Nuveen Select Tax-Free Income Portfolio
12/04/2025 | Press release | Distributed by Public on 12/04/2025 09:24
Semi-Annual Report by Investment Company (Form N-CSRS)
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 |
811-06548 |
Nuveen Select Tax-Free Income Portfolio
(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: March 31
Date of reporting period: September 30, 2025
| Item 1. |
Reports to Stockholders. |
Closed-End Funds
Closed-End Funds
Nuveen Municipal
September 30,
2025
Semi-Annual
Report
This semi-annual report contains the Funds' unaudited financial statements.
Nuveen Select Maturities Municipal Fund
NIM
Nuveen Select Tax-Free Income Portfolio
NXP
2
Table
of Contents
Important Notices
3
Common Share Information
4
About the Funds' Benchmarks
6
Fund Performance and Holdings Summaries
7
Portfolios of Investments
12
Statement of Assets and Liabilities
47
Statement of Operations
48
Statement of Changes in Net Assets
49
Financial Highlights
50
Notes to Financial Statements
52
Shareholder Meeting Report
61
Additional Fund Information
62
Glossary of Terms Used in this Report
63
Statement Regarding Basis for Approval of Investment Advisory Contract
64
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 Portfolio Managers' Comments section of the Fund's
annual shareholder report.
Fund changes:
For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to
Financial Statements section of this report.
Fund principal investment policies and principal risks:
Refer to the Shareholder Update section of your Fund's annual shareholder
report for information on the Fund's principal investment policies and principal risks.
Fund performance:
For current information on your Fund's average annual total returns please refer to the Fund's website at
www.
nuveen.com
. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and
Holding Summaries section within this report.
NXP - Fund reorganization:
On June 17, 2025, the reorganization of Nuveen California Select Tax-Free Income Portfolio (NXC)
and Nuveen New York Select Tax-Free Income Portfolio (NXN) into NXP was approved by the Funds' Board of Trustees. Each
reorganization is pending shareholder approval and satisfying other closing conditions.
4
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of September 30, 2025. Each Fund's distribution levels
may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.
Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its
common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).
The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution
and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common
share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the
Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains
and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund's
distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate
of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the
full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com
and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-
closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,
shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)
NIM
NXP
April
$0.0275
$0.0520
May
0.0275
0.0520
June
0.0275
0.0520
July
0.0275
0.0520
August
0.0275
0.0520
September
0.0290
0.0535
Total Distributions from Net Investment Income
$0.1665
$0.3135
Yields
NIM
NXP
Market Yield
1
3.56%
4.44%
Taxable-Equivalent Yield
1
6.02%
7.50%
1
Market Yield is based on the Fund's current annualized monthly distribution 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 combined federal and state income tax rate of 40.8%. Your actual combined federal and state 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 either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was
exempt from neither federal nor state 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.
5
COMMON SHARE EQUITY SHELF PROGRAMS
During the current reporting period, NXP was authorized by the Securities and Exchange Commission to issue additional common
shares through an equity shelf program (Shelf Offering). Under these programs, NXP, 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 each Fund's NAV per
common share. The maximum aggregate offering under these Shelf Offerings is as shown in the accompanying table.
During the current reporting period, NXP sold common shares through its Shelf Offering at a weighted average premium to their
NAV per common share as shown in the accompanying table.
Refer to Notes to Financial Statements, for further details of Shelf Offerings and each Fund's transactions.
COMMON SHARE REPURCHASES
The Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire
an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of September
30, 2025, (and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired its
outstanding common shares as shown in the accompanying table.
NXP
Maximum aggregate offering
14,000,000
NXP
Common shares sold through shelf offering
1,145,097
Weighted average premium to NAV per common share sold
0.60%
NIM
NXP
Common shares cumulatively repurchased and retired
0
0
Common shares authorized for repurchase
1,240,000
5,065,000
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 Intermediate Index
: An index containing bonds in the S&P Municipal Bond Index that mature between
3 and 15 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management
fees.
Fund Performance and Holdings
Summaries
7
The Fund Performance and Holding Summaries for each Fund are shown below within this section of the report.
Fund Performance
Performance data shown represents past performance and does not predict or guarantee future results.
Current performance
may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay
on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of
distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct
investment.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for
share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com
or call (800) 257-8787.
Holding Summaries
The Holdings Summaries data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting
period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the
Fund's Portfolio of Investments for individual security information.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies:
Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that
used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by
these national rating agencies.
8
Nuveen Select Maturities Municipal Fund
Fund Performance and Holdings Summaries September 30, 2025
NIM
Performance*
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Intermediate Index.
Daily Common Share NAV and Share Price
Total Returns as of
September 30, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NIM at Common Share NAV
9/18/92
2.85%
2.13%
1.63%
2.56%
NIM at Common Share Price
9/18/92
1.17%
4.10%
0.85%
2.45%
S&P Municipal Bond Intermediate Index
-
3.72%
2.81%
1.18%
2.40%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$9.94
$9.26
(6.84)%
(6.87)%
9
Holdings
Fund Allocation
(% of net assets)
Municipal Bonds
96.5%
Mortgage-Backed Securities
0.5%
Short-Term Municipal Bonds
0.8%
Other Assets & Liabilities, Net
2.2%
Net Assets
100%
Portfolio Credit Quality
(% of total investments)
AAA
13.2%
AA
37.6%
A
24.3%
BBB
9.2%
BB or Lower
6.7%
N/R (not rated)
9.0%
Total
100%
Portfolio Composition
(% of total investments)
Housing/Single Family
17.3%
Transportation
15.5%
Utilities
15.4%
Tax Obligation/General
13.0%
Tax Obligation/Limited
11.4%
Health Care
9.7%
Housing/Multifamily
4.6%
Other
13.1%
Total
100%
10
Nuveen Select Tax-Free Income Portfolio
Fund Performance and Holdings Summaries September 30, 2025
NXP
Performance*
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.
Daily Common Share NAV and Share Price
Total Returns as of
September 30, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXP at Common Share NAV
3/19/92
2.61%
1.15%
1.46%
3.31%
NXP at Common Share Price
3/19/92
2.89%
(0.02)%
1.05%
4.56%
S&P Municipal Bond Index
-
2.91%
1.69%
1.09%
2.44%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$14.29
$14.46
1.19%
(0.02)%
11
Holdings
Fund Allocation
(% of net assets)
Municipal Bonds
98.5%
Short-Term Municipal Bonds
3.1%
Other Assets & Liabilities, Net
2.2%
Floating Rate Obligations
(3.8)%
Net Assets
100%
Portfolio Credit Quality
(% of total investments)
AAA
8.5%
AA
53.3%
A
25.5%
BBB
4.6%
BB or Lower
3.3%
N/R (not rated)
4.8%
Total
100%
Portfolio Composition
(% of total investments)
Tax Obligation/Limited
26.0%
Transportation
20.7%
Tax Obligation/General
15.1%
Health Care
13.1%
Utilities
7.8%
Education and Civic
Organizations
7.8%
U.S. Guaranteed
5.0%
Housing/Single Family
2.6%
Other
1.9%
Total
100%
12
Portfolio of Investments September 30, 2025
NIM
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 97.0%
MORTGAGE-BACKED SECURITIES - 0.5%
-
$
193,672
Federal Home Loan Mortgage Corporation, Notes, Series 2022
M068
3.150
%
10/15/36
$
172,284
65,592
Freddie Mac Multi-Family ML Certificates, Series ML 08, Series
2021, Series 2021 21-ML08
1.877
07/25/37
53,375
104,267
Freddie Mac Multi-Family ML Certificates, Series ML 10, Series
2021, Series 2021 ML10
2.032
01/25/38
84,371
247,501
Freddie Mac Multi-Family ML Certificates, Series ML 22 Class
A-US, Series 2024, Series 2024 ML22
4.685
10/25/40
254,240
99,871
(a)
FRETE 2025-ML30 Trust, Series 2025 ML30
4.783
07/25/42
102,953
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $724,858)
667,223
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
119399276
MUNICIPAL BONDS - 96.5%
119399276
ALABAMA - 2.1%
115,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024B
4.250
10/01/39
115,701
100,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024C
4.450
10/01/44
99,122
140,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024D
4.300
10/01/44
137,337
240,000
Alabama Public School and College Authority, Capital
Improvement Pool Revenue Bonds, Refunding Series 2020A
5.000
11/01/27
252,807
80,000
Birmingham-Jefferson Civic Center Authority, Alabama, Special
Tax Bonds, Series 2018A
4.000
07/01/37
80,231
200,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2023C, (Mandatory Put 6/01/32)
5.500
10/01/54
221,264
200,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5.250
05/01/56
208,148
140,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D, (Mandatory Put 8/01/35)
1.000
12/01/55
153,446
345,000
Black Belt Energy Gas District, Alabama, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 12/01/31)
4.000
06/01/51
356,793
80,000
Black Belt Energy Gas District, Alabama, Gas Supply Revenue
Bonds, Series 2022 Sub D-1, (Mandatory Put 6/01/27)
4.000
07/01/52
81,426
130,000
Lower Alabama Gas District, Alabama, Goldman Sachs Gas
Project 2 Revenue Bonds, Series 2020A, (Mandatory Put
12/01/25)
4.000
12/01/50
130,268
125,000
Mobile Industrial Development Board, Alabama, Pollution
Control Revenue Refunding Bonds, Alabama Power Company
Barry Plan, Series 2007A, (Mandatory Put 6/26/29)
3.375
06/01/34
126,951
200,000
Southeast Energy Authority, Alabama, Revenue Bonds
Cooperative District Energy Supply Series 2024C, (Mandatory
Put 11/01/32)
5.000
10/01/55
218,285
75,000
Southeast Energy Authority, Alabama, Revenue Bonds, A
Cooperative District Energy Supply Series 2025D
5.000
09/01/35
82,606
100,000
Southeast Energy Authority, Alabama, Revenue Bonds,
Cooperative District Energy Supply Series 2025A, (Mandatory
Put 6/01/35)
5.000
01/01/56
105,655
105,000
Southeast Energy Authority, Alabama, Revenue Bonds,
Cooperative District Energy Supply Series 2025B, (Mandatory
Put 1/01/33)
5.250
03/01/55
112,309
150,000
(c)
Tuscaloosa County Industrial Development Authority,
Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,
Refunding Series 2019A
5.250
05/01/44
149,640
TOTAL ALABAMA
2,631,989
13
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ALASKA - 0.5%
$
420,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, General Series 2020A-II
2.000
%
12/01/35
$
346,321
100,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, General Series 2022A-II
2.350
12/01/39
81,286
150,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, Series 2022B-1
2.150
06/01/36
123,913
100,000
Northern Tobacco Securitization Corporation, Alaska, Tobacco
Settlement Asset-Backed Bonds, Series 2021B-2 Class 2
0.000
06/01/66
11,916
TOTAL ALASKA
563,436
ARIZONA - 1.4%
165,000
(d)
Arizona State, Certificates of Participation, Refunding Series
2019A, (ETM)
5.000
10/01/27
173,631
110,000
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2019, (AMT), (Mandatory Put 6/01/29)
4.000
06/01/49
112,336
250,000
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2022-2, (AMT), (Mandatory Put 9/01/27)
5.000
09/01/52
254,283
100,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024C
4.625
09/01/44
101,187
235,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.000
12/01/32
256,752
730,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.000
12/01/37
784,225
TOTAL ARIZONA
1,682,414
ARKANSAS - 0.3%
100,000
(c)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2022, (AMT)
5.450
09/01/52
99,978
265,000
Arkansas Development Finance Authority, Revenue Bonds,
Baptist Memorial Health Care, Refunding Series 2020B-2,
(Mandatory Put 9/01/27)
5.000
09/01/44
272,913
TOTAL ARKANSAS
372,891
CALIFORNIA - 6.5%
100,000
Bay Area Toll Authority, California, Revenue Bonds, San
Francisco Bay Area Toll Bridge, Term Rate Series 2018A,
(Mandatory Put 4/01/26)
2.625
04/01/45
99,804
100,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023C,
(Mandatory Put 10/01/31)
5.250
01/01/54
106,738
100,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023F,
(Mandatory Put 11/01/30)
5.500
10/01/54
109,554
250,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B,
(Mandatory Put 12/01/32)
5.000
01/01/55
264,891
180,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024C,
(Mandatory Put 10/01/32)
5.000
08/01/55
194,162
195,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024H,
(Mandatory Put 8/01/33)
5.000
01/01/56
217,687
110,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C,
(Mandatory Put 10/01/33)
5.000
12/01/55
118,143
200,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D,
(Mandatory Put 7/01/34)
5.000
10/01/55
215,248
Portfolio of Investments September 30, 2025
(continued)
NIM
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
200,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
5.000
%
06/01/30
$
214,675
110,000
California Educational Facilities Authority, Revenue Bonds,
Stanford University Series 2025V-5, (Mandatory Put 3/01/35)
5.000
03/01/55
129,690
395,000
California Health Facilities Financing Authority, Revenue Bonds,
El Camino Hospital, Series 2017
3.750
02/01/32
400,771
93,882
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-3
3.250
08/20/36
89,605
205,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, California Academy of Sciences, San
Francisco, Series 2024A
3.250
08/01/29
208,316
275,000
(c)
California Municipal Finance Authority, Charter School
Revenue Bonds, Palmdale Aerospace Academy Project, Series
2016A
5.000
07/01/31
275,190
1,040,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A - AGM Insured, (AMT)
3.250
12/31/32
1,015,817
150,000
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Waste Management Inc., Refunding
Series 2015A-2, (AMT)
3.625
07/01/27
150,015
205,000
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Waste Management, Inc. Project,
Refunding Series 2015B-1, (AMT)
3.000
11/01/25
204,962
150,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.250
12/01/29
150,159
710,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.000
12/01/27
733,211
30,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.000
12/01/33
30,671
170,000
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5.000
12/01/55
186,282
100,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Monterrey Station
Apartments, Senior Lien Series 2021A-1
3.000
07/01/43
76,630
190,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Pasadena Portfolio Social
Bond, Series 2021A-1
2.650
12/01/46
158,606
870,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0.000
06/01/66
92,661
70,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2022A-1
5.000
06/01/51
69,098
1,070,000
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
5.875
08/01/28
1,162,422
2,000,000
San Diego Community College District, California, General
Obligation Bonds, Refunding Series 2011
0.000
08/01/37
1,320,091
TOTAL CALIFORNIA
7,995,099
COLORADO - 3.6%
750,000
Colorado Bridge Enterprise, Revenue Bonds, Central 70
Project, Senior Series 2017, (AMT)
4.000
06/30/30
758,865
300,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5.000
08/01/36
313,222
600,000
Colorado Health Facilities Authority, Colorado, Revenue
Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put
8/01/26)
5.000
08/01/49
603,113
300,000
(d)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Series 2016, (Pre-refunded 9/01/26)
3.125
09/01/42
301,136
100,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2021H
2.000
05/01/42
67,723
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
235,000
Dawson Trails Metropolitan District 1, Colorado, In The
Town of Castle Rock, Limited Tax General Obligation Capital
Appreciation Turbo Bonds, Series 2024
0.000
%
12/01/31
$
148,360
70,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5.750
11/15/34
80,608
100,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2023B, (AMT)
5.000
11/15/27
104,522
100,000
(c)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopement
Area, Series 2018A
5.250
12/01/39
100,199
355,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/29
319,952
400,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/33
311,278
500,000
(c)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6.750
12/01/34
501,580
100,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5.000
01/15/31
108,544
100,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
4.000
07/15/40
94,650
100,000
Southlands Metropolitan District 1, Colorado, Limited Tax
General Obligation Bonds, Series 2017A-1
3.500
12/01/27
98,972
500,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6.250
12/01/32
504,336
TOTAL COLORADO
4,417,060
CONNECTICUT - 1.0%
50,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Stamford Hospital, Series 2021L-1
4.000
07/01/28
51,279
270,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Series 2016A-2, (Mandatory
Put 7/01/26)
2.000
07/01/42
268,250
80,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020E-3
1.850
05/15/38
58,309
450,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2022C-1
4.250
11/15/37
460,285
335,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2023B
4.200
11/15/38
336,101
100,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Sustainability Green Series 2024D-1
4.550
11/15/44
101,378
TOTAL CONNECTICUT
1,275,602
DELAWARE - 0.3%
110,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024A
4.450
07/01/44
109,082
100,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B
4.200
07/01/39
99,936
150,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024C
4.450
07/01/44
148,748
25,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
4.200
07/01/40
25,162
TOTAL DELAWARE
382,928
DISTRICT OF COLUMBIA - 1.2%
90,000
District of Columbia Student Dormitory Revenue Bonds,
Provident Group - Howard Properties LLC Issue, Series 2013
5.000
10/01/30
90,017
230,000
District of Columbia Water and Sewer Authority, Public Utility
Revenue Bonds, Refunding Subordinate Lien Series 2014C
4.000
10/01/41
224,891
300,000
District of Columbia, Income Tax Secured Revenue Bonds,
Refunding Series 2023C
5.000
10/01/32
344,261
100,000
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2025A, (Mandatory Put 4/03/35)
5.000
04/01/60
111,960
400,000
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
356,263
Portfolio of Investments September 30, 2025
(continued)
NIM
16
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT OF COLUMBIA
(continued)
$
330,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5.000
%
10/01/34
$
361,073
TOTAL DISTRICT OF COLUMBIA
1,488,465
FLORIDA - 2.9%
105,000
Cape Coral, Florida, Utility Improvement Assessment Bonds,
Refunding Various Areas Series 2017 - AGM Insured
3.000
09/01/28
105,661
100,000
(c)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, GFL Solid Waste Southeast
LLC Project Series 2024A, (AMT), (Mandatory Put 10/01/31)
4.375
10/01/54
101,017
250,000
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, Waste Management, Inc.
