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, 2026

Item 1.   Reports to Stockholders.

Closed-End Funds
Closed-End Funds
Nuveen Municipal
April 30, 2026
Semi-Annual
Report
This semi-annual report contains the Funds' unaudited financial statements.
Nuveen Quality Municipal Income Fund
NAD
Nuveen AMT-Free Quality Municipal Income Fund
NEA
2
Table
of Contents
Important Notices
3
Common Share Information
4
About the Funds’ Benchmarks
6
Fund Performance, Leverage and Holdings Summaries
7
Portfolios of Investments
13
Statement of Assets and Liabilities
107
Statement of Operations
108
Statement of Changes in Net Assets
109
Statement of Cash Flows
110
Financial Highlights
112
Notes to Financial Statements
115
Additional Fund Information
129
Glossary of Terms Used in this Report
130
Statement Regarding Basis for Approval of Investment Advisory Contract
131
Important Notices
3
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 Discussion of Fund Performance 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 Fund Performance,
Leverage and Holding Summaries section within this report.
4
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of April 30, 2026.  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 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 EQUITY SHELF PROGRAMS
During the current reporting period, NAD and NEA were authorized by the Securities and Exchange Commission to issue additional
common shares through an equity shelf program (Shelf Offering). Under these programs, NAD and NEA, subject to market
conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the
Fund's NAV per common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying
table.
Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)
NAD
NEA
November
$0.0705
$0.0680
December
0.0705
0.0680
January
0.0705
0.0680
February
0.0705
0.0680
March
0.0705
0.0680
April
0.0705
0.0680
Total Distributions from Net Investment Income
$0.4230
$0.4080
Yields
NAD
NEA
Market Yield
1
7.19%
7.11%
Taxable-Equivalent Yield
1
12.15%
12.02%
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.
NAD
NEA
Maximum aggregate offering
23,000,000
30,000,000
5
During the current reporting period, NAD and NEA sold common shares through its Shelf Offering at a weighted average premium
to its NAV per common share in the accompanying table.
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.
Refer to the Notes to Financial Statements for further details on share repurchases and Fund's transactions.
NAD
NEA
Common shares sold through shelf offering
170,000
1,328,000
Weighted average premium to NAV per common share sold
0.15%
0.42%
6
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
7
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)
8
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 April 30, 2026
9
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
Total Returns as of
April 30, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAD at Common Share NAV
5/26/99
1.19%
6.79%
(0.86)%
2.07%
NAD at Common Share Price
5/26/99
1.60%
12.15%
0.51%
2.87%
S&P Municipal Bond Index
—
1.36%
6.03%
1.13%
2.29%
NAD Blended Benchmark
—
1.45%
6.03%
1.24%
2.50%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.95
$11.76
(1.59)%
(0.85)%
10
Leverage and Holdings
Leverage
Effective Leverage
41.78%
Regulatory Leverage
36.46%
Fund Allocation
(% of net assets)
Municipal Bonds
169
.3‌
%
Exchange-Traded Funds
0
.2‌
%
Investment Companies
0
.0‌
%
Warrants
0
.0‌
%
Other Assets & Liabilities, Net
2.2%
Floating Rate Obligations
(14.4)%
AMTP Shares, Net
(
26
.0‌
)
%
MFP Shares, Net
(
13
.3‌
)
%
VRDP Shares, Net
(
18
.0‌
)
%
Net Assets
100‌
%
Portfolio Composition
(% of total investments)
Transportation
26.8%
Health Care
20.1%
Tax Obligation/Limited
18.7%
Utilities
9.9%
Tax Obligation/General
7.6%
Education and Civic
Organizations
5.4%
U.S. Guaranteed
2.2%
Other
9.2%
Exchange-Traded Funds
0.1%
Investment Companies
0.0%
Total
100%
Portfolio Credit Quality
(% of total investments)
AAA
2.5%
AA
27.9%
A
38.6%
BBB
16.0%
BB or Lower
5.4%
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 April 30, 2026
11
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
Total Returns as of
April 30, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NEA at Common Share NAV
11/21/02
1.19%
6.95%
(1.16)%
2.02%
NEA at Common Share Price
11/21/02
1.98%
13.49%
0.31%
2.98%
S&P Municipal Bond Index
—
1.36%
6.03%
1.13%
2.29%
NEA Blended Benchmark
—
1.45%
6.03%
1.24%
2.50%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.53
$11.47
(0.52)%
(0.62)%
12
Leverage and Holdings
Leverage
Effective Leverage
40.92%
Regulatory Leverage
35.32%
Fund Allocation
(% of net assets)
Municipal Bonds
165
.5‌
%
Short-Term Municipal Bonds
0
.5‌
%
Other Assets & Liabilities, Net
2.9%
Floating Rate Obligations
(14.4)%
AMTP Shares, Net
(
0
.8‌
)
%
MFP Shares, Net
(
20
.3‌
)
%
VRDP Shares, Net
(
33
.4‌
)
%
Net Assets
100‌
%
Portfolio Composition
(% of total investments)
Health Care
20.9%
Tax Obligation/Limited
19.9%
Transportation
14.4%
Utilities
12.6%
Tax Obligation/General
12.0%
Education and Civic
Organizations
7.3%
U.S. Guaranteed
4.7%
Other
8.2%
Total
100%
Portfolio Credit Quality
(% of total investments)
AAA
5.1%
AA
39.5%
A
36.6%
BBB
8.3%
BB or Lower
2.8%
N/R (not rated)
7.7%
Total
100‌
%
13
Portfolio of Investments April 30, 2026
NAD
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 169.5% (100.0% of Total Investments)
3,742,830
EXCHANGE-TRADED FUNDS - 0.2% (0.1% of Total Investments)
3,742,830
150,000
(a)
Nuveen High Yield Municipal Income ETF
$
3,742,830
TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,614,438)
3,742,830
SHARES
DESCRIPTION
VALUE
INVESTMENT COMPANIES - 0.0% (0.0% of Total Investments)
–
8,812
BlackRock MuniHoldings Fund, Inc
103,365
32,524
Invesco Quality Municipal Income Trust
320,036
TOTAL INVESTMENT COMPANIES
(Cost $515,456)
423,401
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
4729618703
MUNICIPAL BONDS - 169.3% (99.9% of Total Investments)
4729618703
ALABAMA - 3.3% (1.9% of Total Investments)
$
5,000,000
(b)
Alabama Special Care Facilities Financing Authority, Revenue
Bonds, Ascension Health, Series 2016C
5
.000
%
11/15/46
5,001,221
5,455,000
Alabama State Port Authority, Docks Facilities Revenue Bonds,
Refunding Series 2017A - AGM Insured, (AMT)
5
.000
10/01/34
5,544,480
5,550,000
Alabama State Port Authority, Docks Facilities Revenue Bonds,
Refunding Series 2017A - AGM Insured, (AMT)
5
.000
10/01/35
5,633,857
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
3,515,951
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
2,033,551
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
10,167,756
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
3,224,750
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
5,101,758
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
3,289,746
2,455,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.250
10/01/49
2,540,007
2,255,000
Limestone County Water & Sewer Authority, Alabama, Water
and Sewer Revenue Bonds, Series 2022
5
.000
12/01/45
2,347,397
2,500,000
Madison Water and Wastewater Board, Alabama, Water and
Sewer Revenue Bonds, Series 2023
5
.250
12/01/53
2,615,499
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
5,604,656
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
7,018,854
10,000,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/35
10,248,143
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
1,063,488
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
5,310,309
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
5,958,874
Portfolio of Investments April 30, 2026
(continued)
NAD
14
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
$
4,699,842
TOTAL ALABAMA
90,920,139
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
1,000,807
1,075,000
Alaska Industrial Development and Export Authority, Power
Revenue Bonds, Snettisham Hydroelectric Project, Refunding
Series 2015, (AMT)
5
.000
01/01/29
1,075,827
300,000
Alaska Industrial Development and Export Authority, Power
Revenue Bonds, Snettisham Hydroelectric Project, Refunding
Series 2015, (AMT)
5
.000
01/01/31
300,182
TOTAL ALASKA
2,376,816
ARIZONA - 2.9% (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
7,247,829
1,000,000
Arizona Industrial Development Authority Education Revenue
Bonds, Academies of Math & Science Projects, Series 2023
5
.375
07/01/53
955,887
11,795,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A
4
.000
01/01/36
11,896,233
6,500,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019B, (AMT)
5
.000
07/01/49
6,517,931
15,935,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5
.000
07/01/42
16,080,885
7,000,000
Phoenix Civic Improvement Corporation, Arizona, Revenue
Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC
Insured
5
.500
07/01/39
8,467,238
1,000,000
Pinal County Electrical District 4, Arizona, Electric System
Revenue Bonds, Refunding  Series 2015 - AGM Insured
4
.000
12/01/38
1,000,211
500,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.500
12/01/29
533,549
24,765,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/37
26,274,112
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
864,939
TOTAL ARIZONA
79,838,814
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
5,084,467
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
6,711,979
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
3,342,963
TOTAL ARKANSAS
15,139,409
CALIFORNIA - 10.3% (6.1% 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
2,748,191
3,500,000
Alameda Corridor Transportation Authority, California,
Revenue Bonds, Refunding Second Subordinate Lien Series
2022C - AGM Insured
5
.450
10/01/52
2,029,901
2,945,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0
.000
09/01/27
2,846,827
15
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
$
6,735,853
2,455,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0
.000
09/01/32
2,037,395
105,000
(e)
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured, (ETM)
0
.000
09/01/35
78,703
95,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0
.000
09/01/35
70,116
1,055,000
Brisbane School District, San Mateo County, California, General
Obligation Bonds, Election 2003 Series 2005 - AGM Insured
0
.000
07/01/35
768,661
60,000
(e)
Byron Unified School District, Contra Costa County, California,
General Obligation Bonds, Series 2007B, (ETM)
0
.000
08/01/32
49,541
235,000
(e)
Byron Unified School District, Contra Costa County, California,
General Obligation Bonds, Series 2007B - SYNCORA GTY
Insured, (ETM)
0
.000
08/01/32
194,036
1,405,000
Byron Unified School District, Contra Costa County, California,
General Obligation Bonds, Series 2007B - SYNCORA GTY
Insured
0
.000
08/01/32
1,142,465
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
3,137,725
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
3,555,489
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
4,761,406
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
5,118,143
9,000,000
(d)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5
.000
04/01/49
7,046,991
2,500,000
(d)
California Enterprise Development Authority, Charter School
Revenue Bonds, Norton Science & Language Academy Project,
Series 2021
4
.000
07/01/61
1,836,037
2,855,000
(e)
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-
refunded 11/15/26)
5
.000
11/15/46
2,893,855
10,000,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5
.000
11/15/46
10,045,118
16,665,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2017A
5
.000
11/15/48
16,801,346
5,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series
2024A
5
.250
07/01/49
5,078,222
5,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5
.000
12/31/43
5,066,675
3,250,000
California Municipal Finance Authority, Reveue Bonds,
Community Medical Centers, Series 2017A
5
.000
02/01/47
3,260,336
2,930,000
(d)
California School Finance Authority, Charter School Revenue
Bonds, CIty Charter School Obligated Group, Series 2016A
5
.000
06/01/52
2,671,423
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
2,567,583
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
1,499,899
500,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.250
12/01/44
500,196
Portfolio of Investments April 30, 2026
(continued)
NAD
16
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
4,550,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.500
%
12/01/54
$
4,551,035
1,000,000
(d)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/46
1,000,059
18,715,000
(d)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
18,714,768
4,890,000
Clovis Unified School District, Fresno County, California,
General Obligation Bonds, Series 2006B - NPFG Insured
0
.000
08/01/26
4,858,876
1,000,000
Coachella Valley Unified School District, Riverside County,
California, General Obligation Bonds, Series 2005A - FGIC
Insured
0
.000
08/01/30
883,509
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
2,294,641
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
2,740,524
3,500,000
(e)
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A - AGM Insured, (ETM)
0
.000
06/01/26
3,492,732
5,000,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0
.000
06/01/66
493,729
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
918,935
5,240,000
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2005 - AGM
Insured
0
.000
08/01/30
4,647,076
2,500,000
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2007 - FGIC
Insured
0
.000
08/01/32
2,063,088
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
2,492,323
1,045,000
Lake Tahoe Unified School District, El Dorado County,
California, General Obligation Bonds, Series 2001B - NPFG
Insured
0
.000
08/01/31
896,733
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
10,251,141
40,000
(e)
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Subordinate Lien
Series 2021D, (Pre-refunded 11/15/31), (AMT)
5
.000
05/15/46
44,129
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
13,185,542
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
6,147,613
2,700,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
7
.000
11/01/34
3,232,581
2,200,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6
.500
11/01/39
2,665,928
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
2,591,851
6,000,000
(e)
Placentia-Yorba Linda Unified School District, Orange County,
California, Certificates of Participation, Series 2006 - FGIC
Insured, (ETM)
0
.000
10/01/34
4,590,317
17
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
$
1,129,658
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
6,398,968
4,615,000
Riverside County Redevelopment Agency, California, Tax
Allocation Bonds, Jurupa Valley Project Area, Series 2011B
0
.000
10/01/38
2,871,818
10,990,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2021B, (AMT)
5
.000
07/01/46
11,276,825
5,845,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025D,
(AMT)
5
.500
05/01/55
6,211,632
10,175,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5
.000
05/01/49
10,188,304
10,000,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2017A,
(AMT)
5
.000
05/01/42
10,101,705
11,000,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019E,
(AMT)
5
.000
05/01/45
11,208,873
12,285,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019E,
(AMT)
5
.000
05/01/50
12,286,071
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
757,936
315,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5
.250
01/15/44
315,188
5,000,000
San Jose, California, Airport Revenue Bonds, Refunding Series
2017A, (AMT)
5
.000
03/01/41
5,038,627
5,000,000
San Jose, California, Airport Revenue Bonds, Refunding Series
2017A, (AMT)
5
.000
03/01/47
5,008,858
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
8,265,901
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
1,962,401
1,145,000
Southern Kern Unified School District, Kern County, California,
General Obligation Bonds, Series 2006C - AGM Insured
0
.000
11/01/30
998,720
1,175,000
Southern Kern Unified School District, Kern County, California,
General Obligation Bonds, Series 2010B - AGM Insured
0
.000
11/01/35
867,682
2,410,000
Victor Elementary School District, San Bernardino County,
California, General Obligation Bonds, Series 2002A - FGIC
Insured
0
.000
08/01/26
2,394,185
3,750,000
Wiseburn School District, Los Angeles County, California,
General Obligation Bonds, Series 2011B - AGM Insured
7
.300
08/01/36
4,423,621
TOTAL CALIFORNIA
289,006,236
COLORADO - 14.2% (8.4% of Total Investments)
2,245,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2019
5
.000
12/01/51
2,078,560
4,350,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2021
4
.375
12/01/52
3,682,559
1,950,000
Anthem West Metropolitan District, Colorado, General
Obligation Bonds, Refunding Series 2015 - BAM Insured
5
.000
12/01/35
1,952,443
2,000,000
Arvada, Colorado, Water Enterprise Revenue Bonds, Series
2022
4
.000
12/01/48
1,882,656
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
1,004,996
Portfolio of Investments April 30, 2026
(continued)
NAD
18
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
$
1,843,828
4,195,000
(e)
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
4,230,947
5,500,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5
.000
06/01/47
5,731,127
1,163,000
(d)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/29
1,164,576
2,165,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2024A - AGM Insured
5
.500
12/01/54
2,330,467
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
6,165,858
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
1,436,561
2,945,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Community Leadership Academy, Inc.
Second Campus Project, Series 2013
7
.350
08/01/43
2,950,156
1,715,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Flagstaff Academy Project, Refunding
Series 2016
3
.625
08/01/46
1,396,285
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
855,951
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
2,963,091
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
5,838,736
545,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University Corporation for Atmospheric Research
Project, Refunding Series 2017
3
.625
09/01/31
547,650
1,200,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2017A
4
.000
03/01/36
1,199,971
1,600,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2017A
4
.000
03/01/37
1,600,040
7,485,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2026A
5
.250
03/01/56
7,769,765
5,460,000
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019A
4
.000
11/15/43
5,262,330
17,905,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4
.000
11/15/46
16,421,171
11,090,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4
.000
11/15/50
9,764,406
5,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
5,106,859
5,395,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4
.000
08/01/49
4,645,481
10,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2 - BAM Insured
4
.000
08/01/49
8,900,510
2,725,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.500
11/01/47
2,879,309
2,300,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.250
11/01/52
2,371,952
1,640,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Frasier Meadows Project, Refunding & Improvement Series
2017A
5
.250
05/15/47
1,645,619
2,445,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2024A
5
.000
05/15/54
2,493,620
19
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,785,000
(e)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)
4
.000
%
09/01/50
$
3,995,399
4,535,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sanford Health, Series 2019A
5
.000
11/01/44
4,638,058
3,300,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
SCL Health System, Refunding Series 2019A
4
.000
01/01/37
3,317,185
2,535,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5
.000
12/31/47
2,530,660
4,500,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5
.000
12/31/56
4,428,768
950,000
(e)
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
992,977
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
725,804
2,360,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2017E
4
.000
03/01/43
2,333,394
3,420,000
Colorado State, Building Excellent Schools Today, Certificates
of Participation, Series 2020R
4
.000
03/15/45
3,315,691
4,000,000
Colorado State, Building Excellent Schools Today, Certificates
of Participation, Series 2021S
4
.000
03/15/41
4,017,104
7,250,000
(e)
Commerce City, Colorado, Sales and Use Tax Revenue Bonds,
Series 2016, (Pre-refunded 8/01/26)
5
.000
08/01/46
7,290,000
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
1,966,563
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
1,932,294
9,081,352
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
5,962,292
4,250,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
4
.125
11/15/53
3,735,765
2,225,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.750
11/15/45
2,415,290
5,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.000
11/15/53
5,054,638
11,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/43
11,233,253
11,750,000
(b)
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT), (UB)
5
.000
12/01/48
11,775,139
9,040,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.250
12/01/48
9,152,882
4,095,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Current Interest Series 2018A-1
5
.000
08/01/48
4,099,266
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
2,106,819
5,130,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/30
5,168,903
3,900,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/36
3,918,173
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
3,000,525
385,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation Series 2010A
0
.000
09/01/35
283,844
Portfolio of Investments April 30, 2026
(continued)
NAD
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
150,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation Series 2010A
0
.000
%
09/01/37
$
100,837
75,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation Series 2010A
0
.000
09/01/38
48,211
20,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation Series 2010A
0
.000
09/01/39
12,282
110,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation Series 2010A
0
.000
09/01/41
61,105
1,045,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/29
954,720
2,175,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/30
1,925,346
25,050,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/31
21,446,638
23,305,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/32
19,258,036
100,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/33
79,577
12,500,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2006A - NPFG Insured
0
.000
09/01/38
6,754,329
385,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0
.000
09/01/28
361,001
60,000,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0
.000
03/01/36
42,480,960
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
2,006,482
8,000,000
Ebert Metropolitan District, Denver Colorado, Limited Tax
General Obligation Bonds, Refunding Series 2018A-1 - BAM
Insured
5
.000
12/01/43
8,229,581
937,000
Erie Highlands Metropolitan District 2, Weld County, Colorado,
General Obligation Bonds, Limited Tax Series 2018A
5
.250
12/01/48
937,837
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
3,562,979
2,000,000
Firestone, Colorado, Water Enterprise Revenue Bones, Series
2020 - BAM Insured
4
.000
12/01/45
1,941,016
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
3,576,113
2,545,000
(g)
Future Legends Sports Park Business Improvement District,
Colorado, Limited Tax General Obligation Bonds Series 2022A
and Subordinate Limited Tax General Obligation Bonds Series
2022B
1
.500
12/01/52
1,274,683
1,305,000
Goldsmith Metropolitan District, Colorado, General Obligation
Bonds, Refunding Series 2021 - AGM Insured
4
.000
12/01/51
1,184,959
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
3,197,006
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
1,774,901
1,331,000
Meadowbrook Crossing Metropolitan District, EL Paso County,
Colorado, General Obligation Limited Tax Bonds, Refunding
Series 2020A
5
.250
12/01/49
1,318,763
1,500,000
Meridian Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Series 2023 - AGM Insured
4
.375
12/01/53
1,423,712
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
1,812,120
4,520,000
Northern Colorado Water Conservancy District Building
Corporation, Certificates of Participation, Refunding Series
2021
4
.000
07/01/46
4,312,297
21
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,250,000
Northern Colorado Water Conservancy District Building
Corporation, Certificates of Participation, Refunding Series
2021
4
.000
%
07/01/51
$
2,940,573
1,565,000
Park 70 Metropolitan District, Aurora, Colorado, General
Obligation Bonds, Limited Tax Refunding & Improvement
Series 2016
5
.000
12/01/36
1,571,269
2,100,000
Park 70 Metropolitan District, Aurora, Colorado, General
Obligation Bonds, Limited Tax Refunding & Improvement
Series 2016
5
.000
12/01/46
2,092,422
2,235,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Series 2019A - AGM
Insured
4
.000
12/01/38
2,238,550
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
4,540,025
700,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6
.500
11/15/38
839,629
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
755,630
1,050,000
Traditions Metropolitan District 2, Colorado, Limited Tax
General Obligation Bonds, Refunding Series 2016 - BAM
Insured
5
.000
12/01/32
1,060,565
1,000,000
Traditions Metropolitan District 2, Colorado, Limited Tax
General Obligation Bonds, Refunding Series 2016 - BAM
Insured
4
.125
12/01/37
1,001,824
1,500,000
Trails at Crowfoot Metropolitan District 3, Parker, Colorado,
Limited Tax General Obligation Bonds, Refunding Series
2024A
4
.250
12/01/54
1,349,831
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
393,785
5,000,000
(d)
Tree Farm Metropolitan District, Eagle County, Colorado,
General Obligation Limited Tax Bonds, Series 2021
4
.750
12/01/50
4,340,261
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
2,002,547
6,225,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6
.750
12/01/52
6,277,941
7,700,000
(d)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8
.000
12/01/54
5,124,847
4,000,000
(d)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4
.125
12/01/51
3,065,942
TOTAL COLORADO
397,139,298
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
1,898,874
850,000
(d)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, McLean Affiliates, Series 2020A
5
.000
01/01/45
781,305
5,355,000
(b)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2024A, (UB)
4
.600
11/15/49
5,274,134
14,775,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes Series 2018A
5
.000
01/01/34
15,276,979
6,410,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes Series 2018A
5
.000
01/01/37
6,608,370
6,000,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes Series 2018A
5
.000
01/01/38
6,180,378
3,730,000
University of Connecticut, General Obligation Bonds, Series
2020A
5
.000
02/15/41
3,937,026
TOTAL CONNECTICUT
39,957,066
Portfolio of Investments April 30, 2026
(continued)
NAD
22
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
5,591,908
3,000,000
Delaware Health Facilities Authroity, Revenue Bonds, Beebe
Medical Center Project, Series 2018
5
.000
06/01/50
2,895,300
7,255,000
Delaware Transportation Authority, Revenue Bonds, US 301
Project, Series 2015
5
.000
06/01/55
7,199,040
TOTAL DELAWARE
15,686,248
DISTRICT OF COLUMBIA - 2.2% (1.3% of Total Investments)
85,000
District of Columbia Housing Finance Agency, GNMA
Collateralized Single Family Mortgage Revenue Bonds, Series
1988E-4, (AMT)
6
.375
06/01/26
85,184
51,000,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0
.000
06/15/46
12,144,089
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
5,052,530
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
2,659,706
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
4,397,499
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
1,340,788
5,000,000
(e)
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien Series 2009C, (Pre-
refunded 10/01/26) - AGC Insured
6
.500
10/01/41
5,077,720
15,800,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/43
16,099,868
3,500,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5
.250
10/01/48
3,621,286
7,400,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5
.250
10/01/53
7,609,327
4,000,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Series 2024A
5
.250
07/15/59
4,183,484
TOTAL DISTRICT OF COLUMBIA
62,271,481
FLORIDA - 10.6% (6.3% of Total Investments)
1,480,000
Atlantic Beach, Florida, Healthcare Facilities Revenue
Refunding Bonds, Fleet Landing Project, Series 2013A
5
.000
11/15/37
1,480,764
450,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A
5
.000
09/01/45
449,981
2,260,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A
5
.000
09/01/48
2,230,202
5,000,000
Broward County, Florida, Airport System Revenue Bonds,
Series 2017, (AMT)
5
.000
10/01/47
5,007,060
1,090,000
(d)
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter
School Project, Series 2017A
5
.000
10/15/47
1,037,214
3,465,000
(d)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Babcock Neighborhood School Inc Project, Series 2024
5
.750
08/15/49
3,388,345
3,250,000
(d)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A
6
.250
06/15/53
3,304,480
5,690,000
Delray Beach, Florida, Water and Sewer Revenue Improvement
Bonds, Series 2025
5
.250
10/01/55
6,010,161
23
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
3,000,000
(d)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Florida Charter Foundation Inc.
Projects, Series 2016A
5
.000
%
07/15/46
$
2,863,185
175,000
(d)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School, Inc.
Projects, Series 2020C
5
.000
09/15/40
171,431
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
2,015,243
5,000,000
(b)
Florida Development Finance Corporation, Healthcare
Facilities Revenue Bonds, Tampa General Hospital Project,
Series 2024A, (UB)
5
.250
08/01/49
5,186,811
2,265,000
Florida Development Finance Corporation, Healthcare
Facilities Revenue Bonds, Tampa General Hospital Project,
Series 2026A. Fixed Mode
5
.250
08/01/51
2,365,307
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
519,258
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
2,982,000
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
13,447,737
17,945,000
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
17,655,544
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
11,476,841
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
3,595,500
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)
1
.000
07/01/57
8,313,500
28,705,000
Greater Orlando Aviation Authority, Florida, Orlando Airport
Facilities Revenue Bonds, Priority Subordinated Series 2017A,
(AMT)
5
.000
10/01/42
29,102,412
5,000,000
Hillsborough County Aviation Authority, Florida, Revenue
Bonds, Tampa International Airport, Series 2018E, (AMT)
5
.000
10/01/43
5,094,895
4,000,000
Hillsborough County Aviation Authority, Florida, Revenue
Bonds, Tampa International Airport, Subordinate Lien Series
2018A, (AMT)
5
.000
10/01/48
4,008,028
10,305,000
Hillsborough County Aviation Authority, Florida, Tampa
International Airport Customer Facility Charge Revenue Bonds,
Series 2015A
5
.000
10/01/44
10,311,386
10,000,000
Hillsborough County Industrial Development Authority, Florida,
Hospital Revenue Bonds, Florida Health Sciences Center Inc
D/B/A Tampa General Hospital, Series 2020A
4
.000
08/01/55
8,609,103
825,000
(d)
Lake County, Florida, Educational Facilities Revenue Bonds,
Imagine South Lake Charter School Project, Series 2019A
5
.000
01/15/54
698,147
1,500,000
Lauderhill, Florida, Water and Sewer Revenue Bonds, Series
2023 - AGM Insured
5
.000
10/01/53
1,554,525
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
1,805,355
10,000,000
Miami, Florida, Special Obligation Non-Ad Valorem Revenue
Bonds, New Administrative Building Series 2023A
5
.250
03/01/53
10,544,217
10,050,000
(b)
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Series 2018A, (UB)
5
.000
04/01/53
10,058,328
Portfolio of Investments April 30, 2026
(continued)
NAD
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
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
$
1,515,217
3,000,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2015A - BAM Insured, (AMT)
5
.000
10/01/38
3,010,990
24,135,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2017B, (AMT)
5
.000
10/01/40
24,429,387
7,400,000
(b)
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2019A, (AMT), (UB)
5
.000
10/01/49
7,438,291
1,130,000
(d)
Miami-Dade County, Florida, Special Assessment Revenue
Bonds, Ojus Sanitary Sewer Special Benefit Area, Series 2021
5
.100
07/01/51
1,134,421
5,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2022
5
.000
07/01/51
5,115,922
11,525,000
(b)
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2022, (UB)
5
.000
07/01/51
11,792,199
6,035,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2019B
4
.000
10/01/49
5,481,987
8,000,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Inc. Series 2025A
4
.500
10/01/56
7,664,466
9,500,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Obligated Group, Inc. Series
2025A
5
.250
10/01/56
9,875,082
7,000,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Obligated Group, Inc., Series
2022
4
.000
10/01/52
6,034,022
2,360,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Series 2019A-1
5
.000
10/01/49
2,365,584
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
3,285,386
1,360,000
Pine Island Community Development District, Florida, Special
Assessment Bonds, Bella Collina, Series 2004
5
.750
05/01/35
1,360,352
4,635,000
Port Saint Lucie, Florida, Public Service Tax Revenue Bonds,
Recovery Zone Facility Bond Series 2014B
5
.000
09/01/43
4,638,296
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
2,556,280
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
2,033,339
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
9,864,984
2,000,000
Tallahassee, Florida, Health Facilities Revenue Bonds,
Tallahassee Memorial HealthCare Inc. Project, Refunding Series
2015A
5
.000
12/01/40
2,000,706
920,000
Twisted Oaks Pointe Community Development District, Florida,
Special Assessment Revenue Bonds Assessment Area Three
Project Series 2024
6
.000
05/01/55
947,679
1,500,000
Two Lakes Community Development District, Hialeah, Florida,
Special Assessment Bonds, Series 2024
5
.000
05/01/55
1,470,847
6,510,000
Volusia County Educational Facilities Authority, Florida,
Revenue Bonds, Stetson University Inc. Project, Series 2015
5
.000
06/01/45
6,463,552
TOTAL FLORIDA
295,765,949
GEORGIA - 4.6% (2.7% of Total Investments)
1,890,000
Atlanta Development Authority, Georgia, Economic
Development Certificates, Gulch Enterprise Zone Project,
Convertible Capital Appreciation Series 2024A-1 Class A
6
.500
12/15/48
1,712,838
1,775,000
Atlanta Development Authority, Georgia, Revenue Bonds, New
Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1
5
.250
07/01/40
1,777,077
3,400,000
(d)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5
.500
04/01/39
3,477,818
25
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
3,280,000
Atlanta, Georgia, Airport General Revenue Bonds, Series
2019B, (AMT)
5
.000
%
07/01/44
$
3,353,095
14,000,000
(b)
Atlanta, Georgia, Airport General Revenue Bonds, Series
2022B, (AMT), (UB)
5
.000
07/01/52
14,117,814
4,975,000
Burke County Development Authority, Georgia, Pollution
Control Revenue Bonds, Oglethorpe Power Corporation Vogtle
Project, Series 2017D
4
.125
11/01/45
4,754,100
2,600,000
Cobb County Kennestone Hospital Authority, Georgia,
Revenue Anticipation Certificates, Wellstar Health System,
Series 2017A
5
.000
04/01/47
2,612,763
3,500,000
Columbia County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System, Inc. Project,
Series 2023B
5
.125
04/01/53
