[N-CSR] Nuveen Quality Municipal Income Fund SEC Filing

Rhea-AI Filing Summary

Nuveen Quality Municipal Income Fund (NAD) and Nuveen AMT‑Free Quality Municipal Income Fund (NEA) report modest positive results for the year ended October 31, 2025, but both lag their blended municipal bond benchmarks. NAD returned 2.40% versus 3.99% for its benchmark, while NEA returned 2.49% versus 3.99%.

Both funds kept a long‑term focus on longer‑duration and lower‑rated municipal bonds to seek higher income, and used periods of market weakness to add bonds at what they viewed as attractive valuations. Leverage, mainly via preferred shares and inverse floating‑rate structures, was a key drag on relative performance, with effective leverage of 41.57% for NAD and 40.73% for NEA.

Income remained a central feature. In the fiscal year, NAD paid $0.8960 per common share and NEA paid $0.8660, supporting market distribution yields of 7.56% and 7.52%, respectively, and taxable‑equivalent yields of 12.76% and 12.70% based on a 40.8% federal tax rate. The boards reauthorized programs allowing repurchases of up to about 10% of outstanding common shares, but neither fund repurchased shares during the period.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09297

Nuveen Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

Item 1. Reports to Stockholders.

Closed-End Funds

Closed-End Funds

Nuveen Municipal

October 31, 2025

Annual

Report

Nuveen Quality Municipal Income Fund

NAD

Nuveen AMT-Free Quality Municipal Income Fund

NEA

2

Table

of Contents

Discussion of Fund Performance

3

Common Share Information

6

About the Funds’ Benchmarks

8

Fund Performance, Leverage and Holdings Summaries

9

Report of Independent Registered Public Accounting Firm

15

Portfolios of Investments

16

Statement of Assets and Liabilities

110

Statement of Operations

111

Statement of Changes in Net Assets

112

Statement of Cash Flows

113

Financial Highlights

114

Notes to Financial Statements

117

Shareholder Update

130

Important Tax Information

149

Shareholder Meeting Report

150

Additional Fund Information

151

Glossary of Terms Used in this Report

152

Board Members & Officers

153

Discussion of Fund Performance

3

Nuveen Quality Municipal Income Fund (NAD)

Nuveen AMT-Free Quality Municipal Income Fund (NEA)

Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen Quality

Municipal Income Fund (NAD) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The portfolio managers for NAD and

NEA are Michael Hamilton and Stephen Candido, CFA.

Below is a discussion of Fund performance and the factors that contributed and detracted during the 12-month reporting period

ended October 31, 2025. For more information on Fund investment objectives and policies, please refer to the Shareholder Update

section at the end of the report.

Nuveen Quality Municipal Income Fund (NAD) 

What factors affected markets during the reporting period?

• Municipal bond yields rose across longer maturities and fell across shorter maturities, steepening the municipal

yield curve over the reporting period. Yields saw elevated volatility during the period. This was in response to

uncertainties about the Federal Reserve’s plan for monetary easing, U.S. fiscal and trade policy under the Trump

administration, and the impacts to the economy, inflation and federal debt sustainability.

.

• While credit fundamentals remained strong, unprecedented supply pressure weighed on the municipal market

during the reporting period. Demand for municipal debt increased during the reporting period but was less robust when

compared to the elevated level of supply.

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. During the reporting period,

the Fund continued to emphasize a long-term view of investing in longer-duration and lower-rated bonds, which offered

incrementally higher yields to support the Fund’s income earnings capability.

• The portfolio management team took advantage of periods of market weakness to buy bonds at attractive

valuations and continued to seek enhanced income opportunities by selling bonds with lower book yields and replacing

them with bonds with higher book yields.

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended October 31, 2025, NAD returned 2.40%. The Fund underperformed the returns of

the NAD Blended Benchmark, which returned 3.99%. The NAD Blended Benchmark consists of: (1) 80% S&P Municipal Bond

Investment Grade Index and (2) 20% S&P Municipal Bond High Yield Index.

Top contributors to relative performance

• Underweight to bonds with durations shorter than four years.

• Overweight to A-rated bonds.

• Overweight to the airport sector.

Top detractors from relative performance

• The Fund’s overall use of leverage through inverse floating rate securities and the issuance of preferred shares.

• Overweight to bonds with durations of 12 years and longer.

• Underweight to AAA-rated bonds.

• Exposure to AA-rated bonds.

Nuveen AMT-Free Quality Municipal Income Fund (NEA)

What factors affected markets during the reporting period?

• Municipal bond yields rose across longer maturities and fell across shorter maturities, steepening the municipal

yield curve over the reporting period. Yields saw elevated volatility during the period. This was in response to

(continued)

4

uncertainties about the Federal Reserve’s plan for monetary easing, U.S. fiscal and trade policy under the Trump

administration, and the impacts to the economy, inflation and federal debt sustainability.

• While credit fundamentals remained strong, unprecedented supply pressure weighed on the municipal market

during the reporting period. Demand for municipal debt increased during the reporting period but was less robust when

compared to the elevated level of supply.

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. During the reporting period,

the Fund continued to emphasize a long-term view of investing in longer-duration and lower-rated bonds, which offered

incrementally higher yields to support the Fund’s income earnings capability.

• The portfolio management team took advantage of periods of market weakness to buy bonds at attractive

valuations and continued to seek enhanced income opportunities by selling bonds with lower book yields and replacing

them with bonds with higher book yields.

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended October 31, 2025, NEA returned 2.49%. The Fund underperformed the returns of the

NEA Blended Benchmark, which returned 3.99%. The NEA Blended Benchmark consists of: (1) 80% S&P Municipal Bond Investment

Grade Index and (2) 20% S&P Municipal Bond High Yield Index.

Top contributors to relative performance

• Underweight to bonds with durations shorter than four years.

Top detractors from relative performance

• The Fund’s overall use of leverage through inverse floating rate securities and the issuance of preferred shares.

• Security selection.

• Sector allocation, driven by underweights to local general obligations and multi-family housing and an overweight

to hospitals.

5

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, 2025.  Each Fund's distribution levels may

vary over time based on each Fund's investment activity and portfolio investment value changes.

During the current fiscal period, each Fund's distributions to common shareholders were as shown in the accompanying table.

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its

common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).

The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution

and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common

share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the

Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains

and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund’s

distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate

of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the

full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com

and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-

closedend funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,

shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire

an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of October 31, 2025,

(and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding

common shares as shown in the accompanying table.

Per Common Share Amounts

Monthly Distributions (Ex-Dividend Date)

NAD

NEA

November

$0.0755

$0.0730

December

0.0755

0.0730

January

0.0755

0.0730

February

0.0755

0.0730

March

0.0755

0.0730

April

0.0755

0.0730

May

0.0755

0.0730

June

0.0755

0.0730

July

0.0755

0.0730

August

0.0755

0.0730

September

0.0705

0.0680

October

0.0705

0.0680

Total Distributions from Net Investment Income

$0.8960

$0.8660

Yields

NAD

NEA

Market Yield

1

7.56%

7.52%

Taxable-Equivalent Yield

1

12.76%

12.70%

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.

7

NAD

NEA

Common shares cumulatively repurchased and retired

17,900

120,000

Common shares authorized for repurchase

23,340,000

29,895,000

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 Bond Investment Grade Index

: An index designed to measure the performance of tax-exempt investment

grade municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or

management fees.

S&P Municipal Bond High Yield Index

: An index designed to measure the performance of tax-exempt high yield municipal

bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Fund Performance, Leverage and Holdings

Summaries

9

The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of

the report.

Fund Performance

Performance data shown represents past performance and does not predict or guarantee future results.

Current

performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that

shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund

expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s

shares at NAV only. Indexes are not available for direct investment.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns

are shown for share classes that have less than 10-years of performance. For performance, current to the most recent

month-end visit Nuveen.com or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks

was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate

securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research

has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-

term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of

long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage,

the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through

the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value

if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more

variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when

short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund

leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage

expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for

incremental common share income, particularly over longer-term periods.

Leverage Ratios

Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “Effective Leverage” is a Fund’s

effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and

other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects

of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any

regulatory leverage. “Regulatory Leverage” consists of preferred shares or borrowings of a Fund. Regulatory Leverage

is a part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment

Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient

basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such

temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this

reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to

change. Refer to the Fund’s Portfolio of Investments for individual security information.

For financial reporting purposes, the ratings disclosed are the lowest rating given by one of the following national

rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change.

Fund Performance, Leverage and Holdings Summaries

(continued)

10

AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings.

Holdings designated N/R are not rated by these national rating agencies.

Nuveen Quality Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries October 31, 2025

11

NAD

Performance*

a

*For purposes of Fund performance, relative results are measured against the NAD Blended Benchmark. The Fund’s Blended

Benchmark consists of: 1) 80% S&P Municipal Bond Investment Grade Index and 2) 20% S&P Municipal Bond High Yield Index. The

Fund’s performance was measured against the S&P Municipal Bond Index through September 11, 2016.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of October 31, 2025

 - Common Share Price 

Total Returns as of

October 31, 2025

Average Annual

Inception

Date

1-Year

5-Year

10-Year

NAD at Common Share NAV

5/26/99

2.40%

0.08%

2.61%

NAD at Common Share Price

5/26/99

8.01%

1.86%

3.84%

S&P Municipal Bond Index

—

4.14%

1.34%

2.50%

NAD Blended Benchmark

—

3.99%

1.57%

2.71%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$12.23

$11.99

(1.96)%

(5.24)%

12

Leverage and Holdings

Leverage

Effective Leverage

41.57%

Regulatory Leverage

36.66%

Fund Allocation

(% of net assets)

Municipal Bonds

168.3‌%

Exchange-Traded Funds

0.2‌%

Investment Companies

0.0‌%

Other Assets & Liabilities, Net

2.7%

Floating Rate Obligations

(13.3)%

AMTP Shares, Net

(25.5‌)%

MFP Shares, Net

(14.7‌)%

VRDP Shares, Net

(17.7‌)%

Net Assets

100‌%

Portfolio Composition

(% of total investments)

Transportation

26.4%

Health Care

20.7%

Tax Obligation/Limited

18.3%

Utilities

9.6%

Tax Obligation/General

8.9%

Education and Civic

Organizations

5.2%

U.S. Guaranteed

2.0%

Other

8.8%

Exchange-Traded Funds

0.1%

Investment Companies

0.0%

Total

100%

Portfolio Credit Quality

(% of total investments)

AAA

2.4%

AA

28.6%

A

38.5%

BBB

15.2%

BB or Lower

5.7%

N/R (not rated)

9.5%

N/A (not applicable)

0.1%

Total

100‌%

Nuveen AMT-Free Quality Municipal Income

Fund

Fund Performance, Leverage and Holdings Summaries October 31, 2025

13

NEA

Performance*

*For purposes of Fund performance, relative results are measured against the NEA Blended Benchmark. The Fund’s Blended

Benchmark consists of: 1) 80% S&P Municipal Bond Investment Grade Index and 2) 20% S&P Municipal Bond High Yield Index. The

Fund’s performance was measured against the S&P Municipal Bond Index through September 11, 2016.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of October 31, 2025

 - Common Share Price 

Total Returns as of

October 31, 2025

Average Annual

Inception

Date

1-Year

5-Year

10-Year

NEA at Common Share NAV

11/21/02

2.49%

(0.37)%

2.60%

NEA at Common Share Price

11/21/02

8.47%

1.37%

4.08%

S&P Municipal Bond Index

—

4.14%

1.34%

2.50%

NEA Blended Benchmark

—

3.99%

1.57%

2.71%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$11.80

$11.65

(1.27)%

(5.01)%

14

Leverage and Holdings

Leverage

Effective Leverage

40.73%

Regulatory Leverage

35.61%

Fund Allocation

(% of net assets)

Municipal Bonds

165

.7‌

%

Short-Term Municipal Bonds

0

.7‌

%

Other Assets & Liabilities, Net

2.0%

Floating Rate Obligations

(13.2)%

AMTP Shares, Net

(

1

.5‌

)

%

MFP Shares, Net

(

20

.9‌

)

%

VRDP Shares, Net

(

32

.8‌

)

%

Net Assets

100‌

%

Portfolio Composition

(% of total investments)

Health Care

21.2%

Tax Obligation/Limited

19.4%

Transportation

14.9%

Utilities

12.2%

Tax Obligation/General

12.2%

Education and Civic

Organizations

7.7%

U.S. Guaranteed

4.5%

Other

7.9%

Total

100%

Portfolio Credit Quality

(% of total investments)

AAA

4.1%

AA

39.5%

A

38.1%

BBB

8.0%

BB or Lower

2.9%

N/R (not rated)

7.4%

Total

100‌

%

Report of Independent Registered

Public Accounting Firm

15

To the Board of Trustees and Shareholders of Nuveen Quality Municipal Income Fund and

Nuveen AMT-Free Quality Municipal Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund (hereafter collectively

referred to as the "Funds") as of October 31, 2025, the related statements of operations, changes in net assets and

cash flows, including the related notes, and the financial highlights for the year ended October 31, 2025 (collectively

referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,

the financial position of each of the Funds as of October 31, 2025, and the results of each of their operations, the

changes in each of their net assets, each of their cash flows and each of the financial highlights for the year ended

October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended October 31, 2024 and the financial highlights for

each of the periods ended on or prior to October 31, 2024 (not presented herein, other than the statement of changes

in net assets and the financial highlights) were audited by other auditors whose report dated December 26, 2024

expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion

on the Funds’ financial statements 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 of these financial statements 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 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,

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. 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. Our procedures included confirmation of securities

owned as of October 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable

basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 26, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

16

Portfolio of Investments October 31, 2025

NAD

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 168.5% (100.0% of Total Investments)

3,749,190

EXCHANGE-TRADED FUNDS - 0.2% (0.1% of Total Investments)

3,749,190

150,000

(a)

Nuveen High Yield Municipal Bond ETF

$

3,749,190

TOTAL EXCHANGE-TRADED FUNDS

(Cost $3,614,438)

3,749,190

SHARES

DESCRIPTION

VALUE

INVESTMENT COMPANIES - 0.0% (0.0% of Total Investments)

–

8,812

BlackRock MuniHoldings Fund Inc

103,453

32,524

Invesco Quality Municipal Income Trust

326,216

TOTAL INVESTMENT COMPANIES

(Cost $530,611)

429,669

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

4806269661

MUNICIPAL BONDS - 168.3% (99.9% of Total Investments)

4806269661

ALABAMA - 3.7% (2.2% of Total Investments)

$

5,000,000

(b)

Alabama Special Care Facilities Financing Authority, Revenue

Bonds, Ascension Health, Series 2016C

5

.000

%

11/15/46

5,006,850

5,000,000

Alabama State Port Authority, Docks Facilities Revenue Bonds,

Refunding Series 2017A - AGM Insured, (AMT)

5

.000

10/01/33

5,129,334

5,455,000

Alabama State Port Authority, Docks Facilities Revenue Bonds,

Refunding Series 2017A - AGM Insured, (AMT)

5

.000

10/01/34

5,586,764

5,550,000

Alabama State Port Authority, Docks Facilities Revenue Bonds,

Refunding Series 2017A - AGM Insured, (AMT)

5

.000

10/01/35

5,671,739

3,315,000

(c)

Black Belt Energy Gas District, Alabama, Gas Project Revenue

Bonds, Series 2024C, (Mandatory Put 7/01/31)

5

.000

05/01/55

3,602,628

2,000,000

(c)

Black Belt Energy Gas District, Alabama, Gas Project Revenue

Bonds, Series 2025A, (Mandatory Put 5/01/32)

5

.250

05/01/56

2,085,113

10,000,000

(b),(c)

Black Belt Energy Gas District, Alabama, Gas Project Revenue

Bonds, Series 2025A, (Mandatory Put 5/01/32), (UB)

5

.250

05/01/56

10,425,564

3,000,000

(c)

Black Belt Energy Gas District, Alabama, Gas Supply Revenue

Bonds, Series 2023 Sub B-2, (Mandatory Put 12/01/30)

5

.250

12/01/53

3,258,637

5,000,000

Homewood Educational Building Authority, Alabama, Revenue

Bonds, CHF-Horizons I, LLC Recreation Center Project at

Samford University Series 2024A

5

.500

10/01/49

5,125,801

3,250,000

Homewood Educational Building Authority, Alabama, Revenue

Bonds, CHF-Horizons I, LLC Recreation Center Project at

Samford University Series 2024A

5

.500

10/01/54

3,313,026

2,455,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/49

2,562,166

2,255,000

Limestone County Water & Sewer Authority, Alabama, Water

and Sewer Revenue Bonds, Series 2022

5

.000

12/01/45

2,347,507

2,500,000

Madison Water and Wastewater Board, Alabama, Water and

Sewer Revenue Bonds, Series 2023

5

.250

12/01/53

2,658,484

6,000,000

Mobile County Industrial Development Authority, Alabama,

Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC

Project, Series 2024B, (AMT)

4

.750

12/01/54

5,612,248

7,590,000

Pike Road, Alabama, General Obligation Warrants, Series 2023

5

.000

03/01/52

7,847,334

6,665,000

(b),(c)

Southeast Alabama Gas Supply District, Alabama, Gas Supply

Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory

Put 5/01/32), (UB)

5

.000

06/01/49

7,223,272

10,000,000

Southeast Energy Authority, Alabama, A Cooperative District

Energy Supply Revenue Bonds Series 2024A

5

.000

11/01/35

10,671,518

1,000,000

(c)

Southeast Energy Authority, Alabama, Commodity Supply

Revenue Bonds, Project 3, Fixed Rate Series 2022A-1,

(Mandatory Put 12/01/29)

5

.500

01/01/53

1,084,150

5,000,000

(b),(c)

Southeast Energy Authority, Alabama, Revenue Bonds

Cooperative District Energy Supply Series 2024C, (Mandatory

Put 11/01/32), (UB)

5

.000

10/01/55

5,433,774

5,815,000

(b),(c)

Southeast Energy Authority, Alabama, Revenue Bonds,

Cooperative District Energy Supply Series 2025A, (Mandatory

Put 6/01/35), (UB)

5

.000

01/01/56

6,229,915

17

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ALABAMA

(continued)

$

4,665,000

(d)

Tuscaloosa County Industrial Development Authority,

Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,

Refunding Series 2019A

5

.250

%

05/01/44

$

4,697,471

TOTAL ALABAMA

105,573,295

ALASKA - 0.1% (0.1% of Total Investments)

1,000,000

Alaska Industrial Development and Export Authority, Power

Revenue Bonds, Snettisham Hydroelectric Project, Refunding

Series 2015, (AMT)

5

.000

01/01/28

1,000,735

1,075,000

Alaska Industrial Development and Export Authority, Power

Revenue Bonds, Snettisham Hydroelectric Project, Refunding

Series 2015, (AMT)

5

.000

01/01/29

1,075,773

300,000

Alaska Industrial Development and Export Authority, Power

Revenue Bonds, Snettisham Hydroelectric Project, Refunding

Series 2015, (AMT)

5

.000

01/01/31

300,198

TOTAL ALASKA

2,376,706

ARIZONA - 2.8% (1.7% of Total Investments)

7,000,000

Arizona Board of Regents, Arizona State University Speed

Revenue Bonds, Stimulus Plan for Economic and Educational

Development, Series 2024

5

.000

08/01/54

7,302,139

1,000,000

Arizona Industrial Development Authority Education Revenue

Bonds, Academies of Math & Science Projects, Series 2023

5

.375

07/01/53

964,592

11,795,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A

4

.000

01/01/36

11,851,471

6,500,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Junior Lien Series 2019B, (AMT)

5

.000

07/01/49

6,580,340

15,935,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Senior Lien Series 2017A, (AMT)

5

.000

07/01/42

16,099,704

7,000,000

Phoenix Civic Improvement Corporation, Arizona, Revenue

Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC

Insured

5

.500

07/01/39

8,576,887

1,000,000

Pinal County Electrical District 4, Arizona, Electric System

Revenue Bonds, Refunding  Series 2015 - AGM Insured

4

.000

12/01/38

1,000,245

500,000

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue

Bonds, Citigroup Energy Inc Prepay Contract Obligations,

Series 2007

5

.500

12/01/29

536,383

24,765,000

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue

Bonds, Citigroup Energy Inc Prepay Contract Obligations,

Series 2007

5

.000

12/01/37

27,125,852

1,000,000

(d)

Sierra Vista Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, American Leadership

Academy Project, Series 2024

5

.000

06/15/54

917,797

TOTAL ARIZONA

80,955,410

ARKANSAS - 0.5% (0.3% of Total Investments)

5,020,000

(d)

Arkansas Development Finance Authority, Arkansas,

Environmental Improvement Revenue Bonds, United States

Steel Corporation, Green Series 2022, (AMT)

5

.450

09/01/52

5,044,935

6,550,000

Arkansas Development Finance Authority, Arkansas,

Environmental Improvement Revenue Bonds, United States

Steel Corporation, Green Series 2023, (AMT)

5

.700

05/01/53

6,690,112

3,500,000

(d)

Arkansas Development Finance Authority, Charter School

Revenue Bonds, Academy of Math and Science - Little Rock

Project Series 2024A

7

.000

07/01/59

3,194,141

TOTAL ARKANSAS

14,929,188

CALIFORNIA - 10.1% (6.0% of Total Investments)

3,500,000

(e)

Alameda Corridor Transportation Authority, California,

Revenue Bonds, Refunding Second Subordinate Lien Series

2022C - AGM Insured

0

.000

10/01/52

2,003,234

2,665,000

Alameda Corridor Transportation Authority, California,

Revenue Bonds, Refunding Second Subordinate Lien Series

2022C - AGM Insured

5

.000

10/01/52

2,760,764

2,945,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM

Insured

0

.000

09/01/27

2,801,827

Portfolio of Investments October 31, 2025

(continued)

NAD

18

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

7,150,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM

Insured

0

.000

%

09/01/28

$

6,619,506

2,455,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM

Insured

0

.000

09/01/32

2,011,763

105,000

(f)

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM

Insured, (ETM)

0

.000

09/01/35

78,914

95,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM

Insured

0

.000

09/01/35

69,102

1,055,000

Brisbane School District, San Mateo County, California, General

Obligation Bonds, Election 2003 Series 2005 - AGM Insured

0

.000

07/01/35

773,997

60,000

(f)

Byron Unified School District, Contra Costa County, California,

General Obligation Bonds, Series 2007B, (ETM)

0

.000

08/01/32

49,326

235,000

(f)

Byron Unified School District, Contra Costa County, California,

General Obligation Bonds, Series 2007B - SYNCORA GTY

Insured, (ETM)

0

.000

08/01/32

193,192

1,405,000

Byron Unified School District, Contra Costa County, California,

General Obligation Bonds, Series 2007B - SYNCORA GTY

Insured

0

.000

08/01/32

1,137,068

3,685,000

Calexico Unified School District, Imperial County, California,

General Obligation Bonds, Election of 2004 Series 2005B -

FGIC Insured

0

.000

08/01/31

3,100,651

4,505,000

Calexico Unified School District, Imperial County, California,

General Obligation Bonds, Election of 2004 Series 2005B -

FGIC Insured

0

.000

08/01/33

3,542,887

4,495,000

(b),(c)

California Community Choice Financing Authority, Clean

Energy Project Revenue Bonds, Green Series 2023G,

(Mandatory Put 4/01/30), (UB)

5

.250

11/01/54

4,830,952

5,000,000

(c)

California Community Choice Financing Authority, Clean

Energy Project Revenue Bonds, Green Series 2024B,

(Mandatory Put 12/01/32)

5

.000

01/01/55

5,313,487

9,000,000

(d)

California Community Housing Agency, Workforce Housing

Revenue Bonds, Annadel Apartments, Series 2019A

5

.000

04/01/49

7,294,750

2,500,000

(d)

California Enterprise Development Authority, Charter School

Revenue Bonds, Norton Science & Language Academy Project,

Series 2021

4

.000

07/01/61

1,836,355

2,855,000

(f)

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-

refunded 11/15/26)

5

.000

11/15/46

2,926,602

10,000,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Refunding Series 2016B

5

.000

11/15/46

10,072,579

16,665,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Refunding Series 2017A

5

.000

11/15/48

16,856,141

5,000,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, Adventist Health Energy Projects, Series

2024A

5

.250

07/01/49

5,126,204

1,610,000

(c),(d)

California Infrastructure and Economic Development Bank,

Revenue Bonds, Brightline West Passenger Rail Project, Green

Bond Series 2025A, (AMT), (Mandatory Put 1/01/35)

9

.500

01/01/65

1,288,000

5,000,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A, (AMT)

5

.000

12/31/43

5,029,699

3,250,000

California Municipal Finance Authority, Reveue Bonds,

Community Medical Centers, Series 2017A

5

.000

02/01/47

3,260,630

2,930,000

(d)

California School Finance Authority, Charter School Revenue

Bonds, CIty Charter School Obligated Group, Series 2016A

5

.000

06/01/52

2,670,201

3,410,000

(d)

California School Finance Authority, Charter School Revenue

Bonds, Russell Westbrook Why Not? Academy ? Obligated

Group, Series 2021A

4

.000

06/01/51

2,551,491

1,500,000

(d)

California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project,

Series 2016C

5

.000

07/01/46

1,503,079

19

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

500,000

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2014A

5

.250

%

12/01/44

$

500,029

4,550,000

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2014A

5

.500

12/01/54

4,550,246

1,000,000

(d)

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

5

.000

12/01/46

998,496

18,715,000

(d)

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

5

.250

12/01/56

18,624,826

4,890,000

Clovis Unified School District, Fresno County, California,

General Obligation Bonds, Series 2006B - NPFG Insured

0

.000

08/01/26

4,796,763

1,000,000

Coachella Valley Unified School District, Riverside County,

California, General Obligation Bonds, Series 2005A - FGIC

Insured

0

.000

08/01/30

875,508

3,000,000

CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Wood Creek Apartments,

Mezzanine Lien Series 2021A-2

4

.000

12/01/58

2,127,709

3,500,000

Foothill/Eastern Transportation Corridor Agency, California, Toll

Road Revenue Bonds, Refunding Senior Lien Series 2015A -

AGM Insured

0

.000

01/15/34

2,754,619

3,500,000

(f)

Golden State Tobacco Securitization Corporation, California,

Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,

Series 2005A - AGM Insured, (ETM)

0

.000

06/01/26

3,446,858

1,260,000

Huntington Beach Union High School District, Orange County,

California, Certificates of Participation, Capital Project, Series

2007 - AGM Insured

0

.000

09/01/35

921,841

5,240,000

Huntington Beach Union High School District, Orange County,

California, General Obligation Bonds, Series 2005 - AGM

Insured

0

.000

08/01/30

4,622,144

2,500,000

Huntington Beach Union High School District, Orange County,

California, General Obligation Bonds, Series 2007 - FGIC

Insured

0

.000

08/01/32

2,069,484

5,000,000

Inland Empire Tobacco Securitization Authority, California,

Tobacco Settlement Asset-Backed Bonds, Series 2007C-1.

Turbo Capital Appreciation

0

.000

06/01/36

2,429,728

1,045,000

Lake Tahoe Unified School District, El Dorado County,

California, General Obligation Bonds, Series 2001B - NPFG

Insured

0

.000

08/01/31

894,862

10,000,000

(b)

Los Angeles Department of Airports, California, Revenue

Bonds, Los Angeles International Airport, Senior Green Series

2022G, (AMT), (UB)

5

.000

05/15/47

10,284,679

40,000

(f)

Los Angeles Department of Airports, California, Revenue

Bonds, Los Angeles International Airport, Subordinate Lien

Series 2021D, (Pre-refunded 11/15/31), (AMT)

5

.000

05/15/46

43,876

12,835,000

Los Angeles Department of Airports, California, Revenue

Bonds, Los Angeles International Airport, Subordinate Lien

Series 2021D, (AMT)

5

.000

05/15/46

13,224,364

5,955,000

(e)

Mount San Antonio Community College District, Los Angeles

County, California, General Obligation Bonds, Election of 2008,

Series 2013A

0

.000

08/01/43

6,014,683

2,700,000

M-S-R Energy Authority, California, Gas Revenue Bonds,

Citigroup Prepay Contracts, Series 2009A

7

.000

11/01/34

3,317,034

2,200,000

M-S-R Energy Authority, California, Gas Revenue Bonds,

Citigroup Prepay Contracts, Series 2009C

6

.500

11/01/39

2,766,060

4,930,000

Patterson Joint Unified School District, Stanislaus County,

California, General Obligation Bonds, 2008 Election Series

2009B - AGM Insured

0

.000

08/01/42

2,481,322

6,000,000

(f)

Placentia-Yorba Linda Unified School District, Orange County,

California, Certificates of Participation, Series 2006 - FGIC

Insured, (ETM)

0

.000

10/01/34

4,562,321

Portfolio of Investments October 31, 2025

(continued)

NAD

20

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

2,000,000

Poway Unified School District, San Diego County, California,

General Obligation Bonds, School Facilities Improvement

District 2007-1, Series 2011A

0

.000

%

08/01/41

$

1,095,213

5,000,000

Rialto Unified School District, San Bernardino County,

California, General Obligation Bonds, 2010 Election Series

2011A - AGM Insured

7

.350

08/01/41

6,280,620

4,615,000

Riverside County Redevelopment Agency, California, Tax

Allocation Bonds, Jurupa Valley Project Area, Series 2011B

0

.000

10/01/38

2,835,435

10,990,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Subordinate Series 2021B, (AMT)

5

.000

07/01/46

11,255,025

10,175,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2019A, (AMT)

5

.000

05/01/49

10,299,334

4,945,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2016B,

(AMT)

5

.000

05/01/41

4,961,451

10,000,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2017A,

(AMT)

5

.000

05/01/42

10,093,821

11,000,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2019E,

(AMT)

5

.000

05/01/45

11,205,437

12,285,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2019E,

(AMT)

5

.000

05/01/50

12,413,907

735,000

(d)

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

757,171

635,000

San Joaquin Hills Transportation Corridor Agency, Orange

County, California, Toll Road Revenue Bonds, Refunding Junior

Lien Series 2014B

5

.250

01/15/44

635,288

5,000,000

San Jose, California, Airport Revenue Bonds, Refunding Series

2017A, (AMT)

5

.000

03/01/41

5,037,872

5,000,000

San Jose, California, Airport Revenue Bonds, Refunding Series

2017A, (AMT)

5

.000

03/01/47

5,011,340

14,985,000

San Ysidro School District, San Diego County, California,

General Obligation Bonds, 1997 Election Series 2012G - AGM

Insured

0

.000

08/01/40

8,108,936

2,460,000

Santee School District, San Diego County, California, General

Obligation Bonds, Capital Appreciation, Election 2006, Series

2008D - AGC Insured

0

.000

08/01/33

1,964,374

1,145,000

Southern Kern Unified School District, Kern County, California,

General Obligation Bonds, Series 2006C - AGM Insured

0

.000

11/01/30

989,087

1,175,000

Southern Kern Unified School District, Kern County, California,

General Obligation Bonds, Series 2010B - AGM Insured

0

.000

11/01/35

853,986

2,410,000

Victor Elementary School District, San Bernardino County,

California, General Obligation Bonds, Series 2002A - FGIC

Insured

0

.000

08/01/26

2,362,660

3,750,000

(e)

Wiseburn School District, Los Angeles County, California,

General Obligation Bonds, Series 2011B - AGM Insured

0

.000

08/01/36

4,387,389

TOTAL CALIFORNIA

288,558,199

COLORADO - 14.7% (8.7% of Total Investments)

2,285,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2019

5

.000

12/01/51

2,129,870

4,350,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2021

4

.375

12/01/52

3,663,444

3,000,000

Anthem West Metropolitan District, Colorado, General

Obligation Bonds, Refunding Series 2015 - BAM Insured

5

.000

12/01/35

3,003,378

2,000,000

Arvada, Colorado, Water Enterprise Revenue Bonds, Series

2022

4

.000

12/01/48

1,889,318

1,000,000

Aviation Station North Metropolitan District 2, Denver County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2019A

5

.000

12/01/39

1,004,076

21

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,850,000

Aviation Station North Metropolitan District 2, Denver County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2019A

5

.000

%

12/01/48

$

1,833,848

4,195,000

(f)

Boulder Larimer & Weld Counties School District RE-1J Saint

Vrain Valley, Colorado, General Obligation Bonds, Series

2016C, (Pre-refunded 12/15/26)

4

.000

12/15/34

4,259,254

5,500,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

5

.000

06/01/47

5,728,689

1,163,000

(d)

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Refunding & Improvement Series 2017

5

.000

12/01/29

1,164,398

2,165,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2024A - AGM Insured

5

.500

12/01/54

2,348,833

6,314,000

Colorado Crossing Metropolitan District 2, Colorado Springs,

California, General Obligation Bonds, Limited Tax Refunding

Series 2020A-1

5

.000

12/01/47

6,109,973

1,500,000

Colorado Crossing Metropolitan District 2, Colorado Springs,

Colorado, Limited Tax General Obligation Bonds, Refunding

Series 2020A-1

5

.000

12/01/50

1,429,354

2,945,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Community Leadership Academy, Inc.

Second Campus Project, Series 2013

7

.350

08/01/43

2,949,362

1,715,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Flagstaff Academy Project, Refunding

Series 2016

3

.625

08/01/46

1,406,537

855,000

Colorado Educational and Cultural Facilities Authority,

Charter School Revenue Bonds, Peak-to-Peak Charter School,

Refunding Series 2014

5

.000

08/15/30

856,003

3,915,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Weld County School District 6 -

Frontier Academy, Refunding & Improvement Series 2016

3

.250

06/01/46

2,981,404

5,530,000

(d)

Colorado Educational and Cultural Facilities Authority, Cultural

Facilities Revenue Bonds, Stanley Project, Senior Lien Series

2025A-1

6

.875

02/01/59

5,816,194

545,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University Corporation for Atmospheric Research

Project, Refunding Series 2017

3

.625

09/01/31

550,166

1,200,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

4

.000

03/01/36

1,206,127

1,600,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

4

.000

03/01/37

1,606,816

5,460,000

(b)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

4

.000

11/15/43

5,144,037

17,905,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

4

.000

11/15/46

16,760,425

11,090,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

4

.000

11/15/50

9,862,400

4,600,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

5

.000

01/01/37

4,603,159

5,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

5

.000

08/01/44

5,086,793

5,395,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

4

.000

08/01/49

4,715,288

10,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2 - BAM Insured

4

.000

08/01/49

8,973,248

2,725,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

5

.500

11/01/47

2,874,187

2,300,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

5

.250

11/01/52

2,375,810

1,640,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Meadows Project, Refunding & Improvement Series

2017A

5

.250

05/15/47

1,644,980

5,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

5

.000

05/15/52

5,140,901

Portfolio of Investments October 31, 2025

(continued)

NAD

22

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

2,445,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2024A

5

.000

%

05/15/54

$

2,502,788

3,785,000

(f)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)

4

.000

09/01/50

4,014,144

4,535,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

5

.000

11/01/44

4,633,164

3,300,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

SCL Health System, Refunding Series 2019A

4

.000

01/01/37

3,353,509

1,000,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

5

.000

12/31/47

997,761

4,500,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

5

.000

12/31/56

4,470,555

950,000

(f)

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017C, (Pre-refunded 3/01/28) - BAM Insured

5

.000

03/01/43

1,004,146

710,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017C - BAM Insured

5

.000

03/01/43

727,673

2,360,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017E

4

.000

03/01/43

2,296,812

3,420,000

Colorado State, Building Excellent Schools Today, Certificates

of Participation, Series 2020R

4

.000

03/15/45

3,300,840

4,000,000

Colorado State, Building Excellent Schools Today, Certificates

of Participation, Series 2021S

4

.000

03/15/41

4,005,708

7,250,000

(f)

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

5

.000

08/01/46

7,369,197

2,000,000

Cornerstar Metropolitan District, Arapahoe County, Colorado,

General Obligation Bonds, Limited Tax Convertible to

Unlimited Tax, Refunding Series 2017A

5

.250

12/01/47

1,949,263

2,000,000

(d)

Dawson Trails Metropolitan District 1, Castle Rock, Colorado,

Limited Tax General Obligation Bonds, Subordinate Series

2025B

9

.250

12/15/55

1,932,436

9,090,000

Dawson Trails Metropolitan District 1, Colorado, In The

Town of Castle Rock, Limited Tax General Obligation Capital

Appreciation Turbo Bonds, Series 2024

0

.000

12/01/31

5,773,086

4,250,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

4

.125

11/15/53

3,851,865

3,400,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022B

5

.250

11/15/53

3,581,181

2,225,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

5

.750

11/15/45

2,403,957

5,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

5

.000

11/15/53

5,118,412

11,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

5

.000

12/01/43

11,166,493

11,750,000

(b)

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT), (UB)

5

.000

12/01/48

11,842,072

9,040,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

5

.250

12/01/48

9,192,979

4,095,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Current Interest Series 2018A-1

5

.000

08/01/48

4,098,386

2,105,000

Denver City and County, Colorado, Special Facilities Airport

Revenue Bonds, United Airlines, Inc. Project, Refunding Series

2017, (AMT)

5

.000

10/01/32

2,105,031

5,130,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

5

.000

12/01/30

5,205,186

3,900,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

5

.000

12/01/36

3,935,522

3,000,000

Denver Gateway Center Metropolitan District, In the City and

County of Denver, Colorado, General Obligation Limited Tax

Bonds, Series 2018A

5

.625

12/01/48

2,913,103

23

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

385,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Capital Appreciation Series 2010A

0

.000

%

09/01/35

$

278,907

150,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Capital Appreciation Series 2010A

0

.000

09/01/37

98,370

75,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Capital Appreciation Series 2010A

0

.000

09/01/38

46,647

20,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Capital Appreciation Series 2010A

0

.000

09/01/39

11,755

110,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Capital Appreciation Series 2010A

0

.000

09/01/41

57,403

1,045,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/29

939,118

2,175,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/30

1,896,806

25,050,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/31

21,183,791

23,305,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/32

19,056,135

100,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/33

78,784

12,500,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2006A - NPFG Insured

0

.000

09/01/38

6,617,312

385,000

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,

Series 2004A - NPFG Insured

0

.000

09/01/28

355,509

60,000,000

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,

Series 2004A - NPFG Insured

0

.000

03/01/36

42,031,182

2,200,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, Enterprise Wastewater Revenue Bonds,

Improvement Series 2020A - AGM Insured

4

.000

12/01/49

2,076,271

8,000,000

Ebert Metropolitan District, Denver Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2018A-1 - BAM

Insured

5

.000

12/01/43

8,202,414

937,000

Erie Highlands Metropolitan District 2, Weld County, Colorado,

General Obligation Bonds, Limited Tax Series 2018A

5

.250

12/01/48

938,179

3,550,000

(d)

Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

6

.750

12/01/34

3,584,873

2,000,000

Firestone, Colorado, Water Enterprise Revenue Bones, Series

2020 - BAM Insured

4

.000

12/01/45

1,972,473

3,935,000

Flying Horse Metropolitan District 2, El Paso County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Series 2020A - AGM Insured

4

.000

12/01/50

3,662,221

2,535,000

Future Legends Sports Park Business Improvement District,

Colorado, Limited Tax General Obligation Bonds Series 2022A

and Subordinate Limited Tax General Obligation Bonds Series

2022B

6

.000

12/01/52

2,030,637

1,305,000

Goldsmith Metropolitan District, Colorado, General Obligation

Bonds, Refunding Series 2021 - AGM Insured

4

.000

12/01/51

1,221,882

3,130,000

(d)

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

5

.500

12/01/44

3,160,147

1,750,000

(d)

Kinston Metropolitan District 5, Loveland, Larimer County,

Colorado, Limited Tax General Obligation Bonds, Refunding

and Improvement Series 2025A

5

.750

12/01/55

1,775,696

1,000,000

Kinston Metropolitan District 5, Loveland, Larimer County,

Colorado, Limited Tax General Obligation Bonds, Series 2020A

5

.125

12/01/50

1,030,473

1,331,000

Meadowbrook Crossing Metropolitan District, EL Paso County,

Colorado, General Obligation Limited Tax Bonds, Refunding

Series 2020A

5

.250

12/01/49

1,311,243

1,500,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Series 2023 - AGM Insured

4

.375

12/01/53

1,471,971

1,860,000

(f)

Metropolitan State University of Denver, Colorado, Institutional

Enterprise Revenue Bonds, Aerospace and Engineering

Sciences Building Project, Series 2016, (Pre-refunded

12/01/25)

4

.000

12/01/40

1,861,643

Portfolio of Investments October 31, 2025

(continued)

NAD

24

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,750,000

Midtown at Clear Creek Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Refunding Limited Tax

Series 2023A - BAM Insured

5

.000

%

12/01/53

$

1,841,120

9,520,000

Northern Colorado Water Conservancy District Building

Corporation, Certificates of Participation, Refunding Series

2021

4

.000

07/01/46

9,211,288

3,250,000

Northern Colorado Water Conservancy District Building

Corporation, Certificates of Participation, Refunding Series

2021

4

.000

07/01/51

3,058,330

1,565,000

Park 70 Metropolitan District, Aurora, Colorado, General

Obligation Bonds, Limited Tax Refunding & Improvement

Series 2016

5

.000

12/01/36

1,578,117

2,100,000

Park 70 Metropolitan District, Aurora, Colorado, General

Obligation Bonds, Limited Tax Refunding & Improvement

Series 2016

5

.000

12/01/46

2,077,977

8,000,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2017A

5

.000

12/01/46

8,012,884

2,235,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2019A - AGM

Insured

4

.000

12/01/38

2,258,109

5,300,000

(d)

Peak Metropolitan District 1, Colorado Springs, El Paso County,

Colorado, Limited Tax General Obligation Bonds, Series 2021A

5

.000

12/01/51

4,529,635

700,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds,  Colorado Springs Utilities, Series 2008

6

.500

11/15/38

854,871

750,000

Thompson Crossing Metropolitan District 2, Johnstown,

Larimer County, Colorado, General Obligation Bonds, Limited

Tax Convertible to Unlimited Tax, Series 2016B - AGM Insured

5

.000

12/01/36

759,573

1,050,000

Traditions Metropolitan District 2, Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2016 - BAM

Insured

5

.000

12/01/32

1,068,303

1,000,000

Traditions Metropolitan District 2, Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2016 - BAM

Insured

4

.125

12/01/37

1,005,492

1,500,000

Trails at Crowfoot Metropolitan District 3, Parker, Colorado,

Limited Tax General Obligation Bonds, Refunding Series

2024A

4

.250

12/01/54

1,368,638

500,000

Transport Metropolitan District 3, In the City of Aurora, Adams

County, Colorado, General Obligation Limited Bonds, Series

2021A-1

5

.000

12/01/51

392,659

5,000,000

(d)

Tree Farm Metropolitan District, Eagle County, Colorado,

General Obligation Limited Tax Bonds, Series 2021

4

.750

12/01/50

4,314,677

2,000,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

4

.000

12/01/36

2,010,970

6,225,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

6

.750

12/01/52

6,272,301

7,700,000

(d),(e)

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2024A-2

0

.000

12/01/54

5,005,848

4,000,000

(d)

Windler Public Improvement Authority, Aurora, Colorado,

Limited Tax Supported Revenue Bonds, Series 2021A-1

4

.125

12/01/51

3,135,059

TOTAL COLORADO

418,571,234

CONNECTICUT - 1.4% (0.8% of Total Investments)

2,135,000

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Hartford HealthCare Issue, Series 2021A

4

.000

07/01/51

1,914,963

850,000

(d)

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, McLean Affiliates, Series 2020A

5

.000

01/01/45

751,799

5,355,000

(b)

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Social Series 2024A, (UB)

4

.600

11/15/49

5,340,440

14,775,000

Connecticut State, Special Tax Obligation Bonds,

Transportation Infrastructure Purposes Series 2018A

5

.000

01/01/34

15,464,401

6,410,000

Connecticut State, Special Tax Obligation Bonds,

Transportation Infrastructure Purposes Series 2018A

5

.000

01/01/37

6,657,727

25

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONNECTICUT

(continued)

$

6,000,000

Connecticut State, Special Tax Obligation Bonds,

Transportation Infrastructure Purposes Series 2018A

5

.000

%

01/01/38

$

6,217,713

3,730,000

University of Connecticut, General Obligation Bonds, Series

2020A

5

.000

02/15/41

3,940,500

TOTAL CONNECTICUT

40,287,543

DELAWARE - 0.6% (0.3% of Total Investments)

5,550,000

Delaware Economic Development Authority Retirement

Communities, Revenue Bonds, ACTS Retirement-Life

Communities Series 2023B

5

.250

11/15/53

5,578,572

3,000,000

Delaware Health Facilities Authority, Revenue Bonds, Beebe

Medical Center Project, Series 2018

5

.000

06/01/50

2,900,616

7,255,000

Delaware Transportation Authority, Revenue Bonds, US 301

Project, Series 2015

5

.000

06/01/55

7,255,055

TOTAL DELAWARE

15,734,243

DISTRICT OF COLUMBIA - 2.4% (1.4% of Total Investments)

170,000

District of Columbia Housing Finance Agency, GNMA

Collateralized Single Family Mortgage Revenue Bonds, Series

1988E-4, (AMT)

6

.375

06/01/26

170,351

51,000,000

District of Columbia Tobacco Settlement Corporation, Tobacco

Settlement Asset-Backed Bonds, Series 2006A

0

.000

06/15/46

11,840,767

5,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Refunding & Subordinate Lien Series

2019B

5

.000

10/01/47

5,067,721

3,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Refunding & Subordinate Lien Series

2019B

4

.000

10/01/49

2,677,526

5,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

Improvement Projects, Refunding Second Senior Lien Series

2022A - AGM Insured

4

.000

10/01/52

4,510,199

2,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Second Senior Lien Series 2009B - AGC

Insured

0

.000

10/01/36

1,338,600

5,000,000

(f)

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Second Senior Lien Series 2009C, (Pre-

refunded 10/01/26) - AGC Insured

6

.500

10/01/41

5,166,916

15,800,000

Metropolitan Washington D.C. Airports Authority, Airport

System Revenue Bonds, Refunding Series 2018A, (AMT)

5

.000

10/01/43

16,061,422

5,000,000

Metropolitan Washington D.C. Airports Authority, Airport

System Revenue Bonds, Refunding Series 2019A, (AMT)

5

.000

10/01/49

5,047,971

3,500,000

Metropolitan Washington D.C. Airports Authority, Airport

System Revenue Bonds, Refunding Series 2023A, (AMT)

5

.250

10/01/48

3,658,074

7,400,000

Metropolitan Washington D.C. Airports Authority, Airport

System Revenue Bonds, Refunding Series 2023A, (AMT)

5

.250

10/01/53

7,689,807

4,000,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Series 2024A

5

.250

07/15/59

4,233,980

TOTAL DISTRICT OF COLUMBIA

67,463,334

FLORIDA - 11.1% (6.6% of Total Investments)

1,480,000

Atlantic Beach, Florida, Healthcare Facilities Revenue

Refunding Bonds, Fleet Landing Project, Series 2013A

5

.000

11/15/37

1,480,754

450,000

Bay County, Florida, Educational Facilities Revenue Refunding

Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A

5

.000

09/01/45

449,996

2,260,000

Bay County, Florida, Educational Facilities Revenue Refunding

Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A

5

.000

09/01/48

2,259,919

1,090,000

(d)

Capital Trust Agency, Florida, Revenue Bonds, Viera Charter

School Project, Series 2017A

5

.000

10/15/47

1,029,622

3,465,000

(d)

Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, Babcock Neighborhood School Inc Project, Series 2024

5

.750

08/15/49

3,316,774

Portfolio of Investments October 31, 2025

(continued)

NAD

26

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

3,250,000

(d)

Capital Trust Authority, Florida, Educational Facilities Revenue

Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A

6

.250

%

06/15/53

$

3,309,817

5,690,000

Delray Beach, Florida, Water and Sewer Revenue Improvement

Bonds, Series 2025

5

.250

10/01/55

6,126,343

4,485,000

Florida Department of Transportation, Florida, Right-of-Way

Acquisition and Bridge Construction Series 2018A

4

.000

07/01/42

4,508,371

3,000,000

(d)

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Florida Charter Foundation Inc.

