# EDGAR Filing Document

**Accession Number:** 0000883618
**File Stem:** 0001193125-25-307639
**Filing Date:** 2025-12
**Character Count:** 266660
**Document Hash:** 041c97420b4dca2084540b9aee98d595
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307639.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307639

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN SELECT TAX FREE INCOME PORTFOLIO
- **CENTRAL INDEX KEY:** 0000883618

**ORGANIZATION NAME:**
- **EIN:** 363806843
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06548
- **FILM NUMBER:** 251548540

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** 333 W WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

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: (<u>800) 257-8787</u>

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>September</u> <u>30, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

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

#### Table

#### of Contents
Important Notices

Common Share Information

About the Funds' Benchmarks

Fund Performance and Holdings Summaries

Portfolios of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Shareholder Meeting Report

Additional Fund Information

Glossary of Terms Used in this Report

Statement Regarding Basis for Approval of Investment Advisory Contract

Important Notices

Portfolio manager commentaries:

The Funds include portfolio manager commentary in their annual shareholder reports. For your

Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's

annual shareholder report.

Fund changes:

For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to

Financial Statements section of this report.

Fund principal investment policies and principal risks:

Refer to the Shareholder Update section of your Fund's annual shareholder

report for information on the Fund's principal investment policies and principal risks.

Fund performance:

For current information on your Fund's average annual total returns please refer to the Fund's website at

www.

nuveen.com

. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and

Holding Summaries section within this report.

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.

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

3.56%

4.44%

Taxable-Equivalent Yield

6.02%

7.50%

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.

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

Common shares authorized for repurchase

1,240,000

5,065,000

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

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.

#### 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)%

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%

#### 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)%

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%

#### 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

#### 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

.500

%

10/01/53

$

1,519,427

3,000,000

Southeast Energy Authority, Alabama, A Cooperative District

Energy Supply Revenue Bonds Series 2024A

.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

.000

07/01/26

254,229

2,350,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series

2017F

.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

.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

.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

.000

07/01/54

1,369,081

2,000,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A

.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

.000

07/01/37

1,968,232

3,185,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Junior Lien Series 2019A

.000

07/01/44

3,262,437

5,000,000

Phoenix Civic Improvement Corporation, Arizona, Airport

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

.000

07/01/49

5,038,933

3,000,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Series 2018A

.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

.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

.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

.000

07/01/46

2,317,183

500,000

Pulaski County, Arkansas, Hospital Revenue Bonds, Arkansas

Children's Hospital, Series 2023

.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

.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

.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

.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)

.000

09/01/35

4,966,887

#### Portfolio of Investments September 30, 2025
(continued)

#### NXP

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

.000

%

09/01/35

$

4,083,873

1,175,000

Burbank-Glendale-Pasadena Airport Authority, California,

Airport Revenue Bonds, Senior Series 2024B, (AMT)

.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

.000

06/01/49

102,707

2,645,000

Cypress Elementary School District, Orange County, California,

General Obligation Bonds, Series 2009A - AGM Insured

.000

05/01/34

2,037,643

2,440,000

Eureka Unified School District, Humboldt County, California,

General Obligation Bonds, Series 2002 - AGM Insured

.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

.000

10/01/28

2,111,748

1,000,000

Fresno, California, Airport Revenue Bonds, Series 2023A - BAM

Insured, (AMT)

.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)

.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

.000

08/01/33

1,181,729

4,055,000

Kern Community College District, California, General

Obligation Bonds, Series 2003A - FGIC Insured

.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

.000

08/01/43

3,449,360

450,000

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

Citigroup Prepay Contracts, Series 2009C

.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

.000

08/01/32

9,831,642

1,195,000

Palmdale School District, Los Angeles County, California,

General Obligation Bonds, Series 2003 - AGM Insured

.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

.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)

.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

.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

.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

.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

.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)

.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

.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

.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

.000

10/01/30

1,024,619

TOTAL CALIFORNIA

101,372,833

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

.000

%

10/01/43

$

3,769,088

5,625,000

Colorado Bridge and Tunnel Enterprise, Colorado, Senior

Infrastructure Revenue Bonds, Series 2024A - AGM Insured

.250

12/01/49

5,981,942

150,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

134,015

6,600,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/44

6,660,484

1,220,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Covenant Living Communities & Services, Series 2025A

.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

.000

12/01/47

5,023,838

2,475,000

Colorado State, Certificates of Participation, Rural Series 2020A

.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

.000

12/01/44

490,788

2,275,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/45

2,438,759

4,400,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018B

.000

12/01/43

4,491,914

8,350,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

.000

09/01/29

7,525,623

1,295,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

.000

09/01/32

1,051,482

4,475,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2000B - NPFG Insured

.000

09/01/33

3,482,422

12,500,000

E-470 Public Highway Authority, Colorado, Senior Revenue

Bonds, Series 2006A - NPFG Insured

.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

.000

12/01/33

1,002,023

620,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Refunding Series

2015A

.000

12/01/35

620,909

5,000,000

Windy Gap Firming Project Water Activity Enterprise, Colorado,

Senior Revenue Bonds, Series 2021

.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

.000

07/01/52

2,189,392

5,390,000

Connecticut State, Special Tax Obligation Bonds,

Transportation Infrastructure Purposes, Series 2021A

.000

05/01/40

5,384,146

750,000

University of Connecticut, General Obligation Bonds, Series

2015A

.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

.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

.500

10/01/44

2,112,280

5,000,000

Metropolitan Washington D.C. Airports Authority, Airport

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

.250

10/01/53

5,155,544

2,450,000

Metropolitan Washington D.C. Airports Authority, Airport

System Revenue Bonds, Refunding Series 2024A, (AMT)

.250

10/01/49

2,547,504

1,070,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

.000

07/15/46

995,434

TOTAL DISTRICT OF COLUMBIA

12,367,436

#### Portfolio of Investments September 30, 2025
(continued)

#### NXP

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)

.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)

.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)

.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)

.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)

.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

.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

.125

11/15/51

909,660

5,000,000

Miami-Dade County, Florida, Aviation Revenue Bonds,

Refunding Series 2019A, (AMT)

.000

10/01/49

5,012,816

1,090,000

Orange County Health Facilities Authority, Florida, Revenue

Bonds, Presbyterian Retirement Communities Project, Series

2024

.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

.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)

.000

05/01/54

4,045,991

1,250,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Series 2024A

.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

.000

11/15/39

7,269,768

1,460,000

Guam Government Waterworks Authority, Water and

Wastewater System Revenue Bonds, Series 2016

.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

.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

.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

.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

.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

.000

04/01/46

2,077,186

1,790,000

Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Refunding Series 2017C

.000

12/01/30

1,822,621

725,000

Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Series 2016B

.500

12/01/46

731,692

1,500,000

Chicago Board of Education, Illinois, General Obligation

Bonds, Dedicated Revenues, Series 2021A

.000

12/01/38

1,485,897

3,900,000

Chicago Board of Education, Illinois, General Obligation

Bonds, Series 1999A - FGIC Insured

.000

12/01/28

3,480,610

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

.000

%

12/01/28

$

49,086

5,500,000

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

International Airport, Senior Lien Series 2024A

.500

01/01/53

5,800,335

1,500,000

Chicago, Illinois, Midway Airport Revenue Bonds, Refunding

Senior Lien Series 2023C

.000

01/01/40

1,551,240

6,780,000

Chicago, Illinois, Water Revenue Bonds, Second Lien Series

2023A - AGM Insured

.250

11/01/48

7,065,180

1,190,000

Chicago, Illinois, Water Revenue Bonds, Second Lien Series

2023A - AGM Insured

.250

11/01/53

1,230,307

10,000,000

(d) Illinois Housing Development Authority, Revenue Bonds, Social

Series 2024I, (UB)

.625

04/01/50

9,965,054

2,500,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2021A

.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

.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)

.000

06/15/30

39,376

765,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue

Bonds, McCormick Place Expansion Project, Series 2002A

.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

.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

.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

.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

.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

.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

.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)

.000

06/01/30

1,408,049

5,060,000

Indiana Finance Authority, Hospital Revenue Bonds, Marion

General Hospital Project, Series 2020A

.000

07/01/45

4,615,953

500,000

Northern Indiana Commuter Transportation District, Indiana,

Limited Obligation Revenue Bonds, Series 2024

.250

01/01/49

530,234

1,000,000

Zionsville Community Schools Building Corporation, Boone

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

Insured

.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)

.000

12/01/50

1,342,073

TOTAL IOWA

1,342,073

#### Portfolio of Investments September 30, 2025
(continued)

#### NXP

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

.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

.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)

.500

09/01/54

506,901

2,000,000

New Orleans, Louisiana, General Obligation Bonds, Public

Improvement Series 2024A

.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

.000

06/15/49

2,832,113

10,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Series 2016BB-1

.000

10/01/46

9,371,128

2,230,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Series 2016BB-1

.000

10/01/46

2,237,616

6,500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Dana-Farber Cancer Institute Issue, Series 2016N

.000

12/01/46

6,522,524

920,000

Massachusetts Development Finance Agency, Revenue Bonds,

Orchard Cove, Inc., Refunding Series 2019

.000

10/01/49

898,796

600,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Health Care Obligated Group Issue, Series

2017L

.625

07/01/37

535,890

3,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2015B

.000

05/01/45

2,808,166

2,415,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement & Accelerated Bridge Programs, Series 2017A

.000

06/01/47

2,439,902

5,000,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement Program, Sustainability Green Series 2022A

.000

06/01/50

5,141,307

1,000,000

Newburyport, Massachusetts, General Obligation Bonds,

Municipal Purpose Loan, Refunding Series 2013

.000

01/15/30

1,000,650

480,000

University of Massachusetts Building Authority, Project

Revenue Bonds, Senior Series 2014-1

.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

.000

07/01/54

5,207,108

5,000,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2019A

.000

07/01/48

5,088,869

4,000,000

Michigan State Building Authority, Revenue Bonds, Facilities

Program, Refunding Series 2016-I

.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)

.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

.250

01/01/47

1,388,917

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds,

CentraCare Health System, Series 2024

.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

.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

.000

06/15/38

1,141,831

TOTAL MINNESOTA

7,278,853

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI - 3.4%

$

5,000,000

Jackson County, Missouri, Special Obligation Bonds, Series

2023A

.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)

.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

.000

04/15/30

4,306,933

2,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2013A

.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

.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

.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)

.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

.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)

.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

.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

.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

.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

.000

07/01/26

250,182

305,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

.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

.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

.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)

.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)

.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

.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

.000

07/01/29

260,464

4,900,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AMBAC Insured

.000

12/15/28

4,474,288

#### Portfolio of Investments September 30, 2025
(continued)

#### NXP

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

.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

.000

09/01/28

1,001,567

1,035,000

University of New Mexico, Revenue Bonds, Refunding &

Improvement Subordinate Lien Series 2016A

.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

.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

.000

03/15/49

1,159,390

3,500,000

New York State Dormitory Authority, Personal Income Tax

Revenue Bonds, General Purpose Series 2025C

.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

.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)

.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)

.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

.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)

.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

.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)

.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

.000

08/15/38

1,248,938

5,000,000

Oklahoma State Turnpike Authority, Turnpike System Revenue

Bonds, Second Senior Series 2023

.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

.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

.000

06/15/36

1,541,808

60,000

Clackamas Community College District, Oregon, General

Obligation Bonds, Deferred Interest Series 2017A

.000

06/15/40

60,880

500,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

.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)

.000

06/15/41

109,327

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

.000

%

06/15/41

$

820,378

2,130,000

Medford Hospital Facilities Authority, Oregon, Hospital

Revenue Bonds, Asante Health System, Refunding Series

2020A

.000

08/15/50

2,140,334

2,000,000

Oregon Facilities Authority, Revenue Bonds, Willamette

University, Refunding Series 2016B

.000

10/01/40

2,002,725

5,000,000

Oregon Health and Science University, Revenue Bonds, Green

Series 2021A

.000

07/01/44

4,716,886

3,000,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Green Series 2023-29, (AMT)

.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)

.500

07/01/53

12,433,073

2,500,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Salem Health Projects, Refunding Series 2016A

.000

05/15/46

2,505,425

1,000,000

Washington Multnomah & Yamhill Counties School District 1J

Hillsboro, Oregon, General Obligation Bonds, Series 2017

.000

06/15/31

1,036,571

1,500,000

Yamhill County, Oregon, Revenue Bonds, George Fox

University Project, Refunding Series 2021

.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

.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

.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)

.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)

.000

06/15/31

836,851

4,180,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, State System of Higher Education, Series 2016AT-1

.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)

.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)

.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)

.700

10/01/49

9,944,914

6,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2018A-2

.000

12/01/48

6,094,619

5,000,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2024C

.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

.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

.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

.784

07/01/58

3,369,904

500,206

Puerto Rico, General Obligation Bonds, Clawback Highway

Transportation Authority Claims Taxable Series 2022

.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)

.000

07/01/48

1,949,033

TOTAL SOUTH CAROLINA

1,949,033

#### Portfolio of Investments September 30, 2025
(continued)

#### NXP

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)

.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

.250

07/01/56

4,881,517

5,000,000

Metropolitan Nashville Airport Authority, Tennessee, Airport

Revenue Bonds, Subordinate Series 2019B, (AMT)

.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

.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)

.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)

.000

11/15/30

2,529,392

1,405,000

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

Junior Lien Series 2001H - NPFG Insured

.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

.000

11/15/36

284,498

2,045,000

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

Junior Lien Series 2001H - NPFG Insured

.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

.000

11/15/41

4,616,905

2,165,000

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

Junior Lien Series 2001H - NPFG Insured

.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

.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

.000

11/15/38

3,974,872

5,325,000

Irving Independent School District, Dallas County, Texas,

General Obligation Bonds, School Building Series 2023

.000

02/15/41

5,678,418

2,500,000

Klein Independent School District, Harris County, Texas,

General Obligation Bonds, Refunding Schoolhouse Series

2025

.000

08/01/49

2,616,793

2,500,000

Klein Independent School District, Harris County, Texas,

General Obligation Bonds, Refunding Schoolhouse Series

2025

.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

.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

.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)

