UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number		811-21213

Nuveen AMT-Free Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1.   Reports to Stockholders.

Nuveen Municipal

Closed-End Funds

This semi-annual report contains the Funds’ unaudited financial statements.

 

Nuveen Quality Municipal Income Fund		NAD
Nuveen AMT-Free Quality Municipal Income Fund		NEA

 

 

Semi-Annual Report

Table

of Contents

 

 

Important Notices			3
Common Share Information			4
About the Funds’ Benchmarks			5
Fund Performance, Leverage and Holdings Summaries			6
Portfolios of Investments			12
Statement of Assets and Liabilities			105
Statement of Operations			106
Statement of Changes in Net Assets			107
Statement of Cash Flows			108
Financial Highlights			110
Notes to Financial Statements			113
Additional Fund Information			125
Glossary of Terms Used in this Report			126
Statement Regarding Basis for Approval of Investment Advisory Contract			127

 

2

Important Notices

 

Portfolio manager commentaries: The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s annual shareholder report.

Fund changes: For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.

Fund principal investment policies and principal risks: Refer to the Shareholder Update section of your Fund’s annual shareholder report for information on the Fund’s principal investment policies and principal risks.

Fund performance: For current information on your Fund’s average annual total returns please refer to the Fund’s website at www. nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

 

3

Common Share Information

 

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of April 30, 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 reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

 

		Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)		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
Total Distributions from Net Investment Income			$0.4530				$0.4380
Yields		NAD				NEA
Market Yield1			8.02	%			8.05	%
Taxable-Equivalent Yield1			13.56	%			13.60	%

 

1

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

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-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 April 30, 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.

 

		NAD				NEA
Common shares cumulatively repurchased and retired			17,900				120,000
Common shares authorized for repurchase			23,340,000				29,895,000

 

4

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.

 

5

Fund Performance, Leverage and Holdings Summaries

 

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.

 

6

 

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.

 

7

NAD		Nuveen Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025

 

Performance*

 

														Total Returns as of        April 30,  2025
						Cumulative								Average Annual
		Inception Date				6-Month								1-Year								5-Year								10-Year
NAD at Common Share NAV			5/26/99				(2.96)%								0.28%								0.87%								2.28%
NAD at Common Share Price			5/26/99				(2.15)%								11.27%								2.40%								2.93%
S&P Municipal Bond Index			—				(0.45)%								2.28%								1.39%								2.20%
NAD Blended Benchmark			—				(0.51)%								2.54%								1.79%								2.42%

*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

 

 

Common      Share       NAV		Common    Share Price				Premium/(Discount) to NAV				Average Premium/(Discount) to NAV
$12.03			$11.29				(6.15)%				(6.90)%

 

8

 

Leverage and Holdings

 

 

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

 

9

NEA		Nuveen AMT-Free Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries April 30, 2025

 

Performance*

 

														Total Returns as  of        April 30, 2025
						Cumulative								Average Annual
		Inception Date				6-Month								1-Year								5-Year								10-Year
NEA at Common Share NAV			11/21/02				(3.03)%								0.05%								0.37%								2.22%
NEA at Common Share Price			11/21/02				(2.53)%								10.15%								1.81%								2.72%
S&P Municipal Bond Index			—				(0.45)%								2.28%								1.39%								2.20%
NEA Blended Benchmark			—				(0.51)%								2.54%								1.79%								2.42%

*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

 

 

Common       Share        NAV		Common    Share Price				Premium/(Discount) to NAV				Average Premium/(Discount) to NAV
$11.59			$10.88				(6.13)%				(6.52)%

 

10

 

Leverage and Holdings

 

 

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

 

11

Portfolio of Investments April 30, 2025

NAD

 

(Unaudited)

 