Projects, Series 2016A

5

.000

07/15/46

2,766,032

175,000

(d)

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Renaissance Charter School, Inc.

Projects, Series 2020C

5

.000

09/15/40

165,663

2,000,000

(d)

Florida Development Finance Corporation, Florida, Solid

Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project,

Series 2019, (AMT)

5

.000

05/01/29

2,020,350

5,000,000

(b)

Florida Development Finance Corporation, Healthcare

Facilities Revenue Bonds, Tampa General Hospital Project,

Series 2024A, (UB)

5

.250

08/01/49

5,173,339

3,780,000

(d)

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put

7/15/28)

12

.000

07/15/32

1,385,462

4,200,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT)

5

.000

07/01/41

3,507,000

13,800,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)

5

.000

07/01/44

13,761,098

2,865,000

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

2,855,108

14,945,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT)

5

.250

07/01/53

14,918,479

11,665,000

(b)

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT), (UB)

5

.250

07/01/53

11,644,299

5,100,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT)

5

.500

07/01/53

4,258,500

12,790,000

(c),(d)

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Series

2025B, (AMT), (Mandatory Put 6/15/26)

10

.000

07/01/57

10,679,650

28,705,000

Greater Orlando Aviation Authority, Florida, Orlando Airport

Facilities Revenue Bonds, Priority Subordinated Series 2017A,

(AMT)

5

.000

10/01/42

29,024,349

5,000,000

Hillsborough County Aviation Authority, Florida, Revenue

Bonds, Tampa International Airport, Series 2018E, (AMT)

5

.000

10/01/43

5,071,810

4,000,000

Hillsborough County Aviation Authority, Florida, Revenue

Bonds, Tampa International Airport, Subordinate Lien Series

2018A, (AMT)

5

.000

10/01/48

4,015,707

10,305,000

Hillsborough County Aviation Authority, Florida, Tampa

International Airport Customer Facility Charge Revenue Bonds,

Series 2015A

5

.000

10/01/44

10,307,618

10,000,000

Hillsborough County Industrial Development Authority, Florida,

Hospital Revenue Bonds, Florida Health Sciences Center Inc

D/B/A Tampa General Hospital, Series 2020A

4

.000

08/01/55

9,015,178

825,000

(d)

Lake County, Florida, Educational Facilities Revenue Bonds,

Imagine South Lake Charter School Project, Series 2019A

5

.000

01/15/54

667,349

1,500,000

Lauderhill, Florida, Water and Sewer Revenue Bonds, Series

2023 - AGM Insured

5

.000

10/01/53

1,571,682

2,000,000

Miami Health Facilities Authority, Florida, Health Facilities

Revenue Bonds, Miami Jewish Health System Inc. Project,

Series 2017

5

.125

07/01/46

1,822,814

27

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

10,000,000

Miami, Florida, Special Obligation Non-Ad Valorem Revenue

Bonds, New Administrative Building Series 2023A

5

.250

%

03/01/53

$

10,491,718

10,050,000

(b)

Miami-Dade County Educational Facilities Authority, Florida,

Revenue Bonds, University of Miami, Series 2018A, (UB)

5

.000

04/01/53

10,174,268

1,500,000

Miami-Dade County Health Facility Authority, Florida, Hospital

Revenue Bonds, Nicklaus Children's Hospital, Refunding Series

2017

5

.000

08/01/42

1,523,569

3,000,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2015A - BAM Insured, (AMT)

5

.000

10/01/38

3,004,068

24,135,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2017B, (AMT)

5

.000

10/01/40

24,425,045

7,400,000

(b)

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2019A, (AMT), (UB)

5

.000

10/01/49

7,439,515

7,000,000

Miami-Dade County, Florida, Seaport Revenue Bonds,

Refunding Series 2021A-2 - AGM Insured

4

.000

10/01/49

6,611,940

1,005,000

(b)

Miami-Dade County, Florida, Seaport Revenue Bonds,

Refunding Series 2022A, (AMT), (UB)

5

.250

10/01/52

1,027,679

1,190,000

(d)

Miami-Dade County, Florida, Special Assessment Revenue

Bonds, Ojus Sanitary Sewer Special Benefit Area, Series 2021

5

.100

07/01/51

1,200,110

5,000,000

Miami-Dade County, Florida, Transit System Sales Surtax

Revenue Bonds, Series 2022

5

.000

07/01/51

5,190,355

11,525,000

(b)

Miami-Dade County, Florida, Transit System Sales Surtax

Revenue Bonds, Series 2022, (UB)

5

.000

07/01/51

11,963,767

6,035,000

Miami-Dade County, Florida, Water and Sewer System

Revenue Bonds, Series 2019B

4

.000

10/01/49

5,511,067

3,500,000

Miami-Dade County, Florida, Water and Sewer System

Revenue Bonds, Series 2021

4

.000

10/01/46

3,333,818

8,000,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Inc. Series 2025A

4

.500

10/01/56

7,827,811

9,500,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc. Series

2025A

5

.250

10/01/56

9,995,603

7,000,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc., Series

2022

4

.000

10/01/52

6,167,409

2,360,000

Osceola County, Florida, Transportation Revenue Bonds,

Osceola Parkway, Refunding & Improvement Series 2019A-1

5

.000

10/01/49

2,380,127

3,260,000

Palm Beach County Health Facilities Authority, Florida,

Retirement Communities Revenue Bonds, ACTS Retirement -

Life Communities, Inc Obligated Group, Series 2016

5

.000

11/15/32

3,301,828

1,460,000

Pine Island Community Development District, Florida, Special

Assessment Bonds, Bella Collina, Series 2004

5

.750

05/01/35

1,460,524

4,635,000

Port Saint Lucie, Florida, Public Service Tax Revenue Bonds,

Recovery Zone Facility Bond Series 2014B

5

.000

09/01/43

4,641,726

2,500,000

Putnam County Development Authority, Florida, Pollution

Control Revenue Bonds, Seminole Electric Cooperatice, Inc.

Project, Refunding Series 2018A

5

.000

03/15/42

2,557,718

2,000,000

South Miami Health Facilities Authority, Florida, Hospital

Revenue Bonds, Baptist Health Systems of South Florida

Obligated Group, Refunding Series 2017

5

.000

08/15/42

2,032,006

9,770,000

South Miami Health Facilities Authority, Florida, Hospital

Revenue Bonds, Baptist Health Systems of South Florida

Obligated Group, Refunding Series 2017

5

.000

08/15/47

9,863,982

2,000,000

Tallahassee, Florida, Health Facilities Revenue Bonds,

Tallahassee Memorial HealthCare Inc. Project, Refunding Series

2015A

5

.000

12/01/40

2,000,745

7,545,000

Tampa, Florida, Hospital Revenue Bonds, H. Lee Moffitt Cancer

Center Project, Series 2020B

5

.000

07/01/50

7,654,111

965,000

Twisted Oaks Pointe Community Development District, Florida,

Special Assessment Revenue Bonds Assessment Area Three

Project Series 2024

6

.000

05/01/55

981,257

1,500,000

Two Lakes Community Development District, Hialeah, Florida,

Special Assessment Bonds, Series 2024

5

.000

05/01/55

1,510,168

Portfolio of Investments October 31, 2025

(continued)

NAD

28

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

6,510,000

Volusia County Educational Facilities Authority, Florida,

Revenue Bonds, Stetson University Inc. Project, Series 2015

5

.000

%

06/01/45

$

6,509,710

TOTAL FLORIDA

317,894,727

GEORGIA - 4.0% (2.4% of Total Investments)

1,890,000

(e)

Atlanta Development Authority, Georgia, Economic

Development Certificates, Gulch Enterprise Zone Project,

Convertible Capital Appreciation Series 2024A-1 Class A

0

.000

12/15/48

1,686,228

1,775,000

Atlanta Development Authority, Georgia, Revenue Bonds, New

Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1

5

.250

07/01/40

1,776,928

3,400,000

(d)

Atlanta Development Authority, Georgia, Revenue Bonds,

Westside Gulch Area Project, Senior Series 2024A-2

5

.500

04/01/39

3,496,436

3,280,000

Atlanta, Georgia, Airport General Revenue Bonds, Series

2019B, (AMT)

5

.000

07/01/44

3,349,815

14,000,000

Atlanta, Georgia, Airport General Revenue Bonds, Series

2022B, (AMT)

5

.000

07/01/52

14,332,091

2,600,000

Cobb County Kennestone Hospital Authority, Georgia,

Revenue Anticipation Certificates, Wellstar Health System,

Series 2017A

5

.000

04/01/47

2,619,741

2,500,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

5

.125

04/01/53

2,579,016

3,575,000

Crisp County Hospital Authority, Georgia, Revenue Anticipation

Certificates, Crisp County Hospital Project, Series 2021

4

.000

07/01/51

3,327,664

145,000

Dalton Development Authority, Georgia, Revenue Certificates,

Hamilton Health Care System Inc., Series 1996 - NPFG Insured

5

.500

08/15/26

146,885

2,000,000

Fulton County Development Authority, Georgia, Revenue

Bonds, Piedmont Healthcare, Inc. Project, Series 2019A

4

.000

07/01/49

1,816,622

1,000,000

Georgia Housing and Finance Authority, Single Family

Mortgage Bonds, Series 2025E

4

.850

12/01/40

1,039,733

3,500,000

Georgia Ports Authority, Revenue Bonds, Series 2021

4

.000

07/01/51

3,305,525

3,285,000

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2019A

5

.000

05/15/43

3,346,976

27,810,000

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2019A

5

.000

05/15/49

29,275,315

10,000,000

(c),(d)

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2022C, (Mandatory Put 11/01/27)

4

.000

08/01/52

10,058,744

10,260,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project J Bonds, Series 2015A

5

.000

07/01/60

10,259,344

2,000,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project J Bonds, Series 2019A - BAM Insured

5

.000

01/01/49

2,009,889

4,500,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project J Bonds, Series 2019A

5

.000

01/01/49

4,511,110

5,230,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project M Bonds, Series 19A - AGM Insured

5

.000

01/01/59

5,246,250

4,000,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project P Bonds, Series 2022A

5

.500

07/01/63

4,100,126

3,465,000

Paulding County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System Inc., Series

2022A

5

.000

04/01/42

3,664,825

2,750,000

Savannah-Georgia Convention Center Authority, Convention

Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series

2025C

5

.000

06/01/58

2,829,735

TOTAL GEORGIA

114,778,998

GUAM - 0.4% (0.2% of Total Investments)

1,710,000

Guam Economic Development & Commerce Authority,

Tobacco Settlement Asset-Backed Bonds, Series 2007A

5

.250

06/01/32

1,676,902

2,915,000

Guam Economic Development & Commerce Authority,

Tobacco Settlement Asset-Backed Bonds, Series 2007A

5

.625

06/01/47

2,682,811

245,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2016

5

.000

07/01/27

247,581

1,240,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2016

5

.000

01/01/46

1,240,810

29

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GUAM

(continued)

$

2,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

5

.000

%

12/01/33

$

2,018,710

2,260,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

5

.000

12/01/34

2,291,733

1,175,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

5

.000

12/01/46

1,179,300

355,000

Guam Port Authority, Port Revenue Bonds, Private Activity

Series 2018B, (AMT)

5

.000

07/01/33

365,814

TOTAL GUAM

11,703,661

HAWAII - 0.6% (0.4% of Total Investments)

6,000,000

Hawaii Department of Budget and Finance, Special Purpose

Revenue Bonds, Hawaiian Electric Company, Inc. and

Subsidiary Projects, Refunding Series 2017B, (AMT)

4

.000

03/01/37

5,926,957

6,000,000

Hawaii State, Airport System Revenue Bonds, Series 2022,

(AMT)

5

.000

07/01/38

6,471,659

5,000,000

Hawaii State, General Obligation Bonds, Series 2017FK

4

.000

05/01/35

5,042,861

TOTAL HAWAII

17,441,477

IDAHO - 0.9% (0.5% of Total Investments)

11,205,000

Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE

Trinity Helath Group, Series 2017ID

5

.000

12/01/46

11,283,180

1,700,000

Idaho Health Facilities Authority, Revenue Bonds, Madison

Memorial Hospital Project, Refunding Series 2016

5

.000

09/01/29

1,709,605

5,585,000

Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's

Health System Project, Series 2021A

4

.000

03/01/46

5,090,962

4,040,000

(d)

Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, Doral Academy of Idaho, Series 2021A

5

.000

07/15/56

3,090,067

1,155,000

Idaho Water Resource Board, Water Resource Loan Program

Revenue, Ground Water Rights Mitigation Series 2012A

4

.750

09/01/26

1,155,504

310,000

Idaho Water Resource Board, Water Resource Loan Program

Revenue, Ground Water Rights Mitigation Series 2012A

5

.000

09/01/32

310,307

2,579,000

(d)

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Series 2021

3

.750

09/01/51

2,460,341

TOTAL IDAHO

25,099,966

ILLINOIS - 10.9% (6.5% of Total Investments)

6,000,000

Chicago Board of Education, Illinois, Dedicated Capital

Improvement Tax Revenue Bonds, Series 2016

6

.000

04/01/46

6,064,643

2,400,000

Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Series 2016B

6

.500

12/01/46

2,417,802

7,140,000

Chicago Board of Education, Illinois, Unlimited Tax General

Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -

FGIC Insured

0

.000

12/01/25

7,118,826

4,325,000

Chicago Board of Education, Illinois, Unlimited Tax General

Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -

FGIC Insured

0

.000

12/01/29

3,707,173

4,235,000

Chicago Board of Education, Illinois, Unlimited Tax General

Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -

FGIC Insured

0

.000

12/01/31

3,352,116

6,050,000

Chicago Board of Education, Illinois, Unlimited Tax General

Obligation Bonds, Dedicated Tax Revenues, Series 1999A -

NPFG Insured

5

.500

12/01/26

6,121,784

10,285,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Refunding Senior Lien Series 2018A

5

.000

01/01/48

10,322,432

2,000,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Senior Lien Series 2016F - BAM Insured

4

.250

01/01/47

1,930,432

4,000,000

(b)

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Senior Lien Series 2022A, (UB)

4

.625

01/01/53

3,910,929

8,010,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Senior Lien Series 2022A

5

.500

01/01/55

8,356,878

5,000,000

(b)

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Senior Lien Series 2024B, (UB)

5

.500

01/01/59

5,376,420

4,115,000

Chicago, Illinois, General Obligation Bonds, City Colleges,

Series 1999 - FGIC Insured

0

.000

01/01/33

3,178,172

Portfolio of Investments October 31, 2025

(continued)

NAD

30

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

29,600,000

Chicago, Illinois, General Obligation Bonds, City Colleges,

Series 1999 - FGIC Insured

0

.000

%

01/01/38

$

17,758,333

4,000,000

Chicago, Illinois, General Obligation Bonds, Series 2019A

5

.000

01/01/40

4,007,701

9,240,000

Chicago, Illinois, General Obligation Bonds, Series 2019A

5

.500

01/01/49

9,100,860

11,575,000

(b)

Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)

5

.500

01/01/49

11,400,699

3,280,000

Chicago, Illinois, General Obligation Bonds, Series 2024A

5

.250

01/01/45

3,254,790

6,200,000

Chicago, Illinois, Wastewater Transmission Revenue Bonds,

Second Lien Series 2001A - NPFG Insured

5

.500

01/01/30

6,482,614

4,500,000

Cook County Community College District 508, Illinois, General

Obligation Bonds, Chicago City Colleges, Series 2017

5

.000

12/01/47

4,523,043

7,500,000

(b)

Cook County Community College District 508, Illinois, General

Obligation Bonds, Chicago City Colleges, Series 2017, (UB)

5

.000

12/01/47

7,538,405

3,000,000

Cook County, Illinois, General Obligation Bonds, Refunding

Series 2016A

5

.000

11/15/31

3,047,957

500,000

Cook County, Illinois, General Obligation Bonds, Refunding

Series 2018

5

.000

11/15/34

506,011

4,550,000

Cook County, Illinois, General Obligation Bonds, Refunding

Series 2018

5

.000

11/15/35

4,598,710

5,000,000

Illinois Educational Facilities Authority, Revenue Bonds, Field

Museum of Natural History, Series 2002.RMKT

4

.450

11/01/36

5,087,471

815,000

Illinois Educational Facilities Authority, Revenue Bonds, Field

Museum of Natural History, Series 2002.RMKT

4

.500

11/01/36

815,311

2,785,000

Illinois Educational Facilities Authority, Revenue Bonds, Field

Museum of Natural History, Series 2002.RMKT

5

.500

11/01/36

2,790,883

410,000

(d)

Illinois Finance Authority, Charter School Revenue Bonds,

Intrinsic Charter Schools Belmont School Project, Series 2015A

6

.000

12/01/45

410,068

345,000

(f)

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C, (Pre-refunded 2/15/27)

5

.000

02/15/33

355,449

2,155,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C

5

.000

02/15/33

2,209,051

10,000,000

Illinois Finance Authority, Revenue Bonds, Mercy Health

Corporation, Series 2016

5

.000

12/01/46

10,024,196

10,745,000

Illinois Finance Authority, Revenue Bonds, OSF Healthcare

System, Series 2015A

5

.000

11/15/45

10,748,287

15,030,000

Illinois Finance Authority, Revenue Bonds, University of

Chicago, Series 2023A

5

.250

05/15/54

15,736,347

1,830,000

Illinois Sports Facility Authority, State Tax Supported Bonds,

Refunding Series 2014 - AGM Insured

5

.250

06/15/32

1,833,101

450,000

Illinois State, General Obligation Bonds, December Series

2017A

5

.000

12/01/39

459,059

2,500,000

Illinois State, General Obligation Bonds, December Series

2023C

5

.000

12/01/43

2,604,590

3,500,000

Illinois State, General Obligation Bonds, January Series 2016

5

.000

01/01/29

3,511,446

8,250,000

Illinois State, General Obligation Bonds, January Series 2016

5

.000

01/01/32

8,276,737

4,200,000

Illinois State, General Obligation Bonds, June Series 2016

5

.000

06/01/27

4,249,636

2,000,000

Illinois State, General Obligation Bonds, June Series 2022A

5

.500

03/01/42

2,158,294

785,000

Illinois State, General Obligation Bonds, June Series 2022A

5

.500

03/01/47

825,971

16,485,000

Illinois State, General Obligation Bonds, March Series 2021A

5

.000

03/01/46

16,828,620

1,635,000

Illinois State, General Obligation Bonds, May Series 2020

5

.500

05/01/30

1,756,980

5,305,000

Illinois State, General Obligation Bonds, May Series 2020

5

.500

05/01/39

5,683,570

3,000,000

Illinois State, General Obligation Bonds, May Series 2020

5

.750

05/01/45

3,163,643

2,085,000

Illinois State, General Obligation Bonds, May Series 2023B

5

.250

05/01/43

2,195,877

4,525,000

Illinois State, General Obligation Bonds, May Series 2023B

5

.500

05/01/47

4,764,781

1,500,000

Illinois State, General Obligation Bonds, November Series

2016

5

.000

11/01/37

1,519,134

3,510,000

Illinois State, General Obligation Bonds, October Series 2016

5

.000

02/01/27

3,596,356

8,865,000

Illinois State, General Obligation Bonds, October Series 2022C

5

.500

10/01/41

9,637,293

4,685,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2015A

5

.000

01/01/40

4,689,256

7,770,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2021A

4

.000

01/01/42

7,584,931

10,000,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2021A

5

.000

01/01/46

10,320,238

31

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

5,000,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Series 2023A

5

.250

%

01/01/45

$

5,335,365

1,890,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Refunding Series 2015B

5

.000

06/15/52

1,886,673

1,500,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Refunding Series 2020A

5

.000

06/15/50

1,503,180

7,500,000

(b)

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Refunding Series 2020A, (UB)

5

.000

06/15/50

7,515,902

1,000,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Series 2015A

5

.500

06/15/53

1,000,242

3,280,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Series 2017A

5

.000

06/15/57

3,273,902

5,000,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A -

NPFG Insured

0

.000

12/15/34

3,598,483

1,100,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A -

NPFG Insured

0

.000

12/15/35

754,477

3,805,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A -

NPFG Insured

0

.000

06/15/41

1,933,705

430,000

(f)

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Hospitality Facility, Series 1996A,

(ETM)

7

.000

07/01/26

441,233

1,350,000

Northern Illinois University, Auxiliary Facilities System Revenue

Bonds, Refunding Series 2020B - BAM Insured

4

.000

04/01/41

1,302,538

2,495,000

Sangamon County School District 186 Springfield, Illinois,

General Obligation Bonds, Alternate Revenue Source Series

2023 - AGM Insured

5

.500

06/01/58

2,663,274

2,500,000

Sangamon County Water Reclamation District, Illinois, General

Obligation Bonds Alternate Revenue Source, Project &

Refunding Series 2019A - BAM Insured

4

.000

01/01/44

2,464,474

TOTAL ILLINOIS

311,586,754

INDIANA - 1.2% (0.7% of Total Investments)

1,480,000

(d)

Gary Local Public Improvement Bond Bank, Indiana, Economic

Development Revenue Bonds, Drexel Foundation for

Educational Excellence Project, Refunding Series 2020A

5

.875

06/01/55

1,325,817

625,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, Seven Oaks Classical School Project, Series 2021A

5

.000

06/01/51

527,750

2,000,000

Indiana Finance Authority, Health System Revenue Bonds,

Franciscan Alliance, Inc Obligated Group, Series 2016A

5

.000

11/01/51

2,001,887

3,950,000

Indiana Finance Authority, Hospital Revenue Bonds, Indiana

University Health Obligation Group, Fixed Rate Series 2023A

5

.000

10/01/46

4,137,566

3,000,000

Indiana Finance Authority, Hospital Revenue Bonds, Indiana

University Health Series 2025C

5

.250

10/01/44

3,277,824

2,500,000

Indiana Finance Authority, Indiana, Health Facilities Project

Revenue Bonds, Baptist Healthcare System Obligated Group,

Series 2017A

5

.000

08/15/51

2,523,356

4,500,000

Indiana Finance Authority, Wastewater Utility Revenue Bonds,

CWA Authority Project, Series 2012A

4

.000

10/01/42

4,320,694

2,605,000

(b)

Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Social Series 2024A-

1, (UB)

4

.650

07/01/49

2,609,736

8,150,000

(b)

Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Social Series 2024A-

1, (UB)

4

.750

07/01/54

8,204,458

2,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Community Justice Campus Bonds, Courthouse & Jail Project,

Series 2019A

3

.840

02/01/54

1,855,158

1,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Senior Series 2023E

6

.000

03/01/53

1,045,975

Portfolio of Investments October 31, 2025

(continued)

NAD

32

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

3,460,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Subordinate Series

2023F-1 - BAM Insured

5

.000

%

03/01/53

$

3,566,382

TOTAL INDIANA

35,396,603

IOWA - 1.0% (0.6% of Total Investments)

2,550,000

Iowa Finance Authority Senior Living Facilities Revenue Bonds,

Sunrise Retirement Community Project, Refunding Series 2021

5

.000

09/01/41

2,182,758

2,000,000

Iowa Finance Authority Senior Living Facilities Revenue Bonds,

Sunrise Retirement Community Project, Refunding Series 2021

5

.000

09/01/51

1,498,597

7,505,000

Iowa Finance Authority, Iowa, Midwestern Disaster Area

Revenue Bonds, Alcoa Inc. Project, Series 2012

4

.750

08/01/42

7,505,039

9,535,000

(f)

Iowa Finance Authority, Iowa, Midwestern Disaster Area

Revenue Bonds, Iowa Fertilizer Company Project, Refunding

Series 2022, (Pre-refunded 12/01/32)

5

.000

12/01/50

10,989,524

6,235,000

Iowa State, Hospital Revenue Bonds, University of Iowa

Hospitals and Clinics, SUI Series 2022A

4

.000

09/01/36

6,495,358

TOTAL IOWA

28,671,276

KANSAS - 0.6% (0.4% of Total Investments)

6,770,000

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence

Memorial Hospital, Series 2018A

5

.000

07/01/43

6,829,397

7,600,000

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence

Memorial Hospital, Series 2018A

5

.000

07/01/48

7,626,968

3,625,000

Wyandotte County Unified School District 203, Piper, Kansas,

General Obligation Bonds, Improvement and Refunding Series

2022A - AGM Insured

5

.250

09/01/52

3,806,969

TOTAL KANSAS

18,263,334

KENTUCKY - 0.9% (0.5% of Total Investments)

6,000,000

Kentucky Economic Development Finance Authority, Hospital

Revenue Bonds, Owensboro Health, Refunding Series 2017A

5

.000

06/01/45

6,009,011

4,790,000

Kentucky Public Transportation Infrastructure Authority, Toll

Revenue Bonds, Downtown Crossing Project, Convertible

Capital Appreciation First Tier Series 2013C

6

.750

07/01/43

5,433,726

3,655,000

Kentucky Public Transportation Infrastructure Authority, Toll

Revenue Bonds, Downtown Crossing Project, Convertible

Capital Appreciation First Tier Series 2013C

6

.875

07/01/46

4,150,420

3,000,000

Louisville and Jefferson County Metropolitan Government,

Kentucky, Hospital Revenue Bonds, UofL Health Project, Series

2022A

5

.000

05/15/52

2,979,405

7,100,000

(b),(c)

Public Energy Authority of Kentucky, Gas Supply Revenue

Bonds, Series 2024A-1, (Mandatory Put 7/01/30), (UB)

5

.000

05/01/55

7,547,754

TOTAL KENTUCKY

26,120,316

LOUISIANA - 2.3% (1.4% of Total Investments)

3,130,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2017B - AGM Insured

5

.000

12/01/42

3,188,209

4,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue

Bonds, Womans Hospital Foundation Project, Refunding Series

2017A

5

.000

10/01/44

4,037,156

10,000,000

Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2017

5

.000

05/15/46

10,055,152

10,000,000

Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Series 2020A

4

.000

05/15/49

9,142,354

3,160,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series

2023A

5

.250

10/01/48

3,172,910

3,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series

2023A

5

.250

10/01/53

3,001,358

1,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

5

.500

05/15/55

1,067,107

1,830,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Refunding Series 2016

4

.000

05/15/35

1,832,158

33

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LOUISIANA

(continued)

$

4,835,000

Louisiana Publics Facilities Authority, Louisiana, Revenue

Bonds, I-10 Calcasieu River Bridge Public-Private Partnership

Project, Senior Lien Series 2024, (AMT)

5

.500

%

09/01/59

$

4,932,340

6,585,000

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

6,832,855

2,000,000

Louisiana Publics Facilities Authority, Louisiana, Revenue

Bonds, I-10 Calcasieu River Bridge Public-Private Partnership

Project, Senior Lien Series 2024, (AMT)

5

.000

09/01/66

1,922,122

10,810,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

5

.000

07/01/48

11,097,396

1,000,000

(d)

Plaquemines Port, Louisiana, Harbor and Terminal District

Facilities Revenue Bonds NOLA Terminal LLC Project Dock and

Wharf Series 2024A

9

.000

12/01/44

870,057

5,655,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds,

Refunding Series 2015

5

.000

12/01/40

5,657,558

TOTAL LOUISIANA

66,808,732

MAINE - 0.7% (0.4% of Total Investments)

3,820,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated

Group Issue, Series 2016A

4

.000

07/01/41

3,237,340

4,000,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated

Group Issue, Series 2016A

5

.000

07/01/41

3,872,418

5,480,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated

Group Issue, Series 2016A

4

.000

07/01/46

4,412,101

5,595,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated

Group Issue, Series 2016A

5

.000

07/01/46

5,250,871

2,935,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, MaineHealth Issue, Series 2018A

5

.000

07/01/48

2,973,181

TOTAL MAINE

19,745,911

MARYLAND - 6.3% (3.8% of Total Investments)

1,750,000

(c)

Anne Arundel County, Maryland, FNMA Multifamily Housing

Revenue Bonds, Glenview Gardens Apartments Project, Series

2009, (Mandatory Put 1/01/27)

5

.000

01/01/28

1,752,600

1,180,000

Anne Arundel County, Maryland, Special Tax District Revenue

Bonds, Villages of Dorchester & Farmington Village Projects,

Series 2013

5

.000

07/01/32

1,180,950

1,000,000

Baltimore County, Maryland, Revenue Bonds, Oak Crest

Village, Series 2016

3

.625

01/01/37

976,796

2,220,000

Baltimore County, Maryland, Revenue Bonds, Oak Crest

Village, Series 2016

5

.000

01/01/37

2,223,918

9,215,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

5

.000

09/01/42

9,220,542

2,000,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects,

Subordinate Series 2017A

5

.000

07/01/46

2,013,967

1,100,000

(f)

Baltimore, Maryland, Revenue Bonds, Water Projects,

Refunding Series 1998A - FGIC Insured, (ETM)

5

.000

07/01/28

1,133,429

2,500,000

Baltimore, Maryland, Revenue Bonds, Water Projects,

Subordinate Series 2014A

5

.000

07/01/44

2,500,700

6,000,000

Baltimore, Maryland, Revenue Bonds, Water Projects,

Subordinate Series 2017A

5

.000

07/01/41

6,077,200

1,450,000

Baltimore, Maryland, Special Obligation Bonds, Center/West

Development Project, Series 2017A

5

.500

06/01/43

1,419,229

525,000

Baltimore, Maryland, Special Obligation Bonds, Consolidated

Tax Increment Financing, Series 2015

5

.000

06/15/30

525,403

425,000

Baltimore, Maryland, Special Obligation Bonds, Consolidated

Tax Increment Financing, Series 2015

5

.000

06/15/33

425,299

1,270,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

4

.500

09/01/33

1,278,172

Portfolio of Investments October 31, 2025

(continued)

NAD

34

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

240,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

5

.000

%

09/01/38

$

242,342

1,895,000

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2016

5

.000

06/01/36

1,906,120

250,000

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2016

5

.125

06/01/43

250,459

2,000,000

(d)

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019A

3

.625

06/01/46

1,689,057

350,000

(d)

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019B

3

.875

06/01/46

306,920

375,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

4

.000

07/01/29

373,530

738,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

5

.000

07/01/36

751,800

3,000,000

(d)

Frederick County, Maryland, Educational Facilities Revenue

Bonds, Mount Saint Mary's University Inc., Series 2017A

5

.000

09/01/37

2,873,781

238,000

Frederick County, Maryland, Special Obligation Bonds, Lake

Linganore Village Community Development Series 2001A -

RAAI Insured

5

.700

07/01/29

238,473

1,235,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

4

.000

07/01/35

1,255,611

370,000

Frederick County, Maryland, Tax Increment and Special Tax B

Limited Obligation Bonds, Oakdale-Lake Linganore Project,

Series 2019

3

.750

07/01/39

345,191

105,000

(d)

Frederick County, Maryland, Tax Increment and Special Tax

Limited Obligation Bonds, Jefferson Technology Park Project,

Refunding Series 2020B

4

.625

07/01/43

102,295

2,000,000

Gaithersburg, Maryland, Economic Development Revenue

Bonds, Asbury Methodist Obligated Group Project, Refunding

Series 2018A

5

.000

01/01/33

2,042,077

1,000,000

Gaithersburg, Maryland, Economic Development Revenue

Bonds, Asbury Methodist Obligated Group Project, Refunding

Series 2018A

5

.000

01/01/36

1,015,889

1,500,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Commons Apartments, Series 2014A

4

.000

06/01/34

1,500,236

1,550,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Commons Apartments, Series 2014A

5

.000

06/01/44

1,550,642

1,990,000

Howard County Housing Commission, Maryland, Revenue

Bonds, The Verona at Oakland Mills Project, Series 2013

4

.625

10/01/28

1,992,274

2,990,000

Howard County Housing Commission, Maryland, Revenue

Bonds, The Verona at Oakland Mills Project, Series 2013

5

.000

10/01/28

2,994,276

1,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Woodfield Oxford Square Apartments, Series 2017

5

.000

12/01/42

1,014,828

1,290,000

Howard County, Maryland, Retirement Community Revenue

Bonds, Vantage House, Refunding Series 2016

5

.000

04/01/46

1,142,842

1,710,000

Howard County, Maryland, Retirement Community Revenue

Bonds, Vantage House, Refunding Series 2017

5

.000

04/01/36

1,698,380

1,500,000

(d)

Howard County, Maryland, Special Obligation Bonds,

Downtown Columbia Project, Series 2017A

4

.125

02/15/34

1,490,821

1,550,000

(d)

Howard County, Maryland, Special Obligation Bonds,

Downtown Columbia Project, Series 2017A

4

.375

02/15/39

1,530,506

850,000

(d)

Howard County, Maryland, Special Obligation Bonds,

Downtown Columbia Project, Series 2017A

4

.500

02/15/47

794,471

2,125,000

Hyattsville, Maryland, Special Obligation Bonds, University

Town Center Project, Series 2016

5

.000

07/01/31

2,125,272

1,640,000

Hyattsville, Maryland, Special Obligation Bonds, University

Town Center Project, Series 2016

5

.000

07/01/34

1,640,474

1,220,000

Maryland Community Development Administration

Department of Housing and Community Development,

Housing Revenue Bonds, Series 2000A

2

.800

07/01/45

932,960

35

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

1,195,000

Maryland Community Development Administration

Department of Housing and Community Development,

Housing Revenue Bonds, Series 2014D

3

.900

%

07/01/40

$

1,168,706

680,000

Maryland Community Development Administration

Department of Housing and Community Development,

Housing Revenue Bonds, Series 2017C

3

.550

07/01/42

656,092

700,000

Maryland Community Development Administration

Department of Housing and Community Development,

Housing Revenue Bonds, Series 2020E

2

.350

07/01/45

495,726

1,445,000

Maryland Community Development Administration

Department of Housing and Community Development,

Residential Revenue Bonds, Series 2019C

3

.000

03/01/42

1,280,612

2,000,000

Maryland Community Development Administration

Department of Housing and Community Development,

Residential Revenue Bonds, Series 2020D

2

.100

09/01/40

1,501,732

2,570,000

Maryland Community Development Administration

Department of Housing and Community Development,

Residential Revenue Bonds, Series 2021A

2

.000

09/01/43

1,719,461

2,000,000

Maryland Community Development Administration

Department of Housing and Community Development,

Residential Revenue Bonds, Taxable Series 2019D

3

.350

07/01/49

1,658,200

1,000,000

Maryland Community Development Administration,

Department of Housing and Community Development,

Multifamily Development Revenue Bonds, Marlborough

Apartments, Series 2014I

3

.450

12/15/31

1,000,206

1,000,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Transportation Facilities Project,

Refunding Series 2017A

5

.000

06/01/31

1,038,553

1,125,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Transportation Facilities Project,

Refunding Series 2017A

5

.000

06/01/32

1,167,125

3,360,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Transportation Facilities Project,

Refunding Series 2017A

5

.000

06/01/35

3,466,630

1,600,000

Maryland Economic Development Corporation, Air Cargo

Obligated Group Revenue Bonds, AFCO Airport Real Estate

Group, Series 2019, (AMT)

4

.000

07/01/39

1,552,100

1,250,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds Baltimore City Project, Subordinate

Parking Facilities Revenue Bonds, Series 2018C

4

.000

06/01/48

1,013,162

1,080,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds Baltimore City Project, Subordinate

Parking Facilities Revenue Bonds, Series 2018C

4

.000

06/01/58

822,245

3,725,000

Maryland Economic Development Corporation, Parking

Facilities Revenue Bonds, Baltimore City Project, Senior Parking

Facilities Revenue Bonds, Series 2018A

5

.000

06/01/58

3,740,798

1,600,000

(c),(d)

Maryland Economic Development Corporation, Port Facilities

Revenue Bonds, Core Natural Resources Inc. Project, Refunding

Series 2025, (Mandatory Put 3/27/35)

5

.000

07/01/48

1,690,082

2,000,000

(g)

Maryland Economic Development Corporation, Revenue

Bonds, Chesapeake Bay Hyatt Conference Center, Series

2006A

5

.000

12/01/31

1,340,000

1,100,000

Maryland Economic Development Corporation, Senior Student

Housing Revenue Bonds, Towson University Project, Refunding

Series 2017

5

.000

07/01/36

1,114,534

470,000

Maryland Economic Development Corporation, Senior Student

Housing Revenue Bonds, Towson University Project, Refunding

Series 2017

5

.000

07/01/37

470,233

585,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Metro Centre Owings Mills Project, Series

2017

4

.375

07/01/36

577,936

265,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, Salisbury University Project,

Refunding Series 2013

5

.000

06/01/27

265,148

Portfolio of Investments October 31, 2025

(continued)

NAD

36

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

500,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, Salisbury University Project,

Refunding Series 2013

5

.000

%

06/01/34

$

500,225

1,510,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, Sheppard Pratt University Village,

Series 2012

5

.000

07/01/33

1,510,166

1,110,000

Maryland Economic Development Corporation, Student

Housing Revenue Bonds, University of Maryland, Baltimore

County Project, Refunding Series 2016 - AGM Insured

3

.600

07/01/35

1,101,290

685,000

Maryland Health and Higher Educational Facilities Authority,

Parking Facilities Revenue Bonds, Johns Hopkins Hospital,

Series 2001 - AMBAC Insured

5

.000

07/01/27

690,076

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Parking Facilities Revenue Bonds, Johns Hopkins Hospital,

Series 2001 - AMBAC Insured

5

.000

07/01/34

1,007,649

75,000

Maryland Health and Higher Educational Facilities Authority,

Parking Facilities Revenue Bonds, Johns Hopkins Medical

Institutions, Series 1996 - AMBAC Insured

5

.500

07/01/26

75,547

250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

5

.000

07/01/34

254,795

4,820,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

5

.000

07/01/38

4,881,852

90,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds,  Mercy Medical Center, Series 2016A

5

.000

07/01/36

90,926

1,450,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds,  Mercy Medical Center, Series 2016A

5

.000

07/01/38

1,462,708

600,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds,  Mercy Medical Center, Series 2016A

4

.000

07/01/42

574,766

1,400,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

5

.500

01/01/36

1,427,236

4,020,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

5

.500

01/01/46

4,066,021

2,125,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

5

.000

01/01/36

2,146,152

4,090,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

5

.000

01/01/45

4,104,058

1,000,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

3

.250

07/01/39

845,096

1,200,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Goucher College, Series 2017A

5

.000

07/01/44

1,147,595

265,000

(d)

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Green Street Academy, Series 2017A

5

.125

07/01/37

264,483

500,000

(d)

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Green Street Academy, Series 2017A

5

.250

07/01/47

472,481

915,000

(f)

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured,

(ETM)

5

.000

07/01/27

932,865

2,500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins Health System Issue, Series

2015A

4

.000

05/15/40

2,500,015

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

5

.000

07/01/38

500,185

4,375,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

4

.250

07/01/41

4,375,282

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2017

5

.000

07/01/33

1,033,439

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2017

5

.000

07/01/44

1,010,711

2,975,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health System, Series 2015

4

.125

07/01/47

2,893,211

175,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2016

5

.000

06/01/36

175,581

37

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND

(continued)

$

525,000

(f)

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2017,

(Pre-refunded 6/01/26)

5

.000

%

06/01/35

$

531,484

1,000,000

(f)

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2017,

(Pre-refunded 6/01/26)

5

.000

06/01/42

1,012,351

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2024

5

.500

06/01/47

1,014,535

2,500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2015

5

.000

08/15/38

2,501,299

4,260,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Trinity Health Credit Group, Series 2017MD

5

.000

12/01/46

4,288,433

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Series 2015

5

.000

07/01/35

1,000,856

5,500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Series 2017B

5

.000

07/01/39

5,613,474

1,000,000

(f)

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2016, (Pre-refunded 5/01/26)

5

.000

05/01/35

1,011,025

6,250,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2018A

5

.000

05/01/42

6,415,700

7,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2020

4

.000

07/01/50

6,579,886

1,500,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2014A

3

.875

07/01/39

1,491,055

6,000,000

Montgomery County, Maryland, Revenue Bonds, Trinity Health

Credit Group, Series 2015

4

.000

12/01/44

5,599,526

320,000

(d)

Prince George's County Revenue Authority, Maryland, Special

Obligation Bonds, Suitland-Naylor Road Project, Series 2016

5

.000

07/01/46

320,014

1,050,000

Prince George's County, Maryland, Revenue Bonds, Collington

Episcopal Life Care Community Inc., Series 2017

5

.250

04/01/37

1,052,273

1,300,000

(d)

Prince George's County, Maryland, Special Obligation Bonds,

Westphalia Town Center Project, Series 2018

5

.125

07/01/39

1,307,509

1,200,000

(d)

Prince George's County, Maryland, Special Obligation Bonds,

Westphalia Town Center Project, Series 2018

5

.250

07/01/48

1,203,346

1,751,000

Prince George's County, Maryland, Special Tax District Bonds,

Victoria Falls Project, Series 2005

5

.250

07/01/35

1,754,780

795,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Ingleside King Farm Project,

Refunding Series 2017A-2

5

.000

11/01/31

805,831

1,070,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Ingleside King Farm Project,

Series 2017A-1

5

.000

11/01/28

1,084,310

1,000,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Ingleside King Farm Project,

Series 2017A-1

5

.000

11/01/37

1,003,795

500,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Series 2017B

5

.000

11/01/42

483,060

1,000,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Series 2017B

5

.000

11/01/47

917,975

1,000,000

(f)

Washington County County Commissioners, Maryland,

Revenue Bonds, Diakon Lutheran Social Ministries Project,

Series 2019B, (ETM)

5

.000

01/01/29

1,069,885

500,000

(f)

Washington County County Commissioners, Maryland,

Revenue Bonds, Diakon Lutheran Social Ministries Project,

Series 2019B, (Pre-refunded 1/01/29)

5

.000

01/01/32

534,942

TOTAL MARYLAND

180,910,768

Portfolio of Investments October 31, 2025

(continued)

NAD

38

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MASSACHUSETTS - 1.2% (0.7% of Total Investments)

$

5,000,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Subordinated Series 2021A-1

4

.000

%

07/01/51

$

4,714,803

539,969

(d),(g)

Massachusetts Development Finance Agency, Health Care

Facility Revenue Bonds, Adventcare Project, Series 2007A

6

.750

10/15/37

5

677,038

(g)

Massachusetts Development Finance Agency, Health Care

Facility Revenue Bonds, Adventcare Project, Series 2010

7

.625

10/15/37

7

4,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Medical Center Issue, Series 2023G

5

.250

07/01/48

4,014,190

3,200,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2015

4

.500

01/01/45

2,949,362

8,500,000

Massachusetts Development Finance Agency, Revenue Bonds,

The Lowell General Hospital, Series 2013G

5

.000

07/01/44

8,177,229

1,500,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Health Care, Series 2016I

4

.000

07/01/41

1,412,790

1,145,000

Massachusetts Development Finance Agency, Revenue Bonds,

Western New England University, Series 2015

5

.000

09/01/40

1,145,083

1,280,000

Massachusetts Development Finance Agency, Revenue Bonds,

Western New England University, Series 2015

5

.000

09/01/45

1,224,465

2,000,000

Massachusetts Housing Finance Agency, Housing Bonds,

Series 2013B

4

.500

06/01/56

1,960,379

1,600,000

(b)

Massachusetts Housing Finance Agency, Multifamily Housing

Bonds, Green Sustainability Series 2024A1, (UB)

4

.900

12/01/59

1,619,999

4,485,000

(b)

Massachusetts Housing Finance Agency, Single Family Housing

Revenue Bonds, Social Series 2024-234, (UB)

4

.700

12/01/49

4,516,079

2,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2024A

5

.000

01/01/54

2,092,374

TOTAL MASSACHUSETTS

33,826,765

MICHIGAN - 4.0% (2.4% of Total Investments)

40,000

(f)

Eastern Michigan University, General Revenue Bonds, Series

2018A, (Pre-refunded 3/01/28)

4

.000

03/01/44

41,252

960,000

Eastern Michigan University, General Revenue Bonds, Series

2018A - AGM Insured

4

.000

03/01/44

906,750

10,000,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Second Lien Series 2025D

5

.500

07/01/55

10,835,943

4,180,000

Hudsonville Public Schools, Ottawa and Allegan Counties,

Michigan, General Obligation Bonds, School Building & Site

Refunding Series 2023

5

.000

05/01/53

4,353,060

2,000,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2019A

5

.000

07/01/48

2,050,005

10,000,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne, Second Lien Refunding

Series 2020

4

.000

11/01/55

9,045,983

10,125,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne, Second Lien Refunding

Series 2020

4

.000

11/01/55

9,260,514

6,395,000

(b)

Michigan Finance Authority, Hospital Revenue Bonds,

Beaumont Health Credit Group, Series 2016A, (UB)

5

.000

11/01/44

6,397,346

13,460,000

(b)

Michigan Finance Authority, Hospital Revenue Bonds, Bronson

Healthcare Group, Inc., Refunding Series 2019A, (UB)

5

.000

05/15/54

13,493,645

5,000,000

Michigan Finance Authority, Hospital Revenue Bonds, McLaren

Health Care, Series 2019A

4

.000

02/15/47

4,526,603

3,000,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Fixed Rate Series 2022A-MI

4

.000

12/01/47

2,748,631

4,500,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2019A-MI

4

.000

12/01/49

4,030,606

4,435,000

Michigan Finance Authority, Tobacco Settlement Asset- Backed

Bonds, 2006 Sold Tobacco Receipts Senior Current Interest

Series 2020A-2

5

.000

06/01/40

4,524,418

4,385,000

(f)

Michigan Hospital Finance Authority, Revenue Bonds,

Ascension Health Senior Credit Group, Refunding & Project

Series 2010F-6, (Pre-refunded 11/15/26)

4

.000

11/15/47

4,442,452

39

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

615,000

Michigan Hospital Finance Authority, Revenue Bonds,

Ascension Health Senior Credit Group, Refunding & Project

Series 2010F-6

4

.000

%

11/15/47

$

570,130

2,500,000

Michigan Housing Development Authority, Rental Housing

Revenue Bonds, Series 2024A

4

.700

10/01/54

2,476,191

2,450,000

(b)

Michigan Housing Development Authority, Single Family

Mortgage Revenue Bonds, Social Series 2024A, (UB)