Project, Series 2025A, (AMT), (Mandatory Put 9/01/28)
3.400
09/01/50
250,007
115,000
(c)
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
71,731
1,300,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.000
07/01/36
1,093,169
610,000
(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
10.000
07/01/57
519,704
45,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2018-2
3.750
07/01/33
45,255
100,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-5
3.950
07/01/39
99,280
100,000
(b)
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
4.600
07/01/40
100,588
100,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Social Series 2021-2
2.050
07/01/41
74,440
280,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5.000
10/01/34
316,948
200,000
Hillsborough County, Florida, Solid Waste and Resource
Recovery Revenue Bonds, Refunding Series 2016A, (AMT)
4.000
09/01/34
201,122
15,000
JEA, Florida, Electric System Revenue Bonds, Subordinated
Series Three 2020A
5.000
10/01/27
15,719
225,000
Miami-Dade County Industrial Development Authority, Florida,
Solid Waste Disposal Revenue Bonds, Waste Management Inc
Project, Series 2018B, (AMT), (Mandatory Put 7/01/26)
4.000
11/01/48
224,995
150,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2024A, (AMT)
5.000
10/01/29
161,684
270,000
Tampa, Florida, Capital Improvement Cigarette Tax Allocation
Bonds, H. Lee Moffitt Cancer Center Project, Series 2020A
0.000
09/01/34
191,281
TOTAL FLORIDA
3,572,601
GEORGIA - 2.6%
100,000
(c)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-1
5.000
04/01/34
101,406
255,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2020A
2.600
12/01/32
237,104
240,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2023A
4.150
12/01/38
240,038
115,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024A
4.100
12/01/39
114,338
275,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024C
4.000
12/01/39
271,997
1,000,000
Georgia State, General Obligation Bonds, Series 2021A
5.000
07/01/27
1,045,966
435,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 9/01/27)
4.000
07/01/52
444,228
100,000
(c)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022C, (Mandatory Put 11/01/27)
4.000
08/01/52
100,629
150,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023E-1, (Mandatory Put 6/01/31)
5.000
12/01/53
161,704
17
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
290,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2024D, (Mandatory Put 4/01/31)
5.000
%
04/01/54
$
314,044
140,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A, (Mandatory Put 6/01/32)
5.000
06/01/55
152,389
TOTAL GEORGIA
3,183,843
HAWAII - 0.8%
320,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Refunding Series 2019
3.200
07/01/39
277,805
660,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Series 2017A, (AMT)
3.100
05/01/26
654,027
TOTAL HAWAII
931,832
IDAHO - 0.2%
105,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A
4.450
01/01/44
103,329
146,000
(c)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2021
3.750
09/01/51
137,023
TOTAL IDAHO
240,352
ILLINOIS - 6.3%
13,000
Cary, Illinois, Special Tax Bonds, Special Service Area 1,
Refunding Series 2016 - BAM Insured
2.700
03/01/26
12,977
25,000
Cary, Illinois, Special Tax Bonds, Special Service Area 1,
Refunding Series 2016 - BAM Insured
2.900
03/01/28
24,982
65,000
Cary, Illinois, Special Tax Bonds, Special Service Area 1,
Refunding Series 2016 - BAM Insured
3.050
03/01/30
65,009
12,000
Cary, Illinois, Special Tax Bonds, Special Service Area 2,
Refunding Series 2016 - BAM Insured
2.700
03/01/26
11,978
35,000
Cary, Illinois, Special Tax Bonds, Special Service Area 2,
Refunding Series 2016 - BAM Insured
2.900
03/01/28
34,975
40,000
Cary, Illinois, Special Tax Bonds, Special Service Area 2,
Refunding Series 2016 - BAM Insured
3.050
03/01/30
40,006
1,215,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2016
6.000
04/01/46
1,231,113
70,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Refunding Series 2018A
5.000
12/01/32
71,270
100,000
Chicago, Illinois, General Obligation Bonds, Chicago Works
Series 2023A
5.500
01/01/39
102,443
180,000
(d)
Chicago, Illinois, General Obligation Bonds, Refunding Series
2016C, (ETM)
5.000
01/01/26
181,005
115,000
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A
4.000
11/15/41
107,606
590,000
Huntley, Illinois, Special Tax Bonds, Special Service Area 10,
Refunding Series 2017 - BAM Insured
3.300
03/01/28
591,357
145,000
Illinois Finance Authority, Revenue Bonds, Advocate Health
Care Network, Refunding Series 2008A-2
4.000
11/01/30
147,985
200,000
Illinois Finance Authority, Revenue Bonds, Advocate Health
Care Network, Series 2008A-1
4.000
11/01/30
204,129
100,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2014A
4.000
10/01/38
100,001
260,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2021B, (Mandatory Put 8/15/31)
5.000
08/15/53
286,232
100,000
(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,
Series 2017, (AMT), (Mandatory Put 7/02/35)
4.800
12/01/43
102,719
220,000
(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPointJoliet Terminal Railroad Project,
Series 2020, (AMT), (Mandatory Put 12/31/34)
4.125
12/01/50
218,263
280,000
Illinois Housing Development Authority, Revenue Bonds,
Green Series 2021B
2.150
10/01/41
198,072
500,000
Illinois Municipal Electric Agency, Power Supply System
Revenue Bonds, Refunding Series 2025A
5.000
02/01/32
562,108
305,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/28
318,799
Portfolio of Investments September 30, 2025
(continued)
NIM
18
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
390,000
Illinois State, General Obligation Bonds, Refunding October
Series 2024
5.000
%
02/01/29
$
418,010
400,000
Illinois State, General Obligation Bonds, Refunding September
Series 2018B
5.000
10/01/32
421,399
125,000
Illinois State, General Obligation Bonds, Taxable September
Series 2025B
5.250
09/01/29
136,581
615,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Lien Series 2016A
5.000
12/01/32
617,812
605,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2014C
5.000
01/01/36
605,460
365,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/28
375,982
200,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/29
205,957
395,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/30
406,826
TOTAL ILLINOIS
7,801,056
INDIANA - 1.9%
70,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Earlham College, Refunding Series 2013A
5.000
10/01/32
69,997
300,000
Indiana Finance Authority, Environmental Facilities Revenue
Bonds, Indianapolis Power & Light Company Project, Refunding
Series 2020A, (AMT), (Mandatory Put 4/01/26)
0.950
12/01/38
296,061
590,000
Indiana Finance Authority, Environmental Revenue Bonds,
Duke Energy Indiana, Inc. Project, Refunding Series 2009A-1,
(AMT), (Mandatory Put 6/01/32)
4.500
05/01/35
597,215
30,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Series 2021A
2.050
07/01/41
20,880
350,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social PAC Series
2021B
2.125
07/01/41
243,500
250,000
Rockport, Indiana, Pollution Control Revenue Refunding Bonds,
Indiana Michigan Power Company Project, Series 2025A,
(Mandatory Put 6/01/29)
3.700
06/01/47
256,743
100,000
(b)
Valparaiso 21st Century School Building Corporation, Porter
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Refunding Series 2025
5.000
07/15/32
112,951
250,000
Vanderburgh County,Indiana, Redevelopment District Tax
Increment Revenue bonds, Refunding Series 2014
5.000
02/01/29
250,462
400,000
Whiting, Indiana, Environmental Facilities Refunding Revenue
Bonds, BP Products North America Inc. Project, Refunidng
Series 2019A, (AMT), (Mandatory Put 6/05/26)
5.000
12/01/44
405,319
100,000
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP
Products North America Inc. Project, Series 2008, (Mandatory
Put 6/21/35)
4.200
06/01/44
104,679
TOTAL INDIANA
2,357,807
IOWA - 0.4%
200,000
Iowa Finance Authority, Health Facilities Revenue Bonds,
UnityPoint Health Project, Series 2014C
4.125
02/15/35
200,005
200,000
(d)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/32)
4.000
12/01/50
217,427
100,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Social Series 2021B
2.200
07/01/41
72,909
TOTAL IOWA
490,341
KANSAS - 0.2%
175,000
Manhattan, Kansas, General Obligation Bonds, Temporary
Notes, Series 2024-02 - BAM Insured
5.000
06/15/28
177,311
100,000
(c)
Wyandotte County-Kansas City Unified Government, Kansas,
Sales Tax Special Obligation Bonds, Village East Project Areas
2B 3 and 5, Series 2022
5.750
09/01/39
103,156
TOTAL KANSAS
280,467
19
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY - 1.6%
$
30,000
Ashland, Kentucky, Medical Center Revenue Bonds, Ashland
Hospital Corporation d/b/a King's Daughters Medical Center
Project, Refunding Series 2019
4.000
%
02/01/36
$
29,023
225,000
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Series 2008A,
(AMT)
2.000
02/01/32
198,513
245,000
Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC
Project, Series 2022B, (AMT)
3.700
01/01/32
246,583
550,000
Kentucky Economic Development Finance Authority, Hospital
Revenue Bonds, Owensboro Health, Refunding Series 2017A
5.000
06/01/31
561,584
125,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 131, Series 2024A
5.000
10/01/28
134,339
260,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5.000
01/01/55
281,862
100,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Series 2020A, (Mandatory Put 6/01/26)
4.000
12/01/50
100,758
500,000
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2016A,
(AMT), (Mandatory Put 9/01/27)
1.300
09/01/44
467,388
TOTAL KENTUCKY
2,020,050
LOUISIANA - 3.3%
165,000
Calcasieu Parish Memorial Hospital Service District, Louisiana,
Revenue Bonds, Lake Charles Memorial Hospital, Refunding
Series 2019
5.000
12/01/39
160,521
30,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2021D
2.350
12/01/41
22,396
485,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2022A
3.850
12/01/37
487,408
100,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A
4.000
12/01/39
98,890
100,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025A
4.150
12/01/40
100,262
650,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025C
4.750
06/01/40
665,967
535,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, Entergy Lousiana, LLC Project, Refunding Series 2021B
2.500
04/01/36
447,818
920,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Westlake
Chemical Corporation Projects, Refunding Series 2017
3.500
11/01/32
899,264
195,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5.000
05/15/30
201,010
310,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016
5.000
05/15/29
313,960
70,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Second Lien Series 2025A
4.000
05/01/40
69,321
155,000
New Orleans, Louisiana, General Obligation Bonds, Refunding
Series 2015
5.000
12/01/25
155,570
105,000
(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010B, (Mandatory Put 6/01/30)
6.100
12/01/40
113,670
100,000
(b)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2011, (Mandatory Put 6/01/30)
1.000
08/01/41
100,309
115,000
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-3,
(Mandatory Put 7/01/26)
2.200
06/01/37
114,445
165,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
4.000
12/01/33
167,247
TOTAL LOUISIANA
4,118,058
Portfolio of Investments September 30, 2025
(continued)
NIM
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MAINE - 0.2%
$
105,000
Maine State Housing Authority, Multifamily Mortgage Purchase
Bonds, Series 2021A
2.050
%
11/15/41
$
72,097
100,000
Maine State Housing Authority, Multifamily Mortgage Purchase
Bonds, Series 2022A
2.400
11/15/41
73,577
55,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Series 2020D
2.550
11/15/40
42,797
140,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2021C
2.150
11/15/41
98,859
TOTAL MAINE
287,330
MARYLAND - 1.1%
335,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/30
341,795
245,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2019C
2.700
09/01/34
223,000
230,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021A
1.950
09/01/41
155,716
175,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021B
2.100
09/01/41
122,714
400,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021C
2.450
09/01/41
304,708
100,000
Maryland Health and Higher Educational Facilities
Authority, Revenue Bonds, University of Maryland Medical
Systems, Series 2025B, (Mandatory Put 7/01/31)
5.000
07/01/45
109,576
90,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Refunding Series 2024A
5.000
07/01/37
102,226
TOTAL MARYLAND
1,359,735
MASSACHUSETTS - 1.4%
200,000
Massachusetts Development Finance Agency Revenue Bonds,
Lawrence General Hospital Issue, Series 2014A
5.000
07/01/27
198,447
100,000
(c)
Massachusetts Development Finance Agency Revenue
Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series
2017
4.000
10/01/32
100,641
80,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/33
83,997
200,000
Massachusetts Development Finance Agency, Revenue Bonds,
Harvard University, Series 2025A-2, (Mandatory Put 11/15/35)
5.000
05/15/55
232,404
100,000
(d)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5.000
07/15/36
111,265
50,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series
2021G
5.000
07/01/35
53,769
100,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024A1
4.550
12/01/44
100,282
150,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024B3
3.500
06/01/29
151,636
115,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Series 2019-214
2.800
12/01/39
95,092
70,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2020-220
2.125
12/01/40
50,435
65,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-221
2.200
12/01/41
47,130
65,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-223
2.350
06/01/39
53,524
220,000
Massachusetts State, General Obligation Bonds, Refunding
Series 2024B
5.000
11/01/37
247,731
220,000
Massachusetts State, General Obligation Bonds, Refunding
Series 2024B
5.000
11/01/38
245,354
TOTAL MASSACHUSETTS
1,771,707
21
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN - 1.9%
$
125,000
Detroit, Michigan, Senior Lien Sewerage Disposal System
Revenue Bonds, Series 2001B - NPFG Insured
5.500
%
07/01/29
$
130,299
530,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2022B-MI, (Mandatory
Put 12/01/28)
5.000
12/01/43
561,394
50,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2018A
3.800
10/01/38
48,851
270,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2021A
2.250
10/01/41
196,299
320,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2019B
2.700
12/01/34
289,634
360,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2020C
2.600
12/01/40
280,398
125,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2021A
2.150
12/01/41
88,210
25,000
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Graphic Packaging International, LLC Coated Recycled Board
Machine Project, Green Series 2021, (AMT), (Mandatory Put
10/01/26)
4.000
10/01/61
24,990
705,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Refunding Series
2015F, (AMT)
5.000
12/01/33
706,406
TOTAL MICHIGAN
2,326,481
MINNESOTA - 0.5%
56,276
Minnesota Housing Finance Agency, Homeownership Finance
Bonds, Mortgage-Backed Securities Program, Series 2017E
2.850
06/01/47
48,234
145,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2013C
3.900
07/01/43
134,288
105,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020E
2.500
07/01/40
81,327
70,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020I
2.000
07/01/40
48,762
100,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021D
2.200
07/01/41
72,909
115,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021H
2.350
07/01/41
86,277
175,000
White Bear Lake Independent School District 624, Ramsey
County, Minnesota, General Obligation Bonds, Facilities
Maintenance Series 2021A
2.000
02/01/28
168,341
TOTAL MINNESOTA
640,138
MISSISSIPPI - 0.6%
130,000
Mississippi Business Finance Corporation, Pollution Control
Revenue, Mississippi Power, Series 2002
3.200
09/01/28
130,034
100,000
Mississippi Business Finance Corporation, Revenue Bonds,
System Energy Resources, Inc. Project, Refunding Series 2021
2.375
06/01/44
62,676
30,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2021A
2.000
12/01/40
21,293
440,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C
4.650
12/01/44
446,871
100,000
Warren County, Mississippi, Gulf Opportunity Zone Revenue
Bonds, International Paper Company Project, Refunding Series
20218
4.000
09/01/32
102,775
TOTAL MISSISSIPPI
763,649
MISSOURI - 0.7%
100,000
Branson Industrial Development Authority, Missouri, Tax
Increment Revenue Bonds, Branson Shoppes Redevelopment
Project, Refunding Series 2017A
4.000
11/01/26
99,638
190,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025C,
