# EDGAR Filing Document

**Accession Number:** 0000883618
**File Stem:** 0001193125-25-154542
**Filing Date:** 2025-7
**Character Count:** 451147
**Document Hash:** 04d3d118fd8d235f6a67073b24f62c2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154542.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154542

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06548
- **FILM NUMBER:** 251098797

**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

?xml version='1.0' encoding='ASCII'? Nuveen Select Tax-Free Income Portfolio

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   <u>811-06548</u>

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</u> <u>31</u>

Date of reporting period: <u>March</u> <u>31, 2025</u>

------

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

------

---

| | | |
|:---|:---|:---|
| <br> ![LOGO](g55659dsp1.jpg)  | <br> **Closed-End Funds**<br>| <br> **March 31, 2025** |

---

## Nuveen Municipal

## Closed-End Funds

---

| | |
|:---|:---|
|  Nuveen Select Maturities Municipal Fund | **NIM** |
|  Nuveen Select Tax-Free Income Portfolio | **NXP** |

---

![LOGO](g55659g45e75.jpg)

------

## Table

## of Contents

---

| | |
|:---|:---|
|  [Important Notices](#tx780478_1) | 3 |
|  [Discussion of Fund Performance](#tx780478_2) | 4 |
|  [Common Share Information](#tx780478_3) | 7 |
|  [About the Funds' Benchmarks](#tx780478_4) | 9 |
|  [Fund Performance and Holdings Summaries](#tx780478_5) | 10 |
|  [Report of Independent Registered Public Accounting Firm](#tx780478_6) | 15 |
|  [Portfolios of Investments](#tx780478_7) | 16 |
|  [Statement of Assets and Liabilities](#tx780478_8) | 50 |
|  [Statement of Operations](#tx780478_9) | 51 |
|  [Statement of Changes in Net Assets](#tx780478_10) | 52 |
|  [Financial Highlights](#tx780478_11) | 54 |
|  [Notes to Financial Statements](#tx780478_12) | 56 |
|  [Shareholder Update](#tx780478_13) | 67 |
|  [Important Tax Information](#tx780478_14) | 87 |
|  [Shareholder Meeting Report](#tx780478_15) | 88 |
|  [Additional Fund Information](#tx780478_16) | 89 |
|  [Glossary of Terms Used in this Report](#tx780478_17) | 90 |
|  [Board Members & Officers](#tx780478_18) | 91 |

---

#### 2

------

## Important Notices
**Management fees:** As of May 1, 2024, each Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

#### 3

------

## Discussion of Fund Performance

#### Nuveen Select Maturities Municipal Fund (NIM)

#### Nuveen Select Tax-Free Income Portfolio (NXP)
Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen Select Maturities Municipal Fund (NIM) and Nuveen Select Tax-Free Income Portfolio (NXP).

The portfolio managers for NIM are Paul Brennan, CFA and Steven Hlavin. The portfolio managers for NXP are Michael Hamilton and Stephen Candido, CFA.

Below is a discussion of each Fund's performance and the factors that contributed and detracted during the 12-month reporting period ended March 31, 2025. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

#### Nuveen Select Maturities Municipal Fund (NIM)

#### What factors affected markets during the reporting period?
• Municipal bond yields rose over the reporting period, except for short maturities, whose yields fell. However, the path was not a straight line given uncertainties about the Federal Reserve's plan for monetary easing, U.S. fiscal policy under the Trump administration and the impact to the economy and inflation.

• Credit fundamentals remained strong, with default activity at low levels. Although supply increased during the reporting period, demand for municipal debt remained solid.

#### What key strategies were used to manage the Fund during the reporting period?
• The Fund's trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund's positioning.

• The portfolio management team took advantage of periods of market softness to buy bonds at attractive valuations and continued to carefully manage the Fund's income sustainability via tactical trading.

#### How did the Fund perform and what factors affected relative performance?
For the 12-month reporting period ended March 31, 2025, NIM returned 1.51%. The Fund performed in line with the S&P Municipal Bond Intermediate Index, which returned 1.53%.

#### Top contributors to relative performance
• Overweight to durations of zero to two years.

• Overweight allocations to A-rated, BBB-rated and non-rated bonds.

• Overweight allocations to the health care, housing and transportation sectors and an underweight to the tax- supported sector.

• Security selection in transportation, health care, industrial development revenue and tax-supported bonds.

#### Top detractors from relative performance
• The Fund's energy exposure hedge position through the use of a total return swap.

• Overweight allocations to durations of eight years and longer.

• Security selection in the single-family housing and tobacco sectors.

#### 4

------

#### Nuveen Select Tax-Free Income Portfolio (NXP)

#### What factors affected markets during the reporting period?
• Municipal bond yields rose over the reporting period, except for short maturities, whose yields fell. However, the path was not a straight line given uncertainties about the Federal Reserve's plan for monetary easing, U.S. fiscal policy under the Trump administration and the impact to the economy and inflation.

• Credit fundamentals remained strong, with default activity at low levels. Although supply increased during the reporting period, demand for municipal debt remained solid.

#### What key strategies were used to manage the Fund during the reporting period?
• The Fund's trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund's positioning.

• The portfolio management team took advantage of periods of market softness to buy bonds at attractive valuations and continued to carefully manage the Fund's income sustainability via tactical trading.

#### How did the Fund perform and what factors affected relative performance?
For the 12-month reporting period ended March 31, 2025, NXP returned 1.41%. The Fund underperformed the S&P Municipal Bond Index, which returned 1.76%.

#### Top contributors to relative performance
• Underweight to durations of six to eight years.

• Overweight allocations to A-rated and BBB-rated bonds.

#### Top detractors from relative performance
• Overweight to durations of eight years and longer.

• Overweight allocations to the dedicated tax and life care sectors and an underweight to the industrial development revenue/pollution control revenue sector.

#### 5

------

Discussion of Fund Performance (continued)

**This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.**

**Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.**

**For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.**

**Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.**

#### Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

#### 6

------

## Common Share Information

#### COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of March 31, 2025. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.

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

---

| | | |
|:---|:---|:---|
|  | **Per Common Share Amounts** | **Per Common Share Amounts** |
| **Monthly Distributions (Ex-Dividend Date)** | **NIM** | **NXP** |
|  April | $0.0260 | $0.0485 |
|  May | 0.0260 | 0.0485 |
|  June | 0.0275 | 0.0520 |
|  July | 0.0275 | 0.0520 |
|  August | 0.0275 | 0.0520 |
|  September | 0.0275 | 0.0520 |
|  October | 0.0275 | 0.0520 |
|  November | 0.0275 | 0.0520 |
|  December | 0.0275 | 0.0520 |
|  January | 0.0275 | 0.0520 |
|  February | 0.0275 | 0.0520 |
|  March | 0.0275 | 0.0520 |
|  **Total Distributions from Net Investment Income** | $0.3270 | $0.6170 |
|  **Total Distributions from Long Term Capital Gains<sup>1</sup>** | $0.0348 | $– |
|  **Total Distributions** | $0.3618 | $0.6170 |
| Yields | **NIM** | **NXP** |
|  Market Yield<sup>1</sup> | 3.54% | 4.34% |
|  Taxable-Equivalent Yield<sup>1</sup> | 5.98% | 7.33% |

---

<sup>1</sup> 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.

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).

#### 7

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Common Share Information (continued)

#### 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.

---

| | | |
|:---|:---|:---|
|  | **NXP** | **NXP** |
|  Maximum aggregate offering |  | 14000000 |

---

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.

---

| | |
|:---|:---|
|  | **NXP** |
|  Common shares sold through shelf offering | 2865356 |
|  Weighted average premium to NAV per common share sold | 1.71% |

---

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 March 31, 2025, (and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NIM** | **NIM** | **NXP** | **NXP** |
|  Common shares cumulatively repurchased and retired |  | 0 |  | 0 |
|  Common shares authorized for repurchase |  | 1240000 |  | 5065000 |

---

#### 8

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## 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.

#### 9

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## 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.

#### 10

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NIM &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Select Maturities Municipal Fund Fund Performance and Holdings Summaries March 31, 2025

#### Performance\*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br>**March 31, 2025** | **Total Returns as of**<br>**March 31, 2025** | **Total Returns as of**<br>**March 31, 2025** |
|  | | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **Inception**<br> **Date** | **1-Year** | **5-Year** | **10-Year** |
|  NIM at Common Share NAV | 9/18/92 | 1.51% | 1.90% | 2.34% |
|  NIM at Common Share Price | 9/18/92 | 7.88% | 2.37% | 1.77% |
|  S&P Municipal Bond Intermediate Index |  | 1.53% | 1.24% | 2.12% |

---

\* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Intermediate Index.