4

.650

12/01/49

2,452,994

8,000,000

Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan

Program Series 2020B

4

.000

11/15/45

7,659,804

6,000,000

Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan

Program, Series 2023

5

.500

11/15/49

6,536,173

5,000,000

Troy School District, Oakland County, Michigan, General

Obligation Bonds, School Building & Site Series 2023

5

.000

05/01/47

5,230,694

11,225,000

Walled Lake Consolidated School District, Oakland County,

Michigan, General Obligation Bonds, School Building & Site

Series 2020

5

.000

05/01/50

11,603,619

1,200,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2015D

5

.000

12/01/45

1,202,210

TOTAL MICHIGAN

114,389,023

MINNESOTA - 3.4% (2.0% of Total Investments)

310,000

Baytown Township, Minnesota Charter School Lease Revenue

Bonds, Saint Croix Preparatory Academy, Refunding Series

2016A

4

.000

08/01/36

289,112

3,260,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5

.000

07/01/47

2,819,603

500,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4

.000

07/01/37

477,632

6,905,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.000

02/15/48

6,984,040

11,925,000

(b)

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A, (UB)

5

.000

02/15/53

12,033,732

1,925,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.250

02/15/53

1,942,065

3,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.000

02/15/58

3,026,723

2,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.250

02/15/58

2,012,158

1,125,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

4

.125

02/01/52

1,119,721

725,000

Hawley Independent School District 150, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2023A

4

.000

02/01/43

729,174

1,870,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

5

.000

07/01/48

1,614,190

500,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Paladin Career & Technical High School Project, Series

2021A

4

.000

06/01/41

403,295

5,000,000

(d)

Independence, Minnesota, Charter School Lease Revenue

Bonds, Spero Academy Project, Series 2021A

5

.000

07/01/56

3,871,818

2,010,000

Independent School District 621, Mounds View, Minnesota,

General Obligation Bonds, School Building Series 2018A

4

.000

02/01/42

2,016,076

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019B, (AMT)

5

.000

01/01/31

1,059,290

1,300,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019B, (AMT)

5

.000

01/01/38

1,347,577

Portfolio of Investments October 31, 2025

(continued)

NAD

40

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

3,420,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019B, (AMT)

5

.000

%

01/01/44

$

3,452,449

4,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019B, (AMT)

5

.000

01/01/49

4,026,679

2,295,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

01/01/41

2,328,186

470,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2016D, (AMT)

5

.000

01/01/32

478,858

450,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2016D, (AMT)

5

.000

01/01/35

457,306

580,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2016D, (AMT)

5

.000

01/01/37

587,521

750,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2016D, (AMT)

5

.000

01/01/41

754,897

2,745,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.250

01/01/47

2,838,661

3,345,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, Essentia Health

Obligated Group, Series 2024A

5

.250

01/01/54

3,484,014

1,300,000

Minnesota Higher Education Facilities Authority, Revenue

Bonds, Carleton College, Refunding Series 2017

3

.750

03/01/38

1,301,621

1,460,000

Minnesota Higher Education Facilities Authority, Revenue

Bonds, Carleton College, Refunding Series 2017

4

.000

03/01/41

1,461,906

270,000

Minnesota Housing Finance Agency, Housing Infrastructure

State Appropriation Bonds, Series 2021A

3

.000

08/01/36

254,411

190,000

Minnesota Housing Finance Agency, Housing Infrastructure

State Appropriation Bonds, Series 2021B

3

.000

08/01/36

179,030

2,910,000

Minnesota Housing Finance Agency, Housing Infrastructure

State Appropriation Bonds, Series 2022A

5

.000

08/01/41

3,118,009

2,380,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

4

.000

02/01/44

2,381,034

2,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds,

CentraCare Health System, Series 2019

5

.000

05/01/48

2,035,277

1,520,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Refunding Series 2015A

5

.000

12/01/50

1,456,873

1,395,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Series 2019

5

.000

12/01/39

1,410,838

2,625,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5

.000

09/01/40

2,615,252

1,250,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5

.000

09/01/43

1,217,511

780,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5

.000

09/01/55

714,587

2,205,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5

.500

09/01/36

2,220,586

2,500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5

.750

09/01/46

2,506,960

41

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

2,500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

6

.000

%

09/01/51

$

2,507,581

1,500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5

.000

07/01/44

1,400,155

1,585,000

Saint Paul Housing and Redevelopment Authority Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Homes Project, Series 2013

5

.000

05/01/33

1,567,469

1,000,000

Saint Paul Housing and Redevelopment Authority Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Homes Project, Series 2013

5

.125

05/01/48

849,145

2,245,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/47

2,222,379

3,150,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Lease Revenue Bonds, Hope Community Academy Project,

Series 2015A

5

.000

12/01/43

2,499,428

2,000,000

Wayzata, Minnesota Senior Housing Revenue Bonds,

Folkestone Senior Living Community, Refunding Series 2019

5

.000

08/01/54

1,932,086

TOTAL MINNESOTA

96,006,915

MISSISSIPPI - 0.8% (0.5% of Total Investments)

1,500,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

5

.000

09/01/36

1,511,227

6,000,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

5

.000

09/01/41

6,012,526

15,500,000

Mississippi Hospital Equipment and Facilities Authority,

Revenue Bonds, Baptist Memorial Healthcare, Series 2016A

5

.000

09/01/46

15,502,490

TOTAL MISSISSIPPI

23,026,243

MISSOURI - 4.9% (2.9% of Total Investments)

2,010,000

Bridgeton Industrial Development Authority, Missouri, Senior

Housing Revenue Bonds, The Sarah Community Project,

Refunding Series 2016

3

.625

05/01/30

2,010,380

1,945,000

Jefferson County School District R-1 Northwest, Missouri,

General Obligation Bonds, Direct Deposit Program Series 2023

4

.000

03/01/42

1,951,439

3,000,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019A, (AMT)

5

.000

03/01/44

3,031,569

2,965,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019B, (AMT)

5

.000

03/01/39

3,048,661

13,250,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019B, (AMT)

5

.000

03/01/46

13,349,449

10,425,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019B, (AMT)

5

.000

03/01/54

10,442,781

400,000

(d)

Kansas City Industrial Development Authority, Missouri,

Sales Tax Revenue Bonds, Ward Parkway Center Community

Improvement District, Senior Refunding & Improvement Series

2016

5

.000

04/01/46

364,024

7,000,000

Kansas City Municipal Assistance Corporation, Missouri,

Leasehold Revenue Bonds, Improvement Series 2004B-1 -

AMBAC Insured

0

.000

04/15/27

6,662,853

5,000,000

Kansas City Municipal Assistance Corporation, Missouri,

Leasehold Revenue Bonds, Improvement Series 2004B-1 -

AMBAC Insured

0

.000

04/15/28

4,601,375

5,000,000

Kansas City Municipal Assistance Corporation, Missouri,

Leasehold Revenue Bonds, Improvement Series 2004B-1 -

AMBAC Insured

0

.000

04/15/29

4,447,876

6,185,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,

Improvement Series 2023A

4

.000

01/01/48

5,982,264

Portfolio of Investments October 31, 2025

(continued)

NAD

42

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

1,000,000

Missouri Environmental Improvement and Energy Resources

Authority, Revenue Bonds, Union Electric Company Project,

Series 1998C

2

.750

%

09/01/33

$

936,703

1,000,000

Missouri Health and Education Facilities Authority, Health

Facilities Revenue Bonds, Saint Luke's Health System, Inc.,

Series 2016

5

.000

11/15/34

1,009,161

11,010,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Series 2025A

4

.000

04/01/45

10,360,099

11,090,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2013A

5

.000

11/15/48

11,093,277

3,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

5

.000

11/15/42

3,049,184

6,265,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

5

.000

11/15/47

6,354,594

10,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2020

4

.000

06/01/53

8,828,760

1,800,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mosaic Health System, Series 2019A

4

.000

02/15/44

1,695,113

7,815,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mosaic Health System, Series 2019A

4

.000

02/15/49

7,028,233

2,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, SSM Health Care, Series 2018A

4

.000

06/01/48

1,817,941

7,925,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016A

5

.000

02/01/46

7,743,407

4,370,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016B

5

.000

02/01/46

4,269,866

725,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Saint Louis University, Series 2017A

4

.000

10/01/36

731,808

3,510,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Saint Louis University, Series 2017A

5

.000

10/01/47

3,544,427

6,440,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Home Ownership Loan

Program Series 2024C

4

.650

11/01/49

6,445,097

1,485,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Home Ownership Loan

Program Series 2024G

4

.500

11/01/54

1,449,376

1,145,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Homeownership Loan

Program, Series 2024A

4

.700

11/01/54

1,146,321

1,330,000

Missouri Joint Municipal Electric Utility Commission, Power

Supply System Revenue Bonds, MoPEP Facilities, Series 2018

5

.000

12/01/37

1,363,069

1,140,000

Missouri Joint Municipal Electric Utility Commission, Power

Supply System Revenue Bonds, MoPEP Facilities, Series 2018

5

.000

12/01/38

1,165,593

2,185,000

Missouri Southern State University, Auxiliary Enterprise System

Revenue Bonds, Series 2021

4

.000

10/01/44

1,854,237

375,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village of Sunset Hills, Series

2013A

5

.875

09/01/43

375,136

1,000,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village Saint Louis Obligated

Group, Series 2018A

5

.125

09/01/48

990,249

TOTAL MISSOURI

139,144,322

MONTANA - 0.3% (0.2% of Total Investments)

2,090,000

Montana Facility Finance Authority, Healthcare Facility Revenue

Bonds, Kalispell Regional Medical Center, Series 2018B

5

.000

07/01/43

2,133,336

6,830,000

Montana State Board of Regents of Higher Education, General

Revenue Bonds, Series 2022 - AGM Insured

5

.250

11/15/52

7,181,131

TOTAL MONTANA

9,314,467

43

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEBRASKA - 0.1% (0.1% of Total Investments)

$

1,625,000

Douglas County Hospital Authority 2, Nebraska, Health

Facilities Revenue Bonds, Children's Hospital Obligated Group,

Refunding Series 2020A

4

.000

%

11/15/40

$

1,608,503

860,000

Douglas County Hospital Authority 3, Nebraska, Health

Facilities Revenue Bonds, Nebraska Methodist Health System,

Refunding Series 2015

4

.125

11/01/36

860,109

540,000

Douglas County Hospital Authority 3, Nebraska, Health

Facilities Revenue Bonds, Nebraska Methodist Health System,

Refunding Series 2015

5

.000

11/01/45

540,188

TOTAL NEBRASKA

3,008,800

NEVADA - 0.6% (0.4% of Total Investments)

8,835,000

Las Vegas Convention and Visitors Authority, Nevada,

Convention Center Expansion Revenue Bonds, Series 2018B

5

.000

07/01/43

9,039,058

7,500,000

Las Vegas Convention and Visitors Authority, Nevada,

Convention Center Expansion Revenue Bonds, Series 2018B

4

.000

07/01/49

6,948,848

2,400,000

Nevada System of Higher Education, Community College

Revenue Bonds, Series 2017

4

.000

07/01/41

2,402,446

TOTAL NEVADA

18,390,352

NEW HAMPSHIRE - 0.4% (0.2% of Total Investments)

3,000,000

(d)

National Finance Authority, New Hampshire, Resource

Recovery Revenue Bonds, Covanta Project, Refunding Series

2018B

4

.625

11/01/42

2,680,478

1,500,000

(c),(d)

National Finance Authority, New Hampshire, Resource

Recovery Revenue Bonds, Covanta Project, Refunding Series

2020A, (Mandatory Put 7/02/40)

3

.625

07/01/43

1,252,352

2,535,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Concord Hospital, Series 2017

5

.000

10/01/47

2,559,086

4,000,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series

2018A

5

.000

08/01/35

4,151,500

TOTAL NEW HAMPSHIRE

10,643,416

NEW JERSEY - 5.6% (3.3% of Total Investments)

5,000,000

New Jersey Economic Development Authority, New Jersey,

Transit Transportation Project Revenue Bonds, Series 2020A

5

.000

11/01/40

5,251,858

1,965,000

New Jersey Economic Development Authority, Private Activity

Bonds, The Goethals Bridge Replacement Project, Series 2013

- AGM Insured, (AMT)

5

.000

01/01/31

1,968,722

1,865,000

New Jersey Economic Development Authority, Private Activity

Bonds, The Goethals Bridge Replacement Project, Series 2013

- AGM Insured, (AMT)

5

.125

01/01/39

1,867,665

1,585,000

New Jersey Economic Development Authority, Private Activity

Bonds, The Goethals Bridge Replacement Project, Series 2013

- AGM Insured, (AMT)

5

.125

07/01/42

1,586,660

6,030,000

New Jersey Economic Development Authority, Revenue Bonds,

New Jersey Transit Corporation Projects Sublease, Refunding

Series 2017B

5

.000

11/01/25

6,030,000

2,000,000

(f)

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Refunding Series 2016BBB, (Pre-refunded

12/15/26)

5

.500

06/15/31

2,063,426

5,770,000

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Series 2005N-1 - NPFG Insured

5

.500

09/01/27

6,056,056

2,410,000

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Social Series 2021QQQ

4

.000

06/15/50

2,220,100

5,275,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Series 2021A

4

.000

07/01/51

4,872,067

2,020,000

New Jersey Transportation Trust Fund Authority, Federal

Highway Reimbursement Revenue Notes, Series 2016A-1

5

.000

06/15/28

2,046,628

3,340,000

New Jersey Transportation Trust Fund Authority, Federal

Highway Reimbursement Revenue Notes, Series 2016A-1

5

.000

06/15/29

3,383,686

8,155,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2023AA

4

.250

06/15/44

8,132,541

4,890,000

(b)

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2023BB, (UB)

5

.250

06/15/50

5,176,262

Portfolio of Investments October 31, 2025

(continued)

NAD

44

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW JERSEY

(continued)

$

1,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Capital Appreciation Series 2010A

0

.000

%

12/15/26

$

968,001

21,120,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AMBAC Insured

0

.000

12/15/28

19,307,646

10,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AGM Insured

0

.000

12/15/32

8,058,084

20,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AGM Insured

0

.000

12/15/33

15,477,228

25,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AMBAC Insured

0

.000

12/15/35

17,630,990

30,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AMBAC Insured

0

.000

12/15/36

20,138,028

2,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2009A

0

.000

12/15/32

1,605,979

1,690,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2015AA

5

.250

06/15/33

1,692,318

2,840,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2015AA

5

.000

06/15/45

2,840,885

2,800,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2018A

5

.000

12/15/36

2,952,980

5,250,000

(b)

New Jersey Turnpike Authority, Turnpike Revenue Bonds,

Series 2022B, (UB)

5

.250

01/01/52

5,566,463

7,810,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Series 2020A

5

.000

11/01/45

8,077,102

3,215,000

Tobacco Settlement Financing Corporation, New Jersey,

Tobacco Settlement Asset-Backed Bonds, Series 2018A

5

.000

06/01/36

3,305,604

1,405,000

Tobacco Settlement Financing Corporation, New Jersey,

Tobacco Settlement Asset-Backed Bonds, Series 2018A

5

.000

06/01/46

1,391,987

1,130,000

Tobacco Settlement Financing Corporation, New Jersey,

Tobacco Settlement Asset-Backed Bonds, Series 2018B

5

.000

06/01/46

1,101,882

TOTAL NEW JERSEY

160,770,848

NEW MEXICO - 0.4% (0.2% of Total Investments)

3,370,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, Presbyterian Healthcare Services, Series

2017A

5

.000

08/01/46

3,395,688

7,000,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, Presbyterian Healthcare Services, Series

2019A

4

.000

08/01/48

6,385,062

1,505,000

Santa Fe County, New Mexico, Correctional System Gross

Receipts Tax Revenue Bonds, Series 1997 - AGM Insured

6

.000

02/01/27

1,538,271

TOTAL NEW MEXICO

11,319,021

NEW YORK - 14.9% (8.8% of Total Investments)

6,600,000

Brooklyn Arena Local Development Corporation, New York,

Payment in Lieu of Taxes Revenue Bonds, Barclays Center

Project, Series 2009

0

.000

07/15/44

2,610,467

490,000

Buffalo and Erie County Industrial Land Development

Corporation, New York, Revenue Bonds, Catholic Health

System, Inc. Project, Series 2015

5

.250

07/01/35

485,115

4,000,000

(b)

Dormitory Authority of the State of New York, General Revenue

Bonds, Northwell Health Obligated Group, Series 2022A, (UB)

4

.250

05/01/52

3,742,263

600,000

(d)

Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series

2017

5

.000

12/01/34

602,631

2,295,000

Dormitory Authority of the State of New York, Revenue Bonds,

White Plains Hospital, Series 2024

5

.500

10/01/54

2,463,333

3,000,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose Series 2022A

5

.000

03/15/46

3,114,854

20,000,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2019D

4

.000

02/15/47

18,957,066

3,760,000

Dormitory Authority of the State of New York, State Sales Tax

Revenue Bonds, Series 2017A

5

.000

03/15/44

3,809,505

5,000,000

Liberty Development Corporation, New York, Goldman Sachs

Headquarter Revenue Bonds, Series 2005

5

.250

10/01/35

5,847,237

45

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

5,000,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2018

5

.000

%

09/01/37

$

5,264,719

10,000,000

Metropolitan Transportation Authority, New York, Dedicated

Tax Fund Bonds, Refunding Series 2012A

0

.000

11/15/32

8,059,521

9,220,000

Metropolitan Transportation Authority, New York,

Transportation Revenue Bonds, Green Refunding Series 2024A

- BAM Insured

4

.000

11/15/48

8,448,824

2,000,000

Metropolitan Transportation Authority, New York,

Transportation Revenue Bonds, Refunding Series 2017D

4

.000

11/15/42

1,917,624

5,000,000

MTA Hudson Rail Yards Trust Obligations, New York,

MTA Financing Agreement Payable by the Metropolitan

Transportation Authority, Series 2016A

5

.000

11/15/56

4,999,767

8,715,000

(b)

Nassau County, New York, General Obligation Bonds, General

Improvement Series 2024A, (UB)

4

.000

04/01/54

8,057,174

2,950,000

New York City Housing Development Corporation, New York,

House Impact Revenue Bonds, Green Series 2023A

4

.800

02/01/53

2,963,874

1,875,000

New York City Housing Development Corporation, New York,

Multifamily Housing Revenue Bonds, Sustainable Development

Series 2025C-1

5

.050

11/01/50

1,931,638

740,000

New York City Housing Development Corporation, New York,

Multi-Family Mortgage Revenue Bonds, 8 Spruce Street,

Taxable Class E Series 2024

4

.375

12/15/31

757,236

500,000

(g)

New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Bronx Parking Development Company,

LLC Project, Series 2007

2

.300

10/01/37

320,000

1,000,000

(g)

New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Bronx Parking Development Company,

LLC Project, Series 2007

5

.750

10/01/46

640,000

5,000,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2020 Series EE

4

.000

06/15/42

4,962,293

3,255,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2021 Series CC-1

4

.000

06/15/51

3,049,364

6,140,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2023 Series AA-1

5

.250

06/15/52

6,487,142

2,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1

5

.000

05/01/40

2,011,099

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1

5

.000

08/01/40

5,194,419

20,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2019 Subseries C-1

4

.000

11/01/42

19,720,948

9,530,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2022 Subseries B-1

4

.000

08/01/45

9,095,044

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1

5

.000

02/01/47

5,178,437

6,250,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025C-1

4

.000

05/01/51

5,800,033

3,530,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025D

4

.250

05/01/54

3,429,577

11,210,000

(b)

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025D, (UB)

4

.250

05/01/54

10,891,094

3,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025H-1

5

.250

11/01/48

3,224,576

1,770,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Series 2024F-1

5

.250

02/01/53

1,874,949

2,060,000

New York City, New York, General Obligation Bonds, Fiscal

2017 Series B-1

5

.000

12/01/41

2,082,162

2,000,000

New York City, New York, General Obligation Bonds, Fiscal

2021 Series F-1

5

.000

03/01/43

2,087,501

3,000,000

New York City, New York, General Obligation Bonds, Fiscal

2022 Series A-1

5

.000

08/01/47

3,087,782

Portfolio of Investments October 31, 2025

(continued)

NAD

46

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

2,000,000

New York Convention Center Development Corporation, New

York, Revenue Bonds, Hotel Unit Fee Secured, Refunding

Series 2015

5

.000

%

11/15/45

$

2,000,232

20,000

New York Counties Tobacco Trust I, Tobacco Settlement Pass-

Through Bonds, Series 2000B

6

.500

06/01/35

20,009

705,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Series Series 2016A-1

5

.625

06/01/35

717,046

29,820,000

(d)

New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

5

.000

11/15/44

29,819,609

7,210,000

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Series 2021A-1

4

.000

03/15/55

6,712,665

10,000,000

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Series 2025A-3

5

.000

03/15/48

10,580,537

13,370,000

New York State Urban Development Corporation, State

Personal Income Tax Revenue Bonds, General Purpose, Series

2020C

5

.000

03/15/47

13,773,688

4,120,000

New York State Urban Development Corporation, State

Personal Income Tax Revenue Bonds, General Purpose, Series

2020C

5

.000

03/15/50

4,231,351

2,000,000

New York State Urban Development Corporation, State

Personal Income Tax Revenue Bonds, General Purpose, Series

2022A

5

.000

03/15/46

2,081,756

19,000,000

New York State Urban Development Corporation, State Sales

Tax Revenue Bonds, Empire Series 2021A

4

.000

03/15/47

17,901,302

500,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5

.000

07/01/41

500,033

17,390,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5

.000

07/01/46

17,341,487

28,800,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5

.250

01/01/50

28,799,674

40,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

5

.000

08/01/26

40,010

5,940,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

5

.000

08/01/31

5,941,359

2,725,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Series 2020, (AMT)

5

.250

08/01/31

2,851,515

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

1,023,018

5,300,000

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

.000

06/30/60

5,129,008

13,735,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024 - AGM

Insured, (AMT)

5

.250

06/30/60

13,992,798

10,060,000

(b)

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024 - AGM

Insured, (AMT), (UB)

5

.250

06/30/60

10,248,820

7,500,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024, (AMT)

5

.500

06/30/60

7,663,156

47

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

6,500,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024 - BAM

Insured, (AMT)

5

.500

%

06/30/60

$

6,728,701

15,190,000

(b)

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport Terminal One Project, Green Series 2025, (AMT), (UB)

5

.500

06/30/59

15,845,977

3,710,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport Terminal One Project, Green Series 2025, (AMT)

6

.000

06/30/59

3,948,705

2,790,000

New York Transportation Development Corporation, New

York, Special Facility Revenue Bonds, New Terminal 1 John

F Kennedy International Airport Project, Green Series 2023 -

AGM Insured, (AMT)

5

.000

06/30/49

2,809,320

5,000,000

New York Transportation Development Corporation, New

York, Special Facility Revenue Bonds, New Terminal 1 John

F Kennedy International Airport Project, Green Series 2023,

(AMT)

6

.000

06/30/54

5,220,489

3,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

5

.000

12/01/39

3,141,826

3,050,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2018, (AMT)

5

.000

01/01/33

3,130,714

1,000,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2020, (AMT)

4

.375

10/01/45

936,101

1,100,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2023, (AMT)

6

.000

04/01/35

1,214,909

5,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Seventeen Series 2019

5

.000

11/01/44

5,148,818

1,500,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Sixth Series 2017, (AMT)

5

.000

11/15/42

1,521,364

2,835,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5

.000

01/01/29

2,315,471

2,700,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

5

.000

01/01/34

2,068,579

4,455,000

Triborough Bridge and Tunnel Authority, New York, Real Estate

Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA

Capital Lockbox Fund, Series 2025A

4

.500

12/01/56

4,409,625

6,110,000

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax, Series 2024A-1 - BAM Insured

5

.250

05/15/64

6,470,972

1,250,000

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series

2006

5

.000

06/01/45

1,108,798

2,850,000

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series

2006

5

.000

06/01/48

2,504,046

820,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023 - AGM Insured

5

.750

11/01/48

894,962

TOTAL NEW YORK

423,957,718

NORTH CAROLINA - 1.9% (1.1% of Total Investments)

2,500,000

Greater Asheville Regional Airport Authority, North Carolina,

Airport System Revenue Bonds, Series 2022A, (AMT)

5

.500

07/01/52

2,609,932

7,555,000

North Carolina Department of Transportation, Private Activity

Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)

5

.000

06/30/54

7,507,208

4,160,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, 1998 Trust Agreement Series 54-A

4

.700

07/01/50

4,195,048

11,145,000

North Carolina Medial Care Commission, Health Care Facilities

Revenue Bonds, Rex Healthcare, Series 2020A

4

.000

07/01/49

10,890,410

Portfolio of Investments October 31, 2025

(continued)

NAD

48

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH CAROLINA

(continued)

$

1,570,000

North Carolina Medical Care Commission,  Retirement

Facilities First Mortgage Revenue Bonds, Southminster Project,

Refunding Series 2016

5

.000

%

10/01/31

$

1,580,549

1,655,000

North Carolina Medical Care Commission, Health Care

Facilities Revenue Bonds, Deerfield Episcopal Retirement

Community, Refunding First Mortgage Series 2016

5

.000

11/01/37

1,668,112

500,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2015A

5

.000

01/01/32

501,581

11,480,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2019

5

.000

01/01/49

11,652,602

3,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2019

5

.000

01/01/49

3,061,043

10,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2024A - AGM Insured

5

.000

01/01/58

10,261,176

TOTAL NORTH CAROLINA

53,927,661

NORTH DAKOTA - 0.2% (0.1% of Total Investments)

520,000

Grand Forks, North Dakota, Health Care System Revenue

Bonds, Altru Health System Obligated Group, Series 2023A -

AGM Insured

5

.000

12/01/53

532,059

700,000

Grand Forks, North Dakota, Senior Housing & Nursing Facilities

Revenue Bonds, Valley Homes and Services Obligated Group,

Series 2017

5

.000

12/01/36

697,965

1,400,000

Horace, Cass County, North Dakota, General Obligation Bonds,

Refunding Improvement Series 2024C

5

.000

05/01/50

1,402,233

1,350,000

(b)

North Dakota Housing Finance Agency, Home Mortgage

Finance Program Bonds, Social Series 2024A, (UB)

4

.750

01/01/52

1,371,294

3,000,000

Ward County Health Care, North Dakota, Revenue Bonds,

Trinity Obligated Group, Series 2017C

5

.000

06/01/48

2,866,179

TOTAL NORTH DAKOTA

6,869,730

OHIO - 4.0% (2.4% of Total Investments)

6,250,000

(f)

Akron, Bath and Copley Joint Township Hospital District,

Ohio, Hospital Facilities Revenue Bonds, Summa Health

System, Refunding & Improvement Series 2016, (Pre-refunded

11/15/26)

5

.250

11/15/46

6,398,074

6,000,000

Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy

Health, Series 2017A

4

.000

08/01/36

6,088,639

22,740,000

Buckeye Tobacco Settlement Financing Authority, Ohio,

Tobacco Settlement Asset-Backed Revenue Bonds, Refunding

Senior Lien Capital Appreciation Series 2020B-3 Class 2

0

.000

06/01/57

2,155,363

9,000,000

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

7,554,453

3,960,000

Butler County, Ohio,  Hospital Facilities Revenue Bonds, UC

Health, Refunding Series 2017

4

.000

11/15/34

3,947,852

3,000,000

Butler County, Ohio,  Hospital Facilities Revenue Bonds, UC

Health, Refunding Series 2017

4

.000

11/15/35

2,960,348

2,875,000

Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena

Health System Obligated Group Project, Refunding &

Improvement Series 2017

5

.000

12/01/47

2,887,339

2,000,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A,

(AMT)

5

.500

01/01/50

2,126,896

2,500,000

(d)

Columbus-Franklin County Finance Authority, Ohio, Revenue

Bonds, Bridge Park G Block Project, Public Infrastructure Series

2022

5

.000

12/01/45

2,511,534

2,000,000

Columbus-Franklin County Finance Authority, Ohio, Tax

Increment Financing Revenue Bonds, Bridge Park D Block

Project, Series 2019A-1

5

.000

12/01/51

1,993,407

1,000,000

County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica

Healthcare Obligated Group, Series 2018A

5

.250

11/15/48

985,251

1,500,000

Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth

System, Series 2017

5

.250

02/15/47

1,498,663

49

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

4,795,000

Fairfield County, Ohio, Hospital Facilities Revenue Bonds,

Fairfield Medical Center Project, Series 2013

5

.000

%

06/15/43

$

4,207,942

1,500,000

Greater Cincinnati Port Development Authority, Ohio, Tax

Increment Revenue Bonds, RBM Phase 3 Garage Project Series

2024

5

.125

12/01/55

1,464,768

5,000,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds,

TriHealth, Inc. Obligated Group Project, Series 2017A

5

.000

08/15/42

5,056,646

1,000,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC

Health, Series 2025A

5

.500

08/01/51

1,033,305

3,780,000

(c),(d)

Jefferson County Port Authority, Ohio, Economic Development

Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023,

(AMT), (Mandatory Put 12/01/28)

5

.000

12/01/53

3,877,708

2,000,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

5

.000

02/15/33

2,004,769

5,500,000

(d)

Ohio Air Quality Development Authority, Ohio, Exempt

Facilities Revenue Bonds, AMG Vanadium Project, Series 2019,

(AMT)

5

.000

07/01/49

5,063,774

1,200,000

Ohio Air Quality Development Authority, Ohio, Pollution

Control Revenue Bonds, FirstEnergy Generation Corporation

Project, Refunding Series 2009D, (Mandatory Put 9/15/21)

3

.375

08/01/29

1,177,875

1,000,000

Ohio Air Quality Development Authority, Ohio, Pollution

Control Revenue Bonds, FirstEnergy Nuclear Generation

Project, Refunding Series 2009A, (Mandatory Put 6/01/22)

4

.750

06/01/33

1,051,460

1,500,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2020 Project, Series 2020

4

.000

10/01/50

1,210,490

2,000,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University

2022 Project, Series 2022

4

.000

10/01/52

1,590,217

3,710,000

Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and

Infrastructutre Commission Infrastructure Projects, Junior Lien,

Capital Appreciation Series 2013A-3

5

.800

02/15/36

4,211,055

3,375,000

Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and

Infrastructutre Commission, Infrastructure Projects, Junior Lien

Series 2018A

4

.000

02/15/38

3,410,456

16,325,000

Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and

Infrastructutre Commission, Infrastructure Projects, Junior Lien

Series 2018A

5

.000

02/15/43

16,617,607

5,450,000

Ohio Water Development Authority, Pollution Control Revenue

Refunding Bonds, FirstEnergy Nuclear Generating Corporation

Project, Series 2009A

4

.750

06/01/33

5,730,455

4,250,000

Pickerington Local School District, Fairfield and Franklin

Counties, Ohio, General Obligation Bonds, School Facilities

Construction & Improvement, Series 2023

5

.250

12/01/59

4,456,595

3,770,000

Port of Greater Cincinnati Development Authority, Ohio, Duke

Energy Convention Center Project, TOT First Subordinate

Development Revenue Bonds, Refunding Series 2024B - AGM

Insured

4

.250

12/01/48

3,675,936

6,000,000

West Holmes Local School District, Ohio, Certificates of

Participation, Series 2023 - BAM Insured

5

.250

12/01/53

6,242,383

TOTAL OHIO

113,191,260

OKLAHOMA - 0.7% (0.4% of Total Investments)

1,700,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Series 2018B

5

.500

08/15/57

1,703,690

1,800,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Taxable Series 2022

5

.500

08/15/41

1,855,092

6,815,000

Oklahoma State Turnpike Authority, Turnpike System Revenue

Bonds, Second Senior Series 2017C

5

.000

01/01/47

6,885,108

10,000,000

Oklahoma State Turnpike Authority, Turnpike System Revenue

Bonds, Second Senior Series 2025A

4

.250

01/01/55

9,784,286

Portfolio of Investments October 31, 2025

(continued)

NAD

50

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OKLAHOMA

(continued)

$

1,000,000

Tulsa County Industrial Authority, Oklahoma, Senior Living

Community Revenue Bonds, Montereau, Inc Project, Refunding

Series 2017

5

.250

%

11/15/37

$

1,014,150

TOTAL OKLAHOMA

21,242,326

OREGON - 2.6% (1.5% of Total Investments)

1,455,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/49

1,473,599

2,435,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Convertible

Deferred Interest Series 2017D

5

.000

06/15/36

2,504,277

725,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5

.250

11/15/50

703,196

4,875,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series

2016A

5

.000

01/01/48

4,878,219

3,180,000

Oregon Facilities Authority, Revenue Bonds, Legacy Health

Project, Series 2016A

5

.000

06/01/46

3,189,847

2,410,000

Oregon Facilities Authority, Revenue Bonds, Legacy Health

Project, Series 2022A

5

.000

06/01/52

2,446,661

1,500,000

Oregon Health and Science University, Revenue Bonds,

Refunding Series 2016B

5

.000

07/01/39

1,511,711

4,250,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Green Series 2023-29, (AMT)

5

.500

07/01/53

4,496,665

6,645,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Series 2017-24B, (AMT)

5

.000

07/01/47

6,663,399

15,440,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Salem Health Projects, Refunding Series 2016A

5

.000

05/15/46

15,488,688

30,870,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Salem Health Projects, Series 2019A

4

.000

05/15/49

28,015,874

2,000,000

University of Oregon, General Revenue Bonds, Series 2018A

5

.000

04/01/48

2,024,481

TOTAL OREGON

73,396,617

PENNSYLVANIA - 7.3% (4.3% of Total Investments)

13,000,000

(b)

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT), (UB)

5

.000

01/01/51

13,050,930

1,000,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2020B

4

.000

06/01/45

973,601

1,765,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2020B

4

.000

06/01/50

1,631,921

3,800,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation

Project, Refunding Series 2006A, (Mandatory Put 7/01/33)

4

.750

01/01/35

4,020,435

345,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Master Settlement, Series 2018

5

.000

06/01/34

360,967

3,500,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

5

.000

07/01/37

3,609,592

8,385,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

5

.000

07/01/42

8,556,745

5,400,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Capital Appreciation

Series 2013B

0

.000

12/01/33

4,119,245

11,000,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Capital Appreciation

Series 2013B

0

.000

12/01/38

6,550,045

5,410,000

(b)

Lehigh County General Purpose Authority, Pennsylvania,

Hospital Revenue Bonds, Lehigh Valley Health Network, Series

2019A, (UB)

5

.000

07/01/44

5,530,981

2,400,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2018A

5

.000

09/01/35

2,512,124

235,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, National Gypsum Company,

Refunding Series 2014, (AMT)

5

.500

11/01/44

235,153

51

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

1,000,000

(c)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC

Project, Refunding Series 2009C, (Mandatory Put 6/01/27)

5

.250

%

12/01/37

$

1,009,048

7,730,000

(b)

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Revenue Bonds, Villanova University Project,

Series 2024, (UB)

4

.000

08/01/54

7,119,549

1,000,000

(c),(d)

Pennsylvania Economic Development Financing Authority,

Solid Waste Disposal Revenue Bonds, Core Natural Resources

Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35)

5

.450

01/01/51

1,074,725

2,000,000

(d)

Pennsylvania Economic Development Financing Authority,

Solid Waste Disposal Revenue Bonds, Covanta Project, Green

Series 2019A, (AMT)

3

.250

08/01/39

1,615,364

6,670,000

(b)

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1, (UB)

4

.250

11/01/48

6,293,663

12,920,000

(b)

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1, (UB)

4

.250

11/01/51

11,958,321

10,000,000

(b)

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-2, (UB)

4

.375

11/01/54

9,321,265

4,000,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-2

5

.000

11/01/54

4,095,585

12,000,000

(b)

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-2, (UB)

5

.000

11/01/54

12,286,756

9,575,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2019

4

.000

08/15/44

9,058,923

2,500,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2025

5

.500

08/15/55

2,720,389

6,000,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Trustees, Series 2025A

4

.250

02/15/55

5,771,554

12,000,000

(b)

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2024-144A, (UB)

4

.600

10/01/49

11,920,315

7,385,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2024-145A

4

.750

10/01/49

7,423,560

16,750,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Capital Appreciation Series 2009E

6

.375

12/01/38

17,680,997

4,210,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2015B

5

.000

12/01/45

4,216,947

3,635,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2022B

5

.250

12/01/52

3,854,478

14,500,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2009C - AGM Insured

6

.250

06/01/33

14,780,866

6,890,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2015B-1

5

.000

12/01/45

6,894,548

2,605,000

Philadelphia Authority for Industrial Development Senior Living

Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley

Enhanced Living Obligated Group, Series 2017A

5

.000

07/01/49

2,372,996

7,500,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Series 2021A - BAM Insured

4

.000

09/01/46

7,055,398

3,000,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2017B, (AMT)

5

.000

07/01/47

3,004,231

4,500,000

Union County Hospital Authority, Pennsylvania, Hospital

Revenue Bonds, Evangelical Community Hospital Project,

Series 2018B

5

.000

08/01/48

4,518,450

TOTAL PENNSYLVANIA

207,199,667

PUERTO RICO - 2.5% (1.5% of Total Investments)

1,985,000

Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-

Backed Bonds, Refunding Series 2002

5

.500

05/15/39

2,012,214

64,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

07/01/27

60,566

88,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

07/01/29

77,879

114,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

07/01/31

93,384

Portfolio of Investments October 31, 2025

(continued)

NAD

52

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PUERTO RICO

(continued)

$

128,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

%

07/01/33

$

97,138

1,093,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

4

.500

07/01/34

1,093,298

10,500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

07/01/46

3,673,268

20,213,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

07/01/51

5,018,888

12,965,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

4

.750

07/01/53

12,279,890

35,305,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

5

.000

07/01/58

34,353,047

2,875,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Taxable Restructured Cofina Project Series

2019A-2

4

.329

07/01/40

2,791,175

3,291,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Taxable Restructured Cofina Project Series

2019A-2

4

.329

07/01/40

3,195,046

20,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Taxable Restructured Cofina Project Series

2019A-2

4

.536

07/01/53

18,148

7,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Taxable Restructured Cofina Project Series

2019A-2

4

.784

07/01/58

6,595,073

TOTAL PUERTO RICO

71,359,014

RHODE ISLAND - 0.3% (0.2% of Total Investments)

3,320,000

Rhode Island Health and Educational Building Corporation,

Hospital Financing Revenue Bonds, Lifespan Obligated Group,

Refunding Series 2016

5

.000

05/15/39

3,326,915

30,175,000

Rhode Island Tobacco Settlement Financing Corporation,

Tobacco Settlement Asset-Backed Bonds, Series 2007A

0

.000

06/01/52

4,373,933

TOTAL RHODE ISLAND

7,700,848

SOUTH CAROLINA - 4.8% (2.8% of Total Investments)

1,500,000

Lancaster County, South Carolina, Assessment Revenue Bonds,

Walnut Creek Improvement District, Series 2016A-1

5

.000

12/01/37

1,500,248

7,500,000

Lexington County Health Services District, Inc., South Carolina,

Hospital Revenue Bonds, Lexington Medical Center, Series

2016

5

.000

11/01/41

7,531,868

21,565,000

Piedmont Municipal Power Agency, South Carolina, Electric

Revenue Bonds, Series 2004A-2 - AMBAC Insured

0

.000

01/01/30

18,930,544

1,250,000

Piedmont Municipal Power Agency, South Carolina, Electric

Revenue Bonds, Series 2004A-2 - AGC Insured

0

.000

01/01/31

1,067,183

6,000,000

Rock Hill, South Carolina, Combined Utility System Revenue

Bonds, Series 2016

5

.000

01/01/41

6,006,884

1,640,000

South Carolina Jobs-Economic Development Authority,

Economic Development Revenue Bonds, Furman University,

Refunding Series 2015

5

.000

10/01/45

1,639,885

3,500,000

(d)

South Carolina Jobs-Economic Development Authority,

Economic Development Revenue Bonds, Hilton Head Christian

Academy, Series 2020

5

.000

01/01/55

2,906,627

1,000,000

(d)

South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Virtus Academy Project,

Series 2021A

5

.000

06/15/51

776,566

2,100,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

5

.500

11/01/50

2,240,624

10,000,000

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A

4

.500

11/01/54

9,854,099

10,000,000

(b)

South Carolina Jobs-Economic Development Authority, Health

Care Facilities Revenue Bonds, Novant Health Group, Series

2024A, (UB)

4

.500

11/01/54

9,854,099

53

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH CAROLINA

(continued)

$

500,000

South Carolina Jobs-Economic Development Authority,

Healthcare Revenue Bonds, Beaufort Memorial Hospital &

South of Broad Healthcare Project, Series 2024

5

.750

%

11/15/54

$

518,827

10,060,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series

2020A

5

.000

12/01/46

10,288,892

2,500,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, McLeod Health Projects, Refunding &

Improvement Series 2018

4

.000

11/01/48

2,328,111

6,610,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, McLeod Health Projects, Refunding &

Improvement Series 2018

5

.000

11/01/48

6,686,811

4,000,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding & Improvement Series 2015A

5

.000

12/01/50

4,000,651

9,750,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2016B

5

.000

12/01/46

9,798,203

9,000,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2016B

5

.000

12/01/56

9,033,207

2,500,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2022A

4

.000

12/01/52

2,250,522

6,587,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2022B

4

.000

12/01/43

6,231,580

2,750,000

South Carolina State Ports Authority, Revenue Bonds, Series

2018, (AMT)

5

.000

07/01/55

2,763,312

10,000,000

South Carolina State Ports Authority, Revenue Bonds, Series

2019B, (AMT)

5

.000

07/01/44

10,165,466

10,365,000

(b)

South Carolina State Ports Authority, Revenue Bonds, Series

2019B, (AMT), (UB)

5

.000

07/01/54

10,436,108

TOTAL SOUTH CAROLINA

136,810,317

SOUTH DAKOTA - 0.5% (0.3% of Total Investments)

3,750,000

Clay County, South Dakota, General Obligation Bonds, Series

2023

5

.000

12/01/44

3,915,607

5,915,000

South Dakota Health and Educational Facilities Authority,

Revenue Bonds, Regional Health, Refunding Series 2017

5

.000

09/01/40

6,003,828

1,615,000

South Dakota Health and Educational Facilities Authority,

Revenue Bonds, Sanford Health, Series 2014B

5

.000

11/01/44

1,615,452

2,905,000

South Dakota Health and Educational Facilities Authority,

Revenue Bonds, Sanford Health, Series 2015

5

.000

11/01/45

2,911,540

TOTAL SOUTH DAKOTA

14,446,427

TENNESSEE - 2.8% (1.7% of Total Investments)

7,000,000

Chattanooga Health, Educational and Housing Facility Board,

Tennessee, Health System Revenue Bonds, Erlanger Health

Series 2024

5

.250

12/01/54

7,296,544

7,885,000

(b)

Chattanooga Health, Educational and Housing Facility Board,

Tennessee, Revenue Bonds, CommonSpirit Health, Series

2019A-2, (UB)

5

.000

08/01/49

7,945,665

6,400,000

Cleveland Health and Educational Facilities Board, Tennessee,

Revenue Bonds, Hamilton Health Care System, Inc. Project,

Series 2024A

5

.250

08/15/54

6,796,379

9,000,000

Greeneville Health and Educational Facilities Board, Tennessee,

Hospital Revenue Bonds, Ballad Health, Series 2018A

5

.000

07/01/36

9,292,339

17,000,000

Knox County Health, Educational and Housing Facility Board,

Tennessee, Hospital Revenue Bonds, Covenant Health,

Refunding Series 2016A

5

.000

01/01/42

17,170,355

1,350,000

Knox County Health, Educational, and Housing Facilities

Board, Revenue Bonds, Provident Group - UTK Properties

LLC - University of Tennessee Project, Student Housing Series

2024A-1 - BAM Insured

5

.500

07/01/54

1,428,372

6,000,000

Metropolitan Government of Nashville and Davidson County

Sports Authority, Tennessee, Revenue Bonds, Stadium Project,

Subordinate Senior Series 2023A - AGM Insured

5

.250

07/01/48

6,353,701

Portfolio of Investments October 31, 2025

(continued)

NAD

54

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TENNESSEE

(continued)

$

4,000,000

Metropolitan Government of Nashville and Davidson County

Sports Authority, Tennessee, Revenue Bonds, Stadium Project,

Subordinate Senior Series 2023A - AGM Insured

5

.250

%

07/01/53

$

4,199,499

3,000,000

Metropolitan Government of Nashville-Davidson County

Health and Educational Facilities Board, Tennessee, Revenue

Bonds, Belmont University, Series 2023

5

.250

05/01/53

3,101,920

4,500,000

(b)

Metropolitan Nashville Airport Authority, Tennessee, Airport

Improvement Revenue Bonds, Series 2022B, (AMT), (UB)

5

.250

07/01/47

4,677,316

2,000,000

(b)

Metropolitan Nashville Airport Authority, Tennessee, Airport

Improvement Revenue Bonds, Series 2022B, (AMT), (UB)

5

.500

07/01/52

2,098,429

5,205,000

Metropolitan Nashville Airport Authority, Tennessee, Airport

Revenue Bonds, Subordinate Series 2019B, (AMT)

5

.000

07/01/49

5,289,555

2,005,000

(b)

Tennessee Housing Development Agency, Residential Finance

Program Bonds, Social Series 2024-1A, (UB)

4

.700

07/01/49

2,025,259

1,080,000

Tennessee Housing Development Agency, Residential Finance

Program Bonds, Social Series 2025-1A

5

.000

07/01/50

1,097,808

2,205,000

The Tennessee Energy Acquisition Corporation, Gas Revenue

Bonds, Series 2006A

5

.250

09/01/26

2,232,948

TOTAL TENNESSEE

81,006,089

TEXAS - 13.1% (7.8% of Total Investments)

1,975,000

Allen Independent School District, Collin County, Texas,

General Obligation Bonds, School Building Series 2016

5

.000

02/15/39

1,979,144

2,600,000

Allen Independent School District, Collin County, Texas,

General Obligation Bonds, School Building Series 2025

4

.375

02/15/50

2,608,413

3,430,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Legacy Traditional Schools - Texas

Project, Refunding Series 2021A

4

.375

02/15/51

2,501,574

3,000,000

Arlington Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Lifeschool of Dallas Series 2024

4

.125

08/15/54

2,782,970

24,325,000

Austin, Texas, Airport System Revenue Bonds, Series 2019B,

(AMT)

5

.000

11/15/44

24,837,997

3,000,000

Austin, Texas, Electric Utility System Revenue Bonds, Refunding

Series 2015A

5

.000

11/15/38

3,002,355

1,450,000

Austin, Texas, Water and Wastewater System Revenue Bonds,

Refunding Series 2016

5

.000

11/15/41

1,466,009

800,000

(d)

Bastrop County, Texas, Special Assessment Revenue Bonds,

Double Eagle Ranch Public Improvement District Improvement

Area 2 Project Series 2024

5

.500

09/01/54

802,192

8,760,000

Carrollton-Farmers Branch Independent School District, Dallas

County, Texas, General Obligation Bonds, School Building

Series 2025

5

.000

02/15/55

9,230,610

625,000

(d)

Celina, Texas, Special Assessment Revenue Bonds, Mosaic

Public Improvement District Improvement Area 2 Project Series

2024

5

.500

09/01/54

631,323

1,880,000

(d)