.000

02/15/50

127,120

1,380,000

Midland Independent School District, Midland County, Texas,

General Obligation Bonds, School Building Series 2024

.000

02/15/50

1,397,876

400,000

(a) Mission Economic Development Corporation, Texas, Revenue

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

.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

.000

02/15/48

5,007,457

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

.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

.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

.250

06/01/45

1,063,092

2,095,000

Millard School District, Utah, Lease Revenue Bonds Local

Building Authority Series 2024 - BAM Insured

.000

05/15/49

2,138,538

5,000,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2021A, (AMT)

.000

07/01/46

5,060,159

9,000,000

Salt Lake City, Utah, Airport Revenue Bonds, International

Airport Series 2023A, (AMT)

.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

.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)

.000

04/01/44

5,055,503

3,485,000

Port of Seattle, Washington, Revenue Bonds, Refunding

Intermediate Lien Series 2021C, (AMT)

.000

08/01/46

3,534,629

4,965,000

Port of Seattle, Washington, Revenue Bonds, Refunding

Intermediate Lien Series 2025A

.000

10/01/46

5,238,097

3,815,000

Snohomish County Public Utility District 1, Washington, Electric

System Revenue Bonds, Refunding Series 2025A

.250

12/01/48

4,102,813

1,285,000

Washington Health Care Facilities Authority, Revenue Bonds,

CommonSpirit Health, Series 2019A-1 - BAM Insured

.000

08/01/44

1,173,268

4,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2012A

.000

10/01/32

4,009,169

5,000,000

Washington Health Care Facilities Authority, Revenue Bonds,

Providence Health & Services, Series 2014D

.000

10/01/38

5,003,272

8,390,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Refunding Series 2021B

.000

07/01/58

7,258,099

2,115,000

Washington State, Motor Vehicle Fuel Tax General Obligation

Bonds, Series 2003F - NPFG Insured

.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

.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)

.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)

.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

.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

.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

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

.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

.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

.550

11/15/48

12,000,000

4,000,000

(f) Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025C

.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

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

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

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

$

.94

$

.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

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

121,527,509

$

701,189,819

◊

&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, cost

$

920,000

$

23,200,000

#

&nbsp;&nbsp;&nbsp;&nbsp; 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

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

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

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

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.

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

—

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,

#### 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

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.

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

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

(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

—

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%

(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

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

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

5,485,110

14,991,763

20,476,873

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)

(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

105,740

5.53 Shareholder Meeting Report

#### (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

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

Glossary of Terms Used in this Report

#### (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

.

#### 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.

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

#### 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

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.

(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.

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.

(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

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**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

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**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

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**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

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**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

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**Item 6.** **Investments.** <br>

(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.

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**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

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

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

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**Item 16.** **Controls and Procedures.** <br>

(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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

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| | |
|:---|:---|
| (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.](d71319dex99cert.htm)  |

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(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.](d71319dex99906cert.htm)

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**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.

<u>Nuveen Select Tax-Free Income Portfolio</u> 

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| | |
|:---|:---|
|  Date: December 4, 2025 | By: <u>/s/ David J. Lamb</u> <br> David J. Lamb <br> Chief Administrative Officer |

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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.

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| | |
|:---|:---|
|  Date: December 4, 2025 | By: <u>/s/ David J. Lamb</u> <br> David J. Lamb <br> Chief Administrative Officer <br> (principal executive officer) |
|  Date: December 4, 2025 | By: <u>/s/ Marc Cardella</u> <br> Marc Cardella <br> Vice President and Controller <br> (principal financial officer) |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Select Tax-Free Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: December 4, 2025 | By: <u>/s/ David J. Lamb</u> <br> David J. Lamb<br> Chief Administrative Officer<br> (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Select Tax-Free Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: December 4, 2025 | By: <u>/s/ Marc Cardella</u> <br> Marc Cardella<br> Vice President and Controller<br> (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of the Nuveen Select Tax-Free Income Portfolio (the "Fund") on Form N-CSR for the period ended September 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Fund.

---

| | |
|:---|:---|
| Date: December 4, 2025 | By: <u>/s/ David J. Lamb</u> <br> David J. Lamb<br> Chief Administrative Officer<br> (principal executive officer) |
| Date: December 4, 2025 | By: <u>/s/ Marc Cardella</u> <br> Marc Cardella<br> Vice President and Controller<br> (principal financial officer) |

---