(Mandatory Put 4/01/35)
5.000
04/01/59
214,118
60,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2021B
2.000
11/01/41
41,124
Portfolio of Investments September 30, 2025
(continued)
NIM
22
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
490,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2023B
4.100
%
11/01/38
$
488,093
TOTAL MISSOURI
842,973
MONTANA - 0.3%
325,000
Forsyth, Montana Pollution Control Revenue Bonds, Portland
General Electric Company Project, Refunding Series 1998A
2.125
05/01/33
284,333
25,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2021B
2.000
12/01/41
17,112
100,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024A
4.450
12/01/44
99,164
10,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024B
3.900
12/01/39
9,765
15,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024B
4.300
12/01/44
14,723
TOTAL MONTANA
425,097
NATIONAL - 0.5%
684,345
Federal Home Loan Mortgage Corporation, Notes
4.140
01/25/40
672,550
TOTAL NATIONAL
672,550
NEBRASKA - 1.0%
190,000
Central Plains Energy Project, Nebraska, Gas Project 4 Revenue
Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29)
5.000
05/01/54
203,636
75,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2019D
2.600
09/01/34
67,503
515,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2020A
2.300
09/01/32
476,774
230,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2021C
2.300
09/01/41
169,277
100,000
Sarpy County School District 037 Gretna Public Schools,
Nebraska, General Obligation Bonds, Series 2022B
5.000
12/15/27
100,381
100,000
Sarpy County, Nebraska, Limited Tax Highway Allocation Fund
Pledge Bonds, Series 2021
2.000
06/01/27
98,079
140,000
Saunders County School District 1, Ashland-Greenwood,
Nebraska, General Obligation Bonds, Series 2021
2.000
12/15/50
74,159
TOTAL NEBRASKA
1,189,809
NEVADA - 0.3%
25,000
(a),(c)
Director of the State of Nevada Department of Business and
Industry, Solid Waste Disposal Revenue Bonds, Republic
Services Inc., Variable Rate Demand Series 2001, (AMT),
(Mandatory Put 12/01/25)
3.950
12/01/26
24,997
65,000
Las Vegas Convention and Visitors Authority, Nevada, Revenue
Bonds, Refunding Series 2017B
4.000
07/01/34
65,552
100,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Refunding Series 2021A
2.200
10/01/41
72,670
135,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Senior Series 2025C
4.750
10/01/40
138,618
25,000
(c)
Sparks, Nevada, Sales Tax Revenue Bonds, Tourism
Improvement District 1 Legends at Sparks Marina, Refunding
Senior Series 2019A
2.750
06/15/28
24,584
TOTAL NEVADA
326,421
NEW HAMPSHIRE - 1.6%
236,739
National Finance Authority, New Hampshire, Municipal
Certificates Series 2020-1 Class A
4.125
01/20/34
238,152
387,610
National Finance Authority, New Hampshire, Municipal
Certificates Series 2022-1 Class A
4.375
09/20/36
383,445
163,129
National Finance Authority, New Hampshire, Municipal
Certificates Series 2022-2 Class A
4.000
10/20/36
156,631
206,367
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2024-1 Class A
4.250
07/01/51
200,479
148,651
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2024-2 Class A
3.625
08/20/39
139,201
23
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE
(continued)
$
198,461
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2024-4 Class A
4.180
%
11/20/39
$
194,277
295,000
National Finance Authority, New Hampshire, Pollution Control
Revenue Bonds, New York State Electric & Gas Corporation
Project, Refunding Series 2022A, (AMT)
4.000
12/01/28
299,947
125,000
(d)
New Hampshire Business Finance Authority, Water Facility
Revenue Bonds, Pennichuck Water Works Inc. Project , Series
2015A., (Pre-refunded 1/01/26), (AMT)
4.250
01/01/36
125,325
100,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2024A
4.500
07/01/44
99,168
100,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2025A
4.500
07/01/45
99,372
TOTAL NEW HAMPSHIRE
1,935,997
NEW JERSEY - 3.3%
100,000
(c)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6.375
01/01/35
103,410
220,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5.000
01/01/28
220,422
1,000,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2015XX
5.000
06/15/27
1,000,989
140,000
New Jersey Economic Development Authority, Special
Facilities Revenue Bonds, Continental Airlines Inc., Series 1999,
(AMT)
5.250
09/15/29
140,193
250,000
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, New Jersey-American Water Company Inc.
Project, Refunding Series 2019A, (AMT), (Mandatory Put
12/03/29)
2.200
10/01/39
230,275
50,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A,
(AMT)
3.750
12/01/31
49,992
1,280,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0.000
12/15/33
972,350
170,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019AA
3.750
06/15/33
171,581
210,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/28
221,673
685,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/29
721,993
240,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/34
247,903
TOTAL NEW JERSEY
4,080,781
NEW MEXICO - 0.3%
90,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2019D
2.800
07/01/34
83,100
100,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021C
2.100
07/01/41
70,296
110,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024C
4.100
09/01/39
109,009
110,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024G
4.375
09/01/44
108,052
40,000
New Mexico Municipal Energy Acquisition Authority, Gas
Supply Revenue Bonds, Refunding & Acquisition Series 2025,
(Mandatory Put 11/01/30)
5.000
06/01/54
43,092
TOTAL NEW MEXICO
413,549
Portfolio of Investments September 30, 2025
(continued)
NIM
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK - 4.7%
$
110,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020B-1
5.000
%
06/01/40
$
101,916
200,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series
2017
5.000
12/01/28
202,040
200,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2016A
Group A
5.000
02/15/37
202,226
750,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2022A
5.000
12/01/36
796,325
60,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds, Saint Ann's Community Project, Series
2019
5.000
01/01/40
57,082
20,000
New York City Industrial Development Agency, New York,
PILOT Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Refunding Series 2021A - AGM
Insured
4.000
01/01/32
20,836
135,000
New York City Industrial Development Agency, New York,
PILOT Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Refunding Series 2021A - AGM
Insured
3.000
01/01/33
131,390
200,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1
5.000
08/01/40
206,605
150,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024B
5.000
05/01/38
165,154
350,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series A-1
5.000
08/01/29
382,575
100,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Green Bond Series
2018I
3.625
11/01/33
100,396
255,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Sustainability Series
2019P
2.600
11/01/34
225,506
240,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Refunding Series 2019C
3.500
11/01/34
240,373
330,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Sustainability Series 2023C-2, (Mandatory Put
5/01/29)
3.800
11/01/62
330,155
100,000
New York State Housing Finance Agency, Housing Revenue
Bonds, 160 West 2nd Street Series 2011A-2, (Mandatory Put
4/01/32)
3.600
11/01/44
101,582
120,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 223
2.650
10/01/34
108,424
100,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 225
2.300
10/01/40
75,065
75,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 233
2.200
04/01/36
61,581
245,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 239
2.450
10/01/41
184,204
245,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 242
2.950
10/01/37
216,902
100,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
4.000
07/01/32
100,006
230,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
4.000
07/01/33
229,996
160,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/34
160,103
620,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/41
619,968
25
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
70,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A - AGM Insured, (AMT)
4.000
%
07/01/46
$
62,631
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
40,008
500,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
12/01/29
538,342
100,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Senior Series
2021A-2
5.000
06/01/33
107,008
TOTAL NEW YORK
5,768,399
NORTH CAROLINA - 2.4%
100,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 54-A
4.550
07/01/44
99,669
400,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 55A
4.000
07/01/39
399,638
100,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Social Series 53-A
4.000
07/01/39
99,075
85,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2020-43
2.800
01/01/40
69,112
730,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, Social Series 2023-50
3.950
07/01/38
716,748
1,365,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Series 2015C
5.000
01/01/29
1,372,765
250,000
North Carolina Turnpike Authority, Monroe Expressway
Toll Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/27
233,954
TOTAL NORTH CAROLINA
2,990,961
NORTH DAKOTA - 1.2%
125,000
Cass County Joint Water Reserve District, North Dakota,
Temporary Improvement Special Assessment Bonds,
Refunding Series 2024A
3.450
04/01/27
125,085
270,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3.000
05/01/46
176,078
55,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2019C
3.200
07/01/39
49,264
55,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2020A
2.700
07/01/35
48,873
95,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2020B
2.350
07/01/40
71,138
100,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2021A
2.250
07/01/41
73,614
710,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2022F
3.950
07/01/37
700,993
200,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5.000
06/01/28
203,419
100,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5.000
06/01/43
95,634
TOTAL NORTH DAKOTA
1,544,098
OHIO - 5.5%
155,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/27
160,483
80,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/29
85,873
130,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/31
140,591
Portfolio of Investments September 30, 2025
(continued)
NIM
26
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
100,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
%
06/01/32
$
107,427
260,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/34
274,809
100,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/35
104,951
100,000
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
84,126
290,000
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
247,882
480,000
Fairfield County, Ohio, Hospital Facilities Revenue Bonds,
Fairfield Medical Center Project, Series 2013
5.000
06/15/43
412,764
20,000
Montgomery County, Ohio, Hospital Facilities Revenue Bonds,
Kettering Health Network Obligated Group Project, Refunding
& Improvement Series 2021
3.000
08/01/40
16,743
150,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005A, (AMT)
3.750
01/01/29
150,490
225,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2007A, (AMT), (Mandatory Put 10/01/29)
2.500
08/01/40
215,350
350,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2007B, (AMT), (Mandatory Put 10/01/29)
2.500
11/01/42
334,989
110,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2014B, (AMT), (Mandatory Put 10/01/29)
2.600
06/01/41
105,688
400,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dayton Power & Light Company Project, Refunding
Collateralized Series 2015A, (AMT), (Mandatory Put 6/01/27)
4.250
11/01/40
409,098
215,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dueke Energy Corporation Project, Refunding Series
2022A, (AMT), (Mandatory Put 6/01/27)
4.250
11/01/39
219,502
45,000
(c)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT)
3.750
01/15/28
45,285
50,000
Ohio Higher Educational Facility Commission, Senior Hospital
Parking Revenue Bonds, University Circle Incorporated 2020
Project, Series 2020
5.000
01/15/36
51,873
100,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2019B
3.000
09/01/39
88,223
100,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2020A
2.750
09/01/40
80,129
25,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2020B
2.250
09/01/40
18,866
100,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A
4.350
09/01/44
99,688
100,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Social Series 2025A
4.150
09/01/40
100,000
2,520,000
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission Infrastructure Projects, Junior Lien,
Capital Appreciation Series 2013A-3
5.700
02/15/34
2,879,522
75,000
Toledo-Lucas County Port Authority, Ohio, Development
Revenue Bonds, Northwest Ohio Bond Fund, HB Magruder
Memorial Hospital Project, Series 2021F
2.250
11/15/36
60,379
70,000
Tuscarawas County Economic Development and Finance
Alliance, Ohio, Higher Education Facilities Revenue Bonds,
Ashland University, Refunding & Improvement Series 2015
5.375
03/01/27
70,012
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
200,000
Washington County, Ohio, Hospital Facilities Revenue Bonds,
Memorial Health System Obligated Group, Series 2022
6.375
%
12/01/37
$
213,735
TOTAL OHIO
6,778,478
OKLAHOMA - 3.1%
80,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Refunding Series 2020
4.000
12/01/28
83,096
115,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Series 2020
2.750
09/01/31
111,087
800,000
Caddo County Governmental Building Authority, Oklahoma,
Sales Tax Revenue Bonds, Refunding Series 2018
3.625
09/01/33
775,936
330,000
Canadian County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Piedmont Public Schools Project, Series
2024
4.000
08/15/34
340,216
100,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4.000
05/01/35
103,380
250,000
Comanche County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Elgin Public
Schools Project, Series 2017A
5.000
12/01/31
263,454
100,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5.000
07/01/31
111,369
260,000
Oklahoma County Independent School District 89 Oklahoma
City, Oklahoma, General Obligation Bonds, Combined
Purpose Series 2024A
1.250
07/01/26
256,823
230,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.000
08/15/28
240,217
105,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.500
08/15/52
105,374
100,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.500
08/15/57
100,221
100,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2022
5.500
08/15/37
104,271
90,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2020A
2.650
09/01/35
81,425
495,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2022A
3.800
09/01/37
493,608
275,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
5.000
01/01/40
301,897
200,000
Tulsa, Oklahoma, General Obligation Bonds, Series 2024C
0.050
10/01/37
125,443
235,000
Weatherford Industrial Trust Educational, Oklahoma, Facilities
Lease Revenue Bonds, Weatherford Public Schools Project,
Series 2019
5.000
03/01/31
250,272
TOTAL OKLAHOMA
3,848,089
OREGON - 1.3%
1,325,000
Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, General Obligation Bonds, Deferred
Interest Series 2017B
0.000
06/15/31
1,071,634
340,000
Oregon Health and Science University, Revenue Bonds, Green
Series 2021B-2, (Mandatory Put 2/01/32)
5.000
07/01/46
376,124
95,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2021A
2.250
07/01/41
69,933
50,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2025A
4.750
07/01/40
51,233
TOTAL OREGON
1,568,924
Portfolio of Investments September 30, 2025
(continued)
NIM
28
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 4.4%
$
100,000
(c)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Project, Series 2018
5.000
%
05/01/28
$
103,045
38,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6.000
06/30/34
39,760
502,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5.000
06/30/39
454,532
250,000
(e)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0.000
06/30/44
176,936
79,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8.000
06/30/34
78,032
360,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018 -
AGM Insured
4.000
06/01/39
353,681
345,000
Lehigh County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, Pennsylvania Power and
Light Company, Series 2016A
3.000
09/01/29
347,006
225,000
Luzerne County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Pennsylvania-American Water
Company Project, Refunding Series 2019, (AMT), (Mandatory
Put 12/03/29)
2.450
12/01/39
207,978
230,000
Pennsylvania Economic Development Financing Authority,
Private Activity Revenue Bonds, Pennsylvania Rapid Bridge
Replacement Project, Series 2015, (AMT)