		SHARES				DESCRIPTION														VALUE
						LONG-TERM INVESTMENTS - 169.0% (100.0% of Total Investments)
						INVESTMENT COMPANIES - 0.0% (0.0% of Total Investments)
		8,812				BlackRock MuniHoldings Fund Inc										$					99,664
		32,524				Invesco Quality Municipal Income Trust															307,677
						TOTAL INVESTMENT COMPANIES (Cost $530,611)															407,341
		PRINCIPAL				DESCRIPTION			RATE				MATURITY								VALUE
						MUNICIPAL BONDS - 169.0% (100.0% of Total Investments)
						ALABAMA - 3.1% (1.9% of Total Investments)
$		5,000,000		(a)		Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2016C			5.000%				11/15/46								5,006,064
		5,000,000				Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT)			5.000				10/01/33								5,066,186
		5,455,000				Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT)			5.000				10/01/34								5,518,892
		5,550,000				Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A - AGM Insured, (AMT)			5.000				10/01/35								5,606,288
		3,315,000				Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024C, (Mandatory Put 7/01/31)			5.000				05/01/55								3,465,422
		3,000,000				Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2023 Sub B-2, (Mandatory Put 12/01/30)			5.250				12/01/53								3,183,184
		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								5,117,535
		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								3,310,141
		2,455,000				Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024			5.250				10/01/49								2,477,054
		2,255,000				Limestone County Water & Sewer Authority, Alabama, Water and Sewer Revenue Bonds, Series 2022			5.000				12/01/45								2,326,004
		2,500,000				Madison Water and Wastewater Board, Alabama, Water and Sewer Revenue Bonds, Series 2023			5.250				12/01/53								2,634,460
		3,500,000				Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT)			4.750				12/01/54								3,194,483
		7,590,000				Pike Road, Alabama, General Obligation Warrants, Series 2023			5.000				03/01/52								7,773,559
		6,665,000		(a)		Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory Put 5/01/32), (UB)			5.000				06/01/49								6,972,740
		10,000,000				Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A			5.000				11/01/35								10,302,925
		1,000,000				Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1, (Mandatory Put 12/01/29)			5.500				01/01/53								1,060,440
		5,000,000		(a)		Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C, (Mandatory Put 11/01/32), (UB)			5.000				10/01/55								5,246,156
		5,815,000		(a)		Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35), (UB)			5.000				01/01/56								5,964,311
		4,165,000		(b)		Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A			5.250				05/01/44								4,067,480
						TOTAL ALABAMA															88,293,324

 

12		See Notes to Financial Statements

 

		PRINCIPAL				DESCRIPTION			RATE				MATURITY								VALUE
						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			$					1,000,954
		1,075,000				Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, (AMT)			5.000				01/01/29								1,075,929
		300,000				Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, (AMT)			5.000				01/01/31								300,219
						TOTAL ALASKA															2,377,102
						ARIZONA - 2.5% (1.5% of Total Investments)
		1,000,000				Arizona Industrial Development Authority Education Revenue Bonds, Academies of Math & Science Projects, Series 2023			5.375				07/01/53								966,970
		11,795,000				Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A			4.000				01/01/36								11,658,956
		6,500,000				Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019B, (AMT)			5.000				07/01/49								6,502,705
		15,935,000				Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, (AMT)			5.000				07/01/42								16,007,278
		7,000,000				Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC Insured			5.500				07/01/39								8,158,297
		1,000,000				Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015 - AGM Insured			4.000				12/01/38								980,007
		500,000				Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007			5.500				12/01/29								531,128
		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								25,766,090
		1,000,000		(b)		Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Series 2024			5.000				06/15/54								927,995
						TOTAL ARIZONA															71,499,426
						ARKANSAS - 0.6% (0.4% of Total Investments)
		5,020,000		(b)		Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT)			5.450				09/01/52								5,024,001
		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								6,640,364
		3,500,000		(b)		Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A			7.000				07/01/59								3,198,689
		2,500,000		(b)		Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, (AMT)			4.500				09/01/49								2,239,250
		1,000,000		(b)		Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, (AMT)			4.750				09/01/49								929,773
						TOTAL ARKANSAS															18,032,077
						CALIFORNIA - 10.1% (6.0% of Total Investments)
		2,665,000				Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured			5.000				10/01/52								2,750,265
		3,500,000				Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2022C - AGM Insured			5.450				10/01/52								1,959,133
		2,945,000				Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured			0.000				09/01/27								2,719,224
		7,150,000				Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured			0.000				09/01/28								6,367,574

 

See Notes to Financial Statements		13

Portfolio of Investments April 30, 2025 (continued)

NAD

 