3,576,092
3,575,000
Crisp County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Crisp County Hospital Project, Series 2021
4
.000
07/01/51
3,122,590
145,000
Dalton Development Authority, Georgia, Revenue Certificates,
Hamilton Health Care System Inc., Series 1996 - NPFG Insured
5
.500
08/15/26
145,691
2,000,000
Fulton County Development Authority, Georgia, Revenue
Bonds, Piedmont Healthcare, Inc. Project, Series 2019A
4
.000
07/01/49
1,791,402
1,000,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025E
4
.850
12/01/40
1,037,769
3,500,000
Georgia Ports Authority, Revenue Bonds, Series 2021
4
.000
07/01/51
3,274,955
3,285,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5
.000
05/15/43
3,333,454
27,810,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5
.000
05/15/49
28,522,920
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
9,994,340
17,120,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2015A
5
.000
07/01/60
17,029,276
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
2,022,667
4,500,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2019A
5
.000
01/01/49
4,505,859
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
5,245,367
4,000,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project P Bonds, Series 2022A
5
.500
07/01/63
4,097,847
2,000,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Lien Series 2020A
5
.000
01/01/59
1,989,583
3,465,000
Paulding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System Inc., Series
2022A
5
.000
04/01/42
3,661,672
2,750,000
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series
2025C
5
.000
06/01/58
2,789,548
TOTAL GEORGIA
127,946,537
GUAM - 0.4% (0.3% of Total Investments)
1,680,000
Guam Economic Development & Commerce Authority,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
5
.250
06/01/32
1,650,375
2,915,000
Guam Economic Development & Commerce Authority,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
5
.625
06/01/47
2,663,209
245,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2016
5
.000
07/01/27
245,709
1,240,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2016
5
.000
01/01/46
1,240,729
2,000,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/33
2,012,105
2,260,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/34
2,273,369
1,175,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/46
1,180,891
Portfolio of Investments April 30, 2026
(continued)
NAD
26
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GUAM
(continued)
$
355,000
Guam Port Authority, Port Revenue Bonds, Private Activity
Series 2018B, (AMT)
5
.000
%
07/01/33
$
362,363
TOTAL GUAM
11,628,750
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
5,874,892
6,000,000
Hawaii State, Airport System Revenue Bonds, Series 2022,
(AMT)
5
.000
07/01/38
6,422,133
5,000,000
Hawaii State, General Obligation Bonds, Series 2017FK
4
.000
05/01/35
5,031,711
TOTAL HAWAII
17,328,736
IDAHO - 0.7% (0.4% of Total Investments)
11,205,000
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE
Trinity Helath Group, Series 2017ID
5
.000
12/01/46
11,300,328
1,700,000
Idaho Health Facilities Authority, Revenue Bonds, Madison
Memorial Hospital Project, Refunding Series 2016
5
.000
09/01/29
1,703,377
4,040,000
(d)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Doral Academy of Idaho, Series 2021A
5
.000
07/15/56
3,098,569
1,155,000
Idaho Water Resource Board, Water Resource Loan Program
Revenue, Ground Water Rights Mitigation Series 2012A
4
.750
09/01/26
1,155,524
310,000
Idaho Water Resource Board, Water Resource Loan Program
Revenue, Ground Water Rights Mitigation Series 2012A
5
.000
09/01/32
310,358
2,285,000
(d)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2021
3
.750
09/01/51
2,209,031
TOTAL IDAHO
19,777,187
ILLINOIS - 11.8% (7.0% of Total Investments)
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
3,800,479
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
3,426,462
3,110,000
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1999A -
NPFG Insured
5
.500
12/01/26
3,135,641
7,540,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5
.250
12/01/51
7,918,795
2,500,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2022A
5
.000
12/01/52
2,539,147
13,585,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Refunding Senior Lien Series 2018A
5
.000
01/01/48
13,496,892
2,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2016F - BAM Insured
4
.250
01/01/47
1,914,241
4,000,000
(b)
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2022A, (UB)
4
.625
01/01/53
3,812,456
8,010,000
(b)
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2022A, (UB)
5
.500
01/01/55
8,240,923
5,000,000
(b)
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2024B, (UB)
5
.500
01/01/59
5,276,980
2,500,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2025E - BAM Insured,
(AMT)
5
.000
01/01/60
2,490,850
5,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2026A
5
.250
01/01/56
5,224,461
10,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2026A
5
.250
01/01/61
10,365,756
10,640,000
(b)
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2026A, (UB)
5
.250
01/01/61
11,029,164
4,115,000
Chicago, Illinois, General Obligation Bonds, City Colleges,
Series 1999 - FGIC Insured
0
.000
01/01/33
3,187,209
29,600,000
Chicago, Illinois, General Obligation Bonds, City Colleges,
Series 1999 - FGIC Insured
0
.000
01/01/38
17,871,468
1,390,000
Chicago, Illinois, General Obligation Bonds, Series 2019A
5
.000
01/01/40
1,392,274
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
9,240,000
Chicago, Illinois, General Obligation Bonds, Series 2019A
5
.500
%
01/01/49
$
9,255,514
3,515,000
(b)
Chicago, Illinois, General Obligation Bonds, Series 2019A, (UB)
5
.500
01/01/49
3,520,901
3,280,000
Chicago, Illinois, General Obligation Bonds, Series 2024A
5
.250
01/01/45
3,268,633
5,090,000
Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Second Lien Series 2001A - NPFG Insured
5
.500
01/01/30
5,352,298
1,275,000
Cook County Community College District 508, Illinois, General
Obligation Bonds, Chicago City Colleges, Dedicated Revenues
Series 2026 - BAM Insured
5
.500
12/01/51
1,354,348
4,500,000
Cook County Community College District 508, Illinois, General
Obligation Bonds, Chicago City Colleges, Series 2017
5
.000
12/01/47
4,530,252
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
7,550,419
3,000,000
Cook County, Illinois, General Obligation Bonds, Refunding
Series 2016A
5
.000
11/15/31
3,032,120
500,000
Cook County, Illinois, General Obligation Bonds, Refunding
Series 2018
5
.000
11/15/34
504,630
5,000,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
4
.450
11/01/36
5,059,078
815,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
4
.500
11/01/36
815,255
2,785,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
5
.500
11/01/36
2,790,142
410,000
(d)
Illinois Finance Authority, Charter School Revenue Bonds,
Intrinsic Charter Schools Belmont School Project, Series 2015A
6
.000
12/01/45
410,130
345,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
5
.000
02/15/33
351,064
2,155,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
5
.000
02/15/33
2,183,579
10,000,000
(e)
Illinois Finance Authority, Revenue Bonds, Mercy Health
Corporation, Series 2016, (Pre-refunded 6/01/26)
5
.000
12/01/46
10,017,831
10,745,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/45
10,746,170
5,000,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago Medicine, Series 2022A
5
.000
08/15/52
5,047,085
15,030,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2023A
5
.250
05/15/54
15,631,167
1,830,000
Illinois Sports Facility Authority, State Tax Supported Bonds,
Refunding Series 2014 - AGM Insured
5
.250
06/15/32
1,869,161
450,000
Illinois State, General Obligation Bonds, December Series
2017A
5
.000
12/01/39
457,298
2,500,000
Illinois State, General Obligation Bonds, December Series
2023C
5
.000
12/01/43
2,619,034
3,500,000
Illinois State, General Obligation Bonds, January Series 2016
5
.000
01/01/29
3,505,528
8,250,000
Illinois State, General Obligation Bonds, January Series 2016
5
.000
01/01/32
8,261,308
4,200,000
Illinois State, General Obligation Bonds, June Series 2016
5
.000
06/01/27
4,207,172
2,000,000
Illinois State, General Obligation Bonds, June Series 2022A
5
.500
03/01/42
2,147,565
785,000
Illinois State, General Obligation Bonds, June Series 2022A
5
.500
03/01/47
819,662
11,485,000
Illinois State, General Obligation Bonds, March Series 2021A
5
.000
03/01/46
11,718,629
1,635,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/30
1,735,205
5,305,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/39
5,634,278
3,000,000
Illinois State, General Obligation Bonds, May Series 2020
5
.750
05/01/45
3,166,215
2,085,000
Illinois State, General Obligation Bonds, May Series 2023B
5
.250
05/01/43
2,200,977
4,525,000
Illinois State, General Obligation Bonds, May Series 2023B
5
.500
05/01/47
4,722,789
1,500,000
Illinois State, General Obligation Bonds, November Series
2016
5
.000
11/01/37
1,508,495
3,510,000
Illinois State, General Obligation Bonds, October Series 2016
5
.000
02/01/27
3,565,343
8,865,000
Illinois State, General Obligation Bonds, October Series 2022C
5
.500
10/01/41
9,596,605
4,685,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2015A
5
.000
01/01/40
4,695,242
7,770,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
4
.000
01/01/42
7,775,237
10,000,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
5
.000
01/01/46
10,446,083
Portfolio of Investments April 30, 2026
(continued)
NAD
28
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
$
5,392,682
1,890,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2015B
5
.000
06/15/52
1,870,578
17,490,000
(b)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A, (UB)
5
.000
06/15/50
17,484,421
1,000,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2015A
5
.500
06/15/53
1,000,239
3,280,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017A
5
.000
06/15/57
3,242,935
5,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/34
3,667,851
1,100,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/35
771,439
3,805,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/41
2,014,146
430,000
(e)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Hospitality Facility, Series 1996A,
(ETM)
7
.000
07/01/26
432,842
1,350,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Refunding Series 2020B - BAM Insured
4
.000
04/01/41
1,303,522
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
2,639,804
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
2,494,373
TOTAL ILLINOIS
329,510,472
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
1,326,094
625,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Seven Oaks Classical School Project, Series 2021A
5
.000
06/01/51
533,761
1,430,000
Indiana Finance Authority, Health System Revenue Bonds,
Franciscan Alliance, Inc Obligated Group, Series 2016A
5
.000
11/01/51
1,431,515
3,950,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Obligation Group, Fixed Rate Series 2023A
5
.000
10/01/46
4,136,574
3,000,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025C
5
.250
10/01/44
3,269,959
2,500,000
Indiana Finance Authority, Indiana, Health Facilities Project
Revenue Bonds, Baptist Healthcare System Obligated Group,
Series 2017A
5
.000
08/15/51
2,510,473
4,500,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, Series 2012A
4
.000
10/01/42
4,345,819
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
2,583,536
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
8,158,745
2,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Community Justice Campus Bonds, Courthouse & Jail Project,
Series 2019A
3
.840
02/01/54
1,765,097
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
1,038,408
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
3,564,100
TOTAL INDIANA
34,664,081
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
2,186,735
2,000,000
Iowa Finance Authority Senior Living Facilities Revenue Bonds,
Sunrise Retirement Community Project, Refunding Series 2021
5
.000
09/01/51
1,469,020
7,505,000
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Alcoa Inc. Project, Series 2012
4
.750
08/01/42
7,506,482
9,535,000
(e)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5
.000
12/01/50
10,792,184
6,235,000
Iowa State, Hospital Revenue Bonds, University of Iowa
Hospitals and Clinics, SUI Series 2022A
4
.000
09/01/36
6,407,350
TOTAL IOWA
28,361,771
KANSAS - 0.5% (0.3% of Total Investments)
6,770,000
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence
Memorial Hospital, Series 2018A
5
.000
07/01/43
6,842,338
7,600,000
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence
Memorial Hospital, Series 2018A
5
.000
07/01/48
7,618,583
TOTAL KANSAS
14,460,921
KENTUCKY - 1.0% (0.6% of Total Investments)
6,000,000
Kentucky Economic Development Finance Authority, Hospital
Revenue Bonds, Owensboro Health, Refunding Series 2017A
5
.000
06/01/45
6,007,986
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
5,383,639
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
4,097,749
5,000,000
Louisville and Jefferson County Metropolitan Government,
Kentucky, Hospital Revenue Bonds, UofL Health Project, Series
2022A
5
.000
05/15/52
4,722,090
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
7,454,860
TOTAL KENTUCKY
27,666,324
LOUISIANA - 2.2% (1.3% 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
3,185,802
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
4,047,566
10,000,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/46
10,030,576
6,085,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
I-10 Calcasieu River Bridge Public-Private Partnership Project,
Senior Lien Series 2024, (AMT)
5
.750
09/01/64
6,257,871
2,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
I-10 Calcasieu River Bridge Public-Private Partnership Project,
Senior Lien Series 2024, (AMT)
5
.000
09/01/66
1,918,909
3,160,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/48
3,164,202
4,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/53
3,944,596
1,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2025A
5
.500
05/15/55
1,056,830
10,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Series 2020A
4
.000
05/15/49
8,773,232
3,000,000
Louisiana Publics Facilities Authority, Louisiana, Revenue
Bonds, I-10 Calcasieu River Bridge Public-Private Partnership
Project, Senior Lien Series 2024, (AMT)
5
.500
09/01/54
3,056,348
Portfolio of Investments April 30, 2026
(continued)
NAD
30
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
$
4,895,111
10,810,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5
.000
07/01/48
11,093,067
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
879,867
TOTAL LOUISIANA
62,303,977
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
3,180,997
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
3,879,322
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
4,348,489
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
5,270,535
2,935,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, MaineHealth Issue, Series 2018A
5
.000
07/01/48
2,963,802
TOTAL MAINE
19,643,145
MARYLAND - 6.2% (3.7% of Total Investments)
1,730,000
(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
1,732,770
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
1,181,030
1,000,000
Baltimore County, Maryland, Revenue Bonds, Oak Crest
Village, Series 2016
3
.625
01/01/37
981,438
2,220,000
Baltimore County, Maryland, Revenue Bonds, Oak Crest
Village, Series 2016
5
.000
01/01/37
2,221,928
9,215,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/42
9,224,529
2,000,000
Baltimore, Maryland, Revenue Bonds, Wastewater Projects,
Subordinate Series 2017A
5
.000
07/01/46
2,004,051
1,100,000
(e)
Baltimore, Maryland, Revenue Bonds, Water Projects,
Refunding Series 1998A - FGIC Insured, (ETM)
5
.000
07/01/28
1,126,511
2,500,000
Baltimore, Maryland, Revenue Bonds, Water Projects,
Subordinate Series 2014A
5
.000
07/01/44
2,501,124
6,000,000
Baltimore, Maryland, Revenue Bonds, Water Projects,
Subordinate Series 2017A
5
.000
07/01/41
6,033,203
1,450,000
Baltimore, Maryland, Special Obligation Bonds, Center/West
Development Project, Series 2017A
5
.500
06/01/43
1,451,370
525,000
Baltimore, Maryland, Special Obligation Bonds, Consolidated
Tax Increment Financing, Series 2015
5
.000
06/15/30
525,414
425,000
Baltimore, Maryland, Special Obligation Bonds, Consolidated
Tax Increment Financing, Series 2015
5
.000
06/15/33
425,279
1,270,000
Baltimore, Maryland, Special Obligation Bonds, East Baltimore
Research Park Project, Series 2017A
4
.500
09/01/33
1,275,923
240,000
Baltimore, Maryland, Special Obligation Bonds, East Baltimore
Research Park Project, Series 2017A
5
.000
09/01/38
242,020
1,895,000
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2016
5
.000
06/01/36
1,896,576
250,000
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2016
5
.125
06/01/43
250,104
2,000,000
(d)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2019A
3
.625
06/01/46
1,725,290
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
350,000
(d)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2019B
3
.875
%
06/01/46
$
310,719
375,000
Brunswick, Frederick County, Maryland, Special Obligation
Bonds, Brunswick Crossing Special Taxing District, Refunding
Series 2019
4
.000
07/01/29
375,535
738,000
Brunswick, Frederick County, Maryland, Special Obligation
Bonds, Brunswick Crossing Special Taxing District, Refunding
Series 2019
5
.000
07/01/36
750,366
3,000,000
(d)
Frederick County, Maryland, Educational Facilities Revenue
Bonds, Mount Saint Mary's University Inc., Series 2017A
5
.000
09/01/37
2,889,596
238,000
Frederick County, Maryland, Special Obligation Bonds, Lake
Linganore Village Community Development Series 2001A -
RAAI Insured
5
.700
07/01/29
238,479
1,230,000
Frederick County, Maryland, Special Obligation Bonds, Urbana
Community Development Authority, Refunding Series 2020A
4
.000
07/01/35
1,240,472
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
350,703
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
105,334
2,000,000
Gaithersburg, Maryland, Economic Development Revenue
Bonds, Asbury Methodist Obligated Group Project, Refunding
Series 2018A
5
.000
01/01/33
2,030,339
1,000,000
Gaithersburg, Maryland, Economic Development Revenue
Bonds, Asbury Methodist Obligated Group Project, Refunding
Series 2018A
5
.000
01/01/36
1,011,845
1,500,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Columbia Commons Apartments, Series 2014A
4
.000
06/01/34
1,500,055
1,550,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Columbia Commons Apartments, Series 2014A
5
.000
06/01/44
1,550,950
1,990,000
Howard County Housing Commission, Maryland, Revenue
Bonds, The Verona at Oakland Mills Project, Series 2013
4
.625
10/01/28
1,992,398
2,990,000
Howard County Housing Commission, Maryland, Revenue
Bonds, The Verona at Oakland Mills Project, Series 2013
5
.000
10/01/28
2,994,688
1,000,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Woodfield Oxford Square Apartments, Series 2017
5
.000
12/01/42
1,013,308
1,290,000
Howard County, Maryland, Retirement Community Revenue
Bonds, Vantage House, Refunding Series 2016
5
.000
04/01/46
1,212,710
1,710,000
Howard County, Maryland, Retirement Community Revenue
Bonds, Vantage House, Refunding Series 2017
5
.000
04/01/36
1,716,309
1,500,000
(d)
Howard County, Maryland, Special Obligation Bonds,
Downtown Columbia Project, Series 2017A
4
.125
02/15/34
1,496,214
1,550,000
(d)
Howard County, Maryland, Special Obligation Bonds,
Downtown Columbia Project, Series 2017A
4
.375
02/15/39
1,544,640
850,000
(d)
Howard County, Maryland, Special Obligation Bonds,
Downtown Columbia Project, Series 2017A
4
.500
02/15/47
804,930
2,125,000
Hyattsville, Maryland, Special Obligation Bonds, University
Town Center Project, Series 2016
5
.000
07/01/31
2,126,414
1,640,000
Hyattsville, Maryland, Special Obligation Bonds, University
Town Center Project, Series 2016
5
.000
07/01/34
1,640,767
1,220,000
Maryland Community Development Administration
Department of Housing and Community Development,
Housing Revenue Bonds, Series 2000A
2
.800
07/01/45
933,310
1,195,000
Maryland Community Development Administration
Department of Housing and Community Development,
Housing Revenue Bonds, Series 2014D
3
.900
07/01/40
1,189,621
680,000
Maryland Community Development Administration
Department of Housing and Community Development,
Housing Revenue Bonds, Series 2017C
3
.550
07/01/42
624,974
700,000
Maryland Community Development Administration
Department of Housing and Community Development,
Housing Revenue Bonds, Series 2020E
2
.350
07/01/45
496,533
Portfolio of Investments April 30, 2026
(continued)
NAD
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
1,445,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2019C
3
.000
%
03/01/42
$
1,234,401
2,000,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2020D
2
.100
09/01/40
1,557,625
2,570,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021A
2
.000
09/01/43
1,776,051
2,000,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Taxable Series 2019D
3
.350
07/01/49
1,619,066
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
1,000,169
1,000,000
Maryland Economic Development Corporation Economic
Development Revenue Bonds, Transportation Facilities Project,
Refunding Series 2017A
5
.000
06/01/31
1,034,420
1,125,000
Maryland Economic Development Corporation Economic
Development Revenue Bonds, Transportation Facilities Project,
Refunding Series 2017A
5
.000
06/01/32
1,161,660
3,360,000
Maryland Economic Development Corporation Economic
Development Revenue Bonds, Transportation Facilities Project,
Refunding Series 2017A
5
.000
06/01/35
3,452,284
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
1,541,263
2,500,000
Maryland Economic Development Corporation, Maryland,
Lease Revenue Bonds, Reservoir Square Project, Series 2024
5
.000
07/01/56
2,500,989
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
1,036,685
840,000
Maryland Economic Development Corporation, Parking
Facilities Revenue Bonds Baltimore City Project, Subordinate
Parking Facilities Revenue Bonds, Series 2018C
4
.000
06/01/58
647,715
2,225,000
Maryland Economic Development Corporation, Parking
Facilities Revenue Bonds, Baltimore City Project, Senior Parking
Facilities Revenue Bonds, Series 2018A
5
.000
06/01/58
2,235,723
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
1,703,045
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
1,108,185
470,000
Maryland Economic Development Corporation, Senior Student
Housing Revenue Bonds, Towson University Project, Refunding
Series 2017
5
.000
07/01/37
470,187
585,000
Maryland Economic Development Corporation, Special
Obligation Bonds, Metro Centre Owings Mills Project, Series
2017
4
.375
07/01/36
579,735
135,000
Maryland Economic Development Corporation, Student
Housing Revenue Bonds, Salisbury University Project,
Refunding Series 2013
5
.000
06/01/27
135,079
500,000
Maryland Economic Development Corporation, Student
Housing Revenue Bonds, Salisbury University Project,
Refunding Series 2013
5
.000
06/01/34
500,147
1,510,000
Maryland Economic Development Corporation, Student
Housing Revenue Bonds, Sheppard Pratt University Village,
Series 2012
5
.000
07/01/33
1,509,902
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
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
$
1,085,657
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
690,382
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
1,007,926
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
75,577
250,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds Doctors Community Hospital, Series 2017B
5
.000
07/01/34
253,336
4,820,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds Doctors Community Hospital, Series 2017B
5
.000
07/01/38
4,864,708
90,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/36
90,202
1,450,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/38
1,452,871
600,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
4
.000
07/01/42
582,225
1,400,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist Healthcare, Series 2016A
5
.500
01/01/36
1,416,775
4,020,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist Healthcare, Series 2016A
5
.500
01/01/46
4,044,840
2,125,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Charlestown Community Issue, Series 2016A
5
.000
01/01/36
2,129,983
4,090,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Charlestown Community Issue, Series 2016A
5
.000
01/01/45
4,093,713
1,000,000
Maryland Health and HIgher Educational Facilities Authority,
Revenue Bonds, Frederick Health System Issue; Series 2020
3
.250
07/01/39
840,117
265,000
(d)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Green Street Academy, Series 2017A
5
.125
07/01/37
265,969
500,000
(d)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Green Street Academy, Series 2017A
5
.250
07/01/47
492,813
915,000
(e)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured,
(ETM)
5
.000
07/01/27
925,428
500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Johns Hopkins University, Series 2013B
5
.000
07/01/38
500,235
4,375,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Johns Hopkins University, Series 2013B
4
.250
07/01/41
4,375,465
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue, Series 2017
5
.000
07/01/33
1,021,676
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue, Series 2017
5
.000
07/01/44
1,008,877
2,975,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health System, Series 2015
4
.125
07/01/47
2,845,607
175,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Maryland Institute College of Art, Series 2016
5
.000
06/01/36
175,031
525,000
(e)
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
525,981
1,000,000
(e)
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
1,001,868
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Maryland Institute College of Art, Series 2024
5
.500
06/01/47
997,163
4,260,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Trinity Health Credit Group, Series 2017MD
5
.000
12/01/46
4,303,448
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
1,000,859
Portfolio of Investments April 30, 2026
(continued)
NAD
34
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
5,500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, University of Maryland Medical System Issue,
Series 2017B
5
.000
%
07/01/39
$
5,578,123
6,250,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Series
2018A
5
.000
05/01/42
6,406,139
7,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2020
4
.000
07/01/50
6,490,294
1,500,000
Montgomery County Housing Opportunities Commission,
Maryland, Multifamily Housing Development Bonds, Series
2014A
3
.875
07/01/39
1,470,625
6,000,000
Montgomery County, Maryland, Revenue Bonds, Trinity Health
Credit Group, Series 2015
4
.000
12/01/44
5,706,781
320,000
(d)
Prince George's County Revenue Authority, Maryland, Special
Obligation Bonds, Suitland-Naylor Road Project, Series 2016
5
.000
07/01/46
320,021
1,050,000
Prince George's County, Maryland, Revenue Bonds, Collington
Episcopal Life Care Community Inc., Series 2017
5
.250
04/01/37
1,052,092
1,300,000
(d)
Prince George's County, Maryland, Special Obligation Bonds,
Westphalia Town Center Project, Series 2018
5
.125
07/01/39
1,308,468
1,200,000
(d)
Prince George's County, Maryland, Special Obligation Bonds,
Westphalia Town Center Project, Series 2018
5
.250
07/01/48
1,200,725
1,751,000
Prince George's County, Maryland, Special Tax District Bonds,
Victoria Falls Project, Series 2005
5
.250
07/01/35
1,754,959
795,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Ingleside King Farm Project,
Refunding Series 2017A-2
5
.000
11/01/31
805,018
1,070,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Ingleside King Farm Project,
Series 2017A-1
5
.000
11/01/28
1,085,326
1,000,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Ingleside King Farm Project,
Series 2017A-1
5
.000
11/01/37
1,005,827
500,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Series 2017B
5
.000
11/01/42
500,221
1,000,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Series 2017B
5
.000
11/01/47
930,736
1,000,000
(e)
Washington County County Commissioners, Maryland,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019B, (ETM)
5
.000
01/01/29
1,058,613
500,000
(e)
Washington County County Commissioners, Maryland,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2019B, (Pre-refunded 1/01/29)
5
.000
01/01/32
529,307
TOTAL MARYLAND
174,356,107
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
4,579,009
539,969
(d),(g)
Massachusetts Development Finance Agency, Health Care
Facility Revenue Bonds, Adventcare Project, Series 2007A
6
.750
10/15/37
5
677,039
(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
4,037,967
3,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2015
4
.500
01/01/45
3,063,901
8,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Lowell General Hospital, Series 2013G
5
.000
07/01/44
8,312,294
1,145,000
Massachusetts Development Finance Agency, Revenue Bonds,
Western New England University, Series 2015
5
.000
09/01/40
1,144,936
1,280,000
Massachusetts Development Finance Agency, Revenue Bonds,
Western New England University, Series 2015
5
.000
09/01/45
1,228,073
2,000,000
Massachusetts Housing Finance Agency, Housing Bonds,
Series 2013B
4
.500
06/01/56
1,960,421
35
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
1,600,000
(b)
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024A1, (UB)
4
.900
%
12/01/59
$
1,607,328
4,485,000
(b)
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2024-234, (UB)
4
.700
12/01/49
4,467,856
2,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2024A
5
.000
01/01/54
2,064,374
TOTAL MASSACHUSETTS
32,466,171
MICHIGAN - 3.3% (1.9% of Total Investments)
40,000
(e)
Eastern Michigan University, General Revenue Bonds, Series
2018A, (Pre-refunded 3/01/28)
4
.000
03/01/44
40,996
960,000
Eastern Michigan University, General Revenue Bonds, Series
2018A - AGM Insured
4
.000
03/01/44
919,351
10,000,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Second Lien Series 2025D
5
.500
07/01/55
10,621,974
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
4,303,568
2,000,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2019A
5
.000
07/01/48
2,041,725
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
8,897,959
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
9,107,371
6,395,000
(b)
Michigan Finance Authority, Hospital Revenue Bonds,
Beaumont Health Credit Group, Series 2016A, (UB)
5
.000
11/01/44
6,396,171
5,000,000
Michigan Finance Authority, Hospital Revenue Bonds, McLaren
Health Care, Series 2019A
4
.000
02/15/47
4,443,755
4,500,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2019A-MI
4
.000
12/01/49
3,927,649
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
4,589,111
4,385,000
(e)
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6, (Pre-refunded 11/15/26)
4
.000
11/15/47
4,412,661
615,000
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6
4
.000
11/15/47
565,852
2,500,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2024A
4
.700
10/01/54
2,488,778
2,450,000
(b)
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2024A, (UB)
4
.650
12/01/49
2,433,668
8,000,000
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan
Program Series 2020B
4
.000
11/15/45
7,748,540
6,000,000
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan
Program, Series 2023
5
.500
11/15/49
6,464,647
5,000,000
Troy School District, Oakland County, Michigan, General
Obligation Bonds, School Building & Site Series 2023
5
.000
05/01/47
5,245,766
6,225,000
Walled Lake Consolidated School District, Oakland County,
Michigan, General Obligation Bonds, School Building & Site
Series 2020
5
.000
05/01/50
6,388,882
TOTAL MICHIGAN
91,038,424
MINNESOTA - 3.5% (2.1% 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
290,476
3,260,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5
.000
07/01/47
2,716,539
500,000
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Eagle Ridge Academy Project, Series 2016A
4
.000
07/01/37
481,061
Portfolio of Investments April 30, 2026
(continued)
NAD
36
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
6,905,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
%
02/15/48
$
6,918,122
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
11,906,379
1,925,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.250
02/15/53
1,932,329
3,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/58
2,933,317
4,270,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.250
02/15/58
4,280,315
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
1,088,758
725,000
Hawley Independent School District 150, Clay County,
Minnesota, General Obligation Bonds, School Building Series
2023A
4
.000
02/01/43
728,806
1,870,000
Independence, Minnesota, Charter School Lease Revenue
Bonds, Beacon Academy Project, Series 2016A
5
.000
07/01/48
1,630,572
500,000
Independence, Minnesota, Charter School Lease Revenue
Bonds, Paladin Career & Technical High School Project, Series
2021A
4
.000
06/01/41
415,155
5,000,000
(d)
Independence, Minnesota, Charter School Lease Revenue
Bonds, Spero Academy Project, Series 2021A
5
.000
07/01/56
3,882,309
2,010,000
Independent School District 621, Mounds View, Minnesota,
General Obligation Bonds, School Building Series 2018A
4
.000
02/01/42
2,013,699
1,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019B, (AMT)
5
.000
01/01/31
1,055,089
1,300,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019B, (AMT)
5
.000
01/01/38
1,346,379
3,420,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019B, (AMT)
5
.000
01/01/44
3,482,005
4,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019B, (AMT)
5
.000
01/01/49
4,018,018
2,295,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C
5
.000
01/01/41
2,316,757
470,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2016D, (AMT)
5
.000
01/01/32
475,247
450,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2016D, (AMT)
5
.000
01/01/35
454,330
580,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2016D, (AMT)
5
.000
01/01/37
584,859
750,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2016D, (AMT)
5
.000
01/01/41
754,593
2,745,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022B, (AMT)
5
.250
01/01/47
2,820,189
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
3,448,377
1,300,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, Carleton College, Refunding Series 2017
3
.750
03/01/38
1,300,154
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
1,460,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, Carleton College, Refunding Series 2017
4
.000
%
03/01/41
$
1,460,423
270,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2021A
3
.000
08/01/36
254,730
190,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2021B
3
.000
08/01/36
179,254
2,910,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2022A
5
.000
08/01/41
3,111,794
2,380,000
Round Lake-Brewster Independent School District 2907,
Minnesota, General Obligation Bonds, School Building Series
2023A
4
.000
02/01/44
2,389,248
2,000,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2019
5
.000
05/01/48
2,028,940
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
1,420,707
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
1,406,391
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
2,640,179
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
1,251,698
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
714,604
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
2,211,415
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
2,503,629
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
2,502,921
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
1,446,309
1,415,000
Saint Paul Housing and Redevelopment Authority Minnesota,
Senior Housing and Health Care Revenue Bonds, Episcopal
Homes Project, Series 2013
5
.000
05/01/33
1,393,334