#### Daily Common Share NAV and Share Price
![LOGO](g55659dsp011a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAV**<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common**<br> **Share Price**<br>| **Premium/(Discount)**<br> **to NAV**<br>| **Average**<br> **Premium/(Discount)**<br> **to NAV**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.83<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.32<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.54)%<br>|

---

Growth of an Assumed $10,000 Investment as of March 31, 2025 - Common Share Price

![LOGO](g55659dsp011b.jpg)

#### 11

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**Fund Performance and Holdings Summaries March 31, 2025** (continued)

#### Holdings

---

| | |
|:---|:---|
| **Fund Allocation**<br> **(% of net assets)** | **Fund Allocation**<br> **(% of net assets)** |
|  Municipal Bonds | 96.4% |
|  Mortgage-Backed Securities | 1.0% |
|  Other Assets & Liabilities, Net | 2.6% |
|  **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | **Portfolio Credit Quality**<br> **(% of total investments)** |
|  AAA | 14.5% |
|  AA | 34.1% |
|  A | 24.3% |
|  BBB | 11.3% |
|  BB or Lower | 6.7% |
|  N/R (not rated) | 9.1% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **(% of total investments)** | **Portfolio Composition**<br> **(% of total investments)** |
|  Transportation | 15.8% |
|  Housing/Single Family | 15.6% |
|  Tax Obligation/General | 14.8% |
|  Utilities | 13.7% |
|  Tax Obligation/Limited | 11.7% |
|  Health Care | 10.2% |
|  Housing/Multifamily | 4.6% |
|  Other | 13.6% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** | **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** |
|  California | 8.7% |
|  Texas | 7.4% |
|  Illinois | 7.0% |
|  Ohio | 5.7% |
|  New York | 4.9% |
|  Wisconsin | 4.7% |
|  Pennsylvania | 4.3% |
|  Colorado | 3.7% |
|  New Jersey | 3.6% |
|  Louisiana | 3.1% |
|  Oklahoma | 3.0% |
|  Puerto Rico | 2.8% |
|  Washington | 2.7% |
|  Florida | 2.6% |
|  North Carolina | 2.5% |
|  Georgia | 2.4% |
|  Michigan | 2.3% |
|  Alabama | 2.1% |
|  New Hampshire | 1.6% |
|  Massachusetts | 1.5% |
|  Virginia | 1.5% |
|  Kentucky | 1.5% |
|  Indiana | 1.4% |
|  Arizona | 1.4% |
|  District of Columbia | 1.4% |
|  Other | 16.2% |
|  **Total** | **100%** |

---

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

#### 12

------

---

| | |
|:---|:---|
| NXP  | **Nuveen Select Tax-Free Income Portfolio** |
| NXP  | Fund Performance and Holdings Summaries March 31, 2025 |

---

#### Performance\*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br> **March 31, 2025** | **Total Returns as of**<br> **March 31, 2025** | **Total Returns as of**<br> **March 31, 2025** |
|  | | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **Inception**<br> **Date** | **1-Year** | **5-Year** | **10-Year** |
|  NXP at Common Share NAV | 3/19/92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% |
|  NXP at Common Share Price | 3/19/92 | 3.84% | 3.04% | 3.77% |
|  S&P Municipal Bond Index |  | 1.76% | 1.26% | 2.22% |

---

<sup>\*</sup> For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

#### Daily Common Share NAV and Share Price
![LOGO](g55659dsp013a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> **Share**<br> **NAV** | **Common**<br> **Share Price** | **Premium/(Discount)**<br> **to NAV** | **Average**<br> **Premium/(Discount)**<br> **to NAV** |
| $14.24 | $14.37 | 0.91% | 0.76% |

---

#### Growth of an Assumed $10,000 Investment as of March 31, 2025 - Common Share Price
![LOGO](g55659dsp013b.jpg)

#### 13

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Fund Performance and Holdings Summaries March 31, 2025 (continued)

#### Holdings

---

| | |
|:---|:---|
| **Fund Allocation**<br> **(% of net assets)** | **Fund Allocation**<br> **(% of net assets)** |
|  Municipal Bonds | 101.0% |
|  Short-Term Municipal Bonds | 0.4% |
|  Other Assets & Liabilities, Net | 2.2% |
|  Floating Rate Obligations | (3.6)% |
|  **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
|  AAA | 7.0% |
|  AA | 54.2% |
|  A | 24.6% |
|  BBB | 5.7% |
|  BB or Lower | 3.0% |
|  N/R (not rated) | 5.5% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **(% of total investments)** | **Portfolio Composition**<br> **(% of total investments)** |
|  Tax Obligation/Limited | 26.2% |
|  Transportation | 22.1% |
|  Tax Obligation/General | 15.5% |
|  Health Care | 11.5% |
|  Education and Civic Organizations | 8.7% |
|  Utilities | 6.5% |
|  U.S. Guaranteed | 5.0% |
|  Other | 4.5% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** | **States and Territories<sup>1</sup>**<br> **(% of total municipal bonds)** |
|  California | 14.8% |
|  Illinois | 9.3% |
|  Colorado | 9.1% |
|  Texas | 6.3% |
|  New Jersey | 5.1% |
|  Massachusetts | 4.7% |
|  Florida | 4.6% |
|  Pennsylvania | 4.3% |
|  New York | 4.3% |
|  Washington | 4.1% |
|  Missouri | 3.5% |
|  Arizona | 3.1% |
|  Oregon | 2.8% |
|  Puerto Rico | 2.3% |
|  District of Columbia | 1.7% |
|  Wisconsin | 1.6% |
|  Idaho | 1.5% |
|  Michigan | 1.5% |
|  Nebraska | 1.4% |
|  Minnesota | 1.4% |
|  Other | 12.6% |
|  **Total** | **100%** |

---

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

#### 14

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## Report of Independent Registered

## Public Accounting Firm
To the Board of Trustees and Shareholders of Nuveen Select Maturities Municipal Fund and Nuveen Select Tax-Free Income Portfolio

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Select Maturities Municipal Fund and Nuveen Select Tax-Free Income Portfolio (hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations and of changes in net assets for the year ended March 31, 2025, including the related notes, and the financial highlights for the year ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for the year ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended March 31, 2024 and the financial highlights for each of the periods ended on or prior to March 31, 2024 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated May 24, 2024 expressed an unqualified opinion on those financial statements.

*Basis for Opinions* 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

May 28, 2025

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

#### 15

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Portfolio of Investments March 31, 2025

NIM

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 97.4%** |  |  |  |
|  | **MORTGAGE-BACKED SECURITIES - 1.0%** |  |  |  |
| $688060 | Federal Home Loan Mortgage Corporation, Notes, Series 2023 23-ML15 | 4.140% | 01/25/40 | $683166 |
| 194411 | Federal Home Loan Mortgage Corporation, Notes, Series 2022 M068 | 3.150 | 10/15/36 | 173709 |
| 66157 | Freddie Mac Multi-Family ML Certificates, Series ML 08, Series 2021, Series 2021 21-ML08 | 1.877 | 07/25/37 | 53534 |
| 105035 | Freddie Mac Multi-Family ML Certificates, Series ML 10, Series 2021, Series 2021 ML10 | 2.032 | 01/25/38 | 83567 |
| 248530 | Freddie Mac Multi-Family ML Certificates, Series ML 22 Class A-US, Series 2024, Series 2024 ML22 | 4.268 | 10/25/40 | 255411 |
|  | **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $1,321,331)** |  |  | **1249387** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MUNICIPAL BONDS - 96.4%** |  |  |  |
|  | **ALABAMA - 2.0%** |  |  |  |
| 120000 | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024B | 4.250 | 10/01/39 | 119118 |
| 100000 | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024C | 4.450 | 10/01/44 | 98000 |
| 140000 | Alabama Housing Finance Authority, Collateralized Single Family Mortgage Revenue Bonds, Series 2024D | 4.300 | 10/01/44 | 134691 |
| 240000 | Alabama Public School and College Authority, Capital Improvement Pool Revenue Bonds, Refunding Series 2020A | 5.000 | 11/01/27 | 253196 |
| 80000 | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A | 4.000 | 07/01/37 | 77369 |
| 250000 | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Prepay BP PLC, Series 2024D, (Mandatory Put 11/01/34) | 5.000 | 03/01/55 | 267121 |
| 200000 | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2023C, (Mandatory Put 6/01/32) | 5.500 | 10/01/54 | 215072 |
| 345000 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2021A, (Mandatory Put 12/01/31) | 4.000 | 06/01/51 | 345360 |
| 100000 | 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 | 100823 |
| 130000 | Lower Alabama Gas District, Alabama, Goldman Sachs Gas Project 2 Revenue Bonds, Series 2020A, (Mandatory Put 12/01/25) | 4.000 | 12/01/50 | 130300 |
| 135000 | Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Refunding Series 2020A, (Mandatory Put 6/16/25) | 1.375 | 05/01/34 | 134202 |
| 200000 | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 1, Refunding Series 2024A, (Mandatory Put 4/01/32) | 5.000 | 08/01/54 | 211861 |
| 100000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025A, (Mandatory Put 6/01/35) | 5.000 | 01/01/56 | 104232 |
| 100000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B, (Mandatory Put 1/01/33) | 5.250 | 03/01/55 | 105020 |
| 150000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A | 5.250 | 05/01/44 | 151593 |
|  | TOTAL ALABAMA |  |  | 2447958 |
|  | **ALASKA - 0.4%** |  |  |  |
| 420000 | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2020A-II | 2.000 | 12/01/35 | 323913 |
| 100000 | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2022A-II | 2.350 | 12/01/39 | 75183 |
| 150000 | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, Series 2022B-1 | 2.150 | 06/01/36 | 115194 |