			PRINCIPAL					DESCRIPTION			RATE				MATURITY								VALUE
								CALIFORNIA (continued)
$			2,455,000					Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured			0.000%				09/01/32			$					1,877,648
			105,000			(c)		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured, (ETM)			0.000				09/01/35								73,271
			95,000					Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured			0.000				09/01/35								63,503
			1,055,000					Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005 - AGM Insured			0.000				07/01/35								711,692
			60,000			(c)		Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, (ETM)			0.000				08/01/32								46,496
			235,000			(c)		Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B - SYNCORA GTY Insured, (ETM)			0.000				08/01/32								182,108
			1,405,000					Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B - SYNCORA GTY Insured			0.000				08/01/32								1,060,822
			3,685,000					Calexico Unified School District, Imperial County, California, General Obligation Bonds, Election of 2004 Series 2005B - FGIC Insured			0.000				08/01/31								2,915,396
			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								3,287,124
			4,495,000			(a)		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30), (UB)			5.250				11/01/54								4,725,649
			5,000,000					California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32)			5.000				01/01/55								5,159,844
			9,000,000			(b)		California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A			5.000				04/01/49								7,288,592
			2,500,000			(b)		California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science & Language Academy Project, Series 2021			4.000				07/01/61								1,834,760
			2,855,000			(c)		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre- refunded 11/15/26)			5.000				11/15/46								2,950,951
			10,000,000					California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B			5.000				11/15/46								10,020,789
			16,665,000					California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A			5.000				11/15/48								16,689,474
			5,000,000					California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A			5.250				07/01/54								5,022,394
			3,450,000			(b)		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								3,331,997
			5,000,000					California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT)			5.000				12/31/43								5,000,823
			3,250,000					California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A			5.000				02/01/47								3,251,699
			2,930,000			(b)		California School Finance Authority, Charter School Revenue Bonds, CIty Charter School Obligated Group, Series 2016A			5.000				06/01/52								2,623,248
			3,410,000			(b)		California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why Not? Academy ? Obligated Group, Series 2021A			4.000				06/01/51								2,546,404
			1,500,000			(b)		California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C			5.000				07/01/46								1,501,107
			500,000					California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A			5.250				12/01/44								496,998
			4,550,000					California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A			5.500				12/01/54								4,499,345

 

14		See Notes to Financial Statements

 

			PRINCIPAL					DESCRIPTION			RATE				MATURITY								VALUE
								CALIFORNIA (continued)
$			1,000,000			(b)		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A			5.000%				12/01/46			$					974,436
			17,715,000			(b)		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A			5.250				12/01/56								17,694,651
			5,772			(d),(e)		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A			5.750				07/01/30								5,772
			15,807			(d),(e)		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A			5.500				07/01/39								15,807
			4,890,000					Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B - NPFG Insured			0.000				08/01/26								4,694,019
			1,000,000					Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A - FGIC Insured			0.000				08/01/30								829,795
			1,000,000					CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood Creek Apartments, Mezzanine Lien Series 2021A-2			4.000				12/01/58								710,502
			3,010,000					El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C			0.000				08/01/25								2,985,695
			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								2,552,013
			3,500,000			(c)		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A - AGM Insured, (ETM)			0.000				06/01/26								3,382,768
			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								850,832
			5,240,000					Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005 - AGM Insured			0.000				08/01/30								4,409,139
			2,500,000					Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007 - FGIC Insured			0.000				08/01/32								1,940,715
			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								2,239,422
			1,045,000					Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B - NPFG Insured			0.000				08/01/31								838,508
			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								12,900,028
			40,000			(c)		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								43,284
			5,955,000			(f)		Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A			0.000				08/01/43								5,739,356
			2,700,000					M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A			7.000				11/01/34								3,192,258
			2,200,000					M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C			6.500				11/01/39								2,614,669
			1,170,000					Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995 - NPFG Insured			7.400				08/01/25								1,178,042
			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								2,306,436
			6,000,000			(c)		Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006 - FGIC Insured, (ETM)			0.000				10/01/34								4,243,806

 

See Notes to Financial Statements		15

Portfolio of Investments April 30, 2025 (continued)

NAD

 