Celina, Texas, Special Assessment Revenue Bonds, The Parks

at Wilson Creek Public Improvement District Initial Major

Improvement Project, Series 2021

4

.500

09/01/51

1,574,927

2,945,000

Central Texas Regional Mobility Authority, Revenue Bonds,

Senior Lien Series 2010

0

.000

01/01/36

2,033,771

2,205,000

Central Texas Regional Mobility Authority, Revenue Bonds,

Senior Lien Series 2010

0

.000

01/01/37

1,441,815

2,160,000

Central Texas Regional Mobility Authority, Revenue Bonds,

Senior Lien Series 2010

0

.000

01/01/38

1,333,471

1,000,000

Central Texas Regional Mobility Authority, Revenue Bonds,

Senior Lien Series 2010

0

.000

01/01/40

537,992

1,000,000

Clifton Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education Charter School,

Series 2013A

4

.350

12/01/42

948,523

1,000,000

Clifton Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education Charter School,

Series 2013A

4

.400

12/01/47

907,076

55

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

5,000,000

Community Independent School District, Collin & Hunt

Counties, Texas, General Obligation Bonds, School Building

Series 2023

5

.000

%

02/15/53

$

5,199,218

4,790,000

Corpus Christi, Texas, Utility System Revenue Bonds, Refunding

& Improvement Senior Lien Series 2023

4

.000

07/15/48

4,440,047

3,270,000

Crowley Independent School District, Tarrant and Johnson

Counties, Texas, General Obligation Bonds, School Building

Series 2023

5

.000

02/01/48

3,424,897

2,000,000

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,

Refunding & Improvement Senior Lien Series 2021B

5

.000

12/01/47

2,075,327

1,680,000

(f)

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,

Refunding Series 2016A, (Pre-refunded 12/01/25)

5

.000

12/01/48

1,682,879

5,000,000

Dallas, Texas, Waterworks and Sewer System Revenue Bonds,

Refunding Series 2016A

5

.000

10/01/41

5,034,084

2,000,000

Fort Bend County Industrial Development Corporation, Texas,

Revenue Bonds, NRG Energy Inc. Project, Series 2012B

4

.750

11/01/42

2,000,129

1,000,000

Grand Parkway Transportation Corporation, Texas, System

Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM

Insured

4

.000

10/01/49

943,146

5,295,000

Grand Parkway Transportation Corporation, Texas, System

Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela

Supported

5

.000

10/01/48

5,395,840

1,895,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Houston Methodist

Hospital System, Series 2015

4

.000

12/01/45

1,749,246

4,850,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Houston Methodist

Hospital System, Series 2015

5

.000

12/01/45

4,850,931

1,030,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Revenue Refunding Bonds, Young Men's

Christian Association of the Greater Houston Area, Series

2013A

5

.000

06/01/28

1,023,203

3,000,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Revenue Refunding Bonds, Young Men's

Christian Association of the Greater Houston Area, Series

2013A

5

.000

06/01/38

2,746,070

5,000,000

Harris County Flood Control District, Texas, General Obligation

Bonds, Refunding Improvement, Green Series 2023A

4

.000

09/15/48

4,825,945

5,150,000

Harris County, Texas, Toll Road Revenue Bonds, Refunding

Senior Lien Series 2016A

5

.000

08/15/41

5,183,663

5,000,000

Harris County, Texas, Toll Road Revenue Bonds, Refunding

Senior Lien Series 2018A

4

.000

08/15/48

4,742,220

510,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/41

243,995

1,020,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/42

462,386

1,255,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/43

538,664

3,305,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/44

1,331,778

4,460,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/45

1,695,259

6,500,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/47

2,210,159

50,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured, (ETM)

0

.000

11/15/29

44,295

4,390,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured, (ETM)

0

.000

11/15/29

3,889,147

Portfolio of Investments October 31, 2025

(continued)

NAD

56

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

105,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured, (ETM)

0

.000

%

11/15/30

$

90,274

625,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured, (ETM)

0

.000

11/15/30

537,347

4,065,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured, (ETM)

0

.000

11/15/31

3,388,494

3,505,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured

0

.000

11/15/31

2,846,026

210,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured

0

.000

11/15/32

159,622

260,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H

0

.000

11/15/33

184,679

2,045,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured

0

.000

11/15/34

1,355,938

210,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG

Insured

0

.000

11/15/36

128,837

920,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured

0

.000

11/15/36

529,787

695,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG

Insured

0

.000

11/15/38

376,498

3,675,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured

0

.000

11/15/38

1,837,934

675,000

(f)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG

Insured

0

.000

11/15/39

343,504

1,585,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Junior Lien Series 2001H - NPFG Insured

0

.000

11/15/39

738,256

3,440,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Senior Lien Series 2001G - NPFG Insured

0

.000

11/15/41

1,406,766

5,000,000

Houston, Texas, Airport System Revenue Bonds, Refunding

Subordinate Lien Series 2023A - AGM Insured, (AMT)

5

.250

07/01/53

5,213,520

4,000,000

Houston, Texas, Airport System Revenue Bonds, Refunding

Subordinate Lien Series 2025A, (AMT)

5

.500

07/01/55

4,271,097

5,000,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Technical Operations Center

Project, Series 2018, (AMT)

5

.000

07/15/28

5,145,776

310,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal E Project, Refunding Series

2014, (AMT)

5

.000

07/01/29

310,005

1,885,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal E Project, Refunding Series

2020A, (AMT)

5

.000

07/01/27

1,922,111

1,000,000

Houston, Texas, Airport System Special Facilities Revenue

Bonds, United Airlines, Inc. Terminal Improvements Project,

Refunding Series 2020B-2, (AMT)

5

.000

07/15/27

1,020,180

1,015,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Facilities Department,

Refunding Series 2014

5

.000

09/01/34

1,016,239

4,130,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Project, Series 2001B -

AMBAC Insured

0

.000

09/01/26

4,019,779

3,130,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Project, Series 2001B -

AMBAC Insured

0

.000

09/01/30

2,651,656

12,030,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Project, Series 2001B -

AMBAC Insured

0

.000

09/01/31

9,812,248

1,470,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Project, Series 2001B -

AMBAC Insured

0

.000

09/01/32

1,150,645

57

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

5,000,000

Lamar Consolidated Independent School District, Fort Bend

County, Texas, General Obligation Bonds, Schoolhouse Series

2023A

5

.000

%

02/15/58

$

5,181,287

1,750,000

Love Field Airport Modernization Corporation, Texas, General

Airport Revenue Bonds Series 2015, (AMT)

5

.000

11/01/35

1,751,509

4,660,000

Lower Colorado River Authority, Texas, Transmission Contract

Revenue Bonds, LCRA Transmission Services Corporation

Project, Refunding Series 2020A

5

.000

05/15/50

4,770,714

9,180,000

Matagorda County Navigation District 1, Texas, Collateralized

Revenue Refunding Bonds, Houston Light and Power

Company, Series 1997 - AMBAC Insured, (AMT)

5

.125

11/01/28

9,615,759

1,000,000

McCamey County Hospital District, Texas, General Obligation

Bonds, Series 2013

5

.750

12/01/33

1,000,614

3,000,000

McCamey County Hospital District, Texas, General Obligation

Bonds, Series 2013

6

.125

12/01/38

3,001,373

2,645,000

(d)

Mission Economic Development Corporation, Texas, Revenue

Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)

4

.625

10/01/31

2,654,474

2,500,000

Montgomery Independent School District, Montgomery

County, Texas, General Obligation Bonds, School Building

Series 2024B

4

.000

02/15/54

2,314,312

4,735,000

New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, CHF-Collegiate

Housing Foundation - College Station I LLC - Texas A&M

University Project, Series 2014A - AGM Insured

5

.000

04/01/46

4,735,076

125,000

(f)

North Central Texas Health Facilities Development

Corporation, Hospital Revenue Bonds, Presbyterian Healthcare

System, Series 1996A - NPFG Insured, (ETM)

5

.750

06/01/26

127,077

3,860,000

North Harris County Regional Water Authority, Texas, Water

Revenue Bonds, Refunding Senior Lien Series 2013

5

.000

12/15/33

3,863,918

4,815,000

North Texas Municipal Water District, Upper East Fork

Wastewater Interceptor System Contract Revenue Bonds,

Refunding & Improvement Series 2025

4

.500

06/01/54

4,847,833

4,030,000

(f)

North Texas Tollway Authority, Special Projects System Revenue

Bonds, Convertible Capital Appreciation Series 2011C, (Pre-

refunded 9/01/31)

7

.000

09/01/43

4,867,284

8,470,000

(f)

North Texas Tollway Authority, Special Projects System Revenue

Bonds, Convertible Capital Appreciation Series 2011C, (Pre-

refunded 9/01/31)

6

.750

09/01/45

10,319,502

2,500,000

North Texas Tollway Authority, System Revenue Bonds,

Refunding First Tier, Series 2008D - AGC Insured

0

.000

01/01/36

1,756,007

5,000,000

Northwest Independent School District, Denton, Tarrant and

Wise Counties, Texas, General Obligation Bonds, School

Building Series 2023

5

.000

02/15/48

5,206,259

3,825,000

Northwest Independent School District, Denton, Tarrant and

Wise Counties, Texas, General Obligation Bonds, School

Building Series 2025

5

.250

02/15/55

4,090,970

6,750,000

(d)

Port Beaumont Navigation District, Jefferson County, Texas,

Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast

Energy Project, Series 2024A, (AMT)

5

.125

01/01/44

6,632,230

1,425,000

Port of Houston Authority, Harris County, Texas, General

Obligation Bonds, Series 2010E

0

.000

10/01/35

1,029,483

1,220,000

Pottsboro Independent School District, Grayson County, Texas,

General Obligation Bonds, School Building Series 2022

5

.000

02/15/47

1,270,480

1,250,000

(d)

Princeton, Texas, Special Assessment Revenue Bonds,

Southridge Public Improvement District Improvement Area 2

Project, Series 2024

5

.500

09/01/54

1,235,654

7,500,000

Prosper Independent School District, Collin and Denton

Counties, Texas, General Obligation Bonds, School Building

Series 2025

5

.250

02/15/55

8,069,027

205,000

Reagan Hospital District of Reagan County, Texas, Limited Tax

Revenue Bonds, Series 2014A

5

.125

02/01/39

204,972

2,500,000

San Antonio, Texas, Airport System Revenue Bonds, Refunding

Series 2012, (AMT)

5

.000

07/01/27

2,501,112

Portfolio of Investments October 31, 2025

(continued)

NAD

58

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

2,000,000

Spring Branch Independent School District, Harris County,

Texas, General Obligation Bonds, Refunding School Building

Series 2025

5

.000

%

02/01/49

$

2,113,988

5,000,000

Spring Independent School District, Hardin County, Texas,

General Obligation Bonds, School Building and Refunding

Series 2025

5

.250

08/15/49

5,418,469

1,925,000

Stephen F. Austin State University, Texas, Revenue Bonds,

Refunding & Improvement Series 2016

5

.000

10/15/42

1,986,179

7,500,000

Tarrant County College District, Texas, General Obligation

Bonds, Series 2022

5

.000

08/15/40

8,121,026

5,000,000

(b)

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Cook Childrens

Medical Center, Series 2025, (UB)

5

.250

12/01/49

5,366,577

5,675,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Methodist

Hospital of Dallas, Series 2022

4

.000

10/01/47

5,182,106

2,185,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Scott & White

Healthcare Project, Series 2022D

5

.500

11/15/47

2,327,983

2,000,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Scott & White

Healthcare Project, Series 2022D

5

.000

11/15/51

2,063,079

10,000,000

(b)

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Scott & White

Healthcare Project, Series 2022D, (UB)

5

.000

11/15/51

10,315,393

3,195,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Christus Health, Series

2022A

4

.000

07/01/53

2,836,276

2,000,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2016A

5

.000

02/15/41

2,018,249

3,000,000

Tarrant Regional Water District, Texas, Water Transmission

Facilities Contract Revenue Bonds, Dallas Project, Series 2025

4

.250

09/01/55

2,891,003

2,735,000

Texas Municipal Gas Acquisition and Supply Corporation I, Gas

Supply Revenue Bonds, Senior Lien Series 2008D

6

.250

12/15/26

2,782,393

8,330,000

Texas Private Activity Bond Surface Transpiration Corporation,

Revenue Bonds, NTE Mobility Partners LLC North Tarrant

Express Managed Lanes Project, Senior Lien Series 2023,

(AMT)

5

.500

12/31/58

8,672,760

15,635,000

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

15,580,435

1,875,000

Texas Transportation Commission, State Highway 249 System

Revenue Bonds, First Tier Toll Series 2019A

5

.000

08/01/57

1,903,363

10,000,000

(b)

Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2024A, (UB)

4

.250

10/15/51

9,631,652

5,000,000

Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2024A

4

.375

10/15/59

4,839,732

2,490,000

Uptown Development Authority, Houston, Texas, Tax Increment

Contract Revenue Bonds, Infrastructure Improvement Facilities,

Series 2018

5

.000

09/01/40

2,490,613

6,900,000

Van Alstyne Independent School District, Grayson County,

Texas, General Obligation Bonds, School Building Series 2022

5

.000

02/15/47

7,196,912

85,000

Winter Garden Housing Finance Corporation, Texas, GNMA/

FNMA Mortgage-Backed Securities Program Single Family

Mortgage Revenue Bonds, Series 1994, (AMT)

6

.950

10/01/27

84,840

8,000,000

Wylie Independent School District, Collin County, Texas,

General Obligation Bonds, School Building Series 2015B

0

.000

08/15/45

3,230,081

4,370,000

Wylie Independent School District, Collin County, Texas,

General Obligation Bonds, School Building Series 2015B

0

.000

08/15/50

1,358,310

TOTAL TEXAS

374,268,253

59

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH - 1.7% (1.0% of Total Investments)

$

11,750,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2018A, (AMT)

5

.000

%

07/01/43

$

11,904,823

15,665,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2021A, (AMT)

5

.000

07/01/46

15,987,843

8,250,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2023A, (AMT)

5

.250

07/01/48

8,634,664

1,645,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2023A, (AMT)

5

.250

07/01/53

1,700,213

4,250,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2023A, (AMT)

5

.500

07/01/53

4,491,043

1,705,000

(d)

Utah Charter School Finance Authority, Charter School

Revenue Bonds, Leadership Learning Academy Project, Series

2019A

5

.000

06/15/39

1,660,101

1,670,000

(d)

Utah Charter School Finance Authority, Charter School

Revenue Bonds, Leadership Learning Academy Project, Series

2019A

5

.000

06/15/50

1,486,245

3,180,000

(d)

Utah Charter School Finance Authority, Revenue Bonds,

Wallace Stegner Academy Project, Series 2019A

5

.000

06/15/49

2,807,304

TOTAL UTAH

48,672,236

VERMONT - 0.1% (0.1% of Total Investments)

2,858,000

Vermont Housing Finance Agency, Multiple Purpose Bonds,

Social Series 2024C

4

.650

11/01/50

2,849,196

TOTAL VERMONT

2,849,196

VIRGIN ISLANDS - 0.3% (0.2% of Total Investments)

3,825,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5

.000

10/01/32

3,988,419

2,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

5

.000

10/01/27

2,005,567

2,240,000

(d)

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Working Capital Series 2014A - AGM Insured

5

.000

10/01/34

2,246,575

TOTAL VIRGIN ISLANDS

8,240,561

VIRGINIA - 2.1% (1.2% of Total Investments)

145,000

Amherst Industrial Development Authority, Virginia, Revenue

Bonds, Sweet Briar College, Series 2006

5

.000

09/01/26

144,566

1,435,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center,

Series 2020

4

.000

07/01/45

1,372,199

515,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

4

.875

07/15/40

529,156

1,000,000

Fairfax County Redevelopment and Housing Authority, Virginia,

Multifamily Housing Revenue Bonds, FHA-Insured Mortgage -

Cedar Ridge Project, Series 2007, (AMT)

4

.850

10/01/48

975,632

11,555,000

(b)

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2022A, (UB)

4

.000

07/01/52

10,876,324

350,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

6

.875

12/01/58

378,998

2,500,000

Northern Virginia Transportation Commission, Transportation

District Special Obligation Revenue Bonds, Transforming Rail In

Virginia Program, Green Series 2022

5

.000

06/01/47

2,608,320

6,115,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Series 2007B1

5

.000

06/01/47

5,131,936

1,500,000

Virginia Beach Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Westminster Canterbury on

Chesapeake Bay, Series 2023A

7

.000

09/01/53

1,650,979

2,140,000

Virginia Commonwealth Transportation Board, Interstate 81

Corridor Program Revenue Bonds, Senior Lien Series 2021

5

.000

05/15/57

2,219,284

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-I

4

.550

10/01/49

1,002,759

10,250,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

5

.000

12/31/52

10,097,033

Portfolio of Investments October 31, 2025

(continued)

NAD

60

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

(continued)

$

12,605,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

5

.000

%

12/31/56

$

12,290,466

9,625,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5

.000

12/31/47

9,666,693

TOTAL VIRGINIA

58,944,345

WASHINGTON - 3.1% (1.9% of Total Investments)

2,375,000

(f)

Grant County Public Utility District 2, Washington, Revenue

Bonds, Priest Rapids Hydroelectric Project, Refunding Series

2015A, (Pre-refunded 1/01/26)

5

.000

01/01/41

2,383,012

5,090,000

King County Public Hospital District 2, Washington, General

Obligation Bonds, EvergreenHealth, Limited Tax 2020A

4

.000

12/01/45

4,699,074

2,270,000

Port Everett, Washington, Revenue Bonds, Refunding Series

2016

5

.000

12/01/46

2,270,865

15,220,000

(b)

Port of Seattle, Washington, Revenue Bonds, Intermediate Lien

Series 2018A, (AMT), (UB)

5

.000

05/01/43

15,283,003

13,725,000

Port of Seattle, Washington, Revenue Bonds, Refunding

Intermediate Lien Series 2021C, (AMT)

5

.000

08/01/46

14,038,048

10,000,000

Seattle, Washington, Municipal Light and Power Revenue

Bonds, Refunding & Improvement Series 2021A

4

.000

07/01/47

9,487,360

10,000,000

Seattle, Washington, Municipal Light and Power Revenue

Bonds, Refunding & Improvement Series 2023

5

.000

03/01/53

10,413,050

4,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2012A

5

.000

10/01/32

4,007,719

12,260,000

Washington Health Care Facilities Authority, Revenue Bonds,

Seattle Children's Hospital, Series 2015A

5

.000

10/01/45

12,262,711

6,200,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Refunding Series2021B.

Exchange Purchase

3

.000

07/01/58

4,160,685

5,380,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Series 2018

5

.000

07/01/58

5,369,803

2,410,000

Washington State Higher Education Facilities Authority,

Revenue Bonds, Seattle University, Series 2020

4

.000

05/01/50

2,140,924

2,000,000

(d)

Washington State Housing Finance Commission, Nonprofit

Revenue Bonds, Provident Group ? SH II Properties LLC,

Blakeley & Laurel Villages Portfolio, Series 2025A - BAM

Insured

5

.250

07/01/55

2,039,118

305,000

Washington State Housing Finance Commission, Revenue

Bonds, Riverview Retirement Community, Refunding Series

2012

5

.000

01/01/48

282,246

TOTAL WASHINGTON

88,837,618

WEST VIRGINIA - 0.2% (0.1% of Total Investments)

1,000,000

(d)

South Charleston, West Virginia, Special District Excise Tax

Revenue Improvement Bonds, South Charleston Park Place

Project, Series 2022A

4

.500

06/01/50

798,958

2,000,000

West Virginia Hospital Finance Authority, Revenue Bonds,

West Virginia University Health System Obligated Group,

Improvement Series 2017A

5

.000

06/01/47

2,011,609

3,000,000

West Virginia Parkways Authority, Turnpike Toll Revenue Bonds,

Senior Lien Series 2021

4

.000

06/01/43

2,927,843

TOTAL WEST VIRGINIA

5,738,410

WISCONSIN - 6.3% (3.7% of Total Investments)

3,235,000

Milwaukee, Wisconsin, General Obligation Bonds, Promissory

Note Series 2022-B4 - AGM Insured

5

.000

04/01/36

3,559,828

1,325,000

(d)

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Corvian Community School Bonds, North Carolina,

Series 2019A

5

.000

06/15/39

1,228,073

2,000,000

(d)

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Corvian Community School Bonds, North Carolina,

Series 2019A

5

.000

06/15/49

1,659,510

1,000,000

(d)

Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, High Desert Montessori Charter School, Series 2021A

5

.000

06/01/51

766,972

61

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

34,226

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

%

01/01/47

$

1,086

29,918

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/48

892

29,439

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/49

822

28,482

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/50

734

28,003

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/51

680

36,381

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/52

817

35,902

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/53

760

34,705

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/54

688

33,987

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/55

635

33,269

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/56

588

36,859

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/57

611

35,902

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/58

561

34,944

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/59

517

34,226

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/60

474

33,748

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/61

439

32,790

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/62

402

32,072

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/63

372

31,354

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/64

346

30,876

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/65

319

33,269

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/66

317

400,670

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2018A-1

0

.000

01/01/67

3,459

Portfolio of Investments October 31, 2025

(continued)

NAD

62

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

2,430,000

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2025

6

.150

%

01/01/55

$

2,436,883

6,400,000

(d)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

First Tier Series 2025

6

.250

01/01/65

6,418,617

59,473

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/46

2,050

58,635

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/47

1,861

58,216

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/48

1,736

57,797

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/49

1,613

56,960

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/50

1,468

62,405

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/51

1,515

1,578,732

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

3

.750

07/01/51

1,085,363

61,986

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/52

1,393

61,149

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/53

1,295

60,730

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/54

1,204

59,892

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/55

1,118

59,054

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/56

1,044

58,635

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/57

972

57,797

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/58

903

57,379

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/59

849

56,960

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/60

789

56,123

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/61

730

55,704

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/62

683

54,866

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/63

637

63

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

54,447

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

%

01/01/64

$

600

54,028

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/65

558

53,191

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/66

507

692,746

(d),(g)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/67

5,980

5,280,000

(d)

Public Finance Authority of Wisconsin, Education Revenue

Bonds, Casa Esperanza Montessori, Series 2021A

4

.375

06/01/46

4,170,685

5,455,000

(b)

Public Finance Authority of Wisconsin, Health Care System

Revenue Bonds, Cone Health, Series 2022A, (UB)

4

.000

10/01/52

4,904,581

2,000,000

(d)

Public Finance Authority of Wisconsin, Limited Obligation

PILOT Revenue Bonds, American Dream @ Meadowlands

Project, Series 2017

6

.750

12/01/42

1,600,000

17,500,000

(d)

Public Finance Authority of Wisconsin, Limited Obligation

PILOT Revenue Bonds, American Dream @ Meadowlands

Project, Series 2017

7

.000

12/01/50

14,000,000

8,000,000

Public Finance Authority of Wisconsin, Revenue Bonds,

SearStone Retirement Community, Series 2023A

5

.000

06/01/52

7,149,990

5,330,000

Public Finance Authority, Wisconsin, Educational Revenue

Bonds, Lake Norman Charter School, Series 2024A

5

.000

06/15/64

5,108,975

4,210,000

(d)

Public Finance Authority, Wisconsin, Tax Increment Revenue

Senior Bonds, World Center Project Series 2024A

5

.000

06/01/41

4,281,928

4,000,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

5

.750

06/30/60

4,133,942

6,500,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

5

.750

12/31/65

6,737,550

5,575,000

(b)

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025,

(UB)

5

.750

12/31/65

5,778,744

4,695,000

University of Wisconsin Hospitals and Clinics Authority,

Revenue Bonds, Sustainability Series 2024A

4

.250

04/01/52

4,382,708

270,000

(f)

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Ascension Health Alliance Senior Credit Group, Series

2013B-1, (Pre-refunded 5/15/28)

4

.000

11/15/43

280,158

2,275,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Ascension Health Alliance Senior Credit Group, Series

2013B-1

4

.000

11/15/43

2,165,145

10,715,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021

4

.000

08/15/46

9,856,927

5,810,000

(b)

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022B,

(UB)

5

.250

12/01/48

6,145,930

1,690,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, PHW Muskego, Inc. Project, Series 2021

4

.000

10/01/41

1,421,975

2,000,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, PHW Muskego, Inc. Project, Series 2021

4

.000

10/01/61

1,367,021

5,345,000

(b)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Aspirus, Inc. Obligated Group,

Series 2017, (UB)

5

.000

08/15/52

5,388,158

4,220,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Children's Hospital of Wisconsin,

Inc., Series 2017

4

.000

08/15/42

4,108,325

5,315,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Marshfield Clinic Health System Inc

Series 2024A

5

.500

02/15/54

5,621,675

11,440,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A

5

.000

02/15/42

11,454,293

Portfolio of Investments October 31, 2025

(continued)

NAD

64

See Notes to Financial Statements

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

7,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A

5

.000

%

02/15/46

$

7,005,839

2,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Oakwood Lutheran Senior

Ministries, Series 2021

4

.000

01/01/47

1,663,165

10,235,000

(b)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Saint John's Communities Inc.,

Refunding Series 2022A, (UB)

5

.000

04/01/52

10,530,717

8,770,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2019

4

.000

12/15/49

8,005,932

11,720,000

(b)

Wisconsin Housing and Economic Development Authority,

Home Ownership Revenue Bonds, Social Series 2024A, (UB)

4

.750

09/01/50

11,852,729

12,500,000

(b)

Wisconsin Housing and Economic Development Authority,

Home Ownership Revenue Bonds, Social Series 2024B, (UB)

4

.750

03/01/51

12,582,159

TOTAL WISCONSIN

178,899,521

TOTAL MUNICIPAL BONDS

(Cost $4,754,025,609)

4,806,269,661

TOTAL LONG-TERM INVESTMENTS

(Cost $4,758,170,658)

4,810,448,520

FLOATING RATE OBLIGATIONS - (13.3)%

(

378,730,000

)

AMTP SHARES, NET - (25.5)%(h)

(

727,356,077

)

MFP SHARES, NET - (14.7)%(i)

(

420,471,708

)

VRDP SHARES, NET - (17.7)%(j)

(

504,088,272

)

OTHER ASSETS & LIABILITIES, NET -   2.7%

75,837,083

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

2,855,639,546

AMT

Alternative Minimum Tax

ETF

Exchange-Traded Fund

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.

(a)

Affiliated holding

(b)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

(c)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(d)

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 fiscal period, the aggregate value of these securities is $267,526,971 or 5.6% of Total Investments.

(e)

Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.

The rate shown is the coupon as of the end of the fiscal period.

(f)

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.

(g)

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

bankruptcy.

(h)

AMTP Shares, Net as a percentage of Total Investments is 15.1%.

(i)

MFP Shares, Net as a percentage of Total Investments is 8.7%.

(j)

VRDP Shares, Net as a percentage of Total Investments is 10.5%.

65

Portfolio of Investments October 31, 2025

NEA

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 165.7% (99.6% of Total Investments)

5846742576

MUNICIPAL BONDS - 165.7% (99.6% of Total Investments)

5846742576

ALABAMA - 1.5% (0.9% of Total Investments)

$

15,520,000

(a)

Alabama Special Care Facilities Financing Authority, Revenue

Bonds, Ascension Health, Series 2016B

5

.000

%

11/15/46

$

15,541,264

5,920,000

Autauga County Board of Education, Alabama, Special Tax

Warrants, Series 2021

4

.000

04/01/51

5,389,364

35,000

Birmingham Airport Authority, Alabama, Airport Revenue

Bonds, Series 2020 - BAM Insured

4

.000

07/01/35

36,131

4,250,000

Infirmary Health System Special Care Facilities Financing

Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health

System, Inc., Series 2016A

5

.000

02/01/41

4,259,004

9,365,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5

.250

10/01/49

9,773,801

4,685,000

Mobile Spring Hill College Educational Building Authority,

Alabama, Revenue Bonds, Spring Hill College Project, Series

2015

5

.875

04/15/45

3,292,376

2,410,000

Pike Road, Alabama, General Obligation Warrants, Series 2023

5

.000

03/01/52

2,491,709

5,500,000

Southeast Energy Authority, Alabama, A Cooperative District

Energy Supply Revenue Bonds Series 2024A

5

.000

11/01/35

5,869,335

1,000,000

(b)

Southeast Energy Authority, Alabama, Commodity Supply

Revenue Bonds, Project 3, Fixed Rate Series 2022A-1,

(Mandatory Put 12/01/29)

5

.500

01/01/53

1,084,150

5,310,000

(c)

Tuscaloosa County Industrial Development Authority,

Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,

Refunding Series 2019A

5

.250

05/01/44

5,346,960

TOTAL ALABAMA

53,084,094

ARIZONA - 2.4% (1.4% of Total Investments)

1,150,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017A

5

.000

07/01/47

1,145,950

1,400,000

(c)

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Social Bonds ? Pensar Academy Project, Series

2020

5

.000

07/01/45

1,271,672

6,970,000

(a)

Arizona Industrial Development Authority, Single Family

Mortgage Revenue Bonds, Series 2024A, (UB)

4

.650

10/01/48

7,017,514

1,965,000

(a)

Arizona Industrial Development Authority, Single Family

Mortgage Revenue Bonds, Series 2024A, (UB)

4

.700

10/01/51

1,969,702

1,957,000

Floreo at Teravalis Community Facilities District, Arizona,

Special Assessment Revenue Bonds, District 1 Series 2025

6

.125

07/01/45

2,028,842

2,045,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Honor Health, Series 2024D

5

.000

12/01/43

2,145,814

8,895,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2021A

4

.000

09/01/51

7,766,095

5,135,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A

4

.000

01/01/36

5,159,585

3,130,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2017D

4

.000

01/01/48

2,862,850

5,000,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2019A

4

.000

01/01/44

4,679,110

6,550,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Junior Lien Series 2019A

4

.000

07/01/49

6,206,341

1,500,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Junior Lien Series 2019A

5

.000

07/01/49

1,537,317

6,545,000

Phoenix Civic Improvement Corporation, Arizona, Revenue

Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC

Insured

5

.500

07/01/37

8,000,245

10,000,000

Phoenix Civic Improvement Corporation, Arizona, Revenue

Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC

Insured

5

.500

07/01/40

12,180,187

1,465,000

(c)

Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Imagine East Mesa Charter

Schools Project, Series 2019

5

.000

07/01/49

1,334,525

Portfolio of Investments October 31, 2025

(continued)

NEA

66

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

5,000,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2024A

5

.000

%

01/01/54

$

5,261,846

11,080,000

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue

Bonds, Citigroup Energy Inc Prepay Contract Obligations,

Series 2007

5

.000

12/01/37

12,136,259

430,000

Superstition Vistas Community Facilities District 2, Arizona,

Special Assessment Bonds, Assessment Area 2, Series 2025

6

.300

07/01/49

443,799

TOTAL ARIZONA

83,147,653

ARKANSAS - 0.0% (0.0% of Total Investments)

1,750,000

(c)

Arkansas Development Finance Authority, Charter School

Revenue Bonds, Academy of Math and Science - Little Rock

Project Series 2024A

7

.000

07/01/59

1,597,070

TOTAL ARKANSAS

1,597,070

CALIFORNIA - 3.6% (2.2% of Total Investments)

3,335,000

Alameda Corridor Transportation Authority, California,

Revenue Bonds, Refunding Second Subordinate Lien Series

2022C - AGM Insured

5

.000

10/01/52

3,454,840

4,225,000

Alameda Unified School District, Alameda County, California,

General Obligation Bonds, Series 2005B - AGM Insured

0

.000

08/01/28

3,936,455

3,450,000

Antelope Valley Joint Union High School District, Los Angeles

and Kern Counties, California, General Obligation Bonds,

Series 2004B - NPFG Insured

0

.000

08/01/29

3,130,799

8,000,000

Beverly Hills Unified School District, Los Angeles County,

California, General Obligation Bonds, 2008 Election Series

2009

0

.000

08/01/33

6,566,337

20,000

California County Tobacco Securitization Agency, Tobacco

Settlement Asset-Backed Bonds, Los Angeles County

Securitization Corporation, Series 2020B-1

5

.000

06/01/49

20,007

1,350,000

California Educational Facilities Authority, Revenue Refunding

Bonds, Loyola Marymount University, Series 2001A - NPFG

Insured

0

.000

10/01/39

792,166

1,500,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

5

.000

07/01/42

1,505,717

965,000

California Public Finance Authority, Revenue Bonds, Henry

Mayo Newhall Hospital, Series 2017

5

.000

10/15/47

959,078

5,000,000

California State, General Obligation Bonds, Refunding Various

Purpose Series 2017

4

.000

08/01/36

5,022,589

5,000

California State, General Obligation Bonds, Series 2004 -

AMBAC Insured

5

.000

04/01/31

5,008

9,130,000

(c)

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

5

.250

12/01/56

9,086,009

10,445,000

Castaic Lake Water Agency, California, Certificates of

Participation, Water System Improvement Project, Series 1999a

- AMBAC Insured

0

.000

08/01/29

9,513,718

7,775,000

Foothill/Eastern Transportation Corridor Agency, California, Toll

Road Revenue Bonds, Refunding Senior Lien Series 2015A -

AGM Insured

0

.000

01/15/34

6,119,189

910,000

Foothill/Eastern Transportation Corridor Agency, California, Toll

Road Revenue Bonds, Refunding Series 2013A

6

.850

01/15/42

1,042,337

5,000,000

Huntington Beach Union High School District, Orange County,

California, General Obligation Bonds, Series 2007 - FGIC

Insured

0

.000

08/01/32

4,138,968

1,500,000

Lincoln Unified School District, Placer County, California,

Special Tax Bonds, Community Facilities District 1, Series 2005

- AMBAC Insured

0

.000

09/01/26

1,457,119

995,000

(d)

Los Angeles Department of Water and Power, California,

Electric Plant Revenue Bonds, Series 1994, (ETM)

5

.375

02/15/34

1,014,122

2,490,000

Madera Unified School District, Madera County, California,

General Obligation Bonds, Election 2002 Series 2005 - NPFG

Insured

0

.000

08/01/27

2,371,326

67

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

10,335,000

(e)

Mount San Antonio Community College District, Los Angeles

County, California, General Obligation Bonds, Election of 2008,

Series 2013A

0

.000

%

08/01/43

$

10,438,580

5,500,000

M-S-R Energy Authority, California, Gas Revenue Bonds,

Citigroup Prepay Contracts, Series 2009B

6

.500

11/01/39

6,915,151

14,100,000

New Haven Unified School District, California, General

Obligation Bonds, Refunding Series 2009 - AGC Insured

0

.000

08/01/34

11,005,091

2,500,000

Norwalk La Mirada Unified School District, Los Angeles County,

California, General Obligation Bonds, Election 2002 Series

2005B

0

.000

08/01/29

2,258,658

1,745,000

(d)

Orange County Water District, California, Revenue Certificates

of Participation, Series 2003B, (Pre-refunded 8/15/32) - NPFG

Insured

5

.000

08/15/34

2,026,706

1,490,000

(d)

Orange County Water District, California, Revenue Certificates

of Participation, Series 2003B - NPFG Insured, (ETM)

5

.000

08/15/34

1,660,272

1,000,000

Pajaro Valley Unified School District, Santa Cruz County,

California, General Obligation Bonds, Series 2005B - AGM

Insured

0

.000

08/01/29

908,485

9,320,000

Palomar Pomerado Health, California, General Obligation

Bonds, Series 2009A - AGC Insured

0

.000

08/01/33

6,720,967

1,800,000

Rialto Unified School District, San Bernardino County,

California, General Obligation Bonds, 2010 Election Series

2011A

0

.000

08/01/28

1,679,343

4,080,000

San Diego County Regional Airport Authority, California,

Airport Revenue Bonds, Subordinate Series 2017A

5

.000

07/01/47

4,140,369

2,965,000

San Juan Unified School District, Sacramento County,

California, General Obligation Bonds, Series 2004A - NPFG

Insured

0

.000

08/01/28

2,766,252

4,005,000

San Mateo Union High School District, San Mateo County,

California, General Obligation Bonds, Election of 2000, Series

2002B - FGIC Insured

0

.000

09/01/26

3,927,881

15,750,000

San Ysidro School District, San Diego County, California,

General Obligation Bonds, 1997 Election Series 2012G - AGM

Insured

0

.000

08/01/39

9,060,271

20,990,000

Tobacco Securitization Authority of Southern California,

Tobacco Settlement Asset-Backed, Capital Appreciation Bonds,

San Diego County Tobacco Asset Securitization Corporation,

Refunding Senior Series 2019B-Class 2

0

.000

06/01/54

4,306,497

TOTAL CALIFORNIA

127,950,307

COLORADO - 16.0% (9.6% of Total Investments)

1,785,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2019

5

.000

12/01/51

1,663,815

6,600,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2021

4

.375

12/01/52

5,558,329

1,250,000

(c)

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2024

5

.500

12/01/44

1,263,183

2,500,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

4

.000

12/01/38

2,542,902

1,610,000

Arvada, Colorado, Water Enterprise Revenue Bonds, Series

2022

4

.000

12/01/48

1,520,901

2,220,000

Arvada, Colorado, Water Enterprise Revenue Bonds, Series

2022

4

.000

12/01/52

2,052,909

3,315,000

Aurora, Colorado, Sewer Improvement Revenue Bonds, Seam

Facility and Other System Improvements Project, First Lien

Series 2021

4

.000

08/01/46

3,201,134

2,000,000

Aurora, Colorado, Sewer Improvement Revenue Bonds, Seam

Facility and Other System Improvements Project, First Lien

Series 2021

4

.000

08/01/51

1,902,073

9,000,000

Boulder Valley School District RE2, Boulder County, Colorado,

General Obligation Bonds, Series 2019A

4

.000

12/01/48

8,628,187

3,010,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

5

.000

06/01/42

3,217,410

Portfolio of Investments October 31, 2025

(continued)

NEA

68

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

7,975,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

5

.000

%

06/01/52

$

8,255,797

1,150,000

Castle Oaks Metropolitan District 3, Castle Rock, Douglas

County, Colorado, General Obligation Limited Tax Bonds,

Refunding & Improvement Series 2020 - AGM Insured

4

.000

12/01/50

1,058,025

1,060,000

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Improvement Series 2018

5

.250

12/01/48

1,061,994

1,575,000

(c)

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Refunding & Improvement Series 2017

5

.000

12/01/37

1,575,510

3,620,000

(c)

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Refunding & Improvement Series 2017

5

.000

12/01/47

3,596,608

1,445,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2024A - AGM Insured

5

.500

12/01/54

1,567,697

2,375,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2025A

5

.250

12/01/50

2,538,824

2,545,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

5

.000

03/01/47

2,577,021

2,005,000

(d)

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

5

.000

06/01/34

2,070,935

4,615,000

(d)

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

5

.000

06/01/35

4,766,765

7,205,000

(d)

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

5

.000

06/01/36

7,441,937

8,715,000

(d)

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

5

.000

06/01/37

9,001,594

4,105,000

(d)

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

5

.000

06/01/42

4,239,993

8,545,000

(d)

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

5

.000

06/01/47

8,826,003

10,575,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

4

.000

11/15/46

9,898,994

33,390,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

4

.000

11/15/50

29,693,917

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series

2018A

5

.000

11/15/48

3,038,869

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

5

.000

01/01/31

1,001,130

4,290,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

5

.000

01/01/37

4,292,946

25,540,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

5

.000

08/01/44

25,983,338

11,075,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

4

.000

08/01/49

9,679,669

17,205,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2 - BAM Insured

4

.000

08/01/49

15,438,473

3,410,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

5

.500

11/01/47

3,596,689

3,500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Covenant Living Communities & Services, Series 2020A

4

.000

12/01/50

2,923,295

750,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Meadows Project, Refunding & Improvement Series

2017A

5

.250

05/15/37

762,112

7,080,000

(d)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)

4

.000

09/01/45

7,508,623

3,000,000

(d)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)

4

.000

09/01/50

3,181,620

69

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

4

.000

%

11/01/39

$

3,970,310

3,300,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

SCL Health System, Refunding Series 2019A

4

.000

01/01/38

3,337,842

5,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

SCL Health System, Refunding Series 2019B

4

.000

01/01/40

4,990,247

4,150,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

5

.000

12/31/56

4,122,845

1,886,000

Colorado International Center Metropolitan District 14, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2018

5

.625

12/01/32

1,896,466

2,660,000

Colorado International Center Metropolitan District 14, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2018

5

.875

12/01/46

2,662,064

2,000,000

Colorado School of Mines Board of Trustees, Golden,

Colorado, Institutional Enterprise Revenue Bonds, Series

2023C

5

.250

12/01/53

2,107,260

10,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

5

.250

11/15/53

10,665,863

1,500,000

(d)

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

5

.000

03/01/41

1,547,931

6,000,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017E

4

.000

03/01/43

5,839,352

7,000,000

Colorado State, Building Excellent Schools Today, Certificates

of Participation, Series 2019O

4

.000

03/15/44

6,813,628

2,550,000

Colorado State, Certificates of Participation, Lease Purchase

Agreement Department of Transportation Second Amended &

Restated Headquaters Facilities, Refunding Series 2020

4

.000

06/15/41

2,551,132

5,000,000

Colorado State, Certificates of Participation, Rural Series 2018A

4

.000

12/15/35

5,118,264

7,115,000

(d)

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

5

.000

08/01/41

7,231,977

1,000,000

(d)

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

5

.000

08/01/46

1,016,441

1,250,000

Copper Ridge Metropolitan District, Colorado Springs,

Colorado, Tax Increment and Sales Tax Supported Revenue

Bonds, Series 2019

5

.000

12/01/39

1,252,130

15,370,000

Dawson Trails Metropolitan District 1, Colorado, In The

Town of Castle Rock, Limited Tax General Obligation Capital

Appreciation Turbo Bonds, Series 2024

0

.000

12/01/31

9,761,533

2,930,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022B

5

.000

11/15/47

3,066,635

5,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018B

5

.000

12/01/43

5,136,445

6,500,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Current Interest Series 2018A-1

5

.000

08/01/48

6,505,374

10,000,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

4

.000

08/01/51

9,168,118

5,120,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

5

.000

12/01/32

5,190,904

2,935,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

5

.000

12/01/35

2,965,291

1,800,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

5

.000

12/01/40

1,807,246

315,000

(c)

Denver Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, 9th and Colorado Urban Redevelopement

Area, Series 2018A

5

.250

12/01/39

316,325

1,500,000

(c)

DIATC Metropolitan District, Commerce City, Adams County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Series 2019

5

.000

12/01/49

1,481,294

Portfolio of Investments October 31, 2025

(continued)

NEA

70

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

45,540,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

%

09/01/30

$

39,670,362

16,635,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/32

13,602,180

49,250,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

0

.000

09/01/33

38,801,371

9,310,000

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,

Series 2004A - NPFG Insured

0

.000

09/01/28

8,596,866

2,900,000

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,

Series 2004A - NPFG Insured

0

.000

09/01/34

2,183,626

18,500,000

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,

Series 2004A - NPFG Insured

0

.000

03/01/36

12,959,615

5,950,000

(c)

Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

6

.750

12/01/34

6,008,450

3,850,000

Firestone, Colorado, Water Enterprise Revenue Bones, Series

2020 - BAM Insured

4

.000

12/01/49

3,711,244

5,000,000

Gunnison Watershed School District RE1J, Gunnison and

Saguache Counties, Colorado, General Obligation Bonds,

Series 2023

5

.000

12/01/47

5,243,002

4,070,000

(c)

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

5

.500

12/01/44

4,109,201

5,700,000

Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021

- AGM Insured

4

.000

12/01/46

5,485,341

1,440,000

Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021

- AGM Insured

4

.000

12/01/51

1,338,011

2,000,000

Leyden Rock Metropolitan District, Arvada, Jefferson County,

Colorado, General Obligation Limited Tax Bonds, Convertible

to Unlimited Tax, Refunding & Improvement Series 2021 - AGM

Insured

4

.000

12/01/51

1,824,278

1,000,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

5

.000

12/01/36

1,010,064

1,000,000

Louisville, Boulder County, Colorado, General Obligation

Bonds, Limited Tax, Series 2017

4

.000

12/01/36

1,005,379

1,730,000

Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso

County, Colorado, General Obligation Limited Tax Bonds,

Series 2022

6

.750

12/01/52

1,757,085

1,230,000

North Pine Vistas Metropolitan District 3, Castle Pines, Douglas

County, Colorado, Limited Tax General Obligation Bonds,

Refunding & Improvement Senior Series 2021A - AGM Insured

4

.000

12/01/51

1,110,290

1,085,000

North Range Metropolitan District 2, Adams County, Colorado

, Limited Tax General Obligation Bonds, Refunding Special

Revenue & Improvement Series 2017A

5

.750

12/01/47

1,084,996

5,000,000

Northern Colorado Water Conservancy District Building

Corporation, Certificates of Participation, Refunding Series

2021

4

.000

07/01/51

4,705,123

2,325,000

Northern Colorado Water Conservancy District, Certificates of

Participation, Series 2022

5

.000

07/01/42

2,469,367

16,320,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Refunding Series

2015A

5

.000

12/01/45

16,346,283

3,680,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2017A

5

.000

12/01/46

3,685,927

4,055,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2019A - AGM

Insured

4

.000

12/01/39

4,082,379

3,000,000

Parker Water and Sanitation District, Douglas County,

Colorado, Water and Sewer Enterprise Revenue Bonds,

Refunding & Improvement Series 2022

4

.000

11/01/47

2,849,683

3,345,000

(c)

Platte River Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series

2023A

6

.500

08/01/53

3,417,816

595,000

(c)

Pueblo Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, EVRAZ Project, Series 2021A

4

.750

12/01/45

566,643

71

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

9,865,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding

& Improvement Series 2017

5

.000

%

12/01/42

$

9,956,995

3,600,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding

& Improvement Series 2017

5

.000

12/01/47

3,608,096

2,350,000

Roaring Fork Transporation Authority, Colorado, Property Tax

Revenue Bonds, Series 2021A

4

.000

12/01/46

2,252,034

850,000

Sierra Ridge Metropolitan District 2, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding

Bonds, Series 2022 - AGM Insured

5

.000

12/01/52

873,281

1,000,000

(c)

Sky Ranch Community Authority Board (Arapahoe County,

Colorado), Limited Tax Supported District No. 3 Senior Bonds

(Tax-Exempt Fixed Rate), Series 2022A and Subordinate Bonds

(Tax-Exempt Fixed Rate), Series 2022B(3)

5

.750

12/01/52

1,014,507

3,250,000

Thompson Crossing Metropolitan District 2, Johnstown,

Larimer County, Colorado, General Obligation Bonds, Limited

Tax Convertible to Unlimited Tax, Series 2016B - AGM Insured

5

.000

12/01/46

3,239,295

515,000

(c)

Thompson Crossing Metropolitan District 6, Larimer County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Convertible to Unlimited Tax Series 2020

3

.000

12/01/30

477,639

1,300,000

(c)

Thompson Crossing Metropolitan District 6, Larimer County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Convertible to Unlimited Tax Series 2020

5

.000

12/01/44

1,267,428

995,000

Transport Metropolitan District 3, In the City of Aurora, Adams

County, Colorado, General Obligation Limited Bonds, Series

2021A-1

5

.000

12/01/51

781,392

1,000,000

Triview Metropolitan District, El Paso County, Colorado, Water

and Wastewater Enterprise Revenue Bonds, Green Series 2020

- BAM Insured

3

.250

12/01/45

812,039

2,500,000

University of Colorado, Enterprise System Revenue Bonds,

Refunding Green Series 2021A

4

.000

06/01/46

2,390,578

2,500,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

4

.000

12/01/36

2,513,712

5,000,000

Weld County School District 6, Greeley, Colorado, General

Obligation Bonds, Series 2020

5

.000

12/01/44

5,196,092

2,175,000

Weld County School District RE1, Colorado, General

Obligation Bonds, Series 2017

5

.000

12/15/30

2,220,814

5,650,000

Weld County School District RE-4, Windsor, Colorado, General

Obligation Bonds, Series 2023

5

.250

12/01/47

6,049,578

7,810,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

6

.750

12/01/52

7,869,345

10,825,000

(c),(e)

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2024A-2

0

.000

12/01/54

7,037,442

1,785,000

(c)

West Meadow Metropolitan District, Town of Fraser, Grand

County, Colorado, Limited Tax General Obligation Bonds,

Senior Series 2023A

6

.500

12/01/50

1,839,595

500,000

Westerly Metropolitan District 4, Weld County, Colorado,

General Obligation Limited Tax Bonds, Series 2021A-1

5

.000

12/01/50

480,455

TOTAL COLORADO

565,157,037

CONNECTICUT - 0.7% (0.4% of Total Investments)

1,650,000

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Fairfield University, Series 2016Q-1

5

.000

07/01/46

1,657,245

6,000,000

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Hartford HealthCare Issue, Series 2021A

4

.000

07/01/51

5,381,629

2,800,000

(c)

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, McLean Affiliates, Series 2020A

5

.000

01/01/55

2,328,541

7,165,000

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Quinnipiac University, Refunding Series 2015L

5

.000

07/01/45

7,167,650

500,000

Connecticut Health and Educational Facilities Authority,

Revenue Bonds, Sacred Heart University, Series 2017I-1

5

.000

07/01/34

514,280

Portfolio of Investments October 31, 2025

(continued)

NEA

72

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONNECTICUT

(continued)

$

7,500,000

Connecticut State, Special Tax Obligation Bonds,

Transportation Infrastructure Purposes, Series 2020A

5

.000

%

05/01/37

$

8,104,702

TOTAL CONNECTICUT

25,154,047

DELAWARE - 0.0% (0.0% of Total Investments)

1,000,000

Delaware Health Facilities Authroity, Revenue Bonds, Beebe

Medical Center Project, Series 2018

5

.000

06/01/48

974,588

TOTAL DELAWARE

974,588

DISTRICT OF COLUMBIA - 4.3% (2.6% of Total Investments)

1,250,000

District of Columbia Student Dormitory Revenue Bonds,

Provident Group - Howard Properties LLC Issue, Series 2013

5

.000

10/01/45

1,177,462

107,000,000

District of Columbia Tobacco Settlement Corporation, Tobacco

Settlement Asset-Backed Bonds, Series 2006A

0

.000

06/15/46

24,842,393

19,035,000

District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Refunding Subordinate Lien Series 2014C

4

.000

10/01/41

19,029,309

5,000,000

District of Columbia, General Obligation Bonds, Series 2021D

4

.000

02/01/46

4,805,907

6,600,000

District of Columbia, General Obligation Bonds, Series 2024A

5

.000

08/01/49

6,952,519

3,500,000

District of Columbia, Revenue Bonds, Georgetown University,

Refunding Series 2017

5

.000

04/01/35

3,579,506

60,000

(d)

District of Columbia, Revenue Bonds, Georgetown University,

Refunding Series 2017, (Pre-refunded 4/01/27)

5

.000

04/01/36

61,924

3,440,000

District of Columbia, Revenue Bonds, Georgetown University,

Refunding Series 2017

5

.000

04/01/36

3,513,115

5,455,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Refunding & Subordinate Lien Series

2019B

4

.000

10/01/44

5,062,047

4,750,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Refunding & Subordinate Lien Series

2019B

5

.000

10/01/47

4,814,335

13,710,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Refunding & Subordinate Lien Series

2019B

4

.000

10/01/49

12,236,294

7,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Second Senior Lien Series 2009B - AGC

Insured

0

.000

10/01/36

4,685,101

32,000,000

(d)

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital

improvement Projects, Second Senior Lien Series 2009C, (Pre-

refunded 10/01/26) - AGC Insured

6

.500

10/01/41

33,068,259

18,000,000

Metropolitan Washington Airports Authority, Virginia,

Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital

Appreciation, Second Senior Lien Series 2010B

6

.500

10/01/44

19,238,090

3,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

5

.000

07/01/43

3,046,955

4,270,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Series 2024A

5

.250

07/15/59

4,519,774

TOTAL DISTRICT OF COLUMBIA

150,632,990

FLORIDA - 7.2% (4.3% of Total Investments)

2,800,000

Bay County, Florida, Educational Facilities Revenue Refunding

Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016

5

.000

09/01/46

2,800,078

2,830,000

City of Miami Beach, Florida, Stormwater Revenue Bonds,

Series 2015

5

.000

09/01/41

2,832,737

5,810,000

Collier County, Florida, Tourist Development Tax Revenue

Bonds, Series 2018

4

.000

10/01/43

5,817,961

530,000

(c)

Florida Development Finance Corporation, Educational

Facilities Revenue Bonds, Renaissance Charter School, Inc.