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
859,107
2,245,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5
.000
11/15/47
2,217,969
3,150,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Lease Revenue Bonds, Hope Community Academy Project,
Series 2015A
5
.000
12/01/43
2,586,894
2,000,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5
.000
08/01/54
1,940,693
TOTAL MINNESOTA
97,794,073
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
1,504,228
6,000,000
Mississippi Hospital Equipment and Facilities Authority,
Revenue Bonds, Baptist Memorial Healthcare, Series 2016A
5
.000
09/01/41
6,009,489
15,500,000
Mississippi Hospital Equipment and Facilities Authority,
Revenue Bonds, Baptist Memorial Healthcare, Series 2016A
5
.000
09/01/46
15,424,526
TOTAL MISSISSIPPI
22,938,243
Portfolio of Investments April 30, 2026
(continued)
NAD
38
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI - 5.2% (3.1% 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
$
2,010,263
1,945,000
Jefferson County School District R-1 Northwest, Missouri,
General Obligation Bonds, Direct Deposit Program Series 2023
4
.000
03/01/42
1,948,365
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
3,048,993
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
3,048,770
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
13,371,643
14,820,000
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
14,858,544
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
383,507
7,000,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/27
6,805,294
5,000,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/28
4,720,625
5,000,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/29
4,574,434
6,185,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2023A
4
.000
01/01/48
5,972,547
1,240,000
(d)
Missouri Development Finance Board, Tax Increment and
Special District Revenue Bonds, Lakeport Village Project, Series
2025A
6
.750
06/15/55
1,222,601
1,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998C
2
.750
09/01/33
921,492
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
1,001,406
11,010,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025A
4
.000
04/01/45
10,407,061
11,090,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2013A
5
.000
11/15/48
11,091,495
3,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5
.000
11/15/42
3,048,895
6,265,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5
.000
11/15/47
6,311,993
10,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2020
4
.000
06/01/53
8,708,761
1,800,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/44
1,678,089
7,815,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/49
6,799,312
2,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, SSM Health Care, Series 2018A
4
.000
06/01/48
1,770,801
7,925,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5
.000
02/01/46
7,924,993
4,370,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016B
5
.000
02/01/46
4,369,996
725,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Saint Louis University, Series 2017A
4
.000
10/01/36
728,076
39
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
3,510,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Saint Louis University, Series 2017A
5
.000
%
10/01/47
$
3,532,340
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
6,399,228
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
1,459,520
1,135,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2024A
4
.700
11/01/54
1,136,425
1,330,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, MoPEP Facilities, Series 2018
5
.000
12/01/37
1,351,339
1,140,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, MoPEP Facilities, Series 2018
5
.000
12/01/38
1,156,830
2,185,000
Missouri Southern State University, Auxiliary Enterprise System
Revenue Bonds, Series 2021
4
.000
10/01/44
2,080,607
375,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series
2013A
5
.875
09/01/43
375,373
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
996,150
TOTAL MISSOURI
145,215,768
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
2,130,861
6,830,000
Montana State Board of Regents of Higher Education, General
Revenue Bonds, Series 2022 - AGM Insured
5
.250
11/15/52
7,079,408
TOTAL MONTANA
9,210,269
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
1,609,523
860,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
4
.125
11/01/36
860,043
540,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
5
.000
11/01/45
540,243
TOTAL NEBRASKA
3,009,809
NEVADA - 0.7% (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
9,067,443
7,500,000
Las Vegas Convention and Visitors Authority, Nevada,
Convention Center Expansion Revenue Bonds, Series 2018B
4
.000
07/01/49
6,833,158
2,400,000
Nevada System of Higher Education, Community College
Revenue Bonds, Series 2017
4
.000
07/01/41
2,400,304
TOTAL NEVADA
18,300,905
NEW HAMPSHIRE - 0.5% (0.3% 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
2,643,685
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
1,209,716
3,500,000
(d)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Forestar Group Houston Area Projects, Fort Bend,
Galveston, Montgomery, and Walker Counties, Texas, Series
2026
6
.500
12/01/34
3,509,167
Portfolio of Investments April 30, 2026
(continued)
NAD
40
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE
(continued)
$
2,535,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Concord Hospital, Series 2017
5
.000
%
10/01/47
$
2,548,640
4,000,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series
2018A
5
.000
08/01/35
4,122,462
TOTAL NEW HAMPSHIRE
14,033,670
NEW JERSEY - 5.5% (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
5,214,070
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
1,997,987
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
1,893,885
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
1,596,782
2,000,000
(e)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2016BBB, (Pre-refunded
12/15/26)
5
.500
06/15/31
2,036,268
5,770,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2005N-1 - NPFG Insured
5
.500
09/01/27
5,973,060
2,410,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
4
.000
06/15/50
2,213,048
5,275,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4
.000
07/01/51
4,911,357
2,020,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/28
2,025,507
3,340,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/29
3,349,018
8,155,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023AA
4
.250
06/15/44
8,094,084
4,890,000
(b)
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023BB, (UB)
5
.250
06/15/50
5,142,892
1,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/26
982,404
21,120,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/28
19,566,751
10,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/32
8,111,272
20,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/33
15,617,458
25,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/35
17,884,165
30,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/36
20,526,885
2,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0
.000
12/15/32
1,616,976
1,690,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5
.250
06/15/33
1,692,479
2,840,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5
.000
06/15/45
2,841,438
2,800,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2018A
5
.000
12/15/36
2,919,702
5,250,000
(b)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2022B, (UB)
5
.250
01/01/52
5,534,577
7,810,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2020A
5
.000
11/01/45
8,075,607
3,215,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/36
3,316,871
41
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
1,405,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
%
06/01/46
$
1,394,386
TOTAL NEW JERSEY
154,528,929
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
3,393,841
7,000,000
New Mexico Hospital Equipment Loan Council, Hospital
Revenue Bonds, Presbyterian Healthcare Services, Series
2019A
4
.000
08/01/48
6,182,105
775,000
Santa Fe County, New Mexico, Correctional System Gross
Receipts Tax Revenue Bonds, Series 1997 - AGM Insured
6
.000
02/01/27
791,913
TOTAL NEW MEXICO
10,367,859
NEW YORK - 15.0% (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
2,805,993
490,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Catholic Health
System, Inc. Project, Series 2015
5
.250
07/01/35
490,000
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
3,604,189
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
589,622
2,295,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.500
10/01/54
2,426,547
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
3,148,567
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
18,608,314
3,760,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2017A
5
.000
03/15/44
3,805,754
5,000,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5
.250
10/01/35
5,726,437
5,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5
.000
09/01/37
5,209,175
10,000,000
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Refunding Series 2012A
0
.000
11/15/32
8,151,598
9,220,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Refunding Series 2024A
- BAM Insured
4
.000
11/15/48
8,365,531
2,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Series 2017D
4
.000
11/15/42
1,894,857
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
4,951,786
8,715,000
(b)
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2024A, (UB)
4
.000
04/01/54
8,029,097
2,950,000
New York City Housing Development Corporation, New York,
House Impact Revenue Bonds, Green Series 2023A
4
.800
02/01/53
2,945,584
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
1,912,816
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
753,191
500,000
(g)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5
.750
10/01/37
315,000
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
.875
10/01/46
630,000
Portfolio of Investments April 30, 2026
(continued)
NAD
42
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
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
$
4,957,615
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
2,955,722
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
6,457,928
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
5,163,025
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
19,634,874
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
9,090,313
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
5,154,026
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
5,641,232
3,530,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
4
.250
05/01/54
3,311,205
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
10,515,186
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
3,185,757
1,770,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024F-1
5
.250
02/01/53
1,845,389
2,000,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series F-1
5
.000
03/01/43
2,097,325
3,000,000
New York City, New York, General Obligation Bonds, Fiscal
2022 Series A-1
5
.000
08/01/47
3,085,837
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
2,000,693
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
716,368
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
29,843,790
7,210,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2021A-1
4
.000
03/15/55
6,416,970
10,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A-3
5
.000
03/15/48
10,472,648
13,370,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2020C
5
.000
03/15/47
13,907,153
4,120,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2020C
5
.000
03/15/50
4,258,086
2,000,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2022A
5
.000
03/15/46
2,095,153
19,000,000
New York State Urban Development Corporation, State Sales
Tax Revenue Bonds, Empire Series 2021A
4
.000
03/15/47
17,695,555
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
500,184
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
17,327,530
43
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
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
$
28,802,180
2,000,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green
Series 2024A, (AMT)
5
.250
12/31/54
2,025,124
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
40,026
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
5,931,406
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
2,848,703
5,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024 - AGM
Insured, (AMT)
5
.000
06/30/49
5,001,876
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
1,009,460
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
13,920,318
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
10,195,734
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
7,551,337
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
6,696,269
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
15,711,172
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
3,914,630
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
2,790,745
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
5,202,093
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
3,151,080
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
3,115,876
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
1,210,148
Portfolio of Investments April 30, 2026
(continued)
NAD
44
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
5,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Seventeen Series 2019
5
.000
%
11/01/44
$
5,235,176
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
1,525,448
2,835,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/29
2,378,237
2,700,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/34
2,081,392
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
4,366,165
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
6,352,511
1,250,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/45
1,175,283
2,850,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/48
2,665,499
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
884,148
TOTAL NEW YORK
418,495,667
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
2,589,680
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
7,444,418
4,160,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 54-A
4
.700
07/01/50
4,162,091
11,145,000
North Carolina Medial Care Commission, Health Care Facilities
Revenue Bonds, Rex Healthcare, Series 2020A
4
.000
07/01/49
10,599,475
1,570,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5
.000
10/01/31
1,576,538
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
1,663,451
500,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5
.000
01/01/32
503,369
11,480,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2019
5
.000
01/01/49
11,620,023
3,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2019
5
.000
01/01/49
3,039,619
10,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2024A - AGM Insured
5
.000
01/01/58
10,169,865
TOTAL NORTH CAROLINA
53,368,529
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
526,429
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
697,309
1,400,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5
.000
05/01/50
1,401,069
1,350,000
(b)
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2024A, (UB)
4
.750
01/01/52
1,356,846
3,000,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/48
2,655,759
TOTAL NORTH DAKOTA
6,637,412
45
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO - 4.1% (2.4% of Total Investments)
$
6,250,000
(e)
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
$
6,332,583
6,000,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy
Health, Series 2017A
4
.000
08/01/36
6,029,829
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
1,741,031
10,000,000
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
7,945,530
3,960,000
Butler County, Ohio,  Hospital Facilities Revenue Bonds, UC
Health, Refunding Series 2017
4
.000
11/15/34
3,890,067
3,000,000
Butler County, Ohio,  Hospital Facilities Revenue Bonds, UC
Health, Refunding Series 2017
4
.000
11/15/35
2,920,187
2,875,000
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena
Health System Obligated Group Project, Refunding &
Improvement Series 2017
5
.000
12/01/47
2,866,782
2,000,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025A,
(AMT)
5
.500
01/01/50
2,111,690
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
2,534,365
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
2,000,171
1,000,000
County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica
Healthcare Obligated Group, Series 2018A
5
.250
11/15/48
993,567
1,500,000
Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth
System, Series 2017
5
.250
02/15/47
1,500,420
4,795,000
Fairfield County, Ohio, Hospital Facilities Revenue Bonds,
Fairfield Medical Center Project, Series 2013
5
.000
06/15/43
4,250,811
1,000,000
Franklin County Convention Facilities Authority, Ohio, Hotel
Project Revenue Bonds, Greater Columbus Convention Center
Hotel Expansion Project, Series 2019
5
.000
12/01/44
1,004,552
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
1,490,445
5,000,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds,
TriHealth, Inc. Obligated Group Project, Series 2017A
5
.000
08/15/42
5,071,546
1,000,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5
.500
08/01/51
1,019,081
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
3,857,233
2,000,000
Muskingum County, Ohio, Hospital Facilities Revenue Bonds,
Genesis HealthCare System Obligated Group Project, Series
2013
5
.000
02/15/33
2,001,539
5,000,000
(d)
Ohio Air Quality Development Authority, Ohio, Exempt
Facilities Revenue Bonds, AMG Vanadium Project, Series 2019,
(AMT)
5
.000
07/01/49
4,558,524
1,200,000
Ohio Air Quality Development Authority, Ohio, Pollution
Control Revenue Bonds, FirstEnergy Generation Corporation
Project, Refunding Series 2009D
3
.375
08/01/29
1,182,682
1,000,000
Ohio Air Quality Development Authority, Ohio, Pollution
Control Revenue Bonds, FirstEnergy Nuclear Generation
Project, Refunding Series 2009A
4
.750
06/01/33
1,038,238
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
1,181,488
Portfolio of Investments April 30, 2026
(continued)
NAD
46
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
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
$
1,545,521
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
4,154,436
3,375,000
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission, Infrastructure Projects, Junior Lien
Series 2018A
4
.000
02/15/38
3,398,017
16,325,000
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission, Infrastructure Projects, Junior Lien
Series 2018A
5
.000
02/15/43
16,622,921
5,450,000
Ohio Water Development Authority, Pollution Control Revenue
Refunding Bonds, FirstEnergy Nuclear Generating Corporation
Project, Series 2009A
4
.750
06/01/33
5,658,396
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
4,402,226
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
3,599,593
6,000,000
West Holmes Local School District, Ohio, Certificates of
Participation, Series 2023 - BAM Insured
5
.250
12/01/53
6,174,476
TOTAL OHIO
113,077,947
OKLAHOMA - 0.8% (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
1,679,277
1,800,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2022
5
.500
08/15/41
1,845,850
6,815,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2017C
5
.000
01/01/47
6,855,234
10,000,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
4
.250
01/01/55
9,584,272
1,000,000
Tulsa County Industrial Authority, Oklahoma, Senior Living
Community Revenue Bonds, Montereau, Inc Project, Refunding
Series 2017
5
.250
11/15/37
1,011,198
TOTAL OKLAHOMA
20,975,831
OREGON - 2.5% (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
1,456,476
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
2,482,436
725,000
Clackamas County Hospital Facility Authority, Oregon, Revenue
Bonds, Rose Villa Inc., Series 2020A
5
.250
11/15/50
711,440
4,875,000
Deschutes County Hospital Facility Authority, Oregon, Hospital
Revenue Bonds, Saint Charles Health System, Inc., Series
2016A
5
.000
01/01/48
4,875,297
3,180,000
Oregon Facilities Authority, Revenue Bonds, Legacy Health
Project, Series 2016A
5
.000
06/01/46
3,181,289
2,410,000
Oregon Facilities Authority, Revenue Bonds, Legacy Health
Project, Series 2022A
5
.000
06/01/52
2,428,692
4,250,000
Port of Portland, Oregon, International Airport Revenue Bonds,
Green Series 2023-29, (AMT)
5
.500
07/01/53
4,448,527
6,645,000
Port of Portland, Oregon, International Airport Revenue Bonds,
Series 2017-24B, (AMT)
5
.000
07/01/47
6,651,342
15,440,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
5
.000
05/15/46
15,444,964
30,870,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Series 2019A
4
.000
05/15/49
27,044,207
TOTAL OREGON
68,724,670
47
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 7.2% (4.2% 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
$
12,915,458
1,000,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2020B
4
.000
06/01/45
975,459
1,765,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2020B
4
.000
06/01/50
1,597,156
3,800,000
(c)
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, FirstEnergy Generation
Project, Refunding Series 2006A, (Mandatory Put 7/01/33)
4
.750
01/01/35
3,972,002
345,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018
5
.000
06/01/34
357,428
3,500,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/37
3,570,966
8,385,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/42
8,510,172
5,400,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0
.000
12/01/33
4,129,591
11,000,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0
.000
12/01/38
6,580,677
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
5,485,938
2,400,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
5
.000
09/01/35
2,472,114
5,000,000
Northampton County General Purpose Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's University Health
Network Project, Series 2024A-1
5
.250
08/15/53
5,177,137
235,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, National Gypsum Company,
Refunding Series 2014, (AMT)
5
.500
11/01/44
235,162
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
1,001,083
2,000,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Private Activity Revenue Bonds, The PennDOT
Major Bridges Package One Project, Series 2022, (AMT)
5
.250
06/30/53
2,008,451
7,730,000
(b)
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Revenue Bonds, Villanova University Project,
Series 2024, (UB)
4
.000
08/01/54
6,979,491
5,000,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2026A
5
.000
12/15/56
5,058,274
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
1,081,610
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
1,545,614
6,670,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1, (UB)
4
.250
11/01/48
6,255,153
12,920,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1, (UB)
4
.250
11/01/51
11,858,786
10,000,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2, (UB)
4
.375
11/01/54
9,375,021
4,000,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2
5
.000
11/01/54
4,029,255
12,000,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2, (UB)
5
.000
11/01/54
12,087,766
9,575,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2019
4
.000
08/15/44
9,145,666
Portfolio of Investments April 30, 2026
(continued)
NAD
48
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
2,500,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2025
5
.500
%
08/15/55
$
2,682,122
6,000,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Trustees, Series 2025A
4
.250
02/15/55
5,722,379
12,000,000
(b)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4
.600
10/01/49
11,876,086
7,385,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A
4
.750
10/01/49
7,392,855
16,750,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6
.375
12/01/38
17,509,954
3,635,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2022B
5
.250
12/01/52
3,793,490
14,500,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2009C - AGM Insured
6
.250
06/01/33
14,541,616
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
2,374,991
3,000,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2017B, (AMT)
5
.000
07/01/47
3,005,097
4,500,000
Union County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Evangelical Community Hospital Project,
Series 2018B
5
.000
08/01/48
4,493,629
TOTAL PENNSYLVANIA
199,797,649
PUERTO RICO - 2.4% (1.4% 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
2,016,156
64,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/27
61,694
88,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/29
79,357
114,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/31
95,411
128,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/33
98,642
1,093,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.500
07/01/34
1,093,062
10,500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/46
3,761,496
17,713,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/51
4,644,159
13,565,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
12,974,920
29,205,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
28,463,321
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
2,849,590
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
3,261,913
20,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.536
07/01/53
18,529
9,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.784
07/01/58
8,603,828
TOTAL PUERTO RICO
68,022,078
49
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
RHODE ISLAND - 0.2% (0.1% of Total Investments)
$
2,140,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, Social 2023
Series 80A
4
.650
%
10/01/53
$
2,141,561
30,175,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
0
.000
06/01/52
4,053,426
TOTAL RHODE ISLAND
6,194,987
SOUTH CAROLINA - 5.1% (3.0% of Total Investments)
3,500,000
Charleston County Airport District, South Carolina, Airport
Revenue Bonds, Series 2024A, (AMT)
5
.250
07/01/49
3,628,459
10,975,000
Florence, South Carolina, Combined Waterworks and
Sewerage System Revenue Bonds, Capital Improvement Series
2025
4
.000
09/01/55
9,970,081
3,175,000
Lancaster County, South Carolina, Assessment Revenue Bonds,
Walnut Creek Improvement District, Series 2016A-1
5
.000
12/01/37
3,174,834
7,500,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5
.000
11/01/41
7,506,181
2,500,000
Medical University Hospital Authority, South Carolina, FHA-
Insured Mortgage Revenue Bonds, Indian Land Project, Series
2025
5
.250
11/15/50
2,583,961
21,565,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AMBAC Insured
0
.000
01/01/30
19,164,479
1,250,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AGC Insured
0
.000
01/01/31
1,076,054
1,640,000
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Furman University,
Refunding Series 2015
5
.000
10/01/45
1,640,034
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
2,933,550
1,000,000
(d)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Virtus Academy Project,
Series 2021A
5
.000
06/15/51
780,556
2,100,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5
.500
11/01/50
2,225,821
10,000,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
4
.500
11/01/54
9,651,470
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
9,651,470
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
505,089
5,255,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series
2020A
5
.000
12/01/46
5,406,070
2,500,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
4
.000
11/01/48
2,304,017
6,610,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
5
.000
11/01/48
6,686,287
4,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding & Improvement Series 2015A
5
.000
12/01/50
3,999,942
9,750,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5
.000
12/01/46
9,784,188
9,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5
.000
12/01/56
9,000,012
2,500,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022A
4
.000
12/01/52
2,218,760
6,587,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022B
4
.000
12/01/43
6,396,417
Portfolio of Investments April 30, 2026
(continued)
NAD
50
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA
(continued)
$
2,750,000
South Carolina State Ports Authority, Revenue Bonds, Series
2018, (AMT)
5
.000
%
07/01/55
$
2,720,859
10,000,000
South Carolina State Ports Authority, Revenue Bonds, Series
2019B, (AMT)
5
.000
07/01/44
10,154,699
10,365,000
(b)
South Carolina State Ports Authority, Revenue Bonds, Series
2019B, (AMT), (UB)
5
.000
07/01/54
10,274,520
TOTAL SOUTH CAROLINA
143,437,810
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
3,966,855
5,915,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Regional Health, Refunding Series 2017
5
.000
09/01/40
5,982,650
1,615,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2014B
5
.000
11/01/44
1,615,799
2,905,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2015
5
.000
11/01/45
2,912,034
TOTAL SOUTH DAKOTA
14,477,338
TENNESSEE - 3.1% (1.8% of Total Investments)
9,950,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/54
10,293,567
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
7,954,071
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
6,585,137
9,000,000
Greeneville Health and Educational Facilities Board, Tennessee,
Hospital Revenue Bonds, Ballad Health, Series 2018A
5
.000
07/01/36
9,255,413
5,000,000
Greeneville Health and Educational Facilities Board, Tennessee,
Hospital Revenue Bonds, Ballad Health, Series 2018A
4
.000
07/01/40
4,827,434
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
17,119,961
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
1,419,335
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
6,356,886
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
4,181,131
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
3,084,320
4,500,000
(b)
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT), (UB)
5
.250
07/01/47
4,657,035
2,000,000
(b)
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT), (UB)
5
.500
07/01/52
2,082,564
3,695,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5
.250
07/01/51
3,837,825
2,005,000
(b)
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Social Series 2024-1A, (UB)
4
.700
07/01/49
1,994,601
1,080,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Social Series 2025-1A
5
.000
07/01/50
1,096,598
2,205,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006A
5
.250
09/01/26
2,219,022
TOTAL TENNESSEE
86,964,900
51
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS - 13.1% (7.7% of Total Investments)
$
155,000
Allen Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2016
5
.000
%
02/15/39
$
155,095
2,600,000
Allen Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2025
4
.375
02/15/50
2,538,619
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
2,482,231
3,000,000
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Lifeschool of Dallas Series 2024
4
.125
08/15/54
2,670,616
22,775,000
Austin, Texas, Airport System Revenue Bonds, Series 2019B,
(AMT)
5
.000
11/15/44
23,263,861
1,450,000
Austin, Texas, Water and Wastewater System Revenue Bonds,
Refunding Series 2016
5
.000
11/15/41
1,459,703
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
814,394
8,760,000
Carrollton-Farmers Branch Independent School District, Dallas
County, Texas, General Obligation Bonds, School Building
Series 2025
5
.000
02/15/55
9,076,291
625,000
(d)
Celina, Texas, Special Assessment Revenue Bonds, Mosaic
Public Improvement District Improvement Area 2 Project Series
2024
5
.500
09/01/54
638,954
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
1,650,815
2,945,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Senior Lien Series 2010
0
.000
01/01/36
2,045,549
2,205,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Senior Lien Series 2010
0
.000
01/01/37
1,453,076
2,160,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Senior Lien Series 2010
0
.000
01/01/38
1,348,068
1,000,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Senior Lien Series 2010
0
.000
01/01/40
547,692
1,000,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2013A
4
.350
12/01/42
954,116
1,000,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2013A
4
.400
12/01/47
902,624
5,000,000
Community Independent School District, Collin & Hunt
Counties, Texas, General Obligation Bonds, School Building
Series 2023
5
.000
02/15/53
5,150,377
4,790,000
Corpus Christi, Texas, Utility System Revenue Bonds, Refunding
& Improvement Senior Lien Series 2023
4
.000
07/15/48
4,399,276
3,270,000
Crowley Independent School District, Tarrant and Johnson
Counties, Texas, General Obligation Bonds, School Building
Series 2023
5
.000
02/01/48
3,400,213
2,000,000
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,
Refunding & Improvement Senior Lien Series 2021B
5
.000
12/01/47
2,076,880
5,000,000
Dallas, Texas, Waterworks and Sewer System Revenue Bonds,
Refunding Series 2016A
5
.000
10/01/41
5,024,287
2,000,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4
.750
11/01/42
2,000,292
1,000,000
Grand Parkway Transportation Corporation, Texas, System
Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM
Insured
4
.000
10/01/49
915,134
1,895,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Houston Methodist
Hospital System, Series 2015
4
.000
12/01/45
1,780,287
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
1,019,232
Portfolio of Investments April 30, 2026
(continued)
NAD
52
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
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
$
2,688,225
5,000,000
Harris County Flood Control District, Texas, General Obligation
Bonds, Refunding Improvement, Green Series 2023A
4
.000
09/15/48
4,630,301
5,150,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding
Senior Lien Series 2016A
5
.000
08/15/41
5,163,641
5,000,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding
Senior Lien Series 2018A
4
.000
08/15/48
4,632,863
510,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0
.000
11/15/41
250,270
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
475,574
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
555,838
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
1,388,565
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
1,769,349
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
2,275,684
50,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/29
44,832
4,390,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/29
3,936,246
105,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/30
91,051
625,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/30
541,972
4,065,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/31
3,403,050
3,505,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/31
2,934,241
210,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/32
165,522
260,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31)
0
.000
11/15/33
192,701
2,045,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/34
1,425,335
210,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/36
129,378
920,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/36
538,484
695,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/38
378,078
3,675,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/38
1,876,342
675,000
(e)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/39
344,946
1,585,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/39
755,949
53
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
3,440,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Senior Lien Series 2001G - NPFG Insured
0
.000
%
11/15/41
$
1,465,498
5,000,000
Houston, Texas, Airport System Revenue Bonds, Refunding
Subordinate Lien Series 2023A - AGM Insured, (AMT)
5
.250
07/01/53
5,152,194
4,000,000
Houston, Texas, Airport System Revenue Bonds, Refunding
Subordinate Lien Series 2025A, (AMT)
5
.500
07/01/55
4,220,728
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
5,129,328
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