		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			$					984,364
		5,000,000				Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 2010 Election Series 2011A - AGM Insured			7.350				08/01/41								5,962,553
		5,000,000				Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997 - NPFG Insured			0.000				06/01/25								4,985,931
		4,615,000				Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B			0.000				10/01/38								2,593,618
		10,990,000				San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B, (AMT)			5.000				07/01/46								11,019,259
		10,175,000				San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT)			5.000				05/01/49								10,176,104
		4,945,000				San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, (AMT)			5.000				05/01/41								4,950,226
		10,000,000				San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, (AMT)			5.000				05/01/42								10,031,300
		11,000,000				San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT)			5.000				05/01/45								11,025,377
		12,285,000				San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT)			5.000				05/01/50								12,250,275
		735,000		(b)		San Francisco City and County, California, Special Tax Bonds, Community Facilities District 2016-1 Treasure Island Improvement Area 2, Series 2023A			5.000				09/01/43								742,839
		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								635,166
		5,000,000				San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, (AMT)			5.000				03/01/41								5,007,425
		5,000,000				San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, (AMT)			5.000				03/01/47								4,998,163
		14,985,000				San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G - AGM Insured			0.000				08/01/40								7,565,020
		6,660,000				San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015			0.000				08/01/43								2,569,892
		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								1,824,274
		1,145,000				Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C - AGM Insured			0.000				11/01/30								946,917
		1,175,000				Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B - AGM Insured			0.000				11/01/35								787,899
		2,410,000				Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A - FGIC Insured			0.000				08/01/26								2,311,990
		3,750,000		(f)		Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B - AGM Insured			0.000				08/01/36								4,188,963
						TOTAL CALIFORNIA															282,857,838
						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								2,072,239
		4,350,000				Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021			4.375				12/01/52								3,535,956
		3,000,000				Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015 - BAM Insured			5.000				12/01/35								3,005,703
		2,000,000				Arvada, Colorado, Water Enterprise Revenue Bonds, Series 2022			4.000				12/01/48								1,868,801
		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								962,576

 

16		See Notes to Financial Statements

 

		PRINCIPAL				DESCRIPTION		RATE				MATURITY								VALUE
						COLORADO (continued)
$		4,195,000		(c)		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			$					4,252,539
		5,500,000				Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022			5.000				06/01/47								5,721,103
		1,456,000		(b)		Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017			5.000				12/01/29								1,442,883
		2,165,000				Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured			5.500				12/01/54								2,304,722
		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								5,774,613
		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								1,338,891
		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								2,949,489
		1,715,000				Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016			3.625				08/01/46								1,353,445
		1,000,000				Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014			5.000				08/15/30								1,000,767
		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								2,863,756
		545,000				Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2017			3.625				09/01/31								542,564
		1,200,000				Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A			4.000				03/01/36								1,191,056
		1,600,000				Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A			4.000				03/01/37								1,578,136
		5,460,000		(a)		Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A			4.000				11/15/43								5,001,080
		17,905,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A			4.000				11/15/46								16,182,802
		11,090,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A			4.000				11/15/50								9,682,118
		4,600,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016			5.000				01/01/37								4,602,872
		5,000,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2			5.000				08/01/44								4,962,371
		5,395,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2			4.000				08/01/49								4,665,097
		10,000,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 - BAM Insured			4.000				08/01/49								8,869,803
		2,725,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A			5.500				11/01/47								2,837,257
		2,300,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A			5.250				11/01/52								2,359,092
		1,390,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A			5.250				05/15/47								1,380,415
		5,000,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A			5.000				05/15/52								5,110,724
		2,445,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2024A			5.000				05/15/54								2,494,805
		3,785,000		(c)		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)			4.000				09/01/50								3,916,366
		4,535,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A			5.000				11/01/44								4,505,620

 

See Notes to Financial Statements		17

Portfolio of Investments April 30, 2025 (continued)

NAD

 