Projects, Series 2020C

5

.000

09/15/50

459,676

6,890,000

(a)

Florida Housing Finance Corporation, Homeowner Mortgage

Revenue Bonds, Series 2024-3, (UB)

4

.700

07/01/49

7,000,880

73

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

6,030,000

(a)

Florida Housing Finance Corporation, Homeowner Mortgage

Revenue Bonds, Series 2024-3, (UB)

4

.750

%

07/01/54

$

6,072,662

1,040,000

Florida Municipal Loan Council, Revenue Bonds, Series 2000B

- NPFG Insured

0

.000

11/01/25

1,040,000

1,590,000

Florida Municipal Loan Council, Revenue Bonds, Series 2000B

- NPFG Insured

0

.000

11/01/26

1,529,565

2,000,000

Fort Myers, Florida, Utility System Revenue Bonds, Refunding

Series 2019A

4

.000

10/01/49

1,891,965

5,875,000

Hillsborough County Industrial Development Authority, Florida,

Health System Revenue Bonds, BayCare Health System Series

2024C

5

.250

11/15/49

6,276,703

3,760,000

(a)

Hillsborough County Industrial Development Authority, Florida,

Health System Revenue Bonds, BayCare Health System Series

2024C, (UB)

4

.125

11/15/51

3,522,146

13,480,000

Hillsborough County Industrial Development Authority, Florida,

Hospital Revenue Bonds, Florida Health Sciences Center Inc

D/B/A Tampa General Hospital, Series 2020A

4

.000

08/01/50

11,997,186

5,060,000

Hollywood, Florida, General Obligation Bonds, Series 2022

5

.000

07/01/47

5,277,431

205,000

Miami Health Facilities Authority, Florida, Health Facilities

Revenue Bonds, Miami Jewish Health System Inc. Project,

Series 2017

5

.000

07/01/32

200,672

5,035,000

Miami Health Facilities Authority, Florida, Health Facilities

Revenue Bonds, Miami Jewish Health System Inc. Project,

Series 2017

5

.125

07/01/46

4,588,935

2,420,000

Miami-Dade County Educational Facilities Authority, Florida,

Revenue Bonds, University of Miami, Refunding Series 2024B

5

.250

04/01/45

2,609,929

27,470,000

Miami-Dade County Educational Facilities Authority, Florida,

Revenue Bonds, University of Miami, Series 2018A

5

.000

04/01/53

27,809,667

10,000,000

Miami-Dade County Expressway Authority, Florida, Toll System

Revenue Bonds, Series 2010A

5

.000

07/01/35

10,008,405

5,560,000

Miami-Dade County Health Facility Authority, Florida,

Hospital Revenue Bonds, Nicklaus Children's Hospital Project,

Refunding Series 2021A

4

.000

08/01/51

4,931,427

3,000,000

Miami-Dade County Industrual Development Authority,

Florida, Revenue Bonds, Doral Academy, Seres 2018

5

.000

01/15/48

2,983,016

7,000,000

(a)

Miami-Dade County School District, Florida, General

Obligation Bonds, School Series 2022A - BAM Insured, (UB)

5

.000

03/15/52

7,303,526

14,015,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2016A

5

.000

10/01/41

14,124,709

6,500,000

Miami-Dade County, Florida, Aviation Revenue Bonds, Series

2025B

5

.250

10/01/55

6,907,625

4,715,000

Miami-Dade County, Florida, Public Facilities Revenue Bonds,

Jackson Health System, Series 2017

5

.000

06/01/38

4,823,255

7,000,000

Miami-Dade County, Florida, Transit System Sales Surtax

Revenue Bonds, Series 2018

4

.000

07/01/48

6,524,270

5,000,000

Miami-Dade County, Florida, Transit System Sales Surtax

Revenue Bonds, Series 2022

5

.000

07/01/51

5,190,354

6,000,000

Miami-Dade County, Florida, Water and Sewer System

Revenue Bonds, Series 2019B

4

.000

10/01/44

5,801,689

3,965,000

Miami-Dade County, Florida, Water and Sewer System

Revenue Bonds, Series 2019B

4

.000

10/01/49

3,620,775

8,900,000

Miami-Dade County, Florida, Water and Sewer System

Revenue Bonds, Series 2024A

5

.250

10/01/54

9,426,218

11,240,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Obligated Group, Inc., Series

2022

4

.000

10/01/52

9,903,096

3,260,000

Orange County Health Facilities Authority, Florida, Revenue

Bonds, Presbyterian Retirement Communities Project, Series

2024

5

.000

08/01/54

3,225,846

1,095,000

Osceola County, Florida, Transportation Revenue Bonds,

Osceola Parkway, Refunding & Improvement Capital

Appreciation Series 2019A-2

0

.000

10/01/32

834,847

4,250,000

Osceola County, Florida, Transportation Revenue Bonds,

Osceola Parkway, Refunding & Improvement Series 2019A-1

5

.000

10/01/49

4,286,247

Portfolio of Investments October 31, 2025

(continued)

NEA

74

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

2,155,000

Palm Beach County Health Facilities Authority,

Florida  Retirement Communities Revenue Bonds, ACTS

Retirement - Life Communities, Inc Obligated Group, Series

2018A

5

.000

%

11/15/45

$

2,156,151

4,680,000

Palm Beach County Health Facilities Authority, Florida,

Retirement Communities Revenue Bonds, ACTS Retirement -

Life Communities, Inc Obligated Group, Series 2016

5

.000

11/15/32

4,740,048

8,200,000

Putnam County Development Authority, Florida, Pollution

Control Revenue Bonds, Seminole Electric Cooperatice, Inc.

Project, Refunding Series 2018A

5

.000

03/15/42

8,389,314

12,170,000

Sarasota County Public Hospital District, Florida, Hospital

Revenue Bonds, Sarasota Memorial Hospital Project, Series

2018

4

.000

07/01/48

10,994,250

6,625,000

South Broward Hospital District, Florida, Hospital Revenue

Bonds, Refunding Series 2015

4

.000

05/01/33

6,629,776

8,000,000

South Miami Health Facilities Authority, Florida, Hospital

Revenue Bonds, Baptist Health Systems of South Florida

Obligated Group, Refunding Series 2017

5

.000

08/15/42

8,128,024

8,595,000

South Miami Health Facilities Authority, Florida, Hospital

Revenue Bonds, Baptist Health Systems of South Florida

Obligated Group, Refunding Series 2017

5

.000

08/15/47

8,677,679

4,000,000

Tampa, Florida, Health System Revenue Bonds, Baycare Health

System, Series 2016A

4

.000

11/15/46

3,749,493

7,400,000

Volusia County Educational Facilities Authority, Florida,

Revenue Bonds, Stetson University Inc. Project, Series 2015

5

.000

06/01/45

7,399,671

TOTAL FLORIDA

252,487,904

GEORGIA - 5.4% (3.2% of Total Investments)

6,750,000

Atlanta, Georgia, Airport General Revenue Bonds, Green Series

2023B-1

5

.000

07/01/53

7,049,989

10,235,000

Clarke County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Piedmont Healthcare, Inc. Project,

Series 2016A

5

.000

07/01/46

10,268,220

2,000,000

Cobb County Kennestone Hospital Authority, Georgia,

Revenue Anticipation Certificates, Wellstar Health System,

Series 2017A

5

.000

04/01/42

2,024,549

10,000,000

Cobb County Kennestone Hospital Authority, Georgia,

Revenue Anticipation Certificates, Wellstar Health System,

Series 2017A

5

.000

04/01/47

10,075,928

2,500,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

5

.125

04/01/53

2,579,015

5,300,000

Crisp County Hospital Authority, Georgia, Revenue Anticipation

Certificates, Crisp County Hospital Project, Series 2021

4

.000

07/01/46

5,113,966

5,725,000

Fayette County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Piedmont Healthcare, Inc. Project,

Series 2016A

5

.000

07/01/46

5,743,582

4,330,000

Fulton County Development Authority, Georgia, Hospital

Revenue Bonds, Wellstar Health System, Inc Project, Series

2017A

5

.000

04/01/42

4,383,148

7,250,000

Fulton County Development Authority, Georgia, Hospital

Revenue Bonds, Wellstar Health System, Inc Project, Series

2017A

5

.000

04/01/47

7,305,048

6,370,000

Fulton County Development Authority, Georgia, Hospital

Revenue Bonds, Wellstar Health System, Inc Project, Series

2017A

4

.000

04/01/50

5,716,567

9,495,000

(a)

Fulton County Development Authority, Georgia, Revenue

Bonds, Georgia Tech Facilities, Series 2024, (UB)

5

.000

06/15/56

9,898,458

4,000,000

Fulton County Development Authority, Georgia, Revenue

Bonds, Piedmont Healthcare, Inc. Project, Series 2016A

5

.000

07/01/46

4,012,983

5,000,000

Fulton County Development Authority, Georgia, Revenue

Bonds, Piedmont Healthcare, Inc. Project, Series 2019A

4

.000

07/01/49

4,541,556

7,500,000

Gainesville and Hall County Hospital Authority, Georgia,

Revenue Anticipation Certificates, Northeast Georgia Health

Services Inc., Series 2017B

5

.500

02/15/42

7,676,315

75

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GEORGIA

(continued)

$

2,000,000

Gainesville and Hall County Hospital Authority, Georgia,

Revenue Anticipation Certificates, Northeast Georgia Health

Services Inc., Series 2021A

4

.000

%

02/15/40

$

1,983,721

6,665,000

Georgia Housing and Finance Authority, Single Family

Mortgage Bonds, Series 2024A

4

.700

12/01/54

6,684,841

8,000,000

Georgia Ports Authority, Revenue Bonds, Series 2021

4

.000

07/01/51

7,555,485

11,000,000

Griffin-Spalding County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Wellstar Health System Inc., Series

2017A

4

.000

04/01/42

10,602,668

1,350,000

Henry County Water and Sewerage Authority, Georgia,

Revenue Bonds, Refunding Series 2005

5

.250

02/01/27

1,392,761

1,860,000

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2019A

5

.000

05/15/43

1,895,092

29,095,000

(a)

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2019A, (UB)

5

.000

05/15/49

30,628,021

3,425,000

(b)

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2023C, (Mandatory Put 9/01/30)

5

.000

09/01/53

3,665,676

10,160,000

(a),(b)

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2023C, (Mandatory Put 9/01/30), (UB)

5

.000

09/01/53

10,873,946

6,310,000

Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax

Revenue Bonds, Third Indenture, Series 2015B

5

.000

07/01/43

6,353,431

5,680,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project J Bonds, Series 2015A

5

.000

07/01/60

5,679,637

3,300,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &

4 Project J Bonds, Series 2015A

5

.500

07/01/60

3,301,226

3,750,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Series 2024A

5

.250

01/01/49

3,938,206

8,230,000

Private Colleges and Universities Authority, Georgia, Revenue

Bonds, Mercer University, Series 2015

5

.000

10/01/40

8,235,995

TOTAL GEORGIA

189,180,030

HAWAII - 0.4% (0.2% of Total Investments)

10,000,000

(a)

Hawaii State, Airport System Revenue Bonds, Series 2025B,

(UB)

5

.000

07/01/49

10,705,499

3,500,000

Honolulu City and County, Hawaii, Wastewater System Revenue

Bonds, First Bond Resolution, Green Senior Series 2023

5

.000

07/01/48

3,678,428

TOTAL HAWAII

14,383,927

IDAHO - 1.1% (0.7% of Total Investments)

5,000,000

Boise City Water Renewal System, Idaho, Revenue Bonds,

Refunding Series 2022

5

.000

09/01/47

5,223,257

855,000

Boise State University, Idaho, General Revenue Bonds, Project

& Refunding Series 2025A

5

.000

04/01/50

895,428

3,860,000

Boise State University, Idaho, General Revenue Bonds, Series

2023A

5

.250

04/01/53

4,078,950

7,885,000

Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's

Health System Project, Series 2021A

4

.000

03/01/51

6,981,998

2,025,000

Idaho Housing and Finance Association, GNMA Housing

Revenue Refunding Bonds, Wedgewood Terrace Project, Series

2002A-1

7

.250

03/20/37

2,061,563

5,500,000

(c)

Idaho Housing and Finance Association, Nonprofit Facilities

Revenue Bonds, The College of Idaho Project, Series 2023

5

.875

11/01/53

5,581,622

2,575,000

(a)

Idaho Housing and Finance Association, Single Family

Mortgage Revenue Bonds, Series 2024A, (UB)

4

.600

01/01/49

2,558,636

4,620,000

(a)

Idaho Housing and Finance Association, Single Family

Mortgage Revenue Bonds, Series 2024A, (UB)

4

.650

01/01/54

4,589,790

3,950,000

(c)

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Assessment Area Two, Series 2025

6

.250

09/01/54

4,072,720

3,325,000

Spring Valley Community Infrastructure District 1, Eagle, Idaho,

Special Assessment Bonds, Series 2024

6

.250

09/01/53

3,413,576

TOTAL IDAHO

39,457,540

Portfolio of Investments October 31, 2025

(continued)

NEA

76

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS - 14.3% (8.6% of Total Investments)

$

1,000,000

Board of Regents of Illinois State University, Auxiliary Facilities

System Revenue Bonds, Series 2018A - AGM Insured

5

.000

%

04/01/34

$

1,041,025

285,000

Board of Regents of Illinois State University, Auxiliary Facilities

System Revenue Bonds, Series 2018A - AGM Insured

5

.000

04/01/37

294,546

1,370,000

Board of Regents of Illinois State University, Auxiliary Facilities

System Revenue Bonds, Series 2018A - AGM Insured

5

.000

04/01/38

1,412,843

4,595,000

Bolingbrook, Will and DuPage Counties, Illinois, General

Obligation Bonds, Refunding Series 2002B - FGIC Insured

0

.000

01/01/32

3,635,522

4,000,000

Bolingbrook, Will and DuPage Counties, Illinois, General

Obligation Bonds, Refunding Series 2002B - FGIC Insured

0

.000

01/01/34

2,900,452

11,000,000

Chicago Board of Education, Illinois, Dedicated Capital

Improvement Tax Revenue Bonds, Series 2016

6

.000

04/01/46

11,118,512

3,155,000

Chicago Board of Education, Illinois, Dedicated Capital

Improvement Tax Revenue Bonds, Series 2023

5

.750

04/01/48

3,310,407

1,785,000

Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Series 2016B

6

.500

12/01/46

1,798,240

10,735,000

(c)

Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Series 2017A

7

.000

12/01/46

11,152,219

685,000

Chicago Board of Education, Illinois, Unlimited Tax General

Obligation Bonds, Dedicated Tax Revenues, Series 1999A -

NPFG Insured

5

.500

12/01/26

693,128

4,000,000

Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue

Bonds, Second Lien Series 2020A

4

.000

12/01/50

3,637,846

14,765,000

Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue

Bonds, Second Lien Series 2020A - BAM Insured

4

.000

12/01/50

13,931,343

4,000,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Senior Lien Series 2018B

5

.000

01/01/53

4,037,923

17,150,000

(a)

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Senior Lien Series 2024B, (UB)

5

.500

01/01/59

18,441,119

1,000,000

(a)

Chicago, Illinois, General Obligation Bonds, Chicago Works

Series 2023A, (UB)

5

.500

01/01/40

1,033,590

4,000,000

Chicago, Illinois, General Obligation Bonds, Series 2019A

5

.000

01/01/40

4,007,701

5,425,000

Chicago, Illinois, General Obligation Bonds, Series 2019A

5

.500

01/01/49

5,343,308

5,750,000

Chicago, Illinois, Midway Airport Revenue Bonds, Refunding

Senior Lien Series 2025B

5

.000

01/01/46

6,077,985

9,250,000

Chicago, Illinois, Midway Airport Revenue Bonds, Refunding

Senior Lien Series 2025B

5

.000

01/01/50

9,649,344

12,190,000

(a)

Chicago, Illinois, Wastewater Transmission Revenue Bonds,

Second Lien Project, Series 2023A - AGM Insured, (UB)

5

.250

01/01/53

12,773,434

2,000,000

Chicago, Illinois, Wastewater Transmission Revenue Bonds,

Second Lien Project, Series 2023A - AGM Insured

5

.250

01/01/58

2,090,707

7,240,000

(a)

Chicago, Illinois, Water Revenue Bonds, Second Lien Series

2023A - AGM Insured, (UB)

5

.250

11/01/53

7,534,639

6,030,000

Chicago, Illinois, Water Revenue Bonds, Second Lien Series

2023A - AGM Insured

5

.500

11/01/62

6,409,436

4,500,000

Cook County Community College District 508, Illinois, General

Obligation Bonds, Chicago City Colleges, Series 2017

5

.000

12/01/47

4,523,043

3,500,000

Evanston, Cook County, Illinois, General Obligation Bonds,

Corporate Purpose Series 2018A

4

.000

12/01/43

3,410,361

2,750,000

Illinois Educational Facilities Authority, Revenue Bonds, Field

Museum of Natural History, Series 2002.RMKT

3

.900

11/01/36

2,801,586

5,265,000

Illinois Educational Facilities Authority, Revenue Bonds, Field

Museum of Natural History, Series 2002.RMKT

5

.500

11/01/36

5,276,122

3,215,000

Illinois Finance Authority, Health Services Facility Lease

Revenue Bonds, Provident Group - UIC Surgery Center, LLC -

University of Illinois Health Services Facility Project, Series 2020

4

.000

10/01/50

2,813,362

25,015,000

(d)

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C, (Pre-refunded 2/15/27)

4

.000

02/15/41

25,459,059

75,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C

4

.000

02/15/41

73,149

790,000

(d)

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C, (Pre-refunded 2/15/27)

4

.000

02/15/41

804,024

77

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

1,440,000

(d)

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C, (Pre-refunded 2/15/27)

5

.000

%

02/15/41

$

1,483,614

1,560,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C

5

.000

02/15/41

1,581,202

3,500,000

Illinois Finance Authority, Revenue Bonds, Ascension Health/

fkaPresence Health Network, Series 2016C

5

.000

02/15/32

3,589,824

55,000

(d)

Illinois Finance Authority, Revenue Bonds, Ascension Health/

fkaPresence Health Network, Series 2016C, (Pre-refunded

2/15/27)

4

.000

02/15/41

55,976

1,200,000

(d)

Illinois Finance Authority, Revenue Bonds, Ascension Health/

fkaPresence Health Network, Series 2016C, (Pre-refunded

2/15/27)

4

.000

02/15/41

1,221,302

2,500,000

Illinois Finance Authority, Revenue Bonds, Bradley University,

Refunding Series 2021A

4

.000

08/01/51

1,992,027

1,000,000

(c)

Illinois Finance Authority, Revenue Bonds, DePaul College Prep

Foundation, Series 2023A

5

.625

08/01/53

1,025,488

8,665,000

Illinois Finance Authority, Revenue Bonds, Mercy Health

Corporation, Series 2016

5

.000

12/01/40

8,716,766

7,500,000

Illinois Finance Authority, Revenue Bonds, Mercy Health

Corporation, Series 2016

5

.000

12/01/46

7,518,147

10,945,000

Illinois Finance Authority, Revenue Bonds, Northshore -

Edward-Elmhurst Health Credit Group, Series 2022A

4

.000

08/15/42

10,357,579

5,285,000

Illinois Finance Authority, Revenue Bonds, Northshore -

Edward-Elmhurst Health Credit Group, Series 2022A

5

.000

08/15/51

5,379,683

22,590,000

Illinois Finance Authority, Revenue Bonds, OSF Healthcare

System, Series 2015A

5

.000

11/15/45

22,596,910

5,410,000

Illinois FInance Authority, Revenue Bonds, Southern Illinois

Healthcare Enterprises, Inc., Series 2017A

5

.000

03/01/47

5,441,855

14,200,000

Illinois Finance Authority, Revenue Bonds, The Carle

Foundation, Fixed Period Series 2021A

4

.000

08/15/41

13,671,091

11,860,000

(a)

Illinois Housing Development Authority, Revenue Bonds, Social

Series 2024I, (UB)

4

.625

04/01/50

11,814,164

5,000,000

Illinois State, General Obligation Bonds, December Series

2017A

5

.000

12/01/34

5,161,188

2,000,000

Illinois State, General Obligation Bonds, December Series

2017A

5

.000

12/01/35

2,059,431

5,420,000

Illinois State, General Obligation Bonds, December Series

2017A

5

.000

12/01/39

5,529,108

1,750,000

Illinois State, General Obligation Bonds, January Series 2016

5

.000

01/01/32

1,755,672

3,565,000

Illinois State, General Obligation Bonds, June Series 2016

5

.000

06/01/26

3,606,784

4,170,000

Illinois State, General Obligation Bonds, June Series 2022A

5

.500

03/01/47

4,387,639

17,000,000

Illinois State, General Obligation Bonds, May Series 2018A

6

.000

05/01/26

17,253,013

4,485,000

Illinois State, General Obligation Bonds, May Series 2018A

6

.000

05/01/27

4,688,875

1,115,000

Illinois State, General Obligation Bonds, May Series 2020

5

.500

05/01/30

1,198,186

5,305,000

Illinois State, General Obligation Bonds, May Series 2020

5

.500

05/01/39

5,683,570

2,360,000

Illinois State, General Obligation Bonds, May Series 2020

5

.750

05/01/45

2,488,732

4,825,000

Illinois State, General Obligation Bonds, May Series 2023B

5

.500

05/01/47

5,080,678

9,710,000

Illinois State, General Obligation Bonds, October Series 2016

5

.000

02/01/27

9,948,894

5,000,000

Illinois State, General Obligation Bonds, October Series 2022C

5

.500

10/01/41

5,435,586

29,430,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2015A

5

.000

01/01/40

29,456,734

10,000,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2019A

5

.000

01/01/44

10,256,987

12,010,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2020A

5

.000

01/01/45

12,442,259

9,640,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2021A

4

.000

01/01/42

9,410,391

10,455,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2021A

5

.000

01/01/46

10,789,809

5,410,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Series 2023A

5

.250

01/01/43

5,838,435

2,710,000

Illinois, General Obligation Bonds, Illinois FIRST Program,

Series 2001 - FGIC Insured

6

.000

11/01/26

2,740,624

Portfolio of Investments October 31, 2025

(continued)

NEA

78

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

1,175,000

Macon and DeWitt Counties Community Unit School District 2

Maroa-Forsyth, Illinois, General Obligation Bonds, Series 2021

- AGM Insured

4

.000

%

12/01/41

$

1,183,942

5,080,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Refunding Series 2020A

5

.000

06/15/50

5,090,771

8,800,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Series 2015A

5

.500

06/15/53

8,802,133

4,750,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Series 2017A

5

.000

06/15/57

4,741,169

33,000,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Capital

Appreciation Refunding Series 2010B-1 - AGM Insured

0

.000

06/15/45

13,426,281

5,355,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Capital

Appreciation Refunding Series 2010B-1 - AGM Insured

0

.000

06/15/46

2,058,559

195,000

(d)

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A,

(ETM)

0

.000

06/15/30

170,145

3,505,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A

0

.000

06/15/30

3,001,800

28,000,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A -

AGM Insured

0

.000

12/15/35

19,435,153

3,280,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A -

NPFG Insured

0

.000

06/15/37

2,085,789

11,715,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A -

NPFG Insured

0

.000

12/15/38

6,880,784

1,525,000

(d)

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Hospitality Facility, Series 1996A,

(ETM)

7

.000

07/01/26

1,564,839

2,300,000

Regional Transportation Authority, Cook, DuPage, Kane, Lake,

McHenry and Will Counties, Illinois, General Obligation Bonds,

Series 2000A - NPFG Insured

6

.500

07/01/30

2,553,691

2,855,000

Sangamon County School District 186 Springfield, Illinois,

General Obligation Bonds, Alternate Revenue Source Series

2023 - AGM Insured

5

.500

06/01/58

3,047,554

2,500,000

Sangamon County Water Reclamation District, Illinois, General

Obligation Bonds Alternate Revenue Source, Project &

Refunding Series 2019A - BAM Insured

4

.000

01/01/44

2,464,474

TOTAL ILLINOIS

505,651,282

INDIANA - 2.5% (1.5% of Total Investments)

6,000,000

Indiana Finance Authority, Educational Facilities Revenue

Bonds, Valparaiso University Project, Series 2014

5

.000

10/01/44

5,399,093

7,000,000

Indiana Finance Authority, Hospital Revenue Bonds, Indiana

Unversity Health Obligation Group, Fixed Rate Series 2019A

4

.000

12/01/49

6,382,536

1,875,000

Indiana Finance Authority, Hospital Revenue Bonds, Indiana

Unversity Health Obligation Group, Refunding 2015A

4

.000

12/01/40

1,873,731

13,415,000

Indiana Finance Authority, Hospital Revenue Bonds, Reid

Health Series 2022 - AGM Insured

5

.000

01/01/52

13,624,866

11,000,000

Indiana Finance Authority, Wastewater Utility Revenue Bonds,

CWA Authority Project, First Lien Green Series 2016A

5

.000

10/01/46

11,023,270

12,820,000

Indiana Finance Authority, Wastewater Utility Revenue Bonds,

CWA Authority Project, First Lien Green Series 2022B

5

.250

10/01/52

13,335,766

5,130,000

Indiana Finance Authority, Water Utility Revenue Bonds,

Citizens Energy Group Project, First Lien Series 2016A

5

.000

10/01/46

5,152,662

8,000,000

(a)

Indiana Housing and Community Development Authority,

Single Family Mortgage Revenue Bonds, Social Series 2024D-

1, (UB)

4

.750

07/01/54

8,053,455

1,000,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Senior Series 2023E

6

.000

03/01/53

1,045,975

79

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

3,460,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Subordinate Series

2023F-1 - BAM Insured

5

.000

%

03/01/53

$

3,566,382

8,040,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Stormwater Project, Green Series 2022C

5

.000

01/01/52

8,384,040

9,560,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Series 1999E - AMBAC Insured

0

.000

02/01/26

9,481,365

1,000,000

Northern Indiana Commuter Transportation District, Indiana,

Limited Obligation Revenue Bonds, Series 2024

5

.250

01/01/49

1,072,726

1,580,000

Zionsville Community Schools Building Corporation, Boone

County, Indiana, First Mortgage Bonds, Series 2005Z - AGM

Insured

0

.000

01/15/28

1,473,795

TOTAL INDIANA

89,869,662

IOWA - 1.0% (0.6% of Total Investments)

6,775,000

Iowa Finance Authority Senior Living Facilities Revenue Bonds,

Sunrise Retirement Community Project, Refunding Series 2021

5

.000

09/01/51

5,076,498

8,250,000

(d)

Iowa Finance Authority, Iowa, Midwestern Disaster Area

Revenue Bonds, Iowa Fertilizer Company Project, Refunding

Series 2022, (Pre-refunded 12/01/32)

5

.000

12/01/50

9,508,503

7,000,000

(b),(d)

Iowa Finance Authority, Iowa, Midwestern Disaster Area

Revenue Bonds, Iowa Fertilizer Company Project, Refunding

Series 2022, (Pre-refunded 12/01/32), (Mandatory Put

12/01/42)

5

.000

12/01/50

8,067,820

3,085,000

Iowa Finance Authority, Senior Housing Revenue Bonds,

Northcrest Inc. Project, Series 2018A

5

.000

03/01/48

2,908,615

4,700,000

(d)

Xenia Rural Water District, Iowa, Water Revenue Bonds,

Refunding Capital Loan Note Series 2016, (Pre-refunded

12/01/26)

5

.000

12/01/36

4,819,158

5,990,000

(d)

Xenia Rural Water District, Iowa, Water Revenue Bonds,

Refunding Capital Loan Note Series 2016, (Pre-refunded

12/01/26)

5

.000

12/01/41

6,141,862

TOTAL IOWA

36,522,456

KANSAS - 0.7% (0.4% of Total Investments)

5,000,000

Ellis County Unified School District 489 Hays, Kansas, General

Obligation Bonds, Refunding & Improvement Series 2022B -

AGM Insured

5

.000

09/01/42

5,272,999

3,050,000

Ellis County Unified School District 489 Hays, Kansas, General

Obligation Bonds, Refunding & Improvement Series 2022B -

AGM Insured

5

.000

09/01/47

3,144,734

3,700,000

Kansas Municipal Energy Agency, Power Project Revenue

Bonds, Dogwood Project, Series 2018A - BAM Insured

5

.000

04/01/38

3,731,752

6,000,000

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence

Memorial Hospital, Series 2018A

5

.000

07/01/43

6,052,642

6,465,000

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence

Memorial Hospital, Series 2018A

5

.000

07/01/48

6,487,940

TOTAL KANSAS

24,690,067

KENTUCKY - 1.1% (0.7% of Total Investments)

6,010,000

Kentucky Economic Development Finance Authority, Health

System Revenue Bonds, Norton Healthcare Inc., Series 2000B -

NPFG Insured

0

.000

10/01/28

5,353,167

1,300,000

Kentucky Economic Development Finance Authority, Hospital

Revenue Bonds, Owensboro Health, Refunding Series 2017A

5

.000

06/01/37

1,313,884

700,000

(a)

Kentucky Housing Corporation, Single Family Mortgage

Revenue Bonds, Series 2024C, (UB)

4

.400

07/01/44

706,260

1,290,000

(a)

Kentucky Housing Corporation, Single Family Mortgage

Revenue Bonds, Series 2024C, (UB)

4

.600

07/01/49

1,286,434

4,855,000

(a)

Kentucky Housing Corporation, Single Family Mortgage

Revenue Bonds, Series 2024C, (UB)

4

.650

01/01/55

4,866,140

5,000,000

Kentucky Public Transportation Infrastructure Authority, Toll

Revenue Bonds, Downtown Crossing Project, Convertible

Capital Appreciation First Tier Series 2013C

6

.750

07/01/43

5,671,948

Portfolio of Investments October 31, 2025

(continued)

NEA

80

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

KENTUCKY

(continued)

$

8,610,000

Kentucky Public Transportation Infrastructure Authority, Toll

Revenue Bonds, Downtown Crossing Project, Convertible

Capital Appreciation First Tier Series 2013C

6

.875

%

07/01/46

$

9,777,050

10,000,000

(a),(b)

Public Energy Authority of Kentucky, Gas Supply Revenue

Bonds, Series 2024A-1, (Mandatory Put 7/01/30), (UB)

5

.000

05/01/55

10,630,640

TOTAL KENTUCKY

39,605,523

LOUISIANA - 1.9% (1.2% of Total Investments)

5,000,000

East Baton Rouge Parish Capital Improvement District,

Louisiana, MOVEBR Sales Tax Revenue Bonds, Series 2019

5

.000

08/01/48

5,118,536

1,870,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2017B - AGM Insured

5

.000

12/01/42

1,904,776

3,900,000

(a)

Louisiana Housing Corporation, Single Family Mortgage

Revenue Bonds, Home Ownership Program, Series 2024A, (UB)

4

.550

12/01/49

3,909,541

1,875,000

(a)

Louisiana Housing Corporation, Single Family Mortgage

Revenue Bonds, Home Ownership Program, Series 2024A, (UB)

4

.650

12/01/54

1,874,206

1,965,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue

Bonds, East Baton Rouge Sewerage Commission Projects,

Refunding Series 2023

5

.000

02/01/41

2,077,071

3,600,000

(c)

Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Young Audiences Charter School, Series 2019A

5

.000

04/01/49

3,092,583

1,695,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University Nicolson Gateway Project, Series 2016A

5

.000

07/01/46

1,696,837

9,310,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Christus Health, Refunding Series 2019A

5

.000

07/01/43

9,559,311

20,000

(d)

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Refunding Series 2016, (Pre-

refunded 5/15/26)

4

.000

05/15/35

20,132

2,345,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Refunding Series 2016

4

.000

05/15/36

2,346,429

20,000

(d)

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Refunding Series 2016, (Pre-

refunded 5/15/26)

5

.000

05/15/47

20,238

1,975,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Series 2015

5

.000

05/15/47

1,975,573

3,615,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

5

.000

07/01/48

3,711,109

10,765,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

5

.250

07/01/53

11,198,835

3,500,000

New Orleans Aviation Board, Louisiana, General Airport

Revenue Bonds, Series 2024C-1

5

.000

01/01/54

3,613,023

10,000,000

New Orleans, Louisiana, General Obligation Bonds, Public

Improvement Series 2024A

5

.000

12/01/53

10,279,381

5,000,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

5

.000

07/01/48

5,038,836

1,355,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds,

Refunding Series 2015

5

.000

12/01/40

1,355,613

TOTAL LOUISIANA

68,792,030

MAINE - 0.7% (0.4% of Total Investments)

6,300,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated

Group Issue, Series 2016A

5

.000

07/01/41

6,099,058

8,675,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, MaineHealth Issue, Series 2018A

5

.000

07/01/43

8,854,876

11,150,000

Maine Health and Higher Educational Facilities Authority,

Revenue Bonds, MaineHealth Issue, Series 2020A

4

.000

07/01/50

10,184,533

TOTAL MAINE

25,138,467

81

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND - 1.5% (0.9% of Total Investments)

$

5,905,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

5

.000

%

09/01/46

$

5,821,293

8,610,000

Baltimore, Maryland, Revenue Bonds, Water Projects,

Subordinate Series 2017A

5

.000

07/01/41

8,720,781

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

5

.000

07/01/47

2,006,777

4,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Taxable Series 2017D

4

.000

07/01/48

3,676,430

4,125,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2022A

4

.000

06/01/47

3,854,794

17,000,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2018A

5

.000

05/01/42

17,450,704

3,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2020

4

.000

07/01/39

3,048,190

3,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2020

4

.000

07/01/50

2,819,951

4,000,000

Montgomery County, Maryland, Revenue Bonds, Trinity Health

Credit Group, Series 2015

5

.000

12/01/44

4,001,670

1,150,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Ingleside King Farm Project,

Series 2017A-1

5

.000

11/01/37

1,154,364

2,250,000

Rockville Mayor and Council, Maryland, Economic

Development Revenue Bonds, Series 2017B

5

.000

11/01/47

2,065,443

TOTAL MARYLAND

54,620,397

MASSACHUSETTS - 2.8% (1.7% of Total Investments)

4,000,000

Bristol-Plymouth Regional Vocational Technical School District,

Massachusetts, General Obligation Bonds, School Series 2025

4

.000

04/01/49

3,825,455

6,035,000

Bristol-Plymouth Regional Vocational Technical School District,

Massachusetts, General Obligation Bonds, School Series 2025

4

.000

04/01/50

5,709,539

10,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Children's Hospital Series 2024T

5

.250

03/01/54

10,626,086

930,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Medical Center Issue, Green Bonds, Series 2015D

5

.000

07/01/44

917,406

3,890,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Refunding Series 2023FF

5

.000

10/01/48

4,097,482

3,630,000

Massachusetts Development Finance Agency, Revenue Bonds,

CareGroup Issue, Series 2018J-2

5

.000

07/01/53

3,669,224

1,100,000

Massachusetts Development Finance Agency, Revenue Bonds,

Dana-Farber Cancer Institute Issue, Series 2016N

5

.000

12/01/46

1,106,209

2,070,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2015

4

.500

01/01/45

1,907,868

4,100,000

Massachusetts Development Finance Agency, Revenue Bonds,

Partners HealthCare System Issue, Series 2017S-1

4

.000

07/01/36

4,140,876

1,380,000

Massachusetts Development Finance Agency, Revenue Bonds,

Western New England University, Series 2015

5

.000

09/01/40

1,380,099

1,545,000

Massachusetts Development Finance Agency, Revenue Bonds,

Western New England University, Series 2015

5

.000

09/01/45

1,477,968

3,000,000

Massachusetts Development Finance Authority, Revenue

Bonds, WGBH Educational Foundation, Series 2002A - AMBAC

Insured

5

.750

01/01/42

3,511,779

26,750,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2015B

4

.000

05/01/45

25,435,601

5,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2022C

5

.250

10/01/52

5,289,878

14,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2023A

5

.000

05/01/48

14,720,966

12,000,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement Program, Series 2022B

5

.000

06/01/52

12,482,236

TOTAL MASSACHUSETTS

100,298,672

Portfolio of Investments October 31, 2025

(continued)

NEA

82

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN - 8.6% (5.2% of Total Investments)

$

315,000

Advanced Technology Academy, Michigan, Public School

Academy Revenue Bonds, Refunding Series 2019

5

.000

%

11/01/34

$

322,599

1,000,000

Conner Creek Academy East, Michigan, Public School Revenue

Bonds, Series 2007

5

.250

11/01/36

854,028

2,000,000

County of Calhoun Hospital Finance Authority, Michigan,

Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series

2016

5

.000

02/15/47

1,888,156

1,925,000

Detroit, Michigan, Senior Lien Sewerage Disposal System

Revenue Bonds, Series 2001B - NPFG Insured

5

.500

07/01/29

1,997,527

15,000

Detroit, Michigan, Water Supply System Revenue Bonds,

Refunding Second Lien Series 2004A - AGM Insured

5

.000

07/01/34

15,014

1,700,000

Downriver Utility Wastewater Authority, Michigan, Sewer

System Revenue Bonds, Series 2018 - AGM Insured

5

.000

04/01/43

1,736,680

1,100,000

Eastern Michigan University, General Revenue Bonds,

Refunding Series 2017A - BAM Insured

5

.000

03/01/33

1,126,465

2,270,000

Eastern Michigan University, General Revenue Bonds,

Refunding Series 2017A - BAM Insured

5

.000

03/01/36

2,316,669

455,000

(d)

Eastern Michigan University, General Revenue Bonds, Series

2018A, (Pre-refunded 3/01/28)

4

.000

03/01/44

469,243

10,710,000

Eastern Michigan University, General Revenue Bonds, Series

2018A - AGM Insured

4

.000

03/01/44

10,115,929

8,900,000

Grand Rapids and Kent County Joint Building Authority,

Michigan, Limited Tax General Obligation Bonds, Devos Place

Project, Series 2001

0

.000

12/01/25

8,878,838

3,000,000

Grand Rapids and Kent County Joint Building Authority,

Michigan, Limited Tax General Obligation Bonds, Devos Place

Project, Series 2001

0

.000

12/01/26

2,906,874

100,000

Grand Rapids and Kent County Joint Building Authority,

Michigan, Limited Tax General Obligation Bonds, Devos Place

Project, Series 2001

0

.000

12/01/27

94,189

4,305,000

Grand Rapids and Kent County Joint Building Authority,

Michigan, Limited Tax General Obligation Bonds, Devos Place

Project, Series 2001

0

.000

12/01/29

3,833,343

1,000,000

Grand Rapids Public Schools, Kent County, Michigan, General

Obligation Bonds, Refunding School Building & Site Series

2016 - AGM Insured

5

.000

05/01/38

1,003,164

1,250,000

Grand Rapids Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2019 - AGM

Insured

5

.000

11/01/42

1,293,067

1,850,000

Grand Rapids Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2019 - AGM

Insured

5

.000

11/01/43

1,906,293

2,500,000

Grand Rapids, Michigan, Sanitary Sewer System Revenue

Bonds, Series 2018

5

.000

01/01/43

2,560,142

6,055,000

Grand Rapids, Michigan, Sanitary Sewer System Revenue

Bonds, Series 2018

5

.000

01/01/48

6,166,187

4,295,000

Grand Rapids, Michigan, Water Supply System Revenue Bonds,

Series 2020

5

.000

01/01/45

4,463,956

1,720,000

Grand Traverse County Hospital Finance Authority, Michigan,

Revenue Bonds, Munson Healthcare, Series 2019A

5

.000

07/01/36

1,790,492

1,995,000

Grand Traverse County Hospital Finance Authority, Michigan,

Revenue Bonds, Munson Healthcare, Series 2019A

5

.000

07/01/39

2,059,639

27,950,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Senior Lien Series 2016A

5

.000

07/01/46

28,113,273

4,625,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Senior Lien Series 2025C

5

.250

07/01/50

4,997,832

6,910,000

Hudsonville Public Schools, Ottawa and Allegan Counties,

Michigan, General Obligation Bonds, School Building & Site

Series 2020-I

4

.000

05/01/47

6,711,876

1,265,000

Jenison Public Schools, Ottawa County, Michigan, General

Obligation Bonds, Series 2017

5

.000

05/01/30

1,310,436

1,000,000

Kent County, Michigan, General Obligation Bonds, Limited Tax

Capital Improvement Series 2016

5

.000

06/01/31

1,012,642

83

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

1,445,000

Kent County, Michigan, General Obligation Bonds, Limited Tax

Capital Improvement Series 2016

5

.000

%

06/01/34

$

1,460,274

1,570,000

Kent County, Michigan, General Obligation Bonds, Limited Tax

Capital Improvement Series 2017A

5

.000

06/01/36

1,623,275

1,650,000

Kent County, Michigan, General Obligation Bonds, Limited Tax

Capital Improvement Series 2017A

5

.000

06/01/37

1,703,014

2,375,000

Kentwood Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2023-II - AGM

Insured

5

.000

05/01/49

2,469,015

2,395,000

Lake Superior State University Board of Trustees, Michigan,

General Revenue Bonds, Series 2018 - AGM Insured

5

.000

01/15/38

2,462,119

4,000,000

Lake Superior State University Board of Trustees, Michigan,

General Revenue Bonds, Series 2018 - AGM Insured

5

.000

01/15/43

4,066,974

10,900,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2019A

5

.000

07/01/44

11,251,787

8,170,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2019A

5

.000

07/01/48

8,374,269

11,835,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2021A

5

.000

07/01/51

12,259,841

1,325,000

Lansing School District, Ingham County, Michigan, General

Obligation Bonds, School Building and Site Series 2019II

5

.000

05/01/40

1,383,709

2,085,000

Lansing School District, Ingham County, Michigan, General

Obligation Bonds, Series 2016I

5

.000

05/01/38

2,091,597

2,200,000

Lansing School District, Ingham County, Michigan, General

Obligation Bonds, Series 2016I

5

.000

05/01/41

2,202,375

2,200,000

Lansing Township Downtown Development Authority, Ingham

County, Michigan, Tax Increment Bonds, Series 2013A

5

.950

02/01/42

2,197,994

500,000

Marquettte, Michigan, Electric Utility System Revenue Bonds,

Refunding Series 2016A

5

.000

07/01/33

505,278

1,500,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne Criminal Justice Center