310,332
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
1,914,074
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
1,015,914
9,545,000
(b)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding First Lien Series 2026C, (UB)
5
.500
09/01/58
10,165,232
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
4,088,537
3,130,000
(e)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured, (ETM)
0
.000
09/01/30
2,756,562
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
10,043,215
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
1,178,936
5,000,000
Lamar Consolidated Independent School District, Fort Bend
County, Texas, General Obligation Bonds, Schoolhouse Series
2023A
5
.000
02/15/58
5,143,867
1,750,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5
.000
11/01/35
1,756,342
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
4,732,158
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
9,543,824
1,000,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
5
.750
12/01/33
1,000,510
3,000,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
6
.125
12/01/38
3,001,358
2,450,000
(d)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4
.625
10/01/31
2,456,045
2,500,000
Montgomery Independent School District, Montgomery
County, Texas, General Obligation Bonds, School Building
Series 2024B
4
.000
02/15/54
2,342,330
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
4,734,874
125,000
(e)
North Central Texas Health Facilities Development
Corporation, Hospital Revenue Bonds, Presbyterian Healthcare
System, Series 1996A - NPFG Insured, (ETM)
5
.750
06/01/26
125,300
3,860,000
North Harris County Regional Water Authority, Texas, Water
Revenue Bonds, Refunding Senior Lien Series 2013
5
.000
12/15/33
3,866,041
Portfolio of Investments April 30, 2026
(continued)
NAD
54
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
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
$
4,763,636
4,030,000
(e)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
7
.000
09/01/43
4,761,434
8,470,000
(e)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
6
.750
09/01/45
10,087,124
2,500,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2008D - AGC Insured
0
.000
01/01/36
1,774,784
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
5,178,537
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
4,020,544
4,250,000
(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
4,121,931
1,425,000
Port of Houston Authority, Harris County, Texas, General
Obligation Bonds, Series 2010E
0
.000
10/01/35
1,028,674
1,220,000
Pottsboro Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2022
5
.000
02/15/47
1,264,456
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
1,242,458
7,500,000
Prosper Independent School District, Collin and Denton
Counties, Texas, General Obligation Bonds, School Building
Series 2025
5
.250
02/15/55
7,916,812
205,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5
.125
02/01/39
204,983
2,500,000
San Antonio, Texas, Airport System Revenue Bonds, Refunding
Series 2012, (AMT)
5
.000
07/01/27
2,501,163
2,000,000
Spring Branch Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.000
02/01/49
2,084,495
5,000,000
Spring Independent School District, Hardin County, Texas,
General Obligation Bonds, School Building and Refunding
Series 2025
5
.250
08/15/49
5,343,453
1,925,000
Stephen F. Austin State University, Texas, Revenue Bonds,
Refunding & Improvement Series 2016
5
.000
10/15/42
1,986,618
7,500,000
Tarrant County College District, Texas, General Obligation
Bonds, Series 2022
5
.000
08/15/40
8,089,740
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
5,264,472
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
5,119,340
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
2,329,935
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
2,058,405
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
10,292,024
3,195,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Christus Health, Series
2022A
4
.000
07/01/53
2,776,868
55
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,000,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2016A
5
.000
%
02/15/41
$
2,007,301
3,000,000
Tarrant Regional Water District, Texas, Water Transmission
Facilities Contract Revenue Bonds, Dallas Project, Series 2025
4
.250
09/01/55
2,749,307
1,420,000
Texas Municipal Gas Acquisition and Supply Corporation I, Gas
Supply Revenue Bonds, Senior Lien Series 2008D
6
.250
12/15/26
1,448,857
8,330,000
Texas Private Activity Bond Surface Transportation Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Senior Lien Series 2023,
(AMT)
5
.500
12/31/58
8,585,323
17,635,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Segments 3C Project, Series 2019, (AMT)
5
.000
06/30/58
17,488,146
10,000,000
(b)
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2024A, (UB)
4
.250
10/15/51
9,498,317
11,575,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2025
4
.750
10/15/55
11,601,416
2,490,000
Uptown Development Authority, Houston, Texas, Tax Increment
Contract Revenue Bonds, Infrastructure Improvement Facilities,
Series 2018
5
.000
09/01/40
2,490,228
6,900,000
Van Alstyne Independent School District, Grayson County,
Texas, General Obligation Bonds, School Building Series 2022
5
.000
02/15/47
7,144,270
65,000
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
64,844
8,000,000
Wylie Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2015B
0
.000
08/15/45
3,278,639
4,370,000
Wylie Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2015B
0
.000
08/15/50
1,330,401
TOTAL TEXAS
366,398,253
UTAH - 1.6% (0.9% of Total Investments)
11,750,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2018A, (AMT)
5
.000
07/01/43
11,938,472
15,665,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2021A, (AMT)
5
.000
07/01/46
16,022,999
8,250,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/48
8,543,623
1,645,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/53
1,687,033
1,705,000
(d)
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Leadership Learning Academy Project, Series
2019A
5
.000
06/15/39
1,697,077
1,670,000
(d)
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Leadership Learning Academy Project, Series
2019A
5
.000
06/15/50
1,509,203
3,180,000
(d)
Utah Charter School Finance Authority, Revenue Bonds,
Wallace Stegner Academy Project, Series 2019A
5
.000
06/15/49
2,858,769
TOTAL UTAH
44,257,176
VERMONT - 0.1% (0.1% of Total Investments)
2,834,000
Vermont Housing Finance Agency, Multiple Purpose Bonds,
Social Series 2024C
4
.650
11/01/50
2,827,251
TOTAL VERMONT
2,827,251
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
3,981,008
2,000,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2006 - FGIC Insured
5
.000
10/01/27
2,005,867
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
2,261,553
TOTAL VIRGIN ISLANDS
8,248,428
Portfolio of Investments April 30, 2026
(continued)
NAD
56
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
144,819
1,435,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center,
Series 2020
4
.000
07/01/45
1,344,564
515,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.875
07/15/40
528,040
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
994,913
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
10,434,677
2,500,000
(d)
Industrial Development Authority of the City of Newport News,
Virginia, Health System Revenue Bonds, Riverside Health
System, Series 2017A
5
.000
07/01/46
2,462,987
350,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6
.875
12/01/58
381,279
6,115,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset Backed Bonds, Series 2007B1
5
.000
06/01/47
5,124,459
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
1,643,251
2,140,000
Virginia Commonwealth Transportation Board, Interstate 81
Corridor Program Revenue Bonds, Senior Lien Series 2021
5
.000
05/15/57
2,204,031
1,000,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-I
4
.550
10/01/49
997,544
11,250,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/52
10,959,413
11,605,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/56
11,246,477
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
9,704,366
TOTAL VIRGINIA
58,170,820
WASHINGTON - 3.5% (2.1% of Total Investments)
2,270,000
Port Everett, Washington, Revenue Bonds, Refunding Series
2016
5
.000
12/01/46
2,270,208
15,220,000
(b)
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT), (UB)
5
.000
05/01/43
15,290,686
13,725,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2021C, (AMT)
5
.000
08/01/46
14,080,832
10,000,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2021A
4
.000
07/01/47
9,517,967
10,000,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2023
5
.000
03/01/53
10,325,966
4,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
5
.000
10/01/32
4,009,073
12,260,000
Washington Health Care Facilities Authority, Revenue Bonds,
Seattle Children's Hospital, Series 2015A
5
.000
10/01/45
12,264,608
6,200,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Series2021B.
Exchange Purchase
3
.000
07/01/58
4,085,330
7,240,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Series 2018
5
.000
07/01/48
7,240,029
9,380,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Series 2018
5
.000
07/01/58
9,287,153
2,410,000
Washington State Higher Education Facilities Authority,
Revenue Bonds, Seattle University, Series 2020
4
.000
05/01/50
2,052,758
57
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
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
%
07/01/64
$
2,015,452
4,000,000
(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
4,057,981
300,000
Washington State Housing Finance Commission, Revenue
Bonds, Riverview Retirement Community, Refunding Series
2012
5
.000
01/01/48
281,589
TOTAL WASHINGTON
96,779,632
WEST VIRGINIA - 0.1% (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
811,226
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
2,012,311
TOTAL WEST VIRGINIA
2,823,537
WISCONSIN - 7.0% (4.1% of Total Investments)
3,235,000
Milwaukee, Wisconsin, General Obligation Bonds, Promissory
Note Series 2022-B4 - AGM Insured
5
.000
04/01/36
3,531,954
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
1,234,427
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
1,654,213
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
771,017
34,226
(d),(g)
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
222
29,918
(d),(g)
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
193
29,439
(d),(g)
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
189
28,482
(d),(g)
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
182
28,003
(d),(g)
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
178
36,381
(d),(g)
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
231
35,902
(d),(g)
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
227
34,705
(d),(g)
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
219
33,987
(d),(g)
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
214
33,269
(d),(g)
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
208
36,859
(d),(g)
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
230
Portfolio of Investments April 30, 2026
(continued)
NAD
58
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
35,902
(d),(g)
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
$
224
34,944
(d),(g)
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
217
34,226
(d),(g)
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
212
33,748
(d),(g)
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
209
32,790
(d),(g)
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
202
32,072
(d),(g)
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
197
31,354
(d),(g)
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
192
30,876
(d),(g)
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
189
33,269
(d),(g)
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
203
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
2,445
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
2,407,857
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
6,338,123
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
388
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
380
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
376
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
371
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
364
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
397
1,544,833
(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
1,049,961
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
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
387
59
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
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
$
383
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
376
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
370
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
366
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
360
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
356
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
353
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
347
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
343
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
338
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
334
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
331
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
325
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
4,227
5,280,000
(d)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Casa Esperanza Montessori, Series 2021A
4
.375
06/01/46
4,260,670
5,455,000
(b)
Public Finance Authority of Wisconsin, Health Care System
Revenue Bonds, Cone Health, Series 2022A, (UB)
4
.000
10/01/52
4,918,095
2,000,000
Public Finance Authority of Wisconsin, Hotel Revenue Bonds,
Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien
Series 2022A
5
.000
02/01/52
1,971,062
2,000,000
Public Finance Authority of Wisconsin, Hotel Revenue Bonds,
Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien
Series 2022A
5
.000
02/01/62
1,940,808
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
1,560,000
20,500,000
(d)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream's Meadowlands
Project, Series 2017
7
.000
12/01/50
15,990,000
8,000,000
Public Finance Authority of Wisconsin, Revenue Bonds,
SearStone Retirement Community, Series 2023A
5
.000
06/01/52
7,163,804
3,000,000
Public Finance Authority of Wisconsin, Student Housing
Revenue Bonds, Collegiate Housing Foundation - CHF -
Wilmington L.L.C. University of North Carolina at Wilmington
Project, Series 2018
5
.000
07/01/58
3,008,204
Portfolio of Investments April 30, 2026
(continued)
NAD
60
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
6,230,000
Public Finance Authority, Wisconsin, Educational Revenue
Bonds, Lake Norman Charter School, Series 2024A
5
.000
%
06/15/64
$
5,686,788
4,210,000
(d)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5
.000
06/01/41
4,231,156
8,000,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
06/30/60
8,204,165
9,000,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
12/31/65
9,210,084
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
5,705,136
4,695,000
University of Wisconsin Hospitals and Clinics Authority,
Revenue Bonds, Sustainability Series 2024A
4
.250
04/01/52
4,315,401
270,000
(e)
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Ascension Health Alliance Senior Credit Group, Series
2013B-1, (Pre-refunded 5/15/28)
4
.000
11/15/43
278,057
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
2,198,084
6,715,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021
4
.000
08/15/46
6,107,710
5,810,000
(b)
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Bellin Memorial Hospital Incorporated Series 2022B,
(UB)
5
.250
12/01/48
6,128,595
1,690,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4
.000
10/01/41
1,483,582
2,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4
.000
10/01/61
1,390,714
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
5,345,702
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
4,023,144
5,315,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic Health System Inc
Series 2024A
5
.500
02/15/54
5,530,170
11,440,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A
5
.000
02/15/42
11,446,794
7,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A
5
.000
02/15/46
7,001,603
2,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4
.000
01/01/47
1,699,305
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
10,430,883
8,770,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2019
4
.000
12/15/49
7,708,159
11,720,000
(b)
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024A, (UB)
4
.750
09/01/50
11,773,630
12,500,000
(b)
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024B, (UB)
4
.750
03/01/51
12,553,421
5,000,000
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2026A
4
.150
09/01/41
5,014,278
TOTAL WISCONSIN
195,285,204
TOTAL MUNICIPAL BONDS
(Cost $4,705,218,918)
4,729,618,703
61
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.
SHARES
DESCRIPTION
MATURITY
VALUE
18,113
WARRANTS - 0.0% (0.0% of Total Investments)
18,113
TRANSPORTATION - 0.0% (0.0% of Total Investments)
9,660
(h)
BL Train Holdings West LLC
11/26/35
$
18,113
TOTAL TRANSPORTATION
18,113
TOTAL WARRANTS
(Cost $0)
18,113
TOTAL LONG-TERM INVESTMENTS
(Cost $4,709,348,812)
4,733,803,047
FLOATING RATE OBLIGATIONS - (14.4)%
(
402,150,000
)
AMTP SHARES, NET - (26.0)%(i)
(
727,379,210
)
MFP SHARES, NET - (13.3)%(j)
(
370,493,507
)
VRDP SHARES, NET - (18.0)%(k)
(
504,170,958
)
OTHER ASSETS & LIABILITIES, NET -   2.2%
63,716,411
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
2,793,325,783
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 $273,109,187 or 5.8% of Total Investments.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(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)
For fair value measurement disclosure purposes, investment classified as Level 3.
(i)
AMTP Shares, Net as a percentage of Total Investments is 15.4%.
(j)
MFP Shares, Net as a percentage of Total Investments is 7.8%.
(k)
VRDP Shares, Net as a percentage of Total Investments is 10.7%.
62
Portfolio of Investments April 30, 2026
NEA
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 165.5% (99.7% of Total Investments)
5731023035
MUNICIPAL BONDS - 165.5% (99.7% of Total Investments)
5731023035
ALABAMA - 1.6% (1.0% of Total Investments)
$
3,485,000
Alabama Highway Authority, Special Obligation Revenue
Bonds, Series 2025
5
.000
%
09/01/45
$
3,760,140
15,520,000
(a)
Alabama Special Care Facilities Financing Authority, Revenue
Bonds, Ascension Health, Series 2016B
5
.000
11/15/46
15,523,788
5,920,000
Autauga County Board of Education, Alabama, Special Tax
Warrants, Series 2021
4
.000
04/01/51
5,254,758
35,000
Birmingham Airport Authority, Alabama, Airport Revenue
Bonds, Series 2020 - BAM Insured
4
.000
07/01/35
35,827
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
4,250,080
9,365,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.250
10/01/49
9,689,274
4,340,000
Mobile Spring Hill College Educational Building Authority,
Alabama, Revenue Bonds, Spring Hill College Project, Series
2015
5
.875
04/15/45
3,044,463
2,410,000
Pike Road, Alabama, General Obligation Warrants, Series 2023
5
.000
03/01/52
2,484,459
5,500,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/35
5,636,479
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
1,063,488
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
5,349,660
TOTAL ALABAMA
56,092,416
ARIZONA - 2.3% (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
1,127,474
1,400,000
(c)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds ? Pensar Academy Project, Series
2020
5
.000
07/01/45
1,308,387
6,970,000
(a)
Arizona Industrial Development Authority, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4
.650
10/01/48
7,002,944
1,965,000
(a)
Arizona Industrial Development Authority, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4
.700
10/01/51
1,967,053
1,957,000
Floreo at Teravalis Community Facilities District, Arizona,
Special Assessment Revenue Bonds, District 1 Series 2025
6
.125
07/01/45
2,057,103
2,045,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Honor Health, Series 2024D
5
.000
12/01/43
2,164,495
8,895,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2021A
4
.000
09/01/51
7,624,208
2,135,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A
4
.000
01/01/36
2,153,324
3,130,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2017D
4
.000
01/01/48
2,781,793
5,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019A
4
.000
01/01/44
4,704,535
6,550,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
4
.000
07/01/49
6,169,149
1,500,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
5
.000
07/01/49
1,532,357
6,545,000
Phoenix Civic Improvement Corporation, Arizona, Revenue
Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC
Insured
5
.500
07/01/37
7,852,406
10,000,000
Phoenix Civic Improvement Corporation, Arizona, Revenue
Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC
Insured
5
.500
07/01/40
12,091,836
63
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
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
$
1,355,151
5,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2024A
5
.000
01/01/54
5,190,926
12,245,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/37
12,991,177
430,000
Superstition Vistas Community Facilities District 2, Arizona,
Special Assessment Bonds, Assessment Area 2, Series 2025
6
.300
07/01/49
440,776
TOTAL ARIZONA
80,515,094
ARKANSAS - 0.1% (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
1,671,482
TOTAL ARKANSAS
1,671,482
CALIFORNIA - 3.7% (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
3,439,106
4,225,000
Alameda Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005B - AGM Insured
0
.000
08/01/28
3,979,493
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
3,166,687
8,000,000
Beverly Hills Unified School District, Los Angeles County,
California, General Obligation Bonds, 2008 Election Series
2009
0
.000
08/01/33
6,464,352
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
19,874
1,350,000
California Educational Facilities Authority, Revenue Refunding
Bonds, Loyola Marymount University, Series 2001A - NPFG
Insured
0
.000
10/01/39
806,806
1,500,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5
.000
07/01/42
1,509,481
965,000
California Public Finance Authority, Revenue Bonds, Henry
Mayo Newhall Hospital, Series 2017
5
.000
10/15/47
962,141
5,000,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2017
4
.000
08/01/36
5,000,115
5,000
California State, General Obligation Bonds, Series 2004 -
AMBAC Insured
5
.000
04/01/31
5,010
9,130,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
9,129,887
10,445,000
Castaic Lake Water Agency, California, Certificates of
Participation, Water System Improvement Project, Series 1999a
- AMBAC Insured
0
.000
08/01/29
9,608,813
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
6,087,878
910,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Series 2013A
6
.850
01/15/42
1,084,982
5,000,000
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2007 - FGIC
Insured
0
.000
08/01/32
4,126,175
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
1,481,811
885,000
(d)
Los Angeles Department of Water and Power, California,
Electric Plant Revenue Bonds, Series 1994, (ETM)
5
.375
02/15/34
902,696
Portfolio of Investments April 30, 2026
(continued)
NEA
64
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,490,000
Madera Unified School District, Madera County, California,
General Obligation Bonds, Election 2002 Series 2005 - NPFG
Insured
0
.000
%
08/01/27
$
2,404,947
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
10,669,284
5,500,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009B
6
.500
11/01/39
6,664,819
14,100,000
New Haven Unified School District, California, General
Obligation Bonds, Refunding Series 2009 - AGC Insured
0
.000
08/01/34
10,800,466
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
2,285,156
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
1,984,482
1,490,000
(d)
Orange County Water District, California, Revenue Certificates
of Participation, Series 2003B - NPFG Insured, (ETM)
5
.000
08/15/34
1,644,927
1,000,000
Pajaro Valley Unified School District, Santa Cruz County,
California, General Obligation Bonds, Series 2005B - AGM
Insured
0
.000
08/01/29
916,998
9,320,000
Palomar Pomerado Health, California, General Obligation
Bonds, Series 2009A - AGC Insured
0
.000
08/01/33
6,973,177
1,800,000
Rialto Unified School District, San Bernardino County,
California, General Obligation Bonds, 2010 Election Series
2011A
0
.000
08/01/28
1,700,308
4,080,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2017A
5
.000
07/01/47
4,126,181
2,965,000
San Juan Unified School District, Sacramento County,
California, General Obligation Bonds, Series 2004A - NPFG
Insured
0
.000
08/01/28
2,794,571
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
3,971,346
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
9,163,830
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
3,840,752
TOTAL CALIFORNIA
127,716,551
COLORADO - 15.6% (9.4% of Total Investments)
1,750,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2019
5
.000
12/01/51
1,620,258
6,600,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2021
4
.375
12/01/52
5,587,331
1,250,000
(c)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.500
12/01/44
1,284,016
2,500,000
Arapahoe County Water and Wastewater Authority, Colorado,
Revenue Bonds, Refunding Series 2019
4
.000
12/01/38
2,528,979
1,610,000
Arvada, Colorado, Water Enterprise Revenue Bonds, Series
2022
4
.000
12/01/48
1,515,538
2,220,000
Arvada, Colorado, Water Enterprise Revenue Bonds, Series
2022
4
.000
12/01/52
2,022,706
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
3,246,322
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
1,849,967
9,000,000
Boulder Valley School District RE2, Boulder County, Colorado,
General Obligation Bonds, Series 2019A
4
.000
12/01/48
8,406,572
65
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,010,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5
.000
%
06/01/42
$
3,241,597
7,975,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5
.000
06/01/52
8,197,475
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
1,036,302
1,060,000
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Improvement Series 2018
5
.250
12/01/48
1,061,309
1,575,000
(c)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/37
1,575,641
3,620,000
(c)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/47
3,619,750
1,445,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2024A - AGM Insured
5
.500
12/01/54
1,555,439
2,375,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5
.250
12/01/50
2,524,959
2,545,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2017A
5
.000
03/01/47
2,559,411
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
2,055,061
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
4,730,229
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
7,384,897
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
8,932,599
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
4,207,495
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
8,758,354
10,575,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4
.000
11/15/46
9,698,626
33,390,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4
.000
11/15/50
29,398,873
3,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Adventist Health System/Sunbelt Obligated Group, Series
2018A
5
.000
11/15/48
3,042,115
25,540,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
26,085,836
11,075,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4
.000
08/01/49
9,536,367
17,205,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2 - BAM Insured
4
.000
08/01/49
15,313,327
3,410,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.500
11/01/47
3,603,098
3,500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2020A
4
.000
12/01/50
2,947,910
750,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Frasier Meadows Project, Refunding & Improvement Series
2017A
5
.250
05/15/37
758,582
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
7,473,560
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
3,166,763
4,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sanford Health, Series 2019A
4
.000
11/01/39
3,935,284
Portfolio of Investments April 30, 2026
(continued)
NEA
66
See Notes to Financial Statements
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
%
01/01/38
$
3,304,829
5,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
SCL Health System, Refunding Series 2019B
4
.000
01/01/40
4,935,313
4,150,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5
.000
12/31/56
4,084,308
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
1,891,645
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
2,662,555
2,000,000
Colorado School of Mines Board of Trustees, Golden,
Colorado, Institutional Enterprise Revenue Bonds, Green Series
2023C
5
.250
12/01/53
2,092,548
10,000,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Improvement Series 2023A
5
.250
11/15/53
10,513,228
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
1,530,347
6,000,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2017E
4
.000
03/01/43
5,932,358
7,000,000
Colorado State, Building Excellent Schools Today, Certificates
of Participation, Series 2019O
4
.000
03/15/44
6,896,845
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
2,563,250
5,000,000
Colorado State, Certificates of Participation, Rural Series 2018A
4
.000
12/15/35
5,073,658
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
7,154,255
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
1,005,517
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
1,254,577
15,355,378
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
10,081,455
2,930,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022B
5
.000
11/15/47
3,055,527
5,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018B
5
.000
12/01/43
5,155,504
6,500,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Current Interest Series 2018A-1
5
.000
08/01/48
6,506,772
10,000,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Series 2021A
4
.000
08/01/51
9,107,178
5,120,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/32
5,154,387
2,935,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/35
2,950,248
1,800,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/40
1,801,642
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
316,000
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
1,475,749
45,540,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/30
40,312,764
67
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
16,635,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
%
09/01/32
$
13,746,296
49,250,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/33
39,191,815
9,310,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0
.000
09/01/28
8,729,666
2,900,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0
.000
09/01/34
2,200,500
18,500,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0
.000
03/01/36
13,098,296
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
5,971,753
3,850,000
Firestone, Colorado, Water Enterprise Revenue Bones, Series
2020 - BAM Insured
4
.000
12/01/49
3,552,797
5,000,000
Gunnison Watershed School District RE1J, Gunnison and
Saguache Counties, Colorado, General Obligation Bonds,
Series 2023
5
.000
12/01/47
5,222,731
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
4,157,129
5,700,000
Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021
- AGM Insured
4
.000
12/01/46
5,435,267
1,440,000
Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021
- AGM Insured
4
.000
12/01/51
1,303,041
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
1,776,004
1,000,000
Lorson Ranch Metropolitan District 2, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2016
5
.000
12/01/36
1,004,579
1,000,000
Louisville, Boulder County, Colorado, General Obligation
Bonds, Limited Tax, Series 2017
4
.000
12/01/36
1,002,134
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
1,775,834
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
1,086,684
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
1,085,110
5,000,000
Northern Colorado Water Conservancy District Building
Corporation, Certificates of Participation, Refunding Series
2021
4
.000
07/01/51
4,523,959
2,325,000
Northern Colorado Water Conservancy District, Certificates of
Participation, Series 2022
5
.000
07/01/42
2,473,910
4,055,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Series 2019A - AGM
Insured
4
.000
12/01/39
4,042,847
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
2,851,932
3,168,000
(c)
Platte River Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Refunding Series
2023A
6
.500
08/01/53
3,236,490
595,000
(c)
Pueblo Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, EVRAZ Project, Series 2021A
4
.750
12/01/45
568,769
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
9,942,018
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
3,608,466
Portfolio of Investments April 30, 2026
(continued)
NEA
68
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,350,000
Roaring Fork Transporation Authority, Colorado, Property Tax
Revenue Bonds, Series 2021A
4
.000
%
12/01/46
$
2,250,120
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
864,394
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
1,014,154
1,245,000
Southlands Metropolitan District 1, Colorado, Limited Tax
General Obligation Bonds, Series 2017A-1
5
.000
12/01/47
1,239,816
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
3,251,897
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
482,326
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
1,301,062
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
783,632
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
816,158
2,500,000
University of Colorado, Enterprise System Revenue Bonds,
Refunding Green Series 2021A
4
.000
06/01/46
2,391,243
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
2,503,184
5,000,000
Weld County School District 6, Greeley, Colorado, General
Obligation Bonds, Series 2020
5
.000
12/01/44
5,216,319
2,175,000
Weld County School District RE1, Colorado, General
Obligation Bonds, Series 2017
5
.000
12/15/30
2,201,921
5,650,000
Weld County School District RE-4, Windsor, Colorado, General
Obligation Bonds, Series 2023
5
.250
12/01/47
6,005,498
7,810,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6
.750
12/01/52
7,876,420
10,825,000
(c)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8
.000
12/01/54
7,204,737
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
1,837,790
500,000
Westerly Metropolitan District 4, Weld County, Colorado,
General Obligation Limited Tax Bonds, Series 2021A-1
5
.000
12/01/50
483,516
TOTAL COLORADO
540,587,221
CONNECTICUT - 0.7% (0.4% of Total Investments)
1,650,000
(d)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Fairfield University, Series 2016Q-1, (Pre-
refunded 7/01/26)
5
.000
07/01/46
1,656,074
6,000,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Hartford HealthCare Issue, Series 2021A
4
.000
07/01/51
5,336,414
2,800,000
(c)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, McLean Affiliates, Series 2020A
5
.000
01/01/55
2,343,582
7,165,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Quinnipiac University, Refunding Series 2015L
5
.000
07/01/45
7,179,392
500,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Sacred Heart University, Series 2017I-1
5
.000
07/01/34
509,887
7,500,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2020A
5
.000
05/01/37
8,012,437
TOTAL CONNECTICUT
25,037,786
69
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
981,722
TOTAL DELAWARE
981,722