---

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| | |
|:---|:---|
| **16** | *See Notes to Financial Statements* |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ALASKA** (continued) |  |  |  |
| $100000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 Class 2 | 0.000% | 06/01/66 | $13306 |
|  | TOTAL ALASKA |  |  | 527596 |
|  | **ARIZONA - 1.4%** |  |  |  |
| 165000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Arizona State, Certificates of Participation, Refunding Series 2019A, (ETM) | 5.000 | 10/01/27 | 174131 |
| 110000 | 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 | 109612 |
| 250000 | 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 | 256157 |
| 100000 | Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C | 4.625 | 09/01/44 | 99338 |
| 235000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/32 | 248560 |
| 730000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 768996 |
|  | TOTAL ARIZONA |  |  | 1656794 |
|  | **ARKANSAS - 0.3%** |  |  |  |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, (AMT) | 5.450 | 09/01/52 | 102465 |
| 265000 | Arkansas Development Finance Authority, Revenue Bonds, Baptist Memorial Health Care, Refunding Series 2020B-2, (Mandatory Put 9/01/27) | 5.000 | 09/01/44 | 267910 |
|  | TOTAL ARKANSAS |  |  | 370375 |
|  | **CALIFORNIA - 8.4%** |  |  |  |
| 100000 | 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 | 99360 |
| 100000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 104543 |
| 100000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023F, (Mandatory Put 11/01/30) | 5.500 | 10/01/54 | 107749 |
| 180000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024C, (Mandatory Put 10/01/32) | 5.000 | 08/01/55 | 190070 |
| 265000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024G, (Mandatory Put 8/01/32) | 5.000 | 11/01/55 | 277648 |
| 195000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024H, (Mandatory Put 8/01/33) | 5.000 | 01/01/56 | 211641 |
| 200000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 5.000 | 06/01/30 | 211730 |
| 170000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2025V-5, (Mandatory Put 3/01/35) | 5.000 | 03/01/55 | 197255 |
| 395000 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series 2017 | 3.750 | 02/01/32 | 399140 |
| 55000 | California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Term Rate Series 2019C, (Mandatory Put 10/01/25) | 5.000 | 10/01/39 | 55334 |
| 94733 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-3 | 3.250 | 08/20/36 | 86775 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **17** |

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Portfolio of Investments March 31, 2025 (continued)

NIM

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $205000 | California Infrastructure and Economic Development Bank, Revenue Bonds, California Academy of Sciences, San Francisco, Series 2024A | 3.250% | 08/01/29 | $204929 |
| 275000 (a) | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A | 5.000 | 07/01/31 | 276973 |
| 1040000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A - AGM Insured, (AMT) | 3.250 | 12/31/32 | 967869 |
| 150000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2015A-2, (AMT) | 3.625 | 07/01/27 | 149093 |
| 290000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A- 1, (AMT) | 3.375 | 07/01/25 | 289660 |
| 205000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Refunding Series 2015B-1, (AMT) | 3.000 | 11/01/25 | 203997 |
| 150000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 5.250 | 12/01/29 | 150113 |
| 710000 (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.000 | 12/01/27 | 735004 |
| 30000 (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A | 5.000 | 12/01/33 | 30893 |
| 170000 | Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35) | 5.000 | 12/01/55 | 184123 |
| 100000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1 | 3.000 | 07/01/43 | 77985 |
| 200000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-1 | 2.650 | 12/01/46 | 155736 |
| 870000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 93692 |
| 70000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2022A-1 | 5.000 | 06/01/51 | 70866 |
| 100000 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C | 5.000 | 09/01/32 | 100103 |
| 1070000 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 5.875 | 08/01/28 | 1159943 |
| 2000000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A - AGC Insured | 0.000 | 08/01/25 | 1973485 |
| 100000 (c) | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/36 | 113532 |
| 2000000 | San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011 | 0.000 | 08/01/37 | 1244557 |
| 215000 | Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A | 5.000 | 07/01/25 | 215551 |
|  | TOTAL CALIFORNIA |  |  | 10339349 |
|  | **COLORADO - 3.5%** |  |  |  |
| 750000 | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, (AMT) | 4.000 | 06/30/30 | 748663 |
| 300000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/36 | 312887 |
| 600000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put 8/01/26) | 5.000 | 08/01/49 | 609178 |
| 300000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2016, (Pre-refunded 9/01/26) | 3.125 | 09/01/42 | 301303 |

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| | |
|:---|:---|
| **18** | *See Notes to Financial Statements* |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO** (continued) |  |  |  |
| $100000 | Colorado Housing and Finance Authority, Single Family Mortgage Bonds, Class I Series 2021H | 2.000% | 05/01/42 | $65257 |
| 235000 | 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 | 136919 |
| 70000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.750 | 11/15/34 | 78935 |
| 100000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2023B, (AMT) | 5.000 | 11/15/27 | 103876 |
| 100000 (a) | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopment Area, Series 2018A | 5.250 | 12/01/39 | 98664 |
| 355000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/29 | 305089 |
| 400000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/33 | 289952 |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A | 6.750 | 12/01/34 | 484190 |
| 100000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 5.000 | 01/15/31 | 106260 |
| 100000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 4.000 | 07/15/40 | 94526 |
| 100000 | Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2017A-1 | 3.500 | 12/01/27 | 98475 |
| 500000 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited Tax Bonds, Series 2022 | 6.250 | 12/01/32 | 493359 |
|  | TOTAL COLORADO |  |  | 4327533 |
|  | **CONNECTICUT - 1.0%** |  |  |  |
| 50000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1 | 4.000 | 07/01/28 | 50850 |
| 110000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Remarketing Series 1999U | 5.000 | 07/01/33 | 125560 |
| 180000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2016A-2, (Mandatory Put 7/01/26) | 2.000 | 07/01/42 | 177423 |
| 80000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020E-3 | 1.850 | 05/15/38 | 56250 |
| 450000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2022C-1 | 4.250 | 11/15/37 | 448153 |
| 335000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Social Series 2023B | 4.200 | 11/15/38 | 327603 |
| 100000 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Sustainability Green Series 2024D-1 | 4.550 | 11/15/44 | 99069 |
|  | TOTAL CONNECTICUT |  |  | 1284908 |
|  | **DELAWARE - 0.5%** |  |  |  |
| 230000 | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, NRG Energy Project, Refunding Series 2020A, (Mandatory Put 10/01/25) | 1.250 | 10/01/45 | 226718 |
| 100000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024A | 4.450 | 07/01/44 | 97746 |
| 100000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024B | 4.200 | 07/01/39 | 99319 |
| 150000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024C | 4.450 | 07/01/44 | 146994 |
| 25000 | Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2025A | 4.200 | 07/01/40 | 24850 |
|  | TOTAL DELAWARE |  |  | 595627 |
|  | **DISTRICT OF COLUMBIA - 1.3%** |  |  |  |
| 100000 | District of Columbia Student Dormitory Revenue Bonds, Provident Group - Howard Properties LLC Issue, Series 2013 | 5.000 | 10/01/30 | 100001 |
| 230000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Refunding Subordinate Lien Series 2014C | 4.000 | 10/01/41 | 217589 |
| 300000 | District of Columbia, Income Tax Secured Revenue Bonds, Refunding Series 2023C | 5.000 | 10/01/32 | 336146 |

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| | |
|:---|:---|
| *See Notes to Financial Statements* | **19** |

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Portfolio of Investments March 31, 2025 (continued)