Project, Senior Lien Series 2018

5

.000

11/01/43

1,533,976

17,500,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne, Second Lien Refunding

Series 2020

4

.000

11/01/50

16,077,554

10,005,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne, Second Lien Refunding

Series 2020

4

.000

11/01/55

9,050,506

3,500,000

Michigan Finance Authority, Higher Education Limited

Obligation Revenue Bonds, Kalamazoo College Project,

Refunding Series 2018

5

.000

12/01/43

3,572,318

175,000

(d)

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2016MI, (Pre-refunded

6/01/26)

5

.000

12/01/45

177,010

5,340,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2016MI

5

.000

12/01/45

5,348,110

9,000,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2016MI-2

4

.000

03/01/51

7,933,177

10,000,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2017A-MI

4

.000

12/01/36

10,036,384

1,900,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2017MI

5

.000

12/01/30

1,965,761

2,000,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2019A-MI

4

.000

12/01/49

1,791,381

11,730,000

Michigan Finance Authority, Tobacco Settlement Asset- Backed

Bonds, 2006 Sold Tobacco Receipts Senior Current Interest

Series 2020A-2

5

.000

06/01/40

11,966,499

9,060,000

(d)

Michigan Hospital Finance Authority, Revenue Bonds,

Ascension Health Senior Credit Group, Refunding & Project

Series 2010F-6, (Pre-refunded 11/15/26)

4

.000

11/15/47

9,178,703

1,270,000

Michigan Hospital Finance Authority, Revenue Bonds,

Ascension Health Senior Credit Group, Refunding & Project

Series 2010F-6

4

.000

11/15/47

1,177,342

Portfolio of Investments October 31, 2025

(continued)

NEA

84

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MICHIGAN

(continued)

$

10,000,000

(a)

Michigan Housing Development Authority, Single Family

Mortgage Revenue Bonds, Social Series 2025A, (UB)

4

.850

%

12/01/45

$

10,184,530

180,000

Michigan Public Educational Facilities Authority, Charter School

Revenue Bonds, American Montessori Academy, Series 2007

6

.500

12/01/37

180,086

8,300,000

Michigan State University, General Revenue Bonds, Refunding

Series 2019C

4

.000

02/15/44

8,128,280

3,000,000

Michigan State University, General Revenue Bonds, Taxable

Series 2019A

5

.000

02/15/48

3,060,344

1,950,000

Michigan State, Comprehensive Transportation Revenue

Bonds, Refunding Series 2015

5

.000

11/15/29

1,953,217

1,350,000

Muskegon County, Michigan, General Obligation Wastewater

Bonds, Management System 1, Refunding Series 2015

5

.000

11/01/33

1,351,317

1,730,000

Muskegon County, Michigan, General Obligation Wastewater

Bonds, Management System 1, Refunding Series 2015

5

.000

11/01/36

1,731,084

400,000

Northern Michigan University, General Revenue Bonds, Series

2018A

5

.000

12/01/33

421,928

650,000

Northern Michigan University, General Revenue Bonds, Series

2018A

5

.000

12/01/35

682,213

665,000

Novi Community School District, Oakland County, Michigan,

General Obligation Bonds, School Building & Site Series

2022-II

4

.000

05/01/47

643,647

1,510,000

Royal Oak, Oakland County, Michigan, General Obligation

Bonds, Taxable Limited Tax Series 2018

5

.000

04/01/43

1,559,059

810,000

Saginaw Valley State University, Michigan, General Revenue

Bonds, Refunding Series 2016A

5

.000

07/01/35

819,143

5,240,000

Troy School District, Oakland County, Michigan, General

Obligation Bonds, School Building & Site Series 2023

5

.000

05/01/52

5,453,557

1,065,000

(d)

University of Michigan, Michigan, General Revenue Bonds,

Series 2017A, (Pre-refunded 4/01/27)

5

.000

04/01/36

1,099,907

2,000,000

(d)

University of Michigan, Michigan, General Revenue Bonds,

Series 2017A, (Pre-refunded 4/01/27)

5

.000

04/01/42

2,065,553

12,200,000

(d)

University of Michigan, Michigan, General Revenue Bonds,

Series 2017A, (Pre-refunded 4/01/27)

5

.000

04/01/47

12,599,875

1,000,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Senior Series

2017A

5

.000

12/01/42

1,020,825

2,200,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2015D

5

.000

12/01/45

2,204,051

5,000,000

Wayne State University, Michigan, General Revenue Bonds,

Series 2018A

5

.000

11/15/43

5,132,627

2,590,000

West Bloomfield School District, Oakland County, Michigan,

General Obligation Bonds, School Building & Site Series 2017

- AGM Insured

5

.000

05/01/36

2,665,890

3,335,000

Western Michigan University, General Revenue Bonds,

Refunding Series 2019A

5

.000

11/15/44

3,432,276

2,700,000

Wyandotte, Michigan, Electric Revenue Bonds, Refunding

Series 2015A - BAM Insured

5

.000

10/01/44

2,702,119

TOTAL MICHIGAN

302,896,323

MINNESOTA - 5.1% (3.0% of Total Investments)

285,000

Baytown Township, Minnesota Charter School Lease Revenue

Bonds, Saint Croix Preparatory Academy, Refunding Series

2016A

4

.000

08/01/36

265,796

875,000

Bethel, Minnesota, Charter School Lease Revenue Bonds,

Spectrum High School Project, Series 2024

5

.000

07/01/59

816,877

3,565,000

Brooklyn Center, Minnesota, Charter School Lease Revenue

Bonds, Tesfa International dba Twin Lakes STEM Academy

Project, Series 2021A

5

.250

06/15/56

2,382,668

730,000

Brooklyn Center, Minnesota, Charter School Lease Revenue

Bonds, Tesfa International dba Twin Lakes STEM Academy

Project, Taxable Series 2021B

6

.000

06/15/31

698,481

350,000

Chatfield, Minnesota, Healthcare and Housing Facilities

Revenue Bonds, Chosen Valley Care Center Project, Refunding

Series 2019

4

.000

09/01/39

304,868

85

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

1,700,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5

.000

%

07/01/36

$

1,661,673

4,005,000

City of Milaca, Minnesota Refunding Revenue Bonds,

Grandview Christian Home Project, Series 2016

5

.000

10/01/41

3,992,164

1,000,000

(c)

Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

5

.000

08/01/46

934,343

590,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.250

07/01/37

590,350

3,600,000

(c)

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Seven Hills Preparatory Academy Project, Series 2024A

6

.125

06/15/61

3,319,617

2,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

4

.250

02/15/43

1,948,467

1,300,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.000

02/15/43

1,321,459

4,050,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.000

02/15/48

4,096,359

6,650,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.000

02/15/53

6,710,635

3,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.250

02/15/53

3,026,594

7,240,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2018A

5

.250

02/15/58

7,284,010

3,600,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022B

5

.250

06/15/47

3,761,311

1,980,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5

.000

02/01/42

2,109,809

1,125,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

4

.125

02/01/52

1,119,721

535,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Paladin Career & Technical High School Project, Series

2021A

4

.000

06/01/41

431,526

9,840,000

Independent School District 621, Mounds View, Minnesota,

General Obligation Bonds, School Building Series 2018A

4

.000

02/01/41

9,884,944

2,800,000

Itasca County Independent School District 318, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

02/01/37

2,825,133

1,000,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

4

.000

02/01/50

958,577

405,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Cyber Village Academy Project, Series 2022A

5

.500

06/01/57

358,722

2,250,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/40

2,214,739

2,530,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

4

.000

11/15/48

2,176,223

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019A

5

.000

01/01/33

1,075,644

2,245,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019A

5

.000

01/01/44

2,308,084

3,500,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate

Lien Series 2019A

5

.000

01/01/49

3,565,678

1,630,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

01/01/37

1,664,184

Portfolio of Investments October 31, 2025

(continued)

NEA

86

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

7,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

%

01/01/46

$

7,064,693

2,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

4

.125

01/01/47

1,917,653

2,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

4

.250

01/01/52

1,911,125

12,345,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

5

.000

01/01/52

12,685,434

7,335,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Series 2024A

5

.000

01/01/52

7,653,191

5,000,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, Essentia Health

Obligated Group, Series 2024A

5

.250

01/01/54

5,207,793

610,000

Minnesota Higher Education Facilities Authority, Revenue

Bonds, University of Saint Thomas, Series 2022B

4

.125

10/01/42

606,330

1,000,000

Minnesota Higher Education Facilities Authority, Revenue

Bonds, University of Saint Thomas, Series 2022B

4

.125

10/01/42

993,983

2,140,000

Minnesota Higher Education Facilities Authority, Revenue

Bonds, University of Saint Thomas, Series 2022B

5

.000

10/01/47

2,186,335

1,000,000

Minnesota Housing Finance Agency, Housing Infrastructure

State Appropriation Bonds, Series 2020D

4

.000

08/01/42

1,004,819

3,165,000

Minnesota Housing Finance Agency, Housing Infrastructure

State Appropriation Bonds, Series 2021C

4

.000

08/01/43

3,136,398

3,805,000

Minnesota Housing Finance Agency, Housing Infrastructure

State Appropriation Bonds, Series 2022C

5

.000

08/01/41

4,076,984

2,000,000

Rochester, Minnesota, Electric Utility Revenue Bonds,

Refunding Series 2017A

5

.000

12/01/42

2,029,339

10,325,000

Saint Cloud, Minnesota, Health Care Revenue Bonds,

CentraCare Health System, Series 2019

5

.000

05/01/48

10,507,119

6,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds,

CentraCare Health System, Series 2019

4

.000

05/01/49

5,478,394

4,825,000

(c)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community School of

Excellence, Series 2023

5

.500

03/01/53

4,774,088

2,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5

.000

09/01/55

1,832,274

2,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5

.750

09/01/46

2,005,568

450,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hope Community

Academy Project, Series 2020A

3

.875

12/01/30

407,395

4,170,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical

Academy, Series 2016A

4

.125

09/01/47

3,530,530

595,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/35

596,003

1,470,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/43

1,314,887

3,315,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/47

3,281,597

800,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2023-3

4

.750

10/01/43

813,891

150,000

Saint Paul, Minnesota, Housing and Redevelopment Authority,

Minnesota Charter School Lease Revenue Bonds, Series 2022A

6

.500

06/01/29

152,218

1,070,000

Saint Paul, Minnesota, Housing and Redevelopment Authority,

Minnesota Charter School Lease Revenue Bonds, Series 2022A

6

.375

06/01/42

1,067,714

87

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

3,055,000

Saint Paul, Minnesota, Housing and Redevelopment Authority,

Minnesota Charter School Lease Revenue Bonds, Series 2022A

6

.500

%

06/01/57

$

2,997,996

850,000

Sartell, Minnesota, Health Care Facilities Revenue Bonds,

Country Manor Campus LLC Project, Refunding Series 2017

5

.000

09/01/42

790,334

4,270,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5

.000

12/01/43

4,138,395

3,900,000

University of Minnesota, General Obligation Bonds, Series

2016A

5

.000

04/01/41

3,910,804

300,000

Wayzata, Minnesota Senior Housing Revenue Bonds,

Folkestone Senior Living Community, Refunding Series 2019

5

.000

08/01/32

302,461

150,000

Wayzata, Minnesota Senior Housing Revenue Bonds,

Folkestone Senior Living Community, Refunding Series 2019

5

.000

08/01/33

151,156

250,000

Wayzata, Minnesota Senior Housing Revenue Bonds,

Folkestone Senior Living Community, Refunding Series 2019

5

.000

08/01/35

251,737

600,000

Wayzata, Minnesota Senior Housing Revenue Bonds,

Folkestone Senior Living Community, Refunding Series 2019

4

.000

08/01/39

581,516

2,000,000

Wayzata, Minnesota Senior Housing Revenue Bonds,

Folkestone Senior Living Community, Refunding Series 2019

5

.000

08/01/49

1,966,804

3,000,000

Western Minnesota Municipal Power Agency, Minnesota,

Power Supply Revenue Bonds, Series 2018A

5

.000

01/01/49

3,039,697

730,000

Winona Port Authority, Minnesota, Charter School Lease

Revenue Bonds, Bluffview Montessori School Project,

Refunding Series 2016

4

.750

06/01/46

603,054

TOTAL MINNESOTA

178,778,365

MISSISSIPPI - 0.1% (0.1% of Total Investments)

4,500,000

Medical Center Educational Building Corporation, Mississippi,

Revenue Bonds, University of Mississippi Medical Center New

Facilities & Refinancing Project, Series 2017A

4

.000

06/01/47

4,259,138

TOTAL MISSISSIPPI

4,259,138

MISSOURI - 5.3% (3.2% of Total Investments)

3,700,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare

System, Series 2017

5

.000

10/01/47

3,485,496

2,000,000

Hazelwood School District, St. Louis County, Missouri, General

Obligation Bonds, Refunding and Improvement Series 2023A

- BAM Insured

5

.000

03/01/42

2,123,394

6,940,000

(a)

Jackson County, Missouri, Special Obligation Bonds, Series

2023A, (UB)

5

.250

12/01/47

7,376,625

8,150,000

Kansas City Municipal Assistance Corporation, Missouri,

Leasehold Revenue Bonds, Improvement Series 2004B-1 -

AMBAC Insured

0

.000

04/15/27

7,757,464

5,000,000

Kansas City Municipal Assistance Corporation, Missouri,

Leasehold Revenue Bonds, Improvement Series 2004B-1 -

AMBAC Insured

0

.000

04/15/31

4,144,802

2,475,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,

Improvement Series 2018A

4

.000

01/01/38

2,498,953

4,470,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,

Improvement Series 2018A

4

.000

01/01/42

4,458,844

1,475,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2021A

5

.000

04/01/40

1,585,535

1,750,000

Kansas City, Missouri, Water Revenue Bonds, Series 2023A

4

.000

12/01/47

1,698,015

2,350,000

Maryland Heights, Missouri, Tax Increment and Special District

Revenue Bonds, Westport Plaza Redevelopment Area, Series

2020

4

.125

11/01/38

2,210,966

2,950,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Refunding Improvement Series 2022B

5

.250

05/01/52

3,114,738

2,695,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Series 2019B

5

.000

05/01/44

2,783,832

2,160,000

Missouri Development Finance Board, Infrastructure Facilities

Revenue Bonds, City of  Independence Annual Appropriation

Electric System, Refunding Series 2022 - AGM Insured

5

.000

06/01/34

2,405,416

Portfolio of Investments October 31, 2025

(continued)

NEA

88

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

3,000,000

Missouri Environmental Improvement and Energy Resources

Authority, Revenue Bonds, Union Electric Company Project,

Refunding Series 1998A

2

.900

%

09/01/33

$

2,805,395

1,350,000

Missouri Health and Education Facilities Authority, Health

Facilities Revenue Bonds, Saint Luke's Health System, Inc.,

Series 2016

5

.000

11/15/35

1,361,501

1,400,000

Missouri Health and Educational Facilities Authority,

Educational Facilities Revenue Bonds, Kansas City University of

Medicine and Biosciences, Series 2017A

5

.000

06/01/42

1,422,148

1,830,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Series 2021A

4

.000

07/01/40

1,825,738

14,000,000

(a)

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Series 2025A,

(UB)

4

.000

04/01/45

13,173,604

1,500,000

(b)

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Variable Rate

Demand Obligation Series 2013C, (Mandatory Put 1/01/46)

4

.000

01/01/50

1,397,204

4,165,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A

4

.000

11/15/44

3,949,173

4,220,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A

4

.000

11/15/49

3,872,007

17,300,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2013A

5

.000

11/15/48

17,305,112

1,400,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2014F

5

.000

11/15/45

1,400,583

1,050,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

4

.000

11/15/36

1,054,695

2,980,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

4

.000

11/15/37

2,989,669

2,620,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

5

.000

11/15/42

2,662,954

2,500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

5

.000

11/15/47

2,535,752

28,565,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2020

4

.000

06/01/53

25,219,353

1,500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mosaic Health System, Series 2019A

4

.000

02/15/44

1,412,594

2,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mosaic Health System, Series 2019A

4

.000

02/15/49

1,798,652

8,725,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mosaic Health System, Series 2019A

4

.000

02/15/54

7,596,133

3,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, SSM Health Care, Series 2022A

4

.000

06/01/52

2,713,688

10,000,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Children's Mercy Hospital, Series 2017A

4

.000

05/15/42

9,736,434

1,150,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016A

5

.000

02/01/46

1,123,649

700,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016B

5

.000

02/01/34

701,715

1,950,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2019A

5

.000

02/01/42

1,955,684

1,500,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2019C

5

.000

02/01/42

1,509,660

1,000,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2019C

4

.000

02/01/48

837,847

1,000,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2024A

5

.250

02/01/54

993,473

5,000,000

Saint Charles County Francis Howell School District, Missouri,

General Obligation Bonds, Series 2022

5

.000

03/01/41

5,318,546

2,000,000

Saint Charles County Francis Howell School District, Missouri,

General Obligation Bonds, Series 2022

5

.000

03/01/42

2,117,008

1,675,000

Saint Charles County Public Water Supply District 2, Missouri,

Certificates of Participation, Refudning Series 2016C

4

.000

12/01/31

1,676,540

89

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

(continued)

$

2,535,000

Saint Charles County Public Water Supply District 2, Missouri,

Certificates of Participation, Refudning Series 2016C

5

.000

%

12/01/32

$

2,537,814

3,500,000

Saint Louis County Industrial Development Authority, Missouri,

Health Facilities Revenue Bonds, Ranken-Jordan Project,

Refunding & Improvement Series 2016

5

.000

11/15/41

3,442,485

220,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village of Sunset Hills, Series

2013A

5

.875

09/01/43

220,080

2,665,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village Saint Louis Obligated

Group, Series 2018A

5

.125

09/01/49

2,629,393

7,250,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village Saint Louis Obligated

Group, Series 2018A

5

.250

09/01/53

7,165,704

2,300,000

(c)

Taney County Industrial Development Authority, Missouri, Sales

Tax Revenue Improvement Bonds, Big Cedar Infrastructure

Project Series 2023

6

.000

10/01/49

2,303,216

475,000

The Industrial Development Authority of the City of Saint Louis,

Missouri, Development Financing Revenue Bonds, Ballpark

Village Development Project, Series 2017A

3

.875

11/15/29

458,885

TOTAL MISSOURI

186,868,168

MONTANA - 0.6% (0.3% of Total Investments)

2,975,000

Kalispell, Montana, Housing and Healthcare Facilities Revenue

Bonds, Immanuel Lutheran Corporation, Series 2017A

5

.250

05/15/47

2,775,062

4,965,000

Montana Facility Finance Authority, Healthcare Facility Revenue

Bonds, Kalispell Regional Medical Center, Series 2018B

5

.000

07/01/48

5,013,459

3,310,000

Montana Facility Finance Authority, Montana, Health Facilities

Reveue Bonds, Bozeman Deaconess Health Services Obligated

Group, Series 2018

5

.000

06/01/48

3,352,837

1,825,000

Montana Facility Finance Authority, Revenue Bonds, Billings

Clinic Obligated Group, Series 2018A

5

.000

08/15/48

1,839,152

6,130,000

Montana State Board of Regents of Higher Education, General

Revenue Bonds, Series 2022 - AGM Insured

5

.250

11/15/52

6,445,144

TOTAL MONTANA

19,425,654

NEBRASKA - 1.2% (0.7% of Total Investments)

14,165,000

Central Plains Energy Project, Nebraska, Gas Project 3 Revenue

Bonds, Refunding Crossover Series 2017A

5

.000

09/01/42

15,141,613

1,900,000

Douglas County Hospital Authority 3, Nebraska, Health

Facilities Revenue Bonds, Nebraska Methodist Health System,

Refunding Series 2015

5

.000

11/01/45

1,900,661

1,900,000

Douglas County School District 54, Ralston, Nebraska, General

Obligation Bonds, Series 2023

5

.000

12/15/48

1,991,954

2,150,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project,

Refunding Series 2017A

5

.000

07/01/29

2,197,487

2,000,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project,

Refunding Series 2017A

5

.000

07/01/30

2,044,492

1,000,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5

.000

07/01/32

1,000,371

820,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5

.000

07/01/33

820,311

2,000,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5

.000

07/01/34

2,000,730

5,110,000

Municipal Energy Agency of Nebraska, Power Supply System

Revenue Bonds, Refunding Series 2016A

5

.000

04/01/38

5,206,361

8,500,000

(a)

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Social Series 2024C, (UB)

4

.800

09/01/54

8,583,188

TOTAL NEBRASKA

40,887,168

Portfolio of Investments October 31, 2025

(continued)

NEA

90

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEVADA - 1.2% (0.7% of Total Investments)

$

6,480,000

Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe

Regional Healthcare Project, Series 2017A

5

.000

%

09/01/47

$

6,453,446

7,525,000

Clark County, Nevada, General Obligation Bonds, Stadium

Improvement, Limited Tax Additionally Secured by Pledged

Revenues, Series 2018A

5

.000

05/01/48

7,679,725

365,000

(c)

Director of the State of Nevada Department of Business and

Industry, Charter School Lease Revenue Bonds, Somerset

Academy, Series 2018A

5

.000

12/15/38

364,990

2,130,000

Henderson, Nevada, Limited Obligation Bonds, Local

Improvement District T-18 Inspirada, Refunding Series 2016

4

.000

09/01/26

2,128,615

1,415,000

Henderson, Nevada, Limited Obligation Bonds, Local

Improvement District T-18 Inspirada, Refunding Series 2016

4

.000

09/01/27

1,410,956

2,450,000

Henderson, Nevada, Limited Obligation Bonds, Local

Improvement District T-18 Inspirada, Refunding Series 2016

4

.000

09/01/29

2,438,658

2,690,000

Henderson, Nevada, Limited Obligation Bonds, Local

Improvement District T-18 Inspirada, Refunding Series 2016

4

.000

09/01/30

2,664,451

18,000,000

Las Vegas Convention and Visitors Authority, Nevada,

Convention Center Expansion Revenue Bonds, Series 2018B

5

.000

07/01/43

18,415,739

TOTAL NEVADA

41,556,580

NEW HAMPSHIRE - 0.2% (0.1% of Total Investments)

1,500,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Concord Hospital, Series 2017

5

.000

10/01/47

1,514,252

1,115,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series

2018A

5

.000

08/01/36

1,154,045

2,935,000

New Hampshire Health and Education Facilities Authority,

Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series

2018A

5

.000

08/01/37

3,030,881

TOTAL NEW HAMPSHIRE

5,699,178

NEW JERSEY - 7.4% (4.5% of Total Investments)

10,600,000

New Jersey Economic Development Authority, Revenue Bonds,

New Jersey Transit Corporation Projects Sublease, Refunding

Series 2017B

5

.000

11/01/25

10,600,000

6,000,000

New Jersey Economic Development Authority, Revenue

Bonds, Provident Group - Montclair Properties LLC, Montclair

State University Student Housing Project, Refunding Series

2017 - AGM Insured

5

.000

06/01/42

6,081,989

20,890,000

(d)

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Refunding Series 2016BBB, (Pre-refunded

12/15/26)

5

.500

06/15/30

21,552,480

370,000

(d)

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Series 2018EEE, (Pre-refunded 12/15/28)

5

.000

06/15/43

397,783

2,515,000

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Series 2018EEE

5

.000

06/15/43

2,589,680

2,415,000

New Jersey Economic Development Authority, School Facilities

Construction Bonds, Social Series 2021QQQ

4

.000

06/15/50

2,224,706

2,500,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Hackensack Meridian Health Obligated Group,

Refunding Series 2017A

5

.000

07/01/37

2,572,266

26,320,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Refunding

Series 2016A

5

.000

07/01/43

26,498,368

12,775,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Series 2021A

4

.000

07/01/51

11,799,177

3,050,000

New Jersey Transportation Trust Fund Authority, Federal

Highway Reimbursement Revenue Notes, Series 2016A-1

5

.000

06/15/28

3,090,206

7,795,000

New Jersey Transportation Trust Fund Authority, Federal

Highway Reimbursement Revenue Notes, Series 2016A-1

5

.000

06/15/29

7,896,955

5,450,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2022BB

4

.000

06/15/46

5,134,577

4,390,000

(d)

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)

5

.500

06/15/50

5,255,010

91

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW JERSEY

(continued)

$

4,000,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2023AA

5

.000

%

06/15/40

$

4,373,986

4,890,000

(a)

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2023BB, (UB)

5

.250

06/15/50

5,176,262

5,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Capital Appreciation Series 2010A

0

.000

12/15/26

4,840,007

16,495,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Capital Appreciation Series 2010A

0

.000

12/15/33

12,713,958

1,815,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C

0

.000

12/15/26

1,758,858

10,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - FGIC Insured

0

.000

12/15/30

8,614,262

38,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AGM Insured

0

.000

12/15/33

29,406,733

45,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AMBAC Insured

0

.000

12/15/35

31,735,782

10,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AMBAC Insured

0

.000

12/15/36

6,712,676

5,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2019A

5

.000

12/15/32

5,436,260

5,000,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2019BB

4

.000

06/15/44

4,826,834

12,370,000

New Jersey Turnpike Authority, Revenue Bonds, Refunding

Series 2005D-1 - AGM Insured

5

.250

01/01/26

12,418,869

5,500,000

(a)

New Jersey Turnpike Authority, Turnpike Revenue Bonds,

Series 2022B, (UB)

5

.000

01/01/46

5,814,748

5,000,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Series 2022A

5

.250

11/01/52

5,227,743

10,355,000

Tobacco Settlement Financing Corporation, New Jersey,

Tobacco Settlement Asset-Backed Bonds, Series 2018A

5

.000

06/01/46

10,259,093

4,710,000

Tobacco Settlement Financing Corporation, New Jersey,

Tobacco Settlement Asset-Backed Bonds, Series 2018A

5

.250

06/01/46

4,723,280

2,150,000

Tobacco Settlement Financing Corporation, New Jersey,

Tobacco Settlement Asset-Backed Bonds, Series 2018B

5

.000

06/01/46

2,096,500

TOTAL NEW JERSEY

261,829,048

NEW MEXICO - 0.1% (0.1% of Total Investments)

3,955,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, Presbyterian Healthcare Services, Series

2019A

4

.000

08/01/48

3,607,560

1,000,000

University of New Mexico, Revenue Bonds, System

Improvement Series 2023 - AGM Insured

5

.500

06/01/53

1,078,373

TOTAL NEW MEXICO

4,685,933

NEW YORK - 12.1% (7.3% of Total Investments)

7,000,000

Brooklyn Arena Local Development Corporation, New York,

Payment in Lieu of Taxes Revenue Bonds, Barclays Center

Project, Series 2009

0

.000

07/15/45

2,601,266

1,000,000

(c)

Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series

2017

5

.000

12/01/33

1,006,592

10,000,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose Series 2022A

4

.000

03/15/39

10,085,066

19,335,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose Series 2022A

5

.000

03/15/46

20,075,233

4,115,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose Series 2022A

4

.000

03/15/49

3,853,905

14,800,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2019A.

Bidding Group 1,2,3,4

4

.000

03/15/48

13,871,774

25,755,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2019D

4

.000

02/15/47

24,411,962

10,000,000

Dormitory Authority of the State of New York, State Sales Tax

Revenue Bonds, Series 2018E Group 2

5

.000

03/15/40

10,412,050

Portfolio of Investments October 31, 2025

(continued)

NEA

92

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

5,000,000

Dormitory Authority of the State of New York, State Sales Tax

Revenue Bonds, Series 2024A

5

.000

%

03/15/54

$

5,223,474

1,645,000

Genesee County Funding Corporation, New York, Revenue

Bonds, Rochester Regional Health Project, Series 2022A

5

.250

12/01/52

1,668,050

10,000,000

Liberty Development Corporation, New York, Goldman Sachs

Headquarter Revenue Bonds, Series 2005

5

.250

10/01/35

11,694,474

5,000,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2018

5

.000

09/01/37

5,264,719

15,000,000

Metropolitan Transportation Authority, New York, Dedicated

Tax Fund Bonds, Green Series 2024B-1

5

.000

11/15/50

15,686,343

8,620,000

(a)

Monroe County Industrial Development Corporation, New

York, Revenue Bonds,  University of Rochester Project, Series

2023A, (UB)

5

.000

07/01/53

8,942,324

5,000,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2020 Series EE

4

.000

06/15/42

4,962,292

5,500,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2020 Series GG-1

4

.000

06/15/50

5,172,304

7,500,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2024 Series CC-1

5

.250

06/15/54

7,987,105

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1

5

.000

08/01/40

5,194,419

6,300,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2021 Subseries C-1

4

.000

05/01/46

5,919,927

10,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2021 Subseries E-1

4

.000

02/01/42

9,863,933

13,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1

5

.000

02/01/47

13,463,936

11,665,000

(a)

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series

A-1, (UB)

5

.250

05/01/52

12,487,429

11,220,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2024A-1

5

.000

05/01/53

11,615,570

2,060,000

New York City, New York, General Obligation Bonds, Fiscal

2017 Series B-1

5

.000

12/01/41

2,082,162

10,370,000

New York City, New York, General Obligation Bonds, Fiscal

2020 Series A-1

4

.000

08/01/42

10,140,654

3,500,000

New York City, New York, General Obligation Bonds, Fiscal

2020 SeriesD-1

4

.000

03/01/50

3,202,078

12,350,000

New York City, New York, General Obligation Bonds, Fiscal

2021 Series F-1

5

.000

03/01/50

12,632,436

12,000,000

New York City, New York, General Obligation Bonds, Fiscal

2022 Series A-1

5

.000

08/01/47

12,351,128

5,000

New York City, New York, General Obligation Bonds, Fiscal

Series 1996J

5

.500

02/15/26

5,010

23,920,000

(c)

New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

5

.000

11/15/44

23,919,687

1,590,000

New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, Secured by Port Authority Consolidated

Bonds, Refunding Series 1WTC-2021 - BAM Insured

4

.000

02/15/43

1,565,523

4,000,000

New York State Dormitory Authority, Personal Income Tax

Revenue Bonds, General Purpose Series 2025C

5

.250

03/15/46

4,352,624

5,900,000

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Bidding Group 1 Series 2022A

4

.000

03/15/50

5,441,249

20,000,000

(a)

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Series 2025A-3, (UB)

5

.000

03/15/48

21,161,074

4,000,000

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Transportation Series 2021A-1

4

.000

03/15/44

3,863,675

25,035,000

New York State Urban Development Corporation, State

Personal Income Tax Revenue Bonds, General Purpose, Series

2022A

5

.000

03/15/45

26,185,997

93

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

5,500,000

New York State Urban Development Corporation, State

Personal Income Tax Revenue Bonds, General Purpose, Series

2022A

5

.000

%

03/15/46

$

5,724,828

7,500,000

New York State Urban Development Corporation, State Sales

Tax Revenue Bonds, Series 2019A

5

.000

03/15/40

7,893,952

9,385,000

New York State Urban Development Corporation, State Sales

Tax Revenue Bonds, Series 2024A

5

.000

03/15/49

9,884,721

4,095,000

Triborough Bridge and Tunnel Authority, New York, General

Purpose Revenue Bonds, Refunding Series 2015A

5

.000

11/15/50

4,088,279

10,725,000

Triborough Bridge and Tunnel Authority, New York, General

Purpose Revenue Bonds, Refunding Subordinate Lien Series

2013A

0

.000

11/15/31

8,917,844

1,105,000

Triborough Bridge and Tunnel Authority, New York, General

Purpose Revenue Bonds, Refunding Subordinate Lien Series

2013A

0

.000

11/15/32

886,270

1,300,000

Triborough Bridge and Tunnel Authority, New York, General

Revenue Bonds, MTA Bridges & Tunnels, Series 2020A

5

.000

11/15/54

1,335,919

3,265,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Series 2022 A

5

.000

05/15/44

3,432,938

9,695,000

(a)

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Series 2022A - BAM Insured,

(UB)

5

.000

05/15/57

9,982,405

6,500,000

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax, Series 2022A

5

.000

05/15/47

6,747,250

12,000,000

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax, Series 2022A

5

.250

05/15/52

12,680,112

10,000,000

(a)

Triborough Bridge and Tunnel Authority, New York, Sales

Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital

Lockbox-City Sales Tax, Series 2024A-1 - BAM Insured, (UB)

5

.250

05/15/59

10,627,332

5,000,000

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series

2006

5

.000

06/01/45

4,435,189

820,000

Westchester County Local Development Corporation, New

York, Revenue Bonds, Westchester Medical Center Obligated

Group Project, Series 2023 - AGM Insured

5

.750

11/01/48

894,962

TOTAL NEW YORK

425,899,445

NORTH CAROLINA - 2.8% (1.7% of Total Investments)

1,000,000

Catawba County, North Carolina, General Obligation Bonds,

Limited Obligation Series 2014A

5

.000

06/01/30

1,001,895

730,000

Catawba County, North Carolina, General Obligation Bonds,

Limited Obligation Series 2014A

5

.000

06/01/31

731,379

1,365,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Refunding Series 2017A

5

.000

07/01/42

1,390,074

5,390,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Refunding Series 2017A

5

.000

07/01/47

5,457,639

5,000,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Series 2023A

5

.000

07/01/48

5,258,738

4,000,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, Doing Business as Atrium Health,

Refunding Series 2018A

5

.000

01/15/36

4,237,966

2,000,000

(d)

Greensboro, North Carolina, Limited Obligation Bonds,

Coliseum Complex Project, Series 2018A, (Pre-refunded

4/01/28)

5

.000

04/01/42

2,116,179

6,140,000

(d)

New Hanover County, North Carolina, Hospital Revenue Bonds,

New Hanover Regional Medical Center, Series 2017, (Pre-

refunded 10/01/27)

5

.000

10/01/47

6,416,145

2,500,000

North Carolina Agricultural & Technical State University,

General Revenue Bonds, Series 2023

5

.000

10/01/52

2,605,845

5,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facility Revenue Bonds, Wake Forest University, Refunding

Series 2016

4

.000

01/01/37

5,015,159

Portfolio of Investments October 31, 2025

(continued)

NEA

94

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH CAROLINA

(continued)

$

2,500,000

North Carolina Capital Facilities Financing Agency, Educational

Facility Revenue Bonds, Wake Forest University, Series 2018

5

.000

%

01/01/48

$

2,538,664

700,000

North Carolina Medical Care Commission,  Retirement

Facilities First Mortgage Revenue Bonds, Southminster Project,

Refunding Series 2016

5

.000

10/01/31

704,703

2,720,000

North Carolina Medical Care Commission,  Retirement

Facilities First Mortgage Revenue Bonds, Southminster Project,

Refunding Series 2016

5

.000

10/01/37

2,723,770

3,000,000

North Carolina Medical Care Commission, Health Care

Facilities Revenue Bonds, Wake Forest Baptist Obligated

Group, Series 2012A

5

.000

12/01/45

3,001,384

1,545,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2015A

5

.000

01/01/28

1,550,032

1,500,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2015A

5

.000

01/01/32

1,504,742

835,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/28

750,023

800,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/30

653,835

850,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/31

660,535

2,400,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/33

1,685,811

3,160,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/36

1,896,364

3,100,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/37

1,765,429

1,900,000

North Carolina Turnpike Authority, Monroe Expressway

Toll  Revenue Bonds, Capital Appreciation Series 2017C

0

.000

07/01/40

928,625

2,200,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Refunding Senior Lien Series 2017 - AGM

Insured

5

.000

01/01/39

2,233,273

1,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Refunding Series 2018

5

.000

01/01/40

1,033,093

150,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

0

.000

01/01/31

127,867

4,375,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

0

.000

01/01/33

3,473,036

2,300,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

0

.000

01/01/34

1,754,128

2,380,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

0

.000

01/01/35

1,738,812

7,575,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

0

.000

01/01/37

5,035,237

1,470,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

0

.000

01/01/38

926,090

10,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2019

5

.000

01/01/49

10,150,350

2,500,000

Raleigh, North Carolina, Combined Enterprise System Revenue

Bonds, Refunding Series 2016A

4

.000

03/01/46

2,471,985

1,250,000

Sampson County, North Carolina, Limited Obligaiton Bonds,

Refunding Series 2017

4

.000

09/01/35

1,257,019

1,265,000

Sampson County, North Carolina, Limited Obligaiton Bonds,

Refunding Series 2017

4

.000

09/01/36

1,271,499

1,000,000

Sampson County, North Carolina, Limited Obligaiton Bonds,

Refunding Series 2017

4

.000

09/01/37

1,004,528

4,735,000

University of North Carolina, Charlotte, General Revenue

Bonds, Series 2017

5

.000

10/01/42

4,849,712

4,765,000

University of North Carolina, Greensboro, General Revenue

Bonds, Series 2018

5

.000

04/01/43

4,887,645

1,250,000

Western Carolina University, North Carolina, General Revenue

Bonds, Refunding Series 2015A

5

.000

10/01/45

1,250,061

TOTAL NORTH CAROLINA

98,059,271

95

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH DAKOTA - 1.3% (0.8% of Total Investments)

$

1,000,000

Grand Forks, North Dakota, Health Care System Revenue

Bonds, Altru Health System Obligated Group, Series 2017A

5

.000

%

12/01/37

$

1,013,006

8,525,000

Grand Forks, North Dakota, Health Care System Revenue

Bonds, Altru Health System Obligated Group, Series 2017A

5

.000

12/01/42

8,567,272

7,070,000

Grand Forks, North Dakota, Health Care System Revenue

Bonds, Altru Health System Obligated Group, Series 2017A

4

.000

12/01/47

6,194,316

1,800,000

Grand Forks, North Dakota, Health Care System Revenue

Bonds, Altru Health System Obligated Group, Series 2021

4

.000

12/01/51

1,578,906

645,000

Grand Forks, North Dakota, Health Care System Revenue

Bonds, Altru Health System Obligated Group, Series 2023A -

AGM Insured

5

.000

12/01/53

659,958

900,000

Grand Forks, North Dakota, Senior Housing & Nursing Facilities

Revenue Bonds, Valley Homes and Services Obligated Group,

Series 2017

5

.000

12/01/36

897,383

13,000,000

(a)

North Dakota Housing Finance Agency, Home Mortgage

Program Revenue Bonds, Social Series 2024D, (UB)

4

.650

07/01/49

12,995,096

2,700,000

University of North Dakota, Certificates of Participation,

Housing Infrastructure Project, Series 2021A - AGM Insured

4

.000

06/01/51

2,494,824

11,065,000

Ward County Health Care, North Dakota, Revenue Bonds,

Trinity Obligated Group, Series 2017C

5

.000

06/01/43

10,802,973

935,402

(f)

Williston, North Dakota, Multifamily Housing Revenue Bonds,

Eagle Crest Apartments LLC Project, Series 2013

7

.750

09/01/38

35,639

TOTAL NORTH DAKOTA

45,239,373

OHIO - 3.6% (2.1% of Total Investments)

3,020,000

(d)

Akron, Bath and Copley Joint Township Hospital District,

Ohio, Hospital Facilities Revenue Bonds, Summa Health

System, Refunding & Improvement Series 2016, (Pre-refunded

11/15/26)

5

.250

11/15/41

3,091,549

8,255,000

(d)

Akron, Bath and Copley Joint Township Hospital District,

Ohio, Hospital Facilities Revenue Bonds, Summa Health

System, Refunding & Improvement Series 2016, (Pre-refunded

11/15/26)

5

.250

11/15/46

8,450,576

10,940,000

Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy

Health, Refunding & Improvement Series 2015A

5

.000

11/01/43

10,946,837

6,655,000

Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy

Health, Series 2017A

4

.000

08/01/38

6,710,536

10,000,000

Buckeye Tobacco Settlement Financing Authority, Ohio,

Tobacco Settlement Asset-Backed Revenue Bonds, Refunding

Senior Lien Capital Appreciation Series 2020B-3 Class 2

0

.000

06/01/57

947,829

1,095,000

Buckeye Tobacco Settlement Financing Authority, Ohio,

Tobacco Settlement Asset-Backed Revenue Bonds, Refunding

Senior Lien Series 2020A-2 Class 1

4

.000

06/01/48

949,610

11,500,000

Buckeye Tobacco Settlement Financing Authority, Ohio,

Tobacco Settlement Asset-Backed Revenue Bonds, Refunding

Senior Lien Series 2020B-2 Class 2

5

.000

06/01/55

9,652,913

5,000,000

Cleveland Clinic Health System Obligated Group, Ohio, Martin

County Health Facilities Authority, Hospital Revenue Bonds,

Series 2019B

4

.000

01/01/43

4,871,217

2,750,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025B

5

.000

01/01/45

2,920,605

2,335,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025B

5

.250

01/01/50

2,484,815

5,165,000

Cuyahoga Community College District, Ohio, General

Obligation Bonds, Facilities Construction & Improvement

Series 2018

4

.000

12/01/38

5,174,718

5,975,000

Fairfield County, Ohio, Hospital Facilities Revenue Bonds,

Fairfield Medical Center Project, Series 2013

5

.000

06/15/43

5,243,472

1,500,000

Hamilton County, Ohio, Healthcare Revenue Bonds, Life

Enriching Communities Project, Series 2017A

5

.000

01/01/47

1,445,409

1,120,000

Hamilton County, Ohio, Healthcare Revenue Bonds, Life

Enriching Communities Project, Series 2017A

5

.000

01/01/52

1,057,034

Portfolio of Investments October 31, 2025

(continued)

NEA

96

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

3,425,000

Hamilton County, Ohio, Healthcare Revenue Bonds, Life

Enriching Communities, Refunding & Improvement Series

2016

5

.000

%

01/01/46

$

3,315,669

6,000,000

Hamilton County, Ohio, Healthcare Revenue Bonds, Life

Enriching Communities, Refunding & Improvement Series

2016

5

.000

01/01/51

5,675,772

3,000,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds,

TriHealth, Inc. Obligated Group Project, Series 2017A

5

.000

08/15/42

3,033,988

5,000,000

Miami County, Ohio, Hospital Facilities Revenue Bonds,

Kettering Health Network Obligated Group Project, Refunding

Improvement Series 2019

5

.000

08/01/49

5,050,530

6,000,000

Middletown City School District, Butler County, Ohio, General

Obligation Bonds, Refunding Series 2007 - AGM Insured

5

.250

12/01/31

6,676,375

3,000,000

Ohio Higher Educational Facility Commission, Revenue Bonds,

University of Dayton, Series 2018A

5

.000

12/01/48

3,031,341

1,740,000

(a)

Ohio Housing Finance Agency, Residential Mortgage Revenue

Bonds, Mortgage-Backed Securities Program, Social Series

2024A, (UB)

4

.550

09/01/49

1,745,232

3,195,000

Ohio State, Hospital Revenue Bonds, University Hospitals

Health System, Inc., Fixed Interest Rate Series 2020A

5

.000

01/15/50

3,225,555

7,065,000

Ohio State, Hospital Revenue Bonds, University Hospitals

Health System, Inc., Series 2021A

4

.000

01/15/46

6,444,295

7,550,000

Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and

Infrastructutre Commission Infrastructure Projects, Junior Lien,

Capital Appreciation Series 2013A-3

5

.800

02/15/36

8,569,666

2,400,000

Ohio Water Development Authority, Water Pollution Control

Loan Fund Revenue Bonds, Green Series 2023B

5

.000

12/01/43

2,588,809

4,250,000

Pickerington Local School District, Fairfield and Franklin

Counties, Ohio, General Obligation Bonds, School Facilities

Construction & Improvement, Series 2023

5

.250

12/01/59

4,456,595

4,190,000

Springboro Community City School District, Warren County,

Ohio, General Obligation Bonds, Refunding Series 2007 - AGM

Insured

5

.250

12/01/26

4,300,514

3,670,000

Tuscarawas County Economic Development and Finance

Alliance, Ohio, Higher Education Facilities Revenue Bonds,

Ashland University, Refunding & Improvement Series 2015

6

.000

03/01/45

3,577,723

TOTAL OHIO

125,639,184

OKLAHOMA - 1.3% (0.8% of Total Investments)

3,135,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Series 2018B

5

.500

08/15/52

3,148,206

6,340,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Series 2018B

5

.500

08/15/57

6,353,759

9,040,000

(a)

Oklahoma Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Homeownership Loan Program, Series 2024B,

(UB)

4

.600

09/01/44

9,204,353

3,080,000

Oklahoma State Turnpike Authority, Turnpike System Revenue

Bonds, Second Senior Series 2025A

5

.250

01/01/47

3,344,066

20,000,000

Oklahoma State Turnpike Authority, Turnpike System Revenue

Bonds, Second Senior Series 2025A

5

.500

01/01/54

21,797,858

1,125,000

Tulsa County Industrial Authority, Oklahoma, Senior Living

Community Revenue Bonds, Montereau, Inc Project, Refunding

Series 2017

5

.250

11/15/37

1,140,919

TOTAL OKLAHOMA

44,989,161

OREGON - 3.2% (1.9% of Total Investments)

1,180,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/54

1,190,784

760,000

Clackamas Community College District, Oregon, General

Obligation Bonds, Deferred Interest Series 2017A

5

.000

06/15/38

778,842

1,000,000

Clackamas Community College District, Oregon, General

Obligation Bonds, Deferred Interest Series 2017A

5

.000

06/15/39

1,023,049

1,725,000

Clackamas Community College District, Oregon, General

Obligation Bonds, Deferred Interest Series 2017A

5

.000

06/15/40

1,760,396

97

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OREGON

(continued)

$

1,185,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5

.375

%

11/15/55

$

1,164,786

4,170,000

Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A

4

.000

08/01/45

4,131,124

2,250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5

.000

08/01/52

2,348,267

2,820,000

Oregon Facilities Authority, Revenue Bonds, Legacy Health

Project, Series 2016A

5

.000

06/01/46

2,828,732

7,895,000

Oregon Facilities Authority, Revenue Bonds, Legacy Health

Project, Series 2022A

5

.000

06/01/52

8,015,098

1,810,000

(c)

Oregon Facilities Authority, Revenue Bonds, Metro East Web

Academy Project, Series 2019A

5

.000

06/15/49

1,604,159

6,275,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A

5

.000

10/01/35

6,294,812

140,000

(d)

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A, (Pre-refunded 10/01/26)

5

.000

10/01/46

142,722

2,120,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A

5

.000

10/01/46

2,120,627

7,090,000

Oregon Facilities Authority, Revenue Bonds, University of

Portland Projects, Refunding Series 2025A

5

.500

04/01/49

7,534,563

23,400,000

Oregon Health and Science University, Revenue Bonds, Green

Series 2021A

4

.000

07/01/51

21,450,155

4,100,000

Port of Portland, Oregon, Portland International Airport,

Revenue Bonds, Series 2019 25A

5

.000

07/01/49

4,202,001

4,000,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Salem Health Projects, Refunding Series 2016A

4

.000

05/15/41

3,921,296

13,220,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Salem Health Projects, Refunding Series 2016A

5

.000

05/15/46

13,261,688

8,005,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Salem Health Projects, Series 2019A