DISTRICT OF COLUMBIA - 4.1% (2.4% of Total Investments)
1,250,000
District of Columbia Student Dormitory Revenue Bonds,
Provident Group - Howard Properties LLC Issue, Series 2013
5
.000
10/01/45
1,191,909
107,000,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0
.000
06/15/46
25,478,776
9,705,000
District of Columbia Water and Sewer Authority, Public Utility
Revenue Bonds, Refunding Subordinate Lien Series 2014C
4
.000
10/01/41
9,377,827
5,000,000
District of Columbia, General Obligation Bonds, Series 2021D
4
.000
02/01/46
4,711,496
6,600,000
District of Columbia, General Obligation Bonds, Series 2024A
5
.000
08/01/49
6,911,175
3,500,000
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2017
5
.000
04/01/35
3,551,220
60,000
(d)
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2017, (Pre-refunded 4/01/27)
5
.000
04/01/36
61,290
3,440,000
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2017
5
.000
04/01/36
3,486,960
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
5,123,236
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
4,799,903
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
12,154,856
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
4,692,759
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
32,497,405
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
19,056,460
3,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2018
5
.000
07/01/43
3,047,623
4,270,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Series 2024A
5
.250
07/15/59
4,465,869
TOTAL DISTRICT OF COLUMBIA
140,608,764
FLORIDA - 7.0% (4.2% of Total Investments)
2,800,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016
5
.000
09/01/46
2,799,907
2,830,000
City of Miami Beach, Florida, Stormwater Revenue Bonds,
Series 2015
5
.000
09/01/41
2,833,034
5,810,000
Collier County, Florida, Tourist Development Tax Revenue
Bonds, Series 2018
4
.000
10/01/43
5,853,258
530,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School, Inc.
Projects, Series 2020C
5
.000
09/15/50
471,745
6,855,000
(a)
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-3, (UB)
4
.700
07/01/49
6,808,294
5,940,000
(a)
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-3, (UB)
4
.750
07/01/54
5,946,800
2,500,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2026-1
4
.850
07/01/51
2,517,101
Portfolio of Investments April 30, 2026
(continued)
NEA
70
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,590,000
Florida Municipal Loan Council, Revenue Bonds, Series 2000B
- NPFG Insured
0
.000
%
11/01/26
$
1,559,279
2,000,000
Fort Myers, Florida, Utility System Revenue Bonds, Refunding
Series 2019A
4
.000
10/01/49
1,846,024
5,875,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5
.250
11/15/49
6,207,173
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
3,443,947
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
11,861,316
5,060,000
Hollywood, Florida, General Obligation Bonds, Series 2022
5
.000
07/01/47
5,253,815
205,000
Miami Health Facilities Authority, Florida, Health Facilities
Revenue Bonds, Miami Jewish Health System Inc. Project,
Series 2017
5
.000
07/01/32
203,059
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
4,544,982
2,420,000
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Refunding Series 2024B
5
.250
04/01/45
2,614,991
27,470,000
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Series 2018A
5
.000
04/01/53
27,492,764
10,000,000
Miami-Dade County Expressway Authority, Florida, Toll System
Revenue Bonds, Series 2010A
5
.000
07/01/35
10,009,572
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
4,817,997
3,000,000
Miami-Dade County Industrual Development Authority,
Florida, Revenue Bonds, Doral Academy, Seres 2018
5
.000
01/15/48
2,922,610
14,015,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2016A
5
.000
10/01/41
14,098,107
6,500,000
Miami-Dade County, Florida, Aviation Revenue Bonds, Series
2025B
5
.250
10/01/55
6,778,244
4,715,000
Miami-Dade County, Florida, Public Facilities Revenue Bonds,
Jackson Health System, Series 2017
5
.000
06/01/38
4,788,111
7,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2018
4
.000
07/01/48
6,429,548
5,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2022
5
.000
07/01/51
5,115,921
6,000,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2019B
4
.000
10/01/44
5,991,741
3,965,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2019B
4
.000
10/01/49
3,601,670
8,900,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5
.250
10/01/54
9,320,270
11,240,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Obligated Group, Inc., Series
2022
4
.000
10/01/52
9,688,915
3,260,000
Orange County Health Facilities Authority, Florida, Revenue
Bonds, Presbyterian Retirement Communities Project, Series
2024
5
.000
08/01/54
3,182,192
1,095,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0
.000
10/01/32
849,766
4,250,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Series 2019A-1
5
.000
10/01/49
4,260,055
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
2,165,985
71
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
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
$
4,716,444
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
8,384,598
12,170,000
Sarasota County Public Hospital District, Florida, Hospital
Revenue Bonds, Sarasota Memorial Hospital Project, Series
2018
4
.000
07/01/48
10,952,781
3,625,000
South Broward Hospital District, Florida, Hospital Revenue
Bonds, Refunding Series 2015
4
.000
05/01/33
3,625,324
8,000,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017
5
.000
08/15/42
8,133,358
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
8,678,561
4,000,000
Tampa, Florida, Health System Revenue Bonds, Baycare Health
System, Series 2016A
4
.000
11/15/46
3,713,653
7,400,000
Volusia County Educational Facilities Authority, Florida,
Revenue Bonds, Stetson University Inc. Project, Series 2015
5
.000
06/01/45
7,347,202
TOTAL FLORIDA
241,830,114
GEORGIA - 5.4% (3.3% of Total Investments)
6,750,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2023B-1
5
.000
07/01/53
6,944,844
10,235,000
Clarke County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Piedmont Healthcare, Inc. Project,
Series 2016A
5
.000
07/01/46
10,241,551
2,000,000
Cobb County Kennestone Hospital Authority, Georgia,
Revenue Anticipation Certificates, Wellstar Health System,
Series 2017A
5
.000
04/01/42
2,018,576
10,000,000
Cobb County Kennestone Hospital Authority, Georgia,
Revenue Anticipation Certificates, Wellstar Health System,
Series 2017A
5
.000
04/01/47
10,049,089
2,500,000
Columbia County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System, Inc. Project,
Series 2023B
5
.125
04/01/53
2,554,351
5,300,000
Crisp County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Crisp County Hospital Project, Series 2021
4
.000
07/01/46
4,952,801
5,725,000
Fayette County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Piedmont Healthcare, Inc. Project,
Series 2016A
5
.000
07/01/46
5,728,665
4,330,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
5
.000
04/01/42
4,370,217
7,250,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
5
.000
04/01/47
7,285,589
6,370,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
4
.000
04/01/50
5,498,893
9,495,000
(a)
Fulton County Development Authority, Georgia, Revenue
Bonds, Georgia Tech Facilities, Series 2024, (UB)
5
.000
06/15/56
9,787,013
4,000,000
Fulton County Development Authority, Georgia, Revenue
Bonds, Piedmont Healthcare, Inc. Project, Series 2016A
5
.000
07/01/46
4,002,560
5,000,000
Fulton County Development Authority, Georgia, Revenue
Bonds, Piedmont Healthcare, Inc. Project, Series 2019A
4
.000
07/01/49
4,478,505
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
7,619,739
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
1,965,524
Portfolio of Investments April 30, 2026
(continued)
NEA
72
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
6,665,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024A
4
.700
%
12/01/54
$
6,682,772
8,000,000
Georgia Ports Authority, Revenue Bonds, Series 2021
4
.000
07/01/51
7,485,610
11,000,000
Griffin-Spalding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Wellstar Health System Inc., Series
2017A
4
.000
04/01/42
10,395,969
1,350,000
Henry County Water and Sewerage Authority, Georgia,
Revenue Bonds, Refunding Series 2005
5
.250
02/01/27
1,375,965
1,860,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5
.000
05/15/43
1,887,435
29,095,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A, (UB)
5
.000
05/15/49
29,840,862
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
3,628,347
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
10,763,214
6,310,000
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax
Revenue Bonds, Third Indenture, Series 2015B
5
.000
07/01/43
6,333,229
5,680,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2015A
5
.000
07/01/60
5,649,900
3,300,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2015A
5
.500
07/01/60
3,300,819
3,750,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Series 2024A
5
.250
01/01/49
3,892,837
8,230,000
Private Colleges and Universities Authority, Georgia, Revenue
Bonds, Mercer University, Series 2015
5
.000
10/01/40
8,233,850
TOTAL GEORGIA
186,968,726
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
10,530,880
3,500,000
Honolulu City and County, Hawaii, Wastewater System Revenue
Bonds, First Bond Resolution, Green Senior Series 2023
5
.000
07/01/48
3,663,505
TOTAL HAWAII
14,194,385
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
5,212,160
855,000
Boise State University, Idaho, General Revenue Bonds, Project
& Refunding Series 2025A
5
.000
04/01/50
881,845
6,460,000
Boise State University, Idaho, General Revenue Bonds, Series
2023A
5
.250
04/01/53
6,728,699
7,885,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2021A
4
.000
03/01/51
6,973,896
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
5,507,294
2,415,000
(a)
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4
.600
01/01/49
2,389,777
4,335,000
(a)
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4
.650
01/01/54
4,297,186
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
4,080,297
3,325,000
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2024
6
.250
09/01/53
3,418,011
TOTAL IDAHO
39,489,165
ILLINOIS - 13.7% (8.3% 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
1,031,227
285,000
Board of Regents of Illinois State University, Auxiliary Facilities
System Revenue Bonds, Series 2018A - AGM Insured
5
.000
04/01/37
292,576
1,370,000
Board of Regents of Illinois State University, Auxiliary Facilities
System Revenue Bonds, Series 2018A - AGM Insured
5
.000
04/01/38
1,404,840
4,595,000
Bolingbrook, Will and DuPage Counties, Illinois, General
Obligation Bonds, Refunding Series 2002B - FGIC Insured
0
.000
01/01/32
3,663,853
73
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
4,000,000
Bolingbrook, Will and DuPage Counties, Illinois, General
Obligation Bonds, Refunding Series 2002B - FGIC Insured
0
.000
%
01/01/34
$
2,909,621
350,000
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1999A -
NPFG Insured
5
.500
12/01/26
352,886
4,000,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
4
.000
12/01/50
3,440,568
14,765,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A - BAM Insured
4
.000
12/01/50
13,251,433
4,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2018B
5
.000
01/01/53
4,033,190
17,150,000
(a)
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2024B, (UB)
5
.500
01/01/59
18,100,041
1,000,000
(a)
Chicago, Illinois, General Obligation Bonds, Chicago Works
Series 2023A, (UB)
5
.500
01/01/40
1,037,762
1,390,000
Chicago, Illinois, General Obligation Bonds, Series 2019A
5
.000
01/01/40
1,392,274
5,425,000
Chicago, Illinois, General Obligation Bonds, Series 2019A
5
.500
01/01/49
5,434,108
5,750,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2025B
5
.000
01/01/46
6,047,667
9,250,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2025B
5
.000
01/01/50
9,540,237
12,190,000
(a)
Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Second Lien Project, Series 2023A - AGM Insured, (UB)
5
.250
01/01/53
12,624,341
2,000,000
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured
5
.250
11/01/53
2,066,118
7,240,000
(a)
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured, (UB)
5
.250
11/01/53
7,479,346
6,030,000
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured
5
.500
11/01/62
6,303,156
4,500,000
Cook County Community College District 508, Illinois, General
Obligation Bonds, Chicago City Colleges, Series 2017
5
.000
12/01/47
4,530,252
3,500,000
Evanston, Cook County, Illinois, General Obligation Bonds,
Corporate Purpose Series 2018A
4
.000
12/01/43
3,465,119
2,750,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
3
.900
11/01/36
2,784,258
5,265,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
5
.500
11/01/36
5,274,721
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
2,741,476
25,015,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
4
.000
02/15/41
25,260,960
75,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
4
.000
02/15/41
73,777
790,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
4
.000
02/15/41
797,768
1,440,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
5
.000
02/15/41
1,465,311
1,560,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
5
.000
02/15/41
1,572,095
3,500,000
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C
5
.000
02/15/32
3,549,261
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
55,541
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
1,211,799
2,500,000
Illinois Finance Authority, Revenue Bonds, Bradley University,
Refunding Series 2021A
4
.000
08/01/51
2,091,269
1,000,000
(c)
Illinois Finance Authority, Revenue Bonds, DePaul College Prep
Foundation, Series 2023A
5
.625
08/01/53
1,023,084
8,665,000
Illinois Finance Authority, Revenue Bonds, Mercy Health
Corporation, Series 2016
5
.000
12/01/40
8,680,451
Portfolio of Investments April 30, 2026
(continued)
NEA
74
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
7,500,000
(d)
Illinois Finance Authority, Revenue Bonds, Mercy Health
Corporation, Series 2016, (Pre-refunded 6/01/26)
5
.000
%
12/01/46
$
7,513,373
10,945,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
4
.000
08/15/42
10,434,435
5,285,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
5
.000
08/15/51
5,316,157
22,590,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/45
22,592,460
5,410,000
Illinois FInance Authority, Revenue Bonds, Southern Illinois
Healthcare Enterprises, Inc., Series 2017A
5
.000
03/01/47
5,414,713
14,200,000
Illinois Finance Authority, Revenue Bonds, The Carle
Foundation, Fixed Period Series 2021A
4
.000
08/15/41
13,656,140
11,860,000
(a)
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2024I, (UB)
4
.625
04/01/50
11,743,926
5,000,000
Illinois State, General Obligation Bonds, December Series
2017A
5
.000
12/01/34
5,125,759
2,000,000
Illinois State, General Obligation Bonds, December Series
2017A
5
.000
12/01/35
2,046,689
5,420,000
Illinois State, General Obligation Bonds, December Series
2017A
5
.000
12/01/39
5,507,901
1,750,000
Illinois State, General Obligation Bonds, January Series 2016
5
.000
01/01/32
1,752,399
3,565,000
Illinois State, General Obligation Bonds, June Series 2016
5
.000
06/01/26
3,571,244
4,170,000
Illinois State, General Obligation Bonds, June Series 2022A
5
.500
03/01/47
4,354,126
17,000,000
Illinois State, General Obligation Bonds, May Series 2018A
6
.000
05/01/26
17,000,000
4,485,000
Illinois State, General Obligation Bonds, May Series 2018A
6
.000
05/01/27
4,624,024
1,115,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/30
1,183,336
5,305,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/39
5,634,278
2,360,000
Illinois State, General Obligation Bonds, May Series 2020
5
.750
05/01/45
2,490,755
4,825,000
Illinois State, General Obligation Bonds, May Series 2023B
5
.500
05/01/47
5,035,902
9,710,000
Illinois State, General Obligation Bonds, October Series 2016
5
.000
02/01/27
9,863,100
5,000,000
Illinois State, General Obligation Bonds, October Series 2022C
5
.500
10/01/41
5,412,637
29,430,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2015A
5
.000
01/01/40
29,494,340
10,000,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2019A
5
.000
01/01/44
10,357,076
12,010,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2020A
5
.000
01/01/45
12,516,649
9,640,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
4
.000
01/01/42
9,646,497
10,455,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
5
.000
01/01/46
10,921,380
5,410,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Series 2023A
5
.250
01/01/43
5,910,472
2,710,000
Illinois, General Obligation Bonds, Illinois FIRST Program,
Series 2001 - FGIC Insured
6
.000
11/01/26
2,740,947
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
1,182,854
5,080,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
5
.000
06/15/50
5,078,379
8,800,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2015A
5
.500
06/15/53
8,802,103
4,750,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017A
5
.000
06/15/57
4,696,323
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
13,938,164
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
2,111,826
195,000
(d)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A,
(ETM)
0
.000
06/15/30
171,873
75
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
3,505,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A
0
.000
%
06/15/30
$
3,066,474
28,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
AGM Insured
0
.000
12/15/35
19,860,557
3,280,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/37
2,144,337
11,715,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/38
7,107,960
1,525,000
(d)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Hospitality Facility, Series 1996A,
(ETM)
7
.000
07/01/26
1,535,081
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
2,515,400
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
3,020,697
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
2,494,373
TOTAL ILLINOIS
474,569,502
INDIANA - 2.3% (1.4% of Total Investments)
6,000,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Valparaiso University Project, Series 2014
5
.000
10/01/44
5,228,210
7,000,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
Unversity Health Obligation Group, Fixed Rate Series 2019A
4
.000
12/01/49
6,299,519
1,875,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
Unversity Health Obligation Group, Refunding 2015A
4
.000
12/01/40
1,811,584
13,415,000
Indiana Finance Authority, Hospital Revenue Bonds, Reid
Health Series 2022 - AGM Insured
5
.000
01/01/52
13,553,658
11,000,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, First Lien Green Series 2016A
5
.000
10/01/46
11,017,131
12,820,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, First Lien Green Series 2022B
5
.250
10/01/52
13,343,937
5,130,000
Indiana Finance Authority, Water Utility Revenue Bonds,
Citizens Energy Group Project, First Lien Series 2016A
5
.000
10/01/46
5,142,423
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
8,008,584
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
1,038,408
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
3,564,100
8,040,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Stormwater Project, Green Series 2022C
5
.000
01/01/52
8,279,863
1,000,000
Northern Indiana Commuter Transportation District, Indiana,
Limited Obligation Revenue Bonds, Series 2024
5
.250
01/01/49
1,057,543
1,580,000
Zionsville Community Schools Building Corporation, Boone
County, Indiana, First Mortgage Bonds, Series 2005Z - AGM
Insured
0
.000
01/15/28
1,497,052
TOTAL INDIANA
79,842,012
Portfolio of Investments April 30, 2026
(continued)
NEA
76
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
4,976,307
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
9,337,757
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
7,922,946
3,085,000
Iowa Finance Authority, Senior Housing Revenue Bonds,
Northcrest Inc. Project, Series 2018A
5
.000
03/01/48
2,947,391
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
4,764,811
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
6,072,600
TOTAL IOWA
36,021,812
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
5,315,818
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
3,159,695
3,700,000
Kansas Municipal Energy Agency, Power Project Revenue
Bonds, Dogwood Project, Series 2018A - BAM Insured
5
.000
04/01/38
3,703,191
6,000,000
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence
Memorial Hospital, Series 2018A
5
.000
07/01/43
6,064,111
6,465,000
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence
Memorial Hospital, Series 2018A
5
.000
07/01/48
6,480,807
TOTAL KANSAS
24,723,622
KENTUCKY - 1.7% (1.0% 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
5,457,625
1,300,000
Kentucky Economic Development Finance Authority, Hospital
Revenue Bonds, Owensboro Health, Refunding Series 2017A
5
.000
06/01/37
1,304,910
700,000
(a)
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C, (UB)
4
.400
07/01/44
703,432
1,290,000
(a)
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C, (UB)
4
.600
07/01/49
1,275,717
4,855,000
(a)
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C, (UB)
4
.650
01/01/55
4,804,843
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
5,619,665
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
9,652,974
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
10,499,803
20,000,000
(a)
Warren County, Kentucky, Hospital Revenue Bonds, Bowling
Green-Warren County Community Hospital Corporation, Series
2024, (UB)
5
.250
04/01/54
20,590,390
TOTAL KENTUCKY
59,909,359
LOUISIANA - 2.0% (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
5,104,771
1,870,000
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Bonds, Series 2017B - AGM Insured
5
.000
12/01/42
1,903,338
3,900,000
(a)
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A, (UB)
4
.550
12/01/49
3,887,193
77
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
1,875,000
(a)
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A, (UB)
4
.650
%
12/01/54
$
1,867,654
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
2,103,988
3,600,000
(c)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5
.000
04/01/49
3,122,794
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
1,695,399
9,310,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Christus Health, Refunding Series 2019A
5
.000
07/01/43
9,584,173
2,345,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016
4
.000
05/15/36
2,308,264
1,975,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Series 2015
5
.000
05/15/47
1,974,921
3,615,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5
.000
07/01/48
3,709,661
13,410,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5
.250
07/01/53
13,832,520
3,500,000
New Orleans Aviation Board, Louisiana, General Airport
Revenue Bonds, Series 2024C-1
5
.000
01/01/54
3,564,909
10,000,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2024A
5
.000
12/01/53
9,747,021
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
5,024,468
TOTAL LOUISIANA
69,431,074
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
6,109,932
8,675,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, MaineHealth Issue, Series 2018A
5
.000
07/01/43
8,851,826
11,150,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, MaineHealth Issue, Series 2020A
4
.000
07/01/50
9,734,611
TOTAL MAINE
24,696,369
MARYLAND - 1.7% (1.0% of Total Investments)
5,905,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/46
5,688,202
8,610,000
Baltimore, Maryland, Revenue Bonds, Water Projects,
Subordinate Series 2017A
5
.000
07/01/41
8,666,120
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue, Series 2016
5
.000
07/01/47
2,001,455
5,455,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5
.000
07/01/55
5,534,114
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
3,564,558
4,125,000
Maryland Stadium Authority, Lease Revenue Bonds, Built To
Learn, Series 2022A
4
.000
06/01/47
3,823,316
17,000,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Series
2018A
5
.000
05/01/42
17,424,699
3,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2020
4
.000
07/01/39
3,012,552
3,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2020
4
.000
07/01/50
2,781,555
4,000,000
Montgomery County, Maryland, Revenue Bonds, Trinity Health
Credit Group, Series 2015
5
.000
12/01/44
4,004,542
Portfolio of Investments April 30, 2026
(continued)
NEA
78
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
1,150,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Ingleside King Farm Project,
Series 2017A-1
5
.000
%
11/01/37
$
1,156,701
2,250,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Series 2017B
5
.000
11/01/47
2,094,155
TOTAL MARYLAND
59,751,969
MASSACHUSETTS - 2.9% (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
3,708,936
6,035,000
Bristol-Plymouth Regional Vocational Technical School District,
Massachusetts, General Obligation Bonds, School Series 2025
4
.000
04/01/50
5,581,541
10,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Children's Hospital Series 2024T
5
.250
03/01/54
10,506,370
930,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5
.000
07/01/44
930,159
3,890,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2023FF
5
.000
10/01/48
4,071,959
3,630,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/53
3,610,806
1,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute Issue, Series 2016N
5
.000
12/01/46
1,103,550
2,070,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2015
4
.500
01/01/45
1,981,961
4,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Partners HealthCare System Issue, Series 2017S-1
4
.000
07/01/36
4,118,837
1,380,000
Massachusetts Development Finance Agency, Revenue Bonds,
Western New England University, Series 2015
5
.000
09/01/40
1,379,923
1,545,000
Massachusetts Development Finance Agency, Revenue Bonds,
Western New England University, Series 2015
5
.000
09/01/45
1,482,322
3,000,000
Massachusetts Development Finance Authority, Revenue
Bonds, WGBH Educational Foundation, Series 2002A - AMBAC
Insured
5
.750
01/01/42
3,517,858
26,750,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2015B
4
.000
05/01/45
25,821,978
5,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2022C
5
.250
10/01/52
5,243,914
14,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2023A
5
.000
05/01/48
14,622,226
12,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2022B
5
.000
06/01/52
12,341,952
TOTAL MASSACHUSETTS
100,024,292
MICHIGAN - 8.2% (5.0% of Total Investments)
315,000
Advanced Technology Academy, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2019
5
.000
11/01/34
321,377
1,000,000
Conner Creek Academy East, Michigan, Public School Revenue
Bonds, Series 2007
5
.250
11/01/36
860,783
2,000,000
County of Calhoun Hospital Finance Authority, Michigan,
Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series
2016
5
.000
02/15/47
1,859,896
1,925,000
Detroit, Michigan, Senior Lien Sewerage Disposal System
Revenue Bonds, Series 2001B - NPFG Insured
5
.500
07/01/29
2,004,312
15,000
Detroit, Michigan, Water Supply System Revenue Bonds,
Refunding Second Lien Series 2004A - AGM Insured
5
.000
07/01/34
15,015
1,700,000
Downriver Utility Wastewater Authority, Michigan, Sewer
System Revenue Bonds, Series 2018 - AGM Insured
5
.000
04/01/43
1,737,397
1,100,000
Eastern Michigan University, General Revenue Bonds,
Refunding Series 2017A - BAM Insured
5
.000
03/01/33
1,115,726
2,270,000
Eastern Michigan University, General Revenue Bonds,
Refunding Series 2017A - BAM Insured
5
.000
03/01/36
2,297,198
455,000
(d)
Eastern Michigan University, General Revenue Bonds, Series
2018A, (Pre-refunded 3/01/28)
4
.000
03/01/44
466,325
10,710,000
Eastern Michigan University, General Revenue Bonds, Series
2018A - AGM Insured
4
.000
03/01/44
10,256,514
79
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
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
$
2,949,206
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
95,537
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
3,876,049
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
1,292,547
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
1,908,044
2,500,000
Grand Rapids, Michigan, Sanitary Sewer System Revenue
Bonds, Series 2018
5
.000
01/01/43
2,548,108
6,055,000
Grand Rapids, Michigan, Sanitary Sewer System Revenue
Bonds, Series 2018
5
.000
01/01/48
6,138,952
4,295,000
Grand Rapids, Michigan, Water Supply System Revenue Bonds,
Series 2020
5
.000
01/01/45
4,451,949
1,720,000
Grand Traverse County Hospital Finance Authority, Michigan,
Revenue Bonds, Munson Healthcare, Series 2019A
5
.000
07/01/36
1,774,254
1,995,000
Grand Traverse County Hospital Finance Authority, Michigan,
Revenue Bonds, Munson Healthcare, Series 2019A
5
.000
07/01/39
2,047,940
27,950,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2016A
5
.000
07/01/46
27,991,427
4,625,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2025C
5
.250
07/01/50
4,880,393
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
6,613,530
1,265,000
Jenison Public Schools, Ottawa County, Michigan, General
Obligation Bonds, Series 2017
5
.000
05/01/30
1,294,145
1,000,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2016
5
.000
06/01/31
1,002,070
1,445,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2016
5
.000
06/01/34
1,447,991
1,570,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2017A
5
.000
06/01/36
1,600,715
1,650,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2017A
5
.000
06/01/37
1,680,896
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
2,471,275
2,395,000
Lake Superior State University Board of Trustees, Michigan,
General Revenue Bonds, Series 2018 - AGM Insured
5
.000
01/15/38
2,450,046
4,000,000
Lake Superior State University Board of Trustees, Michigan,
General Revenue Bonds, Series 2018 - AGM Insured
5
.000
01/15/43
4,056,629
10,900,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2019A
5
.000
07/01/44
11,257,011
8,170,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2019A
5
.000
07/01/48
8,340,448
11,835,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2021A
5
.000
07/01/51
12,158,432
1,325,000
Lansing School District, Ingham County, Michigan, General
Obligation Bonds, School Building and Site Series 2019II
5
.000
05/01/40
1,378,937
2,200,000
Lansing Township Downtown Development Authority, Ingham
County, Michigan, Tax Increment Bonds, Series 2013A
5
.950
02/01/42
2,203,192
500,000
Marquettte, Michigan, Electric Utility System Revenue Bonds,
Refunding Series 2016A
5
.000
07/01/33
501,395
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
1,540,492
Portfolio of Investments April 30, 2026
(continued)
NEA
80
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
17,500,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne, Second Lien Refunding
Series 2020
4
.000
%
11/01/50
$
15,830,400
10,005,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne, Second Lien Refunding
Series 2020
4
.000
11/01/55
8,902,408
3,500,000
Michigan Finance Authority, Higher Education Limited
Obligation Revenue Bonds, Kalamazoo College Project,
Refunding Series 2018
5
.000
12/01/43
3,571,920
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
175,319
265,000
(d)
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2016MI, (Pre-refunded
6/01/26)
5
.000
12/01/45
265,484
5,075,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2016MI
5
.000
12/01/45
5,079,861
9,000,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2016MI-2
4
.000
03/01/51
7,747,309
10,000,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2017A-MI
4
.000
12/01/36
9,944,800
1,900,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2017MI
5
.000
12/01/30
1,944,112
2,000,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2019A-MI
4
.000
12/01/49
1,745,622
11,730,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2006 Sold Tobacco Receipts Senior Current Interest
Series 2020A-2
5
.000
06/01/40
12,137,603
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
9,117,151
1,270,000
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6
4
.000
11/15/47
1,168,508
10,000,000
(a)
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2025A, (UB)
4
.850
12/01/45
10,213,151
170,000
Michigan Public Educational Facilities Authority, Charter School
Revenue Bonds, American Montessori Academy, Series 2007
6
.500
12/01/37
170,096
8,300,000
Michigan State University, General Revenue Bonds, Refunding
Series 2019C
4
.000
02/15/44
8,144,651
3,000,000
Michigan State University, General Revenue Bonds, Taxable
Series 2019A
5
.000
02/15/48
3,061,130
1,950,000
Michigan State, Comprehensive Transportation Revenue
Bonds, Refunding Series 2015
5
.000
11/15/29
1,953,497
3,000,000
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan
Program Series 2020B
4
.000
11/15/45
2,905,702
400,000
Northern Michigan University, General Revenue Bonds, Series
2018A
5
.000
12/01/33
417,162
650,000
Northern Michigan University, General Revenue Bonds, Series
2018A
5
.000
12/01/35
676,080
665,000
Novi Community School District, Oakland County, Michigan,
General Obligation Bonds, School Building & Site Series
2022-II
4
.000
05/01/47
637,356
1,510,000
Royal Oak, Oakland County, Michigan, General Obligation
Bonds, Taxable Limited Tax Series 2018
5
.000
04/01/43
1,546,309
810,000
Saginaw Valley State University, Michigan, General Revenue
Bonds, Refunding Series 2016A
5
.000
07/01/35
812,241
5,240,000
Troy School District, Oakland County, Michigan, General
Obligation Bonds, School Building & Site Series 2023
5
.000
05/01/52
5,415,124
1,065,000
(d)
University of Michigan, Michigan, General Revenue Bonds,
Series 2017A, (Pre-refunded 4/01/27)
5
.000
04/01/36
1,087,900
2,000,000
(d)
University of Michigan, Michigan, General Revenue Bonds,
Series 2017A, (Pre-refunded 4/01/27)
5
.000
04/01/42
2,043,006
81
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
12,200,000
(d)
University of Michigan, Michigan, General Revenue Bonds,
Series 2017A, (Pre-refunded 4/01/27)
5
.000
%
04/01/47
$
12,462,334
1,000,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Senior Series
2017A
5
.000
12/01/42
1,020,823
5,000,000
Wayne State University, Michigan, General Revenue Bonds,
Series 2018A
5
.000
11/15/43
5,153,454
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
2,634,269
3,335,000
Western Michigan University, General Revenue Bonds,
Refunding Series 2019A
5
.000
11/15/44
3,439,114
2,700,000
Wyandotte, Michigan, Electric Revenue Bonds, Refunding
Series 2015A - BAM Insured
5
.000
10/01/44
2,701,539
TOTAL MICHIGAN
285,011,588
MINNESOTA - 4.8% (2.9% 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
267,050
1,750,000
Bethel, Minnesota, Charter School Lease Revenue Bonds,
Spectrum High School Project, Series 2024
5
.000
07/01/59
1,619,034
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
2,338,814
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
699,321
350,000
Chatfield, Minnesota, Healthcare and Housing Facilities
Revenue Bonds, Chosen Valley Care Center Project, Refunding
Series 2019
4
.000
09/01/39
304,293
1,700,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5
.000
07/01/36
1,622,122
4,005,000
City of Milaca, Minnesota Refunding Revenue Bonds,
Grandview Christian Home Project, Series 2016
5
.000
10/01/41
4,006,993
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
952,567
590,000
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Eagle Ridge Academy Project, Series 2015A
5
.250
07/01/37
590,394
3,600,000
(c)
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Seven Hills Preparatory Academy Project, Series 2024A
6
.125
06/15/61
3,167,121
2,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
4
.250
02/15/43
1,952,892
1,300,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/43
1,316,227
4,050,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/48
4,057,697