NIM

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **DISTRICT OF COLUMBIA** (continued) |  |  |  |
| $390000 | 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 | $348965 |
| 250000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2015B, (AMT) | 5.000 | 10/01/31 | 251445 |
| 330000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.000 | 10/01/34 | 349577 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 1603723 |
|  | **FLORIDA - 2.5%** |  |  |  |
| 125000 | Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 2017 - AGM Insured | 3.000 | 09/01/28 | 123548 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 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 | 100128 |
| 120000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 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 | 127313 |
| 1300000 | 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 | 1316161 |
| 600000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 623096 |
| 45000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2018-2 | 3.750 | 07/01/33 | 44699 |
| 100000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2024-5 | 3.950 | 07/01/39 | 95900 |
| 100000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series 2021-2 | 2.050 | 07/01/41 | 66990 |
| 200000 | Hillsborough County, Florida, Solid Waste and Resource Recovery Revenue Bonds, Refunding Series 2016A, (AMT) | 4.000 | 09/01/34 | 200066 |
| 15000 | JEA, Florida, Electric System Revenue Bonds, Subordinated Series Three 2020A | 5.000 | 10/01/27 | 15737 |
| 150000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2024A, (AMT) | 5.000 | 10/01/29 | 158744 |
| 270000 | Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2020A | 0.000 | 09/01/34 | 181254 |
|  | TOTAL FLORIDA |  |  | 3053636 |
|  | **GEORGIA - 2.3%** |  |  |  |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Atlanta Development Authority, Georgia, Revenue Bonds, Westside Gulch Area Project, Senior Series 2024A-1 | 5.000 | 04/01/34 | 99910 |
| 250000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2020A | 2.600 | 12/01/32 | 221045 |
| 240000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2023A | 4.150 | 12/01/38 | 233380 |
| 100000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024A | 4.100 | 12/01/39 | 97991 |
| 275000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2024C | 4.000 | 12/01/39 | 262655 |
| 1000000 | Georgia State, General Obligation Bonds, Series 2021A | 5.000 | 07/01/27 | 1050096 |
| 100000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2021A, (Mandatory Put 9/01/27) | 4.000 | 07/01/52 | 100847 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, (Mandatory Put 11/01/27) | 4.000 | 08/01/52 | 99828 |
| 150000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023E-1, (Mandatory Put 6/01/31) | 5.000 | 12/01/53 | 158796 |
| 230000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024D, (Mandatory Put 4/01/31) | 5.000 | 04/01/54 | 243853 |
| 200000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025A, (Mandatory Put 6/01/32) | 5.000 | 06/01/55 | 213532 |
|  | TOTAL GEORGIA |  |  | 2781933 |

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| | |
|:---|:---|
| **20** | *See Notes to Financial Statements* |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **HAWAII - 0.8%** |  |  |  |
| $320000 | 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 | $266222 |
| 660000 | 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 | 646059 |
| 20000 | Hawaii Department of Budget and Finance, Special Purpose<br> Revenue Bonds, Queens Health Systems, Series 2015A | 5.000 | 07/01/29 | 20080 |
|  | TOTAL HAWAII |  |  | 932361 |
|  | **IDAHO - 0.2%** |  |  |  |
| 105000 | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2024A | 4.450 | 01/01/44 | 102790 |
| 152000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment Bonds, Series 2021 | 3.750 | 09/01/51 | 139798 |
|  | TOTAL IDAHO |  |  | 242588 |
|  | **ILLINOIS - 6.8%** |  |  |  |
| 25000 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016 - BAM Insured | 2.700 | 03/01/26 | 24837 |
| 25000 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016 - BAM Insured | 2.900 | 03/01/28 | 24507 |
| 65000 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016 - BAM Insured | 3.050 | 03/01/30 | 63879 |
| 25000 | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016 - BAM Insured | 2.700 | 03/01/26 | 24837 |
| 35000 | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016 - BAM Insured | 2.900 | 03/01/28 | 34310 |
| 40000 | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016 - BAM Insured | 3.050 | 03/01/30 | 39310 |
| 1215000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 1242597 |
| 750000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B | 6.750 | 12/01/30 | 800527 |
| 250000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C | 5.000 | 12/01/30 | 251619 |
| 200000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017D | 5.000 | 12/01/31 | 200980 |
| 100000 | Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A | 5.500 | 01/01/39 | 106071 |
| 180000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, (ETM) | 5.000 | 01/01/26 | 182843 |
| 100000 | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A | 4.000 | 11/15/41 | 95150 |
| 590000 | Huntley, Illinois, Special Tax Bonds, Special Service Area 10, Refunding Series 2017 - BAM Insured | 3.300 | 03/01/28 | 590543 |
| 145000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2008A-2 | 4.000 | 11/01/30 | 146855 |
| 200000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2008A-1 | 4.000 | 11/01/30 | 202565 |
| 150000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2014A | 4.000 | 10/01/38 | 146306 |
| 260000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2021B, (Mandatory Put 8/15/31) | 5.000 | 08/15/53 | 279883 |
| 220000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 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 | 216419 |
| 280000 | Illinois Housing Development Authority, Revenue Bonds, Green Series 2021B | 2.150 | 10/01/41 | 194046 |
| 105000 | Illinois State, General Obligation Bonds, November Series 2017D | 5.000 | 11/01/28 | 109124 |
| 385000 | Illinois State, General Obligation Bonds, Refunding October Series 2024 | 5.000 | 02/01/29 | 406521 |
| 400000 | Illinois State, General Obligation Bonds, Refunding September Series 2018B | 5.000 | 10/01/32 | 416428 |
| 610000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2016A | 5.000 | 12/01/32 | 616649 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **21** |

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------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS** (continued) |  |  |  |
| $605000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014C | 5.000% | 01/01/36 | $605551 |
| 365000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000 | 02/01/28 | 373672 |
| 200000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000 | 02/01/29 | 204292 |
| 395000 | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, Refunding Series 2019 - BAM Insured | 4.000 | 02/01/30 | 402855 |
| 290000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2017, (ETM) | 5.000 | 06/01/25 | 290973 |
|  | TOTAL ILLINOIS |  |  | 8294149 |
|  | **INDIANA - 1.4%** |  |  |  |
| 70000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, Refunding Series 2013A | 5.000 | 10/01/32 | 68984 |
| 100000 | 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 | 97267 |
| 590000 | 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 | 593354 |
| 30000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Series 2021A | 2.050 | 07/01/41 | 20097 |
| 350000 | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Social PAC Series 2021B | 2.125 | 07/01/41 | 242205 |
| 250000 | Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014 | 5.000 | 02/01/29 | 250437 |
| 400000 | Whiting, Indiana, Environmental Facilities Refunding Revenue Bonds, BP Products North America Inc. Project, Refunding Series 2019A, (AMT), (Mandatory Put 6/05/26) | 5.000 | 12/01/44 | 405175 |
|  | TOTAL INDIANA |  |  | 1677519 |
|  | **IOWA - 0.4%** |  |  |  |
| 200000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014C | 4.125 | 02/15/35 | 194523 |
| 200000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/32) | 4.000 | 12/01/50 | 212137 |
| 100000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2021B | 2.200 | 07/01/41 | 70255 |
|  | TOTAL IOWA |  |  | 476915 |
|  | **KANSAS - 0.2%** |  |  |  |
| 175000 | Manhattan, Kansas, General Obligation Bonds, Temporary Notes, Series 2024-02 - BAM Insured | 5.000 | 06/15/28 | 178460 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 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 | 103305 |
|  | TOTAL KANSAS |  |  | 281765 |
|  | **KENTUCKY - 1.4%** |  |  |  |
| 30000 | 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 | 28267 |
| 225000 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Series 2008A, (AMT) | 2.000 | 02/01/32 | 187919 |
| 260000 | Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022B, (AMT) | 3.700 | 01/01/32 | 255028 |
| 550000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A | 5.000 | 06/01/31 | 556487 |
| 125000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 131, Series 2024A | 5.000 | 10/01/28 | 133713 |
| 100000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2020A, (Mandatory Put 6/01/26) | 4.000 | 12/01/50 | 100437 |

---

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| | |
|:---|:---|
| **22** | *See Notes to Financial Statements* |