5.000
12/31/25
230,869
100,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2013, (AMT), (Mandatory Put 11/03/25)
3.850
08/01/45
99,988
150,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
5.000
05/01/42
105,189
245,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-125A, (AMT)
3.400
10/01/32
237,780
25,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-128A, (AMT)
3.650
10/01/32
24,643
170,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-129
2.950
10/01/34
157,499
150,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-132A
2.300
10/01/35
125,935
200,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2.350
10/01/40
153,993
200,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2022-1394A
4.000
10/01/37
200,345
500,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5.000
08/15/33
575,409
440,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2016B-2
5.000
06/01/29
446,246
860,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2016B-2
5.000
06/01/35
871,746
410,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Third Series 2017
5.000
12/01/32
429,527
10,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
3.375
06/01/26
9,865
TOTAL PENNSYLVANIA
5,430,004
PUERTO RICO - 2.7%
250,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5.000
07/01/30
260,930
260,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5.000
07/01/35
267,938
398,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/27
376,488
165,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/29
146,129
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
597,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
%
07/01/31
$
489,173
357,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/33
268,725
208,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.500
07/01/34
208,066
300,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/46
102,445
206,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
07/01/40
197,329
105,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
07/01/40
100,580
258,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.625
07/01/27
267,121
115,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.625
07/01/29
123,072
119,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.750
07/01/31
131,949
328,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0.000
07/01/33
234,660
177,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/33
175,144
50,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/35
48,808
TOTAL PUERTO RICO
3,398,557
RHODE ISLAND - 0.4%
100,000
Rhode Island Health and Educational Building Corporation,
Hospital Financing Revenue Bonds, Care New England Issue,
Refunding Series 2016B
5.000
09/01/36
100,043
180,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2021 Series 75A
2.250
10/01/41
132,086
205,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2022 Series 76A
2.350
10/01/36
169,727
50,000
Rhode Island Housing and Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, Series 2020-72A
2.550
10/01/40
38,988
60,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2015B
4.500
06/01/45
58,769
TOTAL RHODE ISLAND
499,613
SOUTH CAROLINA - 1.1%
170,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2021A
2.050
07/01/41
118,319
965,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2023A
4.750
07/01/43
973,598
25,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025A
4.150
07/01/40
25,119
155,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025A
4.500
07/01/45
154,928
110,000
South Carolina Jobs Economic Development Authority,
Economic Development Revenue Bonds, Foothill Affordable
Housing Foundation - Paddock Club & Fairway Projects, Senior
Credit Enhanced Series 2025, (Mandatory Put 3/01/35)
4.000
03/01/62
111,060
TOTAL SOUTH CAROLINA
1,383,024
SOUTH DAKOTA - 0.9%
75,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2021A
2.100
11/01/41
52,462
110,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2021B
2.050
11/01/41
76,168
110,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2022B
2.300
11/01/37
89,002
225,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
4.000
11/01/37
224,968
Portfolio of Investments September 30, 2025
(continued)
NIM
30
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH DAKOTA
(continued)
$
400,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
4.500
%
11/01/44
$
398,305
125,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2025A
4.200
11/01/40
126,623
100,000
(b)
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2025E
6.250
05/01/56
114,352
TOTAL SOUTH DAKOTA
1,081,880
TENNESSEE - 0.8%
125,000
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series
2021A, (Mandatory Put 9/01/28)
4.000
12/01/51
128,110
165,000
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series
2022A, (Mandatory Put 12/01/30)
5.500
10/01/53
178,149
65,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-3
2.300
07/01/41
48,307
100,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2022-2
4.050
07/01/37
100,689
375,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Social Series 2023-3A
5.200
07/01/43
388,919
100,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Tender Option Bond Trust Series 2023-XL0448
4.150
07/01/38
100,160
100,000
The Tennessee Energy Acquisition Corporation, Gas Project
Revenue Bonds, Refunding Series 2025A
5.000
12/01/35
108,238
TOTAL TENNESSEE
1,052,572
TEXAS - 7.4%
40,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5.000
01/01/28
40,445
55,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5.000
01/01/30
55,602
100,000
Austin, Texas, Airport System Revenue Bonds, Series 2019B,
(AMT)
5.000
11/15/25
100,249
460,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025A
5.000
08/15/28
493,480
25,000
City of Houston, Texas, Convention & Entertainment Facilities
Department Hotel Occupancy Tax and Special Revenue Bonds,
Refunding Series 2019
5.000
09/01/34
26,242
500,000
(b)
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding & Improvement Series 2025A-1, (AMT)
5.000
11/01/30
547,903
1,000,000
Dallas, Texas, General Obligation Bonds, Refunding and
Improvement Series 2024B
5.000
02/15/27
1,033,359
50,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4.750
11/01/42
49,444
200,000
Grand Prairie Independent School District, Dallas County,
Texas, General Obligation Bonds, Refunding Series 2015
4.000
02/15/31
200,158
110,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2022B, (Mandatory Put
12/01/28)
5.000
06/01/50
116,547
705,000
Hidalgo County Regional Mobility Authority, Texas, Toll and
Vehicle Registration Fee Revenue Bonds, Senior Lien Series
2022A
0.000
12/01/42
304,143
465,000
Houston, Texas, Airport System Revenue Bonds, Refunding
Subordinate Lien Series 2023A - AGM Insured, (AMT)
5.000
07/01/32
515,313
50,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal E Project, Refunding Series
2014, (AMT)
5.000
07/01/29
50,014
150,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.250
07/15/34
160,744
500,000
Houston, Texas, Combined Utility System Revenue Bonds,
Refunding First Lien Series 2014D
5.000
11/15/39
500,324
200,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Schoolhouse Refunding Series
2019
5.000
02/01/43
204,893
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
430,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5.000
%
11/01/28
$
430,731
25,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
5.000
12/01/25
25,007
100,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
5.250
12/01/28
100,123
100,000
(c)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4.625
10/01/31
100,120
100,000
Mission Economic Development Corporation, Texas,
Solid Waste Disposal Revenue Bonds, Graphic Packaging
International, LLC Project, Green Series 2025, (AMT),
(Mandatory Put 6/01/30)
5.000
12/01/64
103,639
125,000
(a)
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Republic Services Inc.
Project, Adjustable Rate Series 2020A, (AMT), (Mandatory Put
11/03/25)
3.850
05/01/50
124,985
245,000
(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
296,851
500,000
(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
608,159
110,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2023A
5.000
01/01/27
113,453
100,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
2.750
01/01/36
82,460
300,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
2.875
01/01/41
217,699
100,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
3.000
01/01/50
66,166
100,000
Round Rock, Texas, Combined Tax and Revenue Certificates of
Obligation, Series 2021C
2.000
08/15/46
59,324
100,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2025C, (Mandatory Put 11/15/32)
5.000
11/15/64
111,334
100,000
Texas Department of Housing and Community Affairs, Single
Family Mortgage Revenue Bonds, Series 2021A
2.050
09/01/41
69,422
340,000
Texas Municipal Gas Acquisition and Supply Corporation IV,
Gas Supply Revenue Bonds, Series 2023A, (Mandatory Put
1/01/30)
5.500
01/01/54
365,876
150,000
Texas Municipal Gas Acquisition and Supply Corporation IV,
Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put
1/01/34)
5.500
01/01/54
168,975
530,000
Texas Private Activity Bond Surface Transporation Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Refunding Senior Lien Series
2019A
4.000
12/31/38
512,205
150,000
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
06/30/35
150,708
500,000
Texas State, General Obligation Bonds, College Student Loan
Series 2023A, (AMT)
5.000
08/01/36
543,295
210,000
Texas Transportation Commission, General Obligation Bonds,
Highway Improvement Refunding Series 2024
5.000
04/01/28
223,693
300,000
(b)
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2025
5.000
10/15/33
346,653
TOTAL TEXAS
9,219,738
Portfolio of Investments September 30, 2025
(continued)
NIM
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH - 0.4%
$
250,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.250
%
07/01/36
$
274,758
160,000
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024E
4.600
07/01/44
161,228
TOTAL UTAH
435,986
VIRGINIA - 1.4%
149,429
Federal Home Loan Mortgage Corporation, Multifamily
Variable Rate Certificates Relating to Municipal Securities Class
A Green Series 2024ML-028
4.095
11/25/42
146,846
65,000
Federal Home Loan Mortgage Corporation, Virginia,
Multifamily Variable Rate Certificates Relating to Municipal
Securities Series 2025ML-031
4.497
06/25/42
65,821
100,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-3
4.000
10/01/39
99,105
100,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-5
4.150
07/01/40
100,484
45,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-2
4.700
07/01/40
46,150
100,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024H
3.625
06/01/29
100,334
50,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2025A
4.100
09/01/40
49,071
250,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5.000
07/01/36
262,224
150,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5.000
01/01/38
155,655
115,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5.000
12/31/38
118,548
515,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5.000
12/31/39
529,032
TOTAL VIRGINIA
1,673,270
WASHINGTON - 2.7%
120,000
(b)
King and Snohomish Counties School District 417 Northshore,
Washington, General Obligation Bonds, Refunding Series 2025
5.000
12/01/34
139,215
150,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2017C, (AMT)
5.000
05/01/31
153,597
400,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT)
5.000
05/01/31
409,591
100,000
Washington State Housing Finance Commission, Single Family
Program Bonds, Series 2021-1N
2.200
06/01/41
72,991
415,264
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series 2021-
1 Class A
3.500
12/20/35
400,352
129,218
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series
2024A-1
4.221
03/01/50
124,323
600,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Vehicle Related Fees, Refunding Series R-2024C
5.000
08/01/27
628,076
315,000
Washington State, General Obligation Bonds, Refunding
Various Purpose Series R-2018D
5.000
08/01/27
329,740
500,000
Washington State, General Obligation Bonds, Various Purpose
Group 1 Series 2024C
5.000
02/01/26
504,018
595,000
Whidbey Island Public Hospital District, Island County,
Washington, General Obligation Bonds, Whidbey General
Hospital, Series 2013
5.500
12/01/33
575,701
TOTAL WASHINGTON
3,337,604
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST VIRGINIA - 0.7%
$
100,000
(c)
Monongalia County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, University Town Centre Economic
Opportunity Development District, Refunding & Improvement
Series 2017A
4.500
%
06/01/27
$
100,658
240,000
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Series 2010, (Mandatory Put
12/15/25)
0.625
12/01/38
238,760
50,000
(c)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)
5.450
01/01/55
52,181
120,000
(c)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 5/15/32)
4.625
04/15/55
121,374
265,000
West Virginia Hospital Finance Authority, Revenue Bonds,
West Virginia University Health System Obligated Group,
Improvement Series 2017A
3.375
06/01/29
265,513
145,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024A
4.400
11/01/44
145,059
TOTAL WEST VIRGINIA
923,545
WISCONSIN - 4.3%
500,000
Milwaukee, Wisconsin, General Obligation Bonds, Promissory
Notes Series 2024-N1 - AGM Insured
5.000
04/01/30
548,120
600,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream Meadowlands Project,
Series 2017
6.500
12/01/37
480,000
345,000
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022A-2, (Mandatory Put 10/01/30)
3.700
10/01/46
352,830
355,000
Public Finance Authority of Wisconsin, Solid Waste Disposal
Revenue Bonds, Waste Management Inc., Refunding Series
2016A-2
2.875
05/01/27
350,591
65,000
Public Finance Authority, Wisconsin, Exempt Facilities Revenue
Bonds, Celanese Project, Refunding Series 2016C
4.050
11/01/30
65,047
175,000
Public Finance Authority, Wisconsin, Exempt Facilities Revenue
Bonds, Celanese Project, Refunding Series 2016C
4.300
11/01/30
175,227
100,000
Sheboygan Area School District, Manitowoc and Sheboygan
Counties, Wisconsin, General Obligation Bonds, Promissory
Notes Series 2024
3.000
03/01/40
87,561
115,000
West Allis-West Milwaukee, et al School District, Wisconsin,
General Obligation Bonds, Promissory Notes Series 2025
3.000
04/01/39
102,963
40,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4.000
10/01/41
32,807
80,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Gundersen Health System,
Refunding Series 2021A
4.000
10/15/34
81,856
200,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic Health System,
Inc., Series 2020B-2, (Pre-refunded 8/15/26), (Mandatory Put
2/15/27)
5.000
02/15/51
204,126
1,555,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015
5.000
12/15/26
1,556,724
585,000
Wisconsin Housing and Ecconomic Development Authority,
Home Ownership Revenue Bonds, Series 2020A
2.700
09/01/35
517,687
285,000
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024C
4.125
09/01/39
282,585
100,000
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2021C
2.500
11/01/41
75,015
105,000
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2023E, (Mandatory Put
5/01/27)
3.875
11/01/54
105,082
240,000
Wisconsin State, General Obligation Bonds, Refunding Series
2024-1
5.000
05/01/32
276,314
TOTAL WISCONSIN
5,294,535
Portfolio of Investments September 30, 2025
(continued)
NIM
34
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
WYOMING - 0.3%
$
210,000
Campbell County, Wyoming Solid Waste Facilities Revenue
Bonds, Basin Electric Power Cooperative, Dry Fork Station
Facilities, Series 2019A
3.625
%
07/15/39
$
191,164
85,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2020 Series 1
2.625
12/01/35
76,214
60,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2023 Series 1
4.200
12/01/38
60,113
TOTAL WYOMING
327,491
TOTAL MUNICIPAL BONDS
(Cost $120,802,651)
119,399,276
TOTAL LONG-TERM INVESTMENTS
(Cost $121,527,509)
120,066,499
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.8%
920000
MUNICIPAL BONDS - 0.8%
920000
NEW YORK - 0.3%
320,000
(f)
New York City, New York, General Obligation Bonds, Fiscal
2019 Series D-4
3.850
12/01/47
320,000
TOTAL NEW YORK
320,000
NORTH CAROLINA - 0.5%
600,000
(f)
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Taxable Social Series
52-C
3.900
07/01/49
600,000
TOTAL NORTH CAROLINA
600,000
TOTAL MUNICIPAL BONDS
(Cost $920,000)
920,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $920,000)
920,000
TOTAL INVESTMENTS - 97.8%
(Cost $122,447,509)
120,986,499
OTHER ASSETS & LIABILITIES, NET - 2.2%
2,743,625
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
123,730,124
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
(a)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(b)
When-issued or delayed delivery security.
(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 reporting period, the aggregate value of these securities is $6,150,467 or 5.1% 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 reporting period.
(f)
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.
35
Portfolio of Investments September 30, 2025
NXP
See Notes To Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.5%
732103268
MUNICIPAL BONDS - 98.5%
732103268
ALABAMA - 0.6%
$
1,450,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.500
%
10/01/53
$
1,519,427
3,000,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/35
3,164,630
TOTAL ALABAMA
4,684,057
ARIZONA - 3.3%
255,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series
2017F
3
.000
07/01/26
254,229
2,350,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series
2017F
5
.000
07/01/47
2,355,352
1,859,000
Floreo at Teravalis Community Facilities District, Arizona,
Special Assessment Revenue Bonds, District 1 Series 2025
4
.500
07/01/30
1,874,768
1,000,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2021A
4
.000
07/01/51
800,439
1,465,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Taxable Series 2019B
5
.000
07/01/54
1,369,081
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A
5
.000
01/01/38
2,033,523
1,950,000
McAllister Academic Village LLC, Arizona, Revenue Bonds,
Arizona State University Hassayampa Academic Village Project,
Refunding Series 2016
5
.000
07/01/37
1,968,232
3,185,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
5
.000
07/01/44
3,262,437
5,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019B, (AMT)
5
.000
07/01/49
5,038,933
3,000,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Series 2018A
5
.000
08/01/47
3,061,459
2,410,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/37
2,589,017
TOTAL ARIZONA
24,607,470
ARKANSAS - 0.4%
500,000
(a)
Arkansas Development Finance Authority, Charter School
Revenue Bonds, Academy of Math and Science - Little Rock
Project Series 2024A
7
.000
07/01/59
451,789
6,555,000
Arkansas Development Finance Authority, Tobacco Settlement
Revenue Bonds, Arkansas Cancer Research Center Project,
Series 2006 - AMBAC Insured
0
.000
07/01/46
2,317,183
500,000
Pulaski County, Arkansas, Hospital Revenue Bonds, Arkansas
Children's Hospital, Series 2023
5
.000
03/01/43
518,645
TOTAL ARKANSAS
3,287,617
CALIFORNIA - 13.6%
11,000,000
Alhambra Unified School District, Los Angeles County,
California, General Obligation Bonds, Capital Appreciation
Series 2009B - AGC Insured
0
.000
08/01/41
5,637,997
4,245,000
Anaheim City School District, Orange County, California,
General Obligation Bonds, Election 2002 Series 2007 - AGM
Insured
0
.000
08/01/31
3,600,247
2,840,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0
.000
09/01/30
2,485,846
6,740,000
(b)
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured, (ETM)
0
.000
09/01/35
4,966,887
Portfolio of Investments September 30, 2025
(continued)
NXP
36
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
5,760,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM
Insured
0
.000
%
09/01/35
$
4,083,873
1,175,000
Burbank-Glendale-Pasadena Airport Authority, California,
Airport Revenue Bonds, Senior Series 2024B, (AMT)
5
.250
07/01/54
1,212,917
120,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
06/01/49
102,707
2,645,000
Cypress Elementary School District, Orange County, California,
General Obligation Bonds, Series 2009A - AGM Insured
0
.000
05/01/34
2,037,643
2,440,000
Eureka Unified School District, Humboldt County, California,
General Obligation Bonds, Series 2002 - AGM Insured
0
.000
08/01/27
2,330,369
2,275,000
Folsom Cordova Unified School District, Sacramento County,
California, General Obligation Bonds, School Facilities
Improvement District 4, Series 2007A - NPFG Insured
0
.000
10/01/28
2,111,748
1,000,000
Fresno, California, Airport Revenue Bonds, Series 2023A - BAM
Insured, (AMT)
5
.000
07/01/53
1,013,848
6,080,000
(b)
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A - AMBAC Insured, (ETM)
0
.000
06/01/28
5,704,940
1,495,000
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2007 - FGIC
Insured
0
.000
08/01/33
1,181,729
4,055,000
Kern Community College District, California, General
Obligation Bonds, Series 2003A - FGIC Insured
0
.000
03/01/28
3,806,324
3,480,000
(c)
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
0
.000
08/01/43
3,449,360
450,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6
.500
11/01/39
551,915
11,985,000
Norwalk La Mirada Unified School District, Los Angeles County,
California, General Obligation Bonds, Election 2002, Series
2007C - AGM Insured
0
.000
08/01/32
9,831,642
1,195,000
Palmdale School District, Los Angeles County, California,
General Obligation Bonds, Series 2003 - AGM Insured
0
.000
08/01/28
1,115,199
8,790,000
Pittsburg Redevelopment Agency, California, Tax Allocation
Bonds, Los Medanos Community Development Project, Series
1999 - AMBAC Insured
0
.000
08/01/29
7,874,345
12,240,000
(b)
Placentia-Yorba Linda Unified School District, Orange County,
California, Certificates of Participation, Series 2006 - FGIC
Insured, (ETM)
0
.000
10/01/34
9,154,828
1,500,000
Placer Union High School District, Placer County, California,
General Obligation Bonds, Series 2004C - AGM Insured
0
.000
08/01/32
1,237,143
8,000,000
Poway Unified School District, San Diego County, California,
General Obligation Bonds, School Facilities Improvement
District 2007-1, Election 2008 Series 2009A
0
.000
08/01/32
6,636,089
8,000,000
Poway Unified School District, San Diego County, California,
General Obligation Bonds, School Facilities Improvement
District 2007-1, Election 2008 Series 2009A
0
.000
08/01/33
6,368,853
3,940,000
Rancho Mirage Redevelopment Agency, California, Tax
Allocation Bonds, Combined Whitewater and 1984 Project
Areas, Series 2003A - NPFG Insured
0
.000
04/01/35
2,902,425
3,570,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, International Senior Series 2023B,
(AMT)
5
.000
07/01/48
3,656,280
2,110,000
Sierra Sands Unified School District, Kern County, California,
General Obligation Bonds, Election of 2006, Series 2006A -
FGIC Insured
0
.000
11/01/28
1,937,765
6,025,000
Simi Valley Unified School District, Ventura County, California,
General Obligation Bonds, Election of 2004 Series 2007C
0
.000
08/01/30
5,355,295
1,150,000
Woodside Elementary School District, San Mateo County,
California, General Obligation Bonds, Election of 2005, Series
2007 - AMBAC Insured
0
.000
10/01/30
1,024,619
TOTAL CALIFORNIA
101,372,833
37
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO - 7.8%
$
3,750,000
Arkansas River Power Authority, Colorado, Power Supply
System Revenue Bonds, Refunding Series 2018A
5
.000
%
10/01/43
$
3,769,088
5,625,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2024A - AGM Insured
5
.250
12/01/49
5,981,942
150,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-1
4
.000
08/01/44
134,015
6,600,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
6,660,484
1,220,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2025A
5
.125
12/01/45
1,240,513
5,000,000
Colorado School of Mines Board of Trustees, Golden,
Colorado, Institutional Enterprise Revenue Bonds, Series
2017B
5
.000
12/01/47
5,023,838
2,475,000
Colorado State, Certificates of Participation, Rural Series 2020A
4
.000
12/15/37
2,512,038
480,000
Crowfoot Valley Ranch Metropolitan District No. 2, Douglas
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Series 2024A - BAM Insured
5
.000
12/01/44
490,788
2,275,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.750
11/15/45
2,438,759
4,400,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018B
5
.000
12/01/43
4,491,914
8,350,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/29
7,525,623
1,295,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/32
1,051,482
4,475,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0
.000
09/01/33
3,482,422
12,500,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2006A - NPFG Insured
0
.000
09/01/38
6,578,915
1,000,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Refunding Series
2015A
5
.000
12/01/33
1,002,023
620,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Refunding Series
2015A
5
.000
12/01/35
620,909
5,000,000
Windy Gap Firming Project Water Activity Enterprise, Colorado,
Senior Revenue Bonds, Series 2021
5
.000
07/15/51
5,113,492
TOTAL COLORADO
58,118,245
CONNECTICUT - 1.1%
2,500,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Fairfield University, Series 2022U
4
.000
07/01/52
2,189,392
5,390,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2021A
4
.000
05/01/40
5,384,146
750,000
University of Connecticut, General Obligation Bonds, Series
2015A
5
.000
03/15/31
756,525
TOTAL CONNECTICUT
8,330,063
DISTRICT OF COLUMBIA - 1.7%
1,500,000
(b)
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
1,556,674
2,000,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital
Appreciation, Second Senior Lien Series 2010B
6
.500
10/01/44
2,112,280
5,000,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5
.250
10/01/53
5,155,544
2,450,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5
.250
10/01/49
2,547,504
1,070,000
Washington Metropolitan Area Transit Authority, Dedicated
Revenue Bonds, Green Series 2021A
4
.000
07/15/46
995,434
TOTAL DISTRICT OF COLUMBIA
12,367,436
Portfolio of Investments September 30, 2025
(continued)
NXP
38
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA - 2.7%
$
1,700,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT)
5
.250
%
07/01/53
$
1,662,698
3,000,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.500
07/01/53
2,564,341
3,870,000
(a)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
10
.000
07/01/57
3,297,140
2,000,000
Greater Orlando Aviation Authority, Florida, Orlando Airport
Facilities Revenue Bonds, Priority Subordinated Series 2017A,
(AMT)
5
.000
10/01/42
2,011,413
1,545,000
Greater Orlando Aviation Authority, Florida, Orlando Airport
Facilities Revenue Bonds, Priority Subordinated Series 2017A,
(AMT)
5
.000
10/01/47
1,547,089
1,565,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5
.250
11/15/49
1,654,511
1,000,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
4
.125
11/15/51
909,660
5,000,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2019A, (AMT)
5
.000
10/01/49
5,012,816
1,090,000
Orange County Health Facilities Authority, Florida, Revenue
Bonds, Presbyterian Retirement Communities Project, Series
2024
5
.000
08/01/54
1,038,571
TOTAL FLORIDA
19,698,239
GEORGIA - 1.2%
3,665,000
Brookhaven Development Authority, Georgia, Revenue Bonds,
Children's Healthcare of Atlanta, Inc. Project, Series 2019A
4
.000
07/01/49
3,283,061
3,775,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023D, (Mandatory Put 12/01/30)
5
.000
05/01/54
4,045,991
1,250,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Series 2024A
5
.250
01/01/49
1,300,932
TOTAL GEORGIA
8,629,984
GUAM - 1.2%
7,250,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2015D
5
.000
11/15/39
7,269,768
1,460,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2016
5
.000
01/01/46
1,461,618
TOTAL GUAM
8,731,386
IDAHO - 1.5%
1,600,000
Boise State University, Idaho, General Revenue Bonds, Series
2023A
5
.000
04/01/48
1,655,463
1,220,000
Idaho Housing & Finance Association, Idaho, Sales Tax
Revenue Bonds, Transportation Expansion & Congestion
Mitigation Fund, Series 2023A
5
.250
08/15/48
1,294,884
2,000,000
(a)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, The College of Idaho Project, Series 2023
5
.625
11/01/43
2,014,021
6,000,000
(a)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, The College of Idaho Project, Series 2023
5
.875
11/01/53
6,034,930
TOTAL IDAHO
10,999,298
ILLINOIS - 9.8%
2,050,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2016
6
.000
04/01/46
2,077,186
1,790,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Refunding Series 2017C
5
.000
12/01/30
1,822,621
725,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2016B
6
.500
12/01/46
731,692
1,500,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2021A
5
.000
12/01/38
1,485,897
3,900,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Series 1999A - FGIC Insured
0
.000
12/01/28
3,480,610
39
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
55,000
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 -
FGIC Insured
0
.000
%
12/01/28
$
49,086
5,500,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2024A
5
.500
01/01/53
5,800,335
1,500,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023C
5
.000
01/01/40
1,551,240
6,780,000
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured
5
.250
11/01/48
7,065,180
1,190,000
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured
5
.250
11/01/53
1,230,307
10,000,000
(d)
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2024I, (UB)
4
.625
04/01/50
9,965,054
2,500,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
4
.000
01/01/46
2,299,734
1,720,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/29
1,503,965
45,000
(b)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A,
(ETM)
0
.000
06/15/30
39,376
765,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A
0
.000
06/15/30
656,765
2,500,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/30
2,108,453
17,195,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/31
13,934,730
1,350,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/35
930,363
15,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/36
9,513,935
2,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/37
1,230,769
9,370,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
06/15/39
5,075,455
TOTAL ILLINOIS
72,552,753
INDIANA - 1.0%
1,600,000
(b)
Indiana Bond Bank, Special Program Bonds, Carmel Junior
Waterworks Project, Series 2008B - AGM Insured, (ETM)
0
.000
06/01/30
1,408,049
5,060,000
Indiana Finance Authority, Hospital Revenue Bonds, Marion
General Hospital Project, Series 2020A
4
.000
07/01/45
4,615,953
500,000
Northern Indiana Commuter Transportation District, Indiana,
Limited Obligation Revenue Bonds, Series 2024
5
.250
01/01/49
530,234
1,000,000
Zionsville Community Schools Building Corporation, Boone
County, Indiana, First Mortgage Bonds, Series 2005Z - AGM
Insured
0
.000
07/15/28
920,495
TOTAL INDIANA
7,474,731
IOWA - 0.2%
1,165,000
(b)
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
1,342,073
TOTAL IOWA
1,342,073
Portfolio of Investments September 30, 2025
(continued)
NXP
40
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY - 0.1%
$
805,000
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Convertible
Capital Appreciation First Tier Series 2013C
6
.750
%
07/01/43
$
906,838
TOTAL KENTUCKY
906,838
LOUISIANA - 0.6%
1,870,000
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Bonds, Series 2017B - AGM Insured
5
.000
12/01/42
1,896,982
500,000
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
506,901
2,000,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2024A
5
.000
12/01/53
2,039,780
TOTAL LOUISIANA
4,443,663
MASSACHUSETTS - 4.6%
3,000,000
Lowell, Massachusetts, Collegiate Charter School Revenue
Bonds, Series 2019
5
.000
06/15/49
2,832,113
10,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Series 2016BB-1
4
.000
10/01/46
9,371,128
2,230,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Series 2016BB-1
5
.000
10/01/46
2,237,616
6,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute Issue, Series 2016N
5
.000
12/01/46
6,522,524
920,000
Massachusetts Development Finance Agency, Revenue Bonds,
Orchard Cove, Inc., Refunding Series 2019
5
.000
10/01/49
898,796
600,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
3
.625
07/01/37
535,890
3,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2015B
4
.000
05/01/45
2,808,166
2,415,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement & Accelerated Bridge Programs, Series 2017A
5
.000
06/01/47
2,439,902
5,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Sustainability Green Series 2022A
5
.000
06/01/50
5,141,307
1,000,000
Newburyport, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan, Refunding Series 2013
4
.000
01/15/30
1,000,650
480,000
University of Massachusetts Building Authority, Project
Revenue Bonds, Senior Series 2014-1
5
.000
11/01/39
480,088
TOTAL MASSACHUSETTS
34,268,180
MICHIGAN - 2.1%
5,000,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Refunding Series 2024A
5
.000
07/01/54
5,207,108
5,000,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2019A
5
.000
07/01/48
5,088,869
4,000,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2016-I
5
.000
04/15/35
4,078,506
1,000,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023B -
AGM Insured, (AMT)
5
.500
12/01/48
1,054,066
TOTAL MICHIGAN
15,428,549
MINNESOTA - 1.0%
1,340,000
Minnesota Agricultural and Economic Development Board,
Health Care Facilities Revenue Bonds, HealthPartners
Obligated Group, Series 2024
5
.250
01/01/47
1,388,917
1,000,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2024
4
.000
05/01/50
887,775
3,850,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hmong College Prep
Academy Project, Series 2016A
6
.000
09/01/51
3,860,330
1,200,000
(a)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Metro Deaf School
Project, Series 2018A
5
.000
06/15/38
1,141,831
TOTAL MINNESOTA
7,278,853
41
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI - 3.4%
$
5,000,000
Jackson County, Missouri, Special Obligation Bonds, Series
2023A
5
.250
%
12/01/47
$
5,277,175
7,000,000
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
6,912,802
5,000,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0
.000
04/15/30
4,306,933
2,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2013A
5
.000
11/15/38
2,000,879
1,700,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4
.000
02/15/54
1,454,457
5,560,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2017
5
.000
09/01/48
5,310,008
TOTAL MISSOURI
25,262,254
NEBRASKA - 1.4%
3,550,000
Central Plains Energy Project, Nebraska, Gas Project 4 Revenue
Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29)
5
.000
05/01/54
3,804,775
3,000,000
Douglas County Hospital Authority 2, Nebraska, Health
Facilities Revenue Bonds, Children's Hospital Obligated Group,
Series 2017
5
.000
11/15/47
3,014,600
260,000
(b)
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015, (Pre-refunded 11/01/25)
4
.125
11/01/36
260,285
285,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
4
.125
11/01/36
284,984
1,235,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
5
.000
11/01/45
1,237,241
1,465,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
5
.000
11/01/45
1,465,246
250,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/26
250,182
305,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/27
305,191
TOTAL NEBRASKA
10,622,504
NEVADA - 0.3%
1,710,000
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe
Regional Healthcare Project, Series 2017A
5
.000
09/01/37
1,726,477
325,000
(e)
Las Vegas Special Improvement District 819, Nevada, Local
Improvement Bonds, Summerlin Village 30A Series 2025
5
.000
06/01/40
325,531
TOTAL NEVADA
2,052,008
NEW JERSEY - 4.5%
940,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013
- AGM Insured, (AMT)
5
.125
01/01/39
941,205
2,000,000
(b)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2016BBB, (Pre-refunded
12/15/26)
5
.500
06/15/31
2,072,187
305,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A -
AGM Insured
5
.000
07/01/28
305,548
260,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A -
AGM Insured
5
.000
07/01/29
260,464
4,900,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0
.000
12/15/28
4,474,288
Portfolio of Investments September 30, 2025
(continued)
NXP
42
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
35,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
%
12/15/34
$
25,448,062
TOTAL NEW JERSEY
33,501,754
NEW MEXICO - 0.3%
1,000,000
Farmington Municipal School District 5, San Juan County, New
Mexico, General Obligation Bonds, School Building Series
2015
5
.000
09/01/28
1,001,567
1,035,000
University of New Mexico, Revenue Bonds, Refunding &
Improvement Subordinate Lien Series 2016A
4
.500
06/01/36
1,039,834
TOTAL NEW MEXICO
2,041,401
NEW YORK - 4.0%
2,500,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.500
10/01/54
2,616,814
1,115,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2024B
5
.000
03/15/49
1,159,390
3,500,000
New York State Dormitory Authority, Personal Income Tax
Revenue Bonds, General Purpose Series 2025C
5
.000
03/15/44
3,717,269
10,000,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2020A
4
.000
03/15/45
9,286,738
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
.250
06/30/60
5,065,206
2,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Four Series 2022, (AMT)
5
.250
08/01/47
2,596,960
5,210,000
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2024A-1
5
.000
05/15/54
5,411,947
TOTAL NEW YORK
29,854,324
NORTH CAROLINA - 0.1%
1,000,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Series 2023B, (AMT)
5
.000
07/01/48
1,019,599
TOTAL NORTH CAROLINA
1,019,599
OHIO - 0.6%
4,500,000
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
3,846,451
250,000
Ohio Air Quality Development Authority, Ohio, Pollution
Control Revenue Bonds, FirstEnergy Generation Corporation
Project, Refunding Series 2009D, (Mandatory Put 9/15/21)
3
.375
08/01/29
246,751
TOTAL OHIO
4,093,202
OKLAHOMA - 0.9%
1,230,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.000
08/15/38
1,248,938
5,000,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2023
5
.500
01/01/53
5,295,971
TOTAL OKLAHOMA
6,544,909
OREGON - 4.4%
500,000
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue
Bonds, Columbia Memorial Hospital Project, Series 2024
5
.250
08/01/54
499,738
1,505,000
Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, General Obligation Bonds, Convertible
Deferred Interest Series 2017D
5
.000
06/15/36
1,541,808
60,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5
.000
06/15/40
60,880
500,000
Clackamas County Hospital Facility Authority, Oregon, Senior
Living Revenue Bonds, Willamette View Project, Series 2017A
5
.000
11/15/52
450,442
215,000
(b)
Clackamas County School District 12, North Clackamas,
Oregon, General Obligation Bonds, Deferred Interest Series
2017A, (Pre-refunded 6/15/27)
0
.000
06/15/41
109,327
43
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON
(continued)
$
1,785,000
Clackamas County School District 12, North Clackamas,
Oregon, General Obligation Bonds, Deferred Interest Series
2017A
0
.000
%
06/15/41
$
820,378
2,130,000
Medford Hospital Facilities Authority, Oregon, Hospital
Revenue Bonds, Asante Health System, Refunding Series
2020A
5
.000
08/15/50
2,140,334
2,000,000
Oregon Facilities Authority, Revenue Bonds, Willamette
University, Refunding Series 2016B
5
.000
10/01/40
2,002,725
5,000,000
Oregon Health and Science University, Revenue Bonds, Green
Series 2021A
4
.000
07/01/44
4,716,886
3,000,000
Port of Portland, Oregon, International Airport Revenue Bonds,
Green Series 2023-29, (AMT)
5
.500
07/01/53
3,147,614
11,850,000
(d)
Port of Portland, Oregon, International Airport Revenue Bonds,
Green Series 2023-29, (AMT), (UB)
5
.500
07/01/53
12,433,073
2,500,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
5
.000
05/15/46
2,505,425
1,000,000
Washington Multnomah & Yamhill Counties School District 1J
Hillsboro, Oregon, General Obligation Bonds, Series 2017
5
.000
06/15/31
1,036,571
1,500,000
Yamhill County, Oregon, Revenue Bonds, George Fox
University Project, Refunding Series 2021
4
.000
12/01/36
1,524,465
TOTAL OREGON
32,989,666
PENNSYLVANIA - 4.3%
1,500,000
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Refunding Bonds, FirstEnergy
Generation Project, Series 2008B
3
.750
10/01/47
1,237,838
1,000,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, ACTS Retirement-Life
Communities, Inc. Obligated Group, Series 2020
5
.000
11/15/45
994,802
65,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, State System of Higher Education, Series 2016AT-1,
(Pre-refunded 6/15/26)
5
.000
06/15/31
65,955
755,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, State System of Higher Education, Series 2016AT-1,
(ETM)
5
.000
06/15/31
836,851
4,180,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, State System of Higher Education, Series 2016AT-1
5
.000
06/15/31
4,239,016
1,500,000
(d)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1, (UB)
5
.250
11/01/48
1,579,005
1,500,000
(d)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2, (UB)
5
.000
11/01/54
1,523,689
10,000,000
(d)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-147A, (UB)
4
.700
10/01/49
9,944,914
6,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2018A-2
5
.000
12/01/48
6,094,619
5,000,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2024C
5
.250
09/01/54
5,309,330
TOTAL PENNSYLVANIA
31,826,019
PUERTO RICO - 1.3%
2,550,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
2,399,968
4,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.329
07/01/40
3,831,630
3,624,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.784
07/01/58
3,369,904
500,206
Puerto Rico, General Obligation Bonds, Clawback Highway
Transportation Authority Claims Taxable Series 2022
0
.000
11/01/51
338,264
TOTAL PUERTO RICO
9,939,766
SOUTH CAROLINA - 0.3%
1,940,000
South Carolina State Ports Authority, Revenue Bonds, Series
2018, (AMT)
5
.000
07/01/48
1,949,033
TOTAL SOUTH CAROLINA
1,949,033
Portfolio of Investments September 30, 2025
(continued)
NXP
44
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH DAKOTA - 0.1%
$
1,000,000
(b)
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2015, (Pre-refunded
11/01/25)
5
.000
%
11/01/35
$
1,001,857
TOTAL SOUTH DAKOTA
1,001,857
TENNESSEE - 1.3%
4,695,000
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
4,881,517
5,000,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Revenue Bonds, Subordinate Series 2019B, (AMT)
5
.000
07/01/49
5,052,526
TOTAL TENNESSEE
9,934,043
TEXAS - 8.0%
1,160,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Houston Methodist
Hospital System, Series 2015
5
.000
12/01/45
1,160,202
480,000
(b)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/30
413,666
2,935,000
(b)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured, (ETM)
0
.000
11/15/30
2,529,392
1,405,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/32
1,055,674
465,000
(b)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/36
284,498
2,045,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/36
1,158,340
10,315,000
(b)
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG
Insured
0
.000
11/15/41
4,616,905
2,165,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Junior Lien Series 2001H - NPFG Insured
0
.000
11/15/41
859,417
3,045,000
Harris County-Houston Sports Authority, Texas, Special
Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG
Insured
0
.000
11/15/34
1,974,196
8,110,000
Harris County-Houston Sports Authority, Texas, Special
Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG
Insured
0
.000
11/15/38
3,974,872
5,325,000
Irving Independent School District, Dallas County, Texas,
General Obligation Bonds, School Building Series 2023
5
.000
02/15/41
5,678,418
2,500,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding Schoolhouse Series
2025
5
.000
08/01/49
2,616,793
2,500,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding Schoolhouse Series
2025
5
.000
08/01/50
2,614,609
13,410,000
Lamar Consolidated Independent School District, Fort Bend
County, Texas, General Obligation Bonds, Schoolhouse Series
2023A
5
.000
02/15/53
13,795,325
5,220,000
Lower Colorado River Authority, Texas, Transmission Contract
Revenue Bonds, LCRA Transmission Services Corporation
Project, Refunding Series 2021A
5
.000
05/15/46
5,315,093
120,000
(b)
Midland Independent School District, Midland County, Texas,
General Obligation Bonds, School Building Series 2024, (Pre-
refunded 2/15/28)
5
.000
02/15/50
127,120
1,380,000
Midland Independent School District, Midland County, Texas,
General Obligation Bonds, School Building Series 2024
5
.000
02/15/50
1,397,876
400,000
(a)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4
.625
10/01/31
400,479
4,855,000
Northwest Independent School District, Denton, Tarrant and
Wise Counties, Texas, General Obligation Bonds, School
Building Series 2023
5
.000
02/15/48
5,007,457
45
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
3,845,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Cook Childrens
Medical Center, Series 2025
5
.250
%
12/01/49
$
4,084,714
200,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2016A
4
.000
11/15/42
188,910
TOTAL TEXAS
59,253,956
UTAH - 2.4%
1,000,000
Downtown Revitalization Public Infrastructure District, Utah,
Sales Tax Revenue Bonds, SEG Redevelopment Project, Second
Lien Series 2025B
5
.250
06/01/45
1,063,092
2,095,000
Millard School District, Utah, Lease Revenue Bonds Local
Building Authority Series 2024 - BAM Insured
5
.000
05/15/49
2,138,538
5,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2021A, (AMT)
5
.000
07/01/46
5,060,159
9,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/48
9,268,075
TOTAL UTAH
17,529,864
VIRGIN ISLANDS - 0.2%
1,645,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/39
1,673,694
TOTAL VIRGIN ISLANDS
1,673,694
WASHINGTON - 5.0%
5,000,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2019, (AMT)
5
.000
04/01/44
5,055,503
3,485,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2021C, (AMT)
5
.000
08/01/46
3,534,629
4,965,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2025A
5
.000
10/01/46
5,238,097
3,815,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5
.250
12/01/48
4,102,813
1,285,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019A-1 - BAM Insured
4
.000
08/01/44
1,173,268
4,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
5
.000
10/01/32
4,009,169
5,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D
5
.000
10/01/38
5,003,272
8,390,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Series 2021B
4
.000
07/01/58
7,258,099
2,115,000
Washington State, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2003F - NPFG Insured
0
.000
12/01/27
2,005,039
TOTAL WASHINGTON
37,379,889
WISCONSIN - 1.2%
3,290,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Mercy Alliance, Inc., Series 2012
5
.000
06/01/39
3,294,466
985,000
(b)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A, (Pre-refunded 5/15/26)
4
.000
11/15/46
993,150
10,000
(b)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A, (Pre-refunded 5/15/26)
4
.000
11/15/46
10,083
1,005,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A
4
.000
11/15/46
919,156
3,855,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2016
5
.000
12/01/41
3,894,403
TOTAL WISCONSIN
9,111,258
TOTAL MUNICIPAL BONDS
(Cost $701,189,819)
732,103,268
TOTAL LONG-TERM INVESTMENTS
(Cost $701,189,819)
732,103,268
Portfolio of Investments September 30, 2025
(continued)
NXP
46
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
SHORT-TERM INVESTMENTS - 3.1%
23200000
MUNICIPAL BONDS - 3.1%
23200000
ALABAMA - 0.3%
$
2,200,000
(a),(f)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Tender Option Bond Trust Series 2022-XM1080
3
.350
%
02/01/28
$
2,200,000
TOTAL ALABAMA
2,200,000
ARIZONA - 0.7%
5,000,000
(f)
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Honor Health, Refunding Series
2024B
3
.500
12/01/48
5,000,000
TOTAL ARIZONA
5,000,000
MINNESOTA - 2.1%
12,000,000
(f)
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Fairview Health Services, Series 2018A
3
.550
11/15/48
12,000,000
4,000,000
(f)
Rochester, Minnesota, Health Care Facilities Revenue Bonds,
Mayo Clinic, Series 2025C
2
.700
11/15/64
4,000,000
TOTAL MINNESOTA
16,000,000
TOTAL MUNICIPAL BONDS
(Cost $23,200,000)
23,200,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,200,000)
23,200,000
TOTAL INVESTMENTS - 101.6%
(Cost $724,389,819)
755,303,268
FLOATING RATE OBLIGATIONS - (3.8)%
(
27,880,000
)
OTHER ASSETS & LIABILITIES, NET - 2.2%
15,933,703
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
743,356,971
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $17,709,710 or 2.3% of Total Investments.
(b)
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.
(c)
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.
(d)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(e)
When-issued or delayed delivery security.
(f)
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.
Statement of Assets and Liabilities
See Notes to Financial Statements
47
September 30, 2025 (Unaudited)
NIM
NXP
ASSETS
Long-term investments, at value
†
$
120,066,499
$
732,103,268
Short-term investments, at value
◊
920,000
23,200,000
Cash
342,769
7,442,732
Receivables:
Interest
1,355,574
8,144,529
Investments sold
837,547
415,000
Shares sold
-
322,112
Sale of Vistra Vision interest
#
(1)
2,353,471
3,456,223
Deferred offering costs
-
168,442
Other
3,542
119,726
Total assets
125,879,402
775,372,032
LIABILITIES
Floating rate obligations
-
27,880,000
Payables:
Management fees
46,307
111,125
Dividends
355,306
2,650,530
Interest
67
680,998
Investments purchased - when-issued/delayed-delivery settlement
1,613,228
321,984
Vistra Vision sale transactions costs
(1)
57,213
84,021
Accrued expenses:
Custodian fees
40,004
50,172
Investor relations fees
2,885
14,721
Trustees fees
3,285
119,792
Professional fees
17,372
15,721
Shareholder reporting expenses
9,623
48,343
Shareholder servicing agent fees
421
4,020
Other
3,567
33,634
Total liabilities
2,149,278
32,015,061
Commitments and contingencies
(2)
Net assets applicable to common shares
$
123,730,124
$
743,356,971
Common shares outstanding
12,446,597
52,006,586
Net asset value ("NAV") per common share outstanding
$
9
.94
$
14
.29
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
124,466
$
520,066
Paid-in capital
123,856,804
730,525,464
Total distributable earnings (loss)
(
251,146
)
12,311,441
Net assets applicable to common shares
$
123,730,124
$
743,356,971
Authorized shares:
Common
Unlimited
Unlimited
†
Long-term investments, cost
$
121,527,509
$
701,189,819
◊
Short-term investments, cost
$
920,000
$
23,200,000
#
Net of discount of
$
103,773
$
152,398
(1)
Refer to Note 4 of the Notes to Financial Statements for more information.
(2)
As disclosed in Notes to Financial Statements.
Statement of Operations
See Notes to Financial Statements
48
Six Months Ended September 30, 2025 (Unaudited)
NIM
NXP
INVESTMENT INCOME
Interest
$
2,484,778
$
17,436,227
Total investment income
2,484,778
17,436,227
EXPENSES
-
-
Management fees
279,329
666,960
Shareholder servicing agent fees
921
8,164
Interest expense
2,452
99,344
Trustees fees
2,286
13,548
Custodian expenses
23,026
34,405
Investor relations expenses
4,015
16,404
Merger expenses
-
15,000
Professional fees
25,835
32,361
Shareholder reporting expenses
16,663
44,927
Stock exchange listing fees
3,865
12,763
Other
5,846
16,899
Total expenses
364,238
960,775
Net investment income (loss)
2,120,540
16,475,452
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
66,074
(
5,103,509
)
Net realized gain (loss)
66,074
(
5,103,509
)
Change in unrealized appreciation (depreciation) on:
Investments
1,239,974
7,460,228
Net change in unrealized appreciation (depreciation)
1,239,974
7,460,228
Net realized and unrealized gain (loss)
1,306,048
2,356,719
Net increase (decrease) in net assets applicable to common shares from operations
$
3,426,588
$
18,832,171
Statement of Changes in Net Assets
See Notes to Financial Statements
49
NIM
NXP
Unaudited
Six Months Ended
9/30/25
Year Ended
3/31/25
Unaudited
Six Months Ended
9/30/25
Year Ended
3/31/25
OPERATIONS
Net investment income (loss)
$
2,120,540
$
4,092,787
$
16,475,452
$
31,018,944
Net realized gain (loss)
66,074
940,925
(
5,103,509
)
1,955,801
Net change in unrealized appreciation (depreciation)
1,239,974
(
3,164,715
)
7,460,228
(
23,430,750
)
Net increase (decrease) in net assets applicable to common shares
from operations
3,426,588
1,868,997
18,832,171
9,543,995
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
2,072,359
)
(
4,503,180
)
(
16,086,194
)
(
30,331,466
)
Total distributions
(
2,072,359
)
(
4,503,180
)
(
16,086,194
)
(
30,331,466
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
-
-
16,167,187
42,058,342
Reinvestments of distributions
-
-
141,565
703,222
Net increase (decrease) applicable to common shares from capital
share transactions
-
-
16,308,752
42,761,564
Net increase (decrease) in net assets applicable to common shares
1,354,229
(
2,634,183
)
19,054,729
21,974,093
Net assets applicable to common shares at the beginning of period
122,375,895
125,010,078
724,302,242
702,328,149
Net assets applicable to common shares at the end of period
$
123,730,124
$
122,375,895
$
743,356,971
$
724,302,242
Financial Highlights
50
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and Retired
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NIM
9/30/25
(d)
$
9.83
$
0.17
$
0.11
$
0.28
$
(0.17)
$
-
$
(0.17)
$
-
$
9.94
$
9.26
3/31/25
10.04
0.33
(0.18)
0.15
(0.33)
(0.03)
(0.36)
-
9.83
9.32
3/31/24
10.00
0.31
0.04
0.35
(0.31)
-
(0.31)
-
10.04
8.99
3/31/23
10.26
0.28
(0.27)
0.01
(0.27)
-
(0.27)
-
10.00
9.23
3/31/22
10.77
0.27
(0.51)
(0.24)
(0.27)
-
(0.27)
-
10.26
9.58
3/31/21
10.44
0.29
0.41
0.70
(0.32)
(0.05)
(0.37)
-
10.77
10.68
NXP
9/30/25
(d)
14.24
0.32
0.04
0.36
(0.31)
-
(0.31)
-
14.29
14.46
3/31/25
14.65
0.63
(0.42)
0.21
(0.62)
-
(0.62)
-
14.24
14.37
3/31/24
14.57
0.60
0.06
0.66
(0.58)
-
(0.58)
-
(f)
14.65
14.44
3/31/23
15.13
0.51
(0.51)
-
(0.56)
-
(0.56)
-
14.57
14.31
3/31/22
16.34
0.43
(1.09)
(0.66)
(0.55)
-
(0.55)
-
15.13
14.43
3/31/21
15.77
0.59
0.53
1.12
(0.55)
-
(0.55)
-
16.34
17.39
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at
the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place
over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the
calculation. Total returns are not annualized.
See Notes to Financial Statements
51
Ratios of Interest Expense to
Average Net Assets Applicable
to Common Shares
NIM
NXP
9/30/25
(d)
0.00
%
(e)
0.03
%
(e)
3/31/25
0.01
0.04
3/31/24
-
-
3/31/23
-
-
3/31/22
-
-
3/31/21
-
-
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
2.85
%
1.17
%
$
123,730
0.60
%
(e)
3.47
%
(e)
10
%
1.51
7.88
122,376
0.60
3.32
20
3.61
0.85
125,010
0.58
3.13
23
0.17
(0.79)
124,512
0.57
2.84
21
(2.31)
(7.98)
127,668
0.56
2.54
13
6.73
13.22
134,048
0.56
2.69
12
2.61
2.89
743,357
0.27
(e)
4.57
(e)
18
1.41
3.84
724,302
0.27
4.35
21
4.70
5.11
702,328
0.23
4.21
26
0.07
3.19
682,056
0.24
3.53
22
(4.24)
(14.16)
708,249
0.29
3.26
13
7.16
20.16
271,091
0.26
3.64
10
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to 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 borrowings (as described in Notes to Financial Statements) and/
or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value rounded to zero.
52
Notes to Financial Statements
(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 Select Maturities Municipal Fund (NIM)
Nuveen Select Tax-Free Income Portfolio (NXP)
The Funds are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as closed-end management investment
companies. NIM and NXP were organized as Massachusetts business trusts on July 23, 1992 and January 29, 1992, respectively.
Current Fiscal Period
: The end of the reporting period for the Funds is September 30, 2025, and the period covered by these Notes to Financial
Statements is the six months ended September 30, 2025 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Fund's 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 portfolio of the Funds.
NXP - Fund reorganization:
On June 17, 2025, the reorganization of Nuveen California Select Tax-Free Income Portfolio (NXC) and Nuveen New
York Select Tax-Free Income Portfolio (NXN) into NXP was approved by the Funds' Board of Trustees (the "Board"). Each reorganization is pending
shareholder approval and satisfying other closing conditions.
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 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
Fund
Gross
Custodian Fee
Credits
NIM
$
-
NXP
-
53
its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such
distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share
may erode.
Indemnifications:
Under the Funds' organizational documents, their officers and 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. Interest
income, which is recorded on an accrual basis and includes the accretion of discounts and the amortization of premiums for financial reporting
purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received
in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and
Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting
agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral
received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities
collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted
to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are
presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.
The Funds' investments subject to netting agreements as of the end of the 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"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation
in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a
team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes
in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus
the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within
the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment
revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement
: In December 2023, the FASB issued 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.
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:
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,
54
Notes to Financial Statements
(continued)
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to
value them:
The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds'
liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further
described later in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision,
which is not reflected in the tables above. The carrying value of this receivable approximates fair value. The "Receivable for sale of Vistra Vision
interest" is generally classified as Level 2 and further described in these Notes to Financial Statements.
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.
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").
NIM
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Mortgage-Backed Securities
$
-
$
667,223
$
-
$
667,223
Municipal Bonds
-
119,399,276
-
119,399,276
Short-Term Investments:
Municipal Bonds
-
920,000
-
920,000
Total
$
-
$
120,986,499
$
-
$
120,986,499
NXP
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
732,103,268
$
-
$
732,103,268
Short-Term Investments:
Municipal Bonds
-
23,200,000
-
23,200,000
Total
$
-
$
755,303,268
$
-
$
755,303,268
55
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.
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
Fund
Floating Rate
Obligations: Self-
Deposited
Inverse Floaters
Floating Rate
Obligations:
Externally-Deposited
Inverse Floaters
Total
NIM
$
-
$
-
$
-
NXP
27,880,000
-
27,880,000
Fund
Average Floating
Rate Obligations
Outstanding
Average Annual
Interest Rate
And Fees
NIM
$
-
-
%
NXP
27,164,055
3.21
56
Notes to Financial Statements
(continued)
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 (excluding in-kind transactions, where applicable) 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.
Sale of Vistra Vision interests:
On September 18, 2024, Vistra Corp. ("Vistra") and Nuveen agreed to terms for the sale of the Vistra Vision interest.
In exchange for its interest in Vistra Vision, the Funds will receive proceeds from the sale over a series of payments from Vistra through December
31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related
transaction costs are recognized as "Receivable for sale of Vistra Vision interest" and "Payable for Vistra Vision sale transactions costs," respectively,
on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
[
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.
Fund
Maximum Exposure
to Recourse Trusts:
Self-Deposited
Inverse Floaters
Maximum Exposure
to Recourse Trusts:
Externally-Deposited
Inverse Floaters
Total
NIM
$
-
$
-
$
-
NXP
27,880,000
-
27,880,000
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
U.S.
Government
Sales
NIM
$
11,730,547
$
99,965
$
12,251,076
$
1,768
NXP
129,453,622
-
136,150,943
-
57
6. Fund Shares
Common Shares Equity Shelf Programs and Offering Costs:
NXP has filed a registration statement with the Securities and Exchange Commission
("SEC") authorizing the Fund to issue additional common shares through one or more equity shelf programs ("Shelf Offering"), which became
effective with the SEC during prior fiscal periods.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time
to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per common share. In the event the Fund's
Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the
registration statement has been filed with the SEC.
Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund's Shelf Offering during the
Fund's current and prior fiscal period were as follows:
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:
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, 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.
NXP
Six Month
Ended
9/30/25
Year Ended
3/31/25
Additional authorized common shares
14,000,000
14,000,000
Common shares sold
1,145,097
2,865,356
Offering proceeds, net of offering costs
16,167,187
42,058,342
NIM
NXP
Unaudited
Six Months
Ended
9/30/25
Year Ended
3/31/25
Unaudited
Six Months
Ended
9/30/25
Year Ended
3/31/25
Common Shares:
Sold through shelf offering
-
-
1,145,097
2,865,356
Issued to shareholders due to reinvestment of distributions
-
-
9,979
48,169
Total
-
-
1,155,076
2,913,525
Weighted average common share:
Premium to NAV per shelf offering common share sold
-%
-%
0.60%
1.71%
58
Notes to Financial Statements
(continued)
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 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 Fund
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.
The annual fund-level fee, payable monthly is calculated according to the following schedules:
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NIM
$
121,003,062
$
2,556,518
$
(2,573,081)
$
(16,563)
NXP
692,193,858
43,665,113
(8,435,703)
35,229,410
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
NIM
$
524,389
$
45,556
$
-
$
(1,281,803)
$
(551,236)
$
-
$
(342,281)
$
(1,605,375)
NXP
4,382,371
149,712
-
28,149,205
(20,476,873)
-
(2,638,951)
9,565,464
1
Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 3, 2025 and paid on April 1, 2025.
Fund
Short-Term
Long-Term
Total
NIM
$
551,236
$
-
$
551,236
NXP
1
5,485,110
14,991,763
20,476,873
1
A portion of NXP's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.
Average Daily Net Assets*
NIM
Fund-Level Fee Rate
For the first $125 million
0.3000
%
For the next $125 million
0.2875
For the next $250 million
0.2750
For the next $500 million
0.2625
For the next $1 billion
0.2500
For the next $3 billion
0.2250
For managed assets over $5 billion
0.2125
Average Daily Net Assets*
NXP
Fund-Level Fee Rate
For the first $125 million
0.0500
%
For the next $125 million
0.0375
For the next $250 million
0.0250
For the next $500 million
0.0125
59
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
* 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 the end of the current fiscal period, the complex-level fee for each Fund was as follows:
Other Transactions with Affiliates:
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the
Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board
("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by
virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7
under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring
broker commissions.
During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:
9. 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.
Complex-Level Asset Breakpoint Level*
Complex-Level Fee
For the first $124.3 billion
0.1600
%
For the next $75.7 billion
0.1350
For the next $200 billion
0.1325
For eligible assets over $400 billion
0.1300
Fund
Complex-Level Fee
NIM
0.1564
%
NXP
0.1564
Fund
Purchases
Sales
Realized
Gain (Loss)
NIM
$
-
$
-
$
-
NXP
-
3,094,378
(175,710)
60
Notes to Financial Statements
(continued)
During the current fiscal period, the following Fund 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,
where applicable.
Inter-Fund Borrowings 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.
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.
Fund
Maximum
Outstanding
Balance
NIM
$
-
NXP
105,740
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
NIM
-
$
-
-
%
NXP
1
105,740
5.53
Shareholder Meeting Report
61
(U
naudited)
The annual meeting of shareholders for NIM was held on August 14, 2025; at this meeting the shareholders were asked to elect Board Members.
The vote totals for NIM are set forth below:
NIM
Common
Shares
Approval of the Board Members was reached as follows:
Michael A. Forrester
For
10,021,040
Withhold
68,271
Total
10,089,311
Thomas J. Kenny
For
10,025,062
Withhold
64,249
Total
10,089,311
Margaret L. Wolff
For
9,949,618
Withhold
139,693
Total
10,089,311
Robert L. Young
For
10,025,062
Withhold
64,249
Total
10,089,311
62
Additional Fund Information
(U
naudited)
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
The 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
NIM
NXP
Common shares repurchased
0
0
Glossary of Terms Used in this Report
63
(U
naudited)
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.
Net Asset Value (NAV) Per Share:
A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and
receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
Pre-Refunded Bond/Pre-Refunding
: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings,
is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new
bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on
the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
Tax Obligation/General Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the
ability to increase taxes by an unlimited amount to pay the bonds back.
Tax Obligation/Limited Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn't
have the ability to increase taxes by an unlimited amount to pay the bonds back
.
64
Statement Regarding Basis for Approval of
Investment Advisory Contract
(U
naudited)
Nuveen Select Maturities Municipal Fund
Nuveen Select Tax-Free Income Portfolio
The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by
Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), including the Funds (as defined below), and the group of funds advised by Teachers Advisors,
LLC ("TAL" and all such funds, collectively, the "Nuveen funds" or the "funds") approved the renewal of the investment management agreements
(each, an "Investment Management Agreement") with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen,
LLC, the investment arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA.
The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement") with Nuveen
Asset Management, LLC (the "Sub-Adviser"). The Sub-Adviser is also an affiliate of the Adviser.
The Boards of Directors or Trustees of the Nuveen funds are each a "Board" or collectively the "Board" (as the context may dictate) and the directors
or trustees (as the case may be) are each a "Board Member." The Board Members of each Board are not "interested persons" (as defined under
the Investment Company Act of 1940 (the "1940 Act")) and, therefore, each Board is deemed to be comprised of all disinterested Board Members.
References to a Board and the Board Members are interchangeable.
In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment
Management Agreement and Sub-Advisory Agreement on behalf of the 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." Below is a summary of the annual review process the Board undertook related to its most recent renewal of
the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a "Fund" and, collectively, the "Funds").
To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board
Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members
on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment
advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and/or its committees meet regularly
throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics
pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment
performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant
organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund
expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to
the funds; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries;
securities lending (as applicable); and 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.
The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market
conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.
To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of
investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February
25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to
evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of
new or modified regulatory requirements, changes to market conditions or other factors.
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. During the year, management worked
with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of
the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited
to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and applicable investment
team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of
the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee
and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager
compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their
relationships with the Nuveen 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 respective Fund to those of a peer 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 Board's review of the Advisory Agreements is based on all
the information provided to the Board and its committees over time. 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.
65
As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 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 the Board subsequently reviewed and discussed the responses to these
follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together
with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and,
following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the
Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board
Members considered the responses, 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 were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting
in executive sessions with such counsel at which no representatives of management were present. 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 applicable Funds for an additional one-year period. 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.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, 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 to manage and operate the Funds. The
Board considered the Adviser 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. Among the information provided in connection with the review of services at the Meeting and/or prior
meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise
the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered
the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the
asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit
of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources
and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession
planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of
successors to key positions, 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, and to review staffing and compensation levels to help remain competitive with peers in the industry.
The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted
below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to
provide a high level of quality of services to the Funds.
In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and
resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market
and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs,
liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance,
Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters
undertaken thereunder as well as other compliance initiatives on a regular basis.
In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides
investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to
the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the
performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies
and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation
matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.
In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered
the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and
operate the applicable funds, including but 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, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and
66
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory
proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the
year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials
provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided
by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade
allocation and execution.
Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share
shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board
considered that management actively monitors any discount from net asset value per share at which a 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.
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 provided by the 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 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.
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
In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the
Funds. In leading up to the annual review, 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 ending December 31, 2024 on an absolute basis and as compared
to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. Prior to the Meeting, the
Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis
and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. 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
representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.
The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior
meetings over time in evaluating fund performance, including particular focus on management's analysis of 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. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio
strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance
before and after such changes.
In evaluating performance, the Board considered some of the limitations of the performance data. 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. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders
may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board
and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment
strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective
Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its
benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute
to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has
ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.
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 reviews certain performance data reflecting, among
other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings
with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered,
among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage
67
management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to
build greater awareness and deepen understanding of closed-end funds. 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. 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 their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing
circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable
performance records. However, 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 its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues,
the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider
whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review
the results of any steps undertaken.
The performance determinations with respect to each Fund are summarized below:
For Nuveen Select Maturities Municipal Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-
year periods ended December 31, 2024 and ranked in the third quartile of its Performance Peer Group for the one-year period, first quartile
for the three-year period and second quartile for the five-year period ended December 31, 2024. In its review, the Board considered that
the Performance Peer Group was classified as low for relevancy. 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.
For Nuveen Select Tax-Free Income Portfolio, the Board considered that the Fund outperformed its benchmark for the one-, three- and
five-year periods ended December 31, 2024. The Fund also ranked in the first quartile of its Performance Peer Group for the one- and five-
year periods ended December 31, 2024 and second quartile for the three-year period ended December 31, 2024. In its review, the Board
considered that the Performance Peer Group was classified as low for relevancy. 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, subject to certain exceptions. 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 an independent third-party provider of fund data. More
specifically, the Board Members generally reviewed, 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"). In their review, the Board Members 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) meeting 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. The Board also 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 their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further
considered that differences between the applicable Fund and its Expense Universe, as well as changes to the composition of the Expense
Universe from year to year, may limit some of the value of the comparative data. 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 limitations and differences into account when reviewing comparative peer data.
68
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage
costs), as applicable, 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 each closed-end fund's net total expense
ratio and fees excluding investment-related costs and taxes. The Board also considered that the use of leverage may create a conflict of
interest for the respective Adviser and Sub-Adviser 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 fund's return. The Board Members considered, however, that the Adviser and
Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such
leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its
common shareholders and by periodically reviewing with the Board the fund's performance and the impact of the use of leverage on that
performance.
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.
The Board's considerations regarding the comparative fee data for each Fund are set forth below:
For Nuveen Select Maturities Municipal Fund, although the Fund's contractual management fee rate was above the Expense Universe
median, the Fund's actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense
Universe median. In its review of the relative expense data, the Board considered that the Fund's peer set in the Expense Universe was
small and comprised of all Nuveen funds.
For Nuveen Select Tax-Free Income Portfolio, the Fund's contractual management fee rate, actual management fee rate and net total
expense ratio were each below the Expense Universe median. In its review of the relative expense data, the Board considered that the
Fund's peer set in the Expense Universe was small and comprised of all Nuveen funds.
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.
2. Comparisons with the Fees of Other Clients
In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Adviser and/or their affiliate(s) provide
investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail
managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment
trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared
to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences
in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the
data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and
its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating
and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements
applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner
of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates.
Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee
levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and
legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed
the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk
incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to
differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that
the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided
by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business
risk or some combination of these factors. 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 Sub-Adviser) 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 attributable to servicing all applicable funds for 2024 and 2023; (c)
certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types
of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and
(d) certain profitability data of both the Adviser and TAL on a combined basis 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 profitability data at the per
fund level for the respective adviser.
69
In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is
not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the
various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop
the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation
methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and
loss results and therefore developing profitability data is difficult, particularly on a per fund level.
Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data
given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types
of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate
expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different
business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the
calendar years from 2020 through 2024.
Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements
of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency
reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered
the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also
considered the investments the Adviser, its parent and/or other affiliates made into their business.
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 the Sub-Adviser) 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 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. Although the Board
considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline
with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of
scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and
investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors
applicable to the particular Fund's advisory fee structure.
As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component
and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in
2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee.
With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale
to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are
unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular
fund grows. The Board reviewed the fund-level and complex-level fee schedules.
Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited
ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of
their investment portfolios.
The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of
its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from
which the family of funds as a whole may benefit. The Board further considered that the scope of the 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. The Board considered the Adviser's and/or its affiliates' 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.
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 funds. These benefits included, among other things, economies of scale to the extent the Adviser or its
affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for
other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans,
and the Adviser and/or affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated
by such funds stay within Nuveen.
70
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an
affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the
amounts paid for such services in 2024 and 2023.
In addition, the Board Members considered that the Adviser and Sub-Adviser (except as noted) may utilize soft dollar brokerage arrangements
attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered
with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the Sub-Adviser.
The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds 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 nonprofit 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. 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.
Nuveen Securities, LLC, member FINRA and SIPC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-A-0925P 4875772
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 Select Tax-Free Income Portfolio
|
Date: December 4, 2025 |
By: /s/ David J. Lamb |
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: December 4, 2025 |
By: /s/ David J. Lamb |
|
|
Date: December 4, 2025 |
By: /s/ Marc Cardella |
|
Nuveen Select Tax-Free Income Portfolio published this content on December 04, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 04, 2025 at 15:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]