6,650,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/53
6,639,616
3,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.250
02/15/53
3,011,421
7,240,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.250
02/15/58
7,257,490
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
3,750,267
Portfolio of Investments April 30, 2026
(continued)
NEA
82
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
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
$
2,101,921
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
1,088,758
535,000
Independence, Minnesota, Charter School Lease Revenue
Bonds, Paladin Career & Technical High School Project, Series
2021A
4
.000
06/01/41
444,216
9,840,000
Independent School District 621, Mounds View, Minnesota,
General Obligation Bonds, School Building Series 2018A
4
.000
02/01/41
9,864,784
2,800,000
Itasca County Independent School District 318, Minnesota,
General Obligation Bonds, Series 2018A
4
.000
02/01/37
2,812,876
1,000,000
Maple River Independent School District 2135, Minnesota,
General Obligation Bonds, School Building Series 2020A
4
.000
02/01/50
926,989
405,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Cyber Village Academy Project, Series 2022A
5
.500
06/01/57
358,420
2,250,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2021
4
.000
11/15/40
2,178,171
2,530,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Fairview Health Services, Series 2018A
4
.000
11/15/48
2,166,004
1,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019A
5
.000
01/01/33
1,066,833
2,245,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019A
5
.000
01/01/44
2,321,935
3,500,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019A
5
.000
01/01/49
3,541,365
1,630,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C
5
.000
01/01/37
1,649,148
7,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C
5
.000
01/01/46
7,041,633
2,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
4
.125
01/01/47
1,906,790
2,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
4
.250
01/01/52
1,892,403
12,345,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
5
.000
01/01/52
12,520,898
7,335,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Series 2024A
5
.000
01/01/52
7,508,362
610,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, University of Saint Thomas, Series 2022B
4
.125
10/01/42
611,887
1,000,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, University of Saint Thomas, Series 2022B
4
.125
10/01/42
1,003,092
2,140,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, University of Saint Thomas, Series 2022B
5
.000
10/01/47
2,194,369
1,000,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2020D
4
.000
08/01/42
1,004,577
3,165,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2021C
4
.000
08/01/43
3,149,816
3,805,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2022C
5
.000
08/01/41
4,068,859
2,000,000
Rochester, Minnesota, Electric Utility Revenue Bonds,
Refunding Series 2017A
5
.000
12/01/42
2,015,037
10,325,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2019
5
.000
05/01/48
10,474,401
6,000,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2019
4
.000
05/01/49
5,288,132
83
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
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
$
4,790,690
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
1,832,318
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
2,002,903
450,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hope Community
Academy Project, Series 2020A
3
.875
12/01/30
410,827
1,970,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Series 2016A
4
.125
09/01/47
1,695,454
595,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4
.000
11/15/35
595,490
1,470,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4
.000
11/15/43
1,353,797
3,315,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5
.000
11/15/47
3,275,085
800,000
Saint Paul Port Authority, Minnesota, District Energy Revenue
Bonds, Series 2023-3
4
.750
10/01/43
821,476
125,000
Saint Paul, Minnesota, Housing and Redevelopment Authority,
Minnesota Charter School Lease Revenue Bonds, Series 2022A
6
.500
06/01/29
125,987
1,070,000
Saint Paul, Minnesota, Housing and Redevelopment Authority,
Minnesota Charter School Lease Revenue Bonds, Series 2022A
6
.375
06/01/42
1,081,960
3,055,000
Saint Paul, Minnesota, Housing and Redevelopment Authority,
Minnesota Charter School Lease Revenue Bonds, Series 2022A
6
.500
06/01/57
2,990,088
850,000
Sartell, Minnesota, Health Care Facilities Revenue Bonds,
Country Manor Campus LLC Project, Refunding Series 2017
5
.000
09/01/42
809,476
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
4,271,714
300,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5
.000
08/01/32
300,750
150,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5
.000
08/01/33
150,347
250,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5
.000
08/01/35
250,533
600,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
4
.000
08/01/39
586,787
2,000,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5
.000
08/01/49
1,979,840
3,000,000
Western Minnesota Municipal Power Agency, Minnesota,
Power Supply Revenue Bonds, Series 2018A
5
.000
01/01/49
3,039,222
730,000
Winona Port Authority, Minnesota, Charter School Lease
Revenue Bonds, Bluffview Montessori School Project,
Refunding Series 2016
4
.750
06/01/46
615,405
TOTAL MINNESOTA
167,735,144
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
4,180,131
TOTAL MISSISSIPPI
4,180,131
Portfolio of Investments April 30, 2026
(continued)
NEA
84
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
3,432,467
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
2,135,447
6,940,000
(a)
Jackson County, Missouri, Special Obligation Bonds, Series
2023A, (UB)
5
.250
12/01/47
7,326,968
8,150,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/27
7,923,306
5,000,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/31
4,266,471
2,475,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2018A
4
.000
01/01/38
2,485,782
4,470,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2018A
4
.000
01/01/42
4,474,397
1,475,000
Kansas City, Missouri, Special Obligation Bonds, Kansas City
Missouri Projects, Series 2021A
5
.000
04/01/40
1,578,805
1,750,000
Kansas City, Missouri, Water Revenue Bonds, Series 2023A
4
.000
12/01/47
1,707,932
2,130,000
Maryland Heights, Missouri, Tax Increment and Special District
Revenue Bonds, Westport Plaza Redevelopment Area, Series
2020
4
.125
11/01/38
1,986,513
2,950,000
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Refunding Improvement Series 2022B
5
.250
05/01/52
3,085,831
2,695,000
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Series 2019B
5
.000
05/01/44
2,789,836
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
2,365,906
1,000,000
(c)
Missouri Development Finance Board, Tax Increment and
Special District Revenue Bonds, Lakeport Village Project, Series
2025A
6
.750
06/15/55
985,969
3,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2
.900
09/01/33
2,824,292
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
1,351,798
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
1,416,732
1,830,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2021A
4
.000
07/01/40
1,822,143
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
13,233,319
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
1,385,086
4,165,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A
4
.000
11/15/44
3,881,371
4,220,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A
4
.000
11/15/49
3,749,183
17,300,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2013A
5
.000
11/15/48
17,302,332
1,400,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2014F
5
.000
11/15/45
1,400,726
1,050,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
4
.000
11/15/36
1,035,533
2,980,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
4
.000
11/15/37
2,907,949
85
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
2,620,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5
.000
%
11/15/42
$
2,662,701
2,500,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5
.000
11/15/47
2,518,752
28,290,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2020
4
.000
06/01/53
24,637,085
1,500,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/44
1,398,408
2,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/49
1,740,067
8,725,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/54
7,423,011
3,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, SSM Health Care, Series 2022A
4
.000
06/01/52
2,649,238
10,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Children's Mercy Hospital, Series 2017A
4
.000
05/15/42
9,738,734
1,150,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5
.000
02/01/46
1,149,999
700,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016B
5
.000
02/01/34
700,590
1,950,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019A
5
.000
02/01/42
1,978,726
1,500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019C
5
.000
02/01/42
1,527,470
1,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019C
4
.000
02/01/48
857,253
1,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5
.250
02/01/54
1,001,538
5,000,000
Saint Charles County Francis Howell School District, Missouri,
General Obligation Bonds, Series 2022
5
.000
03/01/41
5,310,645
2,000,000
Saint Charles County Francis Howell School District, Missouri,
General Obligation Bonds, Series 2022
5
.000
03/01/42
2,116,942
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
3,447,518
220,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series
2013A
5
.875
09/01/43
220,219
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
2,635,328
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
7,148,008
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
2,305,053
450,000
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
439,880
TOTAL MISSOURI
182,463,259
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
2,772,273
4,965,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5
.000
07/01/48
4,988,282
3,310,000
Montana Facility Finance Authority, Montana, Health Facilities
Revenue Bonds, Bozeman Deaconess Health Services
Obligated Group, Series 2018
5
.000
06/01/48
3,331,131
1,825,000
Montana Facility Finance Authority, Revenue Bonds, Billings
Clinic Obligated Group, Series 2018A
5
.000
08/15/48
1,837,338
Portfolio of Investments April 30, 2026
(continued)
NEA
86
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MONTANA
(continued)
$
6,130,000
Montana State Board of Regents of Higher Education, General
Revenue Bonds, Series 2022 - AGM Insured
5
.250
%
11/15/52
$
6,353,847
TOTAL MONTANA
19,282,871
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
14,607,767
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
1,900,854
1,900,000
Douglas County School District 54, Ralston, Nebraska, General
Obligation Bonds, Series 2023
5
.000
12/15/48
1,976,259
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
2,182,226
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
2,028,821
1,000,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/32
1,000,294
820,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/33
820,244
2,000,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/34
2,000,574
5,110,000
Municipal Energy Agency of Nebraska, Power Supply System
Revenue Bonds, Refunding Series 2016A
5
.000
04/01/38
5,156,439
8,500,000
(a)
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Social Series 2024C, (UB)
4
.800
09/01/54
8,528,023
TOTAL NEBRASKA
40,201,501
NEVADA - 1.0% (0.6% of Total Investments)
6,480,000
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe
Regional Healthcare Project, Series 2017A
5
.000
09/01/47
6,450,200
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
365,020
2,090,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4
.000
09/01/26
2,093,746
1,395,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4
.000
09/01/27
1,397,758
2,405,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4
.000
09/01/29
2,409,103
2,650,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4
.000
09/01/30
2,636,999
18,000,000
Las Vegas Convention and Visitors Authority, Nevada,
Convention Center Expansion Revenue Bonds, Series 2018B
5
.000
07/01/43
18,473,567
TOTAL NEVADA
33,826,393
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
1,508,071
1,115,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series
2018A
5
.000
08/01/36
1,148,046
2,935,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series
2018A
5
.000
08/01/37
3,017,090
TOTAL NEW HAMPSHIRE
5,673,207
87
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY - 6.8% (4.1% of Total Investments)
$
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
$
6,069,614
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
21,268,815
370,000
(d)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2018EEE, (Pre-refunded 12/15/28)
5
.000
06/15/43
393,875
2,515,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2018EEE
5
.000
06/15/43
2,593,514
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
2,550,978
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
26,356,574
12,775,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4
.000
07/01/51
11,894,330
3,050,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/28
3,058,315
7,795,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/29
7,816,046
5,450,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4
.000
06/15/46
5,144,945
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
5,141,379
4,000,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023AA
5
.000
06/15/40
4,347,044
4,890,000
(a)
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023BB, (UB)
5
.250
06/15/50
5,142,892
5,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/26
4,912,020
16,495,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/33
12,832,295
1,815,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C
0
.000
12/15/26
1,783,829
10,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - FGIC Insured
0
.000
12/15/30
8,684,914
38,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/33
29,673,170
45,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/35
32,191,497
10,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/36
6,842,295
5,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
5
.000
12/15/32
5,351,906
5,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4
.000
06/15/44
4,837,123
5,500,000
(a)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2022B, (UB)
5
.000
01/01/46
5,826,975
5,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A
5
.250
11/01/52
5,190,721
10,355,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/46
10,276,772
4,710,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.250
06/01/46
4,720,356
2,150,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5
.000
06/01/46
2,093,830
TOTAL NEW JERSEY
236,996,024
Portfolio of Investments April 30, 2026
(continued)
NEA
88
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
3,492,889
1,000,000
University of New Mexico, Revenue Bonds, System
Improvement Series 2023 - AGM Insured
5
.500
06/01/53
1,070,414
TOTAL NEW MEXICO
4,563,303
NEW YORK - 13.0% (7.8% 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
2,771,202
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
989,498
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
10,063,616
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
20,292,517
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
3,755,839
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
13,701,753
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
23,962,856
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
10,391,776
5,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2024A
5
.000
03/15/54
5,156,293
1,645,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2022A
5
.250
12/01/52
1,653,165
10,000,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5
.250
10/01/35
11,452,874
5,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5
.000
09/01/37
5,209,175
15,000,000
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Green Series 2024B-1
5
.000
11/15/50
15,562,312
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
8,947,621
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
4,957,615
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
5,017,975
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
7,884,245
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
5,163,026
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
5,892,997
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
9,847,184
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
13,400,468
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
12,262,274
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
11,470,586
25,160,000
(a)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2024G-1, (UB)
5
.250
05/01/51
26,319,743
89
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
2,060,000
New York City, New York, General Obligation Bonds, Fiscal
2017 Series B-1
5
.000
%
12/01/41
$
2,074,656
10,370,000
New York City, New York, General Obligation Bonds, Fiscal
2020 Series A-1
4
.000
08/01/42
10,064,242
3,500,000
New York City, New York, General Obligation Bonds, Fiscal
2020 SeriesD-1
4
.000
03/01/50
3,169,375
12,350,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series F-1
5
.000
03/01/50
12,621,890
12,000,000
New York City, New York, General Obligation Bonds, Fiscal
2022 Series A-1
5
.000
08/01/47
12,343,346
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
23,939,083
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
1,551,854
4,000,000
New York State Dormitory Authority, Personal Income Tax
Revenue Bonds, General Purpose Series 2025C
5
.250
03/15/46
4,345,692
5,900,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
4
.000
03/15/50
5,459,517
20,000,000
(a)
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A-3, (UB)
5
.000
03/15/48
20,945,296
4,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Transportation Series 2021A-1
4
.000
03/15/44
3,862,388
25,035,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2022A
5
.000
03/15/45
26,424,668
5,500,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2022A
5
.000
03/15/46
5,761,669
7,500,000
New York State Urban Development Corporation, State Sales
Tax Revenue Bonds, Series 2019A
5
.000
03/15/40
7,884,218
9,385,000
New York State Urban Development Corporation, State Sales
Tax Revenue Bonds, Series 2024A
5
.000
03/15/49
9,810,654
4,095,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Series 2015A
5
.000
11/15/50
4,095,058
10,725,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2013A
0
.000
11/15/31
8,991,804
1,105,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2013A
0
.000
11/15/32
891,525
1,300,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2020A
5
.000
11/15/54
1,337,987
3,265,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022 A
5
.000
05/15/44
3,466,683
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
9,926,925
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
6,792,326
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
12,587,915
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
10,430,975
5,000,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/45
4,701,134
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
884,148
TOTAL NEW YORK
450,491,638
Portfolio of Investments April 30, 2026
(continued)
NEA
90
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
1,001,872
730,000
Catawba County, North Carolina, General Obligation Bonds,
Limited Obligation Series 2014A
5
.000
06/01/31
731,325
1,365,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Refunding Series 2017A
5
.000
07/01/42
1,387,630
5,390,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Refunding Series 2017A
5
.000
07/01/47
5,444,871
5,000,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Series 2023A
5
.000
07/01/48
5,235,900
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
4,194,244
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
2,093,183
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
6,350,086
2,500,000
North Carolina Agricultural & Technical State University,
General Revenue Bonds, Series 2023
5
.000
10/01/52
2,570,847
5,000,000
North Carolina Capital Facilities Financing Agency, Educational
Facility Revenue Bonds, Wake Forest University, Refunding
Series 2016
4
.000
01/01/37
5,010,186
2,500,000
North Carolina Capital Facilities Financing Agency, Educational
Facility Revenue Bonds, Wake Forest University, Series 2018
5
.000
01/01/48
2,530,639
700,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5
.000
10/01/31
702,915
2,720,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5
.000
10/01/37
2,725,959
3,000,000
North Carolina Medical Care Commission, Health Care
Facilities Revenue Bonds, Wake Forest Baptist Obligated
Group, Series 2012A
5
.000
12/01/45
3,002,038
1,545,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5
.000
01/01/28
1,554,125
1,500,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5
.000
01/01/32
1,510,107
835,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/28
763,393
800,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/30
665,368
850,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/31
672,150
2,400,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/33
1,716,406
3,160,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/36
1,933,658
3,100,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/37
1,801,228
1,900,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0
.000
07/01/40
949,647
2,200,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017 - AGM
Insured
5
.000
01/01/39
2,217,807
1,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Series 2018
5
.000
01/01/40
1,031,029
150,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/31
129,067
4,375,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/33
3,485,340
2,300,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/34
1,760,830
91
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH CAROLINA
(continued)
$
2,380,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
%
01/01/35
$
1,746,995
7,575,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/37
5,076,142
1,470,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0
.000
01/01/38
939,741
10,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2019
5
.000
01/01/49
10,121,971
2,500,000
Raleigh, North Carolina, Combined Enterprise System Revenue
Bonds, Refunding Series 2016A
4
.000
03/01/46
2,456,839
1,250,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
4
.000
09/01/35
1,254,417
1,265,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
4
.000
09/01/36
1,267,902
1,000,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
4
.000
09/01/37
1,001,567
4,735,000
University of North Carolina, Charlotte, General Revenue
Bonds, Series 2017
5
.000
10/01/42
4,826,844
4,765,000
University of North Carolina, Greensboro, General Revenue
Bonds, Series 2018
5
.000
04/01/43
4,885,797
1,250,000
Western Carolina University, North Carolina, General Revenue
Bonds, Refunding Series 2015A
5
.000
10/01/45
1,250,171
TOTAL NORTH CAROLINA
98,000,236
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
1,008,050
8,525,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
5
.000
12/01/42
8,552,576
7,070,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
4
.000
12/01/47
5,991,224
1,800,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
4
.000
12/01/51
1,515,628
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
652,974
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
896,541
13,000,000
(a)
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2024D, (UB)
4
.650
07/01/49
12,914,099
2,700,000
University of North Dakota, Certificates of Participation,
Housing Infrastructure Project, Series 2021A - AGM Insured
4
.000
06/01/51
2,386,433
11,065,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/43
10,580,913
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
44,534,077
OHIO - 3.4% (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
3,059,904
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
8,364,076
10,940,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy
Health, Refunding & Improvement Series 2015A
5
.000
11/01/43
10,947,535
6,655,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy
Health, Series 2017A
4
.000
08/01/38
6,652,205
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
765,625
Portfolio of Investments April 30, 2026
(continued)
NEA
92
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
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
$
952,186
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
9,137,359
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
4,862,671
2,750,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025B
5
.000
01/01/45
2,923,000
2,335,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025B
5
.250
01/01/50
2,456,503
5,165,000
Cuyahoga Community College District, Ohio, General
Obligation Bonds, Facilities Construction & Improvement
Series 2018
4
.000
12/01/38
5,170,621
5,975,000
Fairfield County, Ohio, Hospital Facilities Revenue Bonds,
Fairfield Medical Center Project, Series 2013
5
.000
06/15/43
5,296,892
1,500,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities Project, Series 2017A
5
.000
01/01/47
1,474,351
1,120,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities Project, Series 2017A
5
.000
01/01/52
1,070,322
3,425,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities, Refunding & Improvement Series
2016
5
.000
01/01/46
3,400,001
6,000,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities, Refunding & Improvement Series
2016
5
.000
01/01/51
5,766,982
3,000,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds,
TriHealth, Inc. Obligated Group Project, Series 2017A
5
.000
08/15/42
3,042,928
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
5,037,552
6,000,000
Middletown City School District, Butler County, Ohio, General
Obligation Bonds, Refunding Series 2007 - AGM Insured
5
.250
12/01/31
6,561,745
3,000,000
Ohio Higher Educational Facility Commission, Revenue Bonds,
University of Dayton, Series 2018A
5
.000
12/01/48
3,020,232
1,700,000
(a)
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A, (UB)
4
.550
09/01/49
1,694,068
3,195,000
Ohio State, Hospital Revenue Bonds, University Hospitals
Health System, Inc., Fixed Interest Rate Series 2020A
5
.000
01/15/50
3,208,267
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
8,454,445
2,400,000
Ohio Water Development Authority, Water Pollution Control
Loan Fund Revenue Bonds, Green Series 2023B
5
.000
12/01/43
2,594,105
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
4,402,226
4,190,000
Springboro Community City School District, Warren County,
Ohio, General Obligation Bonds, Refunding Series 2007 - AGM
Insured
5
.250
12/01/26
4,250,130
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
3,666,052
TOTAL OHIO
118,231,983
93
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
3,130,704
6,340,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/57
6,262,714
9,040,000
(a)
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2024B,
(UB)
4
.600
09/01/44
9,126,348
3,080,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
5
.250
01/01/47
3,307,511
20,000,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
5
.500
01/01/54
21,527,954
1,125,000
Tulsa County Industrial Authority, Oklahoma, Senior Living
Community Revenue Bonds, Montereau, Inc Project, Refunding
Series 2017
5
.250
11/15/37
1,137,598
TOTAL OKLAHOMA
44,492,829
OREGON - 3.3% (2.0% 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
1,166,533
760,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5
.000
06/15/38
774,483
1,000,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5
.000
06/15/39
1,018,170
1,725,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5
.000
06/15/40
1,755,735
1,185,000
Clackamas County Hospital Facility Authority, Oregon, Revenue
Bonds, Rose Villa Inc., Series 2020A
5
.375
11/15/55
1,169,179
4,170,000
Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A
4
.000
08/01/45
4,096,349
2,250,000
Eugene, Oregon, Water Utility System Revenue Bonds, Series
2023
5
.000
08/01/52
2,321,212
2,820,000
Oregon Facilities Authority, Revenue Bonds, Legacy Health
Project, Series 2016A
5
.000
06/01/46
2,821,144
7,895,000
Oregon Facilities Authority, Revenue Bonds, Legacy Health
Project, Series 2022A
5
.000
06/01/52
7,956,233
1,810,000
(c)
Oregon Facilities Authority, Revenue Bonds, Metro East Web
Academy Project, Series 2019A
5
.000
06/15/49
1,657,278
6,275,000
Oregon Facilities Authority, Revenue Bonds, Samaritan Health
Services, Refunding Series 2016A
5
.000
10/01/35
6,279,072
140,000
(d)
Oregon Facilities Authority, Revenue Bonds, Samaritan Health
Services, Refunding Series 2016A, (Pre-refunded 10/01/26)
5
.000
10/01/46
141,249
2,120,000
Oregon Facilities Authority, Revenue Bonds, Samaritan Health
Services, Refunding Series 2016A
5
.000
10/01/46
2,109,708
2,490,000
Oregon Facilities Authority, Revenue Bonds, University of
Portland Projects, Refunding Series 2025A
5
.000
04/01/37
2,719,930
7,090,000
Oregon Facilities Authority, Revenue Bonds, University of
Portland Projects, Refunding Series 2025A
5
.500
04/01/49
7,494,189
23,400,000
Oregon Health and Science University, Revenue Bonds, Green
Series 2021A
4
.000
07/01/51
20,956,595
4,100,000
Port of Portland, Oregon, Portland International Airport,
Revenue Bonds, Series 2019 25A
5
.000
07/01/49
4,186,007
4,000,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
4
.000
05/15/41
3,909,402
13,220,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
5
.000
05/15/46
13,224,250
8,005,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Series 2019A
5
.000
05/15/44
8,210,287
10,805,000
Tualatin Valley Water District, Oregon, Water Revenue Bonds,
Series 2023
5
.000
06/01/48
11,327,613
10,000,000
University of Oregon, General Revenue Bonds, Series 2020A
5
.000
04/01/50
10,284,322
TOTAL OREGON
115,578,940
Portfolio of Investments April 30, 2026
(continued)
NEA
94
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 6.7% (4.0% of Total Investments)
$
1,670,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2020B
4
.000
%
06/01/45
$
1,629,016
2,000,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2020B
4
.000
06/01/50
1,809,809
3,155,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0
.000
05/15/26
3,151,045
4,145,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0
.000
11/15/26
4,075,455
2,800,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0
.000
05/15/28
2,629,224
3,000,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0
.000
11/15/28
2,773,052
1,200,000
Centre County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Mount Nittany Medical Center Project, Series
2018A
5
.000
11/15/42
1,215,974
895,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018
5
.000
06/01/34
927,241
3,595,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/42
3,648,667
5,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/47
5,040,604
5,000,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5
.000
11/01/51
5,041,048
4,915,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, United Zion Retirement Community, Series 2017A
5
.000
12/01/47
4,150,312
4,480,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0
.000
12/01/31
3,719,340
5,180,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0
.000
12/01/32
4,132,022
5,210,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
5
.000
09/01/43
5,305,327
1,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019
4
.000
09/01/44
922,818
630,207
(f)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Series 2013A0 & AE2
0
.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%)
0
.000
06/30/27
62,483
6,000,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2026A
5
.000
12/15/47
6,219,622
7,340,000
(a)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1, (UB)
5
.250
11/01/48
7,746,017
6,800,000
(a)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2, (UB)
5
.000
11/01/54
6,925,478
5,910,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2019
4
.000
08/15/44
5,645,001
5,250,000
(a)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4
.650
10/01/51
5,194,580
20,000,000
(a)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2025-150A, (UB)
5
.200
10/01/50
20,473,320
16,000,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Lien Series 2021A
4
.000
12/01/51
14,553,339
95
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
16,805,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6
.375
%
12/01/38
$
17,567,450
5,800,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2019A
5
.000
12/01/49
5,944,394
6,500,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2021B
5
.000
12/01/46
6,776,323
17,375,000
(a)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2023A, (UB)
5
.250
12/01/53
18,327,320
19,250,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2009C - AGM Insured
6
.250
06/01/33
19,305,249
7,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2019A
4
.000
12/01/49
6,318,013
7,475,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2021A
4
.000
12/01/45
7,148,796
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
1,445,497
7,500,000
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Series 2021A - BAM Insured
4
.000
09/01/46
6,921,801
3,410,000
(d)
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 1997A - AMBAC Insured, (ETM)
5
.125
08/01/27
3,507,227
7,565,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2023B - AGM Insured
5
.500
09/01/53
8,082,264
5,000,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2024C
5
.250
09/01/54
5,264,321
8,135,000
Southcentral Pennsylvania General Authority, Revenue Bonds,
Wellspan Health Obligated Group, Series 2019A
4
.000
06/01/49
7,258,997
TOTAL PENNSYLVANIA
231,135,737
PUERTO RICO - 2.3% (1.4% of Total Investments)
3,862,069
Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit
Exchanged From Cusip 74529JAP0
0
.000
08/01/54
829,182
5,281,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.500
07/01/34
5,281,302
6,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/51
1,573,136
23,031,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
22,029,147
32,452,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
31,627,862
1,370,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2019A-2A
4
.550
07/01/40
1,372,077
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
6,391,011
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
4,463,201
4,727,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.784
07/01/58
4,518,921
TOTAL PUERTO RICO
78,085,839
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
3,002,263
174,390,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
0
.000
06/01/52
23,425,913
TOTAL RHODE ISLAND
26,428,176
Portfolio of Investments April 30, 2026
(continued)
NEA
96
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA - 3.9% (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
$
26,271,668
1,290,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5
.000
11/01/41
1,291,063
4,000,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5
.000
11/01/46
4,001,284
26,955,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AMBAC Insured
0
.000
01/01/31
23,097,751
15,420,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AMBAC Insured
0
.000
01/01/32
12,712,533
4,000,000
Rock Hill, South Carolina, Combined Utility System Revenue
Bonds, Series 2024A
5
.000
01/01/54
4,079,341
1,000,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Riverwalk Academy
Project Series 2023A
7
.000
06/15/43
1,036,141
1,095,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Riverwalk Academy
Project Series 2023A
7
.125
06/15/53
1,110,717
12,000,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series
2020A
4
.000
12/01/44
11,119,122
9,030,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
5
.000
11/01/43
9,188,541