5

.000

05/15/44

8,202,822

10,805,000

Tualatin Valley Water District, Oregon, Water Revenue Bonds,

Series 2023

5

.000

06/01/48

11,381,174

10,000,000

University of Oregon, General Revenue Bonds, Series 2020A

5

.000

04/01/50

10,238,936

TOTAL OREGON

113,596,033

PENNSYLVANIA - 7.0% (4.2% of Total Investments)

1,670,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2020B

4

.000

06/01/45

1,625,913

2,000,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2020B

4

.000

06/01/50

1,849,203

3,155,000

Bethlehem Authority, Northampton and Lehigh Counties,

Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998

- AGM Insured

0

.000

05/15/26

3,101,335

4,145,000

Bethlehem Authority, Northampton and Lehigh Counties,

Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998

- AGM Insured

0

.000

11/15/26

4,012,816

2,800,000

Bethlehem Authority, Northampton and Lehigh Counties,

Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998

- AGM Insured

0

.000

05/15/28

2,588,953

3,000,000

Bethlehem Authority, Northampton and Lehigh Counties,

Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998

- AGM Insured

0

.000

11/15/28

2,732,589

1,200,000

Centre County Hospital Authority, Pennsylvania, Hospital

Revenue Bonds, Mount Nittany Medical Center Project, Series

2018A

5

.000

11/15/42

1,218,504

895,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Master Settlement, Series 2018

5

.000

06/01/34

936,421

3,595,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

5

.000

07/01/42

3,668,634

5,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

5

.000

07/01/47

5,061,269

5,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

5

.000

11/01/51

5,035,641

4,915,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, United Zion Retirement Community, Series 2017A

5

.000

12/01/47

3,973,910

Portfolio of Investments October 31, 2025

(continued)

NEA

98

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

4,480,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Capital Appreciation

Series 2013B

0

.000

%

12/01/31

$

3,695,216

5,180,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Capital Appreciation

Series 2013B

0

.000

12/01/32

4,116,302

5,210,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2018A

5

.000

09/01/43

5,318,785

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2019

4

.000

09/01/44

934,442

2,905,000

Neshaminy School District, Bucks County, Pennsylvania,

General Obligation Bonds, Series 2022

4

.000

11/01/43

2,869,314

630,207

(f)

Northampton County Industrial Development Authority,

Pennsylvania, Recovery Revenue Bonds, Northampton

Generating Project, Senior Lien Series 2013A0 & AE2

5

.000

06/30/27

277,291

347,128

(f)

Northampton County Industrial Development Authority,

Pennsylvania, Recovery Revenue Bonds, Northampton

Generating Project, Senior Lien Taxable Series 2013B, (cash

5.000%, PIK 5.000%)

5

.000

06/30/27

62,483

2,525,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Revenue Bonds, Villanova University Project,

Series 2024

5

.000

08/01/49

2,665,528

7,340,000

(a)

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1, (UB)

5

.250

11/01/48

7,814,927

6,800,000

(a)

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-2, (UB)

5

.000

11/01/54

6,977,568

5,910,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2019

4

.000

08/15/44

5,591,460

5,250,000

(a)

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2024-144A, (UB)

4

.650

10/01/51

5,252,621

20,000,000

(a)

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2025-150A, (UB)

5

.200

10/01/50

20,621,070

16,000,000

Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue

Bonds, Senior Lien Series 2021A

4

.000

12/01/51

14,568,810

16,805,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Capital Appreciation Series 2009E

6

.375

12/01/38

17,739,054

6,580,000

(d)

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2015B, (Pre-refunded 12/01/25)

5

.000

12/01/40

6,590,859

8,510,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2015B

5

.000

12/01/45

8,524,043

5,800,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2019A

5

.000

12/01/49

5,980,972

6,500,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2021B

5

.000

12/01/46

6,790,699

17,375,000

(a)

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A, (UB)

5

.250

12/01/53

18,548,716

19,250,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2009C - AGM Insured

6

.250

06/01/33

19,622,874

7,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2019A

4

.000

12/01/49

6,459,199

7,475,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2021A

4

.000

12/01/45

7,078,645

1,445,000

Philadelphia Authority for Industrial Development Senior Living

Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley

Enhanced Living Obligated Group, Series 2017A

5

.000

07/01/37

1,450,919

7,500,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Series 2021A - BAM Insured

4

.000

09/01/46

7,055,398

3,410,000

(d)

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 1997A - AMBAC Insured, (ETM)

5

.125

08/01/27

3,544,681

7,565,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2023B - AGM Insured

5

.500

09/01/53

8,172,880

99

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

5,000,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2024C

5

.250

%

09/01/54

$

5,356,350

8,135,000

Southcentral Pennsylvania General Authority, Revenue Bonds,

Wellspan Health Obligated Group, Series 2019A

4

.000

06/01/49

7,348,814

TOTAL PENNSYLVANIA

246,835,108

PUERTO RICO - 2.1% (1.2% of Total Investments)

3,996,324

Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit

Exchanged From Cusip 74529JAP0

0

.000

08/01/54

859,344

5,281,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

4

.500

07/01/34

5,282,440

6,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

0

.000

07/01/51

1,489,800

23,031,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

4

.750

07/01/53

21,813,973

32,452,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured 2018A-1

5

.000

07/01/58

31,576,974

1,370,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Restructured Cofina Project Series 2019A-2A

4

.550

07/01/40

1,360,630

6,448,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Taxable Restructured Cofina Project Series

2019A-2

4

.329

07/01/40

6,259,999

4,503,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax

Revenue Bonds, Taxable Restructured Cofina Project Series

2019A-2

4

.329

07/01/40

4,371,708

TOTAL PUERTO RICO

73,014,868

RHODE ISLAND - 0.8% (0.5% of Total Investments)

3,000,000

Rhode Island Health and Educational Building Corporation,

Hospital Financing Revenue Bonds, Lifespan Obligated Group

Issue Series 2024

5

.250

05/15/54

3,047,040

1,315,000

Rhode Island Health and Educational Building Corporation,

Hospital Financing Revenue Bonds, Lifespan Obligated Group,

Refunding Series 2016

5

.000

05/15/39

1,317,739

174,390,000

Rhode Island Tobacco Settlement Financing Corporation,

Tobacco Settlement Asset-Backed Bonds, Series 2007A

0

.000

06/01/52

25,278,214

TOTAL RHODE ISLAND

29,642,993

SOUTH CAROLINA - 3.8% (2.3% of Total Investments)

25,200,000

(a)

Charleston County Airport District, South Carolina, Airport

Revenue Bonds, Series 2024B, (UB)

5

.250

07/01/54

26,761,767

1,290,000

Lexington County Health Services District, Inc., South Carolina,

Hospital Revenue Bonds, Lexington Medical Center, Series

2016

5

.000

11/01/41

1,295,481

4,000,000

Lexington County Health Services District, Inc., South Carolina,

Hospital Revenue Bonds, Lexington Medical Center, Series

2016

5

.000

11/01/46

4,011,369

26,955,000

Piedmont Municipal Power Agency, South Carolina, Electric

Revenue Bonds, Series 2004A-2 - AMBAC Insured

0

.000

01/01/31

22,896,089

15,420,000

Piedmont Municipal Power Agency, South Carolina, Electric

Revenue Bonds, Series 2004A-2 - AMBAC Insured

0

.000

01/01/32

12,651,472

4,000,000

Rock Hill, South Carolina, Combined Utility System Revenue

Bonds, Series 2024A

5

.000

01/01/54

4,129,170

1,370,000

South Carolina Jobs-Economic Development Authority,

Economic Development Revenue Bonds, Bishop Gadsden

Episcopal Retirement Community, Series 2019A

5

.000

04/01/54

1,324,402

1,000,000

South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Riverwalk Academy

Project Series 2023A

7

.000

06/15/43

1,022,486

1,095,000

South Carolina Jobs-Economic Development Authority,

Educational Facilities Revenue Bonds, Riverwalk Academy

Project Series 2023A

7

.125

06/15/53

1,111,359

12,000,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series

2020A

4

.000

12/01/44

11,300,332

Portfolio of Investments October 31, 2025

(continued)

NEA

100

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH CAROLINA

(continued)

$

9,030,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, McLeod Health Projects, Refunding &

Improvement Series 2018

5

.000

%

11/01/43

$

9,170,042

6,210,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, McLeod Health Projects, Refunding &

Improvement Series 2018

4

.000

11/01/48

5,783,028

3,490,000

South Carolina Jobs-Economic Development Authority,

Hospital Revenue Bonds, McLeod Health Projects, Refunding &

Improvement Series 2018

5

.000

11/01/48

3,530,555

6,800,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2016B

5

.000

12/01/46

6,833,618

10,000,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2016B

5

.000

12/01/56

10,036,897

5,000,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2022A

4

.000

12/01/52

4,501,044

8,686,000

South Carolina Public Service Authority, Santee Cooper

Revenue Obligations, Refunding Series 2022B

4

.000

12/01/39

8,685,864

TOTAL SOUTH CAROLINA

135,044,975

SOUTH DAKOTA - 1.1% (0.6% of Total Investments)

4,000,000

Clay County, South Dakota, General Obligation Bonds, Series

2023

5

.000

12/01/52

4,141,187

3,000,000

Sioux Falls, South Dakota, Health Facilities Revenue Bonds,

Dow Rummel Village Project, Series 2017

5

.000

11/01/42

2,799,628

3,150,000

Sioux Falls, South Dakota, Health Facilities Revenue Bonds,

Dow Rummel Village Project, Series 2017

5

.125

11/01/47

2,824,113

22,800,000

South Dakota Health and Educational Facilities Authority,

Revenue Bonds, Monument Health, Inc., Series 2020A

4

.000

09/01/50

21,444,615

1,150,000

South Dakota Health and Educational Facilities Authority,

Revenue Bonds, Sanford Health, Series 2014B

5

.000

11/01/44

1,150,322

5,245,000

South Dakota Health and Educational Facilities Authority,

Revenue Bonds, Sanford Health, Series 2015

5

.000

11/01/45

5,256,808

TOTAL SOUTH DAKOTA

37,616,673

TENNESSEE - 1.9% (1.1% of Total Investments)

2,180,000

Greeneville Health and Educational Facilities Board, Tennessee,

Hospital Revenue Bonds, Ballad Health, Series 2018A

5

.000

07/01/35

2,258,167

5,000,000

Knox County Health, Educational and Housing Facilities Board,

Tennessee, Revenue Bonds, University Health System, Inc.,

Series 2016

5

.000

09/01/36

5,029,717

1,000,000

Knox County Health, Educational and Housing Facilities Board,

Tennessee, Revenue Bonds, University Health System, Inc.,

Series 2016

5

.000

09/01/47

1,000,923

445,000

Knox County Health, Educational and Housing Facilities Board,

Tennessee, Revenue Bonds, University Health System, Inc.,

Series 2017

5

.000

04/01/31

452,494

1,755,000

Knox County Health, Educational and Housing Facilities Board,

Tennessee, Revenue Bonds, University Health System, Inc.,

Series 2017

5

.000

04/01/36

1,772,156

6,165,000

Metropolitan Government of Nashville and Davidson County

Sports Authority, Tennessee, Revenue Bonds, Stadium Project,

Subordinate Senior Series 2023A - AGM Insured

5

.250

07/01/48

6,528,427

11,670,000

Metropolitan Government of Nashville and Davidson County

Sports Authority, Tennessee, Revenue Bonds, Stadium Project,

Subordinate Senior Series 2023A - AGM Insured

5

.250

07/01/56

12,211,725

4,170,000

Metropolitan Government of Nashville-Davidson County

Health and Educational Facilities Board, Tennessee, Revenue

Bonds, Belmont University, Series 2023

5

.250

05/01/53

4,311,669

2,225,000

Metropolitan Government of Nashville-Davidson County

Health and Educational Facilities Board, Tennessee, Revenue

Bonds, Lipscomb University, Refunding & Improvement Series

2016A

5

.000

10/01/41

2,225,848

101

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TENNESSEE

(continued)

$

2,910,000

Metropolitan Government of Nashville-Davidson County

Health and Educational Facilities Board, Tennessee, Revenue

Bonds, Lipscomb University, Refunding & Improvement Series

2016A

5

.000

%

10/01/45

$

2,853,319

5,000,000

Metropolitan Government of Nashville-Davidson County

Health and Educational Facilities Board, Tennessee, Revenue

Bonds, Vanderbilt University Medical Center, Series 2016A

5

.000

07/01/40

5,033,419

6,000,000

Metropolitan Government of Nashville-Davidson County

Health and Educational Facilities Board, Tennessee, Revenue

Bonds, Vanderbilt University Medical Center, Series 2016A

5

.000

07/01/46

6,010,034

2,750,000

Metropolitan Knoxville Airport Authority, Tennessee, Airport

Revenue Bonds, Series 2024A

5

.250

06/01/54

2,903,039

390,000

(c)

Shelby County Health, Educational, Housing, and Facility

Board, Tennessee, Student Housing Revenue Bonds, Madrone

Memphis Student Housing, I LLC - University of Memphis

Project Series 2024A-1

5

.250

06/01/56

371,673

6,270,000

Tennessee State School Bond Authority, Higher Educational

Facilities Second Program Bonds, Series 2022A

5

.000

11/01/52

6,555,153

7,325,000

(b)

The Tennessee Energy Acquisition Corporation, Gas Project

Revenue Bonds, Series 2023A-1, (Mandatory Put 5/01/28)

5

.000

05/01/53

7,592,234

TOTAL TENNESSEE

67,109,997

TEXAS - 11.6% (7.0% of Total Investments)

2,260,000

Austin, Texas, Electric Utility System Revenue Bonds, Refunding

& Improvement Series 2023

5

.000

11/15/48

2,375,541

7,735,000

(a)

Board of Regents of the University of Texas System, Revenue

Financing System Bonds, Series 2025B, (UB)

5

.000

08/15/51

8,238,492

1,000,000

Cedar Hill Independent School District, Dallas County, Texas,

General Obligation Bonds, Refunding Series 2002 - FGIC

Insured

0

.000

08/15/32

797,286

1,925,000

Clifton Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education Charter School,

Series 2013A

4

.350

12/01/42

1,825,906

1,000,000

Clifton Higher Education Finance Corporation, Texas,

Education Revenue Bonds, Uplift Education Charter School,

Series 2013A

4

.400

12/01/47

907,076

10,000,000

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,

Refunding & Improvement Senior Lien Series 2021B

5

.000

12/01/47

10,376,637

5,000,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds Refunding and Improvement Series 2024

4

.000

11/01/45

4,795,433

6,125,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds Refunding Series 2021B

4

.000

11/01/45

5,874,406

7,810,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds, Refunding Improvement Series 2023B

5

.000

11/01/47

8,216,282

10,000,000

Dallas-Fort Worth International Airport, Texas, Joint Revenue

Bonds, Refunding Series 2021A

4

.000

11/01/46

9,586,129

19,215,000

(a)

Ector County, Texas, Certificates of Obligation, Series 2024,

(UB)

5

.000

02/15/50

20,091,988

3,700,000

El Paso Independent School District, El Paso County, Texas,

General Obligation Bonds, School Building Series 2017

5

.000

08/15/42

3,710,857

3,500,000

Grand Parkway Transportation Corporation, Texas, System Toll

Revenue Bonds, Refunding First Tier Series 2020C

4

.000

10/01/40

3,484,762

10,000,000

Grand Parkway Transportation Corporation, Texas, System Toll

Revenue Bonds, Refunding First Tier Series 2020C

4

.000

10/01/45

9,455,348

8,500,000

Grand Parkway Transportation Corporation, Texas, System Toll

Revenue Bonds, Refunding First Tier Series 2020C

4

.000

10/01/49

7,909,427

12,695,000

Grand Parkway Transportation Corporation, Texas, System

Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM

Insured

4

.000

10/01/49

11,973,237

5,295,000

Grand Parkway Transportation Corporation, Texas, System

Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela

Supported

5

.000

10/01/48

5,395,840

5,000,000

Greenwood Independent School District, Midland County,

Texas, School Building Bonds, Series 2024

5

.000

02/15/49

5,200,827

Portfolio of Investments October 31, 2025

(continued)

NEA

102

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

9,275,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Memorial

Hermann Health System, Series 2022A

4

.125

%

07/01/52

$

8,568,054

2,845,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Houston Methodist

Hospital System, Series 2015

4

.000

12/01/45

2,626,177

2,320,000

Harris County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Houston Methodist

Hospital System, Series 2015

5

.000

12/01/45

2,320,445

7,570,000

(a)

Harris County, Texas, Toll Road Revenue Bonds, Refunding First

Lien Series 2024A, (UB)

5

.250

08/15/54

8,112,976

5,000,000

Harris County, Texas, Toll Road Revenue Bonds, Refunding

Senior Lien Series 2018A

4

.000

08/15/48

4,742,219

4,040,000

(a),(c)

Harris County, Texas, Toll Road Revenue Bonds, Tender Options

Bond Trust 2015-XF2184. Formerly Tender Options Bond Trust

3028 - AGM Insured, (IF)

7

.884

08/15/28

4,919,595

1,195,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/41

571,715

2,390,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/42

1,083,434

2,660,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/43

1,141,711

7,260,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/44

2,925,479

10,440,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/45

3,968,273

7,165,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/49

2,187,949

3,000,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A -

AGM Insured

0

.000

11/15/52

782,871

2,710,000

Houston, Texas, Airport System Revenue Bonds, Refunding &

Subordinate Lien Series 2018B

5

.000

07/01/48

2,756,239

5,000,000

Houston, Texas, Combined Utility System Revenue Bonds,

Combined First Lien Series 2024A

5

.250

11/15/54

5,313,633

1,715,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue

Bonds, Convention and Entertainment Project, Series 2001B -

AMBAC Insured

0

.000

09/01/32

1,342,419

4,000,000

Leander Independent School District, Williamson and Travis

Counties, Texas, General Obligation Bonds, Refunding Series

2015A

4

.000

08/15/41

3,983,296

1,780,000

McCamey County Hospital District, Texas, General Obligation

Bonds, Series 2013

5

.750

12/01/33

1,781,092

1,800,000

McCamey County Hospital District, Texas, General Obligation

Bonds, Series 2013

6

.125

12/01/38

1,800,824

9,750,000

Midland Independent School District, Midland County, Texas,

General Obligation Bonds, School Building Series 2024

4

.000

02/15/54

9,114,986

16,285,000

Midtown Redevelopment Authority, Texas, Tax Increment

Contract Revenue, Refunding Series 2017

5

.000

01/01/36

16,678,305

10,040,000

Midtown Redevelopment Authority, Texas, Tax Increment

Contract Revenue, Refunding Series 2017 - AGM Insured

5

.000

01/01/38

10,254,836

2,100,000

Montgomery County Toll Road Authority, Texas, Toll Road

Revenue Bonds, Senior Lien Series 2018

5

.000

09/15/43

2,101,014

1,815,000

Montgomery County Toll Road Authority, Texas, Toll Road

Revenue Bonds, Senior Lien Series 2018

5

.000

09/15/48

1,815,437

4,240,000

New Braunfels, Comal County, Texas, Utility System Revenue

Bonds, Refunding Series 2022

5

.000

07/01/47

4,407,231

103

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

3,900,000

New Hope Cultural Education Facilities Finance Corporation,

Texas, Student Housing Revenue Bonds, CHF-Collegiate

Housing Foundation - College Station I LLC - Texas A&M

University Project, Series 2014A - AGM Insured

5

.000

%

04/01/46

$

3,900,063

7,000,000

North Texas Municipal Water District, Texas, Regional

Wastewater Revenue Bonds, Improvement and Refunding

Series 2025

5

.000

06/01/53

7,329,746

1,880,000

(d)

North Texas Tollway Authority, Special Projects System Revenue

Bonds, Convertible Capital Appreciation Series 2011C, (Pre-

refunded 9/01/31)

7

.000

09/01/43

2,270,594

7,990,000

(d)

North Texas Tollway Authority, Special Projects System Revenue

Bonds, Convertible Capital Appreciation Series 2011C, (Pre-

refunded 9/01/31)

6

.750

09/01/45

9,734,689

2,125,000

North Texas Tollway Authority, System Revenue Bonds,

Refunding First Tier, Series 2008D - AGC Insured

0

.000

01/01/28

1,990,044

14,610,000

North Texas Tollway Authority, System Revenue Bonds,

Refunding First Tier, Series 2017A

5

.000

01/01/43

14,921,886

9,000,000

Northwest Independent School District, Denton, Tarrant and

Wise Counties, Texas, General Obligation Bonds, School

Building Series 2025

5

.000

02/15/50

9,505,011

10,000,000

(a)

Pearland, Texas, Certificates of Obligation, Series 2025B, (UB)

5

.250

09/01/55

10,695,197

10,500,000

(a)

Port of Houston Authority, Harris County, Texas, Revenue

Bonds, First Lien Series 2023, (UB)

5

.000

10/01/53

10,851,628

2,250,000

Red River Education Finance Corporation, Texas, Higher

Education Revenue Bonds, Saint Edward?s University Project,

Series 2016

4

.000

06/01/36

2,133,286

6,250,000

San Angelo Independent School District, Tom Green County,

Texas, General Obligation Bonds, School Building Series 2025

5

.000

02/15/44

6,713,826

2,000,000

San Antonio, Texas, General Obligation Bonds, General

Improvement Series 2021

4

.000

08/01/41

2,014,153

11,000,000

Sherman Independent School District, Grayson County, Texas,

General Obligation Bonds, School Building Series 2023B

5

.000

02/15/53

11,466,173

5,000,000

(a)

Sherman Independent School District, Grayson County, Texas,

General Obligation Bonds, School Building Series 2025, (UB)

5

.250

02/15/49

5,392,960

5,000,000

(a)

Sherman Independent School District, Grayson County, Texas,

General Obligation Bonds, School Building Series 2025, (UB)

5

.000

02/15/53

5,256,758

7,975,000

Tarrant County College District, Texas, General Obligation

Bonds, Series 2022

5

.000

08/15/39

8,698,495

2,500,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Hospital Revenue Bonds, Methodist

Hospital of Dallas, Series 2022

4

.000

10/01/47

2,282,866

1,500,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Christus Health, Series

2022A

4

.000

07/01/53

1,331,585

2,500,000

Tarrant County Cultural Education Facilities Finance

Corporation, Texas, Revenue Bonds, Texas Health Resources

System, Series 2016A

5

.000

02/15/41

2,522,811

10,500,000

(a)

Texas Department of Housing and Community Affairs,

Residential Mortgage Revenue Bonds, Series 2024C, (UB)

5

.125

01/01/54

10,836,707

1,300,000

Texas Private Activity Bond Surface Transportation Corporation,

Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-

635 Managed Lanes Project, Refunding  Series 2020A

4

.000

06/30/39

1,268,971

1,000,000

Texas Transportation Commission, State Highway 249 System

Revenue Bonds, First Tier Toll Series 2019A

5

.000

08/01/57

1,015,127

5,000,000

Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2019A

4

.000

10/15/49

4,643,415

23,200,000

Texas Water Development Board, State Water Implementation

Revenue Fund Bonds, Master Trust Series 2024A

4

.375

10/15/59

22,456,356

17,220,000

University of Houston, Texas, Consolidated Revenue Bonds,

Refunding Series 2022A

5

.000

02/15/52

17,852,801

7,000,000

West Harris County Regional Water Authority, Texas, Water

System Revenue Bonds, Series 2022 - AGM Insured

5

.000

12/15/57

7,266,292

TOTAL TEXAS

409,867,124

Portfolio of Investments October 31, 2025

(continued)

NEA

104

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH - 1.0% (0.6% of Total Investments)

$

1,045,000

(c)

Black Desert Public Infrastructure District, Washington County,

Utah, Special Assessment Bonds, Black Desert Assessment

Area 1, Series 2024

5

.625

%

12/01/53

$

1,056,521

7,705,000

(a)

Downtown Revitalization Public Infrastructure District, Utah,

Sales Tax Revenue Bonds, Seg Redevelopment Project, First

Lien Series 2025A, (UB)

5

.500

06/01/50

8,382,048

1,250,000

(c)

MIDA Mountain Village Public Infrastructure District, Utah,

Subordinate Tax Allocation Revenue Bonds, Series 2024-2

5

.750

06/15/44

1,278,824

6,000,000

(a)

Millard School District, Utah, Lease Revenue Bonds, Local

Building Authority Series 2024 - BAM Insured, (UB)

5

.000

05/15/59

6,167,100

3,560,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2017B

5

.000

07/01/42

3,619,651

1,975,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2017B

5

.000

07/01/47

1,992,206

4,000,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2018B

5

.000

07/01/48

4,058,200

1,000,000

Utah Charter School Finance Authority, Charter School

Revenue Bonds, Utah Charter Academies Project, Series 2018

5

.000

10/15/38

1,018,569

2,320,000

Utah Charter School Finance Authority, Charter School

Revenue Bonds, Utah Charter Academies Project, Series 2018

5

.000

10/15/43

2,336,334

2,040,000

Utah Charter School Finance Authority, Charter School

Revenue Bonds, Utah Charter Academies Project, Series 2018

5

.000

10/15/48

2,047,752

1,870,000

(a)

Utah Housing Corporation, Single Family Mortgage Bonds,

Series 2024C, (UB)

4

.700

01/01/54

1,871,951

TOTAL UTAH

33,829,156

VERMONT - 0.4% (0.2% of Total Investments)

1,000,000

University of Vermont and State Agricultural College, General

Obligation Bonds, Series 2015

4

.000

10/01/40

992,504

10,000,000

University of Vermont and State Agricultural College, General

Obligation Bonds, Series 2015

5

.000

10/01/45

9,999,616

2,730,000

Vermont Educational and Health Buildings Financing Agency,

Revenue Bonds, Middlebury College Project, Series 2023

5

.000

11/01/52

2,840,938

TOTAL VERMONT

13,833,058

VIRGIN ISLANDS - 0.1% (0.1% of Total Investments)

2,645,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5

.000

10/01/32

2,758,004

TOTAL VIRGIN ISLANDS

2,758,004

VIRGINIA - 1.4% (0.9% of Total Investments)

1,610,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center,

Series 2020

4

.000

07/01/40

1,621,694

430,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

4

.875

07/15/40

441,820

4,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2018A

4

.000

05/15/48

3,794,923

8,075,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2022A

4

.000

07/01/52

7,600,720

425,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

6

.875

12/01/58

460,211

1,800,000

Virginia Beach Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Westminster Canterbury on

Chesapeake Bay, Series 2023A

7

.000

09/01/53

1,981,174

10,000,000

Virginia Commonwealth Transportation Board, Interstate 81

Corridor Program Revenue Bonds, Senior Lien Series 2021

5

.000

05/15/57

10,370,486

16,065,000

(a)

Virginia Port Authority, Port Facilities Revenue Bonds, Series

2025, (UB)

5

.250

07/01/50

17,207,956

7,505,000

Virginia Resources Authority, Infrastructure and State Moral

Obligation Revenue Bonds, Pooled Loan Bond Program, State

Moral Series 2024A

4

.000

11/01/49

7,119,021

TOTAL VIRGINIA

50,598,005

105

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WASHINGTON - 4.9% (3.0% of Total Investments)

$

7,000,000

Central Puget Sound Regional Transit Authority, Washington,

Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series

2016S-1

5

.000

%

11/01/41

$

7,067,231

12,235,000

Chelan County Public Utility District 1, Washington, Columbia

River-Rock Island Hydro-Electric System Revenue Refunding

Bonds, Series 1997A - NPFG Insured

0

.000

06/01/26

12,013,603

7,000,000

Douglas County Public Utility District 1, Washington, Revenue

Bonds, Wells Hydroelectric, Series 2022B

5

.000

09/01/47

7,268,934

11,500,000

Fircrest Properties, Washington, Lease Revenue Bonds,

Washington State Department of Social & Health Services

Project Series 2024

5

.500

06/01/49

12,466,377

4,200,000

King County Public Hospital District 1, Washington, Limited Tax

General Obligation Bonds, Valley Medical Center, Refunding

Series 2016

5

.000

12/01/36

4,248,133

7,500,000

King County Public Hospital District 1, Washington, Limited Tax

General Obligation Bonds, Valley Medical Center, Refunding

Series 2018

5

.000

12/01/43

7,687,583

10,630,000

King County Public Hospital District 2, Washington, General

Obligation Bonds, EvergreenHealth, Limited Tax 2020A

4

.000

12/01/45

9,813,586

3,905,000

Port of Seattle, Washington, Revenue Bonds, Refunding

Intermediate Lien Series 2025A

5

.000

10/01/44

4,200,977

5,230,000

Port of Seattle, Washington, Revenue Bonds, Refunding

Intermediate Lien Series 2025A

5

.000

10/01/47

5,563,390

10,535,000

Seattle, Washington, Drainage and Wastewater System

Revenue Bonds, Improvement Series 2023

5

.000

02/01/49

11,057,099

3,750,000

Seattle, Washington, Municipal Light and Power Revenue

Bonds, Refunding & Improvement Series 2022

5

.000

07/01/52

3,896,387

10,000,000

Seattle, Washington, Municipal Light and Power Revenue

Bonds, Refunding & Improvement Series 2023

5

.000

03/01/53

10,413,050

2,000,000

Seattle, Washington, Municipal Light and Power Revenue

Bonds, Refunding & Improvement Series 2025

5

.250

02/01/50

2,169,556

4,000,000

(a)

Snohomish County Public Utility District 1, Washington, Electric

System Revenue Bonds, Refunding Series 2025A, (UB)

5

.250

12/01/55

4,304,112

1,185,000

(a)

Spokane County, Washington, Airport Revenue Bonds,

Spokane International Airport Series 2024A, (UB)

5

.000

01/01/41

1,265,766

1,245,000

(a)

Spokane County, Washington, Airport Revenue Bonds,

Spokane International Airport Series 2024A, (UB)

5

.000

01/01/42

1,318,036

1,310,000

(a)

Spokane County, Washington, Airport Revenue Bonds,

Spokane International Airport Series 2024A, (UB)

5

.000

01/01/43

1,375,526

7,645,000

(a)

Spokane County, Washington, Airport Revenue Bonds,

Spokane International Airport Series 2024A, (UB)

5

.250

01/01/54

8,053,085

5,250,000

Tacoma, Washington, Sewer Revenue Bonds, Series 2018

4

.000

12/01/48

5,048,013

6,180,000

Washington Health Care Facilities Authority, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

5

.000

08/01/44

6,266,008

4,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2012A

5

.000

10/01/32

4,007,719

10,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2012A

4

.250

10/01/40

9,999,999

3,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Series 2014D

5

.000

10/01/41

3,002,391

5,160,000

Washington Health Care Facilities Authority, Revenue Bonds,

Seattle Children's Hospital, Series 2015A

4

.000

10/01/45

4,845,836

2,600,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Refunding Subordinate Series

2021B.  Exchange Purchase

3

.000

07/01/58

1,735,536

2,525,000

Washington State Higher Education Facilities Authority,

Revenue Bonds, Seattle University, Series 2020

4

.000

05/01/45

2,332,358

500,000

(c)

Washington State Housing Finance Commission, Non-

profit Housing Revenue Bonds, Presbyterian Retirement

Communities Northwest Proejct, Refunding Series 2016A

5

.000

01/01/46

473,336

13,395,000

(a)

Washington State, General Obligation Bonds, Various Purpose

Series 2023A, (UB)

5

.000

08/01/47

14,051,813

Portfolio of Investments October 31, 2025

(continued)

NEA

106

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WASHINGTON

(continued)

$

9,000,000

Washington State, Motor Vehicle Fuel Tax General Obligation

Bonds, Series 2003C - FGIC Insured

0

.000

%

06/01/28

$

8,395,380

TOTAL WASHINGTON

174,340,820

WEST VIRGINIA - 0.6% (0.4% of Total Investments)

12,690,000

West Virginia Hospital Finance Authority, Revenue Bonds,

West Virginia University Health System Obligated Group,

Improvement Series 2017A

5

.000

06/01/47

12,763,658

2,065,000

West Virginia Parkways Authority, Turnpike Toll Revenue Bonds,

Senior Lien Series 2021

5

.000

06/01/47

2,145,087

5,750,000

West Virginia State, General Obligation Bonds, State Road

Competitive Series 2018B

4

.000

06/01/42

5,723,732

TOTAL WEST VIRGINIA

20,632,477

WISCONSIN - 5.8% (3.5% of Total Investments)

43,035

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/46

1,483

42,429

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/47

1,346

42,126

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/48

1,256

41,823

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/49

1,168

41,217

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/50

1,063

45,157

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/51

1,096

1,142,388

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

3

.750

07/01/51

785,381

44,853

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/52

1,008

44,247

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/53

937

43,944

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/54

871

43,338

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/55

809

42,732

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/56

755

42,429

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/57

704

41,823

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/58

654

41,519

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/59

614

41,217

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/60

571

107

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

40,611

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

%

01/01/61

$

528

40,307

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/62

494

39,701

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/63

461

39,398

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/64

434

39,095

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/65

404

38,489

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/66

367

501,278

(c),(f)

Public Finance Authority of Wisconsin, Conference Center and

Hotel Revenue Bonds, Lombard Public Facilities Corporation,

Second Tier Series 2018B

0

.000

01/01/67

4,327

1,950,000

Public Finance Authority of Wisconsin, Health Care Facilities

Revenue Bonds, Appalachian Regional Healthcare System

Obligated Group, Series 2021A

4

.000

07/01/56

1,460,439

8,335,000

(c)

Public Finance Authority, Wisconsin, Educational Revenue

Bonds, Lake Norman Charter School, Series 2018A

5

.000

06/15/48

8,133,705

1,060,000

(d)

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Ascension Health Alliance Senior Credit Group, Series

2013B-1, (Pre-refunded 5/15/28)

4

.000

11/15/43

1,099,881

8,940,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Ascension Health Alliance Senior Credit Group, Series

2013B-1

4

.000

11/15/43

8,508,306

9,830,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021

4

.000

08/15/46

9,042,799

8,000,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021

4

.000

08/15/51

7,159,581

9,000,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Marshfield Clinic Health System, Inc., Series 2017C

5

.000

02/15/47

9,030,788

2,000,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Marshfield Clinic, Series 2016B

5

.000

02/15/35

2,007,853

7,625,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Mercy Alliance, Inc., Series 2012

5

.000

06/01/39

7,636,957

2,415,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, PHW Muskego, Inc. Project, Series 2021

4

.000

10/01/51

1,768,739

2,470,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, PHW Muskego, Inc. Project, Series 2021

4

.000

10/01/61

1,688,271

5,155,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Ascension Health Alliance Senior

Credit Group, Series 2016A

4

.000

11/15/34

5,170,276

20,000,000

(a)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Aspirus Inc., Series 2025, (UB)

5

.250

08/15/55

20,771,502

1,110,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Benevolent Corporation Cedar

Community, Series 2017

5

.000

06/01/37

1,110,851

955,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Benevolent Corporation Cedar

Community, Series 2017

5

.000

06/01/41

916,311

1,000,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

09/01/30

1,044,552

Portfolio of Investments October 31, 2025

(continued)

NEA

108

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

1,110,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

%

09/01/31

$

1,159,452

1,100,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

09/01/32

1,149,007

1,725,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

09/01/33

1,801,852

1,775,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

09/01/34

1,854,080

1,910,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

09/01/35

1,995,094

2,065,000

(d)

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Franciscan Sisters of Christian

Charity Sponsored Ministry, Series 2017A, (Pre-refunded

9/01/27)

5

.000

09/01/36

2,157,000

15,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated

Group, Series 2022A

4

.000

04/01/41

14,733,561

18,595,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Marquette University, Series 2016

5

.000

10/01/46

18,691,828

8,215,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A

5

.000

02/15/42

8,225,264

5,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,

Series 2016

5

.000

12/01/41

5,052,935

10,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,

Series 2022

4

.000

12/01/46

9,081,393

10,000,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,

Series 2022

4

.000

12/01/51

8,751,973

1,525,000

Wisconsin Health and Educational Facilities Authority,

Wisconsin, Revenue Bonds, Oakwood Lutheran Senior

Ministries, Series 2021

4

.000

01/01/57

1,185,420

29,080,000

(a)

Wisconsin Housing and Economic Development Authority,

Home Ownership Revenue Bonds, Social Series 2024B, (UB)

4

.750

03/01/51

29,271,134

10,400,000

(a)

Wisconsin Housing and Economic Development Authority,

Home Ownership Revenue Bonds, Social Series 2024C, (UB)

4

.750

03/01/51

10,448,018

TOTAL WISCONSIN

202,915,553

TOTAL MUNICIPAL BONDS

(Cost $5,788,040,084)

5,846,742,576

TOTAL LONG-TERM INVESTMENTS

(Cost $5,788,040,084)

5,846,742,576

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS -  0.7%(0.4% of Total Investments)

23790000

MUNICIPAL BONDS - 0.7% (0.4% of Total Investments)

23790000

MASSACHUSETTS - 0.5% (0.3% of Total Investments)

17,370,000

(g)

Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Series 2008U-6E

3

.500

10/01/42

17,370,000

TOTAL MASSACHUSETTS

17,370,000

109

See Notes to Financial Statements

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OREGON - 0.2% (0.1% of Total Investments)

$

6,420,000

(g)

Oregon State, General Obligation Bonds, Department of

Veterans Affairs Series 105B of 2020J

3

.850

%

06/01/39

$

6,420,000

TOTAL OREGON

6,420,000

TOTAL MUNICIPAL BONDS

(Cost $23,790,000)

23,790,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $23,790,000)

23,790,000

TOTAL INVESTMENTS - 166.4%

(Cost $5,811,830,084)

5,870,532,576

FLOATING RATE OBLIGATIONS - (13.2)%

(

465,815,000

)

AMTP SHARES, NET - (1.5)%(h)

(

52,986,710

)

MFP SHARES, NET - (20.9)%(i)

(

737,770,135

)

VRDP SHARES, NET - (32.8)%(j)

(

1,155,609,698

)

OTHER ASSETS & LIABILITIES, NET -   2.0%

70,139,392

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

3,528,490,425

ETM

Escrowed to maturity

IF

Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the

Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is

reduced by the expenses related to the TOB trust.

PIK

Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash, securities, or

a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the

issuer as of the end of the reporting period.

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust

unless otherwise noted.

(a)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

(b)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c)

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 fiscal period, the aggregate value of these securities is $135,587,803 or 2.3% of Total Investments.

(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)

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 fiscal period.

(f)

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

bankruptcy.

(g)

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.

(h)

AMTP Shares, Net as a percentage of Total Investments is 0.9%.

(i)

MFP Shares, Net as a percentage of Total Investments is 12.6%.

(j)

VRDP Shares, Net as a percentage of Total Investments is 19.7%.

Statement of Assets and Liabilities

See Notes to Financial Statements

110

e

October 31, 2025

NAD

NEA

ASSETS

Long-term investments, at value

†

$

4,806,699,330‌

$

5,846,742,576‌

Affiliated investments, at value

++

3,749,190‌

–‌

Short-term investments, at value

◊

–‌

23,790,000‌

Cash

6,710,473‌

–‌

Receivables:

Dividends

524‌

–‌

Interest

69,633,270‌

77,602,164‌

Investments sold

21,191,285‌

24,591,750‌

Reimbursement from Adviser

1,108‌

–‌

Other

742,604‌

1,515,108‌

Total assets

4,908,727,784‌

5,974,241,598‌

LIABILITIES

Cash overdraft

–‌

6,652,557‌

Floating rate obligations

378,730,000‌

465,815,000‌

AMTP Shares, Net

*

727,356,077‌

52,986,710‌

MFP Shares, Net

**

420,471,708‌

737,770,135‌

VRDP Shares, Net

***

504,088,272‌

1,155,609,698‌

Payables:

Management fees

2,262,205‌

2,732,676‌

Dividends

15,563,182‌

19,478,929‌

Interest

3,743,537‌

3,625,576‌

Accrued expenses:

Custodian fees

319,212‌

357,427‌

Investor relations fees

9,065‌

23,839‌

Trustees fees

438,989‌

571,226‌

Professional fees

15,459‌

30,117‌

Shareholder reporting expenses

46,208‌

71,643‌

Shareholder servicing agent fees

20,972‌

22,439‌

Other

23,352‌

3,201‌

Total liabilities

2,053,088,238‌

2,445,751,173‌

Commitments and contingencies

(1)

Net assets applicable to common shares

$

2,855,639,546‌

$

3,528,490,425‌

Common shares outstanding

233,404,655‌

298,992,392‌

Net asset value ("NAV") per common share outstanding

$

12

.23‌

$

11

.80‌

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share

$

2,334,047‌

$

2,989,924‌

Paid-in capital

3,107,461,121‌

3,828,205,638‌

Total distributable earnings (loss)

(

254,155,622‌

)

(

302,705,137‌

)

Net assets applicable to common shares

$

2,855,639,546‌

$

3,528,490,425‌

Authorized shares:

Common

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

†

   Long-term investments, cost

$

4,754,556,220‌

$

5,788,040,084‌

++

   Affiliated investments, cost

$

3,614,438‌

$

—‌

◊

   Short-term investments, cost

$

—‌

$

23,790,000‌

*

   AMTP Shares, liquidation preference

$

727,500,000‌

$

53,000,000‌

**

   MFP Shares, liquidation preference

$

420,800,000‌

$

738,900,000‌

***

    VRDP Shares, liquidation preference

$

504,300,000‌

$

1,159,400,000‌

(1)

As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

111

Year Ended October 31, 2025

NAD

NEA

INVESTMENT INCOME

Dividends

$

30,919‌

$

—‌

Dividends from affiliated investments

58,800‌

—‌

Interest

229,277,555‌

269,905,661‌

Total investment income

229,367,274‌

269,905,661‌

EXPENSES

–

–

Management fees

26,754,471‌

32,442,148‌

Shareholder servicing agent fees

156,271‌

184,570‌

Interest expense and amortization of offering costs

73,568,558‌

75,460,959‌

Trustees fees

162,478‌

200,008‌

Custodian expenses, net

319,277‌

338,387‌

Excise tax liability expense

3,151‌

6,678‌

Investor relations expenses

551,113‌

675,079‌

Liquidity fees

3,905,724‌

11,598,223‌

Professional fees

281,774‌

578,567‌

Remarketing fees

511,304‌

2,366,422‌

Shareholder reporting expenses

146,791‌

190,245‌

Stock exchange listing fees

73,811‌

94,551‌

Other

128,532‌

208,818‌

Total expenses

106,563,255‌

124,344,655‌

Net investment income (loss)

122,804,019‌

145,561,006‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(

23,797,841‌

)

(

31,885,556‌

)

Net realized gain (loss)

(

23,797,841‌

)

(

31,885,556‌

)

Change in unrealized appreciation (depreciation) on:

Investments

(

33,784,638‌

)

(

31,572,748‌

)

Affiliated investments

134,752‌

—‌

Net change in unrealized appreciation (depreciation)

(

33,649,886‌

)

(

31,572,748‌

)

Net realized and unrealized gain (loss)

(

57,447,727‌

)

(

63,458,304‌

)

Net increase (decrease) in net assets applicable to common shares from operations

$

65,356,292‌

$

82,102,702‌

Statement of Changes in Net Assets

See Notes to Financial Statements

112

NAD

NEA

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

$

122,804,019‌

$

109,031,857‌

$

145,561,006‌

$

129,239,305‌

Net realized gain (loss)

(

23,797,841‌

)

(

23,429,889‌

)

(

31,885,556‌

)

(

18,303,691‌

)

Net change in unrealized appreciation (depreciation)

(

33,649,886‌

)

382,026,632‌

(

31,572,748‌

)

460,040,981‌

Net increase (decrease) in net assets applicable to common shares

from operations

65,356,292‌

467,628,600‌

82,102,702‌

570,976,595‌

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends

(

121,407,147‌

)

(

122,000,551‌

)

(

142,908,934‌

)

(

139,293,798‌

)

Return of Capital

(

87,723,424‌

)

(

43,600,052‌

)

(

116,018,475‌

)

(

65,964,481‌

)

Total distributions

(

209,130,571‌

)

(

165,600,603‌

)

(

258,927,409‌

)

(

205,258,279‌

)

Net increase (decrease) in net assets applicable to common shares

(

143,774,279‌

)

302,027,997‌

(

176,824,707‌

)

365,718,316‌

Net assets applicable to common shares at the beginning of period

2,999,413,825‌

2,697,385,828‌

3,705,315,132‌

3,339,596,816‌

Net assets applicable to common shares at the end of period

$

2,855,639,546‌

$

2,999,413,825‌

$

3,528,490,425‌

$

3,705,315,132‌

Statement of Cash Flows

See Notes to Financial Statements

113

Year Ended October 31, 2025

NAD

NEA

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations

$

65,356,292‌

$

82,102,702‌

Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash

provided by (used in) operating activities:

Purchases of investments

(

1,006,604,616‌

)

(

873,802,942‌

)

Proceeds from sale and maturities of investments

1,145,611,008‌

1,103,796,314‌

Proceeds from (Purchase of) short-term investments, net

—‌

(

23,790,000‌

)

Amortization (Accretion) of premiums and discounts, net

(

12,713,387‌

)

(

12,877,615‌

)

Amortization of deferred offering costs

335,605‌

856,371‌

(Increase) Decrease in:

Receivable for interest

(

441,289‌

)

1,892,073‌

Receivable for investments sold

23,855,172‌

43,790,725‌

Receivable for reimbursement from Adviser

(

1,108‌

)

—‌

Other assets

49,763‌

(

30,812‌

)

Increase (Decrease) in:

Payable for interest

(

192,732‌

)

1,264,411‌

Payable for investments purchased - regular settlement

(

7,106,014‌

)

(

9,355,462‌

)

Payable for investments purchased - when-issued/delayed-delivery settlement

(

14,118,287‌

)

(

53,152,550‌

)

Payable for management fees

(

93,973‌

)

(

114,635‌

)

Accrued custodian fees

(

11,393‌

)

2,546‌

Accrued investor relations fees

6,540‌

18,794‌

Accrued Trustees fees

(

15,794‌

)

(

34,058‌

)

Accrued professional fees

(

22,218‌

)

(

80,464‌

)

Accrued shareholder reporting expenses

(

16,081‌

)

(

18,103‌

)

Accrued shareholder servicing agent fees

4,998‌

9,390‌

Accrued other expenses

22,437‌

(

118‌

)

Net realized (gain) loss from investments

23,797,841‌

31,885,556‌

Net realized (gain) loss from paydowns

202,487‌

(

3,755‌

)

Net change in unrealized (appreciation) depreciation of investments

33,784,638‌

31,572,748‌

Net change in unrealized (appreciation) depreciation of affiliated investments

(

134,752‌

)

—‌

Net cash provided by (used in) operating activities

251,555,137‌

323,931,116‌

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

28,226,120‌

33,222,310‌

(Repayments) of borrowings

(

28,226,120‌

)

(

33,222,310‌

)

Proceeds from floating rate obligations

198,035,000‌

324,250,000‌

(Repayments of) floating rate obligations

(

184,245,000‌

)

(

135,530,000‌

)

(Repayments for) AMTP Shares redeemed, at liquidation preference

—‌

(

25,000,000‌

)

(Repayments for) MFP Shares redeemed, at liquidation preference

(

35,000,000‌

)

(

225,000,000‌

)

Increase (Decrease) in:

Cash overdraft

(

13,312,099‌

)

(

2,246,848‌

)

Cash distributions paid to common shareholders

(

210,322,565‌

)

(

260,404,268‌

)

Net cash provided by (used in) financing activities

(

244,844,664‌

)

(

323,931,116‌

)

Net increase (decrease) in cash

6,710,473‌

–‌

Cash at the beginning of period

—‌

—‌

Cash at the end of period

$

6,710,473‌

$

—‌

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

NAD

NEA

Cash paid for interest

$

73,282,239‌

$

73,273,912‌

Financial Highlights

114

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

Investment Operations

Less Distributions to

Common Shareholders

Common Share

Common

Share

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From Net

Realized

Gains

Return of

Capital

Total

Discount

Per

Share

Repurchased

and Retired

Net Asset

Value,

End of

Period

Share

Price,

End of

Period

NAD

10/31/25

$

12.85

$

0.53

$

(

0.25

)

$

0.28

$

(

0.52

)

$

—

$

(

0.38

)

$

(

0.90

)

$

—

$

12.23

$

11.99

10/31/24

11.56

0.47

1.53

2.00

(

0.52

)

—

(

0.19

)

(

0.71

)

—

12.85

11.99

10/31/23

11.85

0.48

(

0.29

)

0.19

(

0.48

)

—

—

(

0.48

)

—

11.56

9.81

10/31/22

16.11

0.63

(

4.21

)

(

3.58

)

(

0.68

)

—

—

(

0.68

)

—

11.85

10.63

10/31/21

15.75

0.72

0.35

1.07

(

0.71

)

—

—

(

0.71

)

—

16.11

15.63

NEA

10/31/25

12.39

0.49

(

0.21

)

0.28

(

0.48

)

—

(

0.39

)

(

0.87

)

—

11.80

11.65

10/31/24

11.17

0.43

1.48

1.91

(

0.47

)

—

(

0.22

)

(

0.69

)

—

12.39

11.60

10/31/23

11.49

0.44

(

0.32

)

0.12

(

0.44

)

—

—

(

0.44

)

—

(d)

11.17

9.47

10/31/22

15.71

0.60

(

4.17

)

(

3.57

)

(

0.65

)

—

—

(

0.65

)

—

11.49

10.32

10/31/21

15.50

0.69

0.22

0.91

(

0.70

)

—

—

(

0.70

)

—

15.71

15.18

(a)

Based on average shares outstanding.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution 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 distribution 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 distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution 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 distribution declared in the period may take place

over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the

calculation. Total returns are not annualized.

