
In
typical
market
interest
rate
environments,
the
prices
of
longer-
term
municipal
securities
generally
fluctuate
more
than
prices
of
shorter-term
municipal
securities
as
interest
rates
change.
If
the
Fund
invests
in
floating
rate
securities,
the
market
value
of
such
securities
may
fall
in
a
declining
interest
rate
environment
and
may
also
fall
in
a
rising
interest
rate
environment
if
there
is
a
lag
between
the
rise
in
interest
rates
and
the
rest.
A
secondary
risk
associated
with
declining
interest
rates
is
the
risk
that
income
earned
by
the
Fund
on
floating
rate
securities
may
decline
due
to
lower
coupon
payments
on
floating-
rate
securities.
Inverse
Floating
Rate
Securities
Risk.
The
Fund
may
invest
in
inverse
floating
rate
securities.
In
general,
income
on
inverse
floating
rate
securities
will
decrease
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
Investments
in
inverse
floating
rate
securities
may
subject
the
Fund
to
the
risks
of
reduced
or
eliminated
interest
payments
and
losses
of
principal.
In
addition,
inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate,
which
effectively
leverages
the
Fund’s
investment.
As
a
result,
the
market
value
of
such
securities
generally
will
be
more
volatile
than
that
of
fixed
rate
securities.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
special
purpose
trusts
that
have
recourse
to
the
Fund.
In
such
instances,
the
Fund
may
be
at
risk
of
loss
that
exceeds
its
investment
in
the
inverse
floating
rate
securities.
The
Fund
may
be
required
to
sell
its
inverse
floating
rate
securities
at
less
than
favorable
prices,
or
liquidate
other
Fund
portfolio
holdings
in
certain
circumstances,
including,
but
not
limited
to,
the
following:
If
the
Fund
has
a
need
for
cash
and
the
securities
in
a
special
purpose
trust
are
not
actively
trading
due
to
adverse
market
conditions;
If
special
purpose
trust
sponsors
(as
a
collective
group
or
individually)
experience
financial
hardship
and
consequently
seek
to
terminate
their
respective
outstanding
special
purpose
trusts;
and
If
the
value
of
an
underlying
security
declines
significantly
and
if
additional
collateral
has
not
been
posted
by
the
Fund.
Municipal
Securities
Risk.
The
values
of
municipal
securities
may
be
adversely
affected
by
local
political
and
economic
conditions
and
developments.
Adverse
conditions
in
an
industry
significant
to
a
local
economy
could
have
a
correspondingly
adverse
effect
on
the
financial
condition
of
local
issuers.
Other
factors
that
could
affect
municipal
securities
include
a
change
in
the
local,
state,
or
national
economy,
a
downgrade
of
a
state’s
credit
rating
or
the
rating
of
authorities
or
political
subdivisions
of
the
state,
demographic
factors,
ecological
or
environmental
concerns,
inability
or
perceived
inability
of
a
government
authority
to
collect
sufficient
tax
or
other
revenues,
statutory
limitations
on
the
issuer’s
ability
to
increase
taxes,
and
other
developments
generally
affecting
the
revenue
of
issuers
(for
example,
legislation
or
court
decisions
reducing
state
aid
to
local
governments
or
mandating
additional
services).
This
risk
would
be
heightened
to
the
extent
that
the
Fund
invests
a
substantial
portion
of
the
below-investment
grade
quality
portion
of
its
portfolio
in
the
bonds
of
similar
projects
(such
as
those
relating
to
the
education,
health
care,
housing,
transportation,
or
utilities
industries),
in
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
municipal
lease
obligations,
private
activity
bonds
or
moral
obligation
bonds)
that
are
particularly
exposed
to
specific
types
of
adverse
economic,
business
or
political
events.
The
value
of
municipal
securities
may
also
be
adversely
affected
by
rising
health
care
costs,
increasing
unfunded
pension
liabilities,
and
by
the
phasing
out
of
federal
programs
providing
financial
support.
In
recent
periods,
a
number
of
municipal
issuers
have
defaulted
on
obligations,
been
downgraded
or
commenced
insolvency
proceedings.
Financial
difficulties
of
municipal
issuers
may
continue
or
get
worse.
In
addition,
the
amount
of
public
information
available
about
municipal
bonds
is
generally
less
than
for
certain
corporate
equities
or
bonds,
meaning
that
the
investment
performance
of
the
Fund
may
be
more
dependent
on
the
analytical
abilities
of
the
Fund’s
sub-adviser
than
funds
that
invest
in
stock
or
other
corporate
investments.
To
the
extent
that
a
fund
invests
a
significant
portion
of
its
assets
in
the
securities
of
issuers
located
in
a
given
state
or
U.S.
territory,
it
will
be
disproportionally
affected
by
political
and
economic
conditions
and
developments
in
that
state
or
territory
and
may
involve
greater
risk
than
funds
that
invest
in
a
larger
universe
of
securities.
In
addition,
economic,
political
or
regulatory
changes
in
that
state
or
territory
could
adversely
affect
municipal
securities
issuers
in
that
state
or
territory
and
therefore
the
value
of
a
fund’s
investment
portfolio.
Municipal
Securities
Market
Liquidity
Risk.
Inventories
of
municipal
securities
held
by
brokers
and
dealers
have
decreased
in
recent
years,
lessening
their
ability
to
make
a
market
in
these
securities.
This
reduction
in
market
making
capacity
has
the
potential
to
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities
at
attractive
prices,
and
increase
municipal
security
price
volatility
and
trading
costs,
particularly
during
periods
of
economic
140
Shareholder
Update
(continued)
or
market
stress.
In
addition,
recent
federal
banking
regulations
may
cause
certain
dealers
to
reduce
their
inventories
of
municipal
securities,
which
may
further
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities.
As
a
result,
the
Fund
may
be
forced
to
accept
a
lower
price
to
sell
a
security,
to
sell
other
securities
to
raise
cash,
or
to
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
If
the
Fund
needed
to
sell
large
blocks
of
municipal
securities
to
raise
cash
to
meet
its
obligations,
those
sales
could
further
reduce
the
municipal
securities’
prices
and
hurt
performance.
Municipal
Securities
Market
Risk.
The
amount
of
public
information
available
about
the
municipal
securities
in
the
Fund’s
portfolio
is
generally
less
than
that
for
corporate
equities
or
bonds,
and
the
investment
performance
of
the
Fund
may
therefore
be
more
dependent
on
the
analytical
abilities
of
the
sub-adviser
than
if
the
Fund
were
a
stock
fund
or
taxable
bond
fund.
The
secondary
market
for
municipal
securities,
particularly
below
investment
grade
municipal
securities,
also
tends
to
be
less
well-developed
or
liquid
than
many
other
securities
markets,
which
may
adversely
affect
the
Fund’s
ability
to
sell
its
municipal
securities
at
attractive
prices.
Other
Investment
Companies
Risk.
The
Fund
may
invest
in
the
securities
of
other
investment
companies,
including
ETFs.
Investing
in
an
investment
company
exposes
the
Fund
to
all
of
the
risks
of
that
investment
company’s
investments.
The
Fund,
as
a
holder
of
the
securities
of
other
investment
companies,
will
bear
its
pro
rata
portion
of
the
other
investment
companies’
expenses,
including
advisory
fees.
These
expenses
are
in
addition
to
the
direct
expenses
of
the
Fund’s
own
operations.
As
a
result,
the
cost
of
investing
in
investment
company
shares
may
exceed
the
costs
of
investing
directly
in
its
underlying
investments.
In
addition,
securities
of
other
investment
companies
may
be
leveraged.
As
a
result,
the
Fund
may
be
indirectly
exposed
to
leverage
through
an
investment
in
such
securities
and
therefore
magnify
the
Fund’s
leverage
risk.
With
respect
to
ETF’s,
an
ETF
that
is
based
on
a
specific
index
may
not
be
able
to
replicate
and
maintain
exactly
the
composition
and
relative
weighting
of
securities
in
the
index.
The
value
of
an
ETF
based
on
a
specific
index
is
subject
to
change
as
the
values
of
its
respective
component
assets
fluctuate
according
to
market
volatility.
ETFs
typically
rely
on
a
limited
pool
of
authorized
participants
to
create
and
redeem
shares,
and
an
active
trading
market
for
ETF
shares
may
not
develop
or
be
maintained.
The
market
value
of
shares
of
ETFs
and
closed-end
funds
may
differ
from
their
NAV.
Puerto
Rico
Municipal
Securities
Market
Risk.
To
the
extent
that
the
Fund
invests
a
significant
portion
of
its
assets
in
the
securities
issued
by
the
Commonwealth
of
Puerto
Rico
or
its
political
subdivisions,
agencies,
instrumentalities,
or
public
corporations
(collectively
referred
to
as
“Puerto
Rico”
or
the
“Commonwealth”),
it
will
be
disproportionally
affected
by
political,
social
and
economic
conditions
and
developments
in
the
Commonwealth.
In
addition,
economic,
political
or
regulatory
changes
in
that
territory
could
adversely
affect
the
value
of
the
Fund’s
investment
portfolio.
Puerto
Rico
currently
is
experiencing
significant
fiscal
and
economic
challenges,
including
substantial
debt
service
obligations,
high
levels
of
unemployment,
underfunded
public
retirement
systems,
and
persistent
government
budget
deficits.
These
challenges
may
negatively
affect
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Several
major
ratings
agencies
have
downgraded
the
general
obligation
debt
of
Puerto
Rico
to
below
investment
grade
and
continue
to
maintain
a
negative
outlook
for
this
debt,
which
increases
the
likelihood
that
the
rating
will
be
lowered
further.
In
both
August
2015
and
January
2016,
Puerto
Rico
defaulted
on
its
debt
by
failing
to
make
full
payment
due
on
its
outstanding
bonds,
and
there
can
be
no
assurance
that
Puerto
Rico
will
be
able
to
satisfy
its
future
debt
obligations.
Further
downgrades
or
defaults
may
place
additional
strain
on
the
Puerto
Rico
economy
and
may
negatively
affect
the
value,
liquidity,
and
volatility
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Additionally,
numerous
issuers
have
entered
Title
III
of
the
Puerto
Rico
Oversite,
Management
and
Economic
Stability
Act
(“PROMESA”),
which
is
similar
to
bankruptcy
protection,
through
which
the
Commonwealth
of
Puerto
Rico
can
restructure
its
debt.
However,
Puerto
Rico’s
case
is
the
first
ever
heard
under
PROMESA
and
there
is
no
existing
case
precedent
to
guide
the
proceedings.
Accordingly,
Puerto
Rico’s
debt
restructuring
process
could
take
significantly
longer
than
traditional
municipal
bankruptcy
proceedings.
Further,
it
is
not
clear
whether
a
debt
restructuring
process
will
ultimately
be
approved
or,
if
so,
the
extent
to
which
it
will
apply
to
Puerto
Rico
municipal
securities
sold
by
an
issuer
other
than
the
territory.
A
debt
restructuring
could
reduce
the
principal
amount
due,
the
interest
rate,
the
maturity,
and
other
terms
of
Puerto
Rico
municipal
securities,
which
could
adversely
affect
the
value
of
Puerto
Rican
municipal
securities.
Legislation,
including
PROMESA
that
would
allow
Puerto
Rico
to
restructure
its
municipal
debt
obligations,
thus
increasing
the
risk
that
Puerto
Rico
may
never
pay
off
municipal
indebtedness,
or
may
pay
only
a
small
fraction
of
the
amount
owed,
could
also
impact
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
These
challenges
and
uncertainties
have
been
exacerbated
by
Hurricanes
Irma
and
Maria
and
the
resulting
natural
disaster
in
Puerto
Rico.
In
September
2017,
Hurricanes
Irma
and
Maria
struck
Puerto
Rico,
causing
major
damage
across
the
Commonwealth,
including
damage
to
its
water,
power,
and
telecommunications
infrastructure.
The
length
of
time
needed
to
rebuild
Puerto
Rico’s
infrastructure
is
unclear,
but
could
amount
to
years,
during
which
the
Commonwealth
is
likely
to
be
in
an
uncertain
economic
state.
The
full
extent
of
the
natural
disaster’s
impact
on
Puerto
Rico’s
economy
and
foreign
investment
in
Puerto
Rico
is
difficult
to
estimate.
More
recently,
in
late
December
2019
and
January
2020,
a
series
of
earthquakes
hit
Puerto
Rico,
including
a
magnitude
6.4
earthquake,
the
most
powerful
earthquake
to
hit
the
island
in
more
than
a
century,
causing
an
estimated
$200
million
in
damage.
In
addition,
in
early
2020,
as
the
population
of
Puerto
Rico
worked
to
recover
from
these
natural
disasters,
the
island
was
significantly
impacted
by
Covid,
resulting
in
the
Commonwealth’s
authorization
of
a
$787
million
relief
package
to
fight
the
pandemic
and
its
economic
impacts.
Any
reduction
in
the
Commonwealth’s
revenues
as
a
result
of
the
pandemic
could
have
a
negative
ability
on
the
Commonwealth
to
meet
its
debt
service
obligations,
including
with
respect
to
debt
held
by
the
Fund.
Puerto
Rico’s
political
and
economic
conditions
could
have
a
negative
impact
on
the
liquidity
or
value
of
Puerto
Rican
municipal
securities,
and
consequently
may
affect
the
Fund’s
investments
and
its
performance
if
the
Fund
invests
a
significant
portion
of
its
assets
in
Puerto
Rican
municipal
securities.
Reinvestment
Risk.
Reinvestment
risk
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
and
when
the
Fund
invests
the
proceeds
from
matured,
traded
or
called
municipal
securities
at
market
interest
rates
that
are
below
the
portfolio’s
current
earnings
rate.
A
decline
in
income
could
affect
the
common
shares’
market
price,
NAV
and/or
a
common
shareholder’s
overall
returns.
141
Special
Risks
Related
to
Certain
Municipal
Obligations.
Municipal
leases
and
certificates
of
participation
involve
special
risks
not
normally
associated
with
general
obligations
or
revenue
bonds.
Leases
and
installment
purchase
or
conditional
sale
contracts
(which
normally
provide
for
title
to
the
leased
asset
to
pass
eventually
to
the
governmental
issuer)
have
evolved
as
a
means
for
governmental
issuers
to
acquire
property
and
equipment
without
meeting
the
constitutional
and
statutory
requirements
for
the
issuance
of
debt.
The
debt
issuance
limitations
are
deemed
to
be
inapplicable
because
of
the
inclusion
in
many
leases
or
contracts
of
“non-appropriation”
clauses
that
relieve
the
governmental
issuer
of
any
obligation
to
make
future
payments
under
the
lease
or
contract
unless
money
is
appropriated
for
such
purpose
by
the
appropriate
legislative
body.
In
addition,
such
leases
or
contracts
may
be
subject
to
the
temporary
abatement
of
payments
in
the
event
that
the
governmental
issuer
is
prevented
from
maintaining
occupancy
of
the
leased
premises
or
utilizing
the
leased
equipment.
Although
the
obligations
may
be
secured
by
the
leased
equipment
or
facilities,
the
disposition
of
the
property
in
the
event
of
non-appropriation
or
foreclosure
might
prove
difficult,
time
consuming
and
costly,
and
may
result
in
a
delay
in
recovering
or
the
failure
to
fully
recover
the
Fund’s
original
investment.
In
the
event
of
non-appropriation,
the
issuer
would
be
in
default
and
taking
ownership
of
the
assets
may
be
a
remedy
available
to
the
Fund,
although
the
Fund
does
not
anticipate
that
such
a
remedy
would
normally
be
pursued.
Certificates
of
participation
involve
the
same
risks
as
the
underlying
municipal
leases.
In
addition,
the
Fund
may
be
dependent
upon
the
municipal
authority
issuing
the
certificates
of
participation
to
exercise
remedies
with
respect
to
the
underlying
securities.
Certificates
of
participation
also
entail
a
risk
of
default
or
bankruptcy,
both
of
the
issuer
of
the
municipal
lease
and
also
the
municipal
agency
issuing
the
certificate
of
participation.
Swap
Transactions
Risk.
The
Fund
may
enter
into
debt-related
derivative
instruments
such
as
credit
default
swap
contracts,
interest
rate
swaps,
and
MMD
Rate
Locks.
Like
most
derivative
instruments,
the
use
of
swaps
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
In
addition,
the
use
of
swaps
requires
an
understanding
by
the
investment
adviser
and/or
the
sub-adviser
of
not
only
the
referenced
asset,
rate
or
index,
but
also
of
the
swap
itself.
If
the
investment
adviser
and/
or
the
sub-adviser
is
incorrect
in
its
forecasts
of
default
risks,
market
spreads
or
other
applicable
factors
or
events,
the
investment
performance
of
the
Fund
would
diminish
compared
with
what
it
would
have
been
if
these
techniques
were
not
used.
Tax
Risk.
The
value
of
the
Fund’s
investments
and
its
NAV
may
be
adversely
affected
by
changes
in
tax
rates,
rules
and
policies.
Because
interest
income
from
municipal
securities
is
normally
not
subject
to
regular
federal
income
taxation,
the
attractiveness
of
municipal
securities
in
relation
to
other
investment
alternatives
is
affected
by
changes
in
federal
income
tax
rates
or
changes
in
the
tax
exempt
status
of
interest
income
from
municipal
securities.
Additionally,
the
Fund
is
not
a
suitable
investment
for
individual
retirement
accounts,
for
other
tax
exempt
or
tax-deferred
accounts,
for
investors
who
are
not
sensitive
to
the
federal
income
tax
consequences
of
their
investments.
Taxability
Risk.
The
Fund
will
invest
in
municipal
securities
in
reliance
at
the
time
of
purchase
on
an
opinion
of
bond
counsel
to
the
issuer
that
the
interest
paid
on
those
securities
will
be
excludable
from
gross
income
for
regular
federal
income
tax
purposes,
and
the
sub-adviser
will
not
independently
verify
that
opinion.
Subsequent
to
the
Fund’s
acquisition
of
such
a
municipal
security,
however,
the
security
may
be
determined
to
pay,
or
to
have
paid,
taxable
income.
As
a
result,
the
treatment
of
dividends
previously
paid
or
to
be
paid
by
the
Fund
as
“exempt-interest
dividends”
could
be
adversely
affected,
subjecting
the
Fund’s
shareholders
to
increased
federal
income
tax
liabilities.
Certain
other
investments
made
by
the
Fund,
including
derivatives
transactions,
may
result
in
the
receipt
of
taxable
income
or
gains
by
the
Fund.
Tobacco
Settlement
Bond
Risk.
The
Fund
may
invest
in
tobacco
settlement
bonds.
Tobacco
settlement
bonds
are
municipal
securities
that
are
backed
solely
by
expected
revenues
to
be
derived
from
lawsuits
involving
tobacco
related
deaths
and
illnesses
which
were
settled
between
certain
states
and
American
tobacco
companies.
Tobacco
settlement
bonds
are
secured
by
an
issuing
state’s
proportionate
share
in
the
Master
Settlement
Agreement,
an
agreement
between
46
states
and
nearly
all
of
the
U.S.
tobacco
manufacturers
(the
“MSA”).
Under
the
terms
of
the
MSA,
the
actual
amount
of
future
settlement
payments
by
tobacco-manufacturers
is
dependent
on
many
factors,
including,
among
other
things,
reduced
cigarette
consumption.
Payments
made
by
tobacco
manufacturers
could
be
negatively
impacted
if
the
decrease
in
tobacco
consumption
is
significantly
greater
than
the
forecasted
decline.
Unrated
Securities
Risk.
The
Fund
may
purchase
securities
that
are
not
rated
by
any
rating
organization.
Unrated
securities
determined
by
the
Fund’s
investment
adviser
to
be
of
comparable
quality
to
rated
investments
which
the
Fund
may
purchase
may
pay
a
higher
dividend
or
interest
rate
than
such
rated
investments
and
be
subject
to
a
greater
risk
of
illiquidity
or
price
changes.
Less
public
information
is
typically
available
about
unrated
investments
or
issuers
than
rated
investments
or
issuers.
Some
unrated
securities
may
not
have
an
active
trading
market
or
may
be
difficult
to
value,
which
means
the
Fund
might
have
difficulty
selling
them
promptly
at
an
acceptable
price.
To
the
extent
that
the
Fund
invests
in
unrated
securities,
the
Fund’s
ability
to
achieve
its
investment
objectives
will
be
more
dependent
on
the
investment
adviser’s
credit
analysis
than
would
be
the
case
when
the
Fund
invests
in
rated
securities.
Valuation
Risk.
The
municipal
securities
in
which
the
Fund
invests
typically
are
valued
by
a
pricing
service
utilizing
a
range
of
market-based
inputs
and
assumptions,
including
readily
available
market
quotations
obtained
from
broker-dealers
making
markets
in
such
instruments,
cash
flows
and
transactions
for
comparable
instruments.
There
is
no
assurance
that
the
Fund
will
be
able
to
sell
a
portfolio
security
at
the
price
established
by
the
pricing
service,
which
could
result
in
a
loss
to
the
Fund.
Pricing
services
generally
price
municipal
securities
assuming
orderly
transactions
of
an
institutional
“round
lot”
size,
but
some
trades
may
occur
in
smaller,
“odd
lot”
sizes,
often
at
lower
prices
than
institutional
round
lot
trades.
Different
pricing
services
may
incorporate
different
assumptions
and
inputs
into
their
valuation
methodologies,
potentially
resulting
in
different
values
for
the
same
securities.
As
a
result,
if
the
Fund
were
to
change
pricing
services,
or
if
the
Fund’s
pricing
service
were
to
change
its
valuation
methodology,
there
could
be
a
material
impact,
either
positive
or
negative,
on
the
Fund’s
NAV.
When-Issued
and
Delayed-Delivery
Transactions
Risk.
The
Fund
may
invest
in
securities
on
a
“when-issued”
or
“delayed-delivery”
basis.
When-issued
and
delayed-delivery
transactions
may
involve
an
element
of
risk
because
no
interest
accrues
on
the
securities
prior
to
settlement
and,
because
securities
are
subject
to
market
fluctuations,
the
value
of
the
securities
at
time
of
delivery
may
be
less
(or
more)
than
their
cost.
A
separate
account
of
the
Fund
will
be
established
with
its
custodian
consisting
of
cash
equivalents
or
liquid
securities
having
a
market
value
at
all
times
at
least
equal
to
the
amount
of
any
delayed
payment
commitment.
142
Shareholder
Update
(continued)
Zero
Coupon
Bonds
Risk.
Because
interest
on
zero
coupon
bonds
is
not
paid
on
a
current
basis,
the
values
of
zero
coupon
bonds
will
be
more
volatile
in
response
to
interest
rate
changes
than
the
values
of
bonds
that
distribute
income
regularly.
Although
zero
coupon
bonds
generate
income
for
accounting
purposes,
they
do
not
produce
cash
flow,
and
thus
the
Fund
could
be
forced
to
liquidate
securities
at
an
inopportune
time
in
order
to
generate
cash
to
distribute
to
shareholders
as
required
by
tax
laws.
Fund
Level
and
Other
Risks:
Anti-Takeover
Provisions.
The
Declaration
of
Trust
and
the
Fund’s
by
laws
include
provisions
that
could
limit
the
ability
of
other
entities
or
persons
to
acquire
control
of
the
Fund
or
convert
the
Fund
to
open-end
status.
These
provisions
could
have
the
effect
of
depriving
the
Common
Shareholders
of
opportunities
to
sell
their
Common
Shares
at
a
premium
over
the
then-current
market
price
of
the
Common
Shares.
Counterparty
Risk.
Changes
in
the
credit
quality
of
the
companies
that
serve
as
the
Fund’s
counterparties
with
respect
to
derivatives
or
other
transactions
supported
by
another
party’s
credit
will
affect
the
value
of
those
instruments.
Certain
entities
that
have
served
as
counterparties
in
the
markets
for
these
transactions
have
incurred
or
may
incur
in
the
future
significant
financial
hardships
including
bankruptcy
and
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower-quality
credit
investments.
As
a
result,
such
hardships
have
reduced
these
entities’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
transactions.
By
using
such
derivatives
or
other
transactions,
the
Fund
assumes
the
risk
that
its
counterparties
could
experience
similar
financial
hardships.
In
the
event
of
the
insolvency
of
a
counterparty,
the
Fund
may
sustain
losses
or
be
unable
to
liquidate
a
derivatives
position.
Cybersecurity
Risk.
The
Fund
and
its
service
providers
are
susceptible
to
operational
and
information
security
risk
resulting
from
cyber
incidents.
Cyber
incidents
refer
to
both
intentional
attacks
and
unintentional
events
including:
processing
errors,
human
errors,
technical
errors
including
computer
glitches
and
system
malfunctions,
inadequate
or
failed
internal
or
external
processes,
market-wide
technical-related
disruptions,
unauthorized
access
to
digital
systems
(through
“hacking”
or
malicious
software
coding),
computer
viruses,
and
cyber-attacks
which
shut
down,
disable,
slow
or
otherwise
disrupt
operations,
business
processes
or
website
access
or
functionality
(including
denial
of
service
attacks).
Cyber
incidents
could
adversely
impact
the
Fund
and
cause
the
Fund
to
incur
financial
loss
and
expense,
as
well
as
face
exposure
to
regulatory
penalties,
reputational
damage,
and
additional
compliance
costs
associated
with
corrective
measures.
In
addition,
substantial
costs
may
be
incurred
in
order
to
prevent
any
cyber
incidents
in
the
future.
Furthermore,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Fund.
Economic
and
Political
Events
Risk.
The
Fund
may
be
more
sensitive
to
adverse
economic,
business
or
political
developments
if
it
invests
a
substantial
portion
of
its
assets
in
the
municipal
securities
of
similar
projects
(such
as
those
relating
to
the
education,
health
care,
housing,
transportation,
or
utilities
industries),
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
private
activity
bonds
or
moral
obligation
bonds).
Such
developments
may
adversely
affect
a
specific
industry
or
local
political
and
economic
conditions,
and
thus
may
lead
to
declines
in
the
creditworthiness
and
value
of
such
municipal
securities.
Fund
Tax
Risk.
The
Fund
has
elected
to
be
treated
and
intends
to
qualify
each
year
as
a
Regulated
Investment
Company
(“RIC”)
under
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
As
a
RIC,
the
Fund
is
not
expected
to
be
subject
to
U.S.
federal
income
tax
to
the
extent
that
it
distributes
its
investment
company
taxable
income
and
net
capital
gains.
To
qualify
for
the
special
tax
treatment
available
to
a
RIC,
the
Fund
must
comply
with
certain
investment,
distribution,
and
diversification
requirements.
Under
certain
circumstances,
the
Fund
may
be
forced
to
sell
certain
assets
when
it
is
not
advantageous
in
order
to
meet
these
requirements,
which
may
reduce
the
Fund’s
overall
return.
If
the
Fund
fails
to
meet
any
of
these
requirements,
subject
to
the
opportunity
to
cure
such
failures
under
applicable
provisions
of
the
Code,
the
Fund’s
income
would
be
subject
to
a
double
level
of
U.S.
federal
income
tax.
The
Fund’s
income,
including
its
net
capital
gain,
would
first
be
subject
to
U.S.
federal
income
tax
at
regular
corporate
rates,
even
if
such
income
were
distributed
to
shareholders
and,
second,
all
distributions
by
the
Fund
from
earnings
and
profits,
including
distributions
of
net
capital
gain
(if
any),
would
be
taxable
to
shareholders
as
dividends.
Global
Economic
Risk.
National
and
regional
economies
and
financial
markets
are
becoming
increasingly
interconnected,
which
increases
the
possibilities
that
conditions
in
one
country,
region
or
market
might
adversely
impact
issuers
in
a
different
country,
region
or
market.
Changes
in
legal,
political,
regulatory,
tax
and
economic
conditions
may
cause
fluctuations
in
markets
and
assets
prices
around
the
world,
which
could
negatively
impact
the
value
of
the
Fund’s
investments.
Major
economic
or
political
disruptions,
particularly
in
large
economies
like
China’s,
may
have
global
negative
economic
and
market
repercussions.
Additionally,
instability
in
various
countries,
such
as
Afghanistan
and
Syria,
war,
natural
and
environmental
disasters,
and
the
spread
of
infectious
illnesses
or
other
public
health
emergencies,
terrorist
attacks
in
the
United
States
and
around
the
world,
growing
social
and
political
discord
in
the
United
States,
the
European
debt
crisis,
the
response
of
the
international
community—through
economic
sanctions
and
otherwise—to
international
events,
further
downgrade
of
U.S.
government
securities,
changes
in
the
U.S.
president
or
political
shifts
in
Congress
and
other
similar
events
may
adversely
affect
the
global
economy
and
the
markets
and
issuers
in
which
the
Fund
invests.
Recent
examples
of
such
events
include
Hamas’
attack
on
Israel
in
October
2023
and
the
ensuing
conflict,
the
outbreak
of
a
novel
coronavirus
known
as
COVID-19
that
was
first
detected
in
China
in
December
2019
and
heightened
concerns
regarding
North
Korea’s
nuclear
weapons
and
long-
range
ballistic
missile
programs.
In
addition,
Russia’s
invasion
of
Ukraine
in
February
2022
has
resulted
in
sanctions
imposed
by
several
nations,
such
as
the
United
States,
United
Kingdom,
European
Union
and
Canada.
The
current
sanctions
and
potential
further
sanctions
may
negatively
impact
certain
sectors
of
Russia’s
economy,
but
also
may
negatively
impact
the
value
of
the
Fund’s
investments
that
do
not
have
direct
exposure
to
Russia.
These
events
could
reduce
consumer
demand
or
economic
output,
result
in
market
closure,
travel
restrictions
or
quarantines,
and
generally
have
a
significant
impact
on
the
global
economy.
These
events
could
also
impair
the
information
technology
and
other
operational
systems
upon
which
the
Fund’s
service
providers,
including
the
Fund’s
sub-adviser,
rely,
and
could
otherwise
disrupt
the
ability
of
employees
of
the
Fund’s
service
providers
to
perform
essential
tasks
on
behalf
of
the
Fund.
The
Fund
does
not
know
and
cannot
predict
how
long
the
securities
markets
may
be
affected
by
these
events,
and
the
future
impact
of
these
and
similar
events
on
the
global
economy
and
securities
markets
is
uncertain.
The
Fund
may
be
adversely
affected
by
abrogation
of
international
agreements
and
national
laws
which
have
created
the
market
instruments
in
which
the
Fund
may
invest,
failure
of
the
designated
national
and
143
international
authorities
to
enforce
compliance
with
the
same
laws
and
agreements,
failure
of
local,
national
and
international
organizations
to
carry
out
the
duties
prescribed
to
them
under
the
relevant
agreements,
revisions
of
these
laws
and
agreements
which
dilute
their
effectiveness
or
conflicting
interpretation
of
provisions
of
the
same
laws
and
agreements.
Governmental
and
quasi-governmental
authorities
and
regulators
throughout
the
world
have
in
the
past
responded
to
major
economic
disruptions
with
a
variety
of
significant
fiscal
and
monetary
policy
changes,
including
but
not
limited
to,
direct
capital
infusions
into
companies,
new
monetary
programs
and
dramatically
lower
interest
rates.
An
unexpected
or
quick
reversal
of
these
policies,
or
the
ineffectiveness
of
these
policies,
could
increase
volatility
in
securities
markets,
which
could
adversely
affect
the
Fund’s
investments.
Investment
and
Market
Risk.
An
investment
in
common
shares
is
subject
to
investment
risk,
including
the
possible
loss
of
the
entire
principal
amount
that
you
invest.
Common
shares
frequently
trade
at
a
discount
to
their
NAV.
An
investment
in
common
shares
represents
an
indirect
investment
in
the
securities
owned
by
the
Fund.
Common
shares
at
any
point
in
time
may
be
worth
less
than
your
original
investment,
even
after
taking
into
account
the
reinvestment
of
Fund
dividends
and
distributions.
Legislation
and
Regulatory
Risk.
At
any
time
after
the
date
of
this
report,
legislation
or
additional
regulations
may
be
enacted
that
could
negatively
affect
the
assets
of
the
Fund,
securities
held
by
the
Fund
or
the
issuers
of
such
securities.
Fund
shareholders
may
incur
increased
costs
resulting
from
such
legislation
or
additional
regulation.
There
can
be
no
assurance
that
future
legislation,
regulation
or
deregulation
will
not
have
a
material
adverse
effect
on
the
Fund
or
will
not
impair
the
ability
of
the
Fund
to
achieve
its
investment
objectives.
Leverage
Risk.
The
use
of
leverage
creates
special
risks
for
common
shareholders,
including
potential
interest
rate
risks
and
the
likelihood
of
greater
volatility
of
NAV
and
market
price
of,
and
distributions
on,
the
common
shares.
The
use
of
leverage
in
a
declining
market
will
likely
cause
a
greater
decline
in
the
Fund’s
NAV,
which
may
result
at
a
greater
decline
of
the
common
share
price,
than
if
the
Fund
were
not
to
have
used
leverage.
Certain
types
of
leverage
may
result
in
the
Fund
being
subject
to
certain
covenants,
asset
coverage
or
other
portfolio
composition
limits
by
its
lenders,
debt
or
preferred
securities
purchasers,
rating
agencies
that
may
rate
the
debt
or
preferred
securities,
or
reverse
repurchase
counterparties.
Such
limitations
may
be
more
stringent
than
those
imposed
by
the
1940
Act
and
may
impact
whether
the
Fund
is
able
to
maintain
its
desired
amount
of
leverage.
In
addition,
whenever
the
Fund
incurs
borrowings
and/or
preferred
shares
are
outstanding,
Common
Shareholders
will
not
be
entitled
to
receive
any
cash
distributions
from
the
Fund
unless
all
interest
on
such
borrowings
has
been
paid
and
all
accumulated
dividends
on
preferred
shares
have
been
paid,
unless
asset
coverage
(as
defined
in
the
1940
Act)
with
respect
to
any
borrowings
would
be
at
least
300%
after
giving
effect
to
the
distributions
and
asset
coverage
(as
defined
in
the
1940
Act)
with
respect
to
preferred
shares
would
be
at
least
200%
after
giving
effect
to
the
distributions.
The
Fund
will
pay
(and
common
shareholders
will
bear)
any
costs
and
expenses
relating
to
the
Fund’s
use
of
leverage,
which
will
result
in
a
reduction
in
the
Fund’s
NAV.
The
investment
adviser
may,
based
on
its
assessment
of
market
conditions,
composition
of
the
Fund’s
holdings,
increase
or
decrease
the
amount
of
leverage.
Such
changes
may
impact
the
Fund’s
distributions
and
the
price
of
the
common
shares
in
the
secondary
market.
There
is
no
assurance
that
the
Fund’s
use
of
leverage
will
be
successful.
The
Fund
may
seek
to
refinance
its
leverage
over
time,
in
the
ordinary
course,
as
current
forms
of
leverage
mature
or
it
is
otherwise
desirable
to
refinance;
however,
the
form
that
such
leverage
will
take
cannot
be
predicted
at
this
time.
If
the
Fund
is
unable
to
replace
existing
leverage
on
comparable
terms,
its
costs
of
leverage
will
increase.
Accordingly,
there
is
no
assurance
that
the
use
of
leverage
may
result
in
a
higher
yield
or
return
to
common
shareholders.
The
amount
of
fees
paid
to
the
investment
adviser
and
the
sub-advisor
for
investment
advisory
services
will
be
higher
if
the
Fund
uses
leverage
because
the
fees
will
be
calculated
based
on
the
Fund’s
Managed
Assets
-
this
may
create
an
incentive
for
the
investment
adviser
and
the
sub-
advisor
to
leverage
the
Fund
or
increase
the
Fund’s
leverage.
Market
Discount
from
Net
Asset
Value.
Shares
of
closed-end
investment
companies
like
the
Fund
frequently
trade
at
prices
lower
than
their
NAV.
This
characteristic
is
a
risk
separate
and
distinct
from
the
risk
that
the
Fund’s
NAV
could
decrease
as
a
result
of
investment
activities.
Whether
investors
will
realize
gains
or
losses
upon
the
sale
of
the
common
shares
will
depend
not
upon
the
Fund’s
NAV
but
entirely
upon
whether
the
market
price
of
the
common
shares
at
the
time
of
sale
is
above
or
below
the
investor’s
purchase
price
for
the
common
shares.
Furthermore,
management
may
have
difficulty
meeting
the
Fund’s
investment
objectives
and
managing
its
portfolio
when
the
underlying
securities
are
redeemed
or
sold
during
periods
of
market
turmoil
and
as
investors’
perceptions
regarding
closed-end
funds
or
their
underlying
investments
change.
Because
the
market
price
of
the
common
shares
will
be
determined
by
factors
such
as
relative
supply
of
and
demand
for
the
common
shares
in
the
market,
general
market
and
economic
circumstances,
and
other
factors
beyond
the
control
of
the
Fund,
the
Fund
cannot
predict
whether
the
common
shares
will
trade
at,
below
or
above
NAV.
The
common
shares
are
designed
primarily
for
long-term
investors,
and
you
should
not
view
the
Fund
as
a
vehicle
for
short-term
trading
purposes.
Recent
Market
Conditions.
Periods
of
unusually
high
financial
market
volatility
and
restrictive
credit
conditions,
at
times
limited
to
a
particular
sector
or
geographic
area,
have
occurred
in
the
past
and
may
be
expected
to
recur
in
the
future.
Some
countries,
including
the
United
States,
have
adopted
or
have
signaled
protectionist
trade
measures,
relaxation
of
the
financial
industry
regulations
that
followed
the
financial
crisis,
and/
or
reductions
to
corporate
taxes.
The
scope
of
these
policy
changes
is
still
developing,
but
the
equity
and
debt
markets
may
react
strongly
to
expectations
of
change,
which
could
increase
volatility,
particularly
if
a
resulting
policy
runs
counter
to
the
market’s
expectations.
The
outcome
of
such
changes
cannot
be
foreseen
at
the
present
time.
In
addition,
geopolitical
and
other
risks,
including
environmental
and
public
health
risks,
may
add
to
instability
in
the
world
economy
and
markets
generally.
As
a
result
of
increasingly
interconnected
global
economies
and
financial
markets,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected
by
events
impacting
a
country
or
region,
regardless
of
whether
the
Fund
invests
in
issuers
located
in
or
with
significant
exposure
to
such
country
or
region.
144
Shareholder
Update
(continued)
Ukraine
has
experienced
ongoing
military
conflict,
most
recently
in
February
2022
when
Russia
invaded
Ukraine;
this
conflict
may
expand
and
military
attacks
could
occur
elsewhere
in
Europe.
Europe
has
also
been
struggling
with
mass
migration
from
the
Middle
East
and
Africa.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
Additionally,
in
October
2023
armed
conflict
broke
out
between
Israel
and
the
militant
group
Hamas
after
Hamas
infiltrated
Israel’s
southern
border
from
the
Gaza
Strip.
Israel
has
since
declared
war
against
Hamas
and
it’s
possible
that
this
conflict
could
escalate
into
a
greater
regional
conflict.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
The
ongoing
trade
war
between
China
and
the
United
States,
including
the
imposition
of
tariffs
by
each
country
on
the
other
country’s
products,
has
created
a
tense
political
environment.
These
actions
may
trigger
a
significant
reduction
in
international
trade,
the
oversupply
of
certain
manufactured
goods,
substantial
price
reductions
of
goods
and
possible
failure
of
individual
companies
and/or
large
segments
of
China’s
export
industry,
which
could
have
a
negative
impact
on
the
Fund’s
performance.
U.S.
companies
that
source
material
and
goods
from
China
and
those
that
make
large
amounts
of
sales
in
China
would
be
particularly
vulnerable
to
an
escalation
of
trade
tensions.
Uncertainty
regarding
the
outcome
of
the
trade
tensions
and
the
potential
for
a
trade
war
could
cause
the
U.S.
dollar
to
decline
against
safe
haven
currencies,
such
as
the
Japanese
yen
and
the
euro.
Events
such
as
these
and
their
consequences
are
difficult
to
predict
and
it
is
unclear
whether
further
tariffs
may
be
imposed
or
other
escalating
actions
may
be
taken
in
the
future.
The
U.S.
Federal
Reserve
(the
“Fed”)
has
in
the
past
sharply
raised
interest
rates,
and
while
the
Fed
has
recently
lowered
the
federal
funds
rate,
it
has
signaled
an
intention
to
maintain
relatively
higher
interest
rates
until
current
inflation
levels
re-align
with
the
Fed’s
long-term
inflation
target.
Changing
interest
rate
environments
impact
the
various
sectors
of
the
economy
in
different
ways.
For
example,
in
March
2023,
the
Federal
Deposit
Insurance
Corporation
("FDIC")
was
appointed
receiver
for
each
of
Silicon
Valley
Bank
and
Signature
Bank,
the
second-
and
third-largest
bank
failures
in
U.S.
history,
which
failures
may
be
attributable,
in
part,
to
rising
interest
rates.
Bank
failures
may
have
a
destabilizing
impact
on
the
broader
banking
industry
or
markets
generally.
The
impact
of
these
developments
in
the
near-
and
long-term
is
unknown
and
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
Reverse
Repurchase
Agreement
Risk.
A
reverse
repurchase
agreement,
in
economic
essence,
constitutes
a
securitized
borrowing
by
the
Fund
from
the
security
purchaser.
The
Fund
may
enter
into
reverse
repurchase
agreements
for
the
purpose
of
creating
a
leveraged
investment
exposure
and,
as
such,
their
usage
involves
essentially
the
same
risks
associated
with
a
leveraging
strategy
generally
since
the
proceeds
from
these
agreements
may
be
invested
in
additional
portfolio
securities.
Reverse
repurchase
agreements
tend
to
be
short-term
in
tenor,
and
there
can
be
no
assurances
that
the
purchaser
(lender)
will
commit
to
extend
or
“roll”
a
given
agreement
upon
its
agreed-upon
repurchase
date
or
an
alternative
purchaser
can
be
identified
on
similar
terms.
Reverse
repurchase
agreements
also
involve
the
risk
that
the
purchaser
fails
to
return
the
securities
as
agreed
upon,
files
for
bankruptcy
or
becomes
insolvent.
The
Fund
may
be
restricted
from
taking
normal
portfolio
actions
during
such
time,
could
be
subject
to
loss
to
the
extent
that
the
proceeds
of
the
agreement
are
less
than
the
value
of
securities
subject
to
the
agreement
and
may
experience
adverse
tax
consequences.
145
EFFECTS
OF
LEVERAGE
The
following
table
is
furnished
in
response
to
requirements
of
the
SEC.
It
is
designed
to
illustrate
the
effects
of
leverage
through
the
use
of
senior
securities,
as
that
term
is
defined
under
Section
18
of
the
1940
Act,
as
well
as
certain
other
forms
of
leverage,
such
as
reverse
repurchase
agreements
and
investments
in
inverse
floating
rate
securities,
on
common
share
total
return,
assuming
investment
portfolio
total
returns
(consisting
of
income
and
changes
in
the
value
of
investments
held
in
a
Fund’s
portfolio)
of
-10%,
-5%,
0%,
5%
and
10%.
The
table
below
reflects
each
Fund’s
(i)
continued
use
of
leverage
as
of
October
31,
2024
as
a
percentage
of
Managed
Assets
(including
assets
attributable
to
such
leverage),
(ii)
the
estimated
annual
effective
interest
expense
rate
payable
by
the
Funds
on
such
instruments
(based
on
actual
leverage
costs
incurred
during
the
fiscal
year
ended
October
31,
2024)
as
set
forth
in
the
table,
and
(iii)
the
annual
return
that
the
Fund’s
portfolio
must
experience
(net
of
expenses)
in
order
to
cover
such
costs
of
leverage
based
on
such
estimated
annual
effective
interest
expense
rate.
The
information
below
does
not
reflect
any
Fund’s
use
of
certain
derivative
instruments.
The
numbers
are
merely
estimates,
used
for
illustration.
The
costs
of
leverage
may
vary
frequently
and
may
be
significantly
higher
or
lower
than
the
estimated
rate.
The
assumed
investment
portfolio
returns
in
the
table
below
are
hypothetical
figures
and
are
not
necessarily
indicative
of
the
investment
portfolio
returns
experienced
or
expected
to
be
experienced
by
the
Funds.
Your
actual
returns
may
be
greater
or
less
than
those
appearing
below.
Common
Share
total
return
is
composed
of
two
elements
—
the
distributions
paid
by
the
Fund
to
holders
of
common
shares
(the
amount
of
which
is
largely
determined
by
the
net
investment
income
of
the
Fund
after
paying
dividend
payments
on
any
preferred
shares
issued
by
the
Fund
and
expenses
on
any
forms
of
leverage
outstanding)
and
gains
or
losses
on
the
value
of
the
securities
and
other
instruments
the
Fund
owns.
As
required
by
SEC
rules,
the
table
assumes
that
the
Funds
are
more
likely
to
suffer
capital
losses
than
to
enjoy
capital
appreciation.
For
example,
to
assume
a
total
return
of
0%,
the
Fund
must
assume
that
the
income
it
receives
on
its
investments
is
entirely
offset
by
losses
in
the
value
of
those
investments.
This
table
reflects
hypothetical
performance
of
the
Fund’s
portfolio
and
not
the
actual
performance
of
the
Fund’s
common
shares,
the
value
of
which
is
determined
by
market
forces
and
other
factors.
Should
the
Fund
elect
to
add
additional
leverage
to
its
portfolio,
any
benefits
of
such
additional
leverage
cannot
be
fully
achieved
until
the
proceeds
resulting
from
the
use
of
such
leverage
have
been
received
by
the
Fund
and
invested
in
accordance
with
the
Fund’s
investment
objectives
and
policies.
As
noted
above,
the
Fund’s
willingness
to
use
additional
leverage,
and
the
extent
to
which
leverage
is
used
at
any
time,
will
depend
on
many
factors.
NAD
NEA
Estimated
Leverage
as
a
Percentage
of
Managed
Assets
(Including
Assets
Attributable
to
Leverage)
40.63%
40.16%
Estimated
Annual
Effective
Leverage
Expense
Rate
Payable
by
Fund
on
Leverage
4.40%
4.38%
Annual
Return
Fund
Portfolio
Must
Experience
(net
of
expenses)
to
Cover
Estimated
Annual
Effective
Interest
Expense
Rate
on
Leverage
1.79%
1.76%
Common
Share
Total
Return
for
(10.00)%
Assumed
Portfolio
Total
Return
(19.85)%
(19.65)%
Common
Share
Total
Return
for
(5.00)%
Assumed
Portfolio
Total
Return
(11.43)%
(11.30)%
Common
Share
Total
Return
for
0.00%
Assumed
Portfolio
Total
Return
(3.01)%
(2.94)%
Common
Share
Total
Return
for
5.00%
Assumed
Portfolio
Total
Return
5.41%
6.42%
Common
Share
Total
Return
for
10.00%
Assumed
Portfolio
Total
Return
13.83%
13.77%
146
Shareholder
Update
(continued)
DIVIDEND
REINVESTMENT
PLAN
Nuveen
Closed-End
Funds
Automatic
Reinvestment
Plan
Your
Nuveen
Closed-End
Fund
allows
you
to
conveniently
reinvest
distributions
in
additional
Fund
shares.
By
choosing
to
reinvest,
you’ll
be
able
to
invest
money
regularly
and
automatically,
and
watch
your
investment
grow
through
the
power
of
compounding.
Just
like
distributions
in
cash,
there
may
be
times
when
income
or
capital
gains
taxes
may
be
payable
on
distributions
that
are
reinvested.
It
is
important
to
note
that
an
automatic
reinvestment
plan
does
not
ensure
a
profit,
nor
does
it
protect
you
against
loss
in
a
declining
market.
Easy
and
convenient
To
make
recordkeeping
easy
and
convenient,
each
month
you’ll
receive
a
statement
showing
your
total
distributions,
the
date
of
investment,
the
shares
acquired
and
the
price
per
share,
and
the
total
number
of
shares
you
own.
How
shares
are
purchased
The
shares
you
acquire
by
reinvesting
will
either
be
purchased
on
the
open
market
or
newly
issued
by
the
Fund.
If
the
shares
are
trading
at
or
above
NAV
at
the
time
of
valuation,
the
Fund
will
issue
new
shares
at
the
greater
of
the
NAV
or
95%
of
the
then-current
market
price.
If
the
shares
are
trading
at
less
than
NAV,
shares
for
your
account
will
be
purchased
on
the
open
market.
If
Computershare
Trust
Company,
N.A.
(the
“Plan
Agent”)
begins
purchasing
Fund
shares
on
the
open
market
while
shares
are
trading
below
NAV,
but
the
Fund’s
shares
subsequently
trade
at
or
above
their
NAV
before
the
Plan
Agent
is
able
to
complete
its
purchases,
the
Plan
Agent
may
cease
open-market
purchases
and
may
invest
the
uninvested
portion
of
the
distribution
in
newly-issued
Fund
shares
at
a
price
equal
to
the
greater
of
the
shares’
NAV
or
95%
of
the
shares’
market
value
on
the
last
business
day
immediately
prior
to
the
purchase
date.
Distributions
received
to
purchase
shares
in
the
open
market
will
normally
be
invested
shortly
after
the
distribution
payment
date.
No
interest
will
be
paid
on
distributions
awaiting
reinvestment.
Because
the
market
price
of
the
shares
may
increase
before
purchases
are
completed,
the
average
purchase
price
per
share
may
exceed
the
market
price
at
the
time
of
valuation,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
shares
issued
by
the
Fund.
A
pro
rata
portion
of
any
applicable
brokerage
commissions
on
open
market
purchases
will
be
paid
by
Dividend
Reinvestment
Plan
(the
“Plan”)
participants.
These
commissions
usually
will
be
lower
than
those
charged
on
individual
transactions.
If
you
withdraw
or
the
Plan
is
terminated,
you
will
receive
whole
shares
in
your
account
under
the
Plan
and
you
will
receive
a
cash
payment
for
any
fraction
of
a
share
in
your
account.
If
you
wish,
the
Plan
Agent
will
sell
your
shares
and
send
you
the
proceeds,
minus
brokerage
commissions
and
a
$2.50
service
fee.
Fractional
Shares
The
Plan
Agent
will
confirm
your
acquisition
made
for
your
account
as
soon
as
practicable
but
not
later
than
60
days
after
the
date
thereof.
Although
you
may
from
time
to
time
have
an
undivided
fractional
interest
(computed
up
to
six
decimal
places)
in
a
share
(“fractional
shares”)
of
the
Fund
within
the
operation
of
the
Plan,
and
distributions
on
fractional
shares
will
be
credited
to
your
account,
no
fractional
shares
will
be
transferred.
In
the
event
of
termination
of
your
account
under
the
Plan,
the
Plan
Agent
will
either
(a)
continue
to
hold
your
Common
Shares
in
book-entry
form,
or
(b)
transfer
a
whole
number
of
Common
Shares
to
an
intermediary
of
your
choosing,
in
either
case
disbursing
to
the
investor
an
amount
of
cash
equal
to
the
value
of
any
such
fractional
shares
valued
at
the
then-current
market
value
of
the
Fund's
Common
Shares
at
the
time
of
termination,
less
any
applicable
fees.
Flexible
You
may
change
your
distribution
option
or
withdraw
from
the
Plan
at
any
time,
should
your
needs
or
situation
change.
You
can
reinvest
whether
your
shares
are
registered
in
your
name,
or
in
the
name
of
a
brokerage
firm,
bank,
or
other
nominee.
Ask
your
investment
advisor
if
his
or
her
firm
will
participate
on
your
behalf.
Participants
whose
shares
are
registered
in
the
name
of
one
firm
may
not
be
able
to
transfer
the
shares
to
another
firm
and
continue
to
participate
in
the
Plan.
The
Fund
reserves
the
right
to
amend
or
terminate
the
Plan
at
any
time.
Although
the
Fund
reserves
the
right
to
amend
the
Plan
to
include
a
service
charge
payable
by
the
participants,
there
is
no
direct
service
charge
to
participants
in
the
Plan
at
this
time.
Call
today
to
start
reinvesting
distributions
For
more
information
on
the
Nuveen
Automatic
Reinvestment
Plan
or
to
enroll
in
or
withdraw
from
the
Plan,
speak
with
your
financial
professional
or
call
us
at
(800)
257-8787.
147
CHANGES
OCCURRING
DURING
THE
FISCAL
YEAR
The
following
information
in
this
annual
report
is
a
summary
of
certain
changes
during
the
most
recent
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
shares
of
a
Fund.
During
the
most
recent
fiscal
year,
there
have
been
no
changes
required
to
be
reported
in
connection
with:
(i)
the
Funds’
investment
objectives
and
principal
investment
policies
that
have
not
been
approved
by
shareholders,
(ii)
the
principal
risks
of
the
Fund,
(iii)
the
portfolio
managers
of
the
Funds;
(iv)
a
Fund’s
charter
or
by-laws
that
would
delay
or
prevent
a
change
of
control
of
the
Fund
that
have
not
been
approved
by
shareholders
except
as
follows:
Principal
Risks
The
following
risk
factors
were
added
as
a
principal
risk
to
the
Funds:
Direct
Lending
Risk.
The
Fund
may
engage
in
direct
lending.
Direct
loans
between
the
Fund
and
a
borrower
may
not
be
administered
by
an
underwriter
or
agent
bank.
The
Fund
may
provide
financing
to
commercial
borrowers
directly
or
through
companies
affiliated
with
the
Fund.
The
terms
of
the
direct
loans
are
negotiated
with
borrowers
in
private
transactions.
Furthermore,
a
direct
loan
may
be
secured
or
unsecured.
The
Fund
will
rely
primarily
upon
the
creditworthiness
of
the
borrower
and/or
any
collateral
for
payment
of
interest
and
repayment
of
principal.
Direct
loans
may
subject
the
Fund
to
liquidity
risk,
interest
rate
risk,
and
borrower
default
or
insolvency.
Direct
loans
are
not
publicly
traded
and
may
not
have
a
secondary
market
which
may
have
an
adverse
impact
on
the
ability
of
the
Fund
to
dispose
of
a
direct
loan
and/or
value
the
direct
loan.
The
Fund’s
performance
may
be
impacted
by
the
Fund’s
ability
to
lend
on
favorable
terms
as
the
Fund
may
be
subject
to
increased
competition
or
a
reduced
supply
of
qualifying
loans
which
could
lead
to
lower
yields
and
reduce
Fund
performance.
As
part
of
its
lending
activities,
the
Fund
may
originate
loans
to
companies
that
are
experiencing
significant
financial
or
business
difficulties,
including
companies
involved
in
bankruptcy
or
other
reorganization
and
liquidation
proceedings.
Although
the
terms
of
such
financing
may
result
in
significant
financial
returns
to
the
Fund,
they
involve
a
substantial
degree
of
risk.
The
level
of
analytical
sophistication,
both
financial
and
legal,
necessary
for
successful
financing
to
companies
experiencing
significant
business
and
financial
difficulties
is
unusually
high.
Different
types
of
assets
may
be
used
as
collateral
for
the
Fund’s
loans
and,
accordingly,
the
valuation
of
and
risks
associated
with
such
collateral
will
vary
by
loan.
There
is
no
assurance
that
the
Fund
will
correctly
evaluate
the
value
of
the
assets
collateralizing
the
Fund’s
loans
or
the
prospects
for
a
successful
reorganization
or
similar
action.
In
any
reorganization
or
liquidation
proceeding
relating
to
a
borrower
that
the
Fund
is
lending
money
to,
the
Fund
may
lose
all
or
part
of
the
amounts
advanced
to
the
borrower
or
may
be
required
to
accept
collateral
with
a
value
less
than
the
amount
of
the
loan
advanced
by
the
Fund
to
the
borrower.
Furthermore,
in
the
event
of
a
default
by
a
borrower,
the
Fund
may
have
difficulty
disposing
of
the
assets
used
as
collateral
for
a
loan.
To
the
extent
the
Fund
seeks
to
engage
in
direct
lending,
the
Fund
will
be
subject
to
enhanced
risks
of
litigation,
regulatory
actions
and
other
proceedings.
As
a
result,
the
Fund
may
be
required
to
pay
legal
fees,
settlement
costs,
damages,
penalties
or
other
charges,
any
or
all
of
which
could
materially
adversely
affect
the
Fund
and
its
holdings.
Floating
and
Variable
Rate
Securities
Risk.
Floating
and
variable
rate
securities
provide
for
adjustment
in
the
interest
rate
paid
on
the
obligations.
The
terms
of
such
obligations
typically
provide
that
interest
rates
are
adjusted
based
upon
an
interest
or
market
rate
adjustment
as
provided
in
the
respective
obligations.
The
adjustment
intervals
may
be
regular,
and
range
from
daily
up
to
annually,
or
may
be
event-based,
such
as
based
on
a
change
in
the
prime
rate.
Because
of
the
interest
rate
adjustment
feature,
floating
and
variable
rate
securities
provide
an
investor
with
a
certain
degree
of
protection
against
rises
in
interest
rates,
although
the
investor
will
participate
in
any
declines
in
interest
rates
as
well.
Generally,
changes
in
interest
rates
will
have
a
smaller
effect
on
the
market
value
of
floating
and
variable
rate
securities
than
on
the
market
value
of
comparable
fixed-
income
obligations.
Thus,
investing
in
floating
and
variable
rate
securities
generally
allows
less
opportunity
for
capital
appreciation
and
depreciation
than
investing
in
comparable
fixed-income
securities.
Floating
and
variable
rate
securities
may
be
subject
to
greater
liquidity
risk
than
other
debt
securities,
meaning
that
there
may
be
limitations
on
the
Fund’s
ability
to
sell
the
securities
at
any
given
time.
Such
securities
also
may
lose
value.
Municipal
Securities
Risk.
The
values
of
municipal
securities
may
be
adversely
affected
by
local
political
and
economic
conditions
and
developments.
Adverse
conditions
in
an
industry
significant
to
a
local
economy
could
have
a
correspondingly
adverse
effect
on
the
financial
condition
of
local
issuers.
Other
factors
that
could
affect
municipal
securities
include
a
change
in
the
local,
state,
or
national
economy,
a
downgrade
of
a
state’s
credit
rating
or
the
rating
of
authorities
or
political
subdivisions
of
the
state,
demographic
factors,
ecological
or
environmental
concerns,
inability
or
perceived
inability
of
a
government
authority
to
collect
sufficient
tax
or
other
revenues,
statutory
limitations
on
the
issuer’s
ability
to
increase
taxes,
and
other
developments
generally
affecting
the
revenue
of
issuers
(for
example,
legislation
or
court
decisions
reducing
state
aid
to
local
governments
or
mandating
additional
services).
This
risk
would
be
heightened
to
the
extent
that
the
Fund
invests
a
substantial
portion
of
the
below-investment
grade
quality
portion
of
its
portfolio
in
the
bonds
of
similar
projects
(such
as
those
relating
to
the
education,
health
care,
housing,
transportation,
or
utilities
industries),
in
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
municipal
lease
obligations,
private
activity
bonds
or
moral
obligation
bonds)
that
are
particularly
exposed
to
specific
types
of
adverse
economic,
business
or
political
events.
The
value
of
municipal
securities
may
also
be
adversely
affected
by
rising
health
care
costs,
increasing
unfunded
pension
liabilities,
and
by
the
phasing
out
of
federal
programs
providing
financial
support.
In
recent
periods,
a
number
of
municipal
issuers
have
defaulted
on
obligations,
been
downgraded
or
commenced
insolvency
proceedings.
Financial
difficulties
of
municipal
issuers
may
continue
or
get
worse.
In
addition,
the
amount
of
public
information
available
about
municipal
bonds
is
generally
less
than
for
certain
corporate
equities
or
bonds,
meaning
that
the
investment
performance
of
the
Fund
may
be
more
dependent
on
the
analytical
abilities
of
the
Fund’s
sub-adviser
than
funds
that
invest
in
stock
or
other
corporate
investments.
148
Shareholder
Update
(continued)
To
the
extent
that
a
fund
invests
a
significant
portion
of
its
assets
in
the
securities
of
issuers
located
in
a
given
state
or
U.S.
territory,
it
will
be
disproportionally
affected
by
political
and
economic
conditions
and
developments
in
that
state
or
territory
and
may
involve
greater
risk
than
funds
that
invest
in
a
larger
universe
of
securities.
In
addition,
economic,
political
or
regulatory
changes
in
that
state
or
territory
could
adversely
affect
municipal
securities
issuers
in
that
state
or
territory
and
therefore
the
value
of
a
fund’s
investment
portfolio.
When-Issued
and
Delayed-Delivery
Transactions
Risk.
The
Fund
may
invest
in
securities
on
a
“when-issued”
or
“delayed-delivery”
basis.
When-issued
and
delayed-delivery
transactions
may
involve
an
element
of
risk
because
no
interest
accrues
on
the
securities
prior
to
settlement
and,
because
securities
are
subject
to
market
fluctuations,
the
value
of
the
securities
at
time
of
delivery
may
be
less
(or
more)
than
their
cost.
A
separate
account
of
the
Fund
will
be
established
with
its
custodian
consisting
of
cash
equivalents
or
liquid
securities
having
a
market
value
at
all
times
at
least
equal
to
the
amount
of
any
delayed
payment
commitment.
Amended
and
Restated
By-laws
On
October
5,
2020,
the
Nuveen
Quality
Municipal
Income
Fund
and
the
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(each
a
“Fund”
and
collectively
the
“Funds”)
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
February
24,
2022,
the
Board
of
the
Funds
suspended
the
Control-Share
By-Law
provisions.
Subsequently,
on
February
28,
2024,
the
Board
of
the
Funds
adopted
Amended
and
Restated
By-Laws
to
eliminate
the
Control
Share
By-Law
provision
in
its
entirety.
Other
than
the
elimination
of
the
Control
Share
By-Law
provisions,
the
Amended
and
Restated
By-Laws
are
identical
to
the
previously
adopted
by-laws.
Portfolio
Managers
Effective
April
1,
2024
Christopher
L.
Drahn
retired
from
Nuveen
Asset
Management,
LLC
and
no
longer
serves
as
a
portfolio
manager
for
the
Funds.
149
Important
Tax
Information
(U
naudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
NAD
$
—
NEA
—
150
Shareholder
Meeting
Report
(U
naudited)
The
annual
meeting
of
shareholders
for
NAD
was
held
on
August
8,
2024
and
NEA
was
held
on
August
15,
2024;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
Members.
The
vote
totals
for
NAD
and
NEA
are
set
forth
below:
NAD
NEA
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Approval
of
the
Board
Members
was
reached
as
follows:
Joanne
T.
Medero
For
164,506,588
—
205,210,718
—
Withhold
25,763,973
—
40,208,986
—
Total
190,270,561
—
245,419,704
—
Loren
M.
Starr
For
165,484,743
—
206,681,984
—
Withhold
24,785,818
—
38,737,720
—
Total
190,270,561
—
245,419,704
—
Matthew
Thornton
III
For
164,343,844
—
205,591,760
—
Withhold
25,926,717
—
39,827,944
—
Total
190,270,561
—
245,419,704
—
Albin
F.
Moschner
For
—
17,376
—
338,554
Withhold
—
—
—
—
Total
—
17,376
—
338,554
Margaret
L.
Wolff
For
—
17,376
—
338,554
Withhold
—
—
—
—
Total
—
17,376
—
338,554
151
Additional
Fund
Information
(U
naudited)
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
Each
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NAD
NEA
Common
shares
repurchased
0
0
152
Glossary
of
Terms
Used
in
this
Report
(U
naudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Duration:
Duration
is
a
measure
of
the
expected
period
over
which
a
bond’s
principal
and
interest
will
be
paid,
and
consequently
is
a
measure
of
the
sensitivity
of
a
bond’s
or
bond
fund’s
value
to
changes
when
market
interest
rates
change.
Generally,
the
longer
a
bond’s
or
fund’s
duration,
the
more
the
price
of
the
bond
or
fund
will
change
as
interest
rates
change.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
below)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-
term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings
,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher-yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
Board
Members
&
Officers
153
(U
naudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of
Trustees
of
the
Funds.
None
of
the
trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“independent
board
members”)
has
ever
been
a
director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the
trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
Trustee
oversees
and
other
directorships
they
hold
are
set
forth
below.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Independent
Trustees:
Joseph
A.
Boateng
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2019
Class
II
Chief
Investment
Officer,
Casey
Family
Programs
(since
2007);
formerly,
Director
of
U.S.
Pension
Plans,
Johnson
&
Johnson
(2002–2006);
Board
Member,
Lumina
Foundation
(since
2019)
and
Waterside
School
(since
2021);
Board
Member
(2012–2019)
and
Emeritus
Board
Member
(since
2020),
Year-Up
Puget
Sound;
Investment
Advisory
Committee
Member
and
Former
Chair
(since
2007),
Seattle
City
Employees’
Retirement
System;
Investment
Committee
Member
(since
2019),
The
Seattle
Foundation;
Trustee
(2018–2023),
the
College
Retirement
Equities
Fund;
Manager
(2019–2023),
TIAA
Separate
Account
VA-1.
211
Michael
A.
Forrester
1967
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2007
Class
I
Formerly,
Chief
Executive
Officer
(2014–2021)
and
Chief
Operating
Officer
(2007–2014),
Copper
Rock
Capital
Partners,
LLC;
Trustee,
Dexter
Southfield
School
(since
2019);
Member
(since
2020),
Governing
Council
of
the
Independent
Directors
Council
(IDC);
Trustee,
the
College
Retirement
Equities
Fund
and
Manager,
TIAA
Separate
Account
VA-1
(2007–2023).
211
Thomas
J.
Kenny
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Co-Chair
and
Board
Member
2011
Class
I
Formerly,
Advisory
Director
(2010–2011),
Partner
(2004–2010),
Managing
Director
(1999–2004)
and
Co-Head
of
Global
Cash
and
Fixed
Income
Portfolio
Management
Team
(2002–2010),
Goldman
Sachs
Asset
Management;
Director
(since
2015)
and
Chair
of
the
Finance
and
Investment
Committee
(since
2018),
Aflac
Incorporated;
Director
(since
2018),
ParentSquare;
formerly,
Director
(2021–2022)
and
Finance
Committee
Chair
(2016–2022),
Sansum
Clinic;
formerly,
Advisory
Board
Member
(2017–2019),
B’Box;
formerly,
Member
(2011–2012),
the
University
of
California
at
Santa
Barbara
Arts
and
Lectures
Advisory
Council;
formerly,
Investment
Committee
Member
(2012–2020),
Cottage
Health
System;
formerly,
Board
member
(2009–2019)
and
President
of
the
Board
(2014–2018),
Crane
Country
Day
School;
Trustee
(2011–
2023)
and
Chairman
(2017–2023),
the
College
Retirement
Equities
Fund;
Manager
(2011–2023)
and
Chairman
(2017–2023),
TIAA
Separate
Account
VA-1.
216
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
II
Formerly,
Managing
Director,
IDC
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
President
(since
2023)
and
Member
(since
2020)
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA).
216
154
Board
Members
&
Officers
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
III
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-
2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)
(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
216
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
III
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
216
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2013
Class
II
Formerly,
Member
of
Board
of
Directors
of
Core12
LLC
(2008–
2023)
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients);
formerly,
Member
of
The
President’s
Council
of
Fordham
University
(2010–2019);
formerly,
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009–2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012–2014);
formerly,
Trustee
and
Chairman
of
the
Board
of
Trustees
of
Marian
University
(2010–2013);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007–2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
216
155
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Loren
M.
Starr
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2022
Class
III
Independent
Consultant/Advisor
(since
2021);
formerly,
Vice
Chair,
Senior
Managing
Director
(2020–2021),
Chief
Financial
Officer,
Senior
Managing
Director
(2005–2020),
Invesco
Ltd.;
Director
(since
2023)
and
Audit
Committee
member
(since
2024),
AMG;
formerly,
Chair
and
Member
of
the
Board
of
Directors
(2014–2021),
Georgia
Leadership
Institute
for
School
Improvement
(GLISI);
formerly,
Chair
and
Member
of
the
Board
of
Trustees
(2014–2018),
Georgia
Council
on
Economic
Education
(GCEE);
Trustee,
the
College
Retirement
Equities
Fund
and
Manager,
TIAA
Separate
Account
VA-1
(2022–2023).
215
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2020
Class
III
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
216
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2008
Class
II
Formerly,
a
Co–Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008–2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012–2021);
Chair
and
Member
of
the
Board
of
Directors
(since
2021),
Kehrein
Center
for
the
Arts
(philanthropy);
Member
of
the
Board
of
Directors
(since
2008),
Catalyst
Schools
of
Chicago
(philanthropy);
Member
of
the
Board
of
Directors
(since
2012),
formerly,
Investment
Committee
Chair
(2017–2022),
Mather
Foundation
Board
(philanthropy);
formerly,
Member
(2005–2016),
Chicago
Fellowship
Board
(philanthropy);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010–2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012–2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008–2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004–2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000–2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005–2007),
Northern
Trust
Global
Investments
Board
(2004–2007),
Northern
Trust
Japan
Board
(2004–2007),
Northern
Trust
Securities
Inc.
Board
(2003–
2007)
and
Northern
Trust
Hong
Kong
Board
(1997–2004).
216
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
I
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-
2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
of
the
Board
of
Trustees
(since
2004)
formerly,
Chair
(2015-2022)
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-
2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
216
156
Board
Members
&
Officers
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Co-Chair
and
Board
Member
2017
Class
I
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
216
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
David
J.
Lamb
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
(Principal
Executive
Officer)
2015
Senior
Managing
Director
of
Nuveen
Fund
Advisors,
LLC,
Nuveen
Securities,
LLC
and
Nuveen;
has
previously
held
various
positions
with
Nuveen.
Brett
E.
Black
1972
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Managing
Director,
Chief
Compliance
Officer
of
Nuveen;
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
and
Anti-Money
Laundering
Compliance
Officer
(2017-2022)
of
BMO
Funds,
Inc.
Marc
Cardella
1984
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Controller
(Principal
Financial
Officer)
2024
Senior
Managing
Director,
Head
of
Public
Investment
Finance
of
Nuveen;
Senior
Managing
Director
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC,
Managing
Director
of
Teachers
Insurance
and
Annuity
Association
of
America
and
TIAA
SMA
Strategies
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
of
TIAA
Separate
Account
VA-1
and
the
College
Retirement
Equities
Fund.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Assistant
Secretary
2013
Managing
Director
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
and
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
of
Nuveen;
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
of
Nuveen
Asset
Management,
LLC;
has
previously
held
various
positions
with
Nuveen;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC.
Jeremy
D.
Franklin
1983
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2024
Managing
Director
and
Assistant
Secretary,
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary,
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
and
Associate
General
Counsel,
Teachers
Insurance
and
Annuity
Association
of
America;
Vice
President
and
Assistant
Secretary,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Vice
President,
Associate
General
Counsel,
and
Assistant
Secretary,
TIAA
Separate
Account
VA-1
and
College
Retirement
Equities
Fund.
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
and
Associate
General
Counsel
of
Nuveen.
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Fund
Advisors,
LLC;
has
previously
held
various
positions
with
Nuveen;
Chartered
Financial
Analyst.
157
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Brian
H.
Lawrence
1982
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2023
Vice
President
and
Associate
General
Counsel
of
Nuveen;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
formerly
Corporate
Counsel
of
Franklin
Templeton
(2018-2022).
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Senior
Managing
Director
and
Head
of
Investment
Oversight
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Fund
Advisors,
LLC;
has
previously
held
various
positions
with
Nuveen;
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director,
General
Counsel
and
Secretary
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC;
Managing
Director
and
Assistant
Secretary
of
TIAA
SMA
Strategies
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds,
TIAA-CREF
Life
Funds,
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC,
TIAA-CREF
Investment
Management,
LLC,
and
Nuveen
Alternative
Advisors
LLC;
has
previously held
various
positions
with
Nuveen/TIAA.
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Executive
Vice
President,
Secretary
and
General
Counsel
of
Nuveen
Investments,
Inc.;
Executive
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC and
Nuveen
Fund
Advisors,
LLC;
Executive
Vice
President
and
Secretary
of
Nuveen
Asset
Management,
LLC,
Teachers
Advisors,
LLC,
TIAA-CREF
Investment
Management,
LLC
and
Nuveen
Alternative
Investments,
LLC;
Executive
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary of
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
has
previously
held
various
positions
with
Nuveen;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC;
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-2021)
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
of
Nuveen,
TIAA-
CREF
Funds,
TIAA-CREF
Life
Funds,
TIAA
Separate
Account
VA-1
and
the
College
Retirement
Equities
Fund;
Managing
Director
of
Nuveen
Fund
Advisors,
LLC;
has
previously
held
various
positions
with
TIAA.
Mary
Beth
Ramsay
1965
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2024
Chief
Risk
Officer,
Nuveen
and
TIAA
Financial
Risk;
Head
of
Nuveen
Risk
&
Compliance;
Executive
Vice
President,
Teachers
Insurance
and
Annuity
Association
of
America;
Executive
Vice
President,
TIAA
Separate
Account
VA-1
and
the
College
Retirement
Equities
Fund;
formerly,
Senior
Vice
President,
Head
of
Sales
and
Client
Solutions
(2019-2022)
and
U.S.
Chief
Pricing
Actuary
(2016-2019),
SCOR
Global
Life
Americas;
Member
of
the
Board
of
Directors
of
Society
of
Actuaries.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
of
Nuveen.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
and
Nuveen
Fund
Advisors,
LLC;
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
and
Nuveen
Asset
Management,
LLC;
Vice
President
and
Associate
General
Counsel
of
Nuveen.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
the
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teacher
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA.
158
Board
Members
&
Officers
(continued)
(1)
The
Board
of
Trustees
is
divided
into
three
classes,
Class
I,
Class
II,
and
Class
III,
with
each
being
elected
to
serve
until
the
third
succeeding
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed,
except
two
board
members
are
elected
by
the
holders
of
Preferred
Shares,
when
applicable,
to
serve
until
the
next
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
board
member
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
complex.
(2)
Officers
serve
indefinite
terms
until
their
successor
has
been
duly
elected
and
qualified,
their
death
or
their
resignation
or
removal. The
year
first
elected
or
appointed
represents
the
year
in
which
the
Officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
EAN-B-1024P
4015282-INV-Y-12/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

Item 2. | Code of Ethics.

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

Item 3. | Audit Committee Financial Expert.

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

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

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

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

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

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

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

Item 4. | Principal Accountant Fees and Services.

Nuveen AMT-Free Quality Municipal Income Fund

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended |  | Audit Fees Billed to Fund1 |  |  | Audit-Related Fees Billed to Fund2 |  |  | Tax Fees Billed to Fund3 |  |  | All Other Fees Billed to Fund4
October 31, 2024 |  |  | $40,750 |  |  |  | $9,782 |  |  |  | $0 |  |  | $0
Percentage approved pursuant to pre-approval exception |  |  | 0% |  |  |  | 0% |  |  |  | 0% |  |  | 0%
October 31, 2023 |  |  | $40,000 |  |  |  | $2,600 |  |  |  | $0 |  |  | $0
Percentage approved pursuant to pre-approval exception |  |  | 0% |  |  |  | 0% |  |  |  | 0% |  |  | 0%

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

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

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

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

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

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

NON-AUDIT SERVICES

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

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

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

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

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

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

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

Item 5. | Audit Committee of Listed Registrants.

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

Item 6. | Investments.

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

(b) | Not applicable.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to this filing.

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

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

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

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

(a)(1) | Portfolio Manager Biographies

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

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

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

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

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

Portfolio Manager |  | Type of Account Managed |  | Number of Accounts |  | Assets*
Michael S. Hamilton |  | Registered Investment Company |  | 18 |  | $10.36 billion
|  | Other Pooled Investment Vehicles |  | 0 |  | $0
|  | Other Accounts |  | 5 |  | $640.15 million
Stephen J. Candido |  | Registered Investment Company |  | 29 |  | $50.05 billion
|  | Other Pooled Investment Vehicles |  | 2 |  | $505.69 million
|  | Other Accounts |  | 4 |  | $199.91 million

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

Potential Material Conflicts of Interest

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

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

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

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

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

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

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

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

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

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

(a)(3) | Fund Manager Compensation

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

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

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

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

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

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

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

(a)(4) | Beneficial Ownership of NEA Securities

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

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

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. | Controls and Procedures.

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

(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. | Recovery of Erroneously Awarded Compensation.

(a) | Not applicable.

(b) | Not applicable.

Item 19. | Exhibits.

(a)(1) |  | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.
(a)(2) |  | Not applicable.
(a)(3) |  | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4) |  | Not applicable.
(a)(5) |  | Change in the registrant’s independent public accountant. Filed herewith.
(b) |  | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

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

Nuveen AMT-Free Quality Municipal Income Fund

Date: January 6, 2025 |  |  |  | By: |  | /s/ David J. Lamb David J. Lamb Chief Administrative Officer

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

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