0000830271 false The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering. You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account. Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended October 31, 2024. Interest and Other Related Expenses reflect actual expenses and fees incurred by the Fund related to its temporary committed line of credit for the fiscal year ended October 31, 2024. The Fund will not leverage its capital structure by issuing senior securities such as Preferred Shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes and invest in certain instruments, including inverse floating rate securities, that have the economic effect of leverage. During the fiscal year ended October 31, 2024, the Fund did not employ leverage through investments in inverse floating rate securities, but it did incur expenses related to its temporary committed line of credit as described in the Notes to Financial Statements (Note 10 - Borrowing Arrangements, Committed Line of Credit) of this annual report. “Actual Interest and Other Related Expenses” incurred in the future may be higher or lower. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). Rounds to less than 0.01% Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. 0000830271 2023-11-01 2024-10-31 0000830271 cik0000830271:CommonSharesMember 2023-11-01 2024-10-31 0000830271 cik0000830271:AlternativeMinimumTaxRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:BelowInvestmentGradeRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:CallRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:CreditRisksMember 2023-11-01 2024-10-31 0000830271 cik0000830271:EconomicSectorRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:FinancialFuturesAndOptionsTransactionsRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:CreditSpreadRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:DirectLendingRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:DistressedOrDefaultedSecuritiesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:DeflationRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:DerivativesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:DurationRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:FloatingAndVariableRateSecuritiesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:HedgingRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:IncomeRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:IlliquidInvestmentsRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:InflationRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:InvestmentAndMarketRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:LegislationAndRegulatoryRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:LeverageRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:MarketDiscountFromNetAssetValueMember 2023-11-01 2024-10-31 0000830271 cik0000830271:RecentMarketConditionsMember 2023-11-01 2024-10-31 0000830271 cik0000830271:ReverseRepurchaseAgreementRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:AntiTakeoverProvisionsMember 2023-11-01 2024-10-31 0000830271 cik0000830271:CounterpartyRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:CybersecurityRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:EconomicAndPoliticalEventsRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:FundTaxRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:GlobalEconomicRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:TaxabilityRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:TobaccoSettlementBondRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:UnratedSecuritiesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:ValuationRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:WhenIssuedAndDelayedDeliveryTransactionsRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:ZeroCouponBondsRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:OtherInvestmentCompaniesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:PuertoRicoMunicipalSecuritiesMarketRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:ReinvestmentRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:SpecialRisksRelatedToCertainMunicipalObligationsMember 2023-11-01 2024-10-31 0000830271 cik0000830271:SwapTransactionsRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:TaxRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:InsuranceRiskMember 2023-11-01 2024-10-31 0000830271 us-gaap:InterestRateRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:InverseFloatingRateSecuritiesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:MunicipalSecuritiesRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:MunicipalSecuritiesMarketLiquidityRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:MunicipalSecuritiesMarketRiskMember 2023-11-01 2024-10-31 0000830271 cik0000830271:CommonSharesMember 2024-10-31 0000830271 cik0000830271:CommonSharesMember 2024-08-01 2024-10-31 0000830271 cik0000830271:CommonSharesMember 2024-05-01 2024-07-31 0000830271 cik0000830271:CommonSharesMember 2024-02-01 2024-04-30 0000830271 cik0000830271:CommonSharesMember 2023-11-01 2024-01-31 0000830271 cik0000830271:CommonSharesMember 2023-08-01 2023-10-31 0000830271 cik0000830271:CommonSharesMember 2023-05-01 2023-07-31 0000830271 cik0000830271:CommonSharesMember 2023-02-01 2023-04-30 0000830271 cik0000830271:CommonSharesMember 2022-11-01 2023-01-31 xbrli:pure xbrli:shares iso4217:USD iso4217:USD xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number |  | 811-05488

Nuveen Municipal Income Fund, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Vice President and Secretary
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (
800)
257-8787
Date of fiscal year end:
October
31
Date of reporting period:
October
31, 2024

Item 1.    Reports to Stockholders.

|  | Closed-End Funds |  |  |  | October 31, 2024

Nuveen Municipal
Closed-End
Funds

Nuveen Municipal Value Fund, Inc. |  | NUV
Nuveen AMT-Free Municipal Value Fund |  | NUW
Nuveen Municipal Income Fund, Inc. |  | NMI

Annual
Report

Table
of Contents

Important Notices |  |  | 3 |
Discussion of Fund Performance |  |  | 4 |
Common Share Information |  |  | 7 |
About the Funds’ Benchmarks |  |  | 9 |
Fund Performance and Holdings |  |  | 10 |
Report of Independent Registered Public Accounting Firm |  |  | 18 |
Portfolios of Investments |  |  | 19 |
Statement of Assets and Liabilities |  |  | 60 |
Statement of Operations |  |  | 61 |
Statement of Changes in Net Assets |  |  | 62 |
Financial Highlights |  |  | 64 |
Notes to Financial Statements |  |  | 68 |
Shareholder Update |  |  | 80 |
Important Tax Information |  |  | 104 |
Shareholder Meeting Report |  |  | 105 |
Additional Fund Information |  |  | 106 |
Glossary of Terms Used in this Report |  |  | 107 |
Board Members & Officers |  |  | 108 |

2

Important Notices
NMI-
Portfolio Manager Update:
Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.
Management fees:
As of May 1, 2024, each Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.
Changes in Independent Registered Public Accounting Firm
(a) Previous independent registered public accounting firm:
On October 24, 2024, the Funds’ Board of Trustees (the “Board”), upon recommendation from the Audit Committee, notified KPMG LLP (“KPMG”) that it would be dismissed as the independent registered public accounting firm for the Funds effective upon (i) completion of KPMG’s audit of the Funds’ financial statements to be included in the Funds’ Annual Report on Form
N-CSR
(the “2024 Annual Report”) for the fiscal year ended October 31, 2024 and (ii) the issuance of KPMG’s report on the same. KPMG’s dismissal as the Funds’ independent registered public accounting firm was effective on December 26, 2024, which is the date on which KPMG issued their report on their audit of the Funds’ financial statements to be included in the 2024 Annual Report. KPMG’s audit reports on the Funds’ financial statements as of and for the fiscal years ended October 31, 2024 and October 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023, and for the subsequent interim period through December 26, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their reports opinion to the subject matter of the disagreement. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, there were no reportable events (as defined in Regulation
S-K
Item 304(a)(1)(v)).
The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.
(b) New independent registered public accounting firm:
On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Funds for the fiscal year ended October 31, 2025 audit. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation
S-K
Item 304
(“S-K
304”),
S-K
304(a)(2)(i) or
S-K
304(a)(2)(ii) disclosure.
3

Discussion of Fund Performance
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen
AMT-Free
Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen Municipal Value Fund, Inc. (NUV), Nuveen
AMT-Free
Municipal Value Fund (NUW) and Nuveen Municipal Income Fund, Inc. (NMI).
The portfolio managers for NUV and NUW are Daniel Close, CFA, and Kristen DeJong, CFA. The portfolio managers for NMI are Kristen DeJong, CFA and Scott Romans, PhD.
Below is a discussion of Fund performance and the factors that contributed and detracted during the
12-month
reporting period ended October 31, 2024. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section at the end of the report.
Nuveen Municipal Value Fund, Inc. (NUV)
What factors affected markets during the reporting period?

| • |  | The Fund’s trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund’s positioning.

| • |  | Credit fundamentals remained strong, with default activity at low levels. Although supply has increased in 2024 year-to-date, demand for municipal debt remained solid.

What key strategies were used to manage the Fund during the reporting period?

| • |  | The Fund’s credit selection focused on identifying issuers where fundamental credit risk was mispriced by the market, while avoiding names that could have issues in this higher-for-longer financing environment.

| • |  | The Fund continued to invest primarily in intermediate- and long-duration bonds across a diverse group of sectors, issuers and credit qualities. The Fund actively participated in the new issue market, where issuance was elevated and pricing was attractive, selling down low book yield positions when needed to reinvest the proceeds in new opportunities.

How did the Fund perform and what factors affected relative performance?
For the
12-month
reporting period ended October 31, 2024, NUV returned 11.12%. The Fund outperformed the returns of the S&P Municipal Bond Index, which returned 10.08%.
Top contributors to relative performance

| • |  | The Fund’s use of leverage through inverse floating rate securities.

| • |  | Duration and yield curve positioning, particularly the overweight to bonds in the longest duration range and underweight to bonds in the shortest duration range.

| • |  | Credit quality positioning, specifically the underweight to the highest grade (AAA-rated and AA-rated) bonds and overweight to A-rated and BBB-rated bonds.

Top detractors from relative performance

| • |  | Sector allocation, driven by exposure to long-maturity tobacco bonds and an underweight to the industrial development revenue sector.

| • |  | The Fund’s out-of-benchmark allocation to high yield corporate bonds. In particular, the Fund’s exposure to bonds within the consumer discretionary sector, which were volatile during the reporting period.

Nuveen
AMT-Free
Municipal Value (NUW)
What factors affected markets during the reporting period?

| • |  | Municipal bond yields ended the reporting period lower than where they started, although the path was not a straight

4

| line given uncertainties about the Federal Reserve’s plan for monetary easing and the U.S. election.

| • |  | Credit fundamentals remained strong, with default activity at low levels. Although supply has increased in 2024 year-to- date, demand for municipal debt remained solid.

What key strategies were used to manage the Fund during the reporting period?

| • |  | The Fund’s trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund’s positioning.

| • |  | The Fund continued to invest primarily in intermediate- and long-duration bonds across a diverse group of sectors, issuers and credit qualities. The Fund actively participated in the new issue market, where issuance was elevated and pricing was attractive, selling down low book yield positions when needed to reinvest the proceeds in new opportunities.

How did the Fund perform and what factors affected relative performance?
For the
12-month
reporting period ended October 31, 2024, NUW returned 10.72%. The Fund outperformed the returns of the S&P Municipal Bond Index, which returned 10.08%.
Top contributors to relative performance

| • |  | The Fund’s use of leverage through inverse floating rate securities.

| • |  | Duration and yield curve positioning, particularly the overweight to bonds in the longest duration range and underweight to bonds in the shortest duration range.

| • |  | Credit quality positioning, specifically the underweight to the highest grade (AAA-rated and AA-rated) bonds and overweight to A-rated and BBB-rated bonds.

Top detractors from relative performance

| • |  | Sector allocation, driven by exposure to long-maturity tobacco bonds and an underweight to the industrial development revenue sector.

| • |  | The Individual credit selection, as bonds bought at the low point in interest rates during this reporting period generally underperformed.

Nuveen Municipal Income Fund, Inc. (NMI)
What factors affected markets during the reporting period?

| • |  | Municipal bond yields ended the reporting period lower than where they started, although the path was not a straight line given uncertainties about the Federal Reserve’s plan for monetary easing and the U.S. election.

| • |  | Credit fundamentals remained strong, with default activity at low levels. Although supply has increased in 2024 year-to- date, demand for municipal debt remained solid.

What key strategies were used to manage the Fund during the reporting period?

| • |  | The Fund’s trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund’s positioning.

| • |  | The portfolio management worked to transition the portfolio to be more in line with the Fund’s new focus on high yield investments, as well as took advantage of periods of market softness to buy bonds at attractive valuations and continued to carefully manage the Fund’s income sustainability via tactical trading.

How did the Fund perform and what factors affected relative performance?
For the
12-month
reporting period ended October 31, 2024, NMI returned 15.13%. The Fund underperformed the returns of the NMI Linked Benchmark, which returned 16.94%. The NMI Linked Benchmark represents the linked returns between the S&P Municipal Bond Index (through September 29, 2023) and the S&P Municipal Yield Index (subsequent to September 29, 2023).
Top contributors to relative performance

| • |  | Duration and yield curve positioning, particularly an overweight to durations over 12 years and an underweight to

5

(continued)

| durations of zero to four years.

| • |  | Credit quality positioning, specifically an overweight to non-rated bonds and an underweight to high-grade (AAA-rated and AA-rated) bonds.

| • |  | Individual credit selection.

Top detractors from relative performance

| • |  | Sector allocations, driven by exposure to the industrial development revenue and life care sectors.

| • |  | Although security selection overall contributed, selection among bonds with durations longer than 12 years detracted.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard
& Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
6

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2024. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

|  | Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date) |  | NUV |  | NUW |  | NMI
November |  | $0.0290 |  | $0.0425 |  | $0.0315
December |  | 0.0290 |  | 0.0425 |  | 0.0340
January |  | 0.0290 |  | 0.0425 |  | 0.0340
February |  | 0.0290 |  | 0.0425 |  | 0.0340
March |  | 0.0290 |  | 0.0425 |  | 0.0360
April |  | 0.0290 |  | 0.0425 |  | 0.0360
May |  | 0.0290 |  | 0.0425 |  | 0.0360
June |  | 0.0290 |  | 0.0425 |  | 0.0360
July |  | 0.0290 |  | 0.0425 |  | 0.0360
August |  | 0.0290 |  | 0.0425 |  | 0.0360
September |  | 0.0310 |  | 0.0465 |  | 0.0380
October |  | 0.0310 |  | 0.0465 |  | 0.0380
Total Distributions from Net Investment Income |  | $0.3520 |  | $0.5180 |  | $0.4255
Yields |  | NUV |  | NUW |  | NMI
Market Yield 1 |  | 4.18% |  | 4.02% |  | 4.71%
Taxable-Equivalent Yield 1 |  | 7.05% |  | 6.79% |  | 7.96%

1 | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’
1099-DIV
forms after the end of the year.
NUVEEN
CLOSED-END
FUND DISTRIBUTION AMOUNTS
The Nuveen
Closed-End
Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced
closed-end
fund resource page, which is at
https://www.nuveen.com/resource-center-closed-end-funds,
along with other Nuveen
closed-end
fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
7

Common Share Information
(continued)
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NMI was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NMI, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying table.

|  | NMI
Maximum aggregate offering |  | 2,000,000*

*For the period May 2, 2024 through October 31, 2024. For the period November 1, 2023 through March 20, 2024 the maximum aggregate offering was 2,200,000.
During the current reporting period, NMI did not sell any common shares through its Shelf Offering.
Refer to the Notes to Financial Statements for further details on Shelf Offerings and the Fund’s transactions.
COMMON SHARE REPURCHASES
The Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of October 31, 2024, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

|  | NUV |  | NUW |  | NMI
Common shares cumulatively repurchased and retired |  | 0 |  | 0 |  | 0
Common shares authorized for repurchase |  | 20,750,000 |  | 1,795,000 |  | 1,005,000

8

About the Funds’ Benchmarks
S&P Municipal Bond Index:
An index designed to measure the performance of the
tax-exempt
U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Yield Index:
An index that is structured so that 70% of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
9

Fund Performance and Holdings
The Fund Performance and Holding Summaries for each Fund are shown below within this section of the report.
Fund Performance
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than
10-years
of performance. For performance, current to the most recent
month-end
visit Nuveen.com or call
(800) 257-8787.
Holding Summaries
The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for individual security information.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
10

NUV |  | Nuveen Municipal Value Fund, Inc. Fund Performance and Holdings October 31, 2024

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Performance*

|  |  |  |  | Total Returns as of October 31, 2024 |
|  |  |  |  | Average Annual |
|  | Inception Date |  |  | 1-Year |  |  | 5-Year |  |  | 10-Year |
NUV at Common Share NAV |  |  | 6/17/87 |  |  |  | 11.12% |  |  |  | 1.00% |  |  |  | 2.78% |
NUV at Common Share Price |  |  | 6/17/87 |  |  |  | 16.10% |  |  |  | 0.53% |  |  |  | 3.06% |
S&P Municipal Bond Index |  |  | – |  |  |  | 10.08% |  |  |  | 1.22% |  |  |  | 2.38% |

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.
Daily Common Share NAV and Share Price

Common Share NAV |  |  | Common Share Price |  |  | Premium/(Discount) to NAV |  |  | Average Premium/(Discount) to NAV |
| $9.30 |  |  |  | $8.91 |  |  |  | (4.19)% |  |  |  | (6.96)% |

Growth of an Assumed $10,000 Investment as of October 31, 2024 - Common Share Price
11

Performance Overview and Holdings
October
31, 2024
(continued)
Holdings

Fund Allocation |  |  |
(% of net assets) |  |  |
Municipal Bonds |  |  | 101.8% |
Short-Term Municipal Bonds |  |  | 0.6% |
Other Assets & Liabilities, Net |  |  | (0.5)% |
Floating Rate Obligations |  |  | (1.9)% |
Net Assets |  |  | 100% |
Bond Credit Quality |  |  |
(% of total investments) |  |  |
U.S. Guaranteed |  |  | 3.8% |
AAA |  |  | 9.2% |
AA |  |  | 40.7% |
A |  |  | 27.7% |
BBB |  |  | 10.0% |
BB or Lower |  |  | 2.6% |
N/R (not rated) |  |  | 6.0% |
Total |  |  | 100% |

Portfolio Composition |  |  |
(% of total investments) |  |  |
Tax Obligation/Limited |  |  | 28.3% |
Transportation |  |  | 20.8% |
Utilities |  |  | 16.6% |
Tax Obligation/General |  |  | 13.4% |
Health Care |  |  | 9.2% |
U.S. Guaranteed |  |  | 3.8% |
Consumer Staples |  |  | 2.9% |
Other |  |  | 5.0% |
Total |  |  | 100% |

States and Territories 1 |  |  |
(% of total municipal bonds) |  |  |
Texas |  |  | 14.6% |
New York |  |  | 11.5% |
Illinois |  |  | 10.7% |
California |  |  | 6.0% |
Florida |  |  | 5.4% |
Colorado |  |  | 5.3% |
New Jersey |  |  | 4.6% |
Washington |  |  | 3.9% |
Ohio |  |  | 3.8% |
Michigan |  |  | 3.1% |
Georgia |  |  | 3.0% |
South Carolina |  |  | 2.7% |
Pennsylvania |  |  | 2.0% |
Nevada |  |  | 2.0% |
Puerto Rico |  |  | 1.8% |
Kentucky |  |  | 1.6% |
District of Columbia |  |  | 1.6% |
Arizona |  |  | 1.6% |
Maryland |  |  | 1.3% |
Tennessee |  |  | 1.3% |
Other |  |  | 12.2% |
Total |  |  | 100% |

1 | See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

12

NUW |  | Nuveen AMT-Free Municipal Value Fund Fund Performance and Holdings October 31, 2024

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Performance*

|  |  |  |  | Total Returns as of October 31, 2024 |
|  |  |  |  | Average Annual |
|  | Inception Date |  |  | 1-Year |  |  | 5-Year |  |  | 10-Year |
NUW at Common Share NAV |  |  | 2/25/09 |  |  |  | 10.72% |  |  |  | 1.13% |  |  |  | 2.76% |
NUW at Common Share Price |  |  | 2/25/09 |  |  |  | 14.46% |  |  |  | (0.38)% |  |  |  | 2.17% |
S&P Municipal Bond Index |  |  | – |  |  |  | 10.08% |  |  |  | 1.22% |  |  |  | 2.38% |

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.
Daily Common Share NAV and Share Price

Common Share NAV |  | Common Share Price |  |  | Premium/(Discount) to NAV |  |  | Average Premium/(Discount) to NAV |
$15.20 |  |  | $13.89 |  |  |  | (8.62)% |  |  |  | (10.12)% |

Growth of an Assumed $10,000 Investment as of October 31, 2024 -
Common Share Price
13

Fund Performance and Holdings October 31, 2024
(continued)
Holdings

Fund Allocation |  |  |
(% of net assets) |  |  |
Municipal Bonds |  |  | 98.7% |
Variable Rate Senior Loan Interests |  |  | 0.0% |
Short-Term Municipal Bonds |  |  | 4.2% |
Other Assets & Liabilities, Net |  |  | (2.2)% |
Floating Rate Obligations |  |  | (0.7)% |
Net Assets |  |  | 100% |
Bond Credit Quality |  |  |
(% of total investments) |  |  |
U.S. Guaranteed |  |  | 1.0% |
AAA |  |  | 14.0% |
AA |  |  | 39.7% |
A |  |  | 28.4% |
BBB |  |  | 8.7% |
BB or Lower |  |  | 1.9% |
N/R (not rated) |  |  | 6.3% |
Total |  |  | 100% |

Portfolio Composition |  |  |
(% of total investments) |  |  |
Tax Obligation/Limited |  |  | 23.5% |
Utilities |  |  | 21.5% |
Tax Obligation/General |  |  | 17.0% |
Health Care |  |  | 12.3% |
Transportation |  |  | 8.3% |
Education and Civic Organizations |  |  | 7.0% |
Consumer Staples |  |  | 3.3% |
Other |  |  | 7.1% |
Variable Rate Senior Loan Interests |  |  | 0.0% |
Total |  |  | 100% |

States and Territories 1 |  |  |
(% of total municipal bonds) |  |  |
Texas |  |  | 11.4% |
California |  |  | 11.1% |
New York |  |  | 11.0% |
Illinois |  |  | 7.6% |
New Jersey |  |  | 6.2% |
Ohio |  |  | 5.1% |
Pennsylvania |  |  | 5.0% |
Colorado |  |  | 4.2% |
Florida |  |  | 3.5% |
Maryland |  |  | 3.4% |
Nevada |  |  | 3.4% |
Tennessee |  |  | 3.4% |
Puerto Rico |  |  | 3.0% |
South Carolina |  |  | 3.0% |
Kentucky |  |  | 2.8% |
Washington |  |  | 2.7% |
Georgia |  |  | 2.2% |
Arizona |  |  | 1.5% |
Michigan |  |  | 1.4% |
Virginia |  |  | 1.3% |
Other |  |  | 6.8% |
Total |  |  | 100% |

1 | See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

14

NMI |  | Nuveen Municipal Income Fund, Inc.
| Fund Performance and Holdings October 31, 2024

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Performance*

|  |  |  |  | Total Returns as of October 31, 2024 |
|  |  |  |  | Average Annual |
|  | Inception Date |  |  | 1-Year |  |  | 5-Year |  |  | 10-Year |
NMI at Common Share NAV |  |  | 4/20/88 |  |  |  | 15.13% |  |  |  | 1.44% |  |  |  | 2.75% |
NMI at Common Share Price |  |  | 4/20/88 |  |  |  | 21.21% |  |  |  | 0.65% |  |  |  | 2.57% |
S&P Municipal Bond Index |  |  | – |  |  |  | 10.08% |  |  |  | 1.22% |  |  |  | 2.38% |
S&P Municipal Yield Index |  |  | – |  |  |  | 16.94% |  |  |  | 2.53% |  |  |  | 4.20% |
NMI Linked Benchmark |  |  | – |  |  |  | 16.94% |  |  |  | 2.23% |  |  |  | 2.89% |

*For purposes of Fund performance, relative results are measured against the linked returns between the S&P Municipal Bond Index (through September 29, 2023) and the S&P Municipal Yield Index (subsequent to September 29, 2023).
Daily Common Share NAV and Share Price

Common Share NAV |  |  | Common Share Price |  |  | Premium/(Discount) to NAV |  |  | Average Premium/(Discount) to NAV |
| $10.10 |  |  |  | $9.68 |  |  |  | (4.16)% |  |  |  | (5.16)% |

Growth of an Assumed $10,000 Investment as of October 31, 2024 -
Common Share Price
15

16

Holdings

Fund Allocation |  |  |
(% of net assets) |  |  |
Municipal Bonds |  |  | 98.8% |
Other Assets & Liabilities, Net |  |  | 1.2% |
Net Assets |  |  | 100% |
Bond Credit Quality |  |  |
(% of total investments) |  |  |
U.S. Guaranteed |  |  | 1.4% |
AA |  |  | 11.1% |
A |  |  | 19.1% |
BBB |  |  | 19.4% |
BB or Lower |  |  | 9.7% |
N/R (not rated) |  |  | 39.3% |
Total |  |  | 100% |

Portfolio Composition |  |  |
(% of total investments) |  |  |
Tax Obligation/Limited |  |  | 26.5% |
Transportation |  |  | 19.8% |
Education and Civic Organizations |  |  | 15.1% |
Health Care |  |  | 13.2% |
Utilities |  |  | 5.2% |
Long-Term Care |  |  | 5.1% |
Tax Obligation/General |  |  | 4.5% |
Other |  |  | 10.6% |
Total |  |  | 100% |

States and Territories 1 |  |  |
(% of total municipal bonds) |  |  |
Florida |  |  | 11.3% |
Colorado |  |  | 10.9% |
Illinois |  |  | 10.2% |
New York |  |  | 7.9% |
Texas |  |  | 6.8% |
California |  |  | 5.0% |
Arizona |  |  | 4.9% |
Wisconsin |  |  | 3.8% |
Pennsylvania |  |  | 3.7% |
Indiana |  |  | 3.6% |
Missouri |  |  | 2.8% |
North Carolina |  |  | 2.7% |
Georgia |  |  | 2.5% |
Alabama |  |  | 2.5% |
Ohio |  |  | 2.4% |
Virginia |  |  | 2.3% |
Puerto Rico |  |  | 2.1% |
Louisiana |  |  | 2.0% |
Minnesota |  |  | 1.9% |
Washington |  |  | 1.6% |
Other |  |  | 9.1% |
Total |  |  | 100% |

1 | See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

17

Report of Independent Registered
Public Accounting Firm
To the Shareholders and Board of Directors/Trustees
Nuveen Municipal Value Fund, Inc., Nuveen
AMT-Free
Municipal Value Fund, and Nuveen Municipal Income Fund, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Municipal Value Fund, Inc., Nuveen
AMT-Free
Municipal Value Fund, and Nuveen Municipal Income Fund, Inc. (the Funds), including the portfolios of investments, as of October 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the
two-year
period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the
five-year
period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the years in the
two-year
period then ended, and the financial highlights for each of the years in the
five-year
period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 26, 2024
18

Portfolio of Investments October 31, 2024
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | LONG-TERM INVESTMENTS - 101.8% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | MUNICIPAL BONDS - 101.8% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | ALABAMA - 0.5% |  |  |  |  |  |  |  |  |  |  |  |
$ | 4,640,000 |  |  |  |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024C, (Mandatory Put 7/01/31) |  |  | 5.000% |  |  |  | 05/01/55 |  |  | $ | 4,956,126 |
| 2,455,000 |  |  |  |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 |  |  | 5.500 |  |  |  | 10/01/53 |  |  |  | 2,659,831 |
| 2,000,000 |  |  |  |  | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A, (AMT) |  |  | 5.000 |  |  |  | 06/01/54 |  |  |  | 2,044,398 |
|  |  |  |  |  | TOTAL ALABAMA |  |  |  |  |  |  |  |  |  |  | 9,660,355 |
|  |  |  |  |  | ALASKA - 0.5% |  |  |  |  |  |  |  |  |  |  |  |
| 9,750,000 |  |  |  |  | Anchorage, Alaska, Solid Waste Services Revenue Bonds, Refunding Series 2022A |  |  | 4.000 |  |  |  | 11/01/52 |  |  |  | 9,304,963 |
|  |  |  |  |  | TOTAL ALASKA |  |  |  |  |  |  |  |  |  |  | 9,304,963 |
|  |  |  |  |  | ARIZONA - 1.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,420,000 |  |  |  |  | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2019, (AMT), (Mandatory Put 6/01/29) |  |  | 4.000 |  |  |  | 06/01/49 |  |  |  | 1,421,158 |
| 21,745,000 |  |  |  |  | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2023B |  |  | 5.250 |  |  |  | 01/01/53 |  |  |  | 23,864,981 |
| 5,600,000 |  |  |  |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 |  |  | 5.000 |  |  |  | 12/01/37 |  |  |  | 6,077,546 |
|  |  |  |  |  | TOTAL ARIZONA |  |  |  |  |  |  |  |  |  |  | 31,363,685 |
|  |  |  |  |  | CALIFORNIA - 6.2% |  |  |  |  |  |  |  |  |  |  |  |
| 1,955,000 |  |  |  |  | Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Senior Series 2024B, (AMT) |  |  | 5.250 |  |  |  | 07/01/49 |  |  |  | 2,087,964 |
| 10,000,000 |  |  |  |  | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020B-2 |  |  | 0.000 |  |  |  | 06/01/55 |  |  |  | 1,922,514 |
| 4,080,000 |  |  | (a) |  | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-refunded 11/15/26) |  |  | 5.000 |  |  |  | 11/15/46 |  |  |  | 4,264,506 |
| 5,920,000 |  |  |  |  | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A |  |  | 5.000 |  |  |  | 11/15/48 |  |  |  | 6,071,820 |
| 1,830,000 |  |  |  |  | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2024A |  |  | 5.250 |  |  |  | 12/01/43 |  |  |  | 1,982,631 |
| 2,850,000 |  |  |  |  | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2024A |  |  | 5.250 |  |  |  | 12/01/44 |  |  |  | 3,078,031 |
| 1,650,000 |  |  |  |  | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A |  |  | 5.000 |  |  |  | 08/15/35 |  |  |  | 1,697,721 |
| 1,635,000 |  |  |  |  | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) |  |  | 5.000 |  |  |  | 12/31/43 |  |  |  | 1,652,648 |
| 3,495,000 |  |  |  |  | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) |  |  | 5.000 |  |  |  | 12/31/47 |  |  |  | 3,525,084 |
| 1,000,000 |  |  |  |  | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018B, (AMT) |  |  | 5.000 |  |  |  | 06/01/48 |  |  |  | 1,007,384 |
| 2,290,000 |  |  | (b) |  | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019 |  |  | 5.000 |  |  |  | 07/01/39 |  |  |  | 2,372,517 |
| 3,500,000 |  |  | (b) |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A |  |  | 5.000 |  |  |  | 12/01/46 |  |  |  | 3,526,262 |
| 4,505,000 |  |  |  |  | Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B - FGIC Insured |  |  | 0.010 |  |  |  | 06/01/28 |  |  |  | 4,018,788 |
| 2,180,000 |  |  |  |  | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A |  |  | 6.850 |  |  |  | 01/15/42 |  |  |  | 2,574,545 |
| 1,000,000 |  |  |  |  | Fresno, California, Airport Revenue Bonds, Series 2023A - BAM Insured, (AMT) |  |  | 5.000 |  |  |  | 07/01/48 |  |  |  | 1,047,038 |
| 1,000,000 |  |  |  |  | Fresno, California, Airport Revenue Bonds, Series 2023A - BAM Insured, (AMT) |  |  | 5.000 |  |  |  | 07/01/53 |  |  |  | 1,041,321 |

19

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | CALIFORNIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 34,020,000 |  |  |  |  | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 |  |  | 0.010% |  |  |  | 06/01/66 |  |  | $ | 3,696,181 |
| 345,000 |  |  |  |  | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2022A-1 |  |  | 5.000 |  |  |  | 06/01/51 |  |  |  | 362,826 |
| 2,780,000 |  |  |  |  | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Series 2022I |  |  | 5.000 |  |  |  | 05/15/48 |  |  |  | 3,014,287 |
| 2,725,000 |  |  |  |  | Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Series 2023A |  |  | 5.250 |  |  |  | 07/01/53 |  |  |  | 3,033,445 |
| 2,365,000 |  |  |  |  | Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004 - FGIC Insured |  |  | 0.010 |  |  |  | 08/01/27 |  |  |  | 2,156,877 |
| 3,060,000 |  |  |  |  | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A |  |  | 5.875 |  |  |  | 08/01/28 |  |  |  | 3,358,996 |
| 2,315,000 |  |  |  |  | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A |  |  | 0.000 |  |  |  | 08/01/43 |  |  |  | 2,279,242 |
| 3,550,000 |  |  |  |  | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C |  |  | 6.500 |  |  |  | 11/01/39 |  |  |  | 4,527,068 |
| 10,150,000 |  |  |  |  | Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C - AGM Insured |  |  | 0.000 |  |  |  | 08/01/33 |  |  |  | 7,521,890 |
| 2,660,000 |  |  |  |  | San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B - FGIC Insured |  |  | 0.010 |  |  |  | 08/01/25 |  |  |  | 2,589,763 |
| 185,000 |  |  |  |  | San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement Bonds, Subordinate Series 2018C |  |  | 4.000 |  |  |  | 06/01/32 |  |  |  | 187,233 |
| 2,825,000 |  |  |  |  | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) |  |  | 5.250 |  |  |  | 05/01/44 |  |  |  | 3,051,833 |
| 2,175,000 |  |  |  |  | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2024A, (AMT) |  |  | 5.250 |  |  |  | 05/01/49 |  |  |  | 2,321,001 |
| 6,000,000 |  |  |  |  | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019D |  |  | 5.000 |  |  |  | 05/01/36 |  |  |  | 6,470,879 |
| 4,000,000 |  |  |  |  | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019D |  |  | 5.000 |  |  |  | 05/01/39 |  |  |  | 4,284,614 |
| 500,000 |  |  |  |  | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Refunding Senior Lien Toll Road Revenue Bonds, Series 2021A |  |  | 4.000 |  |  |  | 01/15/42 |  |  |  | 503,678 |
| 12,095,000 |  |  |  |  | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A - NPFG Insured |  |  | 0.000 |  |  |  | 01/15/25 |  |  |  | 12,000,418 |
| 13,220,000 |  |  |  |  | San Mateo County Community College District, California, General Obligation Bonds, Series 2006A - NPFG Insured |  |  | 0.010 |  |  |  | 09/01/28 |  |  |  | 11,831,140 |
| 5,815,000 |  |  |  |  | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015 |  |  | 0.010 |  |  |  | 08/01/48 |  |  |  | 1,637,988 |
| 2,075,000 |  |  |  |  | Southern California Public Power Authority, California, Revenue Bonds, Clean Energy Project Revenue Bonds, Series 2024A, (Mandatory Put 9/01/30) |  |  | 5.000 |  |  |  | 04/01/55 |  |  |  | 2,206,616 |
|  |  |  |  |  | TOTAL CALIFORNIA |  |  |  |  |  |  |  |  |  |  | 118,906,749 |
|  |  |  |  |  | COLORADO - 5.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,265,000 |  |  |  |  | Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2024A |  |  | 5.000 |  |  |  | 12/01/47 |  |  |  | 1,373,525 |
| 1,750,000 |  |  |  |  | Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2024A |  |  | 5.000 |  |  |  | 12/01/48 |  |  |  | 1,896,691 |
| 2,135,000 |  |  |  |  | Centennial Water and Sanitation District, Douglas County, Colorado, Water and Wastewater Revenue Bonds, Series 2019 |  |  | 5.250 |  |  |  | 12/01/48 |  |  |  | 2,239,109 |
| 1,000,000 |  |  |  |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2024A, (Mandatory Put 11/15/29) |  |  | 5.000 |  |  |  | 11/15/59 |  |  |  | 1,083,788 |