6,210,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
4
.000
11/01/48
5,723,177
3,490,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
5
.000
11/01/48
3,530,279
6,800,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5
.000
12/01/46
6,823,844
10,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5
.000
12/01/56
10,000,013
5,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022A
4
.000
12/01/52
4,437,520
8,686,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022B
4
.000
12/01/39
8,719,203
TOTAL SOUTH CAROLINA
133,142,197
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
4,100,153
3,000,000
Sioux Falls, South Dakota, Health Facilities Revenue Bonds,
Dow Rummel Village Project, Series 2017
5
.000
11/01/42
2,867,191
3,150,000
Sioux Falls, South Dakota, Health Facilities Revenue Bonds,
Dow Rummel Village Project, Series 2017
5
.125
11/01/47
2,863,323
22,800,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Monument Health, Inc., Series 2020A
4
.000
09/01/50
20,418,458
1,150,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2014B
5
.000
11/01/44
1,150,569
5,245,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2015
5
.000
11/01/45
5,257,700
TOTAL SOUTH DAKOTA
36,657,394
97
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE - 1.9% (1.2% 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
$
2,246,349
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
5,009,774
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
994,413
445,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5
.000
04/01/31
449,254
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
1,765,381
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
6,531,700
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
12,152,961
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
4,287,205
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
2,203,435
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
2,812,208
5,000,000
(d)
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2016A,
(Pre-refunded 7/01/26)
5
.000
07/01/40
5,018,406
6,000,000
(d)
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2016A,
(Pre-refunded 7/01/26)
5
.000
07/01/46
6,022,088
2,750,000
Metropolitan Knoxville Airport Authority, Tennessee, Airport
Revenue Bonds, Series 2024A
5
.250
06/01/54
2,854,752
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
378,384
6,270,000
Tennessee State School Bond Authority, Higher Educational
Facilities Second Program Bonds, Series 2022A
5
.000
11/01/52
6,492,818
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
7,540,852
TOTAL TENNESSEE
66,759,980
TEXAS - 13.1% (7.9% of Total Investments)
2,260,000
Austin, Texas, Electric Utility System Revenue Bonds, Refunding
& Improvement Series 2023
5
.000
11/15/48
2,352,273
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
8,111,783
6,000,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/43
6,659,506
1,000,000
Cedar Hill Independent School District, Dallas County, Texas,
General Obligation Bonds, Refunding Series 2002 - FGIC
Insured
0
.000
08/15/32
799,932
1,925,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2013A
4
.350
12/01/42
1,836,673
Portfolio of Investments April 30, 2026
(continued)
NEA
98
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,000,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2013A
4
.400
%
12/01/47
$
902,624
10,000,000
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,
Refunding & Improvement Senior Lien Series 2021B
5
.000
12/01/47
10,384,400
5,000,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds Refunding and Improvement Series 2024
4
.000
11/01/45
4,810,768
6,125,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds Refunding Series 2021B
4
.000
11/01/45
5,861,932
7,810,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding Improvement Series 2023B
5
.000
11/01/47
8,135,710
10,000,000
Dallas-Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding Series 2021A
4
.000
11/01/46
9,324,956
19,215,000
(a)
Ector County, Texas, Certificates of Obligation, Series 2024,
(UB)
5
.000
02/15/50
19,755,960
3,700,000
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, School Building Series 2017
5
.000
08/15/42
3,723,621
3,500,000
Grand Parkway Transportation Corporation, Texas, System Toll
Revenue Bonds, Refunding First Tier Series 2020C
4
.000
10/01/40
3,508,626
10,000,000
Grand Parkway Transportation Corporation, Texas, System Toll
Revenue Bonds, Refunding First Tier Series 2020C
4
.000
10/01/45
9,415,110
8,500,000
Grand Parkway Transportation Corporation, Texas, System Toll
Revenue Bonds, Refunding First Tier Series 2020C
4
.000
10/01/49
7,665,604
12,695,000
Grand Parkway Transportation Corporation, Texas, System
Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM
Insured
4
.000
10/01/49
11,617,622
5,295,000
Grand Parkway Transportation Corporation, Texas, System
Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela
Supported
5
.000
10/01/48
5,384,763
5,000,000
Greenwood Independent School District, Midland County,
Texas, School Building Bonds, Series 2024
5
.000
02/15/49
5,152,264
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
8,309,159
2,845,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Houston Methodist
Hospital System, Series 2015
4
.000
12/01/45
2,672,780
5,000,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding
Senior Lien Series 2018A
4
.000
08/15/48
4,632,863
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
.323
08/15/28
4,763,368
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
586,416
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
1,114,336
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
1,178,110
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
3,050,221
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
4,141,705
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
2,244,410
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
794,574
99
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,710,000
Houston, Texas, Airport System Revenue Bonds, Refunding &
Subordinate Lien Series 2018B
5
.000
%
07/01/48
$
2,742,586
5,000,000
Houston, Texas, Combined Utility System Revenue Bonds,
Combined First Lien Series 2024A
5
.250
11/15/54
5,338,108
3,635,000
(a)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding First Lien Series 2026C, (UB)
5
.500
09/01/58
3,871,201
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
1,375,425
38,165,000
(a)
Lamar Consolidated Independent School District, Fort Bend
County, Texas, General Obligation Bonds, Schoolhouse Series
2026, (UB)
5
.250
02/15/61
40,246,992
4,000,000
Leander Independent School District, Williamson and Travis
Counties, Texas, General Obligation Bonds, Refunding Series
2015A
4
.000
08/15/41
3,979,428
1,780,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
5
.750
12/01/33
1,780,907
1,800,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
6
.125
12/01/38
1,800,815
9,750,000
Midland Independent School District, Midland County, Texas,
General Obligation Bonds, School Building Series 2024
4
.000
02/15/54
8,801,757
16,285,000
Midtown Redevelopment Authority, Texas, Tax Increment
Contract Revenue, Refunding Series 2017
5
.000
01/01/36
16,455,072
10,040,000
Midtown Redevelopment Authority, Texas, Tax Increment
Contract Revenue, Refunding Series 2017 - AGM Insured
5
.000
01/01/38
10,143,545
2,100,000
Montgomery County Toll Road Authority, Texas, Toll Road
Revenue Bonds, Senior Lien Series 2018
5
.000
09/15/43
2,101,054
1,815,000
Montgomery County Toll Road Authority, Texas, Toll Road
Revenue Bonds, Senior Lien Series 2018
5
.000
09/15/48
1,815,221
4,240,000
New Braunfels, Comal County, Texas, Utility System Revenue
Bonds, Refunding Series 2022
5
.000
07/01/47
4,377,679
3,900,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, CHF-Collegiate
Housing Foundation - College Station I LLC - Texas A&M
University Project, Series 2014A - AGM Insured
5
.000
04/01/46
3,899,896
7,000,000
North Texas Municipal Water District, Texas, Regional
Wastewater Revenue Bonds, Improvement and Refunding
Series 2025
5
.000
06/01/53
7,271,430
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
2,221,215
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
9,515,481
2,125,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2008D - AGC Insured
0
.000
01/01/28
2,026,122
14,610,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2017A
5
.000
01/01/43
14,926,841
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
9,370,939
10,000,000
(a)
Pearland, Texas, Certificates of Obligation, Series 2025B, (UB)
5
.250
09/01/55
10,473,467
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
2,107,992
6,250,000
San Angelo Independent School District, Tom Green County,
Texas, General Obligation Bonds, School Building Series 2025
5
.000
02/15/44
6,706,381
2,000,000
San Antonio, Texas, General Obligation Bonds, General
Improvement Series 2021
4
.000
08/01/41
2,009,035
11,000,000
Sherman Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2023B
5
.000
02/15/53
11,279,030
5,000,000
(a)
Sherman Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5
.250
02/15/49
5,324,026
Portfolio of Investments April 30, 2026
(continued)
NEA
100
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
5,000,000
(a)
Sherman Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5
.000
%
02/15/53
$
5,150,149
7,975,000
Tarrant County College District, Texas, General Obligation
Bonds, Series 2022
5
.000
08/15/39
8,625,722
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
2,255,216
1,500,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Christus Health, Series
2022A
4
.000
07/01/53
1,303,694
2,500,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2016A
5
.000
02/15/41
2,509,126
10,500,000
(a)
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Series 2024C, (UB)
5
.125
01/01/54
10,726,260
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
1,267,541
2,875,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
5
.000
08/01/57
2,885,601
5,000,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2019A
4
.000
10/15/49
4,626,017
23,200,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2024A
4
.375
10/15/59
21,963,433
15,000,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2025
4
.750
10/15/55
15,034,233
17,220,000
University of Houston, Texas, Consolidated Revenue Bonds,
Refunding Series 2022A
5
.000
02/15/52
17,686,517
7,000,000
West Harris County Regional Water Authority, Texas, Water
System Revenue Bonds, Series 2022 - AGM Insured
5
.000
12/15/57
7,178,762
TOTAL TEXAS
452,065,985
UTAH - 1.1% (0.7% 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
1,063,403
500,000
(c)
Downtown Daybreak Public Infrastructure District 1, Utah, Tax
Increment Revenue Bonds, Series 2026
5
.625
03/01/46
508,564
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
8,369,634
1,250,000
(c)
MIDA Mountain Village Public Infrastructure District, Utah,
Subordinate Tax Allocation Revenue Bonds, Series 2024-2
5
.750
06/15/44
1,294,619
6,000,000
(a)
Millard School District, Utah, Lease Revenue Bonds, Local
Building Authority Series 2024 - BAM Insured, (UB)
5
.000
05/15/59
6,102,263
3,066,000
(c)
Northpoint Infrastructure Financing District, Salt Lake City,
Salt Lake County, Utah, Special Assessment Bonds Northpoint
Assessment Area, Series 2026
6
.625
12/01/55
3,069,192
3,560,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017B
5
.000
07/01/42
3,608,822
1,975,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017B
5
.000
07/01/47
1,990,619
4,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2018B
5
.000
07/01/48
4,052,223
1,000,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Utah Charter Academies Project, Series 2018
5
.000
10/15/38
1,012,503
2,320,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Utah Charter Academies Project, Series 2018
5
.000
10/15/43
2,332,390
2,040,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Utah Charter Academies Project, Series 2018
5
.000
10/15/48
2,041,392
1,830,000
(a)
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024C, (UB)
4
.700
01/01/54
1,831,309
TOTAL UTAH
37,276,933
101
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VERMONT - 0.1% (0.1% of Total Investments)
$
2,730,000
Vermont Educational and Health Buildings Financing Agency,
Revenue Bonds, Middlebury College Project, Series 2023
5
.000
%
11/01/52
$
2,815,005
TOTAL VERMONT
2,815,005
VIRGIN ISLANDS - 0.2% (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
2,752,880
4,600,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchman's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5
.750
02/01/45
4,615,722
TOTAL VIRGIN ISLANDS
7,368,602
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
1,609,949
430,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.875
07/15/40
440,888
4,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2018A
4
.000
05/15/48
3,759,466
8,075,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2022A
4
.000
07/01/52
7,292,083
425,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6
.875
12/01/58
462,982
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
1,971,901
10,000,000
Virginia Commonwealth Transportation Board, Interstate 81
Corridor Program Revenue Bonds, Senior Lien Series 2021
5
.000
05/15/57
10,299,211
16,065,000
(a)
Virginia Port Authority, Port Facilities Revenue Bonds, Series
2025, (UB)
5
.250
07/01/50
17,093,131
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
7,063,066
TOTAL VIRGINIA
49,992,677
WASHINGTON - 5.0% (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
7,050,214
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
12,202,693
7,000,000
Douglas County Public Utility District 1, Washington, Revenue
Bonds, Wells Hydroelectric, Series 2022B
5
.000
09/01/47
7,273,866
11,500,000
Fircrest Properties, Washington, Lease Revenue Bonds,
Washington State Department of Social & Health Services
Project Series 2024
5
.500
06/01/49
12,355,141
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
4,226,011
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
7,685,524
10,630,000
King County Public Hospital District 2, Washington, General
Obligation Bonds, EvergreenHealth, Limited Tax 2020A
4
.000
12/01/45
9,860,068
3,905,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2025A
5
.000
10/01/44
4,228,353
5,230,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2025A
5
.000
10/01/47
5,513,950
10,535,000
Seattle, Washington, Drainage and Wastewater System
Revenue Bonds, Improvement Series 2023
5
.000
02/01/49
10,980,070
3,750,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2022
5
.000
07/01/52
3,863,694
Portfolio of Investments April 30, 2026
(continued)
NEA
102
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
10,000,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2023
5
.000
%
03/01/53
$
10,325,966
2,000,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2025
5
.250
02/01/50
2,140,957
4,000,000
(a)
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A, (UB)
5
.250
12/01/55
4,221,890
1,185,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5
.000
01/01/41
1,274,579
1,245,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5
.000
01/01/42
1,329,601
1,310,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5
.000
01/01/43
1,392,599
7,645,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5
.250
01/01/54
7,923,503
5,250,000
Tacoma, Washington, Sewer Revenue Bonds, Series 2018
4
.000
12/01/48
4,920,539
6,180,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
6,312,078
4,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
5
.000
10/01/32
4,009,073
10,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
4
.250
10/01/40
9,899,785
3,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D
5
.000
10/01/41
3,001,681
5,160,000
Washington Health Care Facilities Authority, Revenue Bonds,
Seattle Children's Hospital, Series 2015A
4
.000
10/01/45
4,892,137
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
1,710,208
2,525,000
Washington State Higher Education Facilities Authority,
Revenue Bonds, Seattle University, Series 2020
4
.000
05/01/45
2,312,411
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
483,054
13,395,000
(a)
Washington State, General Obligation Bonds, Various Purpose
Series 2023A, (UB)
5
.000
08/01/47
13,978,340
9,000,000
Washington State, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2003C - FGIC Insured
0
.000
06/01/28
8,494,941
TOTAL WASHINGTON
173,862,926
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
12,768,114
2,065,000
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds,
Senior Lien Series 2021
5
.000
06/01/47
2,142,879
5,750,000
West Virginia State, General Obligation Bonds, State Road
Competitive Series 2018B
4
.000
06/01/42
5,755,664
TOTAL WEST VIRGINIA
20,666,657
WISCONSIN - 5.2% (3.1% 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
280
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
275
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
272
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
269
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
264
103
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
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
$
288
1,117,859
(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
759,763
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
285
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
280
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
277
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
272
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
268
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
265
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
260
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
258
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
255
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
251
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
248
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
244
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
242
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
239
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
235
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
3,059
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
1,415,033
5,000,000
Public Finance Authority of Wisconsin, Hotel Revenue Bonds,
Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien
Series 2022A
5
.000
02/01/52
4,927,655
8,335,000
(c)
Public Finance Authority, Wisconsin, Educational Revenue
Bonds, Lake Norman Charter School, Series 2018A
5
.000
06/15/48
7,866,936
Portfolio of Investments April 30, 2026
(continued)
NEA
104
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
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
$
1,091,630
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
8,637,745
9,830,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021
4
.000
08/15/46
8,940,996
8,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021
4
.000
08/15/51
6,962,320
9,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Marshfield Clinic Health System, Inc., Series 2017C
5
.000
02/15/47
9,021,245
2,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Marshfield Clinic, Series 2016B
5
.000
02/15/35
2,002,191
2,415,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4
.000
10/01/51
1,796,696
2,470,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4
.000
10/01/61
1,717,532
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
5,155,668
1,110,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Benevolent Corporation Cedar
Community, Series 2017
5
.000
06/01/37
1,134,176
955,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Benevolent Corporation Cedar
Community, Series 2017
5
.000
06/01/41
975,800
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
1,032,155
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
1,145,692
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
1,135,371
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
1,780,468
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
1,832,075
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
1,971,416
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
2,131,401
15,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated
Group, Series 2022A
4
.000
04/01/41
14,677,463
18,595,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marquette University, Series 2016
5
.000
10/01/46
18,622,084
8,215,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A
5
.000
02/15/42
8,219,879
105
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)
$
5,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2016
5
.000
%
12/01/41
$
5,027,596
10,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2022
4
.000
12/01/46
9,263,440
10,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2022
4
.000
12/01/51
8,745,525
1,525,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4
.000
01/01/57
1,191,104
29,080,000
(a)
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024B, (UB)
4
.750
03/01/51
29,204,279
10,400,000
(a)
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024C, (UB)
4
.750
03/01/51
10,444,446
TOTAL WISCONSIN
178,838,366
TOTAL MUNICIPAL BONDS
(Cost $5,708,777,716)
5,731,023,035
TOTAL LONG-TERM INVESTMENTS
(Cost $5,708,777,716)
5,731,023,035
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.5%(0.3% of Total Investments)
17630000
MUNICIPAL BONDS - 0.5% (0.3% of Total Investments)
17630000
MASSACHUSETTS - 0.1% (0.0% of Total Investments)
2,310,000
(g)
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Variable Rate Demand Series 2008U-6C
3
.150
10/01/42
2,310,000
TOTAL MASSACHUSETTS
2,310,000
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
.400
06/01/39
6,420,000
TOTAL OREGON
6,420,000
TEXAS - 0.2% (0.2% of Total Investments)
8,900,000
(g)
San Antonio, Texas, Water System Revenue Bonds, Subordinate
Lien Series 2025D
3
.400
05/01/55
8,900,000
TOTAL TEXAS
8,900,000
TOTAL MUNICIPAL BONDS
(Cost $17,630,000)
17,630,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,630,000)
17,630,000
TOTAL INVESTMENTS - 166.0%
(Cost $5,726,407,716)
5,748,653,035
FLOATING RATE OBLIGATIONS - (14.4)%
(
498,810,000
)
AMTP SHARES, NET - (0.8)%(h)
(
27,994,106
)
MFP SHARES, NET - (20.3)%(i)
(
702,927,157
)
VRDP SHARES, NET - (33.4)%(j)
(
1,155,799,389
)
OTHER ASSETS & LIABILITIES, NET -   2.9%
99,753,822
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
3,462,876,205
ETM
Escrowed to maturity
IF
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with
the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term
rate, and is reduced by the expenses related to the TOB trust.
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash,
securities, or a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK
payment made by the issuer as of the end of the reporting period.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse
Trust unless otherwise noted.
Portfolio of Investments April 30, 2026
(continued)
NEA
106
See Notes to Financial Statements
(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 $128,756,877 or 2.2% 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 0.5%.
(i)
MFP Shares, Net as a percentage of Total Investments is 12.2%.
(j)
VRDP Shares, Net as a percentage of Total Investments is 20.1%.
Statement of Assets and Liabilities
See Notes to Financial Statements
107
e
April 30, 2026 (Unaudited)
NAD
NEA
ASSETS
Long-term investments, at value
†
$
4,730,060,217‌
$
5,731,023,035‌
Affiliated investments, at value
++
3,742,830‌
–‌
Short-term investments, at value
◊
–‌
17,630,000‌
Cash
4,870,932‌
16,446,431‌
Receivables:
Dividends
524‌
–‌
Interest
73,287,636‌
80,965,848‌
Investments sold
12,852,278‌
38,844,305‌
Reimbursement from Adviser
1,075‌
–‌
Deferred offering costs
104,224‌
109,909‌
Other
730,013‌
1,557,859‌
Total assets
4,825,649,729‌
5,886,577,387‌
LIABILITIES
Floating rate obligations
402,150,000‌
498,810,000‌
AMTP Shares, Net
*
727,379,210‌
27,994,106‌
MFP Shares, Net
**
370,493,507‌
702,927,157‌
VRDP Shares, Net
***
504,170,958‌
1,155,799,389‌
Payables:
Management fees
2,159,184‌
2,601,844‌
Dividends
15,598,654‌
19,572,964‌
Interest
7,852,120‌
8,205,495‌
Investments purchased - regular settlement
1,313,938‌
6,383,026‌
Accrued expenses:
Custodian fees
503,411‌
565,135‌
Investor relations fees
86,748‌
103,696‌
Trustees fees
412,111‌
531,777‌
Professional fees
20,943‌
21,597‌
Shareholder reporting expenses
82,107‌
96,231‌
Shareholder servicing agent fees
21,583‌
23,606‌
Shelf offering costs
60,840‌
45,978‌
Other
18,632‌
19,181‌
Total liabilities
2,032,323,946‌
2,423,701,182‌
Commitments and contingencies
(1)
Net assets applicable to common shares
$
2,793,325,783‌
$
3,462,876,205‌
Common shares outstanding
233,692,467‌
300,419,175‌
Net asset value ("NAV") per common share outstanding
$
11
.95‌
$
11
.53‌
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
2,336,925‌
$
3,004,192‌
Paid-in capital
3,110,947,218‌
3,844,826,768‌
Total distributable earnings (loss)
(
319,958,360‌
)
(
384,954,755‌
)
Net assets applicable to common shares
$
2,793,325,783‌
$
3,462,876,205‌
Authorized shares:
Common
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
†
   Long-term investments, cost
$
4,705,734,374‌
$
5,708,777,716‌
++
   Affiliated investments, cost
$
3,614,438‌
$
—‌
◊
   Short-term investments, cost
$
—‌
$
17,630,000‌
*
   AMTP Shares, liquidation preference
$
727,500,000‌
$
28,000,000‌
**
   MFP Shares, liquidation preference
$
370,800,000‌
$
703,900,000‌
***
    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
108
Six Months Ended April 30, 2026 (Unaudited)
NAD
NEA
INVESTMENT INCOME
Dividends
$
304‌
$
—‌
Dividends from affiliated investments
84,780‌
—‌
Interest
114,094,065‌
132,727,466‌
Total investment income
114,179,149‌
132,727,466‌
EXPENSES
–
–
Management fees
13,118,498‌
15,800,445‌
Shareholder servicing agent fees
59,957‌
67,672‌
Interest expense and amortization of offering costs
32,479,314‌
32,188,983‌
Trustees fees
140,606‌
171,940‌
Custodian expenses, net
184,283‌
207,791‌
Excise tax liability expense
39,006‌
4,335‌
Investor relations expenses
268,688‌
307,700‌
Liquidity fees
1,929,678‌
5,800,207‌
Professional fees
150,329‌
195,690‌
Remarketing fees
253,551‌
1,180,377‌
Shareholder reporting expenses
71,063‌
64,380‌
Stock exchange listing fees
36,895‌
47,262‌
Other
79,035‌
112,186‌
Total expenses before expense reimbursement
48,810,903‌
56,148,968‌
Expense reimbursement
(
6,483‌
)
—‌
Net expenses
48,804,420‌
56,148,968‌
Net investment income (loss)
65,374,729‌
76,578,498‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(
4,576,280‌
)
(
224,174‌
)
Net realized gain (loss)
(
4,576,280‌
)
(
224,174‌
)
Change in unrealized appreciation (depreciation) on:
Investments
(
27,817,267‌
)
(
36,457,173‌
)
Affiliated investments
(
6,360‌
)
—‌
Net change in unrealized appreciation (depreciation)
(
27,823,627‌
)
(
36,457,173‌
)
Net realized and unrealized gain (loss)
(
32,399,907‌
)
(
36,681,347‌
)
Net increase (decrease) in net assets applicable to common shares from operations
$
32,974,822‌
$
39,897,151‌
Statement of Changes in Net Assets
See Notes to Financial Statements
109
NAD
NEA
Unaudited
Six Months Ended
4/30/26
Year Ended
10/31/25
Unaudited
Six Months Ended
4/30/26
Year Ended
10/31/25
OPERATIONS
Net investment income (loss)
$
65,368,246‌
$
122,804,019‌
$
76,578,498‌
$
145,561,006‌
Net realized gain (loss)
(
4,576,280‌
)
(
23,797,841‌
)
(
224,174‌
)
(
31,885,556‌
)
Net change in unrealized appreciation (depreciation)
(
27,823,627‌
)
(
33,649,886‌
)
(
36,457,173‌
)
(
31,572,748‌
)
Net increase (decrease) in net assets applicable to common shares
from operations
32,968,339‌
65,356,292‌
39,897,151‌
82,102,702‌
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
98,771,077‌
)
(
121,407,147‌
)
(
122,146,769‌
)
(
142,908,934‌
)
Return of Capital
–‌
(
87,723,424‌
)
–‌
(
116,018,475‌
)
Total distributions
(
98,771,077‌
)
(
209,130,571‌
)
(
122,146,769‌
)
(
258,927,409‌
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
2,055,275‌
—‌
15,475,696‌
—‌
Reinvestments of distributions
1,433,700‌
—‌
1,159,702‌
—‌
Net increase (decrease) applicable to common shares from capital
share transactions
3,488,975‌
—‌
16,635,398‌
—‌
Net increase (decrease) in net assets applicable to common shares
(
62,313,763‌
)
(
143,774,279‌
)
(
65,614,220‌
)
(
176,824,707‌
)
Net assets applicable to common shares at the beginning of period
2,855,639,546‌
2,999,413,825‌
3,528,490,425‌
3,705,315,132‌
Net assets applicable to common shares at the end of period
$
2,793,325,783‌
$
2,855,639,546‌
$
3,462,876,205‌
$
3,528,490,425‌
Statement of Cash Flows
See Notes to Financial Statements
110
Six Months Ended April 30, 2026 (Unaudited)
NAD
NEA
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
$
32,968,339‌
$
39,897,151‌
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
(
245,893,772‌
)
(
172,939,615‌
)
Proceeds from sale and maturities of investments
287,608,816‌
259,631,841‌
Proceeds from (Purchase of) short-term investments, net
—‌
6,160,000‌
Amortization (Accretion) of premiums and discounts, net
(
7,581,266‌
)
(
7,611,181‌
)
Amortization of deferred offering costs
127,618‌
354,110‌
(Increase) Decrease in:
Receivable for interest
(
3,654,366‌
)
(
3,363,684‌
)
Receivable for investments sold
8,339,007‌
(
14,252,555‌
)
Receivable for reimbursement from Adviser
33‌
—‌
Other assets
12,591‌
(
42,751‌
)
Increase (Decrease) in:
Payable for interest
4,108,583‌
4,579,919‌
Payable for investments purchased - regular settlement
1,313,938‌
6,383,026‌
Payable for management fees
(
103,021‌
)
(
130,832‌
)
Accrued custodian fees
184,199‌
207,708‌
Accrued investor relations fees
77,683‌
79,857‌
Accrued Trustees fees
(
26,878‌
)
(
39,449‌
)
Accrued professional fees
5,484‌
(
8,520‌
)
Accrued shareholder reporting expenses
35,899‌
24,588‌
Accrued shareholder servicing agent fees
611‌
1,167‌
Accrued shelf offering costs
60,840‌
45,978‌
Accrued other expenses
(
4,720‌
)
15,980‌
Net realized (gain) loss from investments
4,576,280‌
224,174‌
Net realized (gain) loss from paydowns
16,788‌
12,148‌
Net change in unrealized (appreciation) depreciation of investments
27,817,267‌
36,457,173‌
Net change in unrealized (appreciation) depreciation of affiliated investments
6,360‌
—‌
Net cash provided by (used in) operating activities
109,996,313‌
155,686,233‌
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
—‌
18,715,724‌
(Repayments) of borrowings
—‌
(
18,715,724‌
)
Proceeds from floating rate obligations
40,310,000‌
69,560,000‌
(Repayments of) floating rate obligations
(
6,795,000‌
)
(
36,620,000‌
)
(Repayments for) AMTP Shares redeemed, at liquidation preference
—‌
(
25,000,000‌
)
(Repayments for) MFP Shares redeemed, at liquidation preference
(
50,000,000‌
)
(
35,000,000‌
)
(Payments for) deferred offering costs
(
104,224‌
)
(
109,909‌
)
Increase (Decrease) in:
Cash overdraft
—‌
(
6,652,557‌
)
Cash distributions paid to common shareholders
(
97,301,905‌
)
(
120,893,032‌
)
Proceeds from shelf offering, net of offering costs
2,055,275‌
15,475,696‌
Net cash provided by (used in) financing activities
(
111,835,854‌
)
(
139,239,802‌
)
Net increase (decrease) in cash
(
1,839,541‌
)
16,446,431‌
Cash at the beginning of period
6,710,473‌
—‌
Cash at the end of period
$
4,870,932‌
$
16,446,431‌
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
NAD
NEA
Cash paid for interest
$
28,239,418‌
$
27,250,322‌
Non-cash financing activities not included herein consists of reinvestments of common share distributions
1,433,700‌
1,159,702‌
Financial Highlights
112
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
Shelf
Offering
Costs
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NAD
4/30/26
(e)
$
12.23
$
0.28
$
(0.14)
$
0.14
$
(0.42)
$
—
$
—
$
(0.42)
$
—
$
—
(f)
$
11.95
$
11.76
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
4/30/26
(e)
11.80
0.26
(0.12)
0.14
(0.41)
—
—
(0.41)
—
—
(f)
11.53
11.47
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)
—
(f)
—
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.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
See Notes to Financial Statements
113
Ratios of Interest
Expense
to Average Net
Assets Applicable
to Common Shares
NAD
4/30/26
(e)
2.48
%
(g
)
10/31/25
2.74
10/31/24
2.94
10/31/23
2.77
10/31/22
1.06
10/31/21
0.53
NEA
4/30/26
(e)
2.26
(g
)
10/31/25
2.54
10/31/24
2.84
10/31/23
2.72
10/31/22
1.06
10/31/21
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
Expenses
After
Reimbursement
(c)
Net
Investment
Income
(Loss)
(c),(d)
Portfolio
Turnover
Rate
1.19‌
%
1.60‌
%
$
2,793,326
3.49‌
%
(g)
3.49‌%
(g)
4.67‌
%
(g)
5‌
%
2.40‌
8.01‌
2,855,640
3.74‌
3.74‌ 
4.31‌
21‌
17.34‌
29.88‌
2,999,414
3.92‌
3.92‌ 
3.59‌
18‌
1.26‌
(3.68‌)
2,697,386
3.73‌
3.73‌ 
3.72‌
24‌
(22.79‌)
(28.38‌)
2,765,632
2.02‌
2.02‌ 
4.44‌
37‌
6.85‌
13.31‌
3,759,374
1.44‌
1.44‌ 
4.43‌
10‌
1.19‌
1.98‌
3,462,876
3.24‌
(g)
3.24‌ 
(g)
4.43‌
(g)
3‌
2.49‌
8.47‌
3,528,490
3.53‌
3.53‌ 
4.13‌
15‌
17.10‌
30.16‌
3,705,315
3.81‌
3.81‌ 
3.43‌
12‌
0.72‌
(4.42‌)
3,339,597
3.68‌
3.68‌ 
3.53‌
23‌
(23.31‌)
(28.47‌)
3,436,743
2.01‌
2.01‌ 
4.31‌
36‌
5.91‌
10.92‌
4,697,314
1.44‌
1.44‌ 
4.31‌
12‌
(d)
• 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:
(e)
Unaudited.
(f)
Value rounded to zero.
(g)
Annualized.
114
Financial Highlights (continued)
Asset
Coverage
Per
$1,000
Share
(c)
NEA
4/30/26
(f)
$2,831
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
4/30/26
(f)
$
727,500
$
274,300
$
370,800
$
274,300
$
504,300
$
274,300
$
2.74
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
4/30/26
(f)
28,000
283,095
703,900
283,095
1,159,400
283,095
2.83
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 of the involuntary liquidation preference of the outstanding preferred shares and
multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings (excluding temporary
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.
(f)
Unaudited.
Notes to Financial Statements
115
(Unaudited)
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 April 30, 2026, and the period covered by these Notes to Financial
Statements is the six months ended April 30, 2026 (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 Funds’ 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
$
—
NEA
—
116
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:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
(“CODM”), as defined in U.S. GAAP. 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 (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("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. 
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic
270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are
required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual
reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within
annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. 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:
117
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:
Placeholder: Allows a user to build an adhoc table of information
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
$
3,742,830
$
–
$
–
$
3,742,830
Investment Companies
423,401
–
–
423,401
Municipal Bonds
–
4,729,618,703
–
4,729,618,703
Warrants
–
–
18,113
18,113
Total
$
4,166,231
$
4,729,618,703
$
18,113
$
4,733,803,047
NEA
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
5,731,023,035
$
–
$
5,731,023,035
Short-Term Investments:
Municipal Bonds
–
17,630,000
–
17,630,000
Total
$
–
$
5,748,653,035
$
–
$
5,748,653,035
118
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
$
402,150,000
$
—
$
402,150,000
NEA
498,810,000
8,070,000
506,880,000
Fund
Average Floating
Rate Obligations
Outstanding
Average Annual
Interest Rate
And Fees
NAD
$
381,812,781
3.02
%
NEA
466,649,890
2.97
119
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 Shares Equity Shelf Programs and Offering Costs:
The following Funds have filed a registration statement with the Securities
and Exchange Commission (“SEC”) authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf
Offering”), which became effective with the SEC during prior fiscal periods.