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------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **KENTUCKY** (continued) |  |  |  |
| $500000 | 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 | $459363 |
|  | TOTAL KENTUCKY |  |  | 1721214 |
|  | **LOUISIANA - 3.0%** |  |  |  |
| 165000 | Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake Charles Memorial Hospital, Refunding Series 2019 | 5.000 | 12/01/39 | 157576 |
| 30000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2021D | 2.350 | 12/01/41 | 21594 |
| 485000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2022A | 3.850 | 12/01/37 | 466433 |
| 100000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Home Ownership Program, Series 2024A | 4.000 | 12/01/39 | 95553 |
| 100000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.150 | 12/01/40 | 98099 |
| 535000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Entergy Louisiana, LLC Project, Refunding Series 2021B | 2.500 | 04/01/36 | 435963 |
| 920000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017 | 3.500 | 11/01/32 | 879468 |
| 195000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017 | 5.000 | 05/15/30 | 200641 |
| 310000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016 | 5.000 | 05/15/29 | 315085 |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2025A | 4.000 | 05/01/40 | 244769 |
| 155000 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015 | 5.000 | 12/01/25 | 156859 |
| 155000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, (Pre-refunded 6/01/25) | 5.000 | 06/01/32 | 155520 |
| 105000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010B, (Mandatory Put 6/01/30) | 6.100 | 12/01/40 | 114455 |
| 115000 | 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 | 113241 |
| 165000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B - AGM Insured | 4.000 | 12/01/33 | 165413 |
|  | TOTAL LOUISIANA |  |  | 3620669 |
|  | **MAINE - 0.2%** |  |  |  |
| 105000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A | 2.050 | 11/15/41 | 69918 |
| 100000 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2022A | 2.400 | 11/15/41 | 71507 |
| 55000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D | 2.550 | 11/15/40 | 41877 |
| 140000 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series 2021C | 2.150 | 11/15/41 | 96848 |
|  | TOTAL MAINE |  |  | 280150 |
|  | **MARYLAND - 1.1%** |  |  |  |
| 335000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000 | 09/01/30 | 338698 |
| 245000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2019C | 2.700 | 09/01/34 | 211726 |
| 230000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021A | 1.950 | 09/01/41 | 150689 |
| 175000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021B | 2.100 | 09/01/41 | 120187 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **23** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MARYLAND** (continued) |  |  |  |
| $400000 | Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2021C | 2.450% | 09/01/41 | $294489 |
| 100000 | 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 | 108785 |
| 120000 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Refunding Series 2024A | 5.000 | 07/01/37 | 133365 |
|  | TOTAL MARYLAND |  |  | 1357939 |
|  | **MASSACHUSETTS - 1.4%** |  |  |  |
| 200000 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A | 5.000 | 07/01/27 | 198367 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017 | 4.000 | 10/01/32 | 98873 |
| 80000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2 | 5.000 | 07/01/33 | 83085 |
| 200000 | Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2025A-2, (Mandatory Put 11/15/35) | 5.000 | 05/15/55 | 230583 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G, (Pre- refunded 7/15/30) | 5.000 | 07/15/36 | 110035 |
| 50000 | Massachusetts Development Finance Agency, Revenue Bonds, Smith College, Series 2025 | 5.000 | 07/01/35 | 57836 |
| 50000 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2021G | 5.000 | 07/01/35 | 53066 |
| 100000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024A1 | 4.550 | 12/01/44 | 99212 |
| 150000 | Massachusetts Housing Finance Agency, Multifamily Housing Bonds, Green Sustainability Series 2024B3 | 3.500 | 06/01/29 | 149314 |
| 115000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2019-214 | 2.800 | 12/01/39 | 92745 |
| 70000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2020-220 | 2.125 | 12/01/40 | 49537 |
| 65000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-221 | 2.200 | 12/01/41 | 45399 |
| 65000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 2021-223 | 2.350 | 06/01/39 | 50584 |
| 200000 | Massachusetts State, General Obligation Bonds, Refunding Series 2024B | 5.000 | 11/01/37 | 221923 |
| 200000 | Massachusetts State, General Obligation Bonds, Refunding Series 2024B | 5.000 | 11/01/38 | 219773 |
|  | TOTAL MASSACHUSETTS |  |  | 1760332 |
|  | **MICHIGAN - 2.2%** |  |  |  |
| 155000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B - NPFG Insured | 5.500 | 07/01/29 | 162209 |
| 150000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C | 5.000 | 07/01/34 | 150507 |
| 530000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2022B-MI, (Mandatory Put 12/01/28) | 5.000 | 12/01/43 | 559231 |
| 50000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2018A | 3.800 | 10/01/38 | 46737 |
| 270000 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2021A | 2.250 | 10/01/41 | 190941 |
| 320000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2019B | 2.700 | 12/01/34 | 275108 |
| 360000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2020C | 2.600 | 12/01/40 | 274415 |
| 125000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social Series 2021A | 2.150 | 12/01/41 | 86415 |

---

---

| | |
|:---|:---|
| **24** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $200000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000% | 04/15/30 | $201559 |
| 25000 | 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 | 24959 |
| 705000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, (AMT) | 5.000 | 12/01/33 | 706888 |
|  | TOTAL MICHIGAN |  |  | 2678969 |
|  | **MINNESOTA - 0.8%** |  |  |  |
| 61038 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2017E | 2.850 | 06/01/47 | 49590 |
| 155000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C | 3.900 | 07/01/43 | 139125 |
| 105000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E | 2.500 | 07/01/40 | 79570 |
| 70000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I | 2.000 | 07/01/40 | 47919 |
| 100000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021D | 2.200 | 07/01/41 | 70255 |
| 115000 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H | 2.350 | 07/01/41 | 83216 |
| 325000 | Minnesota Municipal Gas Agency, Commodity Supply Revenue Bonds, Series 2022A, (Mandatory Put 12/01/27) | 4.000 | 12/01/52 | 328020 |
| 175000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2021A | 2.000 | 02/01/28 | 165800 |
|  | TOTAL MINNESOTA |  |  | 963495 |
|  | **MISSISSIPPI - 0.5%** |  |  |  |
| 130000 | Mississippi Business Finance Corporation, Pollution Control Revenue, Mississippi Power, Series 2002 | 3.200 | 09/01/28 | 129290 |
| 100000 | Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc. Project, Refunding Series 2021 | 2.375 | 06/01/44 | 62102 |
| 30000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A | 2.000 | 12/01/40 | 20773 |
| 440000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2024C | 4.650 | 12/01/44 | 437494 |
|  | TOTAL MISSISSIPPI |  |  | 649659 |
|  | **MISSOURI - 0.7%** |  |  |  |
| 100000 | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson Shoppes Redevelopment Project, Refunding Series 2017A | 4.000 | 11/01/26 | 99178 |
| 190000 | 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 | 210063 |
| 60000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2021B | 2.000 | 11/01/41 | 40188 |
| 490000 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2023B | 4.100 | 11/01/38 | 478822 |
|  | TOTAL MISSOURI |  |  | 828251 |
|  | **MONTANA - 0.3%** |  |  |  |
| 325000 | Forsyth, Montana Pollution Control Revenue Bonds, Portland General Electric Company Project, Refunding Series 1998A | 2.125 | 05/01/33 | 269449 |
| 25000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2021B | 2.000 | 12/01/41 | 16802 |
| 100000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024A | 4.450 | 12/01/44 | 97676 |
| 10000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B | 3.900 | 12/01/39 | 9402 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **25** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MONTANA** (continued) |  |  |  |
| $15000 | Montana Board of Housing, Single Family Mortgage Bonds, Series 2024B | 4.300% | 12/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14444 |
|  | TOTAL MONTANA |  |  | 407773 |
|  | **NEBRASKA - 0.9%** |  |  |  |
| 190000 | Central Plains Energy Project, Nebraska, Gas Project 4 Revenue Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29) | 5.000 | 05/01/54 | 198333 |
| 75000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2019D | 2.600 | 09/01/34 | 64047 |
| 515000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2020A | 2.300 | 09/01/32 | 454837 |
| 230000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2021C | 2.300 | 09/01/41 | 164458 |
| 100000 | Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Series 2022B | 5.000 | 12/15/27 | 101262 |
| 100000 | Sarpy County, Nebraska, Limited Tax Highway Allocation Fund Pledge Bonds, Series 2021 | 2.000 | 06/01/27 | 96311 |
| 140000 | Saunders County School District 1, Ashland-Greenwood, Nebraska, General Obligation Bonds, Series 2021 | 2.000 | 12/15/50 | 73942 |
|  | TOTAL NEBRASKA |  |  | 1153190 |
|  | **NEVADA - 0.1%** |  |  |  |
| 65000 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series 2017B | 4.000 | 07/01/34 | 65200 |
| 100000 | Nevada Housing Division, Single Family Housing Mortgage Revenue Bonds, Refunding Series 2021A | 2.200 | 10/01/41 | 70011 |
| 35000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Sparks, Nevada, Sales Tax Revenue Bonds, Tourism Improvement District 1 Legends at Sparks Marina, Refunding Senior Series 2019A | 2.750 | 06/15/28 | 34064 |
|  | TOTAL NEVADA |  |  | 169275 |
|  | **NEW HAMPSHIRE - 1.6%** |  |  |  |
| 239095 | National Finance Authority, New Hampshire, Municipal Certificates Series 2020-1 Class A | 4.125 | 01/20/34 | 238529 |
| 390457 | National Finance Authority, New Hampshire, Municipal Certificates Series 2022-1 Class A | 4.375 | 09/20/36 | 390458 |
| 145031 | National Finance Authority, New Hampshire, Municipal Certificates Series 2022-2 Class A | 4.000 | 10/20/36 | 140838 |
| 207656 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-1 Class A | 4.250 | 07/20/41 | 200381 |
| 149237 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-2 Class A | 3.625 | 08/20/39 | 137346 |
| 199471 | National Finance Authority, New Hampshire, Municipal Certificates Social Series 2024-4 Class A | 4.180 | 11/20/39 | 196009 |
| 295000 | 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 | 295133 |
| 125000 (b) | 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 | 125820 |
| 100000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2024A | 4.500 | 07/01/44 | 98285 |
| 100000 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Social Series 2025A | 4.500 | 07/01/45 | 98059 |
|  | TOTAL NEW HAMPSHIRE |  |  | 1920858 |
|  | **NEW JERSEY - 3.5%** |  |  |  |
| 200000 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013 | 5.000 | 01/01/37 | 200118 |
| 220000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, (AMT) | 5.000 | 01/01/28 | 220380 |
| 1000000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2015XX | 5.000 | 06/15/27 | 1003257 |
| 170000 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT) | 5.250 | 09/15/29 | 170177 |

---

---

| | |
|:---|:---|
| **26** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218029 |
| 50000 | New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT) | 3.750 | 12/01/31 | 49952 |
| 140000 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A | 4.000 | 06/01/31 | 146776 |
| 1280000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A | 0.000 | 12/15/33 | 922256 |
| 170000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA | 3.750 | 06/15/33 | 167439 |
| 210000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/28 | 218396 |
| 685000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/29 | 710142 |
| 240000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A | 5.000 | 06/01/34 | 246340 |
|  | TOTAL NEW JERSEY |  |  | 4273262 |
|  | **NEW MEXICO - 0.3%** |  |  |  |
| 90000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2019D | 2.800 | 07/01/34 | 78952 |
| 100000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2021C | 2.100 | 07/01/41 | 68850 |
| 100000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024C | 4.100 | 09/01/39 | 98115 |
| 100000 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2024G | 4.375 | 09/01/44 | 97219 |
| 40000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding & Acquisition Series 2025, (Mandatory Put 11/01/30) | 5.000 | 06/01/54 | 42278 |
|  | TOTAL NEW MEXICO |  |  | 385414 |
|  | **NEW YORK - 4.7%** |  |  |  |
| 115000 (a) | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020B-1 | 5.000 | 06/01/40 | 108055 |
| 200000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017 | 5.000 | 12/01/28 | 200535 |
| 200000 | 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 | 204016 |
| 750000 | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2022A | 5.000 | 12/01/36 | 787868 |
| 60000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann's Community Project, Series 2019 | 5.000 | 01/01/40 | 55609 |
| 20000 | 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 | 20356 |
| 135000 | 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 | 126154 |
| 125000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024B | 5.000 | 05/01/38 | 136657 |
| 275000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024D-1 | 5.000 | 11/01/27 | 290050 |
| 350000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series A-1 | 5.000 | 08/01/29 | 378314 |
| 100000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Green Bond Series 2018I | 3.625 | 11/01/33 | 98370 |
| 255000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond Certified/Sustainability Series 2019P | 2.600 | 11/01/34 | 214639 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **27** |

---

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Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW YORK** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding Series 2019C | 3.500% | 11/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211531 |
| 330000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Series 2023C-2, (Mandatory Put 5/01/29) | 3.800 | 11/01/62 | 330343 |
| 100000 | 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 | 99118 |
| 120000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 223 | 2.650 | 10/01/34 | 102359 |
| 100000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 225 | 2.300 | 10/01/40 | 73362 |
| 75000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 233 | 2.200 | 04/01/36 | 59008 |
| 245000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 239 | 2.450 | 10/01/41 | 180202 |
| 245000 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Social Series 242 | 2.950 | 10/01/37 | 209342 |
| 100000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 4.000 | 07/01/32 | 97820 |
| 230000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 4.000 | 07/01/33 | 223258 |
| 160000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/34 | 160024 |
| 620000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/41 | 620082 |
| 70000 | 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 | 62370 |
| 80000 | 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 | 80002 |
| 500000 | 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 | 524608 |
| 100000 | Suffolk Tobacco Asset Securitization Corporation, New York,<br> Tobacco Settlement Asset-Backed Bonds, Senior Series 2021A-2 | 5.000 | 06/01/33 | 105949 |
|  | TOTAL NEW YORK |  |  | 5760001 |
|  | **NORTH CAROLINA - 2.4%** |  |  |  |
| 100000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 54-A | 4.550 | 07/01/44 | 99075 |
| 400000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Series 55A | 4.000 | 07/01/39 | 388799 |
| 100000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement Social Series 53-A | 4.000 | 07/01/39 | 97408 |
| 85000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2020-43 | 2.800 | 01/01/40 | 67726 |
| 720000 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Social Series 2023-50 | 3.950 | 07/01/38 | 687081 |
| 1365000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C | 5.000 | 01/01/29 | 1382775 |
| 250000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C | 0.000 | 07/01/27 | 228628 |
|  | TOTAL NORTH CAROLINA |  |  | 2951492 |

---

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| | |
|:---|:---|
| **28** | *See Notes to Financial Statements* |

---

------

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NORTH DAKOTA - 1.2%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | Cass County Joint Water Reserve District, North Dakota, Temporary Improvement Special Assessment Bonds, Refunding Series 2024A | 3.450% | 04/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119974 |
| 270000 | Horace, Cass County, North Dakota, General Obligation Bonds, Refunding Improvement Series 2021 | 3.000 | 05/01/46 | 176456 |
| 55000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2019C | 3.200 | 07/01/39 | 47699 |
| 55000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020A | 2.700 | 07/01/35 | 46666 |
| 95000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B | 2.350 | 07/01/40 | 70573 |
| 100000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2021A | 2.250 | 07/01/41 | 70957 |
| 675000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series 2022F | 3.950 | 07/01/37 | 658321 |
| 200000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/28 | 205974 |
| 100000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C | 5.000 | 06/01/43 | 100044 |
|  | TOTAL NORTH DAKOTA |  |  | 1496664 |
|  | **OHIO - 5.5%** |  |  |  |
| 155000 | 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 | 159353 |
| 75000 | 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 | 78470 |
| 130000 | 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 | 136688 |
| 100000 | 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 | 104906 |
| 250000 | 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 | 260722 |
| 110000 | 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 | 114457 |
| 100000 | 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 | 86736 |
| 290000 | 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 | 255984 |
| 480000 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013 | 5.000 | 06/15/43 | 411407 |
| 20000 | Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Refunding & Improvement Series 2021 | 3.000 | 08/01/40 | 16253 |
| 150000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power Company Project, Refunding Series 2005A, (AMT) | 3.750 | 01/01/29 | 149541 |
| 225000 | 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 | 208977 |
| 350000 | 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 | 325075 |
| 100000 | 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 | 93284 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **29** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OHIO** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403558 |
| 210000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Duke Energy Corporation Project, Refunding Series 2022A, (AMT), (Mandatory Put 6/01/27) | 4.250 | 11/01/39 | 212130 |
| 45000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT) | 3.750 | 01/15/28 | 45006 |
| 50000 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, University Circle Incorporated 2020 Project, Series 2020 | 5.000 | 01/15/36 | 51884 |
| 100000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2019B | 3.000 | 09/01/39 | 83932 |
| 100000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2020A | 2.750 | 09/01/40 | 78483 |
| 25000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2020B | 2.250 | 09/01/40 | 18188 |
| 100000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Social Series 2024A | 4.350 | 09/01/44 | 97025 |
| 100000 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Social Series 2025A | 4.150 | 09/01/40 | 98036 |
| 2520000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3 | 5.700 | 02/15/34 | 2839839 |
| 80000 | 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 | 61617 |
| 70000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015 | 5.375 | 03/01/27 | 69997 |
| 200000 | Washington County, Ohio, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group, Series 2022 | 6.375 | 12/01/37 | 214381 |
|  | TOTAL OHIO |  |  | 6675929 |
|  | **OKLAHOMA - 2.9%** |  |  |  |
| 80000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Refunding Series 2020 | 4.000 | 12/01/28 | 82124 |
| 115000 | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Durant Public Schools Project, Series 2020 | 2.750 | 09/01/31 | 105880 |
| 800000 | Caddo County Governmental Building Authority, Oklahoma, Sales Tax Revenue Bonds, Refunding Series 2018 | 3.625 | 09/01/33 | 749802 |
| 330000 | Canadian County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Piedmont Public Schools Project, Series 2024 | 4.000 | 08/15/34 | 333179 |
| 100000 | Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Norman Technology Center Project, Series 2021 | 4.000 | 05/01/35 | 101818 |
| 250000 | Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Elgin Public Schools Project, Series 2017A | 5.000 | 12/01/31 | 262651 |
| 225000 | Oklahoma County Independent School District 89 Oklahoma City, Oklahoma, General Obligation Bonds, Combined Purpose Series 2024A | 1.250 | 07/01/26 | 220511 |
| 230000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000 | 08/15/28 | 238269 |
| 105000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/52 | 106508 |
| 95000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.500 | 08/15/57 | 96230 |
| 100000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable Series 2022 | 5.500 | 08/15/37 | 102883 |

---

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| | |
|:---|:---|
| **30** | *See Notes To Financial Statements* |