20

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | COLORADO (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,575,000 |  |  |  |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2024A, (Mandatory Put 11/15/31) |  |  | 5.000% |  |  |  | 11/15/59 |  |  | $ | 1,739,853 |
| 4,155,000 |  |  |  |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 |  |  | 4.000 |  |  |  | 08/01/49 |  |  |  | 3,814,804 |
| 1,255,000 |  |  |  |  | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017 |  |  | 5.000 |  |  |  | 12/31/56 |  |  |  | 1,254,949 |
| 4,500,000 |  |  |  |  | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2018N |  |  | 5.000 |  |  |  | 03/15/37 |  |  |  | 4,702,098 |
| 1,000,000 |  |  |  |  | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2020R |  |  | 4.000 |  |  |  | 03/15/45 |  |  |  | 986,136 |
| 620,000 |  |  |  |  | Colorado State, Certificates of Participation, Lease Purchase Financing Program, National Western Center, Series 2018A |  |  | 5.000 |  |  |  | 09/01/33 |  |  |  | 653,026 |
| 3,790,000 |  |  |  |  | Colorado State, Certificates of Participation, Rural Series 2018A |  |  | 5.000 |  |  |  | 12/15/37 |  |  |  | 4,004,766 |
| 3,400,000 |  |  |  |  | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B |  |  | 5.250 |  |  |  | 11/15/53 |  |  |  | 3,694,513 |
| 2,000,000 |  |  |  |  | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 |  |  | 5.000 |  |  |  | 12/01/35 |  |  |  | 2,026,432 |
| 9,660,000 |  |  |  |  | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured |  |  | 0.000 |  |  |  | 09/01/29 |  |  |  | 8,172,988 |
| 24,200,000 |  |  |  |  | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured |  |  | 0.010 |  |  |  | 09/01/31 |  |  |  | 18,788,689 |
| 17,000,000 |  |  |  |  | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured |  |  | 0.000 |  |  |  | 09/01/32 |  |  |  | 12,625,108 |
| 7,600,000 |  |  |  |  | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B - NPFG Insured |  |  | 0.000 |  |  |  | 09/01/39 |  |  |  | 3,655,650 |
| 600,000 |  |  |  |  | Hunters Overlook Metropolitan District 5, Severance, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024 |  |  | 5.000 |  |  |  | 12/01/44 |  |  |  | 642,904 |
| 575,000 |  |  |  |  | Hunters Overlook Metropolitan District 5, Severance, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024 |  |  | 5.000 |  |  |  | 12/01/49 |  |  |  | 607,695 |
| 8,000,000 |  |  |  |  | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 |  |  | 6.500 |  |  |  | 11/15/38 |  |  |  | 9,637,754 |
| 1,400,000 |  |  |  |  | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A |  |  | 4.000 |  |  |  | 07/15/34 |  |  |  | 1,410,141 |
| 4,945,000 |  |  |  |  | Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 2017A |  |  | 5.000 |  |  |  | 11/01/40 |  |  |  | 5,073,134 |
| 5,355,000 |  |  |  |  | State of Colorado, Rural Colorado, Certificates of Participation, Series 2022 |  |  | 6.000 |  |  |  | 12/15/38 |  |  |  | 6,348,462 |
| 3,000,000 |  |  |  |  | State of Colorado, Rural Colorado, Certificates of Participation, Series 2022 |  |  | 6.000 |  |  |  | 12/15/41 |  |  |  | 3,522,360 |
| 4,250,000 |  |  | (a) |  | University of Colorado, Enterprise System Revenue Bonds, Series 2018B, (Pre-refunded 6/01/28) |  |  | 5.000 |  |  |  | 06/01/43 |  |  |  | 4,580,532 |
|  |  |  |  |  | TOTAL COLORADO |  |  |  |  |  |  |  |  |  |  | 104,535,107 |
|  |  |  |  |  | CONNECTICUT - 0.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Connecticut Airport Authority, Connecticut, Customer Facility Charge Revenue Bonds, Ground Transportation Center Project, Series 2019A, (AMT) |  |  | 5.000 |  |  |  | 07/01/49 |  |  |  | 1,011,179 |
| 2,125,000 |  |  |  |  | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut Children?s Medical Center and Subsidiaries, Series 2023E |  |  | 5.250 |  |  |  | 07/15/48 |  |  |  | 2,288,686 |
| 5,000,000 |  |  |  |  | Connecticut State, General Obligation Bonds, Series 2015F |  |  | 5.000 |  |  |  | 11/15/33 |  |  |  | 5,066,105 |
|  |  |  |  |  | TOTAL CONNECTICUT |  |  |  |  |  |  |  |  |  |  | 8,365,970 |
|  |  |  |  |  | DISTRICT OF COLUMBIA - 1.6% |  |  |  |  |  |  |  |  |  |  |  |
| 15,000,000 |  |  |  |  | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A |  |  | 0.000 |  |  |  | 06/15/46 |  |  |  | 3,777,829 |
| 5,260,000 |  |  |  |  | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior Lien Series 2018B |  |  | 5.000 |  |  |  | 10/01/43 |  |  |  | 5,467,160 |
| 10,000,000 |  |  |  |  | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B |  |  | 6.500 |  |  |  | 10/01/44 |  |  |  | 10,952,431 |

21

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | DISTRICT OF COLUMBIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 2,300,000 |  |  |  |  | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) |  |  | 5.250% |  |  |  | 10/01/49 |  |  | $ | 2,446,541 |
| 4,435,000 |  |  |  |  | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) |  |  | 5.500 |  |  |  | 10/01/54 |  |  |  | 4,812,336 |
| 1,060,000 |  |  |  |  | Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien Series 2021A |  |  | 4.000 |  |  |  | 10/01/38 |  |  |  | 1,057,021 |
| 1,265,000 |  |  |  |  | Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien Series 2021A |  |  | 4.000 |  |  |  | 10/01/39 |  |  |  | 1,252,209 |
| 1,775,000 |  |  |  |  | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue Bonds, Series 2020A |  |  | 5.000 |  |  |  | 07/15/45 |  |  |  | 1,864,252 |
|  |  |  |  |  | TOTAL DISTRICT OF COLUMBIA |  |  |  |  |  |  |  |  |  |  | 31,629,779 |
|  |  |  |  |  | FLORIDA - 5.5% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2022 Project Series 2022 |  |  | 5.000 |  |  |  | 05/01/53 |  |  |  | 998,491 |
| 23,000,000 |  |  |  |  | Broward County, Florida, Tourist Development Tax Revenue Bonds, Convention Center Expansion Project, Series 2021 |  |  | 4.000 |  |  |  | 09/01/51 |  |  |  | 22,005,735 |
| 565,000 |  |  | (b) |  | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A |  |  | 6.000 |  |  |  | 06/15/35 |  |  |  | 569,589 |
| 1,800,000 |  |  |  |  | Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, UF Health - Jacksonville Project, Series 2022A - AGM Insured |  |  | 4.000 |  |  |  | 02/01/41 |  |  |  | 1,751,730 |
| 1,875,000 |  |  |  |  | Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, UF Health - Jacksonville Project, Series 2022A - AGM Insured |  |  | 4.000 |  |  |  | 02/01/42 |  |  |  | 1,825,253 |
| 1,500,000 |  |  |  |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) |  |  | 5.250 |  |  |  | 07/01/47 |  |  |  | 1,575,208 |
| 1,615,000 |  |  |  |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) |  |  | 5.250 |  |  |  | 07/01/47 |  |  |  | 1,651,754 |
| 4,390,000 |  |  |  |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) |  |  | 5.250 |  |  |  | 07/01/53 |  |  |  | 4,572,305 |
| 1,400,000 |  |  |  |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) |  |  | 5.500 |  |  |  | 07/01/53 |  |  |  | 1,445,817 |
| 14,125,000 |  |  | (b) |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2024A, (AMT), (Mandatory Put 2/14/25) |  |  | 8.250 |  |  |  | 07/01/57 |  |  |  | 14,555,828 |
| 4,000,000 |  |  |  |  | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A |  |  | 5.000 |  |  |  | 10/01/36 |  |  |  | 4,165,342 |
| 15,000 |  |  | (a) |  | Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A, (Pre-refunded 10/01/29) |  |  | 5.000 |  |  |  | 10/01/47 |  |  |  | 16,440 |
| 3,485,000 |  |  |  |  | Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A |  |  | 5.000 |  |  |  | 10/01/47 |  |  |  | 3,653,407 |
| 3,000,000 |  |  |  |  | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C |  |  | 5.250 |  |  |  | 11/15/49 |  |  |  | 3,294,831 |
| 2,735,000 |  |  |  |  | Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Series 2021B |  |  | 4.000 |  |  |  | 11/15/46 |  |  |  | 2,555,058 |
| 5,090,000 |  |  |  |  | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A |  |  | 5.000 |  |  |  | 07/01/40 |  |  |  | 5,097,996 |
| 5,685,000 |  |  |  |  | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, (AMT) |  |  | 5.250 |  |  |  | 10/01/52 |  |  |  | 5,996,585 |
| 3,000,000 |  |  |  |  | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022 |  |  | 5.000 |  |  |  | 07/01/51 |  |  |  | 3,169,728 |
| 6,500,000 |  |  |  |  | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2024A |  |  | 5.250 |  |  |  | 10/01/54 |  |  |  | 7,047,853 |

22

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | FLORIDA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 5,330,000 |  |  |  |  | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Obligated Group, Inc., Series 2022 |  |  | 4.000% |  |  |  | 10/01/52 |  |  | $ | 5,004,828 |
| 3,500,000 |  |  |  |  | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 |  |  | 0.000 |  |  |  | 10/01/43 |  |  |  | 1,387,310 |
| 3,575,000 |  |  |  |  | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 |  |  | 0.000 |  |  |  | 10/01/44 |  |  |  | 1,334,239 |
| 4,000,000 |  |  |  |  | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 |  |  | 0.000 |  |  |  | 10/01/45 |  |  |  | 1,410,408 |
| 5,000,000 |  |  |  |  | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 |  |  | 0.010 |  |  |  | 10/01/50 |  |  |  | 1,321,798 |
| 11,000,000 |  |  |  |  | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Capital Appreciation Series 2019A-2 |  |  | 0.010 |  |  |  | 10/01/53 |  |  |  | 2,471,906 |
| 1,020,000 |  |  |  |  | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperatice, Inc. Project, Refunding Series 2018B |  |  | 5.000 |  |  |  | 03/15/42 |  |  |  | 1,048,413 |
| 6,865,000 |  |  |  |  | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015 |  |  | 4.000 |  |  |  | 05/01/34 |  |  |  | 6,878,815 |
|  |  |  |  |  | TOTAL FLORIDA |  |  |  |  |  |  |  |  |  |  | 106,806,667 |
|  |  |  |  |  | GEORGIA - 3.1% |  |  |  |  |  |  |  |  |  |  |  |
| 3,325,000 |  |  |  |  | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015 |  |  | 5.000 |  |  |  | 11/01/40 |  |  |  | 3,345,176 |
| 2,290,000 |  |  |  |  | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A |  |  | 5.000 |  |  |  | 04/01/47 |  |  |  | 2,315,262 |
| 2,500,000 |  |  |  |  | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B |  |  | 5.250 |  |  |  | 02/15/45 |  |  |  | 2,568,234 |
| 4,575,000 |  |  |  |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024D, (Mandatory Put 4/01/31) |  |  | 5.000 |  |  |  | 04/01/54 |  |  |  | 4,914,886 |
| 17,010,000 |  |  |  |  | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A - BAM Insured |  |  | 5.000 |  |  |  | 01/01/49 |  |  |  | 17,444,534 |
| 4,025,000 |  |  |  |  | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, Series 19A - AGM Insured |  |  | 5.000 |  |  |  | 01/01/59 |  |  |  | 4,107,268 |
| 17,350,000 |  |  |  |  | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2022A - AGM Insured |  |  | 5.000 |  |  |  | 07/01/52 |  |  |  | 18,249,271 |
| 1,000,000 |  |  |  |  | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 1,047,658 |
| 5,500,000 |  |  |  |  | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A |  |  | 5.000 |  |  |  | 01/01/50 |  |  |  | 5,701,646 |
|  |  |  |  |  | TOTAL GEORGIA |  |  |  |  |  |  |  |  |  |  | 59,693,935 |
|  |  |  |  |  | HAWAII - 0.2% |  |  |  |  |  |  |  |  |  |  |  |
| 3,000,000 |  |  |  |  | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Senior Series 2018A |  |  | 5.000 |  |  |  | 07/01/37 |  |  |  | 3,144,368 |
|  |  |  |  |  | TOTAL HAWAII |  |  |  |  |  |  |  |  |  |  | 3,144,368 |
|  |  |  |  |  | ILLINOIS - 11.0% |  |  |  |  |  |  |  |  |  |  |  |
| 5,000,000 |  |  |  |  | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 |  |  | 6.000 |  |  |  | 04/01/46 |  |  |  | 5,177,806 |
| 5,000,000 |  |  |  |  | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A |  |  | 7.000 |  |  |  | 12/01/44 |  |  |  | 5,109,404 |
| 2,945,000 |  |  |  |  | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B |  |  | 6.500 |  |  |  | 12/01/46 |  |  |  | 3,039,841 |
| 4,710,000 |  |  | (b) |  | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A |  |  | 7.000 |  |  |  | 12/01/46 |  |  |  | 5,024,917 |
| 17,775,000 |  |  |  |  | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - FGIC Insured |  |  | 0.010 |  |  |  | 12/01/24 |  |  |  | 17,713,054 |

23

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | ILLINOIS (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 7,495,000 |  |  |  |  | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A - NPFG Insured |  |  | 0.010% |  |  |  | 12/01/31 |  |  | $ | 5,575,061 |
| 2,325,000 |  |  |  |  | Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Limited Tax Capital Improvement Green Series 2021A |  |  | 4.000 |  |  |  | 12/01/46 |  |  |  | 2,234,874 |
| 4,000,000 |  |  |  |  | Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Limited Tax Capital Improvement Green Series 2021A |  |  | 4.000 |  |  |  | 12/01/51 |  |  |  | 3,782,077 |
| 1,875,000 |  |  |  |  | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2021 |  |  | 5.000 |  |  |  | 06/01/29 |  |  |  | 2,005,979 |
| 5,000,000 |  |  |  |  | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien Series 2022A - BAM Insured |  |  | 5.000 |  |  |  | 12/01/46 |  |  |  | 5,231,971 |
| 5,100,000 |  |  |  |  | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014 |  |  | 5.000 |  |  |  | 12/01/44 |  |  |  | 5,103,368 |
| 1,000,000 |  |  |  |  | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018 |  |  | 5.000 |  |  |  | 11/15/35 |  |  |  | 1,028,151 |
| 1,500,000 |  |  |  |  | Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A |  |  | 5.000 |  |  |  | 11/15/32 |  |  |  | 1,646,747 |
| 2,040,000 |  |  |  |  | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A |  |  | 4.000 |  |  |  | 11/15/40 |  |  |  | 2,017,027 |
| 1,000,000 |  |  |  |  | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A |  |  | 4.000 |  |  |  | 11/15/41 |  |  |  | 983,205 |
| 3,700,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B |  |  | 5.000 |  |  |  | 11/15/39 |  |  |  | 3,719,690 |
| 560,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C |  |  | 5.000 |  |  |  | 08/15/35 |  |  |  | 564,215 |
| 825,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C |  |  | 5.000 |  |  |  | 08/15/44 |  |  |  | 827,453 |
| 1,175,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2024A |  |  | 5.250 |  |  |  | 04/01/43 |  |  |  | 1,309,354 |
| 1,130,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2024A |  |  | 5.250 |  |  |  | 04/01/47 |  |  |  | 1,243,672 |
| 3,500,000 |  |  |  |  | Illinois State, General Obligation Bonds, May Series 2024B |  |  | 5.250 |  |  |  | 05/01/43 |  |  |  | 3,805,710 |
| 2,000,000 |  |  |  |  | Illinois State, General Obligation Bonds, May Series 2024B |  |  | 5.250 |  |  |  | 05/01/44 |  |  |  | 2,166,954 |
| 2,400,000 |  |  |  |  | Illinois State, General Obligation Bonds, May Series 2024B |  |  | 5.250 |  |  |  | 05/01/47 |  |  |  | 2,577,930 |
| 5,125,000 |  |  |  |  | Illinois State, General Obligation Bonds, November Series 2017C |  |  | 5.000 |  |  |  | 11/01/29 |  |  |  | 5,361,997 |
| 1,755,000 |  |  |  |  | Illinois State, General Obligation Bonds, October Series 2016 |  |  | 5.000 |  |  |  | 02/01/27 |  |  |  | 1,822,148 |
| 4,000,000 |  |  |  |  | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B |  |  | 5.000 |  |  |  | 01/01/41 |  |  |  | 4,075,037 |
| 5,000,000 |  |  |  |  | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 5,291,860 |
| 9,015,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A |  |  | 4.000 |  |  |  | 06/15/50 |  |  |  | 8,326,284 |
| 1,500,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2024B |  |  | 5.000 |  |  |  | 06/15/53 |  |  |  | 1,579,167 |
| 5,245,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B - NPFG Insured |  |  | 0.000 |  |  |  | 06/15/28 |  |  |  | 4,622,498 |
| 11,675,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B - FGIC Insured |  |  | 0.010 |  |  |  | 06/15/29 |  |  |  | 9,925,274 |
| 4,950,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 12/15/32 |  |  |  | 3,658,070 |
| 21,375,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 06/15/34 |  |  |  | 14,820,750 |
| 21,000,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 12/15/35 |  |  |  | 13,636,833 |
| 21,970,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 06/15/36 |  |  |  | 13,860,220 |

24

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | ILLINOIS (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 10,375,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010% |  |  |  | 12/15/36 |  |  | $ | 6,399,423 |
| 10,000,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 12/15/37 |  |  |  | 5,885,739 |
| 25,825,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.000 |  |  |  | 06/15/39 |  |  |  | 14,071,180 |
| 6,095,000 |  |  |  |  | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A - NPFG Insured |  |  | 6.000 |  |  |  | 07/01/32 |  |  |  | 7,216,230 |
| 8,000,000 |  |  |  |  | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2003A - NPFG Insured |  |  | 6.000 |  |  |  | 07/01/33 |  |  |  | 9,295,841 |
|  |  |  |  |  | TOTAL ILLINOIS |  |  |  |  |  |  |  |  |  |  | 211,737,011 |
|  |  |  |  |  | INDIANA - 1.3% |  |  |  |  |  |  |  |  |  |  |  |
| 2,250,000 |  |  |  |  | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding 2015A |  |  | 4.000 |  |  |  | 12/01/40 |  |  |  | 2,174,949 |
| 2,000,000 |  |  |  |  | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A |  |  | 5.000 |  |  |  | 01/01/42 |  |  |  | 2,034,712 |
| 4,250,000 |  |  |  |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus Bonds, Courthouse & Jail Project, Series 2019A |  |  | 5.000 |  |  |  | 02/01/54 |  |  |  | 4,403,875 |
| 2,400,000 |  |  |  |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured |  |  | 0.000 |  |  |  | 02/01/25 |  |  |  | 2,376,690 |
| 14,595,000 |  |  |  |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured |  |  | 0.010 |  |  |  | 02/01/27 |  |  |  | 13,514,286 |
|  |  |  |  |  | TOTAL INDIANA |  |  |  |  |  |  |  |  |  |  | 24,504,512 |
|  |  |  |  |  | KENTUCKY - 1.7% |  |  |  |  |  |  |  |  |  |  |  |
| 1,280,000 |  |  |  |  | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A |  |  | 5.000 |  |  |  | 09/01/37 |  |  |  | 1,334,457 |
| 1,435,000 |  |  |  |  | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A |  |  | 5.000 |  |  |  | 09/01/38 |  |  |  | 1,490,381 |
| 4,000,000 |  |  |  |  | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A |  |  | 5.000 |  |  |  | 09/01/43 |  |  |  | 4,098,630 |
| 2,000,000 |  |  |  |  | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A |  |  | 5.000 |  |  |  | 09/01/48 |  |  |  | 2,036,483 |
| 8,935,000 |  |  |  |  | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 8,943,824 |
| 6,000,000 |  |  |  |  | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C |  |  | 6.600 |  |  |  | 07/01/39 |  |  |  | 7,014,831 |
| 2,465,000 |  |  |  |  | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1, (Mandatory Put 2/01/32) |  |  | 5.250 |  |  |  | 04/01/54 |  |  |  | 2,678,576 |
| 4,205,000 |  |  |  |  | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32) |  |  | 5.000 |  |  |  | 01/01/55 |  |  |  | 4,510,377 |
|  |  |  |  |  | TOTAL KENTUCKY |  |  |  |  |  |  |  |  |  |  | 32,107,559 |
|  |  |  |  |  | LOUISIANA - 0.8% |  |  |  |  |  |  |  |  |  |  |  |
| 2,365,000 |  |  |  |  | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) |  |  | 5.500 |  |  |  | 09/01/59 |  |  |  | 2,524,029 |
| 1,810,000 |  |  |  |  | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) |  |  | 5.750 |  |  |  | 09/01/64 |  |  |  | 1,959,630 |
| 9,040,000 |  |  |  |  | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017A - AGM Insured |  |  | 5.000 |  |  |  | 01/01/48 |  |  |  | 9,183,629 |

25

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | LOUISIANA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,470,000 |  |  |  |  | New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities Corporation Consolidated Garage System, Series 2018A - AGM Insured |  |  | 5.000% |  |  |  | 10/01/43 |  |  | $ | 1,509,969 |
|  |  |  |  |  | TOTAL LOUISIANA |  |  |  |  |  |  |  |  |  |  | 15,177,257 |
|  |  |  |  |  | MAINE - 0.8% |  |  |  |  |  |  |  |  |  |  |  |
| 5,125,000 |  |  |  |  | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A |  |  | 5.000 |  |  |  | 07/01/43 |  |  |  | 5,232,413 |
| 2,005,000 |  |  |  |  | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A |  |  | 5.000 |  |  |  | 07/01/48 |  |  |  | 2,034,491 |
| 7,990,000 |  |  |  |  | University of Maine, System Revenue Bonds, Series 2022 |  |  | 5.000 |  |  |  | 03/01/47 |  |  |  | 8,418,278 |
|  |  |  |  |  | TOTAL MAINE |  |  |  |  |  |  |  |  |  |  | 15,685,182 |
|  |  |  |  |  | MARYLAND - 1.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,140,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/29 |  |  |  | 1,158,618 |
| 1,945,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/32 |  |  |  | 1,966,123 |
| 385,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/34 |  |  |  | 387,866 |
| 2,750,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/35 |  |  |  | 2,766,722 |
| 2,550,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/42 |  |  |  | 2,550,409 |
| 6,665,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/46 |  |  |  | 6,637,228 |
| 1,050,000 |  |  |  |  | Maryland Health and Higher Educational Facilities Authority, Maryland, Revenue Bonds, Meritus Medical Center, Series 2015 |  |  | 5.000 |  |  |  | 07/01/40 |  |  |  | 1,053,383 |
| 3,000,000 |  |  | (c) |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Lifebridge Health Issue Series 2023 |  |  | 5.000 |  |  |  | 07/01/54 |  |  |  | 3,183,147 |
| 4,375,000 |  |  |  |  | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A |  |  | 5.000 |  |  |  | 05/01/47 |  |  |  | 4,499,389 |
| 2,260,000 |  |  | (a) |  | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A, (Pre-refunded 5/01/28) |  |  | 5.000 |  |  |  | 05/01/47 |  |  |  | 2,420,391 |
|  |  |  |  |  | TOTAL MARYLAND |  |  |  |  |  |  |  |  |  |  | 26,623,276 |
|  |  |  |  |  | MASSACHUSETTS - 0.4% |  |  |  |  |  |  |  |  |  |  |  |
| 2,905,000 |  |  |  |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D |  |  | 5.000 |  |  |  | 07/01/44 |  |  |  | 2,909,984 |
| 1,500,000 |  |  |  |  | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E |  |  | 5.000 |  |  |  | 07/01/35 |  |  |  | 1,521,764 |
| 2,765,000 |  |  |  |  | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N |  |  | 5.000 |  |  |  | 12/01/46 |  |  |  | 2,809,903 |
| 980,000 |  |  |  |  | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A - NPFG Insured |  |  | 0.000 |  |  |  | 01/01/29 |  |  |  | 859,873 |
|  |  |  |  |  | TOTAL MASSACHUSETTS |  |  |  |  |  |  |  |  |  |  | 8,101,524 |
|  |  |  |  |  | MICHIGAN - 3.2% |  |  |  |  |  |  |  |  |  |  |  |
| 1,475,000 |  |  |  |  | Bloomfield Hills Schools, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2023 |  |  | 5.000 |  |  |  | 05/01/44 |  |  |  | 1,578,699 |
| 625,000 |  |  |  |  | Bloomfield Hills Schools, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2023 |  |  | 5.000 |  |  |  | 05/01/48 |  |  |  | 660,336 |
| 820,000 |  |  |  |  | Bloomfield Hills Schools, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2023 |  |  | 5.000 |  |  |  | 05/01/50 |  |  |  | 866,765 |
| 1,300,000 |  |  |  |  | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013 |  |  | 6.000 |  |  |  | 10/01/33 |  |  |  | 1,285,810 |
| 2,520,000 |  |  |  |  | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013 |  |  | 6.000 |  |  |  | 10/01/43 |  |  |  | 2,412,829 |
| 15,000 |  |  |  |  | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A - NPFG Insured |  |  | 4.500 |  |  |  | 07/01/35 |  |  |  | 15,009 |
| 2,495,000 |  |  |  |  | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B - NPFG Insured |  |  | 5.500 |  |  |  | 07/01/29 |  |  |  | 2,639,763 |
| 5,000 |  |  |  |  | Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B - NPFG Insured |  |  | 5.000 |  |  |  | 07/01/34 |  |  |  | 5,007 |

26

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | MICHIGAN (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 5,000 |  |  |  |  | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A - NPFG Insured |  |  | 5.000% |  |  |  | 07/01/34 |  |  | $ | 5,007 |
| 4,000,000 |  |  |  |  | Kalamazoo County, Michigan, General Obligation Bonds, Limitied Tax Series 2022 |  |  | 4.000 |  |  |  | 05/01/45 |  |  |  | 3,911,842 |
| 3,315,000 |  |  |  |  | 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 |  |  |  | 3,424,750 |
| 6,385,000 |  |  |  |  | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020 - BAM Insured |  |  | 4.000 |  |  |  | 11/01/55 |  |  |  | 5,936,132 |
| 2,000,000 |  |  |  |  | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A |  |  | 5.000 |  |  |  | 11/15/48 |  |  |  | 2,063,934 |
| 1,015,000 |  |  |  |  | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Series 2020B-1-CL2 |  |  | 5.000 |  |  |  | 06/01/49 |  |  |  | 1,036,292 |
| 6,000,000 |  |  |  |  | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding & Project Series 2010F-6 |  |  | 4.000 |  |  |  | 11/15/47 |  |  |  | 5,571,701 |
| 435,000 |  |  | (a) |  | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, (Pre-refunded 10/15/25) |  |  | 5.000 |  |  |  | 04/15/30 |  |  |  | 442,378 |
| 9,565,000 |  |  |  |  | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I |  |  | 5.000 |  |  |  | 04/15/30 |  |  |  | 9,717,407 |
| 2,100,000 |  |  |  |  | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2023II |  |  | 4.000 |  |  |  | 10/15/43 |  |  |  | 2,085,504 |
| 3,020,000 |  |  |  |  | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A |  |  | 4.000 |  |  |  | 11/15/37 |  |  |  | 3,081,705 |
| 6,510,000 |  |  |  |  | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A |  |  | 4.000 |  |  |  | 11/15/38 |  |  |  | 6,607,590 |
| 1,515,000 |  |  |  |  | Michigan Technological University, General Revenue Bonds, Series 2023A - AGM Insured |  |  | 5.000 |  |  |  | 10/01/47 |  |  |  | 1,571,730 |
| 675,000 |  |  |  |  | Michigan Technological University, General Revenue Bonds, Series 2023A - AGM Insured |  |  | 5.250 |  |  |  | 10/01/52 |  |  |  | 706,384 |
| 1,100,000 |  |  |  |  | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D |  |  | 5.000 |  |  |  | 12/01/45 |  |  |  | 1,108,303 |
| 5,000,000 |  |  |  |  | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023A - AGM Insured |  |  | 5.250 |  |  |  | 12/01/48 |  |  |  | 5,463,122 |
|  |  |  |  |  | TOTAL MICHIGAN |  |  |  |  |  |  |  |  |  |  | 62,197,999 |
|  |  |  |  |  | MINNESOTA - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 1,480,000 |  |  |  |  | University of Minnesota, General Obligation Bonds, Series 2016A |  |  | 5.000 |  |  |  | 04/01/41 |  |  |  | 1,501,848 |
|  |  |  |  |  | TOTAL MINNESOTA |  |  |  |  |  |  |  |  |  |  | 1,501,848 |
|  |  |  |  |  | MISSOURI - 0.3% |  |  |  |  |  |  |  |  |  |  |  |
| 3,465,000 |  |  |  |  | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A |  |  | 5.000 |  |  |  | 11/15/48 |  |  |  | 3,465,399 |
| 1,500,000 |  |  |  |  | Orchard Farm R-V School District, St. Charles County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, School Series 2024A |  |  | 5.500 |  |  |  | 03/01/43 |  |  |  | 1,726,673 |
|  |  |  |  |  | TOTAL MISSOURI |  |  |  |  |  |  |  |  |  |  | 5,192,072 |
|  |  |  |  |  | MONTANA - 0.5% |  |  |  |  |  |  |  |  |  |  |  |
| 1,040,000 |  |  |  |  | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B |  |  | 5.000 |  |  |  | 07/01/29 |  |  |  | 1,076,110 |
| 2,475,000 |  |  |  |  | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B |  |  | 5.000 |  |  |  | 07/01/30 |  |  |  | 2,555,336 |
| 1,415,000 |  |  |  |  | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B |  |  | 5.000 |  |  |  | 07/01/31 |  |  |  | 1,458,747 |
| 1,980,000 |  |  |  |  | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B |  |  | 5.000 |  |  |  | 07/01/32 |  |  |  | 2,040,398 |
| 3,045,000 |  |  |  |  | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 2018A |  |  | 5.000 |  |  |  | 08/15/48 |  |  |  | 3,101,191 |
|  |  |  |  |  | TOTAL MONTANA |  |  |  |  |  |  |  |  |  |  | 10,231,782 |

27

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEBRASKA - 0.9% |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,710,000 |  |  |  |  | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A |  |  | 5.000% |  |  |  | 09/01/35 |  |  | $ | 1,841,031 |
| 1,400,000 |  |  |  |  | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 |  |  | 5.000 |  |  |  | 11/01/45 |  |  |  | 1,409,136 |
| 10,500,000 |  |  |  |  | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2022B |  |  | 5.250 |  |  |  | 02/01/52 |  |  |  | 11,314,676 |
| 2,415,000 |  |  |  |  | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2015A |  |  | 5.250 |  |  |  | 02/01/42 |  |  |  | 2,421,771 |
|  |  |  |  |  | TOTAL NEBRASKA |  |  |  |  |  |  |  |  |  |  | 16,986,614 |
|  |  |  |  |  | NEVADA - 2.0% |  |  |  |  |  |  |  |  |  |  |  |
| 2,000,000 |  |  |  |  | Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax, Additionally Secured by Pledged Revenue Series 2018B |  |  | 5.000 |  |  |  | 12/01/33 |  |  |  | 2,135,653 |
| 5,000,000 |  |  |  |  | Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax, Additionally Secured by Pledged Revenue Series 2018B |  |  | 5.000 |  |  |  | 12/01/35 |  |  |  | 5,318,239 |
| 5,000,000 |  |  |  |  | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B |  |  | 5.000 |  |  |  | 07/01/43 |  |  |  | 5,161,787 |
| 8,500,000 |  |  |  |  | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C |  |  | 5.250 |  |  |  | 07/01/43 |  |  |  | 8,873,278 |
| 5,220,000 |  |  |  |  | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015 |  |  | 5.000 |  |  |  | 06/01/33 |  |  |  | 5,226,205 |
| 9,000,000 |  |  | (a) |  | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, (Pre-refunded 12/01/24) |  |  | 5.000 |  |  |  | 06/01/39 |  |  |  | 9,010,698 |
| 1,205,000 |  |  |  |  | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement Series 2016A |  |  | 5.000 |  |  |  | 06/01/41 |  |  |  | 1,229,185 |
| 2,000,000 |  |  |  |  | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018A |  |  | 5.000 |  |  |  | 06/01/48 |  |  |  | 2,053,905 |
| 250,000 |  |  |  |  | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018B - AGM Insured |  |  | 5.000 |  |  |  | 06/01/33 |  |  |  | 263,522 |
|  |  |  |  |  | TOTAL NEVADA |  |  |  |  |  |  |  |  |  |  | 39,272,472 |
|  |  |  |  |  | NEW JERSEY - 4.7% |  |  |  |  |  |  |  |  |  |  |  |
| 2,500,000 |  |  |  |  | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A |  |  | 5.000 |  |  |  | 01/01/36 |  |  |  | 2,666,738 |
| 930,000 |  |  |  |  | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) |  |  | 5.125 |  |  |  | 01/01/39 |  |  |  | 930,858 |
| 6,000,000 |  |  | (a) |  | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) |  |  | 5.500 |  |  |  | 06/15/31 |  |  |  | 6,337,768 |
| 5,990,000 |  |  |  |  | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1 - AGM Insured |  |  | 5.500 |  |  |  | 09/01/25 |  |  |  | 6,111,365 |
| 3,070,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2024A |  |  | 4.125 |  |  |  | 07/01/54 |  |  |  | 2,949,176 |
| 4,500,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2024A |  |  | 5.250 |  |  |  | 07/01/54 |  |  |  | 4,885,946 |
| 3,380,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB |  |  | 4.000 |  |  |  | 06/15/46 |  |  |  | 3,266,992 |
| 9,420,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A |  |  | 0.000 |  |  |  | 12/15/31 |  |  |  | 7,309,427 |
| 30,000,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - FGIC Insured |  |  | 0.000 |  |  |  | 12/15/30 |  |  |  | 24,234,684 |
| 27,000,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured |  |  | 0.010 |  |  |  | 12/15/32 |  |  |  | 20,257,792 |
| 2,750,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA |  |  | 5.250 |  |  |  | 06/15/32 |  |  |  | 2,777,739 |
| 2,150,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA |  |  | 5.250 |  |  |  | 06/15/34 |  |  |  | 2,170,959 |
| 1,220,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA |  |  | 4.000 |  |  |  | 06/15/50 |  |  |  | 1,175,629 |