See Notes to Financial Statements

115

Ratios of Interest Expense to

Average Net Assets Applicable

to Common Shares

NAD

NEA

10/31/25

2

.74

%

2

.54

%

10/31/24

2

.94

2

.84

10/31/23

2

.77

2

.72

10/31/22

1

.06

1

.06

10/31/21

0

.53

0

.53

Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

on

Net Asset

Value

(b)

Based

on

Share

Price

(b)

Net

Assets,

End of

Period (000)

Expenses

(c)

Net

Investment

Income

(Loss)

(c)

Portfolio

Turnover

Rate

2

.40‌

%

8

.01‌

%

$

2,855,640

3

.74‌

%

4

.31‌

%

21‌

%

17

.34‌

29

.88‌

2,999,414

3

.92‌

3

.59‌

18‌

1

.26‌

(

3

.68‌

)

2,697,386

3

.73‌

3

.72‌

24‌

(

22

.79‌

)

(

28

.38‌

)

2,765,632

2

.02‌

4

.44‌

37‌

6

.85‌

13

.31‌

3,759,374

1

.44‌

4

.43‌

10‌

2

.49‌

8

.47‌

3,528,490

3

.53‌

4

.13‌

15‌

17

.10‌

30

.16‌

3,705,315

3

.81‌

3

.43‌

12‌

0

.72‌

(

4

.42‌

)

3,339,597

3

.68‌

3

.53‌

23‌

(

23

.31‌

)

(

28

.47‌

)

3,436,743

2

.01‌

4

.31‌

36‌

5

.91‌

10

.92‌

4,697,314

1

.44‌

4

.31‌

12‌

(c)

• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares and borrowings (as described in

Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares and borrowings (as described in Notes to

Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for

the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

(d)

Value rounded to zero.

116

Financial Highlights (continued)

Asset

Coverage

Per

$1,000

Share

(c)

NEA

10/31/25

$2,808

10/31/24

2,683

10/31/23

2,408

10/31/22

2,402

10/31/21

2,831

The following table sets forth information regarding each Fund's outstanding senior securities as of the

end of each of the Fund's last five fiscal periods, as applicable.

AMTP Shares

MFP Shares

VRDP Shares

Aggregate

Amount

Outstanding

(000)

(a)

Asset

Coverage

Per

$100,000

Share

(b)

Aggregate

Amount

Outstanding

(000)

(a)

Asset

Coverage

Per

$100,000

Share

(b),(d)

Aggregate

Amount

Outstanding

(000)

(a)

Asset

Coverage

Per

$100,000

Share

(b)

Asset

Coverage

Per $1

Liquidation

Preference

(e)

NAD

10/31/25

$

727,500

$

272,797

$

420,800

$

272,797

$

504,300

$

272,797

$

2.73

10/31/24

727,500

277,733

455,800

277,733

504,300

277,733

2.78

10/31/23

727,500

241,165

679,000

241,165

504,300

241,165

2.41

10/31/22

727,500

240,874

679,000

240,874

504,300

240,874

2.41

10/31/21

727,500

284,419

679,000

284,419

632,000

284,419

2.84

NEA

10/31/25

53,000

280,828

738,900

280,828

1,159,400

280,828

2.81

10/31/24

78,000

268,324

963,900

268,324

1,159,400

268,324

2.68

10/31/23

173,000

240,834

1,038,900

240,834

1,159,400

240,834

2.41

10/31/22

173,000

240,229

1,088,900

240,229

1,159,400

240,229

2.40

10/31/21

316,500

283,145

1,088,900

283,145

1,159,400

283,145

2.83

(a)

Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

(b)

Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior

securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding

(if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result

by 100,000.  For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a Fund and does not include derivative

transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage

effects of such investments were included, the asset coverage amounts presented would be lower.

(c)

Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented by senior securities

from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if

applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(d)

NEA’s Series D MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share.  The

asset coverage per $1,000 share for NEA’s Series D MFP Shares were as follows:

(e)

Includes all preferred shares presented for the Fund.

Notes to Financial Statements

117

1. General Information 

Fund Information:

The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a

“Fund” and collectively, the “Funds”):

Nuveen Quality Municipal Income Fund (NAD)

Nuveen AMT-Free Quality Municipal Income Fund (NEA)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as closed-end management investment

companies. NAD and NEA were organized as Massachusetts business trusts on January 15, 1999 and July 29, 2002, respectively.

Current Fiscal Period

: The end of the reporting period for the Funds is October 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended October 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC

(“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

(“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow 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 common share transactions. The NAV for financial reporting purposes includes security and

common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common

share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds

from the Adviser or its affiliates. The Fund’s Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees

that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit:

As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and

Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit

with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount

of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the

current fiscal period, the custodian fee credit earned by each Fund was as follows:

Distributions to Common Shareholders:

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and

timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares

(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute

all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least

annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than

its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such

distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share

may erode. 

Fund

Gross

Custodian Fee

Credits

NAD

$

58,131

NEA

90,355

118

Notes to Financial Statements

(continued)

Indemnifications:

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general

indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and

expects the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains

and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is

recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income

also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in

lieu of cash. Dividend income 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 current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

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. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker (“CODM”). The CODM

monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with

the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial

information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s

comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s

financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and

expenses are listed on the Statement of Operations.  

New Accounting Pronouncement

: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax

disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness

of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09

are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements 

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

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

investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

119

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1. 

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to

value them:

The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair

values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as

Level 2 and further described in these Notes to Financial Statements. The fair values of the Funds’ liabilities for preferred shares approximate their

liquidation preference. Preferred shares are generally classified as Level 2 and further described in these Notes to Financial Statements.

4. Portfolio Securities

Inverse Floating Rate Securities:

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created

by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option

bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating

rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b)

an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters

typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,

which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity

Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more Funds. The income

received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse

Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential

appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the

interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and

because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more

than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to

the Fund, thereby collapsing the TOB Trust.

NAD

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Exchange-Traded Funds

$

3,749,190

$

–

$

–

$

3,749,190

Investment Companies

429,669

–

–

429,669

Municipal Bonds

–

4,806,269,661

–

4,806,269,661

Total

$

4,178,859

$

4,806,269,661

$

–

$

4,810,448,520

NEA

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

5,846,742,576

$

–

$

5,846,742,576

Short-Term Investments:

Municipal Bonds

–

23,790,000

–

23,790,000

Total

$

–

$

5,870,532,576

$

–

$

5,870,532,576

120

Notes to Financial Statements

(continued)

A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party

or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse

Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse

Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first

owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited

Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of

an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the

Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB

Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in

“Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB

Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component

of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due

to the holders of the Floaters as of the end of the current fiscal 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 current fiscal 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:

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average

annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that

Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the

terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of

Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire

the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated

to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus

any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made

by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be

effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater

than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the

Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the

current fiscal period, there were no loans outstanding under any such facility.

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

NAD

$

378,730,000

$

—

$

378,730,000

NEA

465,815,000

8,070,000

473,885,000

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

NAD

$

385,784,041

3

.24

%

NEA

385,575,315

3

.22

121

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving

such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters,

in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the

sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus

any shortfalls in interest cash flows (sometimes referred to as "shortfall payments"). Under these agreements, a Fund’s potential exposure to losses

related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts

owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on

Recourse Trusts” on the Statement of Assets and Liabilities.

As of the end of the current fiscal period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse

Floaters and externally-deposited Inverse Floaters was as follows:

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the

holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the

security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices

of securities that pay interest periodically.

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

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 current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Common Share Transactions: 

 Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable,

were as follows:

Preferred Shares

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

NAD

$

378,730,000

$

—

$

378,730,000

NEA

465,815,000

8,070,000

473,885,000

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

NAD

$

1,006,604,616

$

1,145,611,008

NEA

873,802,942

1,103,796,314

122

Notes to Financial Statements

(continued)

Adjustable Rate MuniFund Term Preferred Shares:

The Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred

(“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NAD and NEA had $727,356,077 and $52,986,710 of AMTP Shares at liquidation preference, net of deferred

offering costs, respectively. Further details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:

Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier

redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be

redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium

Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference

per share plus any accumulated but unpaid dividends.

AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional

fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement

between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate.

Should the majority owner and the Fund fails to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not

withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.

In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and

leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date

for the Fund’s AMTP Shares are as follows:

The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as

follows:

AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP

Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with

the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions,

the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if

market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a

component of “AMTP Shares, net” on the Statement of Assets and Liabilities.

AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a

component of “Payable for interest” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component

of “Interest expense and amortization of offering costs” on the Statement of Operations.

Fund

Series

Shares

Outstanding

Liquidation

Preference

NAD

2028

3,370

$

337,000,000

2028-1

2,085

$

208,500,000

2028-2

1,820

$

182,000,000

NEA

2028-1

530

$

53,000,000

Fund

Notice

Period

Series

Term

Redemption Date

Premium

Expiration Date

NAD

180-day

2028

December 1, 2028*

November 30, 2019

180-day

2028-1

December 1, 2028*

November 30, 2019

180-day

2028-2

December 1, 2028*

November 30, 2019

NEA

360-day

2028-1

December 1, 2028*

December 13, 2019

*

Subject to early termination by either the Fund or the holder.

Fund

Average

Liquidation

Preference of

AMTP

Shares

Outstanding

Annualized

Dividend Rate

NAD

$

727,500,000

3

.94

%

NEA

61,493,151

3

.76

123

Costs incurred in connection with the Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the

shares and are recognized as components of “AMTP Shares, net” on the Statement of Assets and Liabilities and “Interest expense and amortization

of offering costs” on the Statement of Operations.

MuniFund Preferred Shares:

The Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NEA’s

Series D) liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.

The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier

redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an

alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as

follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.

• Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore,

market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts

tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by

the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of

unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund

to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.

• Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed

“spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be

required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares

remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. During the current

fiscal period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.

• Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore,

the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional

liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase

shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully

remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a

specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any

shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the

Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement

Operations.

For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MFP

Shares, Net” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting

purposes. Unpaid dividends on MFP shares are recognized as a component on “Payable for interest” on the Statement of Assets and Liabilities.

Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of

Operations.

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be

required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the

applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but

unpaid dividends.

Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the

shares. These offering costs are recognized as a component of “MFP Shares, Net” on the Statement of Assets and Liabilities and “Interest expense

and amortization of offering costs” on the Statement of Operations.

As of the end of the reporting period, NAD and NEA had $420,471,708 and $737,770,135 of MFP Shares at liquidation preference, net of deferred

available offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows.

124

Notes to Financial Statements

(continued)

The average liquidation preference of MFP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as

follows:

Variable Rate Demand Preferred Shares:

The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares,

with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NAD and NEA had $504,088,272 and $1,155,609,698 of VRDP Shares at liquidation preference, net of

deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund

has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that

are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the

aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing

agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are

unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in

order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also

redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable

cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as

follows:

Fund

Series

Shares

Outstanding

Term

Redemption Date

Mode

Mode

Termination Date

NAD

A

3,488

January 3, 2028

VRM

January 3, 2028*

B

720

September 1, 2047

VRM

N/A

NEA

A

1,350

February 3, 2048

VRDM

February 3, 2048*

B

350

March 2, 2028

VRM

March 2, 2028*

C

2,380

March 2, 2028

VRDM

March 2, 2028*

D

330,900

March 1, 2029

VRRM

N/A

*

Subject to earlier termination by either the Fund or the holder.

Fund

Average

Liquidation

Preference of MFP

Shares

Outstanding

Annualized

Dividend Rate

NAD

$

424,443,836

4

.07

%

NEA

843,352,055

3

.19

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Special Rate

Period Expiration

Maturity

NAD

1

2,368

0.10%

$236,800,000

N/A

September 11, 2026

2

2,675

0.10%

$267,500,000

N/A

September 11, 2026

NEA

1

2,190

0.10%

$219,000,000

N/A

June 1, 2040

3

3,509

0.05%

$350,900,000

N/A

March 1, 2040

4

4,895

0.10%

$489,500,000

N/A

September 11, 2026

5

1,000

0.10%

$100,000,000

N/A

October 1, 2046

*

Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.

125

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “VRDP Shares, net” on

the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Payable for interest” on the Statement

of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization

of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as

a deferred charge, which are amortized over the life of the shares and are recognized as a component of “VRDP Shares, Net” on the Statement of

Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense,

each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and

“Remarketing fees,” respectively, on the Statement of Operations.

Preferred Share Transactions: 

Transactions in preferred shares during the Funds' current and prior fiscal period, where applicable, are noted in the

following tables.

Transactions in AMTP Shares for the Funds, where applicable, were as follows:

Transactions in MFP Shares for the Funds, where applicable, were as follows:

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the

case of NEA the AMT applicable to individuals to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital

gains and ordinary income distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains

and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in

reclassifications among the components of net assets relate primarily to investments in partnerships, nondeductible expenses, paydowns, taxable

market discount and taxes paid. Temporary and permanent differences have no impact on a Fund's net assets.

Fund

Average

Liquidation

Preference of

VRDP

Shares

Outstanding

Annualized

Dividend Rate

NAD

$

504,300,000

2

.90

%

NEA

1,159,400,000

2

.84

Year Ended

October 31, 2025

Year Ended

October 31, 2024

NEA

Series

Shares

Amount

Series

Shares

Amount

AMTP Shares redeemed

2028-1

(250)

$(25,000,000)

2028-1

(950)

$(95,000,000)

Year Ended

Year Ended

October 31, 2025

October 31, 2024

NAD

Series

Shares

Amount

Series

Shares

Amount

MFP Shares redeemed

A

(350)

$(35,000,000)

A

(2,232)

$(223,200,000)

Year Ended

Year Ended

October 31, 2025

October 31, 2024

NEA

Series

Shares

Amount

Series

Shares

Amount

MFP Shares redeemed

B

(2,250)

$(225,000,000)

B

(750)

$(75,000,000)

126

Notes to Financial Statements

(continued)

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as

follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

The tax character of distributions paid was as follows:

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

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

Annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule: 

The annual complex-level fee, payable monthly, for each fund is calculated according to the following schedule:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NAD

$

4,375,876,065

$

136,974,206

$

(

81,131,751

)

$

55,842,455

NEA

5,336,334,885

158,109,443

(

89,711,432

)

68,398,011

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NAD

$

—

$

185,742

$

—

$

55,842,455

$

(

293,728,791

)

$

—

$

(

16,455,028

)

$

(

254,155,622

)

NEA

—

20,645

—

68,398,011

(

350,792,310

)

—

(

20,331,483

)

(

302,705,137

)

1

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2025 and paid on November 3, 2025.

10/31/25

10/31/24

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital Gains

Return

of Capital

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Return

of Capital

NAD

$

120,764,426

$

642,721

$

—

$

87,723,424

$

121,907,366

$

93,185

$

—

$

43,600,052

NEA

142,827,259

81,675

—

116,018,475

139,218,646

75,152

—

65,964,481

1

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

Fund

Short-Term

Long-Term

Total

NAD

1

$

142,599,184

$

151,129,607

$

293,728,791

NEA

1

168,158,699

182,633,611

350,792,310

1

A portion of NAD's and NEA's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

Average Daily Managed Assets*

Fund-Level Fee

Rate

For the first $125 million

0.4500

%

For the next $125 million

0.4375

For the next $250 million

0.4250

For the next $500 million

0.4125

For the next $1 billion

0.4000

For the next $3 billion

0.3750

For managed assets over $5 billion

0.3625

127

* 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, 2025, the annual complex-level fee for each fund was as follows:

Other Transactions with Affiliates:

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the

Sub-Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board

("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by

virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7

under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring

broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows: 

Affiliated Investments:

Investments in other investment companies advised by the Adviser are deemed to be “affiliated investments”. A complete

schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form

N-PORT and is available on the SEC’s website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available

for each of the affiliated investments at https://www.nuveen.com/en-us/mutual-funds/prospectuses, or upon request by calling (800) 257-8787.

Information regarding transactions with affiliated investments is as follows:

Complex-Level Asset Breakpoint Level*

Complex-Level Fee

For the first $124.3 billion

0.1600

%

For the next $75.7 billion

0.1350

For the next $200 billion

0.1325

For eligible assets over $400 billion

0.1300

Fund

Complex-Level Fee

NAD

0

.1559

%

NEA

0

.1559

Fund

Purchases

Sales

Realized

Gain (Loss)

NAD

$

74,463,283

$

—

$

—

NEA

23,392,335

10,014,365

(

220,065

)

Issue

Value at

10/31/24

Purchases

Cost

Sales

Proceeds

Realized

Gain (Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Shares at

10/31/25

Value at

10/31/25

Dividend

Income

NAD

Exchange-Traded Funds

Nuveen High Yield Municipal

Bond ETF

$–

$3,614,438

$–

$–

$134,752

150,000

$3,749,190

$58,800

Total

$–

$3,614,438

$–

$–

$134,752

150,000

$3,749,190

$58,800

128

Notes to Financial Statements

(continued)

9. Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include

recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes

to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the

current fiscal period, the Funds did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when

applicable.

From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to

the enforcement of the Funds’ rights under contracts. As of the end of the current fiscal period, management has determined that any legal

proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’

financial statements.

10. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser (“Participating Funds”), have established

a 364-day, $2.7 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 2026, unless extended or renewed. 

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and

amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are

recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations, and along with commitment

fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them

and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. The Fund’s maximum outstanding balance during the utilization period was

as follows:

During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the

Borrowings were as follows:

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

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

Fund

Maximum

Outstanding

Balance

NAD

$

22,077,520

NEA

29,107,849

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

NAD

3

$

16,767,880

5

.53

%

NEA

4

15,582,539

5

.47

129

at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-

fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund

loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund

may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and

investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize

the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without

risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case

the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another

fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

11. Subsequent Events

Preferred Shares for NEA:

During December 2025, NEA redeemed 350 of Series B MFP Shares ($35,000,000 liquidation preference).

130

Shareholder Update

(U

naudited)

CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS

NUVEEN QUALITY MUNICIPAL INCOME FUND (NAD)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal income tax and to enhance portfolio value relative to

the municipal bond market by investing in tax-exempt municipal securities that the Fund’s investment adviser believes are underrated or undervalued

or that represent municipal market sectors that are undervalued.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments,

the income from which is exempt from regular federal income taxes.

Under normal circumstances:

The Fund may invest up to 20% of its Managed Assets (as defined below) in municipal securities that pay interest that is taxable under the

federal alternative minimum tax.

The Fund may invest up to 35% of its Managed Assets in municipal securities that, at the time of investment, are rated below the three

highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but

judged to be of comparable quality by the Fund’s sub-adviser.

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

The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets

would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits

and premiums on futures contracts or related options.

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

The foregoing policies apply only at the time of any new investment.

“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.

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 the approval of the holders of a majority of the outstanding common shares and preferred

shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a

single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the

shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance

public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds,

private activity bonds, securities issued by tender option bond trusts (“TOB Trusts”), including inverse floating rate securities, and other forms of

municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the

payment of interest income that is exempt from regular United States (“U.S.”) federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the U.S.

(such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may also invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to

noncorporate taxpayers (“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal

alternative minimum tax.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an

obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income

from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided

131

interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by

a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under

such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying

municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’

notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in

anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include

tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax

anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues,

such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in

expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes

are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds

needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation

notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal

Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of

principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally

secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the

collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid

from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government

securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal

securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that

are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market

interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-

refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-

refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide

privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or

disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used

for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities,

although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure

developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment

finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the

specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry

Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB

trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a

third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate

than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate

securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal

securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from

weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call

date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with

the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust

provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The

trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the

investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or

for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within

15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities

the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities

Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include

securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act.

132

Shareholder Update

(continued)

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain

risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures

contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on

financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of

its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any

increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position,

allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a

hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for

example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest

primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940,

as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange

Commission (“SEC”).

The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on

its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of

investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout

arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest

from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s

securities are already held by the Fund.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined

under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance

of preferred shares of beneficial interest (“Preferred Shares”). However, the Fund’s use of borrowings (which may include reverse repurchase

agreements) and issuance of debt securities for leverage is limited by certain fundamental investment restrictions. In addition, the Fund may also use

certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as

investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary

imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or

intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its

Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may

not achieve its investment objectives during such periods.

133

NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND (NEA)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax

applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal securities that

the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued. 

Investment Policies

As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal

securities and other related investments that pay interest exempt from regular federal income tax. Additionally, as a fundamental investment policy,

under normal circumstances, the Fund will invest at least 80% of its Assets in a portfolio of securities, the income from which is exempt from the

federal alternative minimum tax applicable to individuals.

As a non-fundamental investment policy, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in

municipal securities and other related investments the income from which is exempt from the federal alternative minimum tax applicable to

individuals at the time of purchase.

Under normal circumstances:

The Fund may invest up to 35% of its Managed Assets in municipal securities rated, at the time of investment, below the three highest

grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) which includes below-

investment-grade securities, or unrated securities judged to be of comparable quality by the Fund’s sub-adviser.

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.

“Assets” means net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” means the total assets of the

Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this

purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for

purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s

fundamental policies of (i) investing at least 80% of its Assets in municipal securities and other related investments that pay interest exempt from

regular federal income tax and (ii) investing at least 80% of its Assets in a portfolio of securities, the income from which is exempt from the federal

alternative minimum tax applicable to individuals, such policies may not be changed without the approval of the holders of a majority of the

outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding

preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a

meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests its assets in a portfolio of municipal securities. Municipal securities include municipal bonds, notes, securities issued to

finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded

municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB Trusts”), including inverse floating rate securities, and

other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that

provide for the payment of interest income that is exempt from regular United States (“U.S.”) federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the U.S.

(such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

134

Shareholder Update

(continued)

The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an

obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income

from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided

interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by

a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under

such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying

municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’

notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in

anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include

tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax

anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues,

such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in

expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes

are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds

needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation

notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal

Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of

principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally

secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the

collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid

from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government

securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal

securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that

are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market

interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-

refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-

refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide

privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or

disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used

for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities,

although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure

developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment

finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the

specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry

Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB

trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a

third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate

than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate

securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal

securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from

weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call

date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with

the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust

provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The

trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the

investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or

for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within

15 to 45 days of the trade date.

135

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities

the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities

Act of , as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include

securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act.

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain

risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures

contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on

financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of

its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any

increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position,

allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a

hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for

example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest

primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940,

as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange

Commission (“SEC”).

The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on

its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of

investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout

arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest

from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s

securities are already held by the Fund.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined

under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance

of preferred shares of beneficial interest (“Preferred Shares”). However, the Fund’s use of borrowings (which may include reverse repurchase

agreements) and issuance of debt securities for leverage is limited by certain fundamental investment restrictions. In addition, the Fund may also use

certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as

investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods or in order to help keep the Fund’s assets fully invested, including during the period within which the net

proceeds of an offering of Securities are first being invested, the Fund may deviate from its investment policies and objectives. During such periods,

the Fund may invest any percentage of its Managed Assets in short-term investments, including high quality, short-term debt securities that may be

either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

136

Shareholder Update

(continued)

PRINCIPAL RISKS OF THE FUNDS

The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject

to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other

than those identified and described below because the types of investments made by a Fund can change over time.

Risk

NAD

NEA

Portfolio Level Risks

Alternative Minimum Tax Risk

X

-

Below Investment Grade Risk

X

X

Call Risk

X

X

Credit Risk

X

X

Credit Spread Risk

X

X

Deflation Risk

X

X

Derivatives Risk

X

X

Direct Lending Risk

X

X

Distressed or Defaulted Securities Risk

X

X

Duration Risk

X

X

Economic Sector Risk

X

X

Financial Futures and Options Risk

X

X

Floating and Variable Rate Securities Risk

X

X

Hedging Risk

X

X

Income Risk

X

X

Inflation Risk

X

X

Insurance Risk

X

X

Interest Rate Risk

X

X

Inverse Floating Rate Securities Risk

X

X

Municipal Securities Risk

X

X

Municipal Securities Market Liquidity Risk

X

X

Municipal Securities Market Risk

X

X

Other Investment Companies Risk

X

X

Puerto Rico Municipal Securities Market Risk

X

X

Reinvestment Risk

X

X

Restricted and Illiquid Investments Risk

X

X

Special Risks Related to Certain Municipal Obligations

X

X

Swap Transactions Risk

X

X

Tax Risk

X

X

Taxability Risk

X

X

Tobacco Settlement Bond Risk

X

X

Unrated Securities Risk

X

X

Valuation Risk

X

X

When-Issued and Delayed-Delivery Transactions Risk

X

X

Zero Coupon Bonds or Pay-In-Kind Securities Risk

X

X

137

Risk

NAD

NEA

Fund Level and Other Risks

Anti-Takeover Provisions

X

X

Counterparty Risk

X

X

Cybersecurity Risk

X

X

Economic and Political Events Risk

X

X

Fund Tax Risk

X

X

Global Economic Risk

X

X

Investment and Market Risk

X

X

Legislation and Regulatory Risk

X

X

Leverage Risk

X

X

Market Discount from Net Asset Value

X

X

Recent Market Conditions

X

X

Reverse Repurchase Agreement Risk

X

X

138

Shareholder Update

(continued)

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.

Municipal securities 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 municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have

available to them more traditional methods of financing. The prices of these lower grade municipal securities 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 municipal securities, a factor which may have an adverse effect on the Fund’s ability to

dispose of a particular municipal security. If a below investment grade municipal security 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.

Municipal securities are subject to call risk. 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, including to pay principal or interest when

due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment

and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the

Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Credit Spread Risk.

Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their

credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads

may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment

grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

Deflation Risk.

Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the

creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Derivatives Risk.

The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had

not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset

without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would

suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly

volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through

a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make

required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund

to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be

more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset,

disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected

ways. In some instances, such leverage could result in losses that exceed the original amount invested.

It is possible that regulatory or other developments in the derivatives market, including changes in government regulation, could adversely impact

the Fund’s ability successfully use derivative instruments.

Direct Lending Risk.

The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an

underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The

terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund

will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans

may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a

secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund’s

performance may be impacted by the Fund’s ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced

supply of qualifying loans which could lead to lower yields and reduce Fund performance.

As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including

companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant

financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for

successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used

as collateral for the Fund’s loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance

that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s loans or the prospects for a successful reorganization or similar

action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of

the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund

to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a

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.

139

Distressed or Defaulted Securities Risk.

Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties

or distress at the time the security is acquired, present a substantial risk of future default. In the event distressed securities become defaulted

securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required

to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating

to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original

investment. Defaulted or distressed securities may be subject to restrictions on resale.

Duration Risk.

Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates

(or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased

volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase

by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes

to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security

matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Economic Sector Risk.

The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make

the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector making the Fund more vulnerable

to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a

particular sector increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant

portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing

districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose

credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of

municipal issuers. If the Fund invests a significant portion of its assets in one or more particular sectors, the Fund’s performance may be subject to

additional risk and variability.

Financial Futures and Options Transactions Risk.

The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk

of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price

movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance

margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity

Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge

the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss

or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the

anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a

futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Floating and Variable Rate Securities Risk.

Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The

terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the

respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a

change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain

degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes

in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-

income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation

than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt

securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.

Hedging Risk.

The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or

the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors.

No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be

given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging

activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Income Risk.

The Fund’s level of current 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.

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

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Shareholder Update

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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.

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

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.

141

Other Investment Companies Risk.

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. While most of

Puerto Rico’s debt has been restructured, proceedings under PROMESA remain ongoing, and it is unclear at this time how those proceedings will be

resolved or what impact they will have on the value of the Fund’s investments in Puerto Rico municipal securities. There can be no assurances that

these debt restructuring efforts will be effective or that Puerto Rico will be able to service debt payments following the completion of such debt

restructuring. In addition, any restructurings approved by a federal court could be appealed and overturned. The mediation process and certain

litigation is ongoing with respect to certain municipal securities issued by Puerto Rico and its political subdivisions, instrumentalities and authorities.

It is not presently possible to predict the results of this mediation and litigation, but such outcomes will have a significant impact on bondholders of

those municipal securities. Further legislation by the U.S. Congress, or actions by the oversight board established by PROMESA, or court approval of

an unfavorable debt restructuring deal could have a negative impact on the marketability, liquidity or value of certain investments held by the Fund

and could reduce the Fund’s performance.

These challenges and uncertainties have been exacerbated by Hurricanes Irma and Maria and the resulting natural disasters in Puerto Rico since

2017. 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 disasters’ 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.

Restricted and 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.

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Shareholder Update

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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.

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.

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.

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.

Certain 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 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.

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.

Zero Coupon Bonds or Pay-In-Kind Securities Risk.

Zero Coupon and pay-in-kind securities may be subject to greater fluctuation in value and less

liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. Prices

on non-cash-paying instruments may be more sensitive to changes in the issuer’s financial condition, fluctuation in interest rates and market demand/

supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative.

143

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 asset prices around the world, which could negatively impact

the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and

market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, 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, debt

crises, 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, trade disputes and other similar events may adversely affect the

global economy and the markets and issuers in which the Fund invests. 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

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.

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Shareholder Update

(continued)

Legislation and Regulatory Risk.

At any time after the date of this report, legislation or additional regulations may be enacted that could negatively

affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from

such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse

effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

Leverage Risk.

The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater

volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater

decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.

Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its

lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties.

Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired

amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not

be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on

preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after

giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving

effect to the distributions.

The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction

in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions, composition of the Fund’s holdings, increase or

decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market.

There is no assurance that the Fund’s use of leverage will be successful.

The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to

refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on

comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return

to common shareholders.

The amount of fees paid to the investment adviser and the sub-advisor for investment advisory services will be higher if the Fund uses leverage

because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the sub-

advisor to leverage the Fund or increase the Fund’s leverage.

Market Discount from Net Asset Value.

Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This

characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors

will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of

the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have

difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods

of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of

the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and

economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below

or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term

trading purposes.

Recent Market Conditions.

Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or

geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted

or have signaled protectionist trade measures, including the imposition of tariffs, 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.

Ukraine has experienced ongoing military conflict, most recently commencing 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 this conflict has escalated 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, adverse effects in the supply of

certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of

China’s export industry and U.S. importers, 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 are vulnerable to an escalation of trade tensions. Beginning in early

2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or

the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the

145

potential for a trade war could cause the U.S. dollar to decline further. 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. Additionally, political uncertainty regarding

U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance.

The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and 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.

146

Shareholder Update

(continued)

EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of

senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase

agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting

of income and changes in the value of investments held in a Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s

(i) continued use of leverage as of October 31, 2025 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the

estimated annual effective interest expense rate payable by the Funds on such instruments (based on actual leverage costs incurred during the fiscal

year ended October 31, 2025) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order

to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s

use of certain derivative instruments.

The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than

the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of

the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those

appearing below.

Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which

is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and

expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required

by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a

total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments.

This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which

is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional

leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in

accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to

which leverage is used at any time, will depend on many factors.

NAD

NEA

Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)

41.57%

40.73%

Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage

3.81%

3.65%

Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective

Interest Expense Rate on Leverage

1.58%

1.49%

Common Share Total Return for (10.00)% Assumed Portfolio Total Return

(19.82)%

(19.38)%

Common Share Total Return for (5.00)% Assumed Portfolio Total Return

(11.27)%

(10.94)%

Common Share Total Return for 0.00% Assumed Portfolio Total Return

(2.71)%

(2.51)%

Common Share Total Return for 5.00% Assumed Portfolio Total Return

5.85%

5.93%

Common Share Total Return for 10.00% Assumed Portfolio Total Return

14.40%

14.37%

147

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.

148

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; or (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.

149

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

NAD

$

—

NEA

—

150

Shareholder Meeting Report

(U

naudited)

The annual meeting of shareholders for NAD and NEA was held on August 14, 2025; at this meeting the shareholders were asked to elect Board

Members.

The vote totals for NAD and NEA are set forth below:

NAD

NEA

Common and

Preferred

shares voting

together

as a class

Preferred

shares voting

together

as a class

Common and

Preferred

shares voting

together

as a class

Preferred

shares voting

together

as a class

Approval of the Board Members was reached as follows:

Michael A. Forrester

For

180,576,352

—

235,261,820

—

Withhold

5,881,031

—

6,536,910

—

Total

186,457,383

—

241,798,730

—

Thomas J. Kenny

For

180,687,681

—

235,239,994

—

Withhold

5,769,702

—

6,558,736

—

Total

186,457,383

—

241,798,730

—

Robert L. Young

For

180,845,514

—

235,634,586

—

Withhold

5,611,869

—

6,164,144

—

Total

186,457,383

—

241,798,730

—

Albin F. Moschner

For

—

16,526

—

317,934

Withhold

—

—

—

—

Total

—

16,526

—

317,934

Margaret L. Wolff

For

—

16,526

—

317,934

Withhold

—

—

—

—

Total

—

16,526

—

317,934

151

Additional Fund Information

(Unaudited)

Portfolio of Investments Information

The Fund is required to file its complete schedule of portfolio holdings with the

Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report

on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies

relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon

request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description

of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities

without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information

directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock

Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the

Sarbanes-Oxley Act.

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program,

shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered

by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future

repurchases will be reported to shareholders in the next annual or semi-annual report.

FINRA BrokerCheck:

The Financial Industry Regulatory Authority (FINRA) provides information regarding the

disciplinary history of FINRA member firms and associated investment professionals. This information as well as an

investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline

number at (800) 289-9999 or by visiting www.FINRA.org.

Board of Trustees

Joseph A. Boateng

Michael A. Forrester

Thomas J. Kenny

Amy B.R. Lancellotta

Joanne T. Medero

Albin F. Moschner

John K. Nelson

Loren M. Starr

Matthew Thornton III

Terence J. Toth

Margaret L. Wolff

Robert L. Young

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

One Congress Street

Suite 1

Boston, MA 02114-2016

Legal Counsel

Chapman and Cutler

LLP

Chicago, IL 60606

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers

LLP

One North Wacker Drive

Chicago, IL 60606

Transfer Agent and

Shareholder Services

Computershare Trust Company,

N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

NAD

NEA

Common shares repurchased

0

0

152

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’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage:

Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below)

and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option

Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

Inverse Floating Rate Securities:

Inverse floating rate securities are the residual interest in a tender option bond (TOB) trust,

sometimes referred to as “inverse floaters”, are created by depositing a municipal bond, typically with a fixed interest rate, into

a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates

to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse

floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment

exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-

term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially

all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately

from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the

underlying bond on a leveraged basis.

Leverage:

Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100%

of the investment capital.

Net Asset Value (NAV) Per Share:

A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and

receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

Pre-Refunded Bond/Pre-Refunding:

Pre-Refunded bond/Pre-Refunding, also known as advanced refundings or refinancings,

is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new

bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on

the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

Regulatory Leverage:

Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part

of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

Tax Obligation/General Bonds:

Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the

ability to increase taxes by an unlimited amount to pay the bonds back.

Tax Obligation/Limited Bonds:

Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t

have the ability to increase taxes by an unlimited amount to pay the bonds back.

Total Investment Exposure:

Total investment exposure is a fund’s assets managed by the Adviser that are attributable to

financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in

the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion

of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

Board Members & Officers

153

(U

naudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board

of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”)

has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers

of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other

directorships they hold are set forth below.

Name,

Year of Birth

& Address

Position(s) Held

with the Funds

Year First

Elected or

Appointed

and Term

(1)

Principal Occupation(s)

Including other Directorships

During Past 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Independent Trustees:

Joseph A. Boateng

1963

333 W. Wacker Drive

Chicago, IL 60606

Board Member

2019

Class II

Chief Investment Officer, Casey Family Programs (since 2007);

formerly, Director of U.S. Pension Plans, Johnson & Johnson

(2002–2006); Board Member, Lumina Foundation (since 2019)

and Waterside School (since 2021); Board Member (2012–2019)

and Emeritus Board Member (since 2020), Year-Up Puget Sound;

Investment Advisory Committee Member and Former Chair (since

2007), Seattle City Employees’ Retirement System; Investment

Committee Member (since 2019), The Seattle Foundation; Trustee

(2018–2023), the College Retirement Equities Fund; Manager

(2019–2023), TIAA Separate Account VA-1.

218

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; Director,

Aflac Incorporated (since 2025); 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).

218

Thomas J. Kenny

1963

333 W. Wacker Drive

Chicago, IL 60606

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.

219

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).

219

154

Board Members & Officers

(continued)

Name,

Year of Birth

& Address

Position(s) Held

with the Funds

Year First

Elected or

Appointed

and Term

(1)

Principal Occupation(s)

Including other Directorships

During Past 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Joanne T. Medero

1954

333 W. Wacker Drive

Chicago, IL 60606

Board Member

2021

Class III

Formerly, Managing Director, Government Relations and Public

Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-

2020), BlackRock, Inc. (global investment management

firm); formerly, Managing Director, Global Head of Government

Relations and Public Policy, Barclays Group (IBIM) (investment

banking, investment management and wealth management

businesses) (2006-2009); formerly, Managing Director, Global

General Counsel and Corporate Secretary, Barclays Global

Investors (global investment management firm) (1996-2006);

formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm)

(1993-1995); formerly, General Counsel, Commodity Futures

Trading Commission (government agency overseeing U.S.

derivatives markets) (1989-1993); formerly, Deputy Associate

Director/Associate Director for Legal and Financial Affairs,

Office of Presidential Personnel, The White House (1986-1989);

Member of the Board of Directors, Baltic-American Freedom

Foundation (seeks to provide opportunities for citizens of the

Baltic states to gain education and professional development

through exchanges in the U.S.) (since 2019).

219

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).

219

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.

219

155

Name,

Year of Birth

& Address

Position(s) Held

with the Funds

Year First

Elected or

Appointed

and Term

(1)

Principal Occupation(s)

Including other Directorships

During Past 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

Loren M. Starr

1961

333 W. Wacker Drive

Chicago, IL 60606

Board Member

2022

Class III

Independent Consultant/Advisor (since 2021); formerly, Vice

Chair, Senior Managing Director (2020–2021), Chief Financial

Officer, Senior Managing Director (2005–2020), Invesco Ltd.;

Director (since 2023) and Chair of the Board (since 2025), formerly,

Chair of the Audit Committee (2024-2025), 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).

218

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).

219

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); formerly, Chair and

Member of the Board of Directors (2021–2024), 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).

219

156

Board Members & Officers

(continued)

Name,

Year of Birth

& Address

Position(s) Held

with the Funds

Year First

Elected or

Appointed

and Term

(1)

Principal Occupation(s)

Including other Directorships

During Past 5 Years

Number of

Portfolios

in Fund

Complex

Overseen By

Board Member

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.

219

Robert L. Young

1963

333 W. Wacker Drive

Chicago, IL 60606

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).

219

157

Name,

Year of Birth

& Address

Position(s) Held

with the Funds

Year First

Elected or

Appointed

(2)

Principal Occupation(s)

Including other Directorships

During Past 5 Years

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 Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC,

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; Senior

Managing Director, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment

Group, LLC.

Joseph T. Castro

1964

333 W. Wacker Drive

Chicago, IL 60606

Vice President

2025

Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior

Managing Director and Head of Compliance, Nuveen; Executive Vice President,

formerly, Senior Managing Director, Nuveen Securities, LLC; Senior Managing

Director, Nuveen Fund Advisors, LLC and Nuveen, LLC.

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; Managing Director,

Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence,

Inc. and Brooklyn Investment Group, 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

2016

Senior Managing Director, Head of Public Product of Nuveen; President. formerly,

Senior Managing Director, of Nuveen Fund Advisors, LLC; has previously held

various positions with Nuveen; Chartered Financial Analyst.

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.

158

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 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

Senior Managing Director, Division General Counsel of Nuveen; Senior Managing

Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Senior

Managing Director, Associate General Counsel and Assistant Secretary of Nuveen

Asset Management, LLC Teachers Advisors, LLC and TIAA-CREF Investment

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 and Nuveen Alternative Advisors LLC; Senior Managing Director,

Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence,

Inc. and Brooklyn Investment Group, 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; Executive Vice

President, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC;

formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment

Management Company, LLC and Santa Barbara Asset Management, LLC.  

R. Tanner Page

1985

333 W. Wacker Drive

Chicago, IL 60606

Vice President

and Treasurer

2025

Managing Director, formerly, Vice President of Nuveen; has previously held various

positions with Nuveen.

William A. Siffermann

1975

333 W. Wacker Drive

Chicago, IL 60606

Vice President

2017

Senior 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;

Vice President, Associate General Counsel and Assistant Secretary, Brooklyn

Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.

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.

(1)

The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding

annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or

appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual

shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed.

The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen

complex.

(2)

Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal.  The year

first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

Nuveen Securities, LLC, member FINRA and SIPC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

EAN-B-1025P 4966767

Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable

investment solutions through continued adherence to proven, long-term investing principles. Today,

we offer a range of high quality solutions designed to be integral components of a well-diversified core

portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global

asset managers, with specialist knowledge across all major asset classes and particular strength

in solutions that provide income for investors and that draw on our expertise in alternatives and

responsible investing. Nuveen is driven not only by the independent investment processes across

the firm, but also the insights, risk management, analytics and other tools and resources that a truly

world-class platform provides. As a global asset manager, our mission is to work in partnership with

our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your

financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information

provided carefully before you invest. Investors should consider the investment objective and policies,

risk considerations, charges and expenses of any investment carefully. Where applicable, be sure

to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,

please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.

Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at:

www.nuveen.com/closed-end-funds

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, 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. 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 Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

Nuveen Quality Municipal Income Fund

The following tables show the amount of fees that PricewaterhouseCoopers LLP (“PwC”), the Registrant’s current independent registered public accounting firm, billed to the Registrant during the Registrant’s fiscal year ended October 31, 2025, and the amount of fees that KPMG LLP (“KPMG”), the Registrant’s former independent registered public accounting firm, billed to the Registrant during the Registrant’s fiscal year ended October 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG provided to the Registrant, 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 Registrant 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 Registrant during the fiscal year in which the services are provided; (B) the Registrant 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.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

Fiscal Year Ended5		Audit Fees Billed to Registrant1				Audit-Related Fees Billed to Registrant2				Tax Fees Billed to Registrant3				All Other Fees Billed to Registrant4
October 31, 2025 (PwC)			$38,040				$0				$0				$0
Percentage approved pursuant to pre- approval exception			0%				0%				0%				0%
October 31, 2024 (KPMG)			$38,000				$3,625				$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 Registrant’s annual financial statements and services provided in connection with statutory and regulatory filings.

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 Registrant’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

5 The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant (“Affiliated Fund Service Provider”), for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s fiscal year ended October 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s fiscal year ended October 31, 2024.

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 by the Registrant, 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 Registrant 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 Registrant’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, 2025 (PwC)			$0				$0				$0
Percentage approved pursuant to pre-approval exception			0%				0%				0%
October 31, 2024 (KPMG)			$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 PwC billed during the Registrant’s fiscal year ended October 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant’s fiscal year ended October 31, 2024 for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant’s independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC and KPMG about any non-audit services rendered during the Registrant’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC’s and KPMG’s independence.

Fiscal Year Ended		Total Non-Audit Fees Billed to Registrant				Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant)				Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)				Total
October 31, 2025 (PwC)			$0				$0				$11,376,794				$11,376,794
October 31, 2024 (KPMG)			$0				$0				$0				$0

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

Less than 50 percent of the hours expended on the independent registered public accounting firm’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 independent registered public accounting firm’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 Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

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, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, 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.

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

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

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

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

(a)(1) Portfolio Manager Biographies

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

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

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

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

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

Portfolio Manager		Type of Account       Managed		Number of Accounts		Assets*
Michael Hamilton		Registered Investment Company		18		$11.14 billion
		Other Pooled Investment Vehicles		0		$0
		Other Accounts		3		$256.37 million
Stephen J. Candido		Registered Investment Company		30		$51.72 billion
		Other Pooled Investment Vehicles		2		$397.03 million
		Other Accounts		3		$202.41 million

* Assets are as of October 31, 2025. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

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

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

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

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

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

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

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

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

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

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

(a)(3) Fund Manager Compensation

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

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

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

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

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

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

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

(a)(4) Beneficial Ownership of NAD Securities

As of October 31, 2025, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

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

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

SIGNATURES

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

Nuveen Quality Municipal Income Fund

Date: January 7, 2026				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 7, 2026				By: /s/ David J. Lamb
				David J. Lamb
				Chief Administrative Officer (principal executive officer)
Date: January 7, 2026				By: /s/ Marc Cardella
				Marc Cardella
				Vice President and Controller (principal financial officer)