---

------

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2020A | 2.650% | 09/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50409 |
| 495000 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2022A | 3.800 | 09/01/37 | 475372 |
| 275000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/40 | 300525 |
| 200000 | Tulsa, Oklahoma, General Obligation Bonds, Series 2024C | 0.050 | 10/01/37 | 120392 |
| 235000 | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, Weatherford Public Schools Project, Series 2019 | 5.000 | 03/01/31 | 246776 |
|  | TOTAL OKLAHOMA |  |  | 3593329 |
|  | **OREGON - 1.2%** |  |  |  |
| 1325000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Deferred Interest Series 2017B | 0.000 | 06/15/31 | 1034842 |
| 340000 | Oregon Health and Science University, Revenue Bonds, Green Series 2021B-2, (Mandatory Put 2/01/32) | 5.000 | 07/01/46 | 368642 |
| 95000 | Oregon Housing and Community Services Department, Single Family Mortgage Program Revenue Bonds, Series 2021A | 2.250 | 07/01/41 | 67409 |
|  | TOTAL OREGON |  |  | 1470893 |
|  | **PENNSYLVANIA - 4.1%** |  |  |  |
| 130000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2018 | 5.000 | 05/01/28 | 132886 |
| 38000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-2 | 6.000 | 06/30/34 | 40979 |
| 502000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 486542 |
| 250000 (d) | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024B-1 | 0.000 | 06/30/44 | 184634 |
| 79000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Taxable Series 2024A-1 | 8.000 | 06/30/34 | 80867 |
| 255000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018 - AGM Insured | 4.000 | 06/01/39 | 239348 |
| 375000 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016A | 3.000 | 09/01/29 | 373303 |
| 225000 | 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 | 200184 |
| 230000 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, (AMT) | 5.000 | 12/31/25 | 232331 |
| 100000 (e) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2013, (AMT), (Mandatory Put 5/01/25) | 3.700 | 08/01/45 | 99988 |
| 250000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2017A, (AMT), (Mandatory Put 8/01/25) | 4.250 | 08/01/37 | 249954 |
| 150000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012 | 5.000 | 05/01/42 | 111801 |
| 245000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-125A, (AMT) | 3.400 | 10/01/32 | 228946 |
| 25000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-128A, (AMT) | 3.650 | 10/01/32 | 23680 |
| 170000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2019-129 | 2.950 | 10/01/34 | 150237 |
| 150000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2020-132A | 2.300 | 10/01/35 | 121898 |
| 200000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2020-133 | 2.350 | 10/01/40 | 148106 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **31** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PENNSYLVANIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2022-1394A | 4.000% | 10/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195990 |
| 440000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2 | 5.000 | 06/01/29 | 448844 |
| 860000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2 | 5.000 | 06/01/35 | 873218 |
| 410000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Third Series 2017 | 5.000 | 12/01/32 | 427308 |
| 20000 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016 | 3.375 | 06/01/26 | 19500 |
|  | TOTAL PENNSYLVANIA |  |  | 5070544 |
|  | **PUERTO RICO - 2.7%** |  |  |  |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/30 | 259148 |
| 260000 (a) | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A | 5.000 | 07/01/35 | 267140 |
| 557000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/27 | 511017 |
| 165000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/29 | 139793 |
| 597000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/31 | 468151 |
| 351000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/33 | 252149 |
| 207000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.500 | 07/01/34 | 205852 |
| 100000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 98633 |
| 71000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 69258 |
| 135000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 131687 |
| 258000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/27 | 267220 |
| 115000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.625 | 07/01/29 | 123256 |
| 119000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 5.750 | 07/01/31 | 130835 |
| 199000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 136600 |
| 177000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/33 | 173458 |
| 50000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 4.000 | 07/01/35 | 47816 |
|  | TOTAL PUERTO RICO |  |  | 3282013 |
|  | **RHODE ISLAND - 0.4%** |  |  |  |
| 100000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Care New England Issue, Refunding Series 2016B | 5.000 | 09/01/36 | 99063 |
| 180000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2021 Series 75A | 2.250 | 10/01/41 | 127294 |
| 205000 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, 2022 Series 76A | 2.350 | 10/01/36 | 160065 |
| 50000 | Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 2020-72A | 2.550 | 10/01/40 | 38153 |
| 80000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2015B | 4.500 | 06/01/45 | 80000 |
|  | TOTAL RHODE ISLAND |  |  | 504575 |

---

---

| | |
|:---|:---|
| **32** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOUTH CAROLINA - 1.1%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2021A | 2.050% | 07/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113883 |
| 965000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2023A | 4.750 | 07/01/43 | 968570 |
| 15000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A | 4.150 | 07/01/40 | 14715 |
| 160000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2025A | 4.500 | 07/01/45 | 156895 |
| 110000 | 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 | 105722 |
|  | TOTAL SOUTH CAROLINA |  |  | 1359785 |
|  | **SOUTH DAKOTA - 0.8%** |  |  |  |
| 75000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2021A | 2.100 | 11/01/41 | 51380 |
| 110000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2021B | 2.050 | 11/01/41 | 73293 |
| 110000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2022B | 2.300 | 11/01/37 | 85487 |
| 225000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C | 4.000 | 11/01/37 | 219827 |
| 400000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2024C | 4.500 | 11/01/44 | 392813 |
| 125000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series 2025A | 4.200 | 11/01/40 | 124424 |
|  | TOTAL SOUTH DAKOTA |  |  | 947224 |
|  | **TENNESSEE - 0.8%** |  |  |  |
| 125000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2021A, (Mandatory Put 9/01/28) | 4.000 | 12/01/51 | 125547 |
| 165000 | Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2022A, (Mandatory Put 12/01/30) | 5.500 | 10/01/53 | 173562 |
| 65000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2021-3 | 2.300 | 07/01/41 | 46579 |
| 100000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2022-2 | 4.050 | 07/01/37 | 98761 |
| 375000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Social Series 2023-3A | 5.200 | 07/01/43 | 388930 |
| 100000 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Tender Option Bond Trust Series 2023-XL0448 | 4.150 | 07/01/38 | 98413 |
|  | TOTAL TENNESSEE |  |  | 931792 |
|  | **TEXAS - 7.2%** |  |  |  |
| 40000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/28 | 40146 |
| 55000 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A | 5.000 | 01/01/30 | 55075 |
| 465000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2025A | 5.000 | 08/15/28 | 497818 |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/31 | 1005359 |
| 25000 | City of Houston, Texas, Convention & Entertainment Facilities Department Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2019 | 5.000 | 09/01/34 | 26093 |
| 1000000 | Dallas, Texas, General Obligation Bonds, Refunding and Improvement Series 2024B | 5.000 | 02/15/27 | 1041524 |
| 50000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B | 4.750 | 11/01/42 | 49140 |
| 200000 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding Series 2015 | 4.000 | 02/15/31 | 200058 |
| 110000 | 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 | 116521 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **33** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A | 0.000% | 12/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286138 |
| 465000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2023A - AGM Insured, (AMT) | 5.000 | 07/01/32 | 499955 |
| 50000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, (AMT) | 5.000 | 07/01/29 | 50021 |
| 150000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250 | 07/15/33 | 156594 |
| 500000 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2014D | 5.000 | 11/15/39 | 500491 |
| 200000 | Klein Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Schoolhouse Series 2015A | 4.000 | 08/01/32 | 200202 |
| 430000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, (AMT) | 5.000 | 11/01/28 | 432766 |
| 25000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.000 | 12/01/25 | 25013 |
| 100000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013 | 5.250 | 12/01/28 | 100177 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 99712 |
| 245000 (b) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre- refunded 9/01/31) | 7.000 | 09/01/43 | 291930 |
| 500000 (b) | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, (Pre- refunded 9/01/31) | 6.750 | 09/01/45 | 598160 |
| 110000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Series 2023A | 5.000 | 01/01/27 | 114108 |
| 100000 (a) | 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 | 82714 |
| 300000 (a) | 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 | 231818 |
| 100000 (a) | 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 | 68541 |
| 100000 | Round Rock, Texas, Combined Tax and Revenue Certificates of Obligation, Series 2021C | 2.000 | 08/15/46 | 59546 |
| 100000 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, Series 2021A | 2.050 | 09/01/41 | 66810 |
| 340000 | Texas Municipal Gas Acquisition and Supply Corporation IV, Gas Supply Revenue Bonds, Series 2023A, (Mandatory Put 1/01/30) | 5.500 | 01/01/54 | 360471 |
| 150000 | Texas Municipal Gas Acquisition and Supply Corporation IV, Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put 1/01/34) | 5.500 | 01/01/54 | 164722 |
| 515000 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A | 4.000 | 12/31/38 | 493885 |
| 150000 | 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 | 147461 |
| 500000 | Texas State, General Obligation Bonds, College Student Loan Series 2023A, (AMT) | 5.000 | 08/01/36 | 529248 |
| 210000 | Texas Transportation Commission, General Obligation Bonds, Highway Improvement Refunding Series 2024 | 5.000 | 04/01/28 | 223135 |
|  | TOTAL TEXAS |  |  | 8815352 |