28

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEW JERSEY (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 3,760,000 |  |  |  |  | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G |  |  | 4.000% |  |  |  | 01/01/43 |  |  | $ | 3,745,306 |
| 2,370,000 |  |  |  |  | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B |  |  | 5.000 |  |  |  | 06/01/46 |  |  |  | 2,377,464 |
|  |  |  |  |  | TOTAL NEW JERSEY |  |  |  |  |  |  |  |  |  |  | 91,197,843 |
|  |  |  |  |  | NEW YORK - 11.2% |  |  |  |  |  |  |  |  |  |  |  |
| 4,200,000 |  |  |  |  | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2021B |  |  | 4.000 |  |  |  | 03/15/47 |  |  |  | 4,152,061 |
| 780,000 |  |  | (a) |  | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2017A, (Pre- refunded 7/01/27) |  |  | 5.000 |  |  |  | 07/01/42 |  |  |  | 827,452 |
| 2,970,000 |  |  |  |  | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2017A |  |  | 5.000 |  |  |  | 07/01/42 |  |  |  | 3,054,768 |
| 4,350,000 |  |  |  |  | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 |  |  | 5.500 |  |  |  | 10/01/54 |  |  |  | 4,790,322 |
| 10,000,000 |  |  | (d) |  | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A, (UB) |  |  | 5.000 |  |  |  | 03/15/55 |  |  |  | 10,725,339 |
| 1,950,000 |  |  |  |  | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018 |  |  | 5.000 |  |  |  | 09/01/39 |  |  |  | 2,054,295 |
| 2,100,000 |  |  |  |  | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2021A |  |  | 4.000 |  |  |  | 09/01/41 |  |  |  | 2,105,604 |
| 2,345,000 |  |  |  |  | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Green Series 2024A |  |  | 4.000 |  |  |  | 11/15/51 |  |  |  | 2,253,598 |
| 3,100,000 |  |  |  |  | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 |  |  | 4.750 |  |  |  | 11/15/45 |  |  |  | 3,187,347 |
| 8,325,000 |  |  |  |  | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 |  |  | 5.000 |  |  |  | 11/15/50 |  |  |  | 8,627,684 |
| 1,500,000 |  |  |  |  | New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A - AGM Insured |  |  | 5.000 |  |  |  | 01/01/29 |  |  |  | 1,610,342 |
| 4,000,000 |  |  |  |  | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2019 Series FF-2 |  |  | 4.000 |  |  |  | 06/15/37 |  |  |  | 4,042,480 |
| 17,425,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2019 Subseries S-3A |  |  | 5.000 |  |  |  | 07/15/37 |  |  |  | 18,353,298 |
| 1,650,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series E-1 |  |  | 5.000 |  |  |  | 02/01/41 |  |  |  | 1,654,569 |
| 5,000,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1 |  |  | 5.000 |  |  |  | 02/01/51 |  |  |  | 5,282,701 |
| 7,500,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D |  |  | 5.500 |  |  |  | 05/01/52 |  |  |  | 8,405,763 |
| 10,000,000 |  |  | (d) |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024F-1, (UB) |  |  | 5.250 |  |  |  | 02/01/53 |  |  |  | 10,885,248 |
| 3,465,000 |  |  |  |  | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C |  |  | 5.000 |  |  |  | 08/01/42 |  |  |  | 3,683,052 |
| 11,755,000 |  |  | (b) |  | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 |  |  | 5.000 |  |  |  | 11/15/44 |  |  |  | 11,754,875 |
| 3,180,000 |  |  |  |  | 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 |  |  |  | 3,124,345 |
| 4,000,000 |  |  |  |  | New York State Power Authority, General Revenue Bonds, Series 2020A |  |  | 4.000 |  |  |  | 11/15/50 |  |  |  | 3,895,189 |
| 1,000,000 |  |  |  |  | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A |  |  | 4.000 |  |  |  | 03/15/49 |  |  |  | 966,913 |
| 1,620,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A - AGM Insured, (AMT) |  |  | 4.000 |  |  |  | 07/01/32 |  |  |  | 1,603,349 |
| 8,270,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) |  |  | 5.000 |  |  |  | 07/01/41 |  |  |  | 8,235,908 |

29

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEW YORK (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 6,250,000 |  |  | (c) |  | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) |  |  | 4.500% |  |  |  | 12/31/54 |  |  | $ | 6,099,805 |
| 11,380,000 |  |  | (c) |  | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) |  |  | 5.250 |  |  |  | 12/31/54 |  |  |  | 12,003,729 |
| 5,190,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) |  |  | 5.500 |  |  |  | 06/30/54 |  |  |  | 5,490,439 |
| 2,000,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) |  |  | 5.375 |  |  |  | 06/30/60 |  |  |  | 2,073,023 |
| 5,000,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, (AMT) |  |  | 5.000 |  |  |  | 12/01/40 |  |  |  | 5,197,350 |
| 3,250,000 |  |  |  |  | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) |  |  | 5.000 |  |  |  | 01/01/34 |  |  |  | 3,313,604 |
| 5,250,000 |  |  |  |  | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, (AMT) |  |  | 5.000 |  |  |  | 01/01/36 |  |  |  | 5,335,337 |
| 7,495,000 |  |  |  |  | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Forty-Fourth Series 2024 |  |  | 5.000 |  |  |  | 07/15/54 |  |  |  | 8,062,146 |
| 8,000,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A |  |  | 5.000 |  |  |  | 11/15/37 |  |  |  | 8,281,806 |
| 3,000,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A |  |  | 5.000 |  |  |  | 11/15/50 |  |  |  | 3,012,859 |
| 7,000,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2024A-1 |  |  | 4.000 |  |  |  | 11/15/54 |  |  |  | 6,729,101 |
| 6,620,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien Green Climate Bond Certified Series 2024B-2 |  |  | 5.250 |  |  |  | 05/15/54 |  |  |  | 7,222,131 |
| 7,000,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2 |  |  | 4.500 |  |  |  | 05/15/52 |  |  |  | 7,176,676 |
| 5,000,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Subseries 2021A-1 |  |  | 5.000 |  |  |  | 05/15/51 |  |  |  | 5,270,501 |
| 6,000,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2022A |  |  | 5.250 |  |  |  | 05/15/57 |  |  |  | 6,490,313 |
|  |  |  |  |  | TOTAL NEW YORK |  |  |  |  |  |  |  |  |  |  | 217,035,322 |
|  |  |  |  |  | NORTH CAROLINA - 0.7% |  |  |  |  |  |  |  |  |  |  |  |
| 1,140,000 |  |  |  |  | Mebane, North Carolina, Combined Utilities Revenue Bonds, Series 2024 |  |  | 4.000 |  |  |  | 08/01/49 |  |  |  | 1,120,808 |
| 2,155,000 |  |  |  |  | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT) |  |  | 5.000 |  |  |  | 12/31/37 |  |  |  | 2,160,963 |
| 4,175,000 |  |  |  |  | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT) |  |  | 5.000 |  |  |  | 06/30/54 |  |  |  | 4,175,022 |
| 2,995,000 |  |  |  |  | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A |  |  | 5.000 |  |  |  | 07/01/54 |  |  |  | 3,006,257 |
| 1,625,000 |  |  |  |  | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017 |  |  | 5.000 |  |  |  | 01/01/30 |  |  |  | 1,680,902 |
| 1,850,000 |  |  |  |  | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017 |  |  | 5.000 |  |  |  | 01/01/32 |  |  |  | 1,905,167 |
|  |  |  |  |  | TOTAL NORTH CAROLINA |  |  |  |  |  |  |  |  |  |  | 14,049,119 |
|  |  |  |  |  | NORTH DAKOTA - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 1,840,000 |  |  |  |  | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A |  |  | 5.000 |  |  |  | 12/01/42 |  |  |  | 1,859,216 |
|  |  |  |  |  | TOTAL NORTH DAKOTA |  |  |  |  |  |  |  |  |  |  | 1,859,216 |

30

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | OHIO - 3.9% |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,325,000 |  |  |  |  | American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Refunding Series 2024A |  |  | 5.000% |  |  |  | 02/15/48 |  |  | $ | 1,414,258 |
| 44,100,000 |  |  |  |  | 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 |  |  |  | 39,883,626 |
| 4,975,000 |  |  |  |  | Central Ohio Transit Authority, Ohio, General Obligation Bonds, Capital Facilities Limited Tax Series 2023 |  |  | 5.000 |  |  |  | 12/01/53 |  |  |  | 5,315,422 |
| 3,485,000 |  |  |  |  | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH |  |  | 4.000 |  |  |  | 12/01/46 |  |  |  | 3,301,313 |
| 14,500,000 |  |  |  |  | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, (Mandatory Put 9/15/21) |  |  | 3.375 |  |  |  | 08/01/29 |  |  |  | 14,223,627 |
| 3,190,000 |  |  |  |  | Ohio State, Hospital Revenue Bonds, Children’s Hospital Medical Center of Akron, Series 2024A |  |  | 5.250 |  |  |  | 08/14/48 |  |  |  | 3,482,580 |
| 1,755,000 |  |  |  |  | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B - AGM Insured |  |  | 4.250 |  |  |  | 12/01/48 |  |  |  | 1,746,157 |
| 1,015,000 |  |  |  |  | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B |  |  | 5.000 |  |  |  | 12/01/53 |  |  |  | 1,062,841 |
| 1,940,000 |  |  | (b) |  | Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue Bonds, Series 2021 |  |  | 4.250 |  |  |  | 12/01/50 |  |  |  | 1,739,598 |
| 2,250,000 |  |  |  |  | Tolles Career and Technical Center, Madison, Franklin, Delaware, Fayette, and Union Counties, Ohio, Certificates of Participation, School Facilities Project Series 2024 |  |  | 5.250 |  |  |  | 12/01/53 |  |  |  | 2,375,042 |
|  |  |  |  |  | TOTAL OHIO |  |  |  |  |  |  |  |  |  |  | 74,544,464 |
|  |  |  |  |  | OKLAHOMA - 1.2% |  |  |  |  |  |  |  |  |  |  |  |
| 1,790,000 |  |  |  |  | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B |  |  | 5.250 |  |  |  | 08/15/43 |  |  |  | 1,827,776 |
| 7,040,000 |  |  |  |  | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B |  |  | 5.500 |  |  |  | 08/15/57 |  |  |  | 7,186,662 |
| 1,000,000 |  |  |  |  | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 |  |  | 5.500 |  |  |  | 08/15/37 |  |  |  | 1,042,641 |
| 10,000,000 |  |  |  |  | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A |  |  | 5.000 |  |  |  | 01/01/42 |  |  |  | 10,138,776 |
| 2,400,000 |  |  |  |  | Oklahoma Water Resources Board, Oklahoma, State Loan Program Revenue Bonds, Series 2024C |  |  | 4.000 |  |  |  | 10/01/54 |  |  |  | 2,291,583 |
|  |  |  |  |  | TOTAL OKLAHOMA |  |  |  |  |  |  |  |  |  |  | 22,487,438 |
|  |  |  |  |  | OREGON - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,300,000 |  |  |  |  | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 |  |  | 5.250 |  |  |  | 08/01/49 |  |  |  | 1,373,149 |
| 2,000,000 |  |  |  |  | Oregon State, General Obligation Bonds, Article XI-Q State Projects Series 2021A |  |  | 4.000 |  |  |  | 05/01/40 |  |  |  | 2,018,252 |
| 7,500,000 |  |  |  |  | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Refunding Series 2023A |  |  | 5.000 |  |  |  | 12/01/47 |  |  |  | 8,102,693 |
|  |  |  |  |  | TOTAL OREGON |  |  |  |  |  |  |  |  |  |  | 11,494,094 |
|  |  |  |  |  | PENNSYLVANIA - 2.1% |  |  |  |  |  |  |  |  |  |  |  |
| 1,555,000 |  |  |  |  | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2024 |  |  | 4.000 |  |  |  | 12/01/49 |  |  |  | 1,497,970 |
| 3,155,000 |  |  |  |  | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-1 |  |  | 5.000 |  |  |  | 02/15/45 |  |  |  | 3,203,307 |
| 3,035,000 |  |  |  |  | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2022B |  |  | 4.000 |  |  |  | 05/01/52 |  |  |  | 2,811,725 |
| 5,000,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A |  |  | 4.600 |  |  |  | 10/01/44 |  |  |  | 5,004,827 |
| 10,000,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-146A |  |  | 4.750 |  |  |  | 04/01/53 |  |  |  | 10,035,666 |
| 2,000,000 |  |  |  |  | Pennsylvania State University, Revenue Bonds, Refunding Series 2016A |  |  | 5.000 |  |  |  | 09/01/41 |  |  |  | 2,045,608 |

31

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | PENNSYLVANIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,250,000 |  |  |  |  | Pennsylvania Turnpike Commission, Motor License Fund- Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2014A |  |  | 4.750% |  |  |  | 12/01/37 |  |  | $ | 1,277,641 |
| 2,685,000 |  |  |  |  | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2021A |  |  | 4.000 |  |  |  | 12/01/51 |  |  |  | 2,538,719 |
| 3,000,000 |  |  |  |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2 |  |  | 5.000 |  |  |  | 12/01/48 |  |  |  | 3,112,629 |
| 5,385,000 |  |  |  |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2024C |  |  | 5.250 |  |  |  | 12/01/54 |  |  |  | 5,906,698 |
| 1,025,000 |  |  |  |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A |  |  | 4.000 |  |  |  | 12/01/49 |  |  |  | 964,787 |
| 1,350,000 |  |  |  |  | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2017, (AMT) |  |  | 5.000 |  |  |  | 01/01/38 |  |  |  | 1,359,628 |
|  |  |  |  |  | TOTAL PENNSYLVANIA |  |  |  |  |  |  |  |  |  |  | 39,759,205 |
|  |  |  |  |  | PUERTO RICO - 1.8% |  |  |  |  |  |  |  |  |  |  |  |
| 10,046,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 0.000 |  |  |  | 07/01/33 |  |  |  | 7,023,856 |
| 5,985,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 4.500 |  |  |  | 07/01/34 |  |  |  | 6,001,411 |
| 3,250,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 4.750 |  |  |  | 07/01/53 |  |  |  | 3,227,711 |
| 5,125,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 5.000 |  |  |  | 07/01/58 |  |  |  | 5,136,786 |
| 14,119,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 |  |  | 4.329 |  |  |  | 07/01/40 |  |  |  | 13,987,877 |
|  |  |  |  |  | TOTAL PUERTO RICO |  |  |  |  |  |  |  |  |  |  | 35,377,641 |
|  |  |  |  |  | SOUTH CAROLINA - 2.7% |  |  |  |  |  |  |  |  |  |  |  |
| 12,760,000 |  |  |  |  | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AGC Insured |  |  | 0.010 |  |  |  | 01/01/28 |  |  |  | 11,345,410 |
| 9,535,000 |  |  |  |  | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AGC Insured |  |  | 0.010 |  |  |  | 01/01/29 |  |  |  | 8,143,118 |
| 3,750,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, McLeod Health Project, Series 2024 |  |  | 5.250 |  |  |  | 11/01/54 |  |  |  | 4,072,462 |
| 2,600,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A |  |  | 5.500 |  |  |  | 11/01/48 |  |  |  | 2,885,743 |
| 2,600,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A |  |  | 5.500 |  |  |  | 11/01/50 |  |  |  | 2,876,406 |
| 3,750,000 |  |  |  |  | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Improvement Series 2024A |  |  | 5.500 |  |  |  | 12/01/54 |  |  |  | 4,118,566 |
| 4,000,000 |  |  |  |  | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2020A |  |  | 4.000 |  |  |  | 12/01/39 |  |  |  | 3,926,035 |
| 5,500,000 |  |  |  |  | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B |  |  | 5.000 |  |  |  | 12/01/46 |  |  |  | 5,575,614 |
| 8,000,000 |  |  |  |  | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B |  |  | 5.000 |  |  |  | 12/01/56 |  |  |  | 8,072,277 |
| 1,500,000 |  |  |  |  | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A |  |  | 5.000 |  |  |  | 12/01/55 |  |  |  | 1,554,640 |
|  |  |  |  |  | TOTAL SOUTH CAROLINA |  |  |  |  |  |  |  |  |  |  | 52,570,271 |
|  |  |  |  |  | SOUTH DAKOTA - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 2,630,000 |  |  |  |  | Baltic School District No. 49-1, South Dakota, General Obligation Bonds, Series 2022 - AGM Insured |  |  | 5.250 |  |  |  | 12/01/47 |  |  |  | 2,798,880 |
|  |  |  |  |  | TOTAL SOUTH DAKOTA |  |  |  |  |  |  |  |  |  |  | 2,798,880 |
|  |  |  |  |  | TENNESSEE - 1.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Loudon, Tennessee, Water and Sewer Revenue Bonds, Series 2023 |  |  | 5.000 |  |  |  | 03/01/40 |  |  |  | 1,080,261 |
| 1,000,000 |  |  |  |  | Loudon, Tennessee, Water and Sewer Revenue Bonds, Series 2023 |  |  | 5.000 |  |  |  | 03/01/41 |  |  |  | 1,075,637 |
| 1,495,000 |  |  |  |  | Loudon, Tennessee, Water and Sewer Revenue Bonds, Series 2023 |  |  | 5.000 |  |  |  | 03/01/42 |  |  |  | 1,602,036 |

32

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | TENNESSEE (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 4,250,000 |  |  |  |  | Loudon, Tennessee, Water and Sewer Revenue Bonds, Series 2023 |  |  | 4.375% |  |  |  | 03/01/48 |  |  | $ | 4,190,371 |
| 3,570,000 |  |  |  |  | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding and Improvement Series 2024 |  |  | 5.000 |  |  |  | 10/01/49 |  |  |  | 3,875,394 |
| 2,000,000 |  |  |  |  | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022A |  |  | 5.250 |  |  |  | 07/01/47 |  |  |  | 2,165,014 |
| 1,375,000 |  |  |  |  | New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee, Local Government Public Improvement Bonds, Capital Appreciation Series 2021 |  |  | 0.000 |  |  |  | 04/01/40 |  |  |  | 663,430 |
| 3,000,000 |  |  |  |  | Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2017A |  |  | 5.000 |  |  |  | 11/01/42 |  |  |  | 3,085,608 |
| 5,000,000 |  |  |  |  | Tennessee State, General Obligation Bonds, Series 2023A |  |  | 5.000 |  |  |  | 05/01/40 |  |  |  | 5,588,791 |
| 3,240,000 |  |  |  |  | West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Improvement Series 2022 |  |  | 4.000 |  |  |  | 06/01/52 |  |  |  | 3,098,243 |
|  |  |  |  |  | TOTAL TENNESSEE |  |  |  |  |  |  |  |  |  |  | 26,424,785 |
|  |  |  |  |  | TEXAS - 14.8% |  |  |  |  |  |  |  |  |  |  |  |
| 14,355,000 |  |  | (d) |  | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, (UB) |  |  | 4.000 |  |  |  | 02/15/43 |  |  |  | 13,742,584 |
| 4,750,000 |  |  |  |  | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2023 |  |  | 5.000 |  |  |  | 02/15/48 |  |  |  | 5,039,111 |
| 3,000,000 |  |  |  |  | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2024B |  |  | 4.000 |  |  |  | 08/15/54 |  |  |  | 2,909,015 |
| 1,500,000 |  |  | (c) |  | Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Refunding School Building Series 2024 |  |  | 4.000 |  |  |  | 02/15/49 |  |  |  | 1,455,182 |
| 3,635,000 |  |  |  |  | Crowley Independent School District, Tarrant and Johnson Counties, Texas, General Obligation Bonds, School Building Series 2024 |  |  | 4.250 |  |  |  | 02/01/54 |  |  |  | 3,613,850 |
| 2,600,000 |  |  |  |  | Fort Bend County Municipal Utility District 50, Texas, General Obligation Bonds, Series 2018A - AGM Insured |  |  | 4.000 |  |  |  | 09/01/46 |  |  |  | 2,315,070 |
| 5,500,000 |  |  |  |  | Fort Bend County Municipal Utility District 50, Texas, General Obligation Bonds, Series 2018A - AGM Insured |  |  | 4.000 |  |  |  | 09/01/48 |  |  |  | 4,819,456 |
| 2,190,000 |  |  |  |  | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2024A, (AMT) |  |  | 5.250 |  |  |  | 08/01/37 |  |  |  | 2,346,266 |
| 700,000 |  |  |  |  | Galveston, Texas, Wharves and Terminal First Lien Revenue Bonds, Series 2024A, (AMT) |  |  | 5.250 |  |  |  | 08/01/39 |  |  |  | 750,866 |
| 3,720,000 |  |  |  |  | Greenwood Independent School District, Midland County, Texas, School Building Bonds, Series 2024 |  |  | 4.000 |  |  |  | 02/15/54 |  |  |  | 3,541,693 |
| 2,765,000 |  |  |  |  | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2024C, (Mandatory Put 7/01/29) |  |  | 5.000 |  |  |  | 07/01/54 |  |  |  | 2,980,502 |
| 2,845,000 |  |  |  |  | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 |  |  | 4.000 |  |  |  | 12/01/45 |  |  |  | 2,723,601 |
| 3,525,000 |  |  |  |  | Harris County, Texas, General Obligation Bonds, Permanent Improvement Series 2024 |  |  | 4.000 |  |  |  | 09/15/49 |  |  |  | 3,450,474 |
| 7,295,000 |  |  |  |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A - AGM Insured |  |  | 0.000 |  |  |  | 11/15/50 |  |  |  | 2,064,989 |
| 845,000 |  |  | (a) |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (ETM) |  |  | 0.000 |  |  |  | 11/15/27 |  |  |  | 760,202 |
| 11,055,000 |  |  | (a) |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (ETM) |  |  | 0.000 |  |  |  | 11/15/27 |  |  |  | 9,945,608 |
| 1,565,000 |  |  |  |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C |  |  | 5.000 |  |  |  | 11/15/31 |  |  |  | 1,565,727 |
| 4,565,000 |  |  | (c) |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2024B |  |  | 5.000 |  |  |  | 11/15/46 |  |  |  | 4,821,759 |
| 14,905,000 |  |  |  |  | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3 - NPFG Insured |  |  | 0.010 |  |  |  | 11/15/33 |  |  |  | 8,797,004 |
| 1,000,000 |  |  |  |  | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A |  |  | 4.000 |  |  |  | 12/01/40 |  |  |  | 972,468 |

33

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | TEXAS (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,590,000 |  |  |  |  | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B |  |  | 5.000% |  |  |  | 07/01/43 |  |  | $ | 1,645,610 |
| 2,290,000 |  |  |  |  | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B |  |  | 5.000 |  |  |  | 07/01/48 |  |  |  | 2,355,283 |
| 1,000,000 |  |  |  |  | Houston, Texas, General Obligation Bonds, Refunding Series 2024A |  |  | 4.125 |  |  |  | 03/01/51 |  |  |  | 969,762 |
| 24,755,000 |  |  |  |  | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured |  |  | 0.000 |  |  |  | 09/01/29 |  |  |  | 20,736,546 |
| 12,940,000 |  |  |  |  | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured |  |  | 0.000 |  |  |  | 09/01/30 |  |  |  | 10,369,210 |
| 10,000,000 |  |  |  |  | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured |  |  | 0.010 |  |  |  | 09/01/31 |  |  |  | 7,655,375 |
| 19,500,000 |  |  |  |  | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured |  |  | 0.000 |  |  |  | 09/01/32 |  |  |  | 14,249,993 |
| 3,255,000 |  |  |  |  | Hutto, Texas, Certificates of Obligation Bonds, Combination Tax & Waterworks & Sewer System Revenue Series 2024 - BAM Insured |  |  | 4.125 |  |  |  | 08/01/49 |  |  |  | 3,180,906 |
| 5,000,000 |  |  |  |  | Hutto, Texas, Certificates of Obligation Bonds, Combination Tax & Waterworks & Sewer System Revenue Series 2024 - BAM Insured |  |  | 4.250 |  |  |  | 08/01/54 |  |  |  | 4,944,302 |
| 2,855,000 |  |  |  |  | Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Schoolhouse Refunding Series 2024 |  |  | 5.250 |  |  |  | 02/15/59 |  |  |  | 3,097,453 |
| 5,120,000 |  |  |  |  | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A |  |  | 5.000 |  |  |  | 08/15/39 |  |  |  | 5,165,273 |
| 1,395,000 |  |  |  |  | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company - Love Field Modernization Program Project, Series 2012, (AMT) |  |  | 5.000 |  |  |  | 11/01/28 |  |  |  | 1,395,282 |
| 9,005,000 |  |  |  |  | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2021A |  |  | 5.000 |  |  |  | 05/15/51 |  |  |  | 9,353,431 |
| 2,000,000 |  |  |  |  | New Caney Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building Series 2024 |  |  | 4.000 |  |  |  | 02/15/54 |  |  |  | 1,908,329 |
| 30,000,000 |  |  | (a) |  | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, (Pre-refunded 1/01/25) - AGC Insured |  |  | 6.200 |  |  |  | 01/01/42 |  |  |  | 30,128,880 |
| 5,220,000 |  |  | (a) |  | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, (Pre-refunded 1/01/25) |  |  | 6.500 |  |  |  | 01/01/43 |  |  |  | 5,244,545 |
| 15,450,000 |  |  |  |  | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D - AGC Insured |  |  | 0.010 |  |  |  | 01/01/36 |  |  |  | 10,156,954 |
| 5,000,000 |  |  |  |  | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A |  |  | 4.000 |  |  |  | 01/01/43 |  |  |  | 4,885,884 |
| 8,000,000 |  |  |  |  | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B |  |  | 5.000 |  |  |  | 01/01/43 |  |  |  | 8,158,710 |
| 9,100,000 |  |  |  |  | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A |  |  | 5.000 |  |  |  | 01/01/32 |  |  |  | 9,121,674 |
| 3,855,000 |  |  |  |  | Pasadena Economic Development Corporation, Harris County, Texas, Sales Tax Revenue Bonds, Series 2023 - BAM Insured |  |  | 5.000 |  |  |  | 08/15/53 |  |  |  | 4,050,514 |
| 2,500,000 |  |  |  |  | San Antonio, Texas, Electric and Gas Systems Revenue Bonds, Refunding New Series 2024B |  |  | 5.000 |  |  |  | 02/01/54 |  |  |  | 2,660,844 |
| 1,750,000 |  |  |  |  | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A |  |  | 5.000 |  |  |  | 02/15/41 |  |  |  | 1,779,752 |
| 5,000,000 |  |  |  |  | Temple, Texas, General Obligation Bonds, Combination Tax and Revenue Series 2022B |  |  | 4.000 |  |  |  | 08/01/47 |  |  |  | 4,794,032 |
| 3,120,000 |  |  |  |  | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D |  |  | 6.250 |  |  |  | 12/15/26 |  |  |  | 3,206,582 |

34

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | TEXAS (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 5,400,000 |  |  |  |  | Texas Private Activity Bond Surface Transporation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A |  |  | 5.000% |  |  |  | 12/31/35 |  |  | $ | 5,692,884 |
| 5,500,000 |  |  |  |  | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured |  |  | 0.000 |  |  |  | 08/15/25 |  |  |  | 5,345,320 |
| 12,500,000 |  |  | (d) |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A, (UB) |  |  | 4.000 |  |  |  | 10/15/42 |  |  |  | 12,517,411 |
| 1,500,000 |  |  |  |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A |  |  | 5.000 |  |  |  | 10/15/42 |  |  |  | 1,549,041 |
| 5,000,000 |  |  |  |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2018B |  |  | 5.000 |  |  |  | 10/15/38 |  |  |  | 5,284,058 |
| 5,500,000 |  |  |  |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2023A |  |  | 5.000 |  |  |  | 10/15/58 |  |  |  | 5,872,634 |
|  |  |  |  |  | TOTAL TEXAS |  |  |  |  |  |  |  |  |  |  | 286,091,901 |
|  |  |  |  |  | UTAH - 1.0% |  |  |  |  |  |  |  |  |  |  |  |
| 5,345,000 |  |  |  |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B |  |  | 5.000 |  |  |  | 07/01/42 |  |  |  | 5,467,596 |
| 3,500,000 |  |  |  |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B |  |  | 5.000 |  |  |  | 07/01/43 |  |  |  | 3,622,411 |
| 9,550,000 |  |  |  |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) |  |  | 5.250 |  |  |  | 07/01/48 |  |  |  | 10,184,316 |
|  |  |  |  |  | TOTAL UTAH |  |  |  |  |  |  |  |  |  |  | 19,274,323 |
|  |  |  |  |  | VIRGINIA - 0.7% |  |  |  |  |  |  |  |  |  |  |  |
| 1,805,000 |  |  |  |  | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016 |  |  | 5.000 |  |  |  | 07/01/51 |  |  |  | 1,810,218 |
| 4,355,000 |  |  |  |  | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1 |  |  | 5.000 |  |  |  | 06/01/47 |  |  |  | 4,123,611 |
| 1,435,000 |  |  |  |  | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-II |  |  | 4.600 |  |  |  | 10/01/54 |  |  |  | 1,435,084 |
| 2,000,000 |  |  |  |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series |  |  | 5.000 |  |  |  | 12/31/47 |  |  |  | 2,031,244 |
|  |  |  |  |  | 2017, (AMT) |  |  |  |  |  |  |  |  |  |  |  |
| 4,100,000 |  |  |  |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) |  |  | 5.000 |  |  |  | 12/31/49 |  |  |  | 4,156,841 |
|  |  |  |  |  | TOTAL VIRGINIA |  |  |  |  |  |  |  |  |  |  | 13,556,998 |
|  |  |  |  |  | WASHINGTON - 4.0% |  |  |  |  |  |  |  |  |  |  |  |
| 8,825,000 |  |  |  |  | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Refunding & Improvement, Green Series 2021S-1 |  |  | 4.000 |  |  |  | 11/01/46 |  |  |  | 8,683,781 |
| 2,235,000 |  |  |  |  | Pierce County School District 10, Tacoma, Washington, General Obligation Bonds, Series 2020B |  |  | 4.000 |  |  |  | 12/01/43 |  |  |  | 2,206,223 |
| 5,000,000 |  |  |  |  | Snohomish County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2021A |  |  | 5.000 |  |  |  | 12/01/51 |  |  |  | 5,263,390 |
| 5,000,000 |  |  |  |  | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2017 |  |  | 5.000 |  |  |  | 12/01/41 |  |  |  | 5,108,077 |
| 12,000,000 |  |  |  |  | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A |  |  | 5.000 |  |  |  | 10/01/33 |  |  |  | 12,001,842 |
| 1,310,000 |  |  |  |  | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 |  |  | 5.000 |  |  |  | 08/15/30 |  |  |  | 1,352,943 |
| 6,030,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Series2021B. Exchange Purchase |  |  | 4.000 |  |  |  | 07/01/37 |  |  |  | 5,860,303 |
| 4,615,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Subordinate Series 2021B. Exchange Purchase |  |  | 4.000 |  |  |  | 07/01/43 |  |  |  | 4,384,732 |
| 7,830,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Subordinate Series 2021B. Exchange Purchase |  |  | 3.000 |  |  |  | 07/01/48 |  |  |  | 5,757,191 |
| 3,240,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 |  |  | 4.000 |  |  |  | 07/01/58 |  |  |  | 2,834,247 |
| 3,000,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 |  |  | 5.000 |  |  |  | 07/01/58 |  |  |  | 3,053,182 |

35

Portfolio of Investments October 31, 2024
(continued)
NUV

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | WASHINGTON (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 9,100,000 |  |  |  |  | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C - NPFG Insured |  |  | 0.000% |  |  |  | 06/01/29 |  |  | $ | 7,884,502 |
| 16,195,000 |  |  |  |  | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C - NPFG Insured |  |  | 0.000 |  |  |  | 06/01/30 |  |  |  | 13,527,983 |
|  |  |  |  |  | TOTAL WASHINGTON |  |  |  |  |  |  |  |  |  |  | 77,918,396 |
|  |  |  |  |  | WEST VIRGINIA - 0.7% |  |  |  |  |  |  |  |  |  |  |  |
| 1,830,000 |  |  |  |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc. Project, Refunding & Improvement Series 2018A |  |  | 5.000 |  |  |  | 01/01/34 |  |  |  | 1,881,343 |
| 2,750,000 |  |  |  |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2019A |  |  | 5.000 |  |  |  | 09/01/38 |  |  |  | 2,822,817 |
| 3,570,000 |  |  |  |  | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018 |  |  | 5.000 |  |  |  | 06/01/43 |  |  |  | 3,712,876 |
| 4,135,000 |  |  |  |  | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021 |  |  | 5.000 |  |  |  | 06/01/47 |  |  |  | 4,368,798 |
|  |  |  |  |  | TOTAL WEST VIRGINIA |  |  |  |  |  |  |  |  |  |  | 12,785,834 |
|  |  |  |  |  | WISCONSIN - 0.7% |  |  |  |  |  |  |  |  |  |  |  |
| 4,410,000 |  |  |  |  | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 |  |  | 5.000 |  |  |  | 06/01/39 |  |  |  | 4,412,063 |
| 935,000 |  |  | (a) |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, (Pre-refunded 5/15/26) |  |  | 4.000 |  |  |  | 11/15/46 |  |  |  | 948,545 |
| 6,050,000 |  |  |  |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A |  |  | 4.000 |  |  |  | 11/15/46 |  |  |  | 5,683,574 |
| 2,300,000 |  |  |  |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic Health System Inc Series 2024A |  |  | 5.500 |  |  |  | 02/15/54 |  |  |  | 2,487,648 |
|  |  |  |  |  | TOTAL WISCONSIN |  |  |  |  |  |  |  |  |  |  | 13,531,830 |
|  |  |  |  |  | TOTAL MUNICIPAL BONDS (Cost $1,911,751,164) |  |  |  |  |  |  |  |  |  |  | 1,965,488,246 |
|  |  |  |  |  | TOTAL LONG-TERM INVESTMENTS (Cost $1,911,751,164) |  |  |  |  |  |  |  |  |  |  | 1,965,488,246 |
PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | SHORT-TERM INVESTMENTS - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | MUNICIPAL BONDS - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | NEW YORK - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
| 9,000,000 |  |  | (e) |  | New York City Municipal Water Finance Authority, New York, |  |  | 4.000 |  |  |  | 06/15/44 |  |  |  | 9,000,000 |
|  |  |  |  |  | Water and Sewer System Second General Resolution Revenue |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Bonds, Fiscal 2023 Series BB-1 |  |  |  |  |  |  |  |  |  |  |  |
| 2,250,000 |  |  | (e) |  | New York City Transitional Finance Authority, New York, Future |  |  | 4.050 |  |  |  | 08/01/45 |  |  |  | 2,250,000 |
|  |  |  |  |  | Tax Secured Bonds, Taxable Subordinate Fiscal 2019 Series A-4 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | TOTAL NEW YORK |  |  |  |  |  |  |  |  |  |  | 11,250,000 |
|  |  |  |  |  | TOTAL MUNICIPAL BONDS (Cost $11,250,000) |  |  |  |  |  |  |  |  |  |  | 11,250,000 |
|  |  |  |  |  | TOTAL SHORT-TERM INVESTMENTS (Cost $11,250,000) |  |  |  |  |  |  |  |  |  |  | 11,250,000 |
|  |  |  |  |  | TOTAL INVESTMENTS - 102.4% (Cost $1,923,001,164) |  |  |  |  |  |  |  |  |  |  | 1,976,738,246 |
|  |  |  |  |  | FLOATING RATE OBLIGATIONS - (1.9)% |  |  |  |  |  |  |  |  |  |  | (37,480,000 | )
|  |  |  |  |  | OTHER ASSETS & LIABILITIES, NET - (0.5)% |  |  |  |  |  |  |  |  |  |  | (9,020,312 | )
|  |  |  |  |  | NET ASSETS APPLICABLE TO COMMON SHARES - 100% |  |  |  |  |  |  |  |  |  | $ | 1,930,237,934 |

| All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(a) | 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.