		PRINCIPAL				DESCRIPTION		RATE				MATURITY								VALUE
						COLORADO (continued)
$		3,300,000				Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, Refunding Series 2019A			4.000%				01/01/37			$					3,169,720
		3,100,000				Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017			5.000				12/31/56								3,019,418
		950,000		(c)		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								1,001,249
		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								717,029
		2,360,000				Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E			4.000				03/01/43								2,150,268
		3,420,000				Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2020R			4.000				03/15/45								3,123,824
		4,000,000				Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2021S			4.000				03/15/41								3,795,387
		7,250,000		(c)		Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, (Pre-refunded 8/01/26)			5.000				08/01/46								7,428,844
		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								5,195,181
		4,250,000				Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT)			4.125				11/15/53								3,730,304
		8,250,000				Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT)			5.500				11/15/53								8,570,549
		3,400,000				Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B			5.250				11/15/53								3,550,941
		2,790,000				Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT)			5.750				11/15/45								2,987,672
		5,000,000				Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT)			5.000				11/15/53								5,035,012
		11,000,000				Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT)			5.000				12/01/43								11,002,395
		11,750,000		(a)		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT), (UB)			5.000				12/01/48								11,709,692
		9,040,000				Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, (AMT)			5.250				12/01/48								9,111,523
		4,095,000				Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Current Interest Series 2018A-1			5.000				08/01/48								4,111,480
		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								2,104,904
		5,130,000				Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016			5.000				12/01/30								5,136,082
		3,900,000				Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016			5.000				12/01/36								3,900,718
		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								2,860,649
		385,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A			0.000				09/01/35								254,858
		150,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A			0.000				09/01/37								88,982
		75,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A			0.000				09/01/38								41,991
		20,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A			0.000				09/01/39								10,557
		110,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A			0.000				09/01/41								51,502
		18,380,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B - NPFG Insured			0.000				09/01/25								18,157,321

 

18		See Notes to Financial Statements

 

		PRINCIPAL				DESCRIPTION		RATE				MATURITY								VALUE
						COLORADO (continued)
$		1,045,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured			0.000%				09/01/29			$					895,349
		2,175,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured			0.000				09/01/30								1,792,043
		25,050,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured			0.000				09/01/31								19,821,579
		23,305,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured			0.000				09/01/32								17,652,088
		100,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured			0.000				09/01/33								72,308
		12,500,000				E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A - NPFG Insured			0.000				09/01/38								6,437,996
		385,000				E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured			0.000				09/01/28								342,578
		60,000,000				E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A - NPFG Insured			0.000				03/01/36								38,124,168
		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								1,988,383
		8,000,000				Ebert Metropolitan District, Denver Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018A-1 - BAM Insured			5.000				12/01/43								8,102,382
		965,000				Erie Highlands Metropolitan District 2, Weld County, Colorado, General Obligation Bonds, Limited Tax Series 2018A			5.250				12/01/48								926,185
		3,550,000		(b)		Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A			6.750				12/01/34								3,424,927
		2,000,000				Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020 - BAM Insured			4.000				12/01/45								1,882,685
		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								3,517,239
		2,545,000				Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation Bonds Series 2022A and Subordinate Limited Tax General Obligation Bonds Series 2022B			6.000				12/01/52								2,195,116
		1,305,000				Goldsmith Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2021 - AGM Insured			4.000				12/01/51								1,170,201
		3,130,000		(b)		Hess Ranch Metropolitan District 5, Parker, Colorado, Special Assessment Revenue Bonds, Special Improvement District 2, Series 2024			5.500				12/01/44								2,928,220
		1,000,000				Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A			5.125				12/01/50								893,285
		1,347,000				Meadowbrook Crossing Metropolitan District, EL Paso County, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2020A			5.250				12/01/49								1,248,786
		1,500,000				Meridian Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2023 - AGM Insured			4.375				12/01/53								1,442,619
		1,860,000		(c)		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								1,868,717
		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								1,813,243
		9,520,000				Northern Colorado Water Conservancy District Building Corporation, Certificates of Participation, Refunding Series 2021			4.000				07/01/46								8,931,623
		3,250,000				Northern Colorado Water Conservancy District Building Corporation, Certificates of Participation, Refunding Series 2021			4.000				07/01/51								2,978,001
		1,565,000				Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016			5.000				12/01/36								1,570,859
		2,100,000				Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax Refunding & Improvement Series 2016			5.000				12/01/46								2,009,564

 

See Notes to Financial Statements		19