---

---

| | |
|:---|:---|
| **34** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTAH - 0.4%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, (AMT) | 5.250% | 07/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271874 |
| 160000 | Utah Housing Corporation, Single Family Mortgage Bonds, Series 2024E | 4.600 | 07/01/44 | 158125 |
|  | TOTAL UTAH |  |  | 429999 |
|  | **VIRGINIA - 1.4%** |  |  |  |
| 149888 | Federal Home Loan Mortgage Corporation, Multifamily Variable Rate Certificates Relating to Municipal Securities Class A Green Series 2024ML-028 | 4.095 | 11/25/42 | 151449 |
| 100000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-3 | 4.000 | 10/01/39 | 95939 |
| 100000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5 | 4.150 | 07/01/40 | 97991 |
| 100000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2024H | 3.625 | 06/01/29 | 99620 |
| 50000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A | 4.100 | 09/01/40 | 48629 |
| 250000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 07/01/36 | 262026 |
| 150000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 01/01/38 | 156344 |
| 115000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 12/31/38 | 120250 |
| 445000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 12/31/39 | 461567 |
| 150000 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal Revenue Bonds, Virginia Electric and Power Company, Series 2009A, (Mandatory Put 9/02/25) | 0.750 | 10/01/40 | 147467 |
| 100000 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal Revenue Bonds, Virginia Electric and Power Company, Series 2010A, (Mandatory Put 5/28/27) | 3.800 | 11/01/40 | 101101 |
|  | TOTAL VIRGINIA |  |  | 1742383 |
|  | **WASHINGTON - 2.6%** |  |  |  |
| 150000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, (AMT) | 5.000 | 05/01/31 | 153770 |
| 400000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A, (AMT) | 5.000 | 05/01/31 | 410054 |
| 100000 | Washington State Housing Finance Commission, Single Family Program Bonds, Series 2021-1N | 2.200 | 06/01/41 | 70339 |
| 418967 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A | 3.500 | 12/20/35 | 385331 |
| 129611 | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2024A-1 | 3.812 | 03/20/40 | 120526 |
| 600000 | Washington State, General Obligation Bonds, Motor Vehicle Fuel Tax & Vehicle Related Fees, Refunding Series R-2024C | 5.000 | 08/01/27 | 630271 |
| 315000 | Washington State, General Obligation Bonds, Refunding Various Purpose Series R-2018D | 5.000 | 08/01/27 | 330892 |
| 500000 | Washington State, General Obligation Bonds, Various Purpose Group 1 Series 2024C | 5.000 | 02/01/26 | 509433 |
| 595000 | Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Hospital, Series 2013 | 5.500 | 12/01/33 | 576628 |
|  | TOTAL WASHINGTON |  |  | 3187244 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **35** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NIM

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WEST VIRGINIA - 0.7%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 (a) | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100450 |
| 190000 | 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 | 185791 |
| 50000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 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 | 51217 |
| 80000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A | 5.000 | 09/01/25 | 80082 |
| 265000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A | 3.375 | 06/01/29 | 261189 |
| 145000 | West Virginia Housing Development Fund, Housing Finance Revenue Bonds, Social Series 2024A | 4.400 | 11/01/44 | 141454 |
|  | TOTAL WEST VIRGINIA |  |  | 820183 |
|  | **WISCONSIN - 4.6%** |  |  |  |
| 500000 | Milwaukee, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024-N1 - AGM Insured | 5.000 | 04/01/30 | 540100 |
| 600000 (a) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.500 | 12/01/37 | 606494 |
| 345000 | 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 | 343061 |
| 350000 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2 | 2.875 | 05/01/27 | 342609 |
| 65000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.050 | 11/01/30 | 64270 |
| 175000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C | 4.300 | 11/01/30 | 173899 |
| 100000 | Sheboygan Area School District, Manitowoc and Sheboygan Counties, Wisconsin, General Obligation Bonds, Promissory Notes Series 2024 | 3.000 | 03/01/40 | 84979 |
| 115000 | West Allis-West Milwaukee, et al School District, Wisconsin, General Obligation Bonds, Promissory Notes Series 2025 | 3.000 | 04/01/39 | 100741 |
| 40000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. Project, Series 2021 | 4.000 | 10/01/41 | 33380 |
| 80000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Gundersen Health System, Refunding Series 2021A | 4.000 | 10/15/34 | 80373 |
| 200000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Marshfield Clinic Health System, Inc., Series 2020B-2, (Mandatory Put 2/15/27) | 5.000 | 02/15/51 | 203659 |
| 1555000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015 | 5.000 | 12/15/26 | 1556416 |
| 585000 | Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series 2020A | 2.700 | 09/01/35 | 494672 |
| 285000 | Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Social Series 2024C | 4.125 | 09/01/39 | 281471 |
| 100000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2021C | 2.500 | 11/01/41 | 72947 |
| 100000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2023E, (Mandatory Put 5/01/27) | 3.875 | 11/01/54 | 100358 |
| 240000 | Wisconsin State, General Obligation Bonds, Refunding Series 2024-1 | 5.000 | 05/01/32 | 269922 |
| 200000 | Wisconsin State, General Obligation Bonds, Refunding Series 2025-3 | 5.000 | 05/01/32 | 224935 |
|  | TOTAL WISCONSIN |  |  | 5574286 |

---

---

| | |
|:---|:---|
| **36** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **WYOMING - 0.3%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative, Dry Fork Station Facilities, Series 2019A | 3.625% | 07/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184672 |
| 75000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2020 Series 1 | 2.625 | 12/01/35 | 62544 |
| 60000 | Wyoming Community Development Authority, Housing Revenue Bonds, 2023 Series 1 | 4.200 | 12/01/38 | 59154 |
|  | TOTAL WYOMING |  |  | 306370 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $120,614,277)** |  |  | **117985237** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $121,935,608)** |  |  | **119234624** |
|  | **OTHER ASSETS & LIABILITIES, NET - 2.6%** |  |  | **3141271** |
|  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**122375895** |

---

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

AMT Alternative Minimum Tax

ETM Escrowed to maturity

(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 reporting period, the aggregate value of these securities is $6,924,935 or 5.8% 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) When-issued or delayed delivery security.

(d) 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.

(e) 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.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **37** |

---

------

Portfolio of Investments March 31, 2025

NXP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 101.0%** |  |  |  |
|  | **MUNICIPAL BONDS - 101.0%** |  |  |  |
|  | **ALABAMA - 0.6%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250% | 10/01/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496192 |
| 3000000 | Southeast Energy Authority, Alabama, A Cooperative District Energy Supply Revenue Bonds Series 2024A | 5.000 | 11/01/35 | 3098370 |
|  | TOTAL ALABAMA |  |  | 4594562 |
|  | **ARIZONA - 3.1%** |  |  |  |
| 255000 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F | 3.000 | 07/01/26 | 252905 |
| 2350000 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F | 5.000 | 07/01/47 | 2356781 |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A | 4.000 | 07/01/51 | 809344 |
| 1465000 (a) | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Taxable Series 2019B | 5.000 | 07/01/54 | 1378045 |
| 2000000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A | 5.000 | 01/01/38 | 2033492 |
| 1950000 | McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016 | 5.000 | 07/01/37 | 1974743 |
| 3185000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019A | 5.000 | 07/01/44 | 3268868 |
| 5000000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019B, (AMT) | 5.000 | 07/01/49 | 5011400 |
| 3000000 | Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A | 5.000 | 08/01/47 | 3067584 |
| 2410000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007 | 5.000 | 12/01/37 | 2538740 |
|  | TOTAL ARIZONA |  |  | 22691902 |
|  | **ARKANSAS - 0.5%** |  |  |  |
| 500000 (a) | Arkansas Development Finance Authority, Charter School Revenue Bonds, Academy of Math and Science - Little Rock Project Series 2024A | 7.000 | 07/01/59 | 471298 |
| 6555000 | Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006 - AMBAC Insured | 0.000 | 07/01/46 | 2260486 |
| 500000 | Pulaski County, Arkansas, Hospital Revenue Bonds, Arkansas Children's Hospital, Series 2023 | 5.000 | 03/01/43 | 523365 |
|  | TOTAL ARKANSAS |  |  | 3255149 |
|  | **CALIFORNIA - 15.0%** |  |  |  |
| 11000000 | Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B - AGC Insured | 0.000 | 08/01/41 | 5358273 |
| 4245000 | Anaheim City School District, Orange County, California, General Obligation Bonds, Election 2002 Series 2007 - AGM Insured | 0.000 | 08/01/31 | 3392733 |
| 2840000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/30 | 2353717 |
| 5760000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured | 0.000 | 09/01/35 | 3834607 |
| 6740000 (b) | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C - AGM Insured, (ETM) | 0.000 | 09/01/35 | 4716332 |
| 1175000 | Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Senior Series 2024B, (AMT) | 5.250 | 07/01/49 | 1216886 |
| 120000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A | 4.000 | 06/01/49 | 105880 |

---

---

| | |
|:---|:---|
| **38** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **CALIFORNIA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645000 | Cypress Elementary School District, Orange County, California, General Obligation Bonds, Series 2009A - AGM Insured | 0.000% | 05/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903141 |
| 2440000 | Eureka Unified School District, Humboldt County, California, General Obligation