Fund
Maximum Exposure
to Recourse Trusts:
Self-Deposited
Inverse Floaters
Maximum Exposure
to Recourse Trusts:
Externally-Deposited
Inverse Floaters
Total
NAD
$
402,150,000
$
—
$
402,150,000
NEA
498,810,000
8,070,000
506,880,000
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
NAD
$
245,893,772
$
287,608,816
NEA
172,939,615
259,631,841
120
Notes to Financial Statements
(continued)
Under this Shelf Offering, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time
to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per common share. In the event the Fund’s
Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the
registration statement has been filed with the SEC.
Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the Funds’
current and prior fiscal period were as follows:
r
Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred
offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as
a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs
remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current
are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.
Common Share Transactions: 
 Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where
applicable, were as follows:
Preferred Shares
NAD
Six Months
Ended
4/30/26
Year Ended
10/31/25
Maximum aggregate offering
23,000,000
—*
Common shares sold
170,000
–
Offering proceeds, net of offering costs
$2,055,275
$–
NEA
Six Months
Ended
4/30/26
Year Ended
10/31/25
Maximum aggregate offering
30,000,000
—**
Common shares sold
1,328,000
–
Offering proceeds, net of offering costs
$15,475,696
$–
*
For the period February 25, 2026 through April 30, 2026.
**
For the period February 13, 2026 through April 30, 2026.
NAD
Unaudited  
Six Months
Ended
4/30/26
Year Ended
10/31/25
Common Shares:
Sold through shelf offering
170,000
—
Issued to shareholders due to reinvestment of distributions
117,812
—
Total
287,812
—
Weighted average common share:
Premium to NAV per shelf offering common share sold
0.15%
–%
NEA
Unaudited  
Six Months
Ended
4/30/26
Year Ended
10/31/25
Common Shares:
Sold through shelf offering
1,328,000
—
Issued to shareholders due to reinvestment of distributions
98,783
—
Total
1,426,783
—
Weighted average common share:
Premium to NAV per shelf offering common share sold
0.42%
–%
121
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 $727,379,210 and $27,994,106 of AMTP Shares at liquidation preference, net of deferred
offering costs, respectively. Further details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
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
280
$28,000,000
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
3.51
%
NEA
49,546,961
3.43
122
Notes to Financial Statements
(continued)
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 $370,493,507 and $702,927,157 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.
123
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 $504,170,958 and $1,155,799,389 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
2,988
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*
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
$
406,711,602
3.66
%
NEA
711,248,066
2.69
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, 2056
2
2,675
0.10%
$267,500,000
N/A
September 11, 2056
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, 2056
5
1,000
0.10%
$100,000,000
N/A
January 1, 2046
*
Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.
124
Notes to Financial Statements
(continued)
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.
Fund
Average
Liquidation
Preference of
VRDP
Shares
Outstanding
Annualized
Dividend Rate
NAD
$
504,300,000
2.56
%
NEA
1,159,400,000
2.50
Six Months Ended
April 30, 2026
Year Ended
October 31, 2025
NEA
Series
Shares
Amount
Series
Shares
Amount
AMTP Shares redeemed
2028-1
(250)
$(25,000,000)
2028-1
(250)
$(25,000,000)
Six Months Ended
Year Ended
April 30, 2026
October 31, 2025
NAD
Series
Shares
Amount
Series
Shares
Amount
MFP Shares redeemed
A
(500)
$(50,000,000)
A
(350)
$(35,000,000)
Six Months Ended
Year Ended
April 30, 2026
October 31, 2025
NEA
Series
Shares
Amount
Series
Shares
Amount
MFP Shares redeemed
B
(350)
$(35,000,000)
B
(2250)
$(225,000,000)
125
As of the end of the reporting period, 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 prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
As of prior fiscal period 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
$
4,302,833,097
$
116,052,616
$
(87,232,666)
$
28,819,950
NEA
5,217,051,657
137,803,283
(105,011,850)
32,791,433
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.
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
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
126
Notes to Financial Statements
(continued)
* 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 April 30, 2026, the annual complex-level fee for each fund was as follows:
The Adviser has voluntarily agreed to waive its investment management fees for a Fund, and/or reimburse other expenses of the Fund, in an amount
equal to the management fee of the Nuveen exchange-traded funds (the “Nuveen ETFs”) paid by the Fund on its investment in the Nuveen ETFs in
order for the Fund’s net expenses to not increase due to the impact of the Nuveen ETFs’ management fees. The Adviser will adjust each Fund’s other
expense reimbursement arrangements, as necessary, to record the impact of this waiver and/or reimbursement. Such voluntary commitment will be
in force for as long the Fund invests in the Nuveen ETFs and may only be amended with approval of the Board. See Affiliated Investments in these
Notes to Financial Statements for more information on the Nuveen ETFs held by the Funds during the current fiscal period.
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:
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.
Fund
Complex-Level Fee
NAD
0.1557
%
NEA
0.1557
Fund
Purchases
Sales
Realized
Gain (Loss)
NAD
$
4,431,650
$
4,133,395
$
(66,702)
NEA
1,241,121
7,264,141
(380,346)
Issue
Value at
10/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Shares at
4/30/26
Value at
4/30/26
Dividend
Income
NAD
Exchange-Traded Funds
Nuveen High Yield Municipal
Income ETF
$3,749,190
$–
$–
$–
$(6,360)
150,000
$3,742,830
$84,780
Total
$3,749,190
$–
$–
$–
$(6,360)
150,000
$3,742,830
$84,780
127
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
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.
Fund
Maximum
Outstanding
Balance
NAD
$
—
NEA
18,715,724
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
NAD
—
$
—
—
%
NEA
2
18,715,724
4.84
128
Notes to Financial Statements
(continued)
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize
the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without
risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case
the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another
fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
11.
Subsequent Event
Line of Credit
:
During June 2026, the Participating Funds renewed the standby credit facility through June 2027 and reduced the drawn interest
rate to the higher of
(a) OBFR (Overnight Bank Funding Rate) plus 1.10% per annum or (b) the Fed Funds Effective Rate plus 1.10% per annum on
amounts borrowed
from 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.
All other terms remain unchanged.
129
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
130
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.
Statement Regarding Basis for Approval of
Investment Advisory Contract
131
(Unaudited)
Nuveen Quality Municipal Income Fund
Nuveen AMT-Free Quality Municipal Income Fund
(collectively, the
“Funds”
)
I. The Approval Process
At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a
“Board Member”) of the Funds approved, for their respective Fund, the renewal of the investment management agreement (each, an “Investment
Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”) pursuant to which NFAL serves as the investment adviser
to such Fund. Similarly, for each Fund, the Board approved the renewal of the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with
Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. The Nuveen fund
complex consists of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds advised by Teachers
Advisors, LLC (“TAL,” and such funds, the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the
“funds”). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity
Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of NFAL.
The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the
Board is comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary
of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory
Agreement on behalf of the applicable Fund.
In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance of each Investment
Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management
Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are
collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as
materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members
considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year,
including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided
by a Fund Adviser during the year through the written materials, oral presentations and discussions with senior management. The information
provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal
of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons
for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic
priorities for the business of the Adviser, including significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d)
compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to
meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable);
(f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and
execution quality of portfolio transactions; (j) management of distributions; and (k) with respect to closed-end funds, closed-end fund market activity,
capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds
and any actions taken to address market discounts to net asset value.
In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and
received extensive materials and information prepared specifically for its review of the Advisory Agreements. The materials provided in conjunction
with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b) a
review of the Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered to
have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have
certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees
assessed to other types of clients; (g) a description of portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary
of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (j) a description of indirect benefits received
by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial
Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a
peer universe, as well as a description of Broadridge’s methodology in compiling the expense universe.
The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the
evaluations of the Nuveen funds by the Board and its committees during the year. The performance, fee and expense data and other information
provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members. The Board Members
employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the
Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory
Agreements.
132
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”)
to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the
Board Members requested, directly or through independent legal counsel, additional information and received the responses to these follow-up
questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during
the Meeting. During the Meeting, the Board Members considered the materials, invited representatives of management to provide additional
information and determined that the information provided (whether oral or written) was responsive to their requests.
The Board Members had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with
independent legal counsel at various executive sessions without the presence of any Fund Adviser management. In connection with their annual
review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in
reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory
Agreements on behalf of the Funds for an additional one-year period until May 1, 2027. The Board did not identify any single factor as all-important
or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and
its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual
arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of
the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various
factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information
year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not
all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
In addition, as noted above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an annual
basis. In connection with the annual review, management and the Board proposed to reset the annual review schedule for the Advisory Agreements
to permit the agreements to continue for a one-year period until August 1st following the renewal as opposed to the current May 1st deadline. To
implement the new review schedule, at its in-person meeting held on May 27-28, 2026 (the “May Meeting”), the Board approved the continuance
of the Advisory Agreements through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the continuance of the Advisory
Agreements is set forth in Section II below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements at the Meeting, the Board Members received and considered information regarding the
nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund. With this approach, they considered the roles
of the Adviser and the Sub-Adviser in providing services to the Funds.
The Board considered that the Adviser provides a wide array of management, oversight and other services necessary to manage and operate
the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program
of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting
the needs of an increasingly complex regulatory environment. In its review of the services provided by the Adviser and its affiliates, the Board
considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel;
succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or
departures; business continuity functions which seek to develop and monitor corporate-wide standards and procedures in seeking to help ensure
the firm may continue to operate in the event of business disruptions; ongoing investments in the infrastructure and technology in enhancing the
services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition
of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure
in seeking to attract and retain high quality talent.
In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so indirectly through
a sub-adviser. In this regard, the Funds utilize the Sub-Adviser and its investment teams to manage the portfolios of the Funds subject to the
supervision of the Adviser. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s
role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting
and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and
investment capabilities of the Sub-Adviser and/or investment teams and recommending changes thereto as appropriate; monitoring compliance with
portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.
The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its
investment personnel, as noted, generally are responsible for the management of the respective Fund’s portfolio under the oversight of the Adviser
and the Board. The Board considered an analysis of the Sub-Adviser which included, among other things, a summary of changes (if any) in the
leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of
time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The
Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.
In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management
services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance,
regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such
services include, but are not limited to: distribution management services pursuant to which management seeks to implement distribution policies
and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining
broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers,
133
conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a
comprehensive compliance training program; regulatory and regulatory advocacy services, including monitoring regulatory developments that may
impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support
services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing
reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund
performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management;
oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian,
accountant, and transfer agent); and legal support services.
With respect to closed-end Nuveen funds, such services also include managing leverage; managing distributions; providing capital management
and secondary market services (such as implementing common share shelf offerings, rights offerings, capital return programs and common share
repurchases); and maintaining a closed-end fund investor relations program. The Board considered that, with respect to such funds, management
actively monitors any discount from net asset value per share at which the respective fund’s common stock trades and evaluates potential avenues to
mitigate the discount, including evaluating the level of distributions that the fund pays.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make
investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates
to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in
a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall
reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.
In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen
funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as
investment, operational, reputational, regulatory, compliance and litigation risks.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and
quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment
performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee
monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual
performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment
Committee considered, among other things, Fund performance (based on net asset value net of fees) over the quarter, one-, three- and five-year
periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (the “Performance Peer Group”)
and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over various periods
ended March 31, 2026. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group,
among other things, by evaluating its quartile ranking with the 1st quartile being the most desirable quartile ranking and the 4th quartile being the
least desirable. The Board considered, in particular, the performance of funds that met certain screening measurements as determined pursuant to a
methodology approved by the Board or additional measurements as determined by management’s investment analysts.
In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between
a Nuveen fund and its Performance Peer Group and its benchmark (such as with respect to the investment objectives and strategies) may lead to
significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the
relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, the Board considered, among other things, that
performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly
during periods of market volatility. The Board also considered that shareholders may evaluate performance based on their own respective holding
periods which may differ from the performance of the periods reviewed by the Board.
With respect to closed-end Nuveen funds, the Board also considered that secondary market trading of shares of the closed-end funds also continues
to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviewed certain
performance data reflecting, among other things, premium/discount data at their quarterly meetings with an annual review of the closed-end fund
market for the 2025 calendar year at the February Meeting. As applicable, the Board considered, among other things, the impact of leverage on a
closed-end fund’s common share earnings and total return.
The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-
specific information, asset class information, leverage and fund cash flows. From year to year, the Board may place different emphasis on
particular performance information given changing circumstances in market and economic conditions. The Board considered that long-term
performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme
could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund’s
performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily
reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that
longer periods of performance may reflect full market cycles.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its
discussions with management. Depending on the facts and circumstances, including any differences between the respective fund and its benchmark
and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of
134
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified as experiencing performance
issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to
monitor such funds more closely until performance improves.
Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above
are set forth below in Section I.F.
With respect to each Fund, on the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative
market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board
concluded that the Fund’s performance supported renewal of the Advisory Agreements.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund.
In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly
reflected a shareholder’s total costs in investing in the respective Fund.
In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level
component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board
approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds
and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board
considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with
shareholders as the complex-wide assets grow.
The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund
data. More specifically, the Board Members generally considered, among other things, each Fund’s management fee rates and net total
expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”). The Board considered, in particular,
each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and
taxes for closed-end funds) that met certain expense screening criteria adopted by the Board when compared to its Expense Universe and
management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio.
In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which
may reduce some of the value of the comparative data. In addition, the Board considered that the fee and expense information in the
Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current
levels, particularly in a period of market volatility.
The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations
in the services that are included for the fees paid. The Board Members took these differences into account in considering the comparative
peer data.
The Board further considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund
identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged
performance.
In addition, although the Board reviewed a fund’s net total expense ratio both including and excluding investment-related expenses (e.g.,
leverage costs) for certain of the closed-end Nuveen funds, the Board considered that leverage expenses will vary across funds and peers
because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered the fund’s
net total expense ratio and fees excluding investment-related costs and taxes for the closed-end funds. The Board also considered that
the use of leverage for closed-end funds may create a conflict of interest for the Adviser and Sub-Adviser (as applicable) given the increase
of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the applicable
fund’s return.
With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in
light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the
Sub-Adviser is the responsibility of the Adviser, not the Funds.
Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in
Section I.F below. Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable)
to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
135
2. Comparisons with the Fees of Other Clients
In evaluating the appropriateness of fees, the Board also requested and received information concerning the advisory fees and services
provided to other clients of the Adviser, affiliated sub-advisers and/or advisory affiliates which may include, among others: separately
managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective
investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to
certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that
differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of
advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates
incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable
to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing
relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account
sizes; and other factors all may contribute to the variations in relative fee rates. The Board, however, considered that there were no
comparable clients for the closed-end Nuveen funds. Further, the Board considered the differences in risks the Adviser incurs, including
entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or
sub-adviser to other funds.
With respect to the Sub-Adviser, the Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and
therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates.
The Board concluded that the varying levels of fees were reasonable given the foregoing.
3. Profitability of the Fund Advisers
In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the affiliated sub-advisers)
from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives
including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to
the applicable funds; (b) certain profitability data on behalf of the Adviser (as well as the Adviser and TAL on a combined basis) attributable
to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived
from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025
and 2024; and (d) certain profitability data of both the Adviser and TAL on a combined basis provided by asset grouping of Nuveen funds
in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered
estimated profitability data at the per fund level for the Adviser.
In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly
on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to
allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation
methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and
could lead to significantly different profit and loss results.
Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the
funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the
comparative data given that profitability data is only available from peers which publish publicly available information and may be affected
by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions
and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).
Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered
certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent
with significant resources, particularly during periods of market volatility.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser
received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its
review, the Board was satisfied that the Adviser’s (together with its affiliated sub-advisers) level of profitability from its relationship with the
applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds, whether these economies
of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale as a fund and/or
the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means
the Fund Advisers employ to help share the benefits of economies of scale with the respective funds and their shareholders.
The Board considered the Funds’ advisory fee structure, including breakpoint schedules (as applicable). The Board considered that the management
fees of the funds generally are comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule,
subject to certain exceptions. The Board considered that in 2024, the Board revised the breakpoint schedule which reduced the complex-level fee
rates at various thresholds and expanded the assets included in calculating the complex-level fee rates. The Board considered that the complex-
level breakpoint schedule was designed to share the benefits of economies of scale with the participating funds as a result of an increase in the asset
size of the complex even if the particular fund has not grown or has even declined in asset size, whereas a fund-level breakpoint schedule seeks to
136
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
share economies of scale with shareholders if the particular fund grows. The Board considered the fee reductions achieved overall from the fund-
level breakpoints and the complex-level breakpoints for the 2025 calendar year. With respect to closed-end funds, the Board considered the limited
ability of closed-end funds to increase their assets as fund growth is primarily a result of portfolio appreciation with some funds occasionally raising
assets in rights offerings and shelf offerings. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business,
including investments in various technology initiatives from which the fund complex may benefit as well as ongoing efforts to streamline the product
line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.
The Board further considered that the scope of services of the Adviser and its affiliates have expanded over time without raising advisory fees to the
funds, and this was also a means of sharing economies of scale with the funds and their shareholders.
Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business
appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive
as a result of their relationship with the Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services
as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in
which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other
products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that
an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may
be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the
Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2025 for serving as an underwriter on
shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024.
In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the
respective funds to obtain research and other services for any or all of their clients but such costs are reimbursed to the funds.
The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship
results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and non-profit market and
a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other
information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were
reasonable in light of the services provided.
F. Additional Fund-Specific Factors
For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered
in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to
that described above.
______________________________________________________________________________
Nuveen Quality Municipal Income Fund
Relative Net Performance
Comparative Fees and Expenses
One-Year Period
Three-Year Period
Five-Year Period
Performance Peer Group Quartile
Second Quartile
Third Quartile
Third Quartile
Performance Benchmark
Underperformed
Underperformed
Underperformed
Expense Universe
Actual Management Fee Rate
Above Median
Net Total Expense Ratio
Above Median
137
___________________________________________________________________________
Nuveen AMT-Free Quality Municipal Income Fund
Relative Net Performance
Comparative Fees and Expenses
___________________________________________________________________________
G. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the
terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each
Fund and that the Advisory Agreements be renewed for an additional one-year period.
II. Subsequent Approvals of Advisory Agreements
As noted above, the 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more
than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review,
management and the Board proposed, in relevant part, to reset the annual review schedule for the advisory and sub-advisory agreements of the
Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st
annual deadline.
At its May Meeting, with respect to the Funds, the Board approved the Investment Management Agreements with certain minor changes and the
Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent
legal counsel, requested and received information regarding, among other things, the proposed renewal of the Advisory Agreements.
In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting and
many of the factors considered at the annual review were applicable to their evaluation of the continuance of the Advisory Agreements. Accordingly,
in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the
Adviser and the Sub-Adviser and considered the information received and their evaluations and conclusions drawn at the annual review. The
Board considered management’s representation that the information and materials provided in connection with the annual review of the Advisory
Agreements at the Meeting remained unchanged in all material respects. Further, with respect to the continuance of the Advisory Agreements, the
Board considered the terms of such agreements with certain minor changes as appropriate to reflect an internal restructuring.
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the
terms of each Advisory Agreement were reasonable, that the fees of each of the Adviser and Sub-Adviser were reasonable in light of the services
provided to each Fund and that each Advisory Agreement be renewed for an additional one-year period through July 31, 2027.
One-Year Period
Three-Year Period
Five-Year Period
Performance Peer Group Quartile
Second Quartile
Fourth Quartile
Fourth Quartile
Performance Benchmark
Underperformed
Underperformed
Underperformed
Expense Universe
Actual Management Fee Rate
Above Median
Net Total Expense Ratio
Above Median
Nuveen Securities, LLC, member FINRA and SIPC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-B-0426P 5444436
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.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.

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.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12.

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

Not applicable to this filing.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

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 to this filing.

(a)(2)

    Not applicable to this filing.

(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 AMT-Free Quality Municipal Income Fund

 

Date: July 2, 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: July 2, 2026     By:   /s/ David J. Lamb           
     

David J. Lamb

Chief Administrative Officer

(principal executive officer)

Date: July 2, 2026     By:   /s/ Marc Cardella           
     

Marc Cardella

Vice President and Controller

(principal financial officer)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT