NPORT-EX 2 tiaa_NEA.htm
1
Portfolio
of
Investments
January
31,
2025
NEA
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
163.8%
(100.0%
of
Total
Investments)
5967655333
MUNICIPAL
BONDS
-
163
.8
%
(
100
.0
%
of
Total
Investments)
5967655333
ALABAMA
-
1.5%
(0.9%
of
Total
Investments)
$
15,520,000
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016B
5
.000
%
11/15/46
$
15,610,913
5,920,000
Autauga
County
Board
of
Education,
Alabama,
Special
Tax
Warrants,
Series
2021
4
.000
04/01/51
5,561,775
35,000
Birmingham
Airport
Authority,
Alabama,
Airport
Revenue
Bonds,
Series
2020
-
BAM
Insured
4
.000
07/01/35
35,670
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
4,276,985
9,910,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.500
10/01/53
10,630,361
4,685,000
Mobile
Spring
Hill
College
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
Spring
Hill
College
Project,
Series
2015
5
.875
04/15/45
3,456,536
2,410,000
Pike
Road,
Alabama,
General
Obligation
Warrants,
Series
2023
5
.000
03/01/52
2,527,758
5,500,000
Southeast
Energy
Authority,
Alabama,
A
Cooperative
District
Energy
Supply
Revenue
Bonds
Series
2024A
5
.000
11/01/35
5,771,436
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
1,065,778
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
5,396,290
TOTAL
ALABAMA
54,333,502
ARIZONA
-
2.4%
(1.5%
of
Total
Investments)
6,970,000
(b)
Arizona
Industrial
Development
Authority,
(UB)
4
.650
10/01/48
6,903,510
1,150,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017A
5
.000
07/01/47
1,151,781
1,400,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Social
Bonds
Pensar
Academy
Project,
Series
2020
5
.000
07/01/45
1,327,863
1,965,000
(b)
Arizona
Industrial
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.700
10/01/51
1,943,954
7,115,000
Lake
Havasu
City,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015B
-
AGM
Insured
5
.000
07/01/43
7,144,721
1,315,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A
5
.000
09/01/42
1,349,111
8,895,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2021A
4
.000
09/01/51
8,056,780
5,135,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
4
.000
01/01/36
5,160,102
3,130,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Series
2017D
4
.000
01/01/48
2,930,780
6,550,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
4
.000
07/01/49
6,253,091
1,500,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
5
.000
07/01/49
1,539,205
6,545,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Revenue
Bonds,
Civic
Plaza
Expansion
Project,
Series
2005B
-
FGIC
Insured
5
.500
07/01/37
7,868,369
10,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Revenue
Bonds,
Civic
Plaza
Expansion
Project,
Series
2005B
-
FGIC
Insured
5
.500
07/01/40
12,072,004
1,465,000
(a)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Imagine
East
Mesa
Charter
Schools
Project,
Series
2019
5
.000
07/01/49
1,401,269
3,000,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A
5
.000
08/01/47
3,081,352
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
5,000,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2024A
5
.000
%
01/01/54
$
5,345,108
11,080,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
11,944,873
2,135,000
Yuma
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yuma
Regional
Medical
Center,
Series
2024A
5
.250
08/01/54
2,254,832
TOTAL
ARIZONA
87,728,705
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
1,677,662
TOTAL
ARKANSAS
1,677,662
CALIFORNIA
-
3.9%
(2.4%
of
Total
Investments)
3,335,000
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C
-
AGM
Insured
5
.000
10/01/52
3,529,089
4,225,000
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2005B
-
AGM
Insured
0
.000
08/01/28
3,789,842
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
2,994,784
8,000,000
Beverly
Hills
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009
0
.000
08/01/33
6,016,055
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
50,462
7,615,000
California
Educational
Facilities
Authority,
Revenue
Refunding
Bonds,
Loyola
Marymount
University,
Series
2001A
-
NPFG
Insured
0
.000
10/01/25
7,453,687
1,350,000
California
Educational
Facilities
Authority,
Revenue
Refunding
Bonds,
Loyola
Marymount
University,
Series
2001A
-
NPFG
Insured
0
.000
10/01/39
737,004
1,500,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/42
1,519,677
965,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017
5
.000
10/15/47
963,743
5,000,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2017
4
.000
08/01/36
5,026,916
5,000
California
State,
General
Obligation
Bonds,
Series
2004
-
AMBAC
Insured
5
.000
04/01/31
5,010
9,130,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
9,182,817
15,104
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
15,104
19,389
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
19,389
23,267
(c),(d)
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
9,107,031
4,775,000
(e)
Clovis
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Series
2001A
-
FGIC
Insured,
(ETM)
0
.000
08/01/25
4,706,815
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
5,625,527
910,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A
6
.850
01/15/42
1,063,467
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
5,000,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007
-
FGIC
Insured
0
.000
%
08/01/32
$
3,897,104
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
1,417,887
995,000
(e)
Los
Angeles
Department
of
Water
and
Power,
California,
Electric
Plant
Revenue
Bonds,
Series
1994,
(ETM)
5
.375
02/15/34
1,015,552
2,490,000
Madera
Unified
School
District,
Madera
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005
-
NPFG
Insured
0
.000
08/01/27
2,298,854
10,335,000
(f)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
0
.000
08/01/43
10,187,642
5,500,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009B
6
.500
11/01/39
6,795,390
14,100,000
New
Haven
Unified
School
District,
California,
General
Obligation
Bonds,
Refunding
Series
2009
-
AGC
Insured
0
.000
08/01/34
10,120,739
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
2,163,424
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
381,309
1,490,000
(e)
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B
-
NPFG
Insured,
(ETM)
5
.000
08/15/34
1,644,476
1,745,000
(e)
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B,
(Pre-refunded
8/15/32)
-
NPFG
Insured
5
.000
08/15/34
2,003,600
1,000,000
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Series
2005B
-
AGM
Insured
0
.000
08/01/29
869,206
9,320,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A
-
AGC
Insured
0
.000
08/01/33
6,561,971
1,800,000
Rialto
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2010
Election
Series
2011A
0
.000
08/01/28
1,617,388
4,080,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A
5
.000
07/01/47
4,192,681
2,965,000
San
Juan
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
08/01/28
2,655,960
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
3,827,949
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
8,609,471
5,000,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/46
1,602,358
6,570,000
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
0
.000
08/01/47
1,983,539
20,990,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed,
Capital
Appreciation
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
Refunding
Senior
Series
2019B-Class
2
0
.000
06/01/54
4,212,473
2,630,000
Union
Elementary
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Series
2001B
-
FGIC
Insured
0
.000
09/01/25
2,586,390
TOTAL
CALIFORNIA
142,475,049
COLORADO
-
15.2%
(9.3%
of
Total
Investments)
1,785,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
12/01/51
1,683,108
6,600,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021
4
.375
12/01/52
5,578,982
1,250,000
(a)
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2024
5
.500
12/01/44
1,262,474
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,500,000
Arapahoe
County
Water
and
Wastewater
Authority,
Colorado,
Revenue
Bonds,
Refunding
Series
2019
4
.000
%
12/01/38
$
2,533,836
1,610,000
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022
4
.000
12/01/48
1,545,516
2,220,000
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022
4
.000
12/01/52
2,093,833
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
3,242,070
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
1,913,482
9,000,000
Boulder
Valley
School
District
RE2,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Series
2019A
4
.000
12/01/48
8,600,593
3,010,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/42
3,233,813
7,975,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/52
8,374,993
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
1,061,078
1,060,000
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Improvement
Series
2018
5
.250
12/01/48
1,036,537
1,575,000
(a)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/37
1,566,902
3,620,000
(a)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/47
3,444,374
1,445,000
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
-
AGM
Insured
5
.500
12/01/54
1,610,508
2,545,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A
5
.000
03/01/47
2,583,932
2,005,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/34
2,095,880
4,615,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/35
4,824,182
7,205,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/36
7,531,577
8,715,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/37
9,110,021
4,105,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/42
4,291,065
8,545,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/47
8,932,315
10,575,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/46
10,094,687
33,390,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/50
30,812,893
3,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2018A
5
.000
11/15/48
3,074,145
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/31
1,006,951
4,290,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/37
4,309,908
21,340,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
21,735,306
17,205,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
-
BAM
Insured
4
.000
08/01/49
15,706,009
11,075,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
9,996,754
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,410,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.500
%
11/01/47
$
3,686,771
3,500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Living
Communities
&
Services,
Series
2020A
4
.000
12/01/50
3,022,124
750,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A
5
.250
05/15/37
765,452
1,500,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Refunding
Series
2015B,
(Pre-refunded
9/01/25)
4
.000
09/01/34
1,510,131
7,080,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
(Pre-refunded
9/01/30)
4
.000
09/01/45
7,550,515
3,000,000
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
(Pre-refunded
9/01/30)
4
.000
09/01/50
3,199,371
4,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A
4
.000
11/01/39
3,973,378
3,300,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A
4
.000
01/01/38
3,320,416
5,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019B
4
.000
01/01/40
4,943,557
4,150,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017
5
.000
12/31/56
4,065,783
1,889,000
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
5
.625
12/01/32
1,902,715
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
2,668,042
2,000,000
Colorado
School
of
Mines
Board
of
Trustees,
Golden,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Series
2023C
5
.250
12/01/53
2,138,171
1,500,000
(e)
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016B,
(Pre-refunded
3/01/27)
5
.000
03/01/41
1,568,837
6,000,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E
4
.000
03/01/43
5,868,188
7,000,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2019O
4
.000
03/15/44
6,820,531
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
2,534,794
5,000,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A
4
.000
12/15/35
5,086,293
7,115,000
(e)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/41
7,346,743
1,000,000
(e)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/46
1,032,571
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
1,170,590
15,370,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0
.000
12/01/31
8,907,917
2,930,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.000
11/15/47
3,104,203
6,700,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.250
11/15/53
7,206,155
5,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
5
.000
12/01/43
5,179,191
6,500,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Current
Interest
Series
2018A-1
5
.000
08/01/48
6,619,359
10,000,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Series
2021A
4
.000
08/01/51
9,536,883
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
5,120,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
%
12/01/32
$
5,210,727
2,935,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/35
2,976,738
1,800,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/40
1,814,224
325,000
(a)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5
.250
12/01/39
327,185
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
1,442,898
45,540,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/30
37,634,169
16,635,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/32
12,686,127
49,250,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/33
35,990,551
9,310,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
09/01/28
8,269,916
2,900,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
09/01/34
2,027,628
18,500,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
-
NPFG
Insured
0
.000
03/01/36
12,172,830
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
5,818,979
3,850,000
Firestone,
Colorado,
Water
Enterprise
Revenue
Bones,
Series
2020
-
BAM
Insured
4
.000
12/01/49
3,598,297
5,000,000
Gunnison
Watershed
School
District
RE1J,
Gunnison
and
Saguache
Counties,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.000
12/01/47
5,332,678
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
4,049,705
5,700,000
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021
-
AGM
Insured
4
.000
12/01/46
5,447,711
1,440,000
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021
-
AGM
Insured
4
.000
12/01/51
1,340,453
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
1,861,741
1,000,000
Lorson
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2016
5
.000
12/01/36
1,015,208
1,000,000
Louisville,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax,
Series
2017
4
.000
12/01/36
1,007,896
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
1,754,476
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
1,120,097
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
1,086,456
5,000,000
Northern
Colorado
Water
Conservancy
District
Building
Corporation,
Certificates
of
Participation,
Refunding
Series
2021
4
.000
07/01/51
4,769,115
2,325,000
Northern
Colorado
Water
Conservancy
District,
Certificates
of
Participation,
Series
2022
5
.000
07/01/42
2,462,984
16,320,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A
5
.000
12/01/45
16,440,089
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,680,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A
5
.000
%
12/01/46
$
3,705,884
4,055,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A
-
AGM
Insured
4
.000
12/01/39
4,061,510
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
2,911,411
4,861,000
(a)
Platte
River
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023A
6
.500
08/01/53
5,022,436
600,000
(a)
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A
4
.750
12/01/45
523,040
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
10,126,049
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
3,673,049
2,350,000
Roaring
Fork
Transporation
Authority,
Colorado,
Property
Tax
Revenue
Bonds,
Series
2021A
4
.000
12/01/46
2,298,045
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
875,711
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
972,553
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
949,996
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
3,326,812
600,000
(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
548,941
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
1,291,656
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
788,122
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
850,778
2,500,000
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Green
Series
2021A
4
.000
06/01/46
2,412,360
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
2,516,213
5,000,000
Weld
County
School
District
6,
Greeley,
Colorado,
General
Obligation
Bonds,
Series
2020
5
.000
12/01/44
5,216,667
2,175,000
Weld
County
School
District
RE1,
Colorado,
General
Obligation
Bonds,
Series
2017
5
.000
12/15/30
2,259,789
5,650,000
Weld
County
School
District
RE-4,
Windsor,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.250
12/01/47
6,127,944
7,810,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.750
12/01/52
7,596,886
10,825,000
(a)
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2024A-2
8
.000
12/01/54
6,313,937
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
1,859,769
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
500,000
Westerly
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-1
5
.000
%
12/01/50
$
444,439
TOTAL
COLORADO
553,949,280
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
1,661,368
6,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A
4
.000
07/01/51
5,385,241
2,800,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A
5
.000
01/01/55
2,423,213
7,165,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L
5
.000
07/01/45
7,182,749
500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1
5
.000
07/01/34
515,552
7,500,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2020A
5
.000
05/01/37
8,118,393
TOTAL
CONNECTICUT
25,286,516
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
1,005,569
TOTAL
DELAWARE
1,005,569
DISTRICT
OF
COLUMBIA
-
4.4%
(2.7%
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
1,207,732
107,000,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A
0
.000
06/15/46
28,372,591
19,035,000
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014C
4
.000
10/01/41
18,061,988
5,000,000
District
of
Columbia,
General
Obligation
Bonds,
Series
2021D
4
.000
02/01/46
4,866,591
6,780,000
District
of
Columbia,
General
Obligation
Bonds,
Series
2024A
5
.000
08/01/46
7,309,978
3,500,000
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017
5
.000
04/01/35
3,578,323
60,000
(e)
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017,
(Pre-refunded
4/01/27)
5
.000
04/01/36
62,793
3,440,000
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017
5
.000
04/01/36
3,510,678
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
11,819,330
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
4,858,777
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
12,633,753
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
4,479,260
32,000,000
(e)
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
(Pre-refunded
10/01/26)
-
AGC
Insured
6
.500
10/01/41
33,928,480
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
19,466,368
3,000,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018
5
.000
07/01/43
3,061,225
4,270,000
Washington
Metropolitan
Area
Transit
Authority,
Second
Lien
Dedicated
Revenue
Bonds,
Sustainability-
Climate
Transition,
Series
2024A
5
.250
07/15/59
4,602,968
TOTAL
DISTRICT
OF
COLUMBIA
161,820,835
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
-
8.1%
(5.0%
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
$
2,799,942
2,830,000
City
of
Miami
Beach,
Florida,
Stormwater
Revenue
Bonds,
Series
2015
5
.000
09/01/41
2,850,111
5,810,000
Collier
County,
Florida,
Tourist
Development
Tax
Revenue
Bonds,
Series
2018
4
.000
10/01/43
5,761,973
530,000
(a)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C
5
.000
09/15/50
484,962
6,925,000
(b)
Florida
Housing
Finance
Corp,
(UB)
4
.700
07/01/49
6,987,125
6,060,000
(b)
Florida
Housing
Finance
Corp,
(UB)
4
.750
07/01/54
6,091,783
1,040,000
Florida
Municipal
Loan
Council,
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
11/01/25
1,009,860
1,590,000
Florida
Municipal
Loan
Council,
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
11/01/26
1,482,836
2,000,000
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A
4
.000
10/01/49
1,892,356
15,000,000
(b)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018F,
(UB)
5
.000
10/01/48
15,409,167
2,850,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.250
11/15/49
3,073,262
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
3,538,074
3,025,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.500
11/15/54
3,324,047
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
12,102,881
5,060,000
Hollywood,
Florida,
General
Obligation
Bonds,
Series
2022
5
.000
07/01/47
5,297,285
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
3,829,654
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
19,240,486
205,000
Miami
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Miami
Jewish
Health
System
Inc.
Project,
Series
2017
5
.000
07/01/32
199,062
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
4,569,471
2,420,000
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Refunding
Series
2024B
5
.250
04/01/45
2,639,481
7,390,000
(e)
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2015A,
(Pre-refunded
4/01/25)
5
.000
04/01/45
7,414,181
27,470,000
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2018A
5
.000
04/01/53
28,040,648
10,000,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A
5
.000
07/01/35
10,041,327
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
5,044,731
3,000,000
Miami-Dade
County
Industrual
Development
Authority,
Florida,
Revenue
Bonds,
Doral
Academy,
Seres
2018
5
.000
01/15/48
2,960,838
7,000,000
(b)
Miami-Dade
County
School
District,
Florida,
General
Obligation
Bonds,
School
Series
2022A
-
BAM
Insured,
(UB)
5
.000
03/15/52
7,298,494
14,015,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2016A
5
.000
10/01/41
14,226,009
4,715,000
Miami-Dade
County,
Florida,
Public
Facilities
Revenue
Bonds,
Jackson
Health
System,
Series
2017
5
.000
06/01/38
4,839,413
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
10
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
$
6,480,701
5,000,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022
5
.000
07/01/51
5,241,329
6,000,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B
4
.000
10/01/44
5,893,166
3,965,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B
4
.000
10/01/49
3,751,595
8,900,000
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2024A
5
.250
10/01/54
9,559,727
11,240,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022
4
.000
10/01/52
10,115,199
3,260,000
Orange
County
Health
Facilities
Authority,
Florida,
Revenue
Bonds,
Presbyterian
Retirement
Communities
Project,
Series
2024
5
.000
08/01/54
3,309,544
1,095,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
0
.000
10/01/32
805,823
4,250,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Series
2019A-1
5
.000
10/01/49
4,368,500
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
2,194,958
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
4,770,822
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
8,374,631
12,170,000
Sarasota
County
Public
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Sarasota
Memorial
Hospital
Project,
Series
2018
4
.000
07/01/48
11,159,919
6,625,000
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015
4
.000
05/01/33
6,633,287
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
8,133,617
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
8,709,058
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
622,413
4,000,000
Tampa,
Florida,
Health
System
Revenue
Bonds,
Baycare
Health
System,
Series
2016A
4
.000
11/15/46
3,769,770
2,000,000
(e)
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Embry-Riddle
Aeronautical
University,
Series
2015B,
(Pre-
refunded
4/15/25)
5
.000
10/15/45
2,007,935
7,400,000
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Stetson
University
Inc.
Project,
Series
2015
5
.000
06/01/45
7,270,550
TOTAL
FLORIDA
295,622,003
GEORGIA
-
4.9%
(3.0%
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
10,289,633
2,000,000
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A
5
.000
04/01/42
2,023,511
10,000,000
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A
5
.000
04/01/47
10,063,637
2,500,000
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B
5
.125
04/01/53
2,607,616
11
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
$
5,026,437
5,725,000
Fayette
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A
5
.000
07/01/46
5,755,559
4,330,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
5
.000
04/01/42
4,380,901
7,250,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
5
.000
04/01/47
7,296,137
6,370,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
4
.000
04/01/50
5,934,250
9,495,000
(b)
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Georgia
Tech
Facilities,
Series
2024,
(UB)
5
.000
06/15/56
10,002,832
4,000,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A
5
.000
07/01/46
4,020,809
5,000,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A
4
.000
07/01/49
4,648,873
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
7,748,293
2,000,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2021A
4
.000
02/15/40
1,996,505
6,665,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024A
4
.700
12/01/54
6,688,791
8,000,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021
4
.000
07/01/51
7,782,008
1,860,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2022
4
.000
07/01/52
1,806,303
11,000,000
Griffin-Spalding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System
Inc.,
Series
2017A
4
.000
04/01/42
10,751,258
1,350,000
Henry
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2005
5
.250
02/01/27
1,416,124
1,860,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/43
1,906,680
14,100,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
5
.000
05/15/49
14,830,077
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
3,629,883
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
10,767,768
6,310,000
Metropolitan
Atlanta
Rapid
Transit
Authority,
Georgia,
Sales
Tax
Revenue
Bonds,
Third
Indenture,
Series
2015B
5
.000
07/01/43
6,405,940
5,680,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.000
07/01/60
5,679,501
3,300,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.500
07/01/60
3,312,629
3,750,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Series
2024A
5
.250
01/01/49
4,019,424
4,710,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Series
2024A
-
BAM
Insured
5
.250
01/01/54
5,026,183
8,230,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2015
5
.000
10/01/40
8,271,451
5,000,000
Rockdale
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A
4
.000
07/01/44
4,771,712
TOTAL
GEORGIA
178,860,725
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
3,745,990
TOTAL
HAWAII
3,745,990
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO
-
0.9%
(0.5%
of
Total
Investments)
$
855,000
(g)
Boise
State
University,
Idaho,
General
Revenue
Bonds,
Project
&
Refunding
Series
2025A
5
.000
%
04/01/50
$
907,314
3,860,000
Boise
State
University,
Idaho,
General
Revenue
Bonds,
Series
2023A
5
.250
04/01/53
4,133,174
7,885,000
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Saint
Luke's
Health
System
Project,
Series
2021A
4
.000
03/01/51
7,248,274
2,135,000
Idaho
Housing
and
Finance
Association,
GNMA
Housing
Revenue
Refunding
Bonds,
Wedgewood
Terrace
Project,
Series
2002A-1
7
.250
03/20/37
2,159,201
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
5,608,517
2,755,000
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.600
01/01/49
2,769,137
4,915,000
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
(UB)
4
.650
01/01/54
4,933,124
3,325,000
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024
6
.250
09/01/53
3,484,111
TOTAL
IDAHO
31,242,852
ILLINOIS
-
15.0%
(9.2%
of
Total
Investments)
1,000,000
Board
of
Regents
of
Illinois
State
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2018A
-
AGM
Insured
5
.000
04/01/34
1,043,770
285,000
Board
of
Regents
of
Illinois
State
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2018A
-
AGM
Insured
5
.000
04/01/37
295,315
1,370,000
Board
of
Regents
of
Illinois
State
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2018A
-
AGM
Insured
5
.000
04/01/38
1,415,314
4,595,000
Bolingbrook,
Will
and
DuPage
Counties,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2002B
-
FGIC
Insured
0
.000
01/01/32
3,440,302
4,000,000
Bolingbrook,
Will
and
DuPage
Counties,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2002B
-
FGIC
Insured
0
.000
01/01/34
2,726,694
11,000,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
11,307,986
3,155,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
5
.750
04/01/48
3,387,772
5,750,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017H
5
.000
12/01/36
5,789,615
6,920,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D
5
.000
12/01/46
6,781,529
11,450,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/44
11,645,725
1,785,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B
6
.500
12/01/46
1,832,688
23,535,000
(a)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A
7
.000
12/01/46
24,865,078
2,900,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2022A
5
.000
12/01/47
2,843,273
2,175,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
6
.000
12/01/49
2,344,299
685,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A
-
NPFG
Insured
5
.500
12/01/26
692,883
4,000,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A
4
.000
12/01/50
3,659,705
14,765,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A
-
BAM
Insured
4
.000
12/01/50
13,671,100
4,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2018B
5
.000
01/01/53
4,081,581
15,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2024B,
(UB)
5
.250
01/01/53
16,119,479
1,000,000
(b)
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A,
(UB)
5
.500
01/01/40
1,056,219
4,000,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.000
01/01/40
4,054,186
5,425,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.500
01/01/49
5,529,869
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
12,190,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
-
AGM
Insured
5
.250
%
01/01/53
$
12,977,297
2,000,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
-
AGM
Insured
5
.250
01/01/58
2,124,193
7,240,000
(b)
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Series
2023A
-
AGM
Insured,
(UB)
5
.250
11/01/53
7,699,657
6,030,000
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Series
2023A
-
AGM
Insured
5
.500
11/01/62
6,501,528
4,500,000
Cook
County
Community
College
District
508,
Illinois,
General
Obligation
Bonds,
Chicago
City
Colleges,
Series
2017
5
.000
12/01/47
4,554,177
3,500,000
Evanston,
Cook
County,
Illinois,
General
Obligation
Bonds,
Corporate
Purpose
Series
2018A
4
.000
12/01/43
3,308,691
2,750,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
3
.900
11/01/36
2,770,329
5,265,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
5
.500
11/01/36
5,276,898
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
2,837,141
790,000
(e)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Alliance,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
804,517
25,090,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Alliance,
Series
2016C
4
.000
02/15/41
24,054,920
3,500,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C
5
.000
02/15/32
3,613,958
55,000
(e)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
56,011
1,200,000
(e)
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C,
(Pre-refunded
2/15/27)
4
.000
02/15/41
1,222,051
3,000,000
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/
fkaPresence
Health
Network,
Series
2016C
5
.000
02/15/41
3,057,725
2,500,000
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A
4
.000
08/01/51
2,096,073
1,000,000
(a)
Illinois
Finance
Authority,
Revenue
Bonds,
DePaul
College
Prep
Foundation,
Series
2023A
5
.625
08/01/53
1,052,507
16,165,000
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016
5
.000
12/01/40
16,334,469
10,945,000
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A
4
.000
08/15/42
10,391,518
5,285,000
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A
5
.000
08/15/51
5,491,651
22,590,000
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A
5
.000
11/15/45
22,589,426
7,285,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/35
7,326,992
4,135,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/44
4,140,496
5,410,000
Illinois
FInance
Authority,
Revenue
Bonds,
Southern
Illinois
Healthcare
Enterprises,
Inc.,
Series
2017A
5
.000
03/01/47
5,380,068
14,200,000
Illinois
Finance
Authority,
Revenue
Bonds,
The
Carle
Foundation,
Fixed
Period
Series
2021A
4
.000
08/15/41
13,588,630
11,860,000
(b)
Illinois
Housing
Development
Authority,
Revenue
Bonds,
Social
Series
2024I,
(UB)
4
.625
04/01/50
11,894,400
5,000,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
12/01/34
5,193,538
2,000,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
12/01/35
2,074,368
5,420,000
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
5
.000
12/01/39
5,578,138
1,750,000
Illinois
State,
General
Obligation
Bonds,
January
Series
2016
5
.000
01/01/32
1,774,129
3,565,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2016
5
.000
06/01/26
3,651,500
4,170,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
5
.500
03/01/47
4,497,890
17,000,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
6
.000
05/01/26
17,604,576
4,485,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
6
.000
05/01/27
4,761,659
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,115,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
%
05/01/30
$
1,192,036
5,305,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/39
5,755,976
2,360,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.750
05/01/45
2,552,617
4,825,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B
5
.500
05/01/47
5,209,991
9,710,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016
5
.000
02/01/27
10,051,780
5,000,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C
5
.500
10/01/41
5,517,710
29,430,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A
5
.000
01/01/40
29,610,176
10,000,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A
5
.000
01/01/44
10,389,796
12,010,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2020A
5
.000
01/01/45
12,608,181
9,640,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
01/01/42
9,383,378
10,455,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
5
.000
01/01/46
11,036,569
5,410,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Series
2023A
5
.250
01/01/43
5,925,287
5,420,000
Illinois,
General
Obligation
Bonds,
Illinois
FIRST
Program,
Series
2001
-
FGIC
Insured
6
.000
11/01/26
5,559,740
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
1,165,818
5,080,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
5
.000
06/15/50
5,196,064
8,800,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
5
.500
06/15/53
8,858,914
4,750,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A
5
.000
06/15/57
4,793,925
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
13,097,439
5,355,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Capital
Appreciation
Refunding
Series
2010B-1
-
AGM
Insured
0
.000
06/15/46
2,012,871
195,000
(e)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A,
(ETM)
0
.000
06/15/30
163,394
3,505,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
0
.000
06/15/30
2,921,293
28,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
AGM
Insured
0
.000
12/15/35
18,773,692
3,280,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/37
2,032,902
11,715,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/38
6,720,421
2,955,000
(e)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Hospitality
Facility,
Series
1996A,
(ETM)
7
.000
07/01/26
3,062,269
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
2,581,718
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
3,026,934
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
2,414,267
TOTAL
ILLINOIS
546,480,661
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
5,999,583
7,000,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Fixed
Rate
Series
2019A
4
.000
12/01/49
6,470,065
1,875,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
4
.000
12/01/40
1,813,485
3,400,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
5
.000
12/01/40
3,407,446
13,415,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Reid
Health
Series
2022
-
AGM
Insured
5
.000
01/01/52
13,628,103
11,000,000
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
First
Lien
Green
Series
2016A
5
.000
10/01/46
11,160,892
12,820,000
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
First
Lien
Green
Series
2022B
5
.250
10/01/52
13,447,732
5,130,000
Indiana
Finance
Authority,
Water
Utility
Revenue
Bonds,
Citizens
Energy
Group
Project,
First
Lien
Series
2016A
5
.000
10/01/46
5,205,034
8,000,000
(b)
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024D-1,
(UB)
4
.750
07/01/54
8,039,877
1,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6
.000
03/01/53
1,066,752
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
3,610,431
8,040,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Stormwater
Project,
Green
Series
2022C
5
.000
01/01/52
8,428,781
9,255,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/25
9,255,000
9,560,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
-
AMBAC
Insured
0
.000
02/01/26
9,247,520
1,000,000
Northern
Indiana
Commuter
Transportation
District,
Indiana,
Limited
Obligation
Revenue
Bonds,
Series
2024
5
.250
01/01/49
1,076,740
1,580,000
Zionsville
Community
Schools
Building
Corporation,
Boone
County,
Indiana,
First
Mortgage
Bonds,
Series
2005Z
-
AGM
Insured
0
.000
01/15/28
1,429,859
TOTAL
INDIANA
103,287,300
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
5,243,552
7,000,000
(e)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32),
(Mandatory
Put
12/01/42)
5
.000
12/01/50
8,010,951
8,250,000
(e)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32)
5
.000
12/01/50
9,441,478
3,085,000
Iowa
Finance
Authority,
Senior
Housing
Revenue
Bonds,
Northcrest
Inc.
Project,
Series
2018A
5
.000
03/01/48
2,986,398
4,700,000
(e)
Xenia
Rural
Water
District,
Iowa,
Water
Revenue
Bonds,
Refunding
Capital
Loan
Note
Series
2016,
(Pre-refunded
12/01/26)
5
.000
12/01/36
4,887,905
5,990,000
(e)
Xenia
Rural
Water
District,
Iowa,
Water
Revenue
Bonds,
Refunding
Capital
Loan
Note
Series
2016,
(Pre-refunded
12/01/26)
5
.000
12/01/41
6,229,480
TOTAL
IOWA
36,799,764
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
5,296,540
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
3,188,641
3,700,000
Kansas
Municipal
Energy
Agency,
Power
Project
Revenue
Bonds,
Dogwood
Project,
Series
2018A
-
BAM
Insured
5
.000
04/01/38
3,786,166
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KANSAS
(continued)
$
6,000,000
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
5
.000
%
07/01/43
$
6,075,677
6,465,000
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
5
.000
07/01/48
6,520,853
TOTAL
KANSAS
24,867,877
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
5,144,599
1,300,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
5
.000
06/01/37
1,322,692
700,000
(b)
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
4
.400
07/01/44
703,454
1,290,000
(b)
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
4
.600
07/01/49
1,296,229
4,855,000
(b)
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
4
.650
01/01/55
4,868,801
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
5,761,503
8,610,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.875
07/01/46
9,927,747
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
10,485,519
TOTAL
KENTUCKY
39,510,544
LOUISIANA
-
2.2%
(1.3%
of
Total
Investments)
5,945,000
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013
6
.000
07/01/36
5,948,052
5,000,000
East
Baton
Rouge
Parish
Capital
Improvement
District,
Louisiana,
MOVEBR
Sales
Tax
Revenue
Bonds,
Series
2019
5
.000
08/01/48
5,138,700
1,870,000
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B
-
AGM
Insured
5
.000
12/01/42
1,904,823
3,940,000
(b)
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A,
(UB)
4
.550
12/01/49
3,945,748
1,895,000
(b)
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A,
(UB)
4
.650
12/01/54
1,901,781
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
2,091,372
13,590,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5
.000
05/15/46
13,698,855
3,600,000
(a)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
5
.000
04/01/49
3,151,826
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
1,702,201
20,000
(e)
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016,
(Pre-refunded
5/15/26)
4
.000
05/15/35
20,259
2,345,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016
4
.000
05/15/36
2,347,470
20,000
(e)
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016,
(Pre-refunded
5/15/26)
5
.000
05/15/47
20,509
1,975,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015
5
.000
05/15/47
1,977,213
3,615,000
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
5
.000
07/01/48
3,775,937
10,765,000
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
5
.250
07/01/53
11,353,415
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
3,500,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
Series
2024C-1
5
.000
%
01/01/54
$
3,639,342
10,000,000
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Public
Improvement
Series
2024A
5
.000
12/01/53
10,520,178
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
5,016,643
1,355,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2015
5
.000
12/01/40
1,369,494
TOTAL
LOUISIANA
79,523,818
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
6,195,727
8,675,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A
5
.000
07/01/43
8,794,204
11,150,000
Maine
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MaineHealth
Issue,
Series
2020A
4
.000
07/01/50
10,153,985
TOTAL
MAINE
25,143,916
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
5,796,023
8,610,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A
5
.000
07/01/41
8,777,693
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016
5
.000
07/01/47
2,005,174
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
3,744,460
4,125,000
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2022A
4
.000
06/01/47
3,960,278
17,000,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A
5
.000
05/01/42
17,538,234
3,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020
4
.000
07/01/39
3,024,990
3,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020
4
.000
07/01/50
2,856,631
4,000,000
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015
5
.000
12/01/44
4,000,493
1,150,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/37
1,155,763
2,250,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
5
.000
11/01/47
2,152,618
TOTAL
MARYLAND
55,012,357
MASSACHUSETTS
-
2.4%
(1.5%
of
Total
Investments)
5,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Children's
Hospital
Series
2024T
5
.250
03/01/54
5,391,409
930,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
918,602
3,890,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2023FF
5
.000
10/01/48
4,170,145
3,630,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5
.000
07/01/53
3,649,851
1,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5
.000
12/01/46
1,113,465
2,070,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
4
.500
01/01/45
1,940,565
4,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1
4
.000
07/01/36
4,132,540
1,380,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
5
.000
09/01/40
1,381,493
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
1,545,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
5
.000
%
09/01/45
$
1,525,558
3,000,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A
-
AMBAC
Insured
5
.750
01/01/42
3,591,647
26,750,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015B
4
.000
05/01/45
26,169,948
5,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C
5
.250
10/01/52
5,382,086
14,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2023A
5
.000
05/01/48
14,856,029
12,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2022B
5
.000
06/01/52
12,647,681
TOTAL
MASSACHUSETTS
86,871,019
MICHIGAN
-
9.5%
(5.8%
of
Total
Investments)
315,000
Advanced
Technology
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019
5
.000
11/01/34
322,451
1,000,000
Conner
Creek
Academy
East,
Michigan,
Public
School
Revenue
Bonds,
Series
2007
5
.250
11/01/36
800,116
2,000,000
County
of
Calhoun
Hospital
Finance
Authority,
Michigan,
Hospital
Revenue
Bonds,
Oaklawn
Hospital,
Refunding
Series
2016
5
.000
02/15/47
1,895,357
2,350,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B
-
NPFG
Insured
5
.500
07/01/29
2,471,515
15,000
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Second
Lien
Series
2004A
-
AGM
Insured
5
.000
07/01/34
15,030
1,700,000
Downriver
Utility
Wastewater
Authority,
Michigan,
Sewer
System
Revenue
Bonds,
Series
2018
-
AGM
Insured
5
.000
04/01/43
1,744,927
1,100,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2017A
-
BAM
Insured
5
.000
03/01/33
1,129,935
2,270,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2017A
-
BAM
Insured
5
.000
03/01/36
2,324,041
455,000
(e)
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A,
(Pre-refunded
3/01/28)
4
.000
03/01/44
470,468
10,710,000
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
-
AGM
Insured
4
.000
03/01/44
10,275,363
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
8,682,592
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
2,838,002
100,000
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
0
.000
12/01/27
91,616
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
3,692,942
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
1,019,129
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
1,309,857
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
1,934,870
2,500,000
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018
5
.000
01/01/43
2,564,814
6,055,000
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018
5
.000
01/01/48
6,218,973
4,295,000
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Series
2020
5
.000
01/01/45
4,477,643
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
1,720,000
Grand
Traverse
County
Hospital
Finance
Authority,
Michigan,
Revenue
Bonds,
Munson
Healthcare,
Series
2019A
5
.000
%
07/01/36
$
1,805,113
1,995,000
Grand
Traverse
County
Hospital
Finance
Authority,
Michigan,
Revenue
Bonds,
Munson
Healthcare,
Series
2019A
5
.000
07/01/39
2,076,843
1,005,000
Great
Lakes
Water
Authority,
Michigan,
Sewer
Disposal
System
Revenue
Bonds,
Refunding
Second
Lien
Series
2016C
5
.000
07/01/32
1,028,649
6,245,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016C
5
.000
07/01/32
6,369,425
10,000,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016C
5
.000
07/01/35
10,185,557
27,955,000
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Senior
Lien
Series
2016A
5
.000
07/01/46
28,165,012
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
6,592,141
1,265,000
Jenison
Public
Schools,
Ottawa
County,
Michigan,
General
Obligation
Bonds,
Series
2017
5
.000
05/01/30
1,322,383
1,000,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2016
5
.000
06/01/31
1,028,880
1,445,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2016
5
.000
06/01/34
1,482,155
1,570,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2017A
5
.000
06/01/36
1,639,747
1,650,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2017A
5
.000
06/01/37
1,719,221
1,025,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2015
5
.000
01/01/34
1,026,279
3,440,000
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2015
5
.000
01/01/31
3,444,765
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
2,502,449
2,395,000
Lake
Superior
State
University
Board
of
Trustees,
Michigan,
General
Revenue
Bonds,
Series
2018
-
AGM
Insured
5
.000
01/15/38
2,471,378
4,000,000
Lake
Superior
State
University
Board
of
Trustees,
Michigan,
General
Revenue
Bonds,
Series
2018
-
AGM
Insured
5
.000
01/15/43
4,083,631
10,900,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/44
11,351,480
3,000,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/48
3,103,984
11,835,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2021A
5
.000
07/01/51
12,366,078
1,325,000
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
School
Building
and
Site
Series
2019II
5
.000
05/01/40
1,384,409
2,085,000
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
Series
2016I
5
.000
05/01/38
2,123,351
2,200,000
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
Series
2016I
5
.000
05/01/41
2,236,966
2,200,000
Lansing
Township
Downtown
Development
Authority,
Ingham
County,
Michigan,
Tax
Increment
Bonds,
Series
2013A
5
.950
02/01/42
2,186,317
500,000
Marquettte,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
07/01/33
510,650
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
1,538,602
17,500,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
4
.000
11/01/50
15,982,920
10,005,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
4
.000
11/01/55
8,978,658
3,500,000
Michigan
Finance
Authority,
Higher
Education
Limited
Obligation
Revenue
Bonds,
Kalamazoo
College
Project,
Refunding
Series
2018
5
.000
12/01/43
3,546,153
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
2,730,000
(e)
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015,
(Pre-refunded
5/15/25)
5
.000
%
11/15/45
$
2,746,181
3,330,000
(e)
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015,
(Pre-refunded
5/15/25)
5
.000
11/15/45
3,349,738
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
4,691,158
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
1,075,737
175,000
(e)
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI,
(Pre-refunded
6/01/26)
5
.000
12/01/45
180,070
5,340,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI
5
.000
12/01/45
5,361,845
9,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI-2
4
.000
03/01/51
8,207,871
10,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017A-MI
4
.000
12/01/36
10,021,372
1,900,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017MI
5
.000
12/01/30
1,977,477
2,000,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019A-MI
4
.000
12/01/49
1,837,375
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
12,095,536
1,270,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6
4
.000
11/15/47
1,176,390
9,060,000
(e)
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6,
(Pre-refunded
11/15/26)
4
.000
11/15/47
9,198,451
180,000
Michigan
Public
Educational
Facilities
Authority,
Charter
School
Revenue
Bonds,
American
Montessori
Academy,
Series
2007
6
.500
12/01/37
180,080
2,085,000
(e)
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I,
(Pre-refunded
10/15/25)
5
.000
04/15/31
2,115,621
14,915,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/31
15,103,027
5,615,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/38
5,667,545
8,300,000
Michigan
State
University,
General
Revenue
Bonds,
Refunding
Series
2019C
4
.000
02/15/44
8,134,925
3,000,000
Michigan
State
University,
General
Revenue
Bonds,
Taxable
Series
2019A
5
.000
02/15/48
3,086,074
1,950,000
Michigan
State,
Comprehensive
Transportation
Revenue
Bonds,
Refunding
Series
2015
5
.000
11/15/29
1,953,704
1,350,000
Muskegon
County,
Michigan,
General
Obligation
Wastewater
Bonds,
Management
System
1,
Refunding
Series
2015
5
.000
11/01/33
1,368,969
1,730,000
Muskegon
County,
Michigan,
General
Obligation
Wastewater
Bonds,
Management
System
1,
Refunding
Series
2015
5
.000
11/01/36
1,752,901
400,000
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
5
.000
12/01/33
423,217
650,000
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
5
.000
12/01/35
687,144
665,000
Novi
Community
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2022-II
4
.000
05/01/47
636,244
3,805,000
Rockford
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023II
5
.000
05/01/44
4,047,807
1,510,000
Royal
Oak,
Oakland
County,
Michigan,
General
Obligation
Bonds,
Taxable
Limited
Tax
Series
2018
5
.000
04/01/43
1,568,975
810,000
Saginaw
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016A
5
.000
07/01/35
826,617
5,240,000
Troy
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
5
.000
05/01/52
5,504,010
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
1,065,000
(e)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27)
5
.000
%
04/01/36
$
1,116,633
2,000,000
(e)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27)
5
.000
04/01/42
2,096,964
5,000,000
(e)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27)
5
.000
04/01/47
5,242,410
7,200,000
(b),(e)
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A,
(Pre-refunded
4/01/27),
(UB)
5
.000
04/01/47
7,549,071
1,000,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Senior
Series
2017A
5
.000
12/01/42
1,024,047
2,200,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D
5
.000
12/01/45
2,208,896
5,000,000
Wayne
State
University,
Michigan,
General
Revenue
Bonds,
Series
2018A
5
.000
11/15/43
5,148,928
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
2,682,762
1,500,000
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/40
1,506,410
850,000
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/45
852,858
3,335,000
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2019A
5
.000
11/15/44
3,456,482
175,000
Williamston
Community
School
District,
Michigan,
Unlimited
Tax
General
Obligation
QSBLF
Bonds,
Series
1996
-
NPFG
Insured
5
.500
05/01/25
176,113
2,700,000
Wyandotte,
Michigan,
Electric
Revenue
Bonds,
Refunding
Series
2015A
-
BAM
Insured
5
.000
10/01/44
2,721,702
TOTAL
MICHIGAN
347,292,174
MINNESOTA
-
5.6%
(3.4%
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
269,378
875,000
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Spectrum
High
School
Project,
Series
2024
5
.000
07/01/59
856,943
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
2,584,876
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
674,260
350,000
Chatfield,
Minnesota,
Healthcare
and
Housing
Facilities
Revenue
Bonds,
Chosen
Valley
Care
Center
Project,
Refunding
Series
2019
4
.000
09/01/39
296,559
1,700,000
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A
5
.000
07/01/36
1,651,708
4,005,000
City
of
Milaca,
Minnesota
Refunding
Revenue
Bonds,
Grandview
Christian
Home
Project,
Series
2016
5
.000
10/01/41
4,011,683
265,000
(a)
Dakota
County
Community
Development
Agency,
Minnesota,
Senior
Housing
Revenue
Bonds,
Walker
Highview
Hills
LLC
Project,
Refunding
Series
2016A
3
.500
08/01/25
264,088
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
981,909
590,000
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A
5
.250
07/01/37
592,216
3,600,000
(a)
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Seven
Hills
Preparatory
Academy
Project,
Series
2024A
6
.125
06/15/61
3,618,772
2,000,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
4
.250
02/15/43
1,959,815
1,300,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/43
1,322,896
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
4,050,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
%
02/15/48
$
4,086,352
6,650,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/53
6,669,133
3,000,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.250
02/15/53
3,034,586
7,240,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.250
02/15/58
7,318,689
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
3,838,739
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
2,115,178
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
1,090,630
535,000
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Paladin
Career
&
Technical
High
School
Project,
Series
2021A
4
.000
06/01/41
440,136
9,840,000
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A
4
.000
02/01/41
9,853,000
2,800,000
Itasca
County
Independent
School
District
318,
Minnesota,
General
Obligation
Bonds,
Series
2018A
4
.000
02/01/37
2,832,486
1,000,000
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A
4
.000
02/01/50
942,440
405,000
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Cyber
Village
Academy
Project,
Series
2022A
5
.500
06/01/57
378,935
2,250,000
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021
4
.000
11/15/40
2,216,266
2,530,000
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A
4
.000
11/15/48
2,216,318
1,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
5
.000
01/01/33
1,073,197
2,245,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
5
.000
01/01/44
2,331,219
3,500,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
5
.000
01/01/49
3,598,553
1,630,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C
5
.000
01/01/37
1,675,110
7,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C
5
.000
01/01/46
7,112,842
2,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
4
.125
01/01/47
1,961,969
2,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
4
.250
01/01/52
1,966,001
12,345,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
5
.000
01/01/52
12,813,336
7,335,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Series
2024A
5
.000
01/01/52
7,679,570
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
5,328,590
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
610,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
4
.125
%
10/01/42
$
602,839
1,000,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
4
.125
10/01/42
988,260
2,140,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
5
.000
10/01/47
2,225,953
1,000,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020D
4
.000
08/01/42
974,856
3,165,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C
4
.000
08/01/43
3,044,726
3,805,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022C
5
.000
08/01/41
4,088,878
2,000,000
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A
5
.000
12/01/42
2,046,201
10,000,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022
5
.000
11/15/57
10,471,987
10,325,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019
5
.000
05/01/48
10,511,485
6,000,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019
4
.000
05/01/49
5,608,791
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
4,922,454
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
1,944,967
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
2,020,582
530,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2020A
3
.875
12/01/30
465,003
4,170,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Nova
Classical
Academy,
Series
2016A
4
.125
09/01/47
3,694,903
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
1,005,540
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
4,020,880
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
3,436,433
595,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
4
.000
11/15/35
580,798
1,470,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
4
.000
11/15/43
1,312,040
3,315,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
5
.000
11/15/47
3,331,060
800,000
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2023-3
4
.750
10/01/43
812,254
180,000
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
6
.500
06/01/29
180,034
1,070,000
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
6
.375
06/01/42
1,084,230
3,055,000
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
6
.500
06/01/57
3,100,804
850,000
Sartell,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Country
Manor
Campus
LLC
Project,
Refunding
Series
2017
5
.000
09/01/42
805,213
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
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
$
4,278,543
3,595,000
(e)
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
(Pre-
refunded
11/15/25)
5
.000
11/15/40
3,652,623
5,315,000
(e)
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
(Pre-
refunded
11/15/25)
5
.000
11/15/44
5,400,193
300,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/32
303,701
150,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/33
151,764
250,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/35
252,723
600,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
4
.000
08/01/39
573,858
2,000,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
5
.000
08/01/49
2,003,412
3,000,000
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A
5
.000
01/01/49
3,071,710
730,000
Winona
Port
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Bluffview
Montessori
School
Project,
Refunding
Series
2016
4
.750
06/01/46
625,663
TOTAL
MINNESOTA
205,253,739
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
4,260,759
TOTAL
MISSISSIPPI
4,260,759
MISSOURI
-
5.6%
(3.4%
of
Total
Investments)
2,470,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
4
.000
08/01/33
2,013,083
4,590,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
5
.000
08/01/35
3,924,326
3,700,000
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017
5
.000
10/01/47
3,621,603
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
2,127,782
6,940,000
(b)
Jackson
County,
Missouri,
Special
Obligation
Bonds,
Series
2023A,
(UB)
5
.250
12/01/47
7,414,833
8,150,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/27
7,537,091
5,000,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/31
3,949,695
2,475,000
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A
4
.000
01/01/38
2,493,216
4,470,000
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A
4
.000
01/01/42
4,371,742
1,475,000
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2021A
5
.000
04/01/40
1,559,213
1,750,000
Kansas
City,
Missouri,
Water
Revenue
Bonds,
Series
2023A
4
.000
12/01/47
1,682,921
2,700,000
Maryland
Heights,
Missouri,
Tax
Increment
and
Special
District
Revenue
Bonds,
Westport
Plaza
Redevelopment
Area,
Series
2020
4
.125
11/01/38
2,591,543
2,450,000
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Refunding
Improvement
Series
2022B
5
.250
05/01/52
2,621,385
2,695,000
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2019B
5
.000
05/01/44
2,815,693
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
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
$
2,372,359
3,000,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Refunding
Series
1998A
2
.900
09/01/33
2,694,059
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
1,375,059
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
1,423,808
1,830,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2021A
4
.000
07/01/40
1,837,479
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
1,428,582
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
13,158,592
4,165,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Fixed
Series
2019A
4
.000
11/15/44
4,020,425
4,220,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Fixed
Series
2019A
4
.000
11/15/49
3,904,718
17,300,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/48
17,300,308
5,110,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A
5
.000
11/15/39
5,137,660
1,400,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F
5
.000
11/15/45
1,399,994
1,050,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
4
.000
11/15/36
1,052,531
2,980,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
4
.000
11/15/37
2,980,941
2,620,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/42
2,663,665
2,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
5
.000
11/15/47
2,524,294
28,565,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020
4
.000
06/01/53
25,775,813
1,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/44
1,451,063
2,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/49
1,883,894
8,725,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/54
7,912,013
3,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2022A
4
.000
06/01/52
2,757,844
10,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A
4
.000
05/15/42
9,623,553
1,150,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A
5
.000
02/01/46
1,150,217
700,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016B
5
.000
02/01/34
705,125
1,950,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019A
5
.000
02/01/42
1,980,846
1,500,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C
5
.000
02/01/42
1,544,578
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C
4
.000
02/01/48
882,966
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2024A
5
.250
02/01/54
1,033,294
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
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
$
7,233,703
5,000,000
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022
5
.000
03/01/41
5,312,197
2,000,000
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022
5
.000
03/01/42
2,119,556
1,675,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C
4
.000
12/01/31
1,685,296
2,535,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C
5
.000
12/01/32
2,561,289
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
3,433,422
220,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A
5
.875
09/01/43
219,372
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
7,175,552
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
2,302,902
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
512,675
TOTAL
MISSOURI
203,255,770
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
2,658,852
4,965,000
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
5
.000
07/01/48
4,995,465
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
3,334,109
1,825,000
Montana
Facility
Finance
Authority,
Revenue
Bonds,
Billings
Clinic
Obligated
Group,
Series
2018A
5
.000
08/15/48
1,845,221
6,130,000
Montana
State
Board
of
Regents
of
Higher
Education,
General
Revenue
Bonds,
Series
2022
-
AGM
Insured
5
.250
11/15/52
6,538,183
TOTAL
MONTANA
19,371,830
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
15,381,211
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
3,513,663
1,900,000
Douglas
County
School
District
54,
Ralston,
Nebraska,
General
Obligation
Bonds,
Series
2023
5
.000
12/15/48
1,997,294
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
2,202,164
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
2,047,580
1,000,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/32
1,000,521
820,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/33
820,252
2,000,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/34
2,000,204
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA
(continued)
$
5,110,000
Municipal
Energy
Agency
of
Nebraska,
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
%
04/01/38
$
5,274,735
8,500,000
(b)
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024C,
(UB)
4
.800
09/01/54
8,531,719
TOTAL
NEBRASKA
42,769,343
NEVADA
-
1.2%
(0.7%
of
Total
Investments)
6,480,000
Carson
City,
Nevada,
Hospital
Revenue
Bonds,
Carson
Tahoe
Regional
Healthcare
Project,
Series
2017A
5
.000
09/01/47
6,532,491
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
7,730,154
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
365,868
2,170,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/26
2,162,416
1,445,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/27
1,438,125
2,500,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/29
2,456,195
2,745,000
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
4
.000
09/01/30
2,671,643
18,000,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B
5
.000
07/01/43
18,579,164
TOTAL
NEVADA
41,936,056
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
1,515,234
1,115,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2018A
5
.000
08/01/36
1,149,452
2,935,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2018A
5
.000
08/01/37
3,017,309
TOTAL
NEW
HAMPSHIRE
5,681,995
NEW
JERSEY
-
7.5%
(4.6%
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
10,764,446
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
6,089,251
20,890,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
(Pre-refunded
12/15/26)
5
.500
06/15/30
21,958,691
2,515,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2018EEE
5
.000
06/15/43
2,597,294
370,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2018EEE,
(Pre-refunded
12/15/28)
5
.000
06/15/43
400,060
2,415,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ
4
.000
06/15/50
2,293,873
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
2,572,357
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
26,642,431
12,775,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
4
.000
07/01/51
12,185,090
3,050,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/28
3,124,750
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
(continued)
$
7,795,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
%
06/15/29
$
7,977,984
5,450,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB
4
.000
06/15/46
5,281,625
4,390,000
(e)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
(Pre-refunded
12/15/32)
5
.500
06/15/50
5,214,029
4,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA
5
.000
06/15/40
4,390,119
4,890,000
(b)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
(UB)
5
.250
06/15/50
5,263,820
5,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/26
4,713,145
16,495,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/33
11,870,971
1,815,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
0
.000
12/15/26
1,714,334
10,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
FGIC
Insured
0
.000
12/15/30
8,160,902
38,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/33
27,586,617
45,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/35
29,535,349
10,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/36
6,274,560
5,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A
5
.000
12/15/32
5,420,369
5,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
4
.000
06/15/44
4,868,116
9,615,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA
4
.000
06/15/50
9,204,203
12,370,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2005D-1
-
AGM
Insured
5
.250
01/01/26
12,661,864
1,160,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B
4
.000
01/01/34
1,181,222
1,500,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2017G
4
.000
01/01/33
1,532,477
5,500,000
(b)
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
(UB)
5
.000
01/01/46
5,909,034
3,000,000
Rahway
Valley
Sewerage
Authority,
New
Jersey,
Sewer
Revenue
Bonds,
Series
2005A
-
NPFG
Insured
0
.000
09/01/25
2,946,310
5,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A
5
.250
11/01/52
5,298,472
10,355,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/46
10,452,617
4,710,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.250
06/01/46
4,797,338
2,280,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
2,287,496
TOTAL
NEW
JERSEY
273,171,216
NEW
MEXICO
-
0.1%
(0.1%
of
Total
Investments)
3,955,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A
4
.000
08/01/48
3,678,547
1,000,000
University
of
New
Mexico,
Revenue
Bonds,
System
Improvement
Series
2023
-
AGM
Insured
5
.500
06/01/53
1,091,582
TOTAL
NEW
MEXICO
4,770,129
NEW
YORK
-
12.0%
(7.3%
of
Total
Investments)
7,000,000
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009
0
.000
07/15/45
2,680,199
900,000
(e)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
07/01/50
908,003
11,930,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A
5
.000
07/01/50
11,932,820
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
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
$
987,116
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
10,105,045
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
4,209,517
15,355,000
(b)
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A,
(UB)
5
.000
03/15/46
16,240,486
4,115,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
4
.000
03/15/49
3,898,654
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
14,134,719
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
35,545,780
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
10,421,811
15,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024B
5
.000
03/15/51
15,940,663
1,645,000
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A
5
.250
12/01/52
1,701,647
10,000,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005
5
.250
10/01/35
11,496,601
5,000,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018
5
.000
09/01/37
5,271,402
15,000,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024B-1
5
.000
11/15/49
16,038,709
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
9,151,002
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
4,990,154
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
5,242,477
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
6,625,449
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
5,225,275
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
6,773,939
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
9,952,488
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
13,689,676
11,500,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1
5
.000
02/01/51
12,023,463
2,060,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
B-1
5
.000
12/01/41
2,107,587
10,370,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
Series
A-1
4
.000
08/01/42
10,383,221
3,500,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
SeriesD-1
4
.000
03/01/50
3,328,814
12,000,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
F-1
4
.000
03/01/47
11,574,181
12,000,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1
5
.000
08/01/47
12,589,992
5,365,000
(b)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2024
Series
A,
(UB)
5
.000
08/01/51
5,660,732
5,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
1996J
5
.500
02/15/26
5,011
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
5,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
1997H
6
.125
%
08/01/25
$
5,016
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
23,936,725
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
1,541,795
5,900,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A
4
.000
03/15/50
5,644,931
4,000,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Transportation
Series
2021A-1
4
.000
03/15/44
3,898,746
10,000,000
(b)
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Green
Series
2023A,
(UB)
5
.000
03/15/63
10,462,761
25,035,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A
5
.000
03/15/45
26,721,595
5,500,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A
5
.000
03/15/46
5,854,784
7,500,000
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Series
2019A
5
.000
03/15/40
7,951,756
5,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/15/50
5,015,391
10,725,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
0
.000
11/15/31
8,394,670
1,105,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
0
.000
11/15/32
828,798
1,300,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2020A
5
.000
11/15/54
1,348,548
3,265,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A
5
.000
05/15/44
3,501,287
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
10,152,193
4,360,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Real
Estate
Transfer
Tax
Revenue
Bonds,
MTA
Bridges
and
Tunnels,
TBTA
Capital
Lockbox
Fund,
Series
2025A
5
.000
12/01/46
4,674,888
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
6,926,111
12,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-
City
Sales
Tax,
Series
2022A
5
.250
05/15/52
12,847,336
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
10,744,270
5,000,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/45
4,684,313
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
907,923
TOTAL
NEW
YORK
436,880,470
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
1,001,056
730,000
Catawba
County,
North
Carolina,
General
Obligation
Bonds,
Limited
Obligation
Series
2014A
5
.000
06/01/31
730,750
1,365,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A
5
.000
07/01/42
1,398,596
5,390,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A
5
.000
07/01/47
5,492,762
5,000,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Series
2023A
5
.000
07/01/48
5,340,368
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
CAROLINA
(continued)
$
2,325,000
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2015
5
.000
%
07/01/40
$
2,335,936
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
4,221,565
2,000,000
(e)
Greensboro,
North
Carolina,
Limited
Obligation
Bonds,
Coliseum
Complex
Project,
Series
2018A,
(Pre-refunded
4/01/28)
5
.000
04/01/42
2,135,813
500,000
Henderson
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2015
5
.000
10/01/31
505,666
6,140,000
(e)
New
Hanover
County,
North
Carolina,
Hospital
Revenue
Bonds,
New
Hanover
Regional
Medical
Center,
Series
2017,
(Pre-
refunded
10/01/27)
5
.000
10/01/47
6,471,485
1,800,000
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
10/01/40
1,814,703
2,500,000
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Series
2023
5
.000
10/01/52
2,622,030
3,900,000
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B
5
.000
07/01/42
4,009,527
1,605,000
(e)
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
(Pre-refunded
10/01/25)
5
.000
10/01/55
1,628,336
9,485,000
(b),(e)
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
(Pre-refunded
10/01/25),
(UB)
5
.000
10/01/55
9,622,906
5,000,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Refunding
Series
2016
4
.000
01/01/37
5,025,400
2,500,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Series
2018
5
.000
01/01/48
2,561,484
700,000
North
Carolina
Medical
Care
Commission,  Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
5
.000
10/01/31
706,281
2,720,000
North
Carolina
Medical
Care
Commission,  Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
5
.000
10/01/37
2,731,858
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
3,005,216
1,545,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A
5
.000
01/01/28
1,569,279
1,500,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A
5
.000
01/01/32
1,520,204
835,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/28
726,124
800,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/30
632,245
850,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/31
638,430
2,400,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/33
1,627,768
3,160,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/36
1,830,050
3,100,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/37
1,702,905
1,900,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/40
894,920
400,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Series
2017A
5
.000
07/01/47
402,803
2,200,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
-
AGM
Insured
5
.000
01/01/39
2,251,379
1,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Series
2018
5
.000
01/01/40
1,034,340
150,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/31
122,361
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
CAROLINA
(continued)
$
4,375,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
%
01/01/33
$
3,287,157
2,300,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/34
1,655,098
2,380,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/35
1,637,506
7,575,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/37
4,743,419
1,470,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
01/01/38
872,318
10,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019
5
.000
01/01/49
10,230,304
3,040,000
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015
5
.000
06/01/33
3,052,009
2,500,000
Raleigh,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016A
4
.000
03/01/46
2,453,709
1,250,000
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
4
.000
09/01/35
1,251,602
1,265,000
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
4
.000
09/01/36
1,265,858
1,000,000
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
4
.000
09/01/37
993,712
800,000
(e)
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Refunding
Series
2015,
(Pre-refunded
4/01/25)
5
.000
04/01/45
802,749
4,735,000
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2017
5
.000
10/01/42
4,858,826
4,765,000
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Series
2018
5
.000
04/01/43
4,895,196
1,250,000
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Refunding
Series
2015A
5
.000
10/01/45
1,260,455
TOTAL
NORTH
CAROLINA
121,574,464
NORTH
DAKOTA
-
1.3%
(0.8%
of
Total
Investments)
1,000,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
5
.000
12/01/37
1,011,333
8,525,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
5
.000
12/01/42
8,587,233
7,070,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
4
.000
12/01/47
6,140,431
1,800,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021
4
.000
12/01/51
1,587,257
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
658,563
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
887,305
13,000,000
(b)
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Program
Revenue
Bonds,
Social
Series
2024D,
(UB)
4
.650
07/01/49
13,115,262
2,700,000
University
of
North
Dakota,
Certificates
of
Participation,
Housing
Infrastructure
Project,
Series
2021A
-
AGM
Insured
4
.000
06/01/51
2,487,969
11,065,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/43
11,155,351
1,008,146
(c)
Williston,
North
Dakota,
Multifamily
Housing
Revenue
Bonds,
Eagle
Crest
Apartments
LLC
Project,
Series
2013
7
.750
09/01/38
151,222
TOTAL
NORTH
DAKOTA
45,781,926
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
-
3.5%
(2.2%
of
Total
Investments)
$
3,020,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Summa
Health
System,
Refunding
&
Improvement
Series
2016
5
.250
%
11/15/41
$
3,062,311
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
8,332,278
10,940,000
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Refunding
&
Improvement
Series
2015A
5
.000
11/01/43
10,939,542
8,655,000
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A
4
.000
08/01/38
8,665,067
10,000,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2
0
.000
06/01/57
1,061,582
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
979,881
11,500,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
10,359,973
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
4,878,513
2,750,000
(g)
Columbus
Regional
Airport
Authority,
Ohio,
Revenue
Bonds,
John
Glenn
Columbus
International
Airport,
Series
2025B
5
.000
01/01/45
2,942,618
2,335,000
(g)
Columbus
Regional
Airport
Authority,
Ohio,
Revenue
Bonds,
John
Glenn
Columbus
International
Airport,
Series
2025B
5
.250
01/01/50
2,529,348
5,165,000
Cuyahoga
Community
College
District,
Ohio,
General
Obligation
Bonds,
Facilities
Construction
&
Improvement
Series
2018
4
.000
12/01/38
5,171,922
5,975,000
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013
5
.000
06/15/43
5,266,630
1,500,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities
Project,
Series
2017A
5
.000
01/01/47
1,482,225
1,120,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities
Project,
Series
2017A
5
.000
01/01/52
1,084,540
3,425,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities,
Refunding
&
Improvement
Series
2016
5
.000
01/01/46
3,355,238
6,000,000
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities,
Refunding
&
Improvement
Series
2016
5
.000
01/01/51
5,780,385
3,000,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A
5
.000
08/15/42
3,043,570
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
5,046,775
6,000,000
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007
-
AGM
Insured
5
.250
12/01/31
6,632,560
3,000,000
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
University
of
Dayton,
Series
2018A
5
.000
12/01/48
3,057,219
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
1,757,037
3,195,000
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Fixed
Interest
Rate
Series
2020A
5
.000
01/15/50
3,249,516
7,065,000
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Series
2021A
4
.000
01/15/46
6,670,179
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
8,578,310
2,400,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Green
Series
2023B
5
.000
12/01/43
2,616,392
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
4,521,616
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
4,190,000
Springboro
Community
City
School
District,
Warren
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007
-
AGM
Insured
5
.250
%
12/01/26
$
4,355,496
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
3,669,731
TOTAL
OHIO
129,090,454
OKLAHOMA
-
0.6%
(0.4%
of
Total
Investments)
3,135,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/52
3,198,578
6,340,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
6,457,888
9,040,000
(b)
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2024B,
(UB)
4
.600
09/01/44
9,137,088
3,080,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.250
01/01/47
3,384,585
1,125,000
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017
5
.250
11/15/37
1,141,470
TOTAL
OKLAHOMA
23,319,609
OREGON
-
3.1%
(1.9%
of
Total
Investments)
1,035,000
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Columbia
Memorial
Hospital
Project,
Series
2024
5
.250
08/01/49
1,082,424
760,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/38
789,271
1,000,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/39
1,036,665
1,725,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/40
1,785,463
1,185,000
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A
5
.375
11/15/55
1,185,351
4,170,000
Eugene,
Oregon,
Electric
Utility
Revenue
Bonds,
Series
2020A
4
.000
08/01/45
4,066,885
2,250,000
Eugene,
Oregon,
Water
Utility
System
Revenue
Bonds,
Series
2023
5
.000
08/01/52
2,381,160
2,820,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A
5
.000
06/01/46
2,831,497
7,895,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2022A
5
.000
06/01/52
8,193,397
6,275,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A
5
.000
10/01/35
6,347,255
140,000
(e)
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A,
(Pre-refunded
10/01/26)
5
.000
10/01/46
144,706
2,120,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A
5
.000
10/01/46
2,088,902
23,400,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A
4
.000
07/01/51
22,283,911
4,100,000
Port
of
Portland,
Oregon,
Portland
International
Airport,
Revenue
Bonds,
Series
2019
25A
5
.000
07/01/49
4,227,081
3,250,000
(g)
Portland,
Oregon,
Sewer
System
Revenue
Bonds,
Second
Lien
Refunding
Series
2025A,
(UB)
5
.000
10/01/49
3,504,380
2,500,000
(g)
Portland,
Oregon,
Sewer
System
Revenue
Bonds,
Second
Lien
Refunding
Series
2025A,
(UB)
5
.000
10/01/54
2,669,529
4,000,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
4
.000
05/15/41
3,801,134
13,220,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
5
.000
05/15/46
13,313,260
8,005,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Series
2019A
5
.000
05/15/44
8,212,997
10,805,000
Tualatin
Valley
Water
District,
Oregon,
Water
Revenue
Bonds,
Series
2023
5
.000
06/01/48
11,557,841
10,000,000
University
of
Oregon,
General
Revenue
Bonds,
Series
2020A
5
.000
04/01/50
10,360,373
TOTAL
OREGON
111,863,482
35
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
-
6.0%
(3.7%
of
Total
Investments)
$
1,670,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
4
.000
%
06/01/45
$
1,629,718
2,000,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
4
.000
06/01/50
1,912,495
3,155,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
05/15/26
3,026,366
4,145,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
11/15/26
3,912,022
2,800,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
05/15/28
2,509,299
3,000,000
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
-
AGM
Insured
0
.000
11/15/28
2,641,991
1,200,000
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2018A
5
.000
11/15/42
1,225,997
895,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
5
.000
06/01/34
939,129
3,595,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/42
3,677,679
5,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/47
5,085,948
95,000
Delaware
Valley
Regional
Finance
Authority,
Pennsylvania,
Local
Government
Revenue
Bonds,
Series
1997B
-
AMBAC
Insured
5
.700
07/01/27
100,805
5,000,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021
5
.000
11/01/51
5,074,754
4,915,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
United
Zion
Retirement
Community,
Series
2017A
5
.000
12/01/47
4,125,641
4,480,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B
0
.000
12/01/31
3,514,493
5,180,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B
0
.000
12/01/32
3,896,097
5,210,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
5
.000
09/01/43
5,315,572
1,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019
4
.000
09/01/44
931,296
2,905,000
Neshaminy
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2022
4
.000
11/01/43
2,879,326
630,207
(c)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Series
2013A0
&
AE2
2
.200
06/30/27
277,291
347,128
(c)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Taxable
Series
2013B,
(cash
5.000%,
PIK
5.000%)
0
.900
06/30/27
62,483
2,525,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University
Project,
Series
2024
5
.000
08/01/49
2,689,646
10,000,000
(b)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-1,
(UB)
5
.000
11/01/51
10,492,036
5,910,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019
4
.000
08/15/44
5,763,765
5,250,000
(b)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
(UB)
4
.650
10/01/51
5,166,500
16,000,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
12/01/51
15,223,333
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
16,805,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E
6
.375
%
12/01/38
$
18,063,363
6,580,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
5
.000
12/01/40
6,597,769
8,510,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
5
.000
12/01/45
8,557,185
5,800,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2019A
5
.000
12/01/49
6,073,740
6,500,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2021B
5
.000
12/01/46
6,892,891
17,375,000
(b)
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2023A,
(UB)
5
.250
12/01/53
18,821,054
19,250,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C
-
AGM
Insured
6
.250
06/01/33
19,999,173
7,475,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A
4
.000
12/01/45
7,209,590
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
1,448,836
7,500,000
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A
-
BAM
Insured
4
.000
09/01/46
7,207,937
3,410,000
(e)
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
1997A
-
AMBAC
Insured,
(ETM)
5
.125
08/01/27
3,585,212
12,500,000
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2024C
5
.250
09/01/54
13,508,416
8,135,000
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A
4
.000
06/01/49
7,542,786
TOTAL
PENNSYLVANIA
217,581,634
PUERTO
RICO
-
2.1%
(1.3%
of
Total
Investments)
3,996,324
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0
0
.000
08/01/54
813,238
625,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS
-
SYNCORA
GTY
Insured
5
.000
07/01/25
624,951
5,281,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
5,293,985
6,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
1,451,638
23,031,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
22,632,174
24,161,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
24,167,705
1,370,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A
4
.550
07/01/40
1,373,452
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
4,961,299
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
5,904,938
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
8,174,110
TOTAL
PUERTO
RICO
75,397,490
RHODE
ISLAND
-
1.0%
(0.6%
of
Total
Investments)
3,000,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group
Issue
Series
2024
5
.250
05/15/54
3,133,483
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
1,323,215
174,390,000
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
0
.000
06/01/52
30,662,401
TOTAL
RHODE
ISLAND
35,119,099
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
-
4.3%
(2.6%
of
Total
Investments)
$
5,000,000
Charleston
County
Airport
District,
South
Carolina,
Airport
Revenue
Bonds,
Series
2024B
5
.250
%
07/01/54
$
5,395,075
25,200,000
Charleston
County
Airport
District,
South
Carolina,
Airport
Revenue
Bonds,
Series
2024B,
(UB)
5
.250
07/01/54
27,191,178
1,290,000
Lexington
County
Health
Services
District,
Inc.,
South
Carolina,
Hospital
Revenue
Bonds,
Lexington
Medical
Center,
Series
2016
5
.000
11/01/41
1,299,975
4,000,000
Lexington
County
Health
Services
District,
Inc.,
South
Carolina,
Hospital
Revenue
Bonds,
Lexington
Medical
Center,
Series
2016
5
.000
11/01/46
4,016,452
26,955,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AMBAC
Insured
0
.000
01/01/31
21,384,146
15,420,000
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
-
AMBAC
Insured
0
.000
01/01/32
11,694,526
4,000,000
Rock
Hill,
South
Carolina,
Combined
Utility
System
Revenue
Bonds,
Series
2024A
5
.000
01/01/54
4,201,291
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
1,379,109
1,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A
7
.000
06/15/43
1,042,899
1,095,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A
7
.125
06/15/53
1,139,943
12,000,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc,
Series
2020A
4
.000
12/01/44
11,349,467
9,030,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
5
.000
11/01/43
9,280,214
6,210,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
4
.000
11/01/48
5,804,308
5,195,000
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
5
.000
11/01/48
5,303,218
16,760,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2014C
5
.000
12/01/46
16,763,059
6,800,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/46
6,863,084
10,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/56
10,058,336
5,000,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A
4
.000
12/01/52
4,578,916
8,686,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022B
4
.000
12/01/39
8,581,556
TOTAL
SOUTH
CAROLINA
157,326,752
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
4,148,184
3,000,000
Sioux
Falls,
South
Dakota,
Health
Facilities
Revenue
Bonds,
Dow
Rummel
Village
Project,
Series
2017
5
.000
11/01/42
2,827,912
3,150,000
Sioux
Falls,
South
Dakota,
Health
Facilities
Revenue
Bonds,
Dow
Rummel
Village
Project,
Series
2017
5
.125
11/01/47
2,901,634
22,800,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Monument
Health,
Inc.,
Series
2020A
4
.000
09/01/50
21,101,177
2,500,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2014B
5
.000
11/01/44
2,501,289
9,325,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015
5
.000
11/01/45
9,368,197
TOTAL
SOUTH
DAKOTA
42,848,393
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
-
1.7%
(1.0%
of
Total
Investments)
$
2,180,000
Greeneville
Health
and
Educational
Facilities
Board,
Tennessee,
Hospital
Revenue
Bonds,
Ballad
Health,
Series
2018A
5
.000
%
07/01/35
$
2,260,108
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
5,020,781
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
959,569
445,000
Knox
County
Health,
Educational
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
University
Health
System,
Inc.,
Series
2017
5
.000
04/01/31
452,928
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
1,771,018
5,400,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.250
07/01/48
5,835,618
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
12,430,039
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
4,409,684
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
2,238,579
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
2,921,804
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
5,066,501
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
6,040,520
2,750,000
Metropolitan
Knoxville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Series
2024A
5
.250
06/01/54
2,950,305
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
393,118
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
7,578,693
TOTAL
TENNESSEE
60,329,265
TEXAS
-
11.1%
(6.8%
of
Total
Investments)
2,260,000
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2023
5
.000
11/15/48
2,407,430
14,615,000
(b)
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A,
(UB)
5
.000
11/15/45
14,741,509
8,805,000
Bastrop
Independent
School
District,
Bastrop
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/15/53
9,252,706
1,000,000
Cedar
Hill
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2002
-
FGIC
Insured
0
.000
08/15/32
757,210
7,750,000
(e)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
(Pre-refunded
7/01/25)
5
.000
01/01/45
7,818,589
1,925,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
4
.350
12/01/42
1,819,972
1,000,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
4
.400
12/01/47
911,300
10,000,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2021B
5
.000
12/01/47
10,424,545
5,000,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
and
Improvement
Series
2024
4
.000
11/01/45
4,876,298
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
19,000,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
and
Improvement
Series
2024
5
.250
%
11/01/48
$
20,601,341
6,125,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Refunding
Series
2021B
4
.000
11/01/45
5,973,466
9,000,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2021A
4
.000
11/01/46
8,729,237
3,700,000
El
Paso
Independent
School
District,
El
Paso
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2017
5
.000
08/15/42
3,773,170
3,500,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/40
3,494,191
27,280,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/45
26,052,976
8,500,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/49
7,749,862
12,695,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
-
AGM
Insured
4
.000
10/01/49
11,975,054
5,295,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2018A.
Tela
Supported
5
.000
10/01/48
5,442,548
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
8,687,171
2,845,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
4
.000
12/01/45
2,680,148
2,320,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
5
.000
12/01/45
2,323,051
7,570,000
(b)
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
First
Lien
Series
2024A,
(UB)
5
.250
08/15/54
8,162,317
5,000,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018A
4
.000
08/15/48
4,683,968
4,040,000
(a),(b)
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Tender
Options
Bond
Trust
2015-XF2184.
Formerly
Tender
Options
Bond
Trust
3028
-
AGM
Insured,
(IF)
9
.821
08/15/28
5,032,717
1,195,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/41
552,913
2,390,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/42
1,049,408
2,660,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/43
1,108,704
7,260,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/44
2,872,116
10,440,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/45
3,906,084
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
2,152,580
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
765,347
2,710,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B
5
.000
07/01/48
2,774,937
5,000,000
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Combined
First
Lien
Series
2024A
5
.250
11/15/54
5,402,513
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
10,642,502
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
40
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
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
$
1,268,615
2,725,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
5
.000
08/15/40
2,744,076
4,000,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A
4
.000
08/15/41
3,923,061
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
8,331,037
1,780,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5
.750
12/01/33
1,786,787
1,800,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
6
.125
12/01/38
1,806,715
9,750,000
Midland
Independent
School
District,
Midland
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
4
.000
02/15/54
9,169,915
16,285,000
Midtown
Redevelopment
Authority,
Texas,
Tax
Increment
Contract
Revenue,
Refunding
Series
2017
5
.000
01/01/36
16,819,630
10,040,000
Midtown
Redevelopment
Authority,
Texas,
Tax
Increment
Contract
Revenue,
Refunding
Series
2017
-
AGM
Insured
5
.000
01/01/38
10,326,422
2,100,000
Montgomery
County
Toll
Road
Authority,
Texas,
Toll
Road
Revenue
Bonds,
Senior
Lien
Series
2018
5
.000
09/15/43
2,105,200
1,815,000
Montgomery
County
Toll
Road
Authority,
Texas,
Toll
Road
Revenue
Bonds,
Senior
Lien
Series
2018
5
.000
09/15/48
1,818,539
4,240,000
New
Braunfels,
Comal
County,
Texas,
Utility
System
Revenue
Bonds,
Refunding
Series
2022
5
.000
07/01/47
4,441,578
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
3,899,995
1,880,000
(e)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
7
.000
09/01/43
2,268,228
7,990,000
(e)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
6
.750
09/01/45
9,680,310
2,125,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D
-
AGC
Insured
0
.000
01/01/28
1,926,760
14,610,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A
5
.000
01/01/43
15,017,071
5,000,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2018
5
.000
01/01/48
5,083,032
10,500,000
(b)
Port
of
Houston
Authority,
Harris
County,
Texas,
Revenue
Bonds,
First
Lien
Series
2023,
(UB)
5
.000
10/01/53
10,998,946
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
2,081,416
2,000,000
San
Antonio,
Texas,
General
Obligation
Bonds,
General
Improvement
Series
2021
4
.000
08/01/41
1,995,272
6,690,000
Splendora
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
5
.000
02/15/49
7,088,344
7,975,000
Tarrant
County
College
District,
Texas,
General
Obligation
Bonds,
Series
2022
5
.000
08/15/39
8,729,674
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
2,357,016
1,500,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Christus
Health,
Series
2022A
4
.000
07/01/53
1,401,198
2,500,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A
5
.000
02/15/41
2,538,112
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
10,500,000
(b)
Texas
Department
of
Housing
and
Community
Affairs,
Residential
Mortgage
Revenue
Bonds,
Series
2024C,
(UB)
5
.125
%
01/01/54
$
10,726,624
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
1,286,266
1,000,000
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A
5
.000
08/01/57
1,011,911
4,000,000
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A
-
AMBAC
Insured
0
.000
08/15/25
3,931,194
5,000,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2019A
4
.000
10/15/49
4,725,212
10,500,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021
4
.000
10/15/51
9,700,985
17,220,000
University
of
Houston,
Texas,
Consolidated
Revenue
Bonds,
Refunding
Series
2022A
5
.000
02/15/52
18,000,398
7,000,000
West
Harris
County
Regional
Water
Authority,
Texas,
Water
System
Revenue
Bonds,
Series
2022
-
AGM
Insured
5
.000
12/15/57
7,276,560
TOTAL
TEXAS
405,863,979
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
1,053,934
1,250,000
(a)
MIDA
Mountain
Village
Public
Infrastructure
District,
Utah,
Subordinate
Tax
Allocation
Revenue
Bonds,
Series
2024-2
5
.750
06/15/44
1,287,293
6,000,000
(b)
Millard
School
District,
Utah,
Lease
Revenue
Bonds,
Local
Building
Authority
Series
2024
-
BAM
Insured,
(UB)
5
.000
05/15/59
6,327,897
3,560,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
5
.000
07/01/42
3,635,285
1,975,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
5
.000
07/01/47
2,005,856
4,000,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B
5
.000
07/01/48
4,093,296
1,000,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Utah
Charter
Academies
Project,
Series
2018
5
.000
10/15/38
1,017,168
2,320,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Utah
Charter
Academies
Project,
Series
2018
5
.000
10/15/43
2,341,994
2,040,000
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Utah
Charter
Academies
Project,
Series
2018
5
.000
10/15/48
2,048,692
1,940,000
(b)
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024C,
(UB)
4
.700
01/01/54
1,943,317
TOTAL
UTAH
25,754,732
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
985,753
10,000,000
University
of
Vermont
and
State
Agricultural
College,
General
Obligation
Bonds,
Series
2015
5
.000
10/01/45
10,073,851
2,730,000
Vermont
Educational
and
Health
Buildings
Financing
Agency,
Revenue
Bonds,
Middlebury
College
Project,
Series
2023
5
.000
11/01/52
2,872,421
TOTAL
VERMONT
13,932,025
VIRGIN
ISLANDS
-
0.1%
(0.1%
of
Total
Investments)
2,645,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
2,791,034
TOTAL
VIRGIN
ISLANDS
2,791,034
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
1,598,204
430,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.875
07/15/40
439,903
4,000,000
(b)
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2018A,
(UB)
4
.000
05/15/48
3,846,459
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
8,075,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A
4
.000
%
07/01/52
$
7,648,465
425,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6
.875
12/01/58
467,543
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
2,042,650
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
7,091,197
TOTAL
VIRGINIA
23,134,421
WASHINGTON
-
4.1%
(2.5%
of
Total
Investments)
7,000,000
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Green
Series
2016S-1
5
.000
11/01/41
7,164,439
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
11,726,910
7,000,000
Douglas
County
Public
Utility
District
1,
Washington,
Revenue
Bonds,
Wells
Hydroelectric,
Series
2022B
5
.000
09/01/47
7,374,065
5,000,000
Fircrest
Properties,
Washington,
Lease
Revenue
Bonds,
Washington
State
Department
of
Social
&
Health
Services
Project
Series
2024
5
.500
06/01/49
5,500,491
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
4,293,409
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
7,643,690
10,630,000
King
County
Public
Hospital
District
2,
Washington,
General
Obligation
Bonds,
EvergreenHealth,
Limited
Tax
2020A
4
.000
12/01/45
9,746,483
10,535,000
Seattle,
Washington,
Drainage
and
Wastewater
System
Revenue
Bonds,
Improvement
Series
2023
5
.000
02/01/49
11,159,797
15,000,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A
4
.000
07/01/51
14,330,184
3,750,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2022
5
.000
07/01/52
3,940,040
10,000,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2023
5
.000
03/01/53
10,539,339
1,185,000
(b)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.000
01/01/41
1,283,196
1,245,000
(b)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.000
01/01/42
1,341,509
1,310,000
(b)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.000
01/01/43
1,405,335
7,645,000
(b)
Spokane
County,
Washington,
Airport
Revenue
Bonds,
Spokane
International
Airport
Series
2024A,
(UB)
5
.250
01/01/54
8,169,869
5,250,000
Tacoma,
Washington,
Sewer
Revenue
Bonds,
Series
2018
4
.000
12/01/48
5,017,013
6,180,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
6,294,480
4,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
5
.000
10/01/32
4,009,030
10,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
4
.250
10/01/40
9,719,636
3,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D
5
.000
10/01/41
3,006,049
5,160,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Children's
Hospital,
Series
2015A
4
.000
10/01/45
4,876,168
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
1,740,900
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
2,525,000
Washington
State
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Seattle
University,
Series
2020
4
.000
%
05/01/45
$
2,361,066
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
472,698
9,000,000
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2003C
-
FGIC
Insured
0
.000
06/01/28
8,114,056
TOTAL
WASHINGTON
151,229,852
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
12,819,998
2,065,000
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021
5
.000
06/01/47
2,167,333
5,750,000
West
Virginia
State,
General
Obligation
Bonds,
State
Road
Competitive
Series
2018B
4
.000
06/01/42
5,600,468
TOTAL
WEST
VIRGINIA
20,587,799
WISCONSIN
-
5.1%
(3.1%
of
Total
Investments)
43,035
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/46
1,355
42,429
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/47
1,236
42,126
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/48
1,158
41,823
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/49
1,082
41,217
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/50
989
45,157
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/51
1,024
1,162,471
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
3
.750
07/01/51
815,370
44,853
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/52
945
44,247
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/53
883
43,944
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/54
824
43,338
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/55
768
42,732
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/56
720
42,429
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/57
673
41,823
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/58
627
41,519
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/59
591
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
41,217
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
%
01/01/60
$
551
40,611
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/61
512
40,307
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/62
480
39,701
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/63
449
39,398
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/64
425
39,095
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/65
396
38,489
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/66
361
501,278
(a),(c)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/67
4,261
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
1,465,660
8,335,000
(a)
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2018A
5
.000
06/15/48
8,337,011
8,940,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2013B-1
4
.000
11/15/43
8,431,243
1,060,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2013B-1,
(Pre-refunded
5/15/28)
4
.000
11/15/43
1,094,720
9,830,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021
4
.000
08/15/46
9,409,307
8,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021
4
.000
08/15/51
7,297,612
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2017C
5
.000
02/15/47
9,778,898
2,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016B
5
.000
02/15/35
2,018,091
7,625,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
06/01/39
7,628,210
2,415,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/51
1,863,758
2,470,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/61
1,791,722
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
5,162,311
1,110,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Benevolent
Corporation
Cedar
Community,
Series
2017
5
.000
06/01/37
1,103,868
955,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Benevolent
Corporation
Cedar
Community,
Series
2017
5
.000
06/01/41
924,897
1,000,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/30
1,048,612
1,110,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/31
1,163,959
45
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,100,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
%
09/01/32
$
1,153,473
1,725,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/33
1,808,856
1,775,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/34
1,861,286
1,910,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/35
2,002,849
2,065,000
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
(Pre-refunded
9/01/27)
5
.000
09/01/36
2,165,384
15,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Froedtert
Health,
Inc.
Obligated
Group,
Series
2022A
4
.000
04/01/41
14,470,155
18,595,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marquette
University,
Series
2016
5
.000
10/01/46
18,789,480
8,215,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A
5
.000
02/15/42
8,223,132
5,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2016
5
.000
12/01/41
5,081,938
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2022
4
.000
12/01/46
9,332,158
10,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2022
4
.000
12/01/51
9,408,388
1,525,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021
4
.000
01/01/57
1,231,320
29,080,000
(b)
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024B,
(UB)
4
.750
03/01/51
28,988,311
10,400,000
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024C,
(UB)
4
.750
03/01/51
10,367,209
TOTAL
WISCONSIN
184,239,498
TOTAL
MUNICIPAL
BONDS
(Cost
$5,893,141,720)
5,967,655,333
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$5,893,141,720)
5,967,655,333
FLOATING
RATE
OBLIGATIONS
-
(9.8)%
(
355,570,000
)
AMTP
SHARES,
NET
-
(2.1)%(h)
(
77,975,703
)
MFP
SHARES,
NET
-
(24.4)%(i)
(
887,484,312
)
VRDP
SHARES,
NET
-
(31.7)%(j)
(
1,155,277,676
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  4.2%
152,541,669
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
3,643,889,311
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.
Portfolio
of
Investments
January
31,
2025
(continued)
NEA
46
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
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).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(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
$145,809,138
or
2.4%
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)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(f)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
When-issued
or
delayed
delivery
security.
(h)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
1.3%.
(i)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
14.9%.
(j)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
19.4%.
NEA
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
5,967,597,573
$
57,760
$
5,967,655,333
Total
$
–
$
5,967,597,573
$
57,760
$
5,967,655,333