(b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $39,543,586 or 2.0% of Total Investments.

36

(c) | When-issued or delayed delivery security.

(d) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(e) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

AMT | Alternative Minimum Tax

ETM | Escrowed to maturity

UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

See Notes to Financial Statements
37

Portfolio of Investments October 31, 2024
NUW

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | LONG-TERM INVESTMENTS - 98.7% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | MUNICIPAL BONDS - 98.7% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | ALABAMA - 1.2% |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,990,000 |  |  |  |  | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024C, (Mandatory Put 7/01/31) |  |  | 5.000% |  |  |  | 05/01/55 |  |  | $ | 2,125,580 |
| 1,000,000 |  |  |  |  | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32) |  |  | 5.000 |  |  |  | 06/01/49 |  |  |  | 1,070,168 |
|  |  |  |  |  | TOTAL ALABAMA |  |  |  |  |  |  |  |  |  |  | 3,195,748 |
|  |  |  |  |  | ARIZONA - 1.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Arizona Board of Regents, University of Arizona, System Revenue Bonds, Green Series 2016B |  |  | 5.000 |  |  |  | 06/01/46 |  |  |  | 1,017,139 |
| 3,045,000 |  |  |  |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 |  |  | 5.000 |  |  |  | 12/01/37 |  |  |  | 3,304,666 |
|  |  |  |  |  | TOTAL ARIZONA |  |  |  |  |  |  |  |  |  |  | 4,321,805 |
|  |  |  |  |  | CALIFORNIA - 11.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,730,000 |  |  |  |  | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured |  |  | 0.000 |  |  |  | 09/01/30 |  |  |  | 1,429,128 |
| 1,250,000 |  |  |  |  | Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Senior Series 2024A - AGM Insured |  |  | 4.000 |  |  |  | 07/01/54 |  |  |  | 1,199,845 |
| 1,170,000 |  |  |  |  | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2024A |  |  | 5.250 |  |  |  | 12/01/43 |  |  |  | 1,267,584 |
| 340,000 |  |  | (a) |  | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019 |  |  | 5.000 |  |  |  | 07/01/39 |  |  |  | 352,251 |
| 450,000 |  |  |  |  | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A |  |  | 6.500 |  |  |  | 11/01/39 |  |  |  | 573,854 |
| 10,200,000 |  |  |  |  | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured |  |  | 7.000 |  |  |  | 08/01/38 |  |  |  | 11,505,984 |
| 1,030,000 |  |  |  |  | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A |  |  | 0.000 |  |  |  | 08/01/35 |  |  |  | 705,495 |
| 2,470,000 |  |  |  |  | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B |  |  | 5.000 |  |  |  | 05/01/47 |  |  |  | 2,540,688 |
| 12,955,000 |  |  |  |  | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G - AGM Insured |  |  | 0.000 |  |  |  | 08/01/35 |  |  |  | 8,679,581 |
| 5,185,000 |  |  |  |  | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015 |  |  | 0.010 |  |  |  | 08/01/44 |  |  |  | 1,848,626 |
| 1,000,000 |  |  |  |  | Southern California Public Power Authority, California, Revenue Bonds, Clean Energy Project Revenue Bonds, Series 2024A, (Mandatory Put 9/01/30) |  |  | 5.000 |  |  |  | 04/01/55 |  |  |  | 1,063,429 |
|  |  |  |  |  | TOTAL CALIFORNIA |  |  |  |  |  |  |  |  |  |  | 31,166,465 |
|  |  |  |  |  | COLORADO - 4.3% |  |  |  |  |  |  |  |  |  |  |  |
| 1,205,000 |  |  |  |  | Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2024A |  |  | 5.000 |  |  |  | 12/01/47 |  |  |  | 1,308,378 |
| 1,500,000 |  |  |  |  | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016 |  |  | 5.000 |  |  |  | 12/01/36 |  |  |  | 1,517,549 |
| 1,750,000 |  |  |  |  | Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2019A |  |  | 4.000 |  |  |  | 12/01/38 |  |  |  | 1,659,887 |
| 2,000,000 |  |  |  |  | Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2019A |  |  | 4.000 |  |  |  | 12/01/39 |  |  |  | 1,892,110 |
| 5,885,000 |  |  |  |  | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured |  |  | 0.010 |  |  |  | 09/01/34 |  |  |  | 3,977,526 |
| 200,000 |  |  |  |  | Hunters Overlook Metropolitan District 5, Severance, Weld County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024 |  |  | 5.000 |  |  |  | 12/01/44 |  |  |  | 214,301 |
| 1,000,000 |  |  |  |  | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008 |  |  | 6.500 |  |  |  | 11/15/38 |  |  |  | 1,204,719 |
|  |  |  |  |  | TOTAL COLORADO |  |  |  |  |  |  |  |  |  |  | 11,774,470 |

38

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | DISTRICT OF COLUMBIA - 0.3% |  |  |  |  |  |  |  |  |  |  |  |
$ | 725,000 |  |  |  |  | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue Bonds, Series 2020A |  |  | 5.000% |  |  |  | 07/15/45 |  |  | $ | 761,455 |
|  |  |  |  |  | TOTAL DISTRICT OF COLUMBIA |  |  |  |  |  |  |  |  |  |  | 761,455 |
|  |  |  |  |  | FLORIDA - 3.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,655,000 |  |  |  |  | Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A |  |  | 4.000 |  |  |  | 10/01/49 |  |  |  | 1,590,130 |
| 500,000 |  |  |  |  | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A |  |  | 5.000 |  |  |  | 10/01/36 |  |  |  | 520,668 |
| 1,000,000 |  |  |  |  | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health Obligated Group, Series 2024C, (Mandatory Put 11/15/31) |  |  | 5.000 |  |  |  | 11/15/59 |  |  |  | 1,104,668 |
| 1,500,000 |  |  |  |  | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C |  |  | 5.250 |  |  |  | 11/15/49 |  |  |  | 1,647,415 |
| 1,000,000 |  |  |  |  | JEA, Florida, Water and Sewer System Revenue Bonds, Series 2020A |  |  | 5.000 |  |  |  | 10/01/34 |  |  |  | 1,086,370 |
| 535,000 |  |  |  |  | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A - AGM Insured |  |  | 5.000 |  |  |  | 02/01/44 |  |  |  | 535,178 |
| 1,965,000 |  |  |  |  | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2024A |  |  | 5.250 |  |  |  | 10/01/54 |  |  |  | 2,130,620 |
| 510,000 |  |  |  |  | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperatice, Inc. Project, Refunding Series 2018B |  |  | 5.000 |  |  |  | 03/15/42 |  |  |  | 524,206 |
| 585,000 |  |  | (b) |  | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2 |  |  | 0.000 |  |  |  | 05/01/40 |  |  |  | 587,418 |
| 880,000 |  |  | (c) |  | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3 |  |  | 6.610 |  |  |  | 05/01/40 |  |  |  | 9 |
|  |  |  |  |  | TOTAL FLORIDA |  |  |  |  |  |  |  |  |  |  | 9,726,682 |
|  |  |  |  |  | GEORGIA - 2.2% |  |  |  |  |  |  |  |  |  |  |  |
| 2,000,000 |  |  |  |  | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B |  |  | 5.250 |  |  |  | 02/15/45 |  |  |  | 2,054,587 |
| 1,145,000 |  |  |  |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024D, (Mandatory Put 4/01/31) |  |  | 5.000 |  |  |  | 04/01/54 |  |  |  | 1,230,065 |
| 1,470,000 |  |  |  |  | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A - BAM Insured |  |  | 5.000 |  |  |  | 01/01/49 |  |  |  | 1,507,552 |
| 1,790,000 |  |  |  |  | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A |  |  | 0.000 |  |  |  | 01/01/32 |  |  |  | 1,325,633 |
|  |  |  |  |  | TOTAL GEORGIA |  |  |  |  |  |  |  |  |  |  | 6,117,837 |
|  |  |  |  |  | ILLINOIS - 7.9% |  |  |  |  |  |  |  |  |  |  |  |
| 2,000,000 |  |  |  |  | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 |  |  | 6.000 |  |  |  | 04/01/46 |  |  |  | 2,071,122 |
| 7,500,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2023A |  |  | 5.250 |  |  |  | 05/15/54 |  |  |  | 8,094,314 |
| 375,000 |  |  | (d) |  | Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue Bonds, Series 2017, (Pre-refunded 1/01/27) |  |  | 5.000 |  |  |  | 07/01/37 |  |  |  | 391,054 |
| 1,000,000 |  |  |  |  | Illinois State, General Obligation Bonds, May Series 2024B |  |  | 5.250 |  |  |  | 05/01/47 |  |  |  | 1,074,138 |
| 1,500,000 |  |  |  |  | Illinois State, General Obligation Bonds, November Series 2017D |  |  | 5.000 |  |  |  | 11/01/27 |  |  |  | 1,577,908 |
| 525,000 |  |  |  |  | Illinois State, General Obligation Bonds, October Series 2016 |  |  | 5.000 |  |  |  | 02/01/27 |  |  |  | 545,087 |
| 495,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A |  |  | 4.000 |  |  |  | 06/15/50 |  |  |  | 457,184 |
| 500,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2024B |  |  | 5.000 |  |  |  | 06/15/53 |  |  |  | 526,389 |
| 11,420,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 12/15/37 |  |  |  | 6,721,514 |
|  |  |  |  |  | TOTAL ILLINOIS |  |  |  |  |  |  |  |  |  |  | 21,458,710 |

39

Portfolio of Investments October 31, 2024
(continued)
NUW

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | INDIANA - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,500,000 |  |  |  |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E - AMBAC Insured |  |  | 0.000% |  |  |  | 02/01/25 |  |  | $ | 1,485,432 |
|  |  |  |  |  | TOTAL INDIANA |  |  |  |  |  |  |  |  |  |  | 1,485,432 |
|  |  |  |  |  | KENTUCKY - 2.9% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A |  |  | 5.000 |  |  |  | 09/01/43 |  |  |  | 1,024,657 |
| 1,000,000 |  |  |  |  | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1 |  |  | 5.000 |  |  |  | 08/01/32 |  |  |  | 1,064,237 |
| 3,750,000 |  |  |  |  | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 3,753,703 |
| 1,080,000 |  |  |  |  | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Refunding First Tier Series 2021B - AGM Insured |  |  | 4.000 |  |  |  | 07/01/53 |  |  |  | 1,012,109 |
| 1,050,000 |  |  |  |  | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32) |  |  | 5.000 |  |  |  | 01/01/55 |  |  |  | 1,126,254 |
|  |  |  |  |  | TOTAL KENTUCKY |  |  |  |  |  |  |  |  |  |  | 7,980,960 |
|  |  |  |  |  | MAINE - 0.9% |  |  |  |  |  |  |  |  |  |  |  |
| 2,425,000 |  |  |  |  | University of Maine, System Revenue Bonds, Series 2022 |  |  | 5.000 |  |  |  | 03/01/47 |  |  |  | 2,554,984 |
|  |  |  |  |  | TOTAL MAINE |  |  |  |  |  |  |  |  |  |  | 2,554,984 |
|  |  |  |  |  | MARYLAND - 3.5% |  |  |  |  |  |  |  |  |  |  |  |
| 3,420,000 |  |  |  |  | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 |  |  | 5.000 |  |  |  | 09/01/33 |  |  |  | 3,450,499 |
| 1,000,000 |  |  | (e) |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Lifebridge Health Issue Series 2023 |  |  | 5.000 |  |  |  | 07/01/54 |  |  |  | 1,061,049 |
| 5,000,000 |  |  |  |  | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A |  |  | 5.000 |  |  |  | 05/15/45 |  |  |  | 5,092,522 |
|  |  |  |  |  | TOTAL MARYLAND |  |  |  |  |  |  |  |  |  |  | 9,604,070 |
|  |  |  |  |  | MICHIGAN - 1.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | 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 |  |  |  | 1,033,107 |
| 2,500,000 |  |  |  |  | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020 - BAM Insured |  |  | 4.000 |  |  |  | 11/01/55 |  |  |  | 2,324,249 |
| 550,000 |  |  |  |  | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Series 2020B-1-CL2 |  |  | 5.000 |  |  |  | 06/01/49 |  |  |  | 561,538 |
|  |  |  |  |  | TOTAL MICHIGAN |  |  |  |  |  |  |  |  |  |  | 3,918,894 |
|  |  |  |  |  | MINNESOTA - 0.8% |  |  |  |  |  |  |  |  |  |  |  |
| 1,145,000 |  |  |  |  | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A |  |  | 5.000 |  |  |  | 12/01/47 |  |  |  | 1,168,217 |
| 1,000,000 |  |  |  |  | University of Minnesota, General Obligation Bonds, Series 2017A |  |  | 5.000 |  |  |  | 09/01/36 |  |  |  | 1,042,793 |
|  |  |  |  |  | TOTAL MINNESOTA |  |  |  |  |  |  |  |  |  |  | 2,211,010 |
|  |  |  |  |  | NEBRASKA - 0.7% |  |  |  |  |  |  |  |  |  |  |  |
| 2,000,000 |  |  |  |  | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2015A |  |  | 5.250 |  |  |  | 02/01/42 |  |  |  | 2,005,607 |
|  |  |  |  |  | TOTAL NEBRASKA |  |  |  |  |  |  |  |  |  |  | 2,005,607 |
|  |  |  |  |  | NEVADA - 3.5% |  |  |  |  |  |  |  |  |  |  |  |
| 3,000,000 |  |  |  |  | Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax, Additionally Secured by Pledged Revenue Series 2018B |  |  | 5.000 |  |  |  | 12/01/33 |  |  |  | 3,203,480 |
| 4,000,000 |  |  |  |  | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C |  |  | 5.250 |  |  |  | 07/01/43 |  |  |  | 4,175,660 |
| 2,000,000 |  |  | (d) |  | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, (Pre-refunded 12/01/24) |  |  | 5.000 |  |  |  | 06/01/39 |  |  |  | 2,002,377 |
| 40,000 |  |  | (a) |  | Sparks, Nevada, Sales Tax Revenue Bonds, Tourism Improvement District 1 Legends at Sparks Marina, Refunding Senior Series 2019A |  |  | 2.750 |  |  |  | 06/15/28 |  |  |  | 38,984 |
|  |  |  |  |  | TOTAL NEVADA |  |  |  |  |  |  |  |  |  |  | 9,420,501 |

40

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEW JERSEY - 6.4% |  |  |  |  |  |  |  |  |  |  |  |
$ | 80,000 |  |  |  |  | Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Correctional Facility Project, Series 2018 - BAM Insured |  |  | 4.000% |  |  |  | 10/01/43 |  |  | $ | 79,789 |
| 125,000 |  |  |  |  | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A |  |  | 5.000 |  |  |  | 01/01/38 |  |  |  | 133,091 |
| 35,000 |  |  |  |  | Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018 - BAM Insured |  |  | 3.125 |  |  |  | 03/01/31 |  |  |  | 34,326 |
| 30,000 |  |  |  |  | Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018 - BAM Insured |  |  | 3.250 |  |  |  | 03/01/32 |  |  |  | 29,424 |
| 50,000 |  |  |  |  | Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018 - BAM Insured |  |  | 3.500 |  |  |  | 03/01/36 |  |  |  | 48,945 |
| 25,000 |  |  |  |  | New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation Academy Charter School, Series 2018A |  |  | 5.000 |  |  |  | 07/01/38 |  |  |  | 25,395 |
| 220,000 |  |  |  |  | New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017 |  |  | 4.000 |  |  |  | 07/15/37 |  |  |  | 214,599 |
| 25,000 |  |  |  |  | New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017 |  |  | 5.000 |  |  |  | 07/15/47 |  |  |  | 25,250 |
| 100,000 |  |  | (a) |  | New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck Community Charter School, Series 2017A |  |  | 5.125 |  |  |  | 09/01/52 |  |  |  | 100,503 |
| 35,000 |  |  |  |  | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014 |  |  | 5.250 |  |  |  | 01/01/44 |  |  |  | 34,457 |
| 100,000 |  |  |  |  | New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, Series 2017B |  |  | 4.500 |  |  |  | 06/15/40 |  |  |  | 101,081 |
| 125,000 |  |  |  |  | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A |  |  | 3.375 |  |  |  | 07/01/30 |  |  |  | 121,438 |
| 55,000 |  |  |  |  | New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Kean Properties LLC - Kean University Student Housing Project, Series 2017A |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 54,554 |
| 100,000 |  |  |  |  | New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Rowan Properties LLC - Rowan University Student Housing Project, Series 2015A |  |  | 5.000 |  |  |  | 01/01/48 |  |  |  | 95,248 |
| 155,000 |  |  |  |  | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC - New Jersey City University Student Housing Project, Series 2015 |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 144,523 |
| 100,000 |  |  | (a),(c) |  | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal LLC Project, Series 2020 |  |  | 5.000 |  |  |  | 01/01/40 |  |  |  | 64,668 |
| 935,000 |  |  |  |  | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1 - NPFG Insured |  |  | 5.500 |  |  |  | 09/01/27 |  |  |  | 996,570 |
| 100,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H - AGM Insured |  |  | 4.000 |  |  |  | 07/01/39 |  |  |  | 98,846 |
| 5,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F |  |  | 3.750 |  |  |  | 07/01/37 |  |  |  | 3,843 |
| 100,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F |  |  | 4.000 |  |  |  | 07/01/42 |  |  |  | 72,108 |
| 100,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 76,681 |
| 75,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D |  |  | 5.000 |  |  |  | 07/01/38 |  |  |  | 75,037 |
| 435,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C |  |  | 3.000 |  |  |  | 07/01/41 |  |  |  | 353,422 |
| 25,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C |  |  | 4.000 |  |  |  | 07/01/46 |  |  |  | 22,475 |
| 200,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A |  |  | 4.000 |  |  |  | 07/01/47 |  |  |  | 184,817 |
| 30,000 |  |  |  |  | New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 30,342 |
| 150,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A |  |  | 5.000 |  |  |  | 07/01/57 |  |  |  | 152,464 |

41

Portfolio of Investments October 31, 2024
(continued)
NUW

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEW JERSEY (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 110,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A |  |  | 4.000% |  |  |  | 07/01/45 |  |  | $ | 102,001 |
| 360,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2017A |  |  | 5.000 |  |  |  | 07/01/42 |  |  |  | 368,058 |
| 1,875,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2024A |  |  | 4.125 |  |  |  | 07/01/54 |  |  |  | 1,801,207 |
| 2,000,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2024A |  |  | 5.250 |  |  |  | 07/01/54 |  |  |  | 2,171,532 |
| 30,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A |  |  | 5.000 |  |  |  | 07/01/34 |  |  |  | 30,743 |
| 125,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A |  |  | 5.000 |  |  |  | 07/01/43 |  |  |  | 126,902 |
| 10,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016 |  |  | 3.000 |  |  |  | 07/01/32 |  |  |  | 9,050 |
| 405,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016 |  |  | 4.000 |  |  |  | 07/01/48 |  |  |  | 363,568 |
| 130,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A - AGM Insured |  |  | 4.125 |  |  |  | 07/01/38 |  |  |  | 129,684 |
| 110,000 |  |  |  |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A - AGM Insured |  |  | 5.000 |  |  |  | 07/01/46 |  |  |  | 110,301 |
| 50,000 |  |  | (a) |  | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018 |  |  | 5.750 |  |  |  | 10/01/38 |  |  |  | 37,116 |
| 120,000 |  |  |  |  | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A |  |  | 4.000 |  |  |  | 11/01/45 |  |  |  | 111,569 |
| 270,000 |  |  |  |  | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B |  |  | 3.600 |  |  |  | 11/01/40 |  |  |  | 252,650 |
| 435,000 |  |  |  |  | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2018A |  |  | 3.875 |  |  |  | 11/01/38 |  |  |  | 430,465 |
| 125,000 |  |  |  |  | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A |  |  | 3.600 |  |  |  | 04/01/33 |  |  |  | 121,252 |
| 75,000 |  |  |  |  | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A |  |  | 3.750 |  |  |  | 10/01/35 |  |  |  | 72,310 |
| 665,000 |  |  |  |  | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2019C |  |  | 3.950 |  |  |  | 10/01/44 |  |  |  | 638,164 |
| 200,000 |  |  |  |  | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A |  |  | 5.000 |  |  |  | 07/01/45 |  |  |  | 201,156 |
| 5,020,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A |  |  | 0.000 |  |  |  | 12/15/31 |  |  |  | 3,895,257 |
| 2,170,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A |  |  | 0.000 |  |  |  | 12/15/39 |  |  |  | 1,175,348 |
| 255,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA |  |  | 5.250 |  |  |  | 06/15/41 |  |  |  | 256,822 |
| 50,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A |  |  | 4.000 |  |  |  | 12/15/39 |  |  |  | 49,777 |
| 225,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB |  |  | 3.500 |  |  |  | 06/15/46 |  |  |  | 200,184 |
| 100,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB |  |  | 4.000 |  |  |  | 06/15/50 |  |  |  | 95,759 |
| 30,000 |  |  |  |  | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA |  |  | 4.000 |  |  |  | 06/15/50 |  |  |  | 28,909 |
| 255,000 |  |  |  |  | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 255,543 |
| 215,000 |  |  |  |  | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A |  |  | 4.000 |  |  |  | 06/01/37 |  |  |  | 214,403 |
| 305,000 |  |  |  |  | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A |  |  | 5.250 |  |  |  | 06/01/46 |  |  |  | 313,802 |
| 420,000 |  |  |  |  | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B |  |  | 5.000 |  |  |  | 06/01/46 |  |  |  | 421,323 |

42

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEW JERSEY (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 170,000 |  |  |  |  | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A |  |  | 5.000% |  |  |  | 06/15/41 |  |  | $ | 170,084 |
|  |  |  |  |  | TOTAL NEW JERSEY |  |  |  |  |  |  |  |  |  |  | 17,528,835 |
|  |  |  |  |  | NEW YORK - 7.0% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 |  |  | 5.500 |  |  |  | 10/01/54 |  |  |  | 1,101,224 |
| 3,000,000 |  |  |  |  | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007 |  |  | 5.500 |  |  |  | 10/01/37 |  |  |  | 3,546,767 |
| 1,500,000 |  |  |  |  | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017 |  |  | 5.000 |  |  |  | 09/01/42 |  |  |  | 1,552,688 |
| 2,050,000 |  |  |  |  | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018 |  |  | 5.000 |  |  |  | 09/01/39 |  |  |  | 2,159,643 |
| 1,390,000 |  |  |  |  | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 |  |  | 5.000 |  |  |  | 11/15/50 |  |  |  | 1,440,538 |
| 750,000 |  |  |  |  | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Climate Certified Series 2020E |  |  | 5.000 |  |  |  | 11/15/30 |  |  |  | 831,704 |
| 1,450,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2024A-1 |  |  | 4.000 |  |  |  | 05/01/53 |  |  |  | 1,405,424 |
| 1,510,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2024A-1 |  |  | 5.000 |  |  |  | 05/01/53 |  |  |  | 1,605,589 |
| 2,500,000 |  |  |  |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D |  |  | 5.500 |  |  |  | 05/01/52 |  |  |  | 2,801,921 |
| 1,230,000 |  |  |  |  | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C |  |  | 5.000 |  |  |  | 08/01/42 |  |  |  | 1,307,404 |
| 1,325,000 |  |  |  |  | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien Green Climate Bond Certified Series 2024B-2 |  |  | 5.250 |  |  |  | 05/15/54 |  |  |  | 1,445,517 |
|  |  |  |  |  | TOTAL NEW YORK |  |  |  |  |  |  |  |  |  |  | 19,198,419 |
|  |  |  |  |  | NORTH CAROLINA - 0.8% |  |  |  |  |  |  |  |  |  |  |  |
| 285,000 |  |  |  |  | Mebane, North Carolina, Combined Utilities Revenue Bonds, Series 2024 |  |  | 4.000 |  |  |  | 08/01/49 |  |  |  | 280,202 |
| 1,000,000 |  |  |  |  | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B |  |  | 5.000 |  |  |  | 07/01/42 |  |  |  | 1,030,324 |
| 700,000 |  |  |  |  | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017 |  |  | 5.000 |  |  |  | 01/01/32 |  |  |  | 720,874 |
|  |  |  |  |  | TOTAL NORTH CAROLINA |  |  |  |  |  |  |  |  |  |  | 2,031,400 |
|  |  |  |  |  | OHIO - 5.2% |  |  |  |  |  |  |  |  |  |  |  |
| 8,560,000 |  |  |  |  | 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 |  |  |  | 7,741,584 |
| 3,095,000 |  |  |  |  | Central Ohio Transit Authority, Ohio, General Obligation Bonds, Capital Facilities Limited Tax Series 2023 |  |  | 5.000 |  |  |  | 12/01/48 |  |  |  | 3,323,288 |
| 1,000,000 |  |  |  |  | Ohio State, Hospital Revenue Bonds, Children’s Hospital Medical Center of Akron, Series 2024A |  |  | 5.250 |  |  |  | 08/14/48 |  |  |  | 1,091,718 |
| 1,005,000 |  |  |  |  | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B |  |  | 5.000 |  |  |  | 12/01/63 |  |  |  | 1,043,839 |
| 1,000,000 |  |  |  |  | Tolles Career and Technical Center, Madison, Franklin, Delaware, Fayette, and Union Counties, Ohio, Certificates of Participation, School Facilities Project Series 2024 |  |  | 5.250 |  |  |  | 12/01/53 |  |  |  | 1,055,574 |
|  |  |  |  |  | TOTAL OHIO |  |  |  |  |  |  |  |  |  |  | 14,256,003 |
|  |  |  |  |  | OKLAHOMA - 0.4% |  |  |  |  |  |  |  |  |  |  |  |
| 500,000 |  |  |  |  | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B |  |  | 5.500 |  |  |  | 08/15/57 |  |  |  | 510,416 |
| 600,000 |  |  |  |  | Oklahoma Water Resources Board, Oklahoma, State Loan Program Revenue Bonds, Series 2024C |  |  | 4.000 |  |  |  | 10/01/54 |  |  |  | 572,896 |
|  |  |  |  |  | TOTAL OKLAHOMA |  |  |  |  |  |  |  |  |  |  | 1,083,312 |

43

Portfolio of Investments October 31, 2024
(continued)
NUW

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | PENNSYLVANIA - 5.2% |  |  |  |  |  |  |  |  |  |  |  |
$ | 50,000 |  |  |  |  | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2017 |  |  | 5.000% |  |  |  | 10/15/37 |  |  | $ | 47,882 |
| 465,000 |  |  |  |  | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health Network Obligated Group Issue, Series 2018A |  |  | 4.000 |  |  |  | 04/01/44 |  |  |  | 436,063 |
| 500,000 |  |  |  |  | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2024 |  |  | 4.000 |  |  |  | 12/01/49 |  |  |  | 481,662 |
| 230,000 |  |  | (a) |  | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017 |  |  | 5.000 |  |  |  | 05/01/42 |  |  |  | 229,100 |
| 155,000 |  |  |  |  | Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities Revenue Bonds, Highlands at Wyomissing, Series 2017A |  |  | 5.000 |  |  |  | 05/15/42 |  |  |  | 156,024 |
| 20,000 |  |  |  |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 |  |  | 6.000 |  |  |  | 06/30/34 |  |  |  | 21,631 |
| 266,000 |  |  |  |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 |  |  | 5.000 |  |  |  | 06/30/39 |  |  |  | 263,180 |
| 133,000 |  |  | (b) |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 |  |  | 0.000 |  |  |  | 06/30/44 |  |  |  | 95,113 |
| 42,000 |  |  |  |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 |  |  | 8.000 |  |  |  | 06/30/34 |  |  |  | 43,132 |
| 70,000 |  |  |  |  | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016 |  |  | 5.125 |  |  |  | 03/15/36 |  |  |  | 70,748 |
| 115,000 |  |  |  |  | Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D |  |  | 5.000 |  |  |  | 12/15/39 |  |  |  | 115,201 |
| 75,000 |  |  |  |  | Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Main Line Health System, Series 2017A |  |  | 4.000 |  |  |  | 10/01/37 |  |  |  | 75,186 |
| 35,000 |  |  |  |  | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2019 |  |  | 5.000 |  |  |  | 12/01/51 |  |  |  | 22,383 |
| 20,000 |  |  |  |  | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2017A |  |  | 5.000 |  |  |  | 12/15/47 |  |  |  | 19,892 |
| 15,000 |  |  |  |  | Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A |  |  | 5.000 |  |  |  | 08/01/45 |  |  |  | 14,547 |
| 35,000 |  |  |  |  | Clarion County Industrial Development Authority, Pennsylvania, Revenue Bonds, Clarion University Foundation Inc. Student Housing Project at Clarion University, Series 2014A |  |  | 5.000 |  |  |  | 07/01/45 |  |  |  | 35,003 |
| 40,000 |  |  |  |  | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 |  |  | 5.000 |  |  |  | 06/01/33 |  |  |  | 42,163 |
| 355,000 |  |  |  |  | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 - AGM Insured |  |  | 4.000 |  |  |  | 06/01/39 |  |  |  | 351,657 |
| 70,000 |  |  |  |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania Obligated Group, Refunding Series 2019 |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 65,438 |
| 20,000 |  |  | (d) |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, (Pre-refunded 1/01/25) |  |  | 4.000 |  |  |  | 01/01/33 |  |  |  | 20,015 |
| 60,000 |  |  | (d) |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, (Pre-refunded 1/01/25) |  |  | 4.000 |  |  |  | 01/01/33 |  |  |  | 60,045 |
| 60,000 |  |  |  |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015 |  |  | 4.000 |  |  |  | 01/01/33 |  |  |  | 59,256 |
| 15,000 |  |  | (d) |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, (Pre-refunded 1/01/25) |  |  | 5.000 |  |  |  | 01/01/38 |  |  |  | 15,036 |
| 55,000 |  |  | (d) |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, (Pre-refunded 1/01/25) |  |  | 5.000 |  |  |  | 01/01/38 |  |  |  | 55,131 |
| 65,000 |  |  |  |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015 |  |  | 5.000 |  |  |  | 01/01/38 |  |  |  | 65,036 |

44

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | PENNSYLVANIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 100,000 |  |  |  |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2016 |  |  | 5.000% |  |  |  | 01/01/29 |  |  | $ | 100,907 |
| 25,000 |  |  |  |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019A |  |  | 4.125 |  |  |  | 01/01/38 |  |  |  | 24,342 |
| 5,000 |  |  | (d) |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019A, (Pre-refunded 1/01/29) |  |  | 5.000 |  |  |  | 01/01/39 |  |  |  | 5,364 |
| 20,000 |  |  | (d) |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019A, (Pre-refunded 1/01/29) |  |  | 5.000 |  |  |  | 01/01/39 |  |  |  | 21,455 |
| 5,000 |  |  |  |  | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019A |  |  | 5.000 |  |  |  | 01/01/39 |  |  |  | 5,103 |
| 30,000 |  |  |  |  | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University Project, Series 2019 |  |  | 5.000 |  |  |  | 05/01/48 |  |  |  | 27,583 |
| 30,000 |  |  |  |  | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014 |  |  | 5.000 |  |  |  | 05/01/37 |  |  |  | 29,249 |
| 245,000 |  |  |  |  | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017 |  |  | 5.000 |  |  |  | 07/01/42 |  |  |  | 252,608 |
| 540,000 |  |  |  |  | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017 |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 551,808 |
| 185,000 |  |  |  |  | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A |  |  | 5.000 |  |  |  | 07/01/41 |  |  |  | 187,318 |
| 40,000 |  |  | (d) |  | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, (Pre-refunded 7/01/26) |  |  | 5.000 |  |  |  | 07/01/41 |  |  |  | 41,232 |
| 25,000 |  |  |  |  | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2019A |  |  | 4.000 |  |  |  | 07/01/45 |  |  |  | 23,553 |
| 150,000 |  |  |  |  | Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands Healthcare, Series 2018 |  |  | 5.000 |  |  |  | 07/15/48 |  |  |  | 149,170 |
| 100,000 |  |  | (d) |  | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc - Student Housing Project at Millersville University, Series 2015, (Pre-refunded 7/01/25) |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 101,023 |
| 25,000 |  |  |  |  | Easton Area School District, Northampton County, Pennsylvania, General Obligation Bonds, Series 2020B |  |  | 5.000 |  |  |  | 02/01/31 |  |  |  | 26,577 |
| 60,000 |  |  |  |  | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2016 |  |  | 4.000 |  |  |  | 05/01/46 |  |  |  | 50,327 |
| 35,000 |  |  |  |  | Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2 |  |  | 3.500 |  |  |  | 05/01/41 |  |  |  | 28,713 |
| 20,000 |  |  |  |  | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015 |  |  | 5.000 |  |  |  | 11/01/35 |  |  |  | 20,098 |
| 40,000 |  |  |  |  | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s Retirement Community, Inc., Series 2020 |  |  | 5.000 |  |  |  | 03/01/50 |  |  |  | 34,266 |
| 100,000 |  |  |  |  | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016 |  |  | 4.000 |  |  |  | 11/01/41 |  |  |  | 93,259 |
| 100,000 |  |  | (a) |  | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014 |  |  | 6.875 |  |  |  | 07/01/33 |  |  |  | 98,980 |
| 50,000 |  |  |  |  | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A |  |  | 5.000 |  |  |  | 09/01/48 |  |  |  | 50,771 |
| 200,000 |  |  | (d) |  | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, (Pre-refunded 1/15/25) |  |  | 5.250 |  |  |  | 01/15/45 |  |  |  | 200,628 |
| 90,000 |  |  |  |  | Northampton County General Purpose Authority, Pennsylvania, Revenue Bonds, Lafayette College, Refunding Series 2018 |  |  | 4.000 |  |  |  | 11/01/38 |  |  |  | 90,057 |
| 55,000 |  |  |  |  | Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc., Series 2019 |  |  | 5.000 |  |  |  | 11/01/44 |  |  |  | 50,935 |
| 35,000 |  |  |  |  | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012 |  |  | 4.000 |  |  |  | 11/01/39 |  |  |  | 30,938 |
| 60,000 |  |  |  |  | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012 |  |  | 5.000 |  |  |  | 11/01/42 |  |  |  | 59,082 |
| 450,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121 |  |  | 3.200 |  |  |  | 10/01/41 |  |  |  | 391,605 |

45

Portfolio of Investments October 31, 2024
(continued)
NUW

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | PENNSYLVANIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 65,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-123B |  |  | 3.450% |  |  |  | 10/01/32 |  |  | $ | 63,958 |
| 45,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-125B |  |  | 3.700 |  |  |  | 10/01/47 |  |  |  | 38,888 |
| 45,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2020-133 |  |  | 2.500 |  |  |  | 10/01/45 |  |  |  | 32,913 |
| 1,000,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-145A |  |  | 4.600 |  |  |  | 10/01/44 |  |  |  | 1,000,965 |
| 3,000,000 |  |  |  |  | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-146A |  |  | 4.750 |  |  |  | 04/01/53 |  |  |  | 3,010,700 |
| 100,000 |  |  |  |  | Pennsylvania Turnpike Commission, Motor License Fund- Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2014A |  |  | 4.750 |  |  |  | 12/01/37 |  |  |  | 102,211 |
| 1,000,000 |  |  |  |  | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2021A |  |  | 4.000 |  |  |  | 12/01/51 |  |  |  | 945,519 |
| 100,000 |  |  |  |  | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Series 2018B |  |  | 5.000 |  |  |  | 12/01/48 |  |  |  | 103,370 |
| 585,000 |  |  |  |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B |  |  | 5.000 |  |  |  | 12/01/45 |  |  |  | 590,514 |
| 1,615,000 |  |  |  |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2024C |  |  | 5.250 |  |  |  | 12/01/54 |  |  |  | 1,771,461 |
| 50,000 |  |  |  |  | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A |  |  | 4.000 |  |  |  | 12/01/49 |  |  |  | 47,063 |
| 25,000 |  |  | (a) |  | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020 |  |  | 5.000 |  |  |  | 06/15/50 |  |  |  | 24,802 |
| 70,000 |  |  |  |  | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle University, Series 2017 |  |  | 3.625 |  |  |  | 05/01/35 |  |  |  | 53,117 |
| 5,000 |  |  | (a),(c),(d) |  | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, University of the Arts, Series 2017, (Pre-refunded 3/15/28) |  |  | 5.000 |  |  |  | 03/15/45 |  |  |  | 5,352 |
| 44,612 |  |  | (a),(c) |  | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, University of the Arts, Series 2017 |  |  | 5.000 |  |  |  | 03/15/45 |  |  |  | 26,767 |
| 100,000 |  |  |  |  | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Parking Revenue Bonds, Series 2017 |  |  | 5.000 |  |  |  | 12/15/34 |  |  |  | 103,824 |
| 200,000 |  |  |  |  | Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2016B |  |  | 5.000 |  |  |  | 07/01/45 |  |  |  | 202,624 |
| 35,000 |  |  |  |  | Rostraver Township, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2018 - AGM Insured |  |  | 3.500 |  |  |  | 09/01/34 |  |  |  | 34,401 |
| 100,000 |  |  |  |  | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016 |  |  | 5.000 |  |  |  | 06/01/46 |  |  |  | 89,201 |
| 10,000 |  |  |  |  | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A |  |  | 5.000 |  |  |  | 11/15/28 |  |  |  | 10,005 |
| 40,000 |  |  |  |  | Upper Allegheny Joint Sanitary Authority, Allegheny County, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2019A - AGM Insured |  |  | 3.000 |  |  |  | 09/01/44 |  |  |  | 32,948 |
| 145,000 |  |  |  |  | Washington County Industrial Development Authority, Pennsylvania, College Revenue Bonds, AICUP Financing Program-Washington and Jefferson College Project, Series 2017-PP5 |  |  | 3.375 |  |  |  | 11/01/36 |  |  |  | 126,915 |
| 15,000 |  |  |  |  | Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2018 |  |  | 5.000 |  |  |  | 07/01/35 |  |  |  | 14,836 |
| 100,000 |  |  |  |  | Williamsport Sanitary Authority, Lycoming County, Pennsylvania, Sewer Revenue Bonds, Series 2021. - BAM Insured |  |  | 5.000 |  |  |  | 01/01/25 |  |  |  | 100,238 |
|  |  |  |  |  | TOTAL PENNSYLVANIA |  |  |  |  |  |  |  |  |  |  | 14,140,067 |

46

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | PUERTO RICO - 3.1% |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,170,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 0.000% |  |  |  | 07/01/33 |  |  | $ | 818,028 |
| 1,739,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 4.500 |  |  |  | 07/01/34 |  |  |  | 1,743,768 |
| 3,812,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 5.000 |  |  |  | 07/01/58 |  |  |  | 3,820,767 |
| 710,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A |  |  | 4.550 |  |  |  | 07/01/40 |  |  |  | 713,501 |
| 1,360,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 |  |  | 4.329 |  |  |  | 07/01/40 |  |  |  | 1,347,370 |
| 10,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 |  |  | 4.329 |  |  |  | 07/01/40 |  |  |  | 9,918 |
| 49,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 |  |  | 4.784 |  |  |  | 07/01/58 |  |  |  | 48,635 |
|  |  |  |  |  | TOTAL PUERTO RICO |  |  |  |  |  |  |  |  |  |  | 8,501,987 |
|  |  |  |  |  | SOUTH CAROLINA - 3.1% |  |  |  |  |  |  |  |  |  |  |  |
| 5,435,000 |  |  |  |  | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2 - AGC Insured |  |  | 0.010 |  |  |  | 01/01/29 |  |  |  | 4,641,620 |
| 1,250,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, McLeod Health Project, Series 2024 |  |  | 5.250 |  |  |  | 11/01/54 |  |  |  | 1,357,487 |
| 1,000,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Health Care Facilities Revenue Bonds, Novant Health Group, Series 2024A |  |  | 5.500 |  |  |  | 11/01/54 |  |  |  | 1,101,089 |
| 1,250,000 |  |  |  |  | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Improvement Series 2024A |  |  | 5.500 |  |  |  | 12/01/54 |  |  |  | 1,372,855 |
|  |  |  |  |  | TOTAL SOUTH CAROLINA |  |  |  |  |  |  |  |  |  |  | 8,473,051 |
|  |  |  |  |  | TENNESSEE - 3.5% |  |  |  |  |  |  |  |  |  |  |  |
| 3,090,000 |  |  |  |  | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2 |  |  | 5.000 |  |  |  | 08/01/44 |  |  |  | 3,181,458 |
| 4,000,000 |  |  |  |  | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B |  |  | 5.625 |  |  |  | 09/01/26 |  |  |  | 4,132,486 |
| 2,160,000 |  |  |  |  | West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Improvement Series 2022 |  |  | 4.000 |  |  |  | 06/01/47 |  |  |  | 2,094,437 |
|  |  |  |  |  | TOTAL TENNESSEE |  |  |  |  |  |  |  |  |  |  | 9,408,381 |
|  |  |  |  |  | TEXAS - 11.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2023 |  |  | 5.000 |  |  |  | 02/15/48 |  |  |  | 1,060,865 |
| 500,000 |  |  | (e) |  | Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Refunding School Building Series 2024 |  |  | 4.000 |  |  |  | 02/15/49 |  |  |  | 485,061 |
| 1,595,000 |  |  |  |  | Greenwood Independent School District, Midland County, Texas, School Building Bonds, Series 2024 |  |  | 4.000 |  |  |  | 02/15/54 |  |  |  | 1,518,549 |
| 1,000,000 |  |  |  |  | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Health System, Series 2024C, (Mandatory Put 7/01/29) |  |  | 5.000 |  |  |  | 07/01/54 |  |  |  | 1,077,939 |
| 3,000,000 |  |  |  |  | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured |  |  | 0.000 |  |  |  | 09/01/32 |  |  |  | 2,192,307 |
| 7,935,000 |  |  |  |  | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B - AMBAC Insured |  |  | 0.000 |  |  |  | 09/01/33 |  |  |  | 5,521,390 |
| 1,145,000 |  |  |  |  | Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Schoolhouse Refunding Series 2024 |  |  | 5.250 |  |  |  | 02/15/59 |  |  |  | 1,242,236 |
| 2,430,000 |  |  |  |  | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2021A |  |  | 5.000 |  |  |  | 05/15/51 |  |  |  | 2,524,024 |
| 1,000,000 |  |  |  |  | New Caney Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building Series 2024 |  |  | 4.000 |  |  |  | 02/15/54 |  |  |  | 954,165 |
| 915,000 |  |  |  |  | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B |  |  | 5.000 |  |  |  | 01/01/45 |  |  |  | 917,257 |

47

Portfolio of Investments October 31, 2024
(continued)
NUW

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | TEXAS (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 1,000,000 |  |  |  |  | San Antonio, Texas, Electric and Gas Systems Revenue Bonds, Refunding New Series 2024B |  |  | 5.000% |  |  |  | 02/01/54 |  |  | $ | 1,064,338 |
| 250,000 |  |  |  |  | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A |  |  | 5.000 |  |  |  | 02/15/41 |  |  |  | 254,250 |
| 1,600,000 |  |  |  |  | Texas Private Activity Bond Surface Transporation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A |  |  | 5.000 |  |  |  | 12/31/35 |  |  |  | 1,686,781 |
| 1,000,000 |  |  |  |  | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll Series 2019A |  |  | 5.000 |  |  |  | 08/01/57 |  |  |  | 1,017,582 |
| 7,635,000 |  |  |  |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2016 |  |  | 4.000 |  |  |  | 10/15/41 |  |  |  | 7,603,877 |
| 2,500,000 |  |  | (f) |  | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A, (UB) |  |  | 4.000 |  |  |  | 10/15/42 |  |  |  | 2,503,482 |
|  |  |  |  |  | TOTAL TEXAS |  |  |  |  |  |  |  |  |  |  | 31,624,103 |
|  |  |  |  |  | UTAH - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,500,000 |  |  |  |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B |  |  | 5.000 |  |  |  | 07/01/47 |  |  |  | 1,528,397 |
|  |  |  |  |  | TOTAL UTAH |  |  |  |  |  |  |  |  |  |  | 1,528,397 |
|  |  |  |  |  | VIRGINIA - 1.3% |  |  |  |  |  |  |  |  |  |  |  |
| 1,160,000 |  |  |  |  | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016 |  |  | 5.000 |  |  |  | 07/01/51 |  |  |  | 1,163,354 |
| 1,400,000 |  |  |  |  | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B |  |  | 4.875 |  |  |  | 07/15/40 |  |  |  | 1,441,061 |
| 1,000,000 |  |  |  |  | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-II |  |  | 4.600 |  |  |  | 10/01/54 |  |  |  | 1,000,058 |
|  |  |  |  |  | TOTAL VIRGINIA |  |  |  |  |  |  |  |  |  |  | 3,604,473 |
|  |  |  |  |  | WASHINGTON - 2.8% |  |  |  |  |  |  |  |  |  |  |  |
| 3,330,000 |  |  |  |  | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A - NPFG Insured |  |  | 0.000 |  |  |  | 06/01/29 |  |  |  | 2,865,753 |
| 690,000 |  |  |  |  | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 |  |  | 5.000 |  |  |  | 08/15/30 |  |  |  | 712,619 |
| 2,165,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Series2021B. Exchange Purchase |  |  | 4.000 |  |  |  | 07/01/37 |  |  |  | 2,104,072 |
| 2,000,000 |  |  |  |  | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 |  |  | 5.000 |  |  |  | 07/01/58 |  |  |  | 2,035,455 |
|  |  |  |  |  | TOTAL WASHINGTON |  |  |  |  |  |  |  |  |  |  | 7,717,899 |
|  |  |  |  |  | WEST VIRGINIA - 0.9% |  |  |  |  |  |  |  |  |  |  |  |
| 530,000 |  |  |  |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc. Project, Refunding & Improvement Series 2018A |  |  | 5.000 |  |  |  | 01/01/34 |  |  |  | 544,870 |
| 1,800,000 |  |  |  |  | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2019A |  |  | 5.000 |  |  |  | 09/01/38 |  |  |  | 1,847,662 |
|  |  |  |  |  | TOTAL WEST VIRGINIA |  |  |  |  |  |  |  |  |  |  | 2,392,532 |
|  |  |  |  |  | TOTAL MUNICIPAL BONDS (Cost $262,086,309) |  |  |  |  |  |  |  |  |  |  | 269,193,489 |
PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE(g) |  |  | MATURITY(h) |  |  | VALUE |
|  |  |  |  |  | VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (g) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | CONSUMER SERVICES - 0.0% |  |  |  |  |  |  |  |  |  |  |  |
| 9,122 |  |  | (c),(i) |  | University of the Arts, Term Loan |  |  | 12.380 |  |  |  | 12/16/25 |  |  |  | 9,122 |
| 953 |  |  | (c),(i) |  | University of the Arts/The |  |  | 14.340 |  |  |  | 08/16/25 |  |  |  | 953 |
| 2,737 |  |  | (c),(i) |  | University of the Arts/The |  |  | 14.340 |  |  |  | 09/16/25 |  |  |  | 2,737 |

48

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE(g) |  |  | MATURITY(h) |  |  | VALUE |
|  |  |  |  |  | CONSUMER SERVICES (continued) |  |  |  |  |  |  |  |  |  |  |  |
$ | 3,466 |  |  | (c),(i) |  | University of the Arts/The |  |  | 14.340% |  |  |  | 08/16/25 |  |  | $ | 3,466 |
|  |  |  |  |  | TOTAL CONSUMER SERVICES |  |  |  |  |  |  |  |  |  |  | 16,278 |
|  |  |  |  |  | TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $15,001) |  |  |  |  |  |  |  |  |  |  | 16,278 |
|  |  |  |  |  | TOTAL LONG-TERM INVESTMENTS (Cost $262,101,310) |  |  |  |  |  |  |  |  |  |  | 269,209,767 |
PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | SHORT-TERM INVESTMENTS - 4.2% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | MUNICIPAL BONDS - 4.2% |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | NEW YORK - 4.2% |  |  |  |  |  |  |  |  |  |  |  |
| 2,590,000 |  |  | (j) |  | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2023 Series BB-1 |  |  | 4.000 |  |  |  | 06/15/44 |  |  |  | 2,590,000 |
| 3,000,000 |  |  | (j) |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series B-3 |  |  | 4.000 |  |  |  | 11/01/42 |  |  |  | 3,000,000 |
| 6,000,000 |  |  | (j) |  | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Taxable Subordinate Fiscal 2019 Series A-4 |  |  | 4.050 |  |  |  | 08/01/45 |  |  |  | 6,000,000 |
|  |  |  |  |  | TOTAL NEW YORK |  |  |  |  |  |  |  |  |  |  | 11,590,000 |
|  |  |  |  |  | TOTAL MUNICIPAL BONDS (Cost $11,590,000) |  |  |  |  |  |  |  |  |  |  | 11,590,000 |
|  |  |  |  |  | TOTAL SHORT-TERM INVESTMENTS (Cost $11,590,000) |  |  |  |  |  |  |  |  |  |  | 11,590,000 |
|  |  |  |  |  | TOTAL INVESTMENTS - 102.9% (Cost $273,691,310) |  |  |  |  |  |  |  |  |  |  | 280,799,767 |
|  |  |  |  |  | FLOATING RATE OBLIGATIONS - (0.7)% |  |  |  |  |  |  |  |  |  |  | (2,000,000 | )
|  |  |  |  |  | OTHER ASSETS & LIABILITIES, NET - (2.2)% |  |  |  |  |  |  |  |  |  |  | (6,022,751 | )
|  |  |  |  |  | NET ASSETS APPLICABLE TO COMMON SHARES - 100% |  |  |  |  |  |  |  |  |  | $ | 272,777,016 |

| All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(a) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $978,523 or 0.3% of Total Investments.

(b) | 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.

(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) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.

(e) | When-issued or delayed delivery security.

(f) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(g) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the Secured Overnight Financing Rate (“SOFR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

(h) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(i) | For fair value measurement disclosure purposes, investment classified as Level 3.

(j) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust unless otherwise noted.

See Notes to Financial Statements
49

|  | Portfolio of Investments October 31, 2024
| NMI

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  | VALUE |
|  |  |  |  |  | LONG-TERM INVESTMENTS - 98.8% |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | MUNICIPAL BONDS - 98.8% |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | ALABAMA - 2.4% |  |  |  |  |  |  |  |  |  |
$ | 260,000 |  |  |  |  | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 |  |  | 5.250% |  |  | 10/01/49 |  | $ | 277,555 |
| 1,000,000 |  |  |  |  | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put 8/01/28) |  |  | 5.000 |  |  | 05/01/53 |  |  | 1,043,647 |
| 1,000,000 |  |  |  |  | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 5, Series 2023A, (Mandatory Put 7/01/29) |  |  | 5.250 |  |  | 01/01/54 |  |  | 1,058,760 |
| 100,000 |  |  | (a) |  | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A |  |  | 5.250 |  |  | 05/01/44 |  |  | 101,761 |
|  |  |  |  |  | TOTAL ALABAMA |  |  |  |  |  |  |  |  | 2,481,723 |
|  |  |  |  |  | ARIZONA - 4.9% |  |  |  |  |  |  |  |  |  |
| 275,000 |  |  |  |  | Arizona Industrial Development Authority Education Revenue Bonds, Academies of Math & Science Projects, Series 2023 |  |  | 5.250 |  |  | 07/01/43 |  |  | 280,165 |
| 1,000,000 |  |  |  |  | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, KIPPC NYC Public Charter Schools - Macombs Facility Project, Series 2021A |  |  | 4.000 |  |  | 07/01/41 |  |  | 938,829 |
| 665,000 |  |  |  |  | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2024 |  |  | 4.250 |  |  | 07/01/44 |  |  | 616,702 |
| 1,495,000 |  |  |  |  | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019A |  |  | 5.000 |  |  | 07/01/49 |  |  | 1,548,411 |
| 515,000 |  |  |  |  | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 |  |  | 5.250 |  |  | 12/01/28 |  |  | 545,554 |
| 1,000,000 |  |  | (a) |  | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Desert Heights Charter School Project, Refunding Series 2024 |  |  | 6.125 |  |  | 06/01/57 |  |  | 1,000,438 |
|  |  |  |  |  | TOTAL ARIZONA |  |  |  |  |  |  |  |  | 4,930,099 |
|  |  |  |  |  | ARKANSAS - 0.4% |  |  |  |  |  |  |  |  |  |
| 200,000 |  |  | (a) |  | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) |  |  | 5.450 |  |  | 09/01/52 |  |  | 207,562 |
| 200,000 |  |  |  |  | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) |  |  | 5.700 |  |  | 05/01/53 |  |  | 211,435 |
|  |  |  |  |  | TOTAL ARKANSAS |  |  |  |  |  |  |  |  | 418,997 |
|  |  |  |  |  | CALIFORNIA - 5.0% |  |  |  |  |  |  |  |  |  |
| 250,000 |  |  |  |  | California Housing Finance Agency, California, Multifamily Housing Revenue Bonds, Power Station Block 7B, Limited Obligation Senior Series 2024L |  |  | 5.200 |  |  | 12/01/27 |  |  | 251,850 |
| 625,000 |  |  |  |  | California Municipal Finance Authority, Special Tax Revenue Bonds, Bold Program, Series 2023B |  |  | 5.500 |  |  | 09/01/43 |  |  | 671,321 |
| 375,000 |  |  |  |  | California Municipal Finance Authority, Special Tax Revenue Bonds, Bold Program, Series 2024A |  |  | 5.000 |  |  | 09/01/48 |  |  | 389,293 |
| 500,000 |  |  | (a) |  | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A |  |  | 5.250 |  |  | 12/01/56 |  |  | 505,279 |
| 3,878 |  |  | (b),(c) |  | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A |  |  | 5.500 |  |  | 07/01/39 |  |  | 3,878 |
| 300,000 |  |  |  |  | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A |  |  | 7.000 |  |  | 11/01/34 |  |  | 373,494 |
| 525,000 |  |  |  |  | Palm Desert, California, Special Tax Bonds, Community Facilities District 2021-1 University Park, Series 2024 |  |  | 5.000 |  |  | 09/01/53 |  |  | 538,535 |
| 500,000 |  |  | (a) |  | San Francisco City and County Special Tax District 2020-1, California, Special Tax Bonds, Mission Rock Facilities and Services, Shoreline Tax Zone 1 Series 2023C |  |  | 5.750 |  |  | 09/01/53 |  |  | 536,811 |

50

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | CALIFORNIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
| $   710,000 |  |  | (a) |  | San Francisco City and County, California, Special Tax Bonds, Community Facilities District 2016-1 Treasure Island Improvement Area 2, Series 2023A |  |  | 5.000% |  |  |  | 09/01/38 |  |  | $ | 754,497 |
| 490,000 |  |  | (a) |  | San Francisco City and County, California, Special Tax Bonds, Community Facilities District 2016-1 Treasure Island Improvement Area 2, Series 2023A |  |  | 5.000 |  |  |  | 09/01/43 |  |  |  | 510,782 |
| 500,000 |  |  |  |  | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B |  |  | 5.250 |  |  |  | 01/15/44 |  |  |  | 501,091 |
|  |  |  |  |  | TOTAL CALIFORNIA |  |  |  |  |  |  |  |  |  |  | 5,036,831 |
|  |  |  |  |  | COLORADO - 10.7% |  |  |  |  |  |  |  |  |  |  |  |
| 500,000 |  |  |  |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016 |  |  | 5.000 |  |  |  | 01/01/37 |  |  |  | 503,289 |
| 1,000,000 |  |  |  |  | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 |  |  | 5.000 |  |  |  | 08/01/44 |  |  |  | 1,029,598 |
| 1,395,000 |  |  |  |  | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT) |  |  | 5.000 |  |  |  | 12/01/43 |  |  |  | 1,426,751 |
| 500,000 |  |  |  |  | Erie Highlands Metropolitan District 2, Weld County, Colorado, General Obligation Bonds, Limited Tax Series 2018A |  |  | 5.250 |  |  |  | 12/01/48 |  |  |  | 502,575 |
| 700,000 |  |  | (a) |  | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A |  |  | 6.750 |  |  |  | 12/01/34 |  |  |  | 682,640 |
| 200,000 |  |  |  |  | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Series 2024A-2 |  |  | 6.500 |  |  |  | 12/01/43 |  |  |  | 206,707 |
| 250,000 |  |  | (a) |  | Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024 |  |  | 5.500 |  |  |  | 12/01/44 |  |  |  | 245,252 |
| 500,000 |  |  | (a) |  | Kremmling Memorial Hospital District, Colorado, Certificates of Participation, Series 2024 |  |  | 6.625 |  |  |  | 12/01/56 |  |  |  | 476,816 |
| 500,000 |  |  |  |  | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Series 2017A |  |  | 5.000 |  |  |  | 12/01/46 |  |  |  | 502,796 |
| 500,000 |  |  | (a),(d) |  | Parkdale Community Authority, Erie County, Colorado, Limited Tax Supported Convertible Capital Appreciation Revenue Bonds, District 2, Series 2024A |  |  | 0.000 |  |  |  | 12/01/53 |  |  |  | 382,974 |
| 500,000 |  |  | (a) |  | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A |  |  | 5.000 |  |  |  | 12/01/41 |  |  |  | 458,451 |
| 839,000 |  |  | (a) |  | Platte River Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023A |  |  | 6.500 |  |  |  | 08/01/53 |  |  |  | 867,988 |
| 500,000 |  |  |  |  | Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue Bonds, Series 2020 |  |  | 5.250 |  |  |  | 12/01/50 |  |  |  | 497,379 |
| 750,000 |  |  |  |  | Silverstone Metropolitan District 3, Weld County, Colorado, General Obligation and Special Revenue Bonds, Limited Tax Series 2023 |  |  | 7.750 |  |  |  | 12/01/45 |  |  |  | 767,548 |
| 1,275,000 |  |  | (a) |  | Ventana Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement Series 2023A |  |  | 6.500 |  |  |  | 09/01/53 |  |  |  | 1,337,302 |
| 525,000 |  |  |  |  | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2022A |  |  | 4.500 |  |  |  | 12/01/31 |  |  |  | 518,296 |
| 500,000 |  |  |  |  | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 |  |  | 6.750 |  |  |  | 12/01/52 |  |  |  | 486,906 |
|  |  |  |  |  | TOTAL COLORADO |  |  |  |  |  |  |  |  |  |  | 10,893,268 |
|  |  |  |  |  | DELAWARE - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 100,000 |  |  |  |  | Delaware Health Facilities Authroity, Revenue Bonds, Beebe Medical Center Project, Series 2018 |  |  | 5.000 |  |  |  | 06/01/48 |  |  |  | 101,202 |
|  |  |  |  |  | TOTAL DELAWARE |  |  |  |  |  |  |  |  |  |  | 101,202 |

51

Portfolio of Investments October 31, 2024
(continued)
NMI

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | FLORIDA - 11.1% |  |  |  |  |  |  |  |  |  |  |  |
| $   790,000 |  |  |  |  | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A |  |  | 5.000% |  |  |  | 09/01/33 |  |  | $ | 790,475 |
| 500,000 |  |  | (a) |  | Bridgewalk Community Development District, Osceola County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 |  |  | 6.500 |  |  |  | 12/15/53 |  |  |  | 531,027 |
| 550,000 |  |  | (a) |  | Capital Projects Finance Authority, Florida, Educational Revenue Bonds, Imagine Kissimmee Charter Academy Project, Series 2024 |  |  | 6.500 |  |  |  | 06/15/54 |  |  |  | 564,177 |
| 500,000 |  |  | (a) |  | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, Babcock Neighborhood School Inc Project, Series 2024 |  |  | 6.000 |  |  |  | 08/15/63 |  |  |  | 495,483 |
| 1,000,000 |  |  | (a) |  | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A |  |  | 6.250 |  |  |  | 06/15/53 |  |  |  | 1,044,608 |
| 140,000 |  |  |  |  | Capital Trust Authority, Florida, Educational Facilities Revenue Bonds, KIPP Miami North Campus Project, Refunding Series 2024A |  |  | 6.000 |  |  |  | 06/15/54 |  |  |  | 146,338 |
| 210,000 |  |  | (a) |  | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2023A |  |  | 6.500 |  |  |  | 06/15/38 |  |  |  | 233,213 |
| 1,000,000 |  |  |  |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) |  |  | 5.500 |  |  |  | 07/01/53 |  |  |  | 1,032,727 |
| 470,000 |  |  | (a) |  | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2024A, (AMT), (Mandatory Put 2/14/25) |  |  | 8.250 |  |  |  | 07/01/57 |  |  |  | 484,335 |
| 500,000 |  |  |  |  | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT) |  |  | 5.000 |  |  |  | 10/01/42 |  |  |  | 508,503 |
| 255,000 |  |  | (a) |  | Hamilton Bluff Community Development District, Lake Hamilton, Florida, Special Assessment Bonds, Area 1 Project, Series 2024 |  |  | 5.800 |  |  |  | 05/01/54 |  |  |  | 257,223 |
| 885,000 |  |  | (a) |  | Highland Trails Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Assessment Area One Capital Improvement Series 2024 |  |  | 5.850 |  |  |  | 05/01/54 |  |  |  | 898,525 |
| 150,000 |  |  |  |  | Hobe-Saint Lucie Conservancy District, Florida, Special Assessment Revenue Bonds, Improvement Unit 1A, Series 2024 |  |  | 5.875 |  |  |  | 05/01/55 |  |  |  | 154,421 |
| 1,000,000 |  |  |  |  | Lakeside Preserve Community Development District, Lakeland, Florida, Special Assessment Bonds, 2023 Project Series 2023 |  |  | 6.375 |  |  |  | 05/01/54 |  |  |  | 1,056,940 |
| 300,000 |  |  |  |  | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Taylor Ranch Project, Series 2023 |  |  | 6.125 |  |  |  | 05/01/43 |  |  |  | 318,976 |
| 120,000 |  |  | (a) |  | North AR-1 of Pasco Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 4, Series 2024 |  |  | 5.750 |  |  |  | 05/01/54 |  |  |  | 121,076 |
| 1,000,000 |  |  | (a) |  | River Hall Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Assessment Area 4 Series 2023A |  |  | 6.500 |  |  |  | 05/01/54 |  |  |  | 1,062,637 |
| 225,000 |  |  |  |  | Sawgrass Village Community Development District, Manatee County, Florida, Special Assessment Bonds, Assessment Area 2 Series 2023 |  |  | 6.125 |  |  |  | 11/01/43 |  |  |  | 237,593 |
| 400,000 |  |  |  |  | Stonegate Preserve Community Development District, Florida, Manatee County Special Assessment Revenue Bonds 2023 Project Area Series 2023 |  |  | 6.125 |  |  |  | 12/15/53 |  |  |  | 419,469 |
| 250,000 |  |  | (a) |  | Village Community Development District 15, Florida, Special Assessment Revenue Bonds, Series 2024 |  |  | 4.800 |  |  |  | 05/01/55 |  |  |  | 249,994 |
| 645,000 |  |  | (a) |  | Woodsdale Community Development District, Pasco County, Florida, Revenue Bonds, Capital Improvement Series 2023 |  |  | 6.125 |  |  |  | 11/01/43 |  |  |  | 682,227 |
|  |  |  |  |  | TOTAL FLORIDA |  |  |  |  |  |  |  |  |  |  | 11,289,967 |
|  |  |  |  |  | GEORGIA - 2.5% |  |  |  |  |  |  |  |  |  |  |  |
| 250,000 |  |  | (a) |  | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-2 |  |  | 5.500 |  |  |  | 04/01/39 |  |  |  | 253,685 |
| 85,000 |  |  |  |  | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A |  |  | 4.000 |  |  |  | 11/01/25 |  |  |  | 82,704 |
| 600,000 |  |  |  |  | Cobb County Development Authority, Georgia, Charter School Revenue Bonds, Northwest Classical Academy, Inc. Project, Series 2023A |  |  | 6.400 |  |  |  | 06/15/53 |  |  |  | 614,888 |

52

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | GEORGIA (continued) |  |  |  |  |  |  |  |  |  |  |  |
| $   500,000 |  |  |  |  | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A |  |  | 4.000% |  |  |  | 04/01/50 |  |  | $ | 475,647 |
| 1,000,000 |  |  |  |  | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put 3/01/30) |  |  | 5.000 |  |  |  | 07/01/53 |  |  |  | 1,060,360 |
|  |  |  |  |  | TOTAL GEORGIA |  |  |  |  |  |  |  |  |  |  | 2,487,284 |
|  |  |  |  |  | HAWAII - 0.2% |  |  |  |  |  |  |  |  |  |  |  |
| 250,000 |  |  | (a) |  | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University Project, Refunding Series 2024 |  |  | 5.125 |  |  |  | 07/01/43 |  |  |  | 245,708 |
|  |  |  |  |  | TOTAL HAWAII |  |  |  |  |  |  |  |  |  |  | 245,708 |
|  |  |  |  |  | IDAHO - 0.5% |  |  |  |  |  |  |  |  |  |  |  |
| 500,000 |  |  | (a) |  | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, The College of Idaho Project, Series 2023 |  |  | 5.875 |  |  |  | 11/01/53 |  |  |  | 514,599 |
|  |  |  |  |  | TOTAL IDAHO |  |  |  |  |  |  |  |  |  |  | 514,599 |
|  |  |  |  |  | ILLINOIS - 10.0% |  |  |  |  |  |  |  |  |  |  |  |
| 250,000 |  |  |  |  | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 |  |  | 6.000 |  |  |  | 04/01/46 |  |  |  | 258,890 |
| 500,000 |  |  |  |  | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 |  |  | 5.750 |  |  |  | 04/01/48 |  |  |  | 545,770 |
| 435,000 |  |  |  |  | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D |  |  | 5.000 |  |  |  | 12/01/46 |  |  |  | 425,641 |
| 650,000 |  |  |  |  | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A |  |  | 7.000 |  |  |  | 12/01/44 |  |  |  | 664,222 |
| 500,000 |  |  |  |  | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A |  |  | 6.000 |  |  |  | 12/01/49 |  |  |  | 541,476 |
| 1,000,000 |  |  |  |  | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2022A |  |  | 5.500 |  |  |  | 01/01/55 |  |  |  | 1,064,480 |
| 200,000 |  |  |  |  | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002.RMKT |  |  | 4.500 |  |  |  | 11/01/36 |  |  |  | 200,013 |
| 500,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A |  |  | 4.000 |  |  |  | 08/01/51 |  |  |  | 422,533 |
| 1,105,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A |  |  | 5.000 |  |  |  | 11/15/45 |  |  |  | 1,110,876 |
| 200,000 |  |  |  |  | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C |  |  | 5.000 |  |  |  | 08/15/44 |  |  |  | 200,595 |
| 540,000 |  |  |  |  | Illinois State, General Obligation Bonds, June Series 2022A |  |  | 5.500 |  |  |  | 03/01/47 |  |  |  | 582,986 |
| 500,000 |  |  |  |  | Illinois State, General Obligation Bonds, March Series 2021A |  |  | 5.000 |  |  |  | 03/01/46 |  |  |  | 521,186 |
| 400,000 |  |  |  |  | Illinois State, General Obligation Bonds, May Series 2020 |  |  | 5.500 |  |  |  | 05/01/39 |  |  |  | 432,435 |
| 1,000,000 |  |  |  |  | Illinois State, General Obligation Bonds, October Series 2022C |  |  | 5.500 |  |  |  | 10/01/41 |  |  |  | 1,101,443 |
| 1,900,000 |  |  |  |  | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A |  |  | 5.000 |  |  |  | 01/01/44 |  |  |  | 1,995,499 |
| 205,000 |  |  |  |  | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured |  |  | 0.010 |  |  |  | 12/15/35 |  |  |  | 133,121 |
|  |  |  |  |  | TOTAL ILLINOIS |  |  |  |  |  |  |  |  |  |  | 10,201,166 |
|  |  |  |  |  | INDIANA - 3.5% |  |  |  |  |  |  |  |  |  |  |  |
| 735,000 |  |  | (a) |  | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A |  |  | 5.875 |  |  |  | 06/01/55 |  |  |  | 699,486 |
| 1,000,000 |  |  |  |  | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A |  |  | 5.000 |  |  |  | 10/01/46 |  |  |  | 1,070,386 |
| 1,000,000 |  |  |  |  | Indiana Finance Authority, Student Housing Revenue Bonds, SFP- PUFW I, LLC Series 2024A |  |  | 5.000 |  |  |  | 07/01/54 |  |  |  | 1,016,138 |
| 500,000 |  |  |  |  | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E |  |  | 6.000 |  |  |  | 03/01/53 |  |  |  | 543,635 |
| 250,000 |  |  | (a) |  | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Refunding Series 2024, (AMT) |  |  | 5.000 |  |  |  | 01/01/54 |  |  |  | 254,027 |
|  |  |  |  |  | TOTAL INDIANA |  |  |  |  |  |  |  |  |  |  | 3,583,672 |

53

Portfolio of Investments October 31, 2024
(continued)
NMI

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | IOWA - 0.6% |  |  |  |  |  |  |  |  |  |  |  |
| $   500,000 |  |  | (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 |  |  | $ | 571,433 |
|  |  |  |  |  | TOTAL IOWA |  |  |  |  |  |  |  |  |  |  | 571,433 |
|  |  |  |  |  | LOUISIANA - 2.0% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A |  |  | 5.000 |  |  |  | 10/01/44 |  |  |  | 1,015,634 |
| 1,000,000 |  |  |  |  | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Loyola University of New Orleans Project, Refunding Series 2023A |  |  | 5.250 |  |  |  | 10/01/53 |  |  |  | 1,032,211 |
|  |  |  |  |  | TOTAL LOUISIANA |  |  |  |  |  |  |  |  |  |  | 2,047,845 |
|  |  |  |  |  | MINNESOTA - 1.9% |  |  |  |  |  |  |  |  |  |  |  |
| 75,000 |  |  |  |  | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A |  |  | 4.250 |  |  |  | 08/01/46 |  |  |  | 67,038 |
| 1,000,000 |  |  |  |  | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A |  |  | 5.000 |  |  |  | 02/15/48 |  |  |  | 1,012,864 |
| 555,000 |  |  |  |  | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School Project, Series 2019 |  |  | 5.000 |  |  |  | 07/01/49 |  |  |  | 522,731 |
| 300,000 |  |  |  |  | Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017 |  |  | 4.250 |  |  |  | 09/01/37 |  |  |  | 292,162 |
|  |  |  |  |  | TOTAL MINNESOTA |  |  |  |  |  |  |  |  |  |  | 1,894,795 |
|  |  |  |  |  | MISSISSIPPI - 1.0% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A |  |  | 5.000 |  |  |  | 09/01/41 |  |  |  | 1,005,562 |
|  |  |  |  |  | TOTAL MISSISSIPPI |  |  |  |  |  |  |  |  |  |  | 1,005,562 |
|  |  |  |  |  | MISSOURI - 2.8% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012 |  |  | 5.000 |  |  |  | 10/01/33 |  |  |  | 988,456 |
| 500,000 |  |  |  |  | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A |  |  | 5.000 |  |  |  | 02/01/46 |  |  |  | 502,548 |
| 500,000 |  |  |  |  | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2024A |  |  | 5.250 |  |  |  | 02/01/54 |  |  |  | 523,457 |
| 100,000 |  |  |  |  | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2017 |  |  | 5.000 |  |  |  | 09/01/48 |  |  |  | 100,072 |
| 215,000 |  |  |  |  | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2018A |  |  | 5.250 |  |  |  | 09/01/53 |  |  |  | 216,243 |
| 335,000 |  |  |  |  | Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017 |  |  | 4.500 |  |  |  | 10/01/40 |  |  |  | 298,124 |
| 225,000 |  |  | (a) |  | Taney County Industrial Development Authority, Missouri, Sales Tax Revenue Improvement Bonds, Big Cedar Infrastructure Project Series 2023 |  |  | 6.000 |  |  |  | 10/01/49 |  |  |  | 225,246 |
|  |  |  |  |  | TOTAL MISSOURI |  |  |  |  |  |  |  |  |  |  | 2,854,146 |
|  |  |  |  |  | NEBRASKA - 0.5% |  |  |  |  |  |  |  |  |  |  |  |
| 500,000 |  |  |  |  | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A |  |  | 5.000 |  |  |  | 09/01/42 |  |  |  | 549,082 |
|  |  |  |  |  | TOTAL NEBRASKA |  |  |  |  |  |  |  |  |  |  | 549,082 |
|  |  |  |  |  | NEVADA - 0.4% |  |  |  |  |  |  |  |  |  |  |  |
| 350,000 |  |  |  |  | Las Vegas Special Improvement District 817, Nevada, Local Improvement Revenue Bonds, Summerlin Village 29 Series 2023 |  |  | 6.000 |  |  |  | 06/01/48 |  |  |  | 364,534 |
|  |  |  |  |  | TOTAL NEVADA |  |  |  |  |  |  |  |  |  |  | 364,534 |

54

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | NEW JERSEY - 1.0% |  |  |  |  |  |  |  |  |  |  |  |
| $   15,000 |  |  | (e) |  | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, (AMT), (ETM) |  |  | 5.000% |  |  |  | 12/01/24 |  |  | $ | 15,016 |
| 1,000,000 |  |  |  |  | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A |  |  | 5.000 |  |  |  | 06/01/46 |  |  |  | 1,018,990 |
|  |  |  |  |  | TOTAL NEW JERSEY |  |  |  |  |  |  |  |  |  |  | 1,034,006 |
|  |  |  |  |  | NEW YORK - 7.8% |  |  |  |  |  |  |  |  |  |  |  |
| 60,000 |  |  |  |  | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015 |  |  | 5.250 |  |  |  | 07/01/35 |  |  |  | 60,027 |
| 1,500,000 |  |  |  |  | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2022A |  |  | 5.000 |  |  |  | 03/15/46 |  |  |  | 1,596,744 |
| 250,000 |  |  |  |  | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2022A |  |  | 5.250 |  |  |  | 12/01/52 |  |  |  | 260,834 |
| 315,000 |  |  |  |  | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1 |  |  | 5.250 |  |  |  | 11/15/55 |  |  |  | 329,962 |
| 500,000 |  |  | (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 |  |  |  | 499,995 |
| 1,950,000 |  |  | (f) |  | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) |  |  | 5.500 |  |  |  | 12/31/54 |  |  |  | 2,079,797 |
| 1,000,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, John F Kennedy International Airport New Terminal 1 Project, Green Series 2024, (AMT) |  |  | 5.500 |  |  |  | 06/30/54 |  |  |  | 1,057,888 |
| 445,000 |  |  |  |  | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023, (AMT) |  |  | 6.000 |  |  |  | 06/30/54 |  |  |  | 480,677 |
| 500,000 |  |  |  |  | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023, (AMT) |  |  | 6.000 |  |  |  | 04/01/35 |  |  |  | 558,593 |
| 100,000 |  |  |  |  | Oneida Indian Nation, New York, Tax Revenue Bonds, Series 2024B |  |  | 6.000 |  |  |  | 09/01/43 |  |  |  | 109,094 |
| 1,000,000 |  |  |  |  | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006 |  |  | 5.000 |  |  |  | 06/01/48 |  |  |  | 883,455 |
|  |  |  |  |  | TOTAL NEW YORK |  |  |  |  |  |  |  |  |  |  | 7,917,066 |
|  |  |  |  |  | NORTH CAROLINA - 2.7% |  |  |  |  |  |  |  |  |  |  |  |
| 685,000 |  |  |  |  | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016 |  |  | 5.000 |  |  |  | 10/01/31 |  |  |  | 691,697 |
| 2,000,000 |  |  |  |  | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019 |  |  | 5.000 |  |  |  | 01/01/49 |  |  |  | 2,059,582 |
|  |  |  |  |  | TOTAL NORTH CAROLINA |  |  |  |  |  |  |  |  |  |  | 2,751,279 |
|  |  |  |  |  | NORTH DAKOTA - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 100,000 |  |  |  |  | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017 |  |  | 5.000 |  |  |  | 12/01/36 |  |  |  | 97,867 |
|  |  |  |  |  | TOTAL NORTH DAKOTA |  |  |  |  |  |  |  |  |  |  | 97,867 |
|  |  |  |  |  | OHIO - 2.4% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 |  |  | 5.000 |  |  |  | 06/01/55 |  |  |  | 904,391 |
| 500,000 |  |  | (a) |  | Columbus-Franklin County Finance Authority, Ohio, Revenue Bonds, Bridge Park G Block Project, Public Infrastructure Series 2022 |  |  | 5.000 |  |  |  | 12/01/45 |  |  |  | 502,450 |
| 500,000 |  |  | (a) |  | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023, (AMT), (Mandatory Put 12/01/28) |  |  | 5.000 |  |  |  | 12/01/53 |  |  |  | 509,923 |
| 500,000 |  |  | (a) |  | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) |  |  | 5.000 |  |  |  | 07/01/49 |  |  |  | 495,069 |
|  |  |  |  |  | TOTAL OHIO |  |  |  |  |  |  |  |  |  |  | 2,411,833 |

55

Portfolio of Investments October 31, 2024
(continued)
NMI

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | OKLAHOMA - 0.7% |  |  |  |  |  |  |  |  |  |  |  |
| $   670,000 |  |  |  |  | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B |  |  | 5.500% |  |  |  | 08/15/52 |  |  | $ | 684,825 |
|  |  |  |  |  | TOTAL OKLAHOMA |  |  |  |  |  |  |  |  |  |  | 684,825 |
|  |  |  |  |  | OREGON - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 55,000 |  |  |  |  | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A |  |  | 5.250 |  |  |  | 11/15/50 |  |  |  | 55,090 |
|  |  |  |  |  | TOTAL OREGON |  |  |  |  |  |  |  |  |  |  | 55,090 |
|  |  |  |  |  | PENNSYLVANIA - 3.7% |  |  |  |  |  |  |  |  |  |  |  |
| 400,000 |  |  | (a) |  | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts Project, Series 2023 |  |  | 6.250 |  |  |  | 05/01/42 |  |  |  | 400,420 |
| 250,000 |  |  |  |  | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E Allen Street Project, Subordinate Series 2024B |  |  | 6.000 |  |  |  | 05/01/42 |  |  |  | 259,831 |
| 53,000 |  |  |  |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 |  |  | 6.000 |  |  |  | 06/30/34 |  |  |  | 57,322 |
| 700,000 |  |  |  |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 |  |  | 5.000 |  |  |  | 06/30/39 |  |  |  | 692,578 |
| 350,000 |  |  | (d) |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 |  |  | 0.000 |  |  |  | 06/30/44 |  |  |  | 250,297 |
| 109,000 |  |  |  |  | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 |  |  | 8.000 |  |  |  | 06/30/34 |  |  |  | 111,939 |
| 500,000 |  |  |  |  | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, Series 2021 |  |  | 5.000 |  |  |  | 11/01/51 |  |  |  | 515,296 |
| 495,000 |  |  |  |  | Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley Dual Language Charter School, General Purpose Authority, Series 2023 |  |  | 7.000 |  |  |  | 06/01/53 |  |  |  | 538,964 |
| 560,000 |  |  | (e) |  | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, (Pre-refunded 1/15/25) |  |  | 5.250 |  |  |  | 01/15/36 |  |  |  | 561,759 |
| 350,000 |  |  |  |  | Montgomery County Redevelopment Authority, Pennsylvania, Special Obligation Revenue Bonds, River Pointe Project Series 2023 |  |  | 6.500 |  |  |  | 09/01/43 |  |  |  | 356,653 |
|  |  |  |  |  | TOTAL PENNSYLVANIA |  |  |  |  |  |  |  |  |  |  | 3,745,059 |
|  |  |  |  |  | PUERTO RICO - 2.1% |  |  |  |  |  |  |  |  |  |  |  |
| 1,760,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 0.000 |  |  |  | 07/01/51 |  |  |  | 427,071 |
| 500,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 4.750 |  |  |  | 07/01/53 |  |  |  | 496,571 |
| 1,000,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 |  |  | 5.000 |  |  |  | 07/01/58 |  |  |  | 1,002,300 |
| 200,000 |  |  |  |  | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 |  |  | 4.329 |  |  |  | 07/01/40 |  |  |  | 198,366 |
|  |  |  |  |  | TOTAL PUERTO RICO |  |  |  |  |  |  |  |  |  |  | 2,124,308 |
|  |  |  |  |  | SOUTH CAROLINA - 1.1% |  |  |  |  |  |  |  |  |  |  |  |
| 620,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Bishop Gadsden Episcopal Retirement Community, Series 2019A |  |  | 4.000 |  |  |  | 04/01/49 |  |  |  | 539,428 |
| 560,000 |  |  |  |  | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Riverwalk Academy Project Series 2023A |  |  | 7.000 |  |  |  | 06/15/43 |  |  |  | 586,855 |
|  |  |  |  |  | TOTAL SOUTH CAROLINA |  |  |  |  |  |  |  |  |  |  | 1,126,283 |
|  |  |  |  |  | SOUTH DAKOTA - 0.1% |  |  |  |  |  |  |  |  |  |  |  |
| 100,000 |  |  |  |  | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 2017 |  |  | 5.125 |  |  |  | 11/01/47 |  |  |  | 93,166 |
|  |  |  |  |  | TOTAL SOUTH DAKOTA |  |  |  |  |  |  |  |  |  |  | 93,166 |
|  |  |  |  |  | TENNESSEE - 0.3% |  |  |  |  |  |  |  |  |  |  |  |
| 250,000 |  |  |  |  | Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B, (AMT) |  |  | 5.500 |  |  |  | 07/01/42 |  |  |  | 274,861 |
|  |  |  |  |  | TOTAL TENNESSEE |  |  |  |  |  |  |  |  |  |  | 274,861 |

56

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | TEXAS - 6.7% |  |  |  |  |  |  |  |  |  |  |  |
| $   1,000,000 |  |  |  |  | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2021A |  |  | 4.000% |  |  |  | 11/01/46 |  |  | $ | 975,515 |
| 500,000 |  |  | (a) |  | Kyle, Texas, Special Assessment Revenue Bonds, Southwest Kyle Public Improvement District 1 Improvement Area 2 Project, Series 2023 |  |  | 6.750 |  |  |  | 09/01/48 |  |  |  | 526,183 |
| 125,000 |  |  | (a) |  | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) |  |  | 4.625 |  |  |  | 10/01/31 |  |  |  | 125,075 |
| 1,000,000 |  |  | (a) |  | Mustang Ridge, Travis and Caldwell Counties, Texas, Special Assessment Revenue Bonds, Durango Public Improvement District Improvement Area 1 Series 2023 |  |  | 6.375 |  |  |  | 09/01/53 |  |  |  | 1,024,773 |
| 1,000,000 |  |  |  |  | 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 |  |  |  | 1,000,063 |
| 200,000 |  |  | (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 |  |  |  | 242,904 |
| 535,000 |  |  | (a) |  | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Haggard Farm Public Improvement District Project, Area 1 Project Series 2023 |  |  | 7.500 |  |  |  | 09/15/53 |  |  |  | 565,498 |
| 240,000 |  |  |  |  | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A |  |  | 5.000 |  |  |  | 02/01/34 |  |  |  | 235,436 |
| 295,000 |  |  |  |  | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007 |  |  | 5.500 |  |  |  | 08/01/27 |  |  |  | 305,646 |
| 1,000,000 |  |  |  |  | Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, (AMT) |  |  | 5.000 |  |  |  | 06/30/58 |  |  |  | 1,014,042 |
| 250,000 |  |  | (a) |  | Travis County Development Authority, Texas, Contract Assessment Revenue Bonds, Bella Fortuna Public Improvement District, Series 2024 |  |  | 5.625 |  |  |  | 09/01/51 |  |  |  | 250,680 |
| 500,000 |  |  | (a) |  | Vista Lago, Travis County, Texas, Special Assessment Revenue Bonds, Tessera on Lake Travis Public Improvement District Improvement Area #3 Project, Series 2024 |  |  | 6.000 |  |  |  | 09/01/54 |  |  |  | 506,411 |
|  |  |  |  |  | TOTAL TEXAS |  |  |  |  |  |  |  |  |  |  | 6,772,226 |
|  |  |  |  |  | UTAH - 0.4% |  |  |  |  |  |  |  |  |  |  |  |
| 410,000 |  |  |  |  | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) |  |  | 5.250 |  |  |  | 07/01/53 |  |  |  | 432,743 |
|  |  |  |  |  | TOTAL UTAH |  |  |  |  |  |  |  |  |  |  | 432,743 |
|  |  |  |  |  | VIRGIN ISLANDS - 0.4% |  |  |  |  |  |  |  |  |  |  |  |
| 380,000 |  |  |  |  | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A |  |  | 5.000 |  |  |  | 10/01/32 |  |  |  | 394,840 |
|  |  |  |  |  | TOTAL VIRGIN ISLANDS |  |  |  |  |  |  |  |  |  |  | 394,840 |
|  |  |  |  |  | VIRGINIA - 2.2% |  |  |  |  |  |  |  |  |  |  |  |
| 100,000 |  |  |  |  | James City County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Williamsburg Landing Inc., Series 2024A |  |  | 6.875 |  |  |  | 12/01/58 |  |  |  | 110,552 |
| 100,000 |  |  |  |  | Virginia Beach Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2023A |  |  | 7.000 |  |  |  | 09/01/53 |  |  |  | 114,450 |
| 1,265,000 |  |  |  |  | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, (AMT) |  |  | 5.000 |  |  |  | 12/31/56 |  |  |  | 1,278,736 |
| 750,000 |  |  |  |  | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) |  |  | 5.000 |  |  |  | 12/31/47 |  |  |  | 780,058 |
|  |  |  |  |  | TOTAL VIRGINIA |  |  |  |  |  |  |  |  |  |  | 2,283,796 |
|  |  |  |  |  | WASHINGTON - 1.6% |  |  |  |  |  |  |  |  |  |  |  |
| 1,000,000 |  |  |  |  | Grays Harbor Public Hospital District 1, Washington, Revenue Bonds, Summit Pacific Medial Center Series 2023 |  |  | 6.750 |  |  |  | 12/01/44 |  |  |  | 1,124,472 |
| 500,000 |  |  |  |  | Jefferson County Public Hospital District 2, Washington, Hospital Revenue Bonds, Refunding Series 2023A |  |  | 6.875 |  |  |  | 12/01/53 |  |  |  | 512,328 |
|  |  |  |  |  | TOTAL WASHINGTON |  |  |  |  |  |  |  |  |  |  | 1,636,800 |

57

Portfolio of Investments October 31, 2024
(continued)
NMI

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | WEST VIRGINIA - 1.2% |  |  |  |  |  |  |  |  |  |  |  |
| $   225,000 |  |  | (a) |  | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, University Town Centre Economic Opportunity Development District, Subordinate Improvement Series 2023A |  |  | 7.000% |  |  |  | 06/01/43 |  |  | $ | 238,998 |
| 1,000,000 |  |  |  |  | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A |  |  | 5.000 |  |  |  | 06/01/47 |  |  |  | 1,011,313 |
|  |  |  |  |  | TOTAL WEST VIRGINIA |  |  |  |  |  |  |  |  |  |  | 1,250,311 |
|  |  |  |  |  | WISCONSIN - 3.7% |  |  |  |  |  |  |  |  |  |  |  |
| 3,634 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/46 |  |  |  | 110 |
| 3,583 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/47 |  |  |  | 100 |
| 3,557 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/48 |  |  |  | 94 |
| 3,532 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/49 |  |  |  | 88 |
| 3,480 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/50 |  |  |  | 80 |
| 3,813 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/51 |  |  |  | 83 |
| 98,174 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 3.750 |  |  |  | 07/01/51 |  |  |  | 70,223 |
| 3,788 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/52 |  |  |  | 77 |
| 3,736 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/53 |  |  |  | 72 |
| 3,711 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/54 |  |  |  | 67 |
| 3,660 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/55 |  |  |  | 63 |
| 3,608 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/56 |  |  |  | 59 |
| 3,583 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/57 |  |  |  | 55 |
| 3,532 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/58 |  |  |  | 51 |
| 3,506 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/59 |  |  |  | 48 |
| 3,480 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/60 |  |  |  | 45 |
| 3,429 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/61 |  |  |  | 42 |
| 3,404 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/62 |  |  |  | 39 |

58

PRINCIPAL |  |  |  |  | DESCRIPTION |  | RATE |  |  | MATURITY |  |  | VALUE |
|  |  |  |  |  | WISCONSIN (continued) |  |  |  |  |  |  |  |  |  |  |  |
| $   3,352 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000% |  |  |  | 01/01/63 |  |  | $ | 37 |
| 3,327 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/64 |  |  |  | 35 |
| 3,301 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/65 |  |  |  | 32 |
| 3,250 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/66 |  |  |  | 30 |
| 42,334 |  |  | (a),(b) |  | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B |  |  | 0.000 |  |  |  | 01/01/67 |  |  |  | 350 |
| 1,000,000 |  |  | (a) |  | Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Promenade Apartments Project, Series 2024 |  |  | 6.250 |  |  |  | 02/01/39 |  |  |  | 1,033,963 |
| 500,000 |  |  | (a) |  | Public Finance Authority of Wisconsin, Revenue Bonds, Revolution Academy, Refunding Series 2023A |  |  | 6.250 |  |  |  | 10/01/53 |  |  |  | 524,233 |
| 535,000 |  |  | (a) |  | Public Finance Authority of Wisconsin, Revenue Bonds, Unity Classical Charter School, A Challenge Foundation Academy, Series 2023 |  |  | 6.625 |  |  |  | 07/01/43 |  |  |  | 558,099 |
| 250,000 |  |  | (a) |  | Public Finance Authority, Wisconsin, Tax Increment Revenue Senior Bonds, World Center Project Series 2024A |  |  | 5.000 |  |  |  | 06/01/41 |  |  |  | 256,533 |
| 200,000 |  |  |  |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014 |  |  | 5.125 |  |  |  | 10/01/34 |  |  |  | 200,030 |
| 200,000 |  |  |  |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood Lutheran Senior Ministries, Series 2021 |  |  | 4.000 |  |  |  | 01/01/57 |  |  |  | 163,760 |
| 1,000,000 |  |  |  |  | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, PHW Oconomowoc, Inc. Project, Series 2018 |  |  | 5.125 |  |  |  | 10/01/48 |  |  |  | 939,019 |
|  |  |  |  |  | TOTAL WISCONSIN |  |  |  |  |  |  |  |  |  |  | 3,747,517 |
|  |  |  |  |  | TOTAL MUNICIPAL BONDS (Cost $ 97,516,727) |  |  |  |  |  |  |  |  |  |  | 100,305,789 |
|  |  |  |  |  | TOTAL LONG-TERM INVESTMENTS (Cost $ 97,516,727) |  |  |  |  |  |  |  |  |  |  | 100,305,789 |
|  |  |  |  |  | OTHER ASSETS & LIABILITIES, NET - 1.2% |  |  |  |  |  |  |  |  |  |  | 1,257,686 |
|  |  |  |  |  | NET ASSETS APPLICABLE TO COMMON SHARES - 100% |  |  |  |  |  |  |  |  |  | $ | 101,563,475 |

| All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(a) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $24,976,012 or 24.9% of Total Investments.

(b) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(c) | For fair value measurement disclosure purposes, investment classified as Level 3.

(d) | 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.

(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) | When-issued or delayed delivery security.

AMT | Alternative Minimum Tax

ETM | Escrowed to maturity

See Notes to Financial Statements
59

Statement of Assets and Liabilities

October 31, 2024 |  | NUV |  |  | NUW |  |  | NMI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments, at value † |  | $ | 1,965,488,246 |  |  | $ | 269,209,767 |  |  | $ | 100,305,789 |
Short-term investments, at value ◇ |  |  | 11,250,000 |  |  |  | 11,590,000 |  |  |  | - |
Cash |  |  | - |  |  |  | - |  |  |  | 27,942 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 22,890,758 |  |  |  | 3,155,796 |  |  |  | 1,556,475 |
Investments sold |  |  | 10,182,257 |  |  |  | 1,845,381 |  |  |  | 2,039,589 |
Sale of Vistra Vision interest #(1) |  |  | - |  |  |  | 900,677 |  |  |  | - |
Deferred offering costs |  |  | - |  |  |  | - |  |  |  | 192,602 |
Other |  |  | 196,532 |  |  |  | 5,285 |  |  |  | 1,694 |
Total assets |  |  | 2,010,007,793 |  |  |  | 286,706,906 |  |  |  | 104,124,091 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash overdraft |  |  | 6,820,749 |  |  |  | 9,358,583 |  |  |  | - |
Floating rate obligations |  |  | 37,480,000 |  |  |  | 2,000,000 |  |  |  | - |
Payables: |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 745,984 |  |  |  | 129,022 |  |  |  | 52,667 |
Dividends |  |  | 5,940,983 |  |  |  | 820,867 |  |  |  | 362,995 |
Excise tax liability expense |  |  | 716,552 |  |  |  | - |  |  |  | 37,198 |
Interest |  |  | 228,849 |  |  |  | 3,809 |  |  |  | – |
Investments purchased - when-issued/delayed-delivery settlement |  |  | 27,376,709 |  |  |  | 1,532,066 |  |  |  | 2,074,664 |
Vistra Vision sale transactions costs (1) |  |  | - |  |  |  | 21,655 |  |  |  | - |
Accrued expenses: |  |  |  |  |  |  |  |  |  |  |  |
Custodian fees |  |  | 122,291 |  |  |  | 37,796 |  |  |  | 19,449 |
Investor relations |  |  | 22,903 |  |  |  | 3,210 |  |  |  | 1,498 |
Directors/Trustees fees |  |  | 186,310 |  |  |  | 7,936 |  |  |  | 2,224 |
Professional fees |  |  | 18,098 |  |  |  | 4,896 |  |  |  | 3,331 |
Shareholder reporting expenses |  |  | 72,130 |  |  |  | 10,029 |  |  |  | 5,739 |
Shareholder servicing agent fees |  |  | 38,301 |  |  |  | 21 |  |  |  | 851 |
Total liabilities |  |  | 79,769,859 |  |  |  | 13,929,890 |  |  |  | 2,560,616 |
Commitments and contingencies (2) |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to common shares |  | $ | 1,930,237,934 |  |  | $ | 272,777,016 |  |  | $ | 101,563,475 |
Common shares outstanding |  |  | 207,541,595 |  |  |  | 17,951,336 |  |  |  | 10,052,056 |
Net asset value (“NAV”) per common share outstanding |  | $ | 9.30 |  |  | $ | 15.20 |  |  | $ | 10.10 |
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: |  |  |  |  |  |  |  |  |  |  |  |
Common shares, $0.01 par value per share |  | $ | 2,075,416 |  |  | $ | 179,513 |  |  | $ | 100,521 |
Paid-in capital |  |  | 1,963,547,908 |  |  |  | 268,620,421 |  |  |  | 105,258,121 |
Total distributable earnings (loss) |  |  | (35,385,390 | ) |  |  | 3,977,082 |  |  |  | (3,795,167 | )
Net assets applicable to common shares |  | $ | 1,930,237,934 |  |  | $ | 272,777,016 |  |  | $ | 101,563,475 |
Authorized shares: |  |  |  |  |  |  |  |  |  |  |  |
Common |  |  | 350,000,000 |  |  |  | Unlimited |  |  |  | 200,000,000 |
† Long-term investments, cost |  | $ | 1,911,751,164 |  |  | $ | 262,101,310 |  |  | $ | 97,516,727 |
◇ Short-term investments, cost |  |  | 11,250,000 |  |  |  | 11,590,000 |  |  |  | – |
# Net of discount of |  |  | – |  |  |  | 53,749 |  |  |  | – |

(1) | Refer to Note 4 of the Notes to Financial Statements for more information.

(2) | As disclosed in Notes to Financial Statements.

See Notes to Financial Statements
60

Statement of Operations

Year Ended October 31, 2024 |  |  | NUV |  |  |  | NUW |  |  |  | NMI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |
Dividends |  | $ | – |  |  | $ | 4,204 |  |  | $ | – |
Interest |  |  | 85,533,268 |  |  |  | 11,216,823 |  |  |  | 5,134,897 |
Total investment income |  |  | 85,533,268 |  |  |  | 11,221,027 |  |  |  | 5,134,897 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 8,770,613 |  |  |  | 1,518,658 |  |  |  | 612,345 |
Shareholder servicing agent fees |  |  | 268,624 |  |  |  | 172 |  |  |  | 5,250 |
Interest expense |  |  | 1,208,562 |  |  |  | 83,933 |  |  |  | 2,560 |
Directors/Trustees fees |  |  | 71,589 |  |  |  | 10,123 |  |  |  | 3,724 |
Custodian expenses, net |  |  | 134,151 |  |  |  | 43,144 |  |  |  | 22,680 |
Excise tax liability expense |  |  | 716,552 |  |  |  | – |  |  |  | 37,198 |
Investor relations expenses |  |  | 80,569 |  |  |  | 11,295 |  |  |  | 5,284 |
Professional fees |  |  | 149,430 |  |  |  | 52,980 |  |  |  | 65,224 |
Shareholder reporting expenses |  |  | 144,408 |  |  |  | 28,899 |  |  |  | 22,352 |
Shelf offering expense |  |  | – |  |  |  | – |  |  |  | 87,095 |
Stock exchange listing fees |  |  | 65,192 |  |  |  | 7,662 |  |  |  | 7,677 |
Other |  |  | 60,047 |  |  |  | 24,197 |  |  |  | 13,866 |
Total expenses |  |  | 11,669,737 |  |  |  | 1,781,063 |  |  |  | 885,255 |
Net investment income (loss) |  |  | 73,863,531 |  |  |  | 9,439,964 |  |  |  | 4,249,642 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |
Realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | (15,944,145 | ) |  |  | (2,167,255 | ) |  |  | (398,626 | )
Futures contracts |  |  | – |  |  |  | (259,004 | ) |  |  | – |
Net realized gain (loss) |  |  | (15,944,145 | ) |  |  | (2,426,259 | ) |  |  | (398,626 | )
Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | 140,919,769 |  |  |  | 20,756,451 |  |  |  | 9,846,589 |
Futures contracts |  |  | – |  |  |  | (654,844 | ) |  |  | – |
Net change in unrealized appreciation (depreciation) |  |  | 140,919,769 |  |  |  | 20,101,607 |  |  |  | 9,846,589 |
Net realized and unrealized gain (loss) |  |  | 124,975,624 |  |  |  | 17,675,348 |  |  |  | 9,447,963 |
Net increase (decrease) in net assets applicable to common shares from operations |  | $ | 198,839,155 |  |  | $ | 27,115,312 |  |  | $ | 13,697,605 |

See Notes to Financial Statements
61

Statement of Changes in Net Assets

|  | NUV |  |  |  | NUW
|  | Year Ended 10/31/24 |  |  | Year Ended 10/31/23 |  |  |  |  |  |  | Year Ended 10/31/24 |  |  | Year Ended 10/31/23 |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 73,863,531 |  |  | $ | 72,002,159 |  |  |  |  |  |  | $ | 9,439,964 |  |  | $ | 8,981,752 |  |  |
Net realized gain (loss) |  |  | (15,944,145 | ) |  |  | (21,685,836 | ) |  |  |  |  |  |  | (2,426,259 | ) |  |  | 236,748 |  |  |
Net change in unrealized appreciation (depreciation) |  |  | 140,919,769 |  |  |  | 4,622,056 |  |  |  |  |  |  |  | 20,101,607 |  |  |  | (585,238 | ) |  |
Net increase (decrease) in net assets applicable to common shares from operations |  |  | 198,839,155 |  |  |  | 54,938,379 |  |  |  |  |  |  |  | 27,115,312 |  |  |  | 8,633,262 |  |  |
DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends |  |  | (73,054,643 | ) |  |  | (69,941,517 | ) |  |  |  |  |  |  | (9,298,792 | ) |  |  | (8,625,617 | ) |  |
Total distributions |  |  | (73,054,643 | ) |  |  | (69,941,517 | ) |  |  |  |  |  |  | (9,298,792 | ) |  |  | (8,625,617 | ) |  |
Net increase (decrease) in net assets applicable to common shares |  |  | 125,784,512 |  |  |  | (15,003,138 | ) |  |  |  |  |  |  | 17,816,520 |  |  |  | 7,645 |  |  |
Net assets applicable to common shares at the beginning of the period |  |  | 1,804,453,422 |  |  |  | 1,819,456,560 |  |  |  |  |  |  |  | 254,960,496 |  |  |  | 254,952,851 |  |  |
Net assets applicable to common shares at the end of the period |  | $ | 1,930,237,934 |  |  | $ | 1,804,453,422 |  |  |  |  |  |  | $ | 272,777,016 |  |  | $ | 254,960,496 |  |  |

See Notes to Financial Statements
62

|  | NMI
|  | Year Ended 10/31/24 |  |  |  |  | Year Ended 10/31/23 |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 4,249,642 |  |  |  |  | $ | 3,781,686 |  |  |
Net realized gain (loss) |  |  | (398,626 | ) |  |  |  |  | (1,348,719 | ) |  |
Net change in unrealized appreciation (depreciation) |  |  | 9,846,589 |  |  |  |  |  | 483,356 |  |  |
Net increase (decrease) in net assets applicable to common shares from operations |  |  | 13,697,605 |  |  |  |  |  | 2,916,323 |  |  |
DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |
Dividends |  |  | (4,276,814 | ) |  |  |  |  | (3,678,642 | ) |  |
Total distributions |  |  | (4,276,814 | ) |  |  |  |  | (3,678,642 | ) |  |
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |
Common shares: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shelf offering, net of offering costs |  |  | 15,506 |  |  |  |  |  | 49,338 |  |  |
Reinvestments of distributions |  |  | 9,770 |  |  |  |  |  | – |  |  |
Net increase (decrease) applicable to common shares from capital share transactions |  |  | 25,276 |  |  |  |  |  | 49,338 |  |  |
Net increase (decrease) in net assets applicable to common shares |  |  | 9,446,067 |  |  |  |  |  | (712,981 | ) |  |
Net assets applicable to common shares at the beginning of the period |  |  | 92,117,408 |  |  |  |  |  | 92,830,389 |  |  |
Net assets applicable to common shares at the end of the period |  | $ | 101,563,475 |  |  |  |  | $ | 92,117,408 |  |  |

See Notes to Financial Statements
63

Financial Highlights
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

|  |  |  |  | Investment Operations |  |  | Less Distributions to Common Shareholders |  |  | Common Share |
|  | Common Share Net Asset Value, Beginning of Period |  |  | Net Investment Income (NII) (Loss)(a) |  |  | Net Realized/ Unrealized Gain (Loss) |  |  | Total |  |  | From NII |  |  | From Net Realized Gains |  |  | Total |  |  | Premium per Share Sold through Shelf Offering |  |  | Net Asset Value, End of Period |  |  | Share Price, End of Period |
NUV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10/31/24 |  |  | $8.69 |  |  |  | $0.36 |  |  |  | $0.60 |  |  |  | $0.96 |  |  |  | $(0.35) |  |  |  | $– |  |  |  | $(0.35) |  |  |  | $– |  |  |  | $9.30 |  |  |  | $8.91 |
10/31/23 |  |  | 8.77 |  |  |  | 0.35 |  |  |  | (0.09) |  |  |  | 0.26 |  |  |  | (0.34) |  |  |  | – |  |  |  | (0.34) |  |  |  | – |  |  |  | 8.69 |  |  |  | 7.99 |
10/31/22 |  |  | 10.62 |  |  |  | 0.33 |  |  |  | (1.84) |  |  |  | (1.51) |  |  |  | (0.34) |  |  |  | – |  |  |  | (0.34) |  |  |  | – |  |  |  | 8.77 |  |  |  | 8.35 |
10/31/21 |  |  | 10.48 |  |  |  | 0.35 |  |  |  | 0.15 |  |  |  | 0.50 |  |  |  | (0.36) |  |  |  | – |  |  |  | (0.36) |  |  |  | – |  |  |  | 10.62 |  |  |  | 11.21 |
10/31/20 |  |  | 10.57 |  |  |  | 0.37 |  |  |  | (0.09) |  |  |  | 0.28 |  |  |  | (0.37) |  |  |  | – |  |  |  | (0.37) |  |  |  | – |  |  |  | 10.48 |  |  |  | 10.81 |
NUW |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10/31/24 |  |  | 14.20 |  |  |  | 0.53 |  |  |  | 0.99 |  |  |  | 1.52 |  |  |  | (0.52) |  |  |  | – |  |  |  | (0.52) |  |  |  | – |  |  |  | 15.20 |  |  |  | 13.89 |
10/31/23 |  |  | 14.20 |  |  |  | 0.50 |  |  |  | (0.02) |  |  |  | 0.48 |  |  |  | (0.48) |  |  |  | – |  |  |  | (0.48) |  |  |  | – |  |  |  | 14.20 |  |  |  | 12.60 |
10/31/22 |  |  | 17.33 |  |  |  | 0.46 |  |  |  | (2.93) |  |  |  | (2.47) |  |  |  | (0.47) |  |  |  | (0.19) |  |  |  | (0.66) |  |  |  | – |  |  |  | 14.20 |  |  |  | 13.19 |
10/31/21 |  |  | 16.81 |  |  |  | 0.45 |  |  |  | 0.54 |  |  |  | 0.99 |  |  |  | (0.47) |  |  |  | – |  |  |  | (0.47) |  |  |  | –(d) |  |  |  | 17.33 |  |  |  | 16.76 |
10/31/20 |  |  | 16.90 |  |  |  | 0.47 |  |  |  | (0.08) |  |  |  | 0.39 |  |  |  | (0.48) |  |  |  | – |  |  |  | (0.48) |  |  |  | – |  |  |  | 16.81 |  |  |  | 16.21 |

(a) | Based on average shares outstanding.

(b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

| Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

|  | Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |  |
|  | NUV |  |  | NUW |  |
10/31/24 |  |  | 0.06% |  |  | 0.03% |  |
10/31/23 |  |  | 0.04 |  |  | 0.03 |  |
10/31/22 |  |  | 0.01 |  |  | 0.01 |  |
10/31/21 |  |  | 0.01 |  |  | 0.01 |  |
10/31/20 |  |  | 0.02 |  |  | 0.01 |  |

64

|  |  |  |  |  | Common Share Supplemental Data/ Ratios Applicable to Common Shares
|  | Common Share Total Returns |  |  |  | Ratios to Average Net Assets |  |
|  | Based on Net Asset Value(b) |  | Based on Share Price(b) |  | Net Assets, End of Period (000) |  | Expenses(c) |  | Net Investment Income (Loss) |  | Portfolio Turnover Rate
|  | 11.12% |  | 16.10% |  | $1,930,238 |  | 0.60% |  | 3.81% |  | 21%
|  | 2.79 |  | (0.52) |  | 1,804,453 |  | 0.53 |  | 3.77 |  | 17
|  | (14.52) |  | (22.80) |  | 1,819,457 |  | 0.50 |  | 3.36 |  | 29
|  | 4.79 |  | 7.19 |  | 2,203,176 |  | 0.48 |  | 3.27 |  | 11
|  | 2.72 |  | 7.41 |  | 2,171,104 |  | 0.51 |  | 3.52 |  | 11
|  | 10.72 |  | 14.46 |  | 272,777 |  | 0.65 |  | 3.45 |  | 22
|  | 3.27 |  | (1.08) |  | 254,960 |  | 0.63 |  | 3.35 |  | 14
|  | (14.65) |  | (17.84) |  | 254,953 |  | 0.64 |  | 2.90 |  | 17
|  | 5.89 |  | 6.31 |  | 311,092 |  | 0.68 (e) |  | 2.60 (e) |  | 10
|  | 2.33 |  | (0.77) |  | 260,790 |  | 0.78 (e) |  | 2.79 (e) |  | 13

(d) | Value rounded to zero.

(e) | During the period ended October 31, 2021 and October 31, 2020, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect the voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows:

|  | Ratios to Average Net Assets |
|  | NUW |  | Expenses |  |  |  |  |  | NII (Loss) |
|  | 10/31/21 |  |  | 0.68% |  |  |  |  |  |  |  | 2.60% |
|  | 10/31/20 |  |  | 0.82 |  |  |  |  |  |  |  | 2.75 |

See Notes to Financial Statements
65

Financial Highlights (continuted)
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

|  |  |  |  | Investment Operations |  |  | Less Distributions to Common Shareholders |  |  | Common Share |
|  | Common Share Net Asset Value, Beginning of Period |  |  | Net Investment Income (NII) (Loss)(a) |  |  | Net Realized/ Unrealized Gain (Loss) |  |  | Total |  |  | From NII |  |  | From Net Realized Gains |  |  | Total |  |  | Shelf Offering Costs |  |  | Premium per Share Sold through Shelf Offering |  |  | Net Asset Value, End of Period |  |  | Share Price, End of Period |
NMI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10/31/24 |  |  | $9.16 |  |  |  | $0.42 |  |  |  | $0.95 |  |  |  | $1.37 |  |  |  | $(0.43) |  |  |  | $– |  |  |  | $(0.43) |  |  |  | $–(d) |  |  |  | $– |  |  |  | $10.10 |  |  |  | $9.68 |
10/31/23 |  |  | 9.24 |  |  |  | 0.38 |  |  |  | (0.09) |  |  |  | 0.29 |  |  |  | (0.37) |  |  |  | – |  |  |  | (0.37) |  |  |  | – |  |  |  | –(d) |  |  |  | 9.16 |  |  |  | 8.35 |
10/31/22 |  |  | 11.27 |  |  |  | 0.34 |  |  |  | (2.05) |  |  |  | (1.71) |  |  |  | (0.32) |  |  |  | –(d) |  |  |  | (0.32) |  |  |  | – |  |  |  | – |  |  |  | 9.24 |  |  |  | 8.53 |
10/31/21 |  |  | 11.08 |  |  |  | 0.37 |  |  |  | 0.20 |  |  |  | 0.57 |  |  |  | (0.38) |  |  |  | – |  |  |  | (0.38) |  |  |  | – |  |  |  | – |  |  |  | 11.27 |  |  |  | 11.65 |
10/31/20 |  |  | 11.32 |  |  |  | 0.41 |  |  |  | (0.20) |  |  |  | 0.21 |  |  |  | (0.41) |  |  |  | (0.04) |  |  |  | (0.45) |  |  |  | – |  |  |  | –(d) |  |  |  | 11.08 |  |  |  | 11.31 |

(a) | Based on average shares outstanding.

(b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

| Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

66

|  |  |  |  |  |  |  |  |  |  |  |  |  | Common Share Supplemental Data/ Ratios Applicable to Common Shares |
|  | Common Share Total Returns |  |  |  |  |  |  |  |  | Ratios to Average Net Assets |  |  |  |  |  |  |
|  | Based on Net Asset Value(b) |  |  |  |  |  | Based on Share Price(b) |  |  |  |  |  | Net Assets, End of Period (000) |  |  |  |  |  | Expenses(c) |  |  |  |  |  | Net Investment Income (Loss) |  |  |  |  |  | Portfolio Turnover Rate |
|  |  | 15.13% |  |  |  |  |  |  |  | 21.21% |  |  |  |  |  |  |  | $101,563 |  |  |  |  |  |  |  | 0.88% |  |  |  |  |  |  |  | 4.22% |  |  |  |  |  |  |  | 38% |
|  |  | 2.94 |  |  |  |  |  |  |  | 1.80 |  |  |  |  |  |  |  | 92,117 |  |  |  |  |  |  |  | 0.74 |  |  |  |  |  |  |  | 3.87 |  |  |  |  |  |  |  | 33 |
|  |  | (15.39) |  |  |  |  |  |  |  | (24.32) |  |  |  |  |  |  |  | 92,830 |  |  |  |  |  |  |  | 0.72 |  |  |  |  |  |  |  | 3.29 |  |  |  |  |  |  |  | 61 |
|  |  | 5.18 |  |  |  |  |  |  |  | 6.51 |  |  |  |  |  |  |  | 113,191 |  |  |  |  |  |  |  | 0.73 |  |  |  |  |  |  |  | 3.23 |  |  |  |  |  |  |  | 15 |
|  |  | 1.86 |  |  |  |  |  |  |  | 3.87 |  |  |  |  |  |  |  | 101,924 |  |  |  |  |  |  |  | 0.74 |  |  |  |  |  |  |  | 3.70 |  |  |  |  |  |  |  | 15 |

(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

|  |  |  | Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
|  |  | NMI
| 10/31/24 |  | –%
| 10/31/23 |  | –
| 10/31/22 |  | –
| 10/31/21 |  | –
| 10/31/20 |  | –

(d) | Value rounded to zero.

See Notes to Financial Statements
67

Notes to Financial Statements

1. | General Information

Fund Information:
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

| • |  | Nuveen Municipal Value Fund, Inc. (NUV)

| • |  | Nuveen AMT-Free Municipal Value Fund (NUW)

| • |  | Nuveen Municipal Income Fund, Inc. (NMI)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as
closed-end
management investment companies. NUV and NMI were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. NUW was organized as a Massachusetts business trust on November 19, 2008.
Current Fiscal Period:
The end of the reporting period for the Funds is October 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2024 (the “current fiscal period”).
Investment Adviser and
Sub-Adviser:
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into
sub-advisory
agreements with Nuveen Asset Management, LLC (the
“Sub-Adviser”),
a subsidiary of the Adviser, under which the
Sub-Adviser
manages the investment portfolios of the Funds.
Developments Regarding the Funds’ Control Share
By-Law:
On October 5, 2020, the Funds and certain other
closed-end
funds in the Nuveen fund complex amended their
by-laws.
Among other things, the amended
by-laws
included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the
by-laws)
shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share
By-Law”).
On January 14, 2021, a shareholder of certain Nuveen
closed-end
funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share
By-Laws
violate the 1940 Act, rescission of such fund’s Control Share
By-Laws
and a permanent injunction against such funds applying the Control Share
By-Laws.
On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share
By-Laws
and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share
By-Laws
violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Directors/Trustees (the “Board”) amended the Funds’
by-laws
to provide that the Funds’ Control Share
By-Law
shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share
By-Law
will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit. On November 30, 2023, the U.S. Court of Appeals for the Second Circuit upheld the opinion of the District Court. On February 28, 2024, the Board of the Funds Amended and Restated
By-Laws
to eliminate the “control share” provisions.

2. | Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to each Fund from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/ trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Custodian Fee Credit:
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by each Fund was as follows:
68

Fund |  | Gross Custodian Fee Credits |
NUV |  | $ | 26,028 |
NUW |  |  | 7,642 |
NMI |  |  | 4,729 |

Distributions to Common Shareholders:
Distributions to common shareholders are recorded on the
ex-dividend
date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The Funds’ distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares (stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode.
Indemnifications:
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects
payment-in-kind
(“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the
ex-dividend
date.
Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.
New Accounting Pronouncement:
In November 2023, the FASB issued Accounting Standard Update (“ASU”)
No. 2023-07,
Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU
2023-07”).
The amendments in ASU
2023-07
improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU
2023-07
also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU
2023-07
and all existing segment disclosures in Topic 280. The amendments in ASU
2023-07
are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management has assessed the new guidance and determined that it will not have a material impact on the financial positions or results of operations of the Funds.

3. | Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – |  | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – |  | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

69

Notes to Financial Statements
(continued)

Level 3 – |  | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:

NUV |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | – |  |  | $ | 1,965,488,246 |  |  | $ | – |  |  | $ | 1,965,488,246 |
Short-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  |  | – |  |  |  | 11,250,000 |  |  |  | – |  |  |  | 11,250,000 |
Total |  | $ | – |  |  | $ | 1,976,738,246 |  |  | $ | – |  |  | $ | 1,976,738,246 |
NUW |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | – |  |  | $ | 269,193,489 |  |  | $ | – |  |  | $ | 269,193,489 |
Variable Rate Senior Loan Interests |  |  | – |  |  |  | – |  |  |  | 16,278 |  |  |  | 16,278 |
Short-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  |  | – |  |  |  | 11,590,000 |  |  |  | – |  |  |  | 11,590,000 |
Total |  | $ | – |  |  | $ | 280,783,489 |  |  | $ | 16,278 |  |  | $ | 280,799,767 |
NMI |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | – |  |  | $ | 100,301,911 |  |  | $ | 3,878 |  |  | $ | 100,305,789 |
Total |  | $ | – |  |  | $ | 100,301,911 |  |  | $ | 3,878 |  |  | $ | 100,305,789 |

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described later in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which is not reflected in the tables above. The carrying value of this receivable approximates fair value. The “Receivable for sale of Vistra Vision interest” is generally classified as Level 2 and further described in these Notes to Financial Statements.
70

4. | Portfolio Securities

Inverse Floating Rate Securities:
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term
tax-exempt
interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Fund |  | Floating Rate Obligations: Self- Deposited Inverse Floaters |  |  | Floating Rate Obligations: Externally-Deposited Inverse Floaters |  |  | Total |
NUV |  | $ | 37,480,000 |  |  | $ | – |  |  | $ | 37,480,000 |
NUW |  |  | 2,000,000 |  |  |  | – |  |  |  | 2,000,000 |
NMI |  |  | – |  |  |  | – |  |  |  | – |

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
71

Notes to Financial Statements
(continued)

Fund |  | Average Floating Rate Obligations Outstanding |  |  | Average Annual Interest Rate And Fees
NUV |  | $ | 29,085,479 |  |  | 3.88%
NUW |  |  | 2,000,000 |  |  | 3.88
NMI |  |  | – |  |  | –

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as “shortfall payment”). Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities. During the current fiscal period, none of the Funds made shortfall Payments.
As of the end of the reporting period, the Funds maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Fund |  | Maximum Exposure to Recourse Trusts: Self-Deposited Inverse Floaters |  |  | Maximum Exposure to Recourse Trusts: Externally-Deposited Inverse Floaters |  |  | Total |
NUV |  | $ | 37,480,000 |  |  | $ | – |  |  | $ | 37,480,000 |
NUW |  |  | 2,000,000 |  |  |  | – |  |  |  | 2,000,000 |
NMI |  |  | – |  |  |  | – |  |  |  | – |

Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:

Fund |  | Non-U.S. Government Purchases |  |  | Non-U.S. Government Sales and Maturities |
NUV |  | $ | 437,317,563 |  |  | $ | 404,321,390 |
NUW |  |  | 58,303,315 |  |  |  | 60,700,605 |
NMI |  |  | 39,226,762 |  |  |  | 37,217,860 |

72

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Sale of Vistra Vision interests:
On September 18, 2024, Vistra Corp. (“Vistra”) and Nuveen agreed to terms for the sale of the Vistra Vision interest. In exchange for its interest in Vistra Vision, the Funds will receive proceeds from the sale over a series of payments from Vistra through December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related transaction costs are recognized as “Receivable for sale of Vistra Vision interest” and “Payable for Vistra Vision sale transactions costs,” respectively, on the Statement of Assets and Liabilities.

5. | Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Futures Contracts:
During the current fiscal period, NUW managed the duration of its portfolio by shorting interest rate futures contracts.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by
“marking-to-market”
on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

Fund |  | Average Notional Amount of Futures Contracts Outstanding *
NUW |  | $12,949,636

* | The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

During the current fiscal period, the effect of derivative contracts on the Fund’s Statement of Operations was as follows:

Derivative Instrument |  | Risk Exposure |  |  |  |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |
NUW |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  | Interest rate |  |  |  |  |  |  |  | $(259,004) |  |  |  | $(654,844) |

Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
73

Notes to Financial Statements
(continued)
to the amount of any unrealized gain above a
pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined
threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the
pre-determined
threshold amount.

6. | Fund Shares

Common Shares Equity Shelf Programs and Offering Costs:
The following Fund has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during the current and prior fiscal periods.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.
Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal periods were as follows:

|  | NMI |
|  | Year Ended 10/31/24 |  |  | Year Ended 10/31/23 |
Maximum aggregate offering |  |  | 2,000,000* |  |  |  | 2,200,000 |
Common shares sold |  |  | – |  |  |  | – |
Offering proceeds, net of offering costs |  |  | 15,506 |  |  |  | 49,338 |

* For the period May 2, 2024 through October 31, 2024. For the period November 1, 2023 through March 20, 2024 the maximum aggregate offering was 2,200,000.
Costs incurred by the Fund in connection with its initial shelf registration are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.
Common Share Transactions:
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:

|  | NMI |
|  | Year Ended 10/31/24 |  |  | Year Ended 10/31/23 |
Common Shares: |  |  |  |  |  |  |  |
Sold through shelf offering |  |  | – |  |  |  | 4,954 |
Issued to shareholders due to reinvestment of distributions |  |  | 961 |  |  |  | – |
Total |  |  | 961 |  |  |  | 4,954 |
Weighted average common share: |  |  |  |  |  |  |  |
Premium to NAV per shelf offering common share sold |  |  | –% |  |  |  | 1.11% |

7. | Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NUW the AMT applicable to individuals to retain such
tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
74

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to nondeductible expenses and taxable market discount. Temporary and permanent differences have no impact on a Fund’s net assets.
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

Fund |  | Tax Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized (Depreciation) |  |  | Net Unrealized Appreciation (Depreciation) |
NUV |  | $ | 1,876,872,924 |  |  | $ | 81,109,313 |  |  | $ | (18,723,991 | ) |  | $ | 62,385,322 |
NUW |  |  | 270,744,879 |  |  |  | 9,550,310 |  |  |  | (1,495,422 | ) |  |  | 8,054,888 |
NMI |  |  | 97,469,312 |  |  |  | 3,457,737 |  |  |  | (621,260 | ) |  |  | 2,836,477 |

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as
up-front
fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of year end, the components of accumulated earnings on a tax basis were as follows:

Fund |  | Undistributed Tax-Exempt Income 1 |  |  | Undistributed Ordinary Income |  |  | Undistributed Long-Term Capital Gains |  |  | Unrealized Appreciation (Depreciation) |  |  | Capital Loss Carryforwards |  |  | Late-Year Loss Deferrals |  |  | Other Book-to-Tax Differences |  |  | Total |
NUV |  | $ | 9,001,852 |  |  | $ | 15,248 |  |  | $ | – |  |  | $ | 62,385,322 |  |  | $ | (100,354,022 | ) |  | $ | – |  |  | $ | (6,433,790 | ) |  | $ | (35,385,390 | )
NUW |  |  | 1,536,337 |  |  |  | 6,164 |  |  |  | – |  |  |  | 8,054,888 |  |  |  | (4,085,468 | ) |  |  | – |  |  |  | (1,534,839 | ) |  |  | 3,977,082 |
NMI |  |  | 534,633 |  |  |  | – |  |  |  | – |  |  |  | 2,836,477 |  |  |  | (6,784,299 | ) |  |  | – |  |  |  | (381,978 | ) |  |  | (3,795,167 | )

1 | Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2024 and paid on November 1, 2024.

The tax character of distributions paid was as follows:

|  |  |  |  | 10/31/24 |  |  |  |  |  |  |  |  | 10/31/23 |  |  |  |
Fund |  | Tax-Exempt Income 1 |  |  | Ordinary Income |  |  | Long-Term Capital Gains |  |  | Tax-Exempt Income |  |  | Ordinary Income |  |  | Long-Term Capital Gains |
NUV |  | $ | 73,054,643 |  |  | $ | – |  |  | $ | – |  |  | $ | 69,485,651 |  |  | $ | 455,866 |  |  | $ | – |
NUW |  |  | 9,296,928 |  |  |  | 1,864 |  |  |  | – |  |  |  | 8,621,293 |  |  |  | 4,324 |  |  |  | – |
NMI |  |  | 4,275,926 |  |  |  | 888 |  |  |  | – |  |  |  | 3,678,642 |  |  |  | – |  |  |  | – |

1 | Each Fund designates these amounts paid during the period as Exempt Interest Dividends.

As of year end, the Funds had capital loss carryforwards, which will not expire:

Fund |  | Short-Term |  |  | Long-Term |  |  | Total |
NUV |  | $ | 38,411,651 |  |  | $ | 61,942,371 |  |  | $ | 100,354,022 |
NUW |  |  | 344,013 |  |  |  | 3,741,455 |  |  |  | 4,085,468 |
NMI |  |  | 3,244,398 |  |  |  | 3,539,901 |  |  |  | 6,784,299 |

8. | Management Fees and Other Transactions with Affiliates

Management Fees:
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The
Sub-Adviser
is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for NUV a gross interest income component. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
Annual fund-level fee, payable monthly, for NUV is calculated according to the following schedule:
75

Notes to Financial Statements
(continued)

|  | NUV |
Average Daily Net Assets |  | Fund-Level Fee Rate |
For the first $500 million |  |  | 0.1500 | %
For the next $500 million |  |  | 0.1250 |
For net assets over $1 billion |  |  | 0.1000 |

In addition, NUV pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

|  | NUV |
Gross Interest Income |  | Gross Income Fee Rate |
For the first $50 million |  |  | 4.125 | %
For the next $50 million |  |  | 4.000 |
For gross income over $100 million |  |  | 3.875 |

The annual fund-level fee, payable monthly, for NUW and NMI is calculated according to the following schedules:

|  | NUW |
Average Daily Managed Assets* |  | Fund-Level Fee Rate |
For the first $125 million |  |  | 0.4000 | %
For the next $125 million |  |  | 0.3875 |
For the next $250 million |  |  | 0.3750 |
For the next $500 million |  |  | 0.3625 |
For the next $1 billion |  |  | 0.3500 |
For the next $3 billion |  |  | 0.3250 |
For managed assets over $5 billion |  |  | 0.3125 |

|  | NMI |
Average Daily Net Assets |  | Fund-Level Fee Rate |
For the first $125 million |  |  | 0.4500 | %
For the next $125 million |  |  | 0.4375 |
For the next $250 million |  |  | 0.4250 |
For the next $500 million |  |  | 0.4125 |
For the next $1 billion |  |  | 0.4000 |
For the next $3 billion |  |  | 0.3750 |
For net assets over $5 billion |  |  | 0.3625 |

For the period November 1, 2023 through April 30, 2024, the annual complex-level fee, payable monthly, for each Fund was calculated according to the following schedule:

Complex-Level Eligible Asset Breakpoint Level* |  | Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion |  | 0.2000%
$56 billion |  | 0.1996
$57 billion |  | 0.1989
$60 billion |  | 0.1961
$63 billion |  | 0.1931
$66 billion |  | 0.1900
$71 billion |  | 0.1851
$76 billion |  | 0.1806
$80 billion |  | 0.1773
$91 billion |  | 0.1691
$125 billion |  | 0.1599
$200 billion |  | 0.1505
$250 billion |  | 0.1469
$300 billion |  | 0.1445

76

* | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute ‘’eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year.

Effective May 1, 2024, the annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Complex-Level Asset Breakpoint Level* |  | Complex-Level Fee |
For the first $124.3 billion |  |  | 0.1600 | %
For the next $75.7 billion |  |  | 0.1350 |
For the next $200 billion |  |  | 0.1325 |
For eligible assets over $400 billion |  |  | 0.1300 |

* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of October 31, 2024, the annual complex-level fee for each Fund was as follows:

Fund |  | Complex-Level Fee |
NUV |  |  | 0.1572% |
NUW |  |  | 0.1572% |
NMI |  |  | 0.1572% |

Other Transactions with Affiliates:
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the
Sub-Adviser
or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule
17a-7
under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

Fund |  | Purchases |  |  | Sales |  |  | Realized Gain (Loss) |
NUV |  | $ | – |  |  | $ | – |  |  | $ | – |
NUW |  |  | – |  |  |  | – |  |  |  | – |
NMI |  |  | – |  |  |  | 4,473,361 |  |  |  | (74,379) |

9. | Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.
77

Notes to Financial Statements
(continued)

10. | Borrowing Arrangements

Committed Line of Credit:
The Funds, along with certain funds managed by the Advisor and by an affiliate of the Adviser (“Participating Funds”), have established a
364-day,
$2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than
on-going
leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2025 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:

Fund |  | Maximum Outstanding Balance |
NUV |  | $ | 26,700,000 |
NUW |  |  | 270,572 |
NMI |  |  | 331,261 |

During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

Fund |  | Utilization Period (Days Outstanding) |  |  | Average Daily Balance Outstanding |  |  | Average Annual Interest Rate |
NUV |  |  | 8 |  |  | $ | 14,743,637 |  |  |  | 6.53% |
NUW |  |  | 3 |  |  |  | 270,572 |  |  |  | 6.53 |
NMI |  |  | 8 |  |  |  | 238,082 |  |  |  | 6.47 |

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

11. | Inter-Fund Lending

Inter-Fund Borrowing and Lending:
The SEC has granted an exemptive order permitting registered
open-end
and
closed-end
Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The
closed-end
Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such
closed-end
funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
78

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
79

Shareholder Update
(Unaudited)
CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS
NUVEEN MUNICIPAL VALUE FUND, INC. (NUV)
Investment Objectives
The Fund’s primary investment objective is current income exempt from federal income tax. The Fund’s secondary objective is the enhancement of portfolio value through selection of
tax-exempt
bonds and municipal market sectors. The Fund seeks to achieve its investment objectives by investing in a portfolio of municipal securities, a significant portion of which the Fund’s investment
sub-adviser
believes are underrated and undervalued, based upon its
bottom-up,
research-driven investment strategy.
Investment Policies
Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities, the income from which is exempt from regular federal income taxes.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:

| ● |  | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax.

| ● |  | The Fund will invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (“NRSRO”) that rate such securities, or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser. A security is considered investment grade if it is rated within the four highest letter grades by at least one NRSRO that rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser (such securities are commonly referred to as split-rated securities).

| ● |  | The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) by all NRSROs or are unrated but judged to be of comparable quality by the Fund’s sub-adviser; however, the Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

| ● |  | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

| ● |  | The Fund will not invest more than 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin.

| ● |  | The Fund will not invest more than 10% of its Managed Assets in “tobacco settlement bonds.”

| ● |  | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options.

| ● |  | The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
80

Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes,
pre-refunded
municipal bonds, private activity bonds, securities issued by tender option bond (“TOB”) Trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular United States (“U.S.”) federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the U.S. (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.
The Fund may invest a significant portion of its Managed Assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and
start-up
utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers.
The Fund may also invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers (“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in
pre-refunded
municipal securities. The principal of and interest on
pre-refunded
municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the
pre-refunded
municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the
pre-refunded
municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the
pre-refunded
municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
81

Shareholder Update
(continued)
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or
closed-end
investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).
The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below
C-,
at the time of investment); provided, however, that the Fund’s
sub-adviser
may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund.
Use of Leverage
As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as the issuance of preferred shares of beneficial interest (“Preferred Shares”) or debt instruments. However, the Fund may borrow for temporary or emergency purposes and invest in certain instruments, including inverse floating rate securities that have the economic effect of leverage. The Fund may source leverage through investments in inverse floating rate securities, which have the economic effect of leverage. The amount of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s
sub-adviser’s
opinion, temporary imbalances of supply and demand or other temporary dislocations in the
tax-exempt
bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest up to 100% of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either
tax-exempt
or taxable. The Fund may not achieve its investment objectives during such periods.
82

NUVEEN
AMT-FREE
MUNICIPAL VALUE FUND (NUW)
Investment Objectives
The Fund’s primary investment objective is to provide current income exempt from regular federal income tax. The Fund’s secondary investment objective is to enhance portfolio value and total return.
Investment Policies
Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes. Generally, the Fund expects to be fully invested (at least 95% of its assets) in such municipal securities.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:

| ● |  | The Fund will invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (“NRSRO”) that rate such securities, or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser. A security is considered investment grade if it is rated within the four highest letter grades by at least one NRSRO that rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser (such securities are commonly referred to as split-rated securities).

| ● |  | The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) by all NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser; however, the Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

| ● |  | The Fund will not invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals.

| ● |  | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

| ● |  | The Fund will not invest more than 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin and no more than 5% of its Managed Assets in any one issuer.

| ● |  | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options.

| ● |  | The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes,
pre-refunded
municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB Trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.
83

Shareholder Update
(continued)
The Fund may invest a significant portion of its Managed Assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and
start-up
utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in
pre-refunded
municipal securities. The principal of and interest on
pre-refunded
municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the
pre-refunded
municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the
pre-refunded
municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the
pre-refunded
municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
84

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or
closed-end
investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).
The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below
C-,
at the time of investment); provided, however, that the Fund’s
sub-adviser
may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund.
Use of Leverage
As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as preferred shares of beneficial interest (“Preferred Shares”) or debt instruments. However, the Fund may borrow for temporary or emergency purposes and invest in certain instruments, including inverse floating rate securities that have the economic effect of leverage. The Fund may source leverage through investments in inverse floating rate securities, which have the economic effect of leverage. The amount of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s
sub-adviser’s
opinion, temporary imbalances of supply and demand or other temporary dislocations in the
tax-exempt
bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may up to 100% of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either
tax-exempt
or taxable. The Fund may not achieve its investment objectives during such periods.
85

Shareholder Update
(continued)
NUVEEN MUNICIPAL INCOME FUND, INC. (NMI)
Investment Objective
The Fund’s investment objective is a high level of current income exempt from federal income tax, which the Fund seeks to achieve by investing primarily in a diversified portfolio of
tax-exempt
municipal obligations.
Investment Policies
Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:

| ● |  | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax.

| ● |  | The Fund may invest up to 75% of its Managed Assets in municipal securities that are rated BBB/Baa or lower by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s sub-adviser. The Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by any NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

| ● |  | The Fund may invest up to 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin.

| ● |  | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

| ● |  | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options.

| ● |  | The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment. The credit quality policies noted above apply only at the time of the purchase of a security, and the Fund is not required to dispose of a security in the event Moody’s, S&P or Fitch downgrades its assessment of the credit characteristics of a particular issuer, even if such downgrade causes the portfolio to exceed the 75% or 10% thresholds noted above. If at any time the Fund exceeds either the 75% or 10% threshold noted above, the Fund’s future investments will be made in a manner that will bring the Fund’s portfolio back into compliance with these policies.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes,
pre-refunded
municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB Trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.
The Fund may also invest in in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers (“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
86

The Fund may invest a significant portion of its Managed Assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and
start-up
utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in
pre-refunded
municipal securities. The principal of and interest on
pre-refunded
municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the
pre-refunded
municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the
pre-refunded
municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the
pre-refunded
municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
87

Shareholder Update
(continued)
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts, or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or
closed-end
investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).
The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below
C-,
at the time of investment); provided, however, that the Fund’s
sub-adviser
may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund.
Use of Leverage
As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as preferred shares of beneficial interest (“Preferred Shares”) or debt instruments. However, the Fund may borrow for temporary or emergency purposes and invest in certain instruments, including inverse floating rate securities that have the economic effect of leverage. The Fund may source leverage through investments in inverse floating rate securities, which have the economic effect of leverage. The amount of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s
sub-adviser’s
opinion, temporary imbalances of supply and demand or other temporary dislocations in the
tax-exempt
bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest up to 100% of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either
tax-exempt
or taxable. The Fund may not achieve its investment objectives during such periods.
88

PRINCIPAL RISKS OF THE FUNDS
The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.

Risk |  | NUV |  | NUW |  | NMI
Portfolio Level Risks |  |  |  |  |  |
Alternative Minimum Tax Risk |  | X |  | – |  | X
Below Investment Grade Risk |  | X |  | X |  | X
Call Risk |  | X |  | X |  | X
Credit Risk |  | X |  | X |  | X
Credit Spread Risk |  | X |  | X |  | X
Direct Lending Risk |  | X |  | X |  | X
Distressed or Defaulted Securities Risk |  | X |  | X |  | X
Deflation Risk |  | X |  | X |  | X
Derivatives Risk |  | X |  | X |  | X
Duration Risk |  | X |  | X |  | X
Economic Sector Risk |  | X |  | X |  | X
Financial Futures and Options Risk |  | X |  | X |  | X
Floating and Variable Rate Securities Risk |  | X |  | X |  | X
Hedging Risk |  | X |  | X |  | X
Illiquid Investments Risk |  | X |  | X |  | X
Income Risk |  | X |  | X |  | X
Inflation Risk |  | X |  | X |  | X
Insurance Risk |  | X |  | X |  | X
Interest Rate Risk |  | X |  | X |  | X
Inverse Floating Rate Securities Risk |  | X |  | X |  | X
Municipal Securities Risk |  | X |  | X |  | X
Municipal Securities Market Liquidity Risk |  | X |  | X |  | X
Municipal Securities Market Risk |  | X |  | X |  | X
Other Investment Companies Risk |  | X |  | X |  | X
Puerto Rico Municipal Securities Market Risk |  | X |  | X |  | X
Reinvestment Risk |  | X |  | X |  | X
Special Risks Related to Certain Municipal Obligations |  | X |  | X |  | X
Swap Transactions Risk |  | X |  | X |  | X
Tax Risk |  | X |  | X |  | X
Taxability Risk |  | X |  | X |  | X
Tobacco Settlement Bond Risk |  | X |  | X |  | X
Unrated Securities Risk |  | X |  | X |  | X
Valuation Risk |  | X |  | X |  | X
When-Issued and Delayed Delivery Transactions Risk |  | X |  | X |  | X
Zero Coupon Bonds Risk |  | X |  | X |  | X

89

Shareholder Update
(cont
inu
ed)

R isk |  | NUV |  | NUW |  | NMI
Fund Level and Other Risks |  |  |  |  |  |
Anti-Takeover Provisions |  | X |  | X |  | X
Counterparty Risk |  | X |  | X |  | X
Cybersecurity Risk |  | X |  | X |  | X
Economic and Political Events Risk |  | X |  | X |  | X
Fund Tax Risk |  | X |  | X |  | X
Global Economic Risk |  | X |  | X |  | X
Investment and Market Risk |  | X |  | X |  | X
Legislation and Regulatory Risk |  | X |  | X |  | X
Leverage Risk |  | X |  | X |  | X
Market Discount from Net Asset Value |  | X |  | X |  | X
Recent Market Conditions |  | X |  | X |  | X

90

Portfolio Level
Risks:
Alternative Minimum Tax Risk.
The Fund may invest in AMT Bonds. Therefore, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.
Below Investment Grade Risk.
Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Issuers of lower grade investments may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade investments are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated investments may not be as liquid as the secondary market for more highly rated investments, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular investment. If a below investment grade investment goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.
Call Risk.
The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.
Credit Risk.
Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This
non-payment
would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing
non-payment
and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.
Credit Spread Risk.
Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
Direct Lending Risk.
The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund’s performance may be impacted by the Fund’s ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce Fund performance.
As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used as collateral for the Fund’s loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings.
Distressed or Defaulted Securities Risk.
Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or distress at the time of acquisition, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those investments. In any reorganization or liquidation proceeding relating to a portfolio investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale.
Deflation Risk.
Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.
Derivatives Risk.
The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An
over-the-counter
derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make
91

Shareholder Update (continued)
required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the
central
counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested.
It is possible that regulatory or other developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability successfully use derivative instruments.
Duration Risk.
Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.
Economic Sector Risk.
The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and
start-up
utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in one or more particular sectors, the Fund’s performance may be subject to additional risk and variability.
Financial Futures and Options Transactions Risk.
The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedge
d.
If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.
Floating and Variable Rate Securities Risk.
Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.
Hedging Risk.
The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the
sub-adviser’s
ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the
sub-adviser’s
judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.
Income Risk.
The Fund’s income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.
Illiquid Investments Risk.
Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or, if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.
92

Inflation Risk.
Inflation risk is the risk that the value of assets or income from
investments
will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase.
Insurance Risk.
The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to
sub-prime
mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.
Interest Rate Risk.
Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating- rate securities.
Inverse Floating Rate Securities Risk.
The Fund may invest in inverse floating rate securities. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.
The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.
The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:

| · |  | If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;

| · |  | If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and

| · |  | If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.

Municipal Securities Risk.
The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state’s credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer’s ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund’s
sub-adviser
than funds that invest in stock or other corporate investments.
To the extent that a fund invests a significant portion of its assets in the securities of issuers located in a given state or U.S. territory, it will be disproportionally affected by political and economic conditions and developments in that state or territory and may involve greater risk than funds that invest in a larger universe of securities. In addition, economic, political or regulatory changes in that state or territory could adversely affect municipal securities issuers in that state or territory and therefore the value of a fund’s investment portfolio.
Municipal Securities Market Liquidity Risk.
Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic
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Shareholder Update
(con
tinu
ed)
or market stress. In addition, recent federal
banking
regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance.
Municipal Securities Market Risk.
The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the
sub-adviser
than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices.
Other Investment Companies Risk.
The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.
With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and
closed-end
funds may differ from their NAV.
Puerto Rico Municipal Securities Market Risk.
To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as “Puerto Rico” or the “Commonwealth”), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund’s investment portfolio.
Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund’s investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. In both August 2015 and January 2016, Puerto Rico defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund’s investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation, including PROMESA that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund’s investments in Puerto Rican municipal securities.
These challenges and uncertainties have been exacerbated by Hurricanes Irma and Maria and the resulting natural disaster in Puerto Rico. In September 2017, Hurricanes Irma and Maria struck Puerto Rico, causing major damage across the Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time needed to rebuild Puerto Rico’s infrastructure is unclear, but could amount to years, during which the Commonwealth is likely to be in an uncertain economic state. The full extent of the natural disaster’s impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.
More recently, in late December 2019 and January 2020, a series of earthquakes hit Puerto Rico, including a magnitude 6.4 earthquake, the most powerful earthquake to hit the island in more than a century, causing an estimated $200 million in damage. In addition, in early 2020, as the population of Puerto Rico worked to recover from these natural disasters, the island was significantly impacted by Covid, resulting in the Commonwealth’s authorization of a $787 million relief package to fight the pandemic and its economic impacts. Any reduction in the Commonwealth’s revenues as a result of the pandemic could have a negative ability on the Commonwealth to meet its debt service obligations, including with respect to debt held by the Fund.
Puerto Rico’s political and economic conditions could have a negative impact on the liquidity or value of Puerto Rican municipal securities, and consequently may affect the Fund’s investments and its performance if the Fund invests a significant portion of its assets in Puerto Rican municipal securities.
Reinvestment Risk.
Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.
94

Special Risks Related to Certain Municipal Obligations.
Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of
“non-appropriation”
clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of
non-appropriation
or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of
non-appropriation,
the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.
Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.
Swap Transactions Risk.
The Fund may enter into debt-related derivative instruments such as credit default swap contracts, interest rate swaps, and MMD Rate Locks. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the
sub-adviser
of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the
sub-adviser
is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.
Tax Risk.
The value of the Fund’s investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax exempt status of interest income from municipal securities. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or
tax-deferred
accounts, for investors who are not sensitive to the federal income tax consequences of their investments.
Taxability Risk.
The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the
sub-adviser
will not independently verify that opinion. Subsequent to the Fund’s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as “exempt-interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.
Tobacco Settlement Bond Risk.
The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.
Unrated Securities Risk.
The Fund may purchase securities that are not rated by any rating organization. Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities.
Valuation Risk.
The municipal securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.
When-Issued and Delayed-Delivery Transactions Risk.
The Fund may invest in securities on a “when-issued” or “delayed-delivery” basis. When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.
95

Shareholder Update
(continued)
Zero Coupon Bonds Risk.
Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.
Fund Level and Other Risks:
Anti-Takeover Provisions.
The Declaration of Trust and the Fund’s
by-laws
include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to
open-end
status. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares.
Counterparty Risk.
Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to
sub-prime
mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.
Cybersecurity Risk.
The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.
Economic and Political Events Risk.
The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.
Fund Tax Risk.
The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.
Global Economic Risk.
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and assets prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, instability in various countries, such as Afghanistan and Syria, war, natural and environmental disasters, and the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, the European debt crisis, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include Hamas’ attack on Israel in October 2023 and the ensuing conflict, the outbreak of a novel coronavirus known as
COVID-19
that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. In addition, Russia’s invasion of Ukraine in February 2022 has resulted in sanctions imposed by several nations, such as the United States, United Kingdom, European Union and Canada. The current sanctions and potential further sanctions may negatively impact certain sectors of Russia’s economy, but also may negatively impact the value of the Fund’s investments that do not have direct exposure to Russia. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s
sub-adviser,
rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.
The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and
96

international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the
duties
prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.
Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.
Investment and Market Risk.
An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Legislation and Regulatory Risk.
At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impact the ability of the Fund to achieve its investment objectives.
Leverage Risk.
The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.
Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions.
The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions, composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful.
The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.
The amount of fees paid to the investment adviser and the
sub-advisor
for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the
sub-advisor
to leverage the Fund or increase the Fund’s leverage.
Market Discount from Net Asset Value.
Shares of
closed-end
investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding
closed-end
funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.
Recent Market Conditions.
Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.
97

Shareholder
Update
(
continued
)
Ukraine has experienced ongoing military conflict, most recently in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and it’s possible that this conflict could escalate into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.
The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.
The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates and while the Fed has recently lowered the federal funds rate, it has signaled an intention to maintain relatively higher interest rates until current inflation levels
re-align
with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally.
The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.
Reverse Repurchase Agreement Risk.
A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.
98

DIVIDEND
REINVESTMENT
PLAN
Nuveen
Closed-End
Funds Automatic Reinvestment Plan
Your Nuveen
Closed-End
Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.
If you withdraw or the Plan is terminated, you will receive whole shares in your account under the Plan and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions and a
$2.50 service fee.
Fractional Shares
The Plan Agent will confirm your acquisition made for your account as soon as practicable but not later than 60 days after the date thereof. Although you may from time to time have an undivided fractional interest (computed up to six decimal places) in a share (“fractional shares”) of the Fund within the operation of the Plan, and distributions on fractional shares will be credited to your account, no fractional shares will be transferred. In the event of termination of your account under the Plan, the Plan Agent will either (a) continue to hold your Common Shares in book-entry form, or (b) transfer a whole number of Common Shares to an intermediary of your choosing, in either case disbursing to the investor an amount of cash equal to the value of any such fractional shares valued at the then-current market value of the Fund’s Common Shares at the time of termination, less any applicable fees.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800)
257-8787.
99

Shareholder Update
(continued)
CHANGES OCCURRING DURING THE FISCAL YEAR
The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.
During the most recent fiscal year, there have been no changes required to be reported in connection with: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter or
by-laws
that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:
Amended and Restated
By-laws
On October 5, 2020, the Nuveen Municipal Value Fund, Inc., Nuveen
AMT-Free
Municipal Value Fund and the Nuveen Municipal Income Fund, Inc. (each a “Fund” and collectively the “Funds”) and certain other
closed-end
funds in the Nuveen fund complex amended their
by-laws.
Among other things, the amended
by-laws
included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the
by-laws)
shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share
By-Law”).
On February 24, 2022, the Board of the Funds suspended the Control-Share
By-Law
provisions. Subsequently, on February 28, 2024, the Board of the Funds adopted Amended and Restated
By-Laws
to eliminate the Control Share
By-Law
provision in its entirety. Other than the elimination of the Control Share
By-Law
provisions, the Amended and Restated By-Laws are identical to the previously adopted
by-laws.
Principal Risks
The following risk factors were added as principal risks to the Funds:
Direct Lending Risk.
The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund’s performance may be impacted by the Fund’s ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce Fund performance.
As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used as collateral for the Fund’s loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings.
Floating and Variable Rate Securities Risk.
Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.
Municipal Securities Risk.
The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state’s credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer’s ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing,
100

transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund’s
sub-adviser
than funds that invest in stock or other corporate investments.
To the extent that a fund invests a significant portion of its assets in the securities of issuers located in a given state or U.S. territory, it will be disproportionally affected by political and economic conditions and developments in that state or territory and may involve greater risk than funds that invest in a larger universe of securities. In addition, economic, political or regulatory changes in that state or territory could adversely affect municipal securities issuers in that state or territory and therefore the value of a fund’s investment portfolio.
When-Issued and Delayed-Delivery Transactions Risk.
The Fund may invest in securities on a “when-issued” or “delayed-delivery” basis. When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.
Portfolio Managers
Effective April 1, 2024 Christopher L. Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager for the Funds.
101

Shareholder Update
(continued)
ADDITIONAL DISCLOSURES FOR THE FUND AS OF THE FISCAL YEAR ENDED OCTOBER 31, 2024
NUVEEN MUNICIPAL INCOME FUND, INC. (NMI)
SUMMARY OF FUND EXPENSES
The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of the Fund as a percentage of the average net assets applicable to Common Shares and not as a percentage of total assets or managed assets.

Shareholder Transaction Expenses |  | NMI |
Maximum Sales Charge (as a percentage of offering price) (1) |  |  | 1.00% |
Dividend Reinvestment Plan Fees (2) |  |  | $2.50 |

(1) | The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.

(2) | You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account.

Annual Expenses (As a Percentage of Net Assets Attributable to Common Shares) (1) |  | NMI |
Management Fees |  |  | 0.61% |
Interest and Other Related Expenses (2) |  |  | 0.00% (3) |
Other Expenses (4) |  |  | 0.27% |
Total Annual Expenses |  |  | 0.88% |

(1) | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended October 31, 2024.

(2) | Interest and Other Related Expenses reflect actual expenses and fees incurred by the Fund related to its temporary committed line of credit for the fiscal year ended October 31, 2024. The Fund will not leverage its capital structure by issuing senior securities such as Preferred Shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes and invest in certain instruments, including inverse floating rate securities, that have the economic effect of leverage. During the fiscal year ended October 31, 2024, the Fund did not employ leverage through investments in inverse floating rate securities, but it did incur expenses related to its temporary committed line of credit as described in the Notes to Financial Statements (Note 10 - Borrowing Arrangements, Committed Line of Credit) of this annual report. “Actual Interest and Other Related Expenses” incurred in the future may be higher or lower. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).

(3) | Rounds to less than 0.01%

(4) | Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%.

Example
The following example illustrates the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The example also assume a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
Example
(At-the-Market
Transaction)
The following example assumes a transaction fee of 1.00%, as a percentage of the offering price.

|  | 1 Year |  |  |  |  |  | 3 Years |  |  |  |  |  | 5 Years |  |  |  |  |  | 10 Years |
NMI |  |  | $19 |  |  |  |  |  |  |  | $38 |  |  |  |  |  |  |  | $58 |  |  |  |  |  |  |  | $117 |

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.
TRADING AND NET ASSET VALUE INFORMATION
The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the
end
of the day on the NYSE, (ii) the high and low net asset value (NAV) of the Common Shares, and (iii) the high and low of the premium/(discount) to NAV (expressed as a percentage) of shares of the Common Shares.
102

NMI |  | Market Price |  |  |  |  |  | NAV |  |  |  |  |  | Premium/(Discount) to NAV |
Fiscal Quarter End |  |  |  | High |  |  |  |  |  |  |  | Low |  |  |  |  |  |  |  |  |  |  |  | High |  |  |  |  |  |  |  | Low |  |  |  |  |  |  |  |  |  |  |  | High |  |  |  |  |  |  |  | Low |
October 2024 |  |  |  |  |  |  | $10.26 |  |  |  |  |  |  |  | $9.67 |  |  |  |  |  |  |  |  |  |  |  | $10.24 |  |  |  |  |  |  |  | $10.10 |  |  |  |  |  |  |  |  |  |  |  | 0.20% |  |  |  |  |  |  |  | (4.27)% |
July 2024 |  |  |  |  |  |  | $10.07 |  |  |  |  |  |  |  | $9.18 |  |  |  |  |  |  |  |  |  |  |  | $10.12 |  |  |  |  |  |  |  | $9.89 |  |  |  |  |  |  |  |  |  |  |  | (0.49)% |  |  |  |  |  |  |  | (7.18)% |
April 2024 |  |  |  |  |  |  | $9.47 |  |  |  |  |  |  |  | $9.11 |  |  |  |  |  |  |  |  |  |  |  | $10.03 |  |  |  |  |  |  |  | $9.91 |  |  |  |  |  |  |  |  |  |  |  | (5.58)% |  |  |  |  |  |  |  | (8.07)% |
January 2024 |  |  |  |  |  |  | $9.42 |  |  |  |  |  |  |  | $8.44 |  |  |  |  |  |  |  |  |  |  |  | $10.03 |  |  |  |  |  |  |  | $9.19 |  |  |  |  |  |  |  |  |  |  |  | (6.08)% |  |  |  |  |  |  |  | (8.16)% |
October 2023 |  |  |  |  |  |  | $9.75 |  |  |  |  |  |  |  | $8.33 |  |  |  |  |  |  |  |  |  |  |  | $9.84 |  |  |  |  |  |  |  | $9.16 |  |  |  |  |  |  |  |  |  |  |  | (0.91)% |  |  |  |  |  |  |  | (9.06)% |
July 2023 |  |  |  |  |  |  | $9.99 |  |  |  |  |  |  |  | $9.13 |  |  |  |  |  |  |  |  |  |  |  | $9.80 |  |  |  |  |  |  |  | $9.88 |  |  |  |  |  |  |  |  |  |  |  | 1.94% |  |  |  |  |  |  |  | (7.59)% |
April 2023 |  |  |  |  |  |  | $9.90 |  |  |  |  |  |  |  | $8.96 |  |  |  |  |  |  |  |  |  |  |  | $9.97 |  |  |  |  |  |  |  | $9.73 |  |  |  |  |  |  |  |  |  |  |  | (0.70)% |  |  |  |  |  |  |  | (7.91)% |
January 2023 |  |  |  |  |  |  | $10.00 |  |  |  |  |  |  |  | $8.57 |  |  |  |  |  |  |  |  |  |  |  | $9.95 |  |  |  |  |  |  |  | $9.27 |  |  |  |  |  |  |  |  |  |  |  | 0.50% |  |  |  |  |  |  |  | (7.55)% |

The following table shows, as of October 31, 2024 the Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and, (iv) net assets attributable to Common Shares.

October 31, 2024 |  | NMI |
NAV per Common Share |  |  | $ 10.10 |
Market Price |  |  | $ 9.68 |
Percentage of Premium/(Discount) to NAV per Common Share |  |  | (4.16)% |
Net Assets Attributable to Common Shares |  |  | $ 101,563,475 |

Shares of
closed-end
investment companies, including the Fund, may frequently trade at prices lower than NAV, the Fund’s Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an
open-end
investment company. The Fund cannot assure you that its Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.
UNRESOLVED STAFF COMMENTS
The Fund believes that there are no material unresolved written comments, received 180 days or more before October 31, 2024, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or the Investment Company Act of 1940, or its registration statement.
103

Important Tax Information
(Unaudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form
1099-DIV,
which will be sent to shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Fund |  | Net Long-Term Capital Gains |
NUV |  |  | $– |
NUW |  |  | – |
NMI |  |  | – |

Dividends Received Deduction (DRD)
1
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

Fund |  | Percentage |
NUV |  |  | -% |
NUW |  |  | 100.0 |
NMI |  |  | - |

1
Exempt Interest Dividends are not DRD eligible.
Qualified Dividend Income (QDI)
1
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Fund |  | Percentage |
NUV |  |  | -% |
NUW |  |  | 100.0 |
NMI |  |  | - |

1
Exempt Interest Dividends are not QDI eligible.
104

Shareholder Meeting Report
(Unaudited)
The annual meeting of shareholders for NUV, NUW, and NMI was held on August 8, 2024; at this meeting the shareholders were asked to elect Board Members.
The vote totals for NUV, NUW, and NMI are set forth below:

|  | NUV |  |  |  |  |  | NUW |  |  |  |  |  | NMI |
|  | Common Shares |  |  |  |  |  | Common Shares |  |  |  |  |  | Common Shares |
Approval of the Board Members was reached as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joanne T. Medero |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For |  |  | 170,076,384 |  |  |  |  |  |  |  | 14,377,537 |  |  |  |  |  |  |  | 7,737,898 |
Withhold |  |  | 4,113,932 |  |  |  |  |  |  |  | 1,643,944 |  |  |  |  |  |  |  | 562,803 |
Total |  |  | 174,190,316 |  |  |  |  |  |  |  | 16,021,481 |  |  |  |  |  |  |  | 8,300,701 |
Albin F. Moschner |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For |  |  | 169,928,611 |  |  |  |  |  |  |  | 14,320,517 |  |  |  |  |  |  |  | 7,771,744 |
Withhold |  |  | 4,261,705 |  |  |  |  |  |  |  | 1,700,964 |  |  |  |  |  |  |  | 528,957 |
Total |  |  | 174,190,316 |  |  |  |  |  |  |  | 16,021,481 |  |  |  |  |  |  |  | 8,300,701 |
Loren M. Starr |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For |  |  | 170,244,010 |  |  |  |  |  |  |  | 14,371,572 |  |  |  |  |  |  |  | 7,744,762 |
Withhold |  |  | 3,946,306 |  |  |  |  |  |  |  | 1,649,909 |  |  |  |  |  |  |  | 555,939 |
Total |  |  | 174,190,316 |  |  |  |  |  |  |  | 16,021,481 |  |  |  |  |  |  |  | 8,300,701 |
Matthew Thornton III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For |  |  | 169,951,435 |  |  |  |  |  |  |  | 14,345,399 |  |  |  |  |  |  |  | 7,807,592 |
Withhold |  |  | 4,238,881 |  |  |  |  |  |  |  | 1,676,082 |  |  |  |  |  |  |  | 493,109 |
Total |  |  | 174,190,316 |  |  |  |  |  |  |  | 16,021,481 |  |  |  |  |  |  |  | 8,300,701 |

105

Additional Fund Information
(Unaudited)
Board of Directors/Trustees

Joseph A. Boateng |  | Michael A. Forrester |  | Thomas J. Kenny |  | Amy B.R. Lancellotta |  | Joanne T. Medero |  | Albin F. Moschner |  | John K. Nelson
Loren M. Starr |  | Matthew Thornton III |  | Terence J. Toth |  | Margaret L. Wolff |  | Robert L. Young |  |  |  |

Investment Adviser |  | Custodian |  | Legal Counsel |  | Independent Registered |  | Transfer Agent and
Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 |  | State Street Bank & Trust Company One Congress Street Suite 1 Boston, MA 02114-2016 |  | Chapman and Cutler LLP Chicago, IL 60603 |  | Public Accounting Firm KPMG LLP 200 East Randolph Street Chicago, IL 60601 |  | Shareholder Services Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 257-8787

Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form
N-PORT.
You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800)
257-8787
or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800)
257-8787.
You may also obtain this information directly from the SEC. Visit the SEC
on-line
at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

|  | NUV |  |  |  |  |  | NUW |  |  |  |  |  | NMI |
Common shares repurchased |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  |  |  |  |  | 0 |

FINRA BrokerCheck:
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800)
289-9999
or by visiting www.FINRA.org.
106

Glossary of Terms Used in this Report
(Unaudited)
Average Annual Total Return:
This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration:
Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Industrial Development Revenue Bond (IDR):
A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
Inverse Floating Rate Securities:
Inverse floating rate securities, are the residual interest in a tender option bond (TOB) trust, sometimes referred to as “inverse floaters”, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term
tax-exempt
interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage:
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Net Asset Value (NAV) Per Share:
A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral,
pre-refunding
generally raises a bond’s credit rating and thus its value.
Tax Obligation/General Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.
Tax Obligation/Limited Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t have the ability to increase taxes by an unlimited amount to pay the bonds back.
Total Investment Exposure:
Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond:
A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
107

Board Members & Officers
(Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.

Name, Year of Birth & Address |  |  |  | Position(s) Held with the Funds |  |  |  | Year First Elected or Appointed and Term (1) |  |  |  | Principal Occupation(s) Including other Directorships During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen By Board Member |
Independent Trustees: |  |  |  |  |  |  |  |
Joseph A. Boateng 1963 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Board Member |  |  |  | 2019 Class II |  |  |  | Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002–2006); Board Member, Lumina Foundation (since 2019) and Waterside School (since 2021); Board Member (2012–2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees’ Retirement System; Investment Committee Member (since 2019), The Seattle Foundation; Trustee (2018–2023), the College Retirement Equities Fund; Manager (2019–2023), TIAA Separate Account VA-1. |  |  | 211 |
Michael A. Forrester 1967 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Board Member |  |  |  | 2007 Class I |  |  |  | Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007–2023). |  |  | 211 |
Thomas J. Kenny 1963 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Co-Chair and Board Member |  |  |  | 2011 Class I |  |  |  | Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management; Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021–2022) and Finance Committee Chair (2016–2022), Sansum Clinic; formerly, Advisory Board Member (2017–2019), B’Box; formerly, Member (2011–2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012–2020), Cottage Health System; formerly, Board member (2009–2019) and President of the Board (2014–2018), Crane Country Day School; Trustee (2011– 2023) and Chairman (2017–2023), the College Retirement Equities Fund; Manager (2011–2023) and Chairman (2017–2023), TIAA Separate Account VA-1. |  |  | 216 |
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Board Member |  |  |  | 2021 Class II |  |  |  | Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). |  |  | 216 |

108

Name, Year of Birth & Address |  |  |  | Position(s) Held with the Funds |  |  |  | Year First Elected or Appointed and Term (1) |  |  |  | Principal Occupation(s) Including other Directorships During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen By Board Member
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Board Member |  |  |  | 2021 Class III |  |  |  | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018- 2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). |  | 216
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Board Member |  |  |  | 2016 Class III |  |  |  | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). |  | 216
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 |  |  |  | Board Member |  |  |  | 2013 Class II |  |  |  | Formerly, Member of Board of Directors of Core12 LLC (2008– 2023) (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of The President’s Council of Fordham University (2010–2019); formerly, Director of the Curran Center for Catholic American Studies (2009–2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012–2014); formerly, Trustee and Chairman of the Board of Trustees of Marian University (2010–2013); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007–2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. |  | 216

109

Board Members & Officers
(continued)

Name, Year of Birth & Address |  | Position(s) Held with the Funds |  | Year First Elected or Appointed and Term (1) |  | Principal Occupation(s) Including other Directorships During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen By Board Member
Loren M. Starr 1961 333 W. Wacker Drive Chicago, IL 60606 |  | Board Member |  | 2022 Class III |  | Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd.; Director (since 2023) and Audit Committee member (since 2024), AMG; formerly, Chair and Member of the Board of Directors (2014–2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014–2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022–2023). |  | 215
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 |  | Board Member |  | 2020 Class III |  | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide ® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). |  | 216
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 |  | Board Member |  | 2008 Class II |  | Formerly, a Co–Founding Partner, Promus Capital (investment advisory firm) (2008–2017); formerly, Director, Quality Control Corporation (manufacturing) (2012–2021); Chair and Member of the Board of Directors (since 2021), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017–2022), Mather Foundation Board (philanthropy); formerly, Member (2005–2016), Chicago Fellowship Board (philanthropy); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010–2019); formerly, Director, LogicMark LLC (health services) (2012–2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008–2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004–2007); Executive Vice President, Quantitative Management & Securities Lending (2000–2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005–2007), Northern Trust Global Investments Board (2004–2007), Northern Trust Japan Board (2004–2007), Northern Trust Securities Inc. Board (2003– 2007) and Northern Trust Hong Kong Board (1997–2004). |  | 216
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 |  | Board Member |  | 2016 Class I |  | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022) of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. |  | 216

110

Name, Year of Birth & Address |  | Position(s) Held with the Funds |  | Year First Elected or Appointed and Term (1) |  | Principal Occupation(s) Including other Directorships During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen By Board Member |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 |  | Co-Chair and Board Member |  | 2017 Class I |  | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). |  |  | 216 |
Name, Year of Birth & Address |  | Position(s) Held with the Funds |  | Year First Elected or Appointed (2) |  | Principal Occupation(s) Including other Directorships During Past 5 Years |  |  |
Officers of the Funds: |  |  |  |  |  |  |  |  |  |
David J. Lamb 1963 333 W. Wacker Drive Chicago, IL 60606 |  | Chief Administrative Officer (Principal Executive Officer) |  | 2015 |  | Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen; has previously held various positions with Nuveen. |
Brett E. Black 1972 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President and Chief Compliance Officer |  | 2022 |  | Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc. |
Marc Cardella 1984 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Controller (Principal Financial Officer) |  | 2024 |  | Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund. |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 |  | Vice President and Assistant Secretary |  | 2013 |  | Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. |
Jeremy D. Franklin 1983 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Assistant Secretary |  | 2024 |  | Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds and TIAA-CREF Life Funds; Vice President, Associate General Counsel, and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund. |
Diana R. Gonzalez 1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Assistant Secretary |  | 2017 |  | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen. |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President and Treasurer |  | 2016 |  | Senior Managing Director of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst. |

111

Board Members & Officers
(continued)

Name, Year of Birth & Address |  | Position(s) Held with the Funds |  | Year First Elected or Appointed (2) |  | Principal Occupation(s) Including other Directorships During Past 5 Years |  |
Brian H. Lawrence 1982 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Assistant Secretary |  | 2023 |  | Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022).
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President |  | 2002 |  | Managing Director of Nuveen Securities, LLC.
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President |  | 2019 |  | Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager.
John M. McCann 1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Assistant Secretary |  | 2022 |  | Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America, Teacher Advisors LLC, TIAA-CREF Investment Management, LLC, and Nuveen Alternative Advisors LLC; has previously held various positions with Nuveen/TIAA.
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President and Assistant Secretary |  | 2007 |  | Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen; Vice President and Secretary of Winslow Capital Management, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC.
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Assistant Secretary |  | 2019 |  | Managing Director, Mutual Fund Tax and Expense Administration of Nuveen, TIAA-CREF Funds, TIAA-CREF Life Funds, TIAA Separate Account VA-1 and the College Retirement Equities Fund; Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with TIAA.
Mary Beth Ramsay 1965 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President |  | 2024 |  | Chief Risk Officer, Nuveen and TIAA Financial Risk; Head of Nuveen Risk & Compliance; Executive Vice President, Teachers Insurance and Annuity Association of America; Executive Vice President, TIAA Separate Account VA-1 and the College Retirement Equities Fund; formerly, Senior Vice President, Head of Sales and Client Solutions (2019-2022) and U.S. Chief Pricing Actuary (2016-2019), SCOR Global Life Americas; Member of the Board of Directors of Society of Actuaries.
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President |  | 2017 |  | Managing Director of Nuveen.
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 |  | Vice President and Secretary |  | 2008 |  | Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen.
Rachael Zufall 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |  | Vice President and Assistant Secretary |  | 2022 |  | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA.

112

(1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2) | Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

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Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800)
257-8787.
Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Nuveen Securities, LLC, member FINRA and SIPC  |  333 West Wacker Drive  |  Chicago, IL 60606  |  www.nuveen.com |  | EAN-A-1024P  4015283-INV-Y-12/25

Item 2. | Code of Ethics.

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

Item 3. | Audit Committee Financial Expert.

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

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

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

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

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

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

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

Item 4. | Principal Accountant Fees and Services.

Nuveen Municipal Income Fund, Inc.

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended |  | Audit Fees Billed to Fund1 |  |  | Audit-Related Fees Billed to Fund2 |  |  | Tax Fees Billed to Fund3 |  |  | All Other Fees Billed to Fund4 |
October 31, 2024 |  |  | $29,350 |  |  |  | $5,500 |  |  |  | $0 |  |  |  | $0 |
Percentage approved pursuant to pre-approval exception |  |  | 0% |  |  |  | 0% |  |  |  | 0% |  |  |  | 0% |
October 31, 2023 |  |  | $28,000 |  |  |  | $2,600 |  |  |  | $0 |  |  |  | $0 |
Percentage approved pursuant to pre-approval exception |  |  | 0% |  |  |  | 0% |  |  |  | 0% |  |  |  | 0% |

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

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

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

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

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

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

NON-AUDIT SERVICES

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

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

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

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

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

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

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

Item 5. | Audit Committee of Listed Registrants.

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

Item 6. | Investments.

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

(b) | Not applicable.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to this filing.

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

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

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

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

(a)(1) | Portfolio Manager Biographies

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

Scott R. Romans, PhD, Managing Director of Nuveen Asset Management, responsible for managing several state-specific, tax-exempt portfolios, including the California Municipal Bond and the New York Municipal Bond strategies. He also serves as portfolio manager for a number of closed-end funds. Before moving to his portfolio management role in 2003, he was a senior research analyst in the firm’s tax-exempt fixed income department, specializing in the education sector. He holds an undergraduate degree from the University of Pennsylvania, an M.S.F. from the Illinois Institute of Technology Stuart School of Business, and an MA and PhD from the University of Chicago.

Kristen M. DeJong, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager responsible for managing taxable municipal fixed income strategies for customized institutional portfolios and closed-end funds. She began her career in the investment industry in 2005 and joined Nuveen Asset Management in 2008. Prior to her current role, she served as senior research analyst for Nuveen Asset Management’s municipal fixed income team, responsible for conducting credit analysis and providing trade recommendations for separately managed accounts. Previously, she worked as a research associate at Nuveen in the wealth management services area, where she provided research and developed reports on various topics involving retirement, tax and investment planning. Before joining Nuveen, she was a financial advisor at Ameriprise Financial. She received her B.S. in Business from Miami University. Ms. DeJong holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

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

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

Portfolio Manager |  | Type of Account Managed |  | Number of Accounts |  | Assets*
Scott R. Romans |  | Registered Investment Company |  | 17 |  | $17.28 billion
|  | Other Pooled Investment Vehicles |  | 0 |  | $0
|  | Other Accounts |  | 3 |  | $5.1 million
Kristen M. DeJong |  | Registered Investment Company |  | 20 |  | $19.26 billion
|  | Other Pooled Investment Vehicles |  | 0 |  | $0
|  | Other Accounts |  | 57 |  | $17.44 billion

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

Potential Material Conflicts of Interest

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

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

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

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

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

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

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

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

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

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

(a)(3) | Fund Manager Compensation

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

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

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

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

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

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

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

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

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

Name of Portfolio Manager |  | None |  | $1- $10,000 |  |  | $10,001- $50,000 |  |  | $50,001- $100,000 |  |  | $100,001- $500,000 |  |  | $500,001- $1,000,000 |  |  | Over $1,000,000 |
Scott R. Romans |  | X |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kristen M. DeJong |  | X |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

Not applicable.

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

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

Item 16. | Controls and Procedures.

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

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

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

Not applicable.

Item 18. | Recovery of Erroneously Awarded Compensation.

(a) | Not applicable.

(b) | Not applicable.

Item 19. | Exhibits.

(a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) | Not applicable.

(a)(3) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) | Not applicable.

(a)(5) | Change in the registrant’s independent public accountant. Filed herewith.

(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

(c) | Consent of Independent Registered Public Accounting Firm.

SIGNATURES

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

Nuveen Municipal Income Fund, Inc.

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

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

Date: January 6, 2025 |  | By: |  | /s/ David J. Lamb |  |
|  |  |  | David J. Lamb |  |
|  |  |  | Chief Administrative Officer (principal executive officer) |  |

Date: January 6, 2025 |  | By: |  | /s/ Marc Cardella |  |
|  |  |  | Marc Cardella |  |
|  |  |  | Vice President and Controller (principal financial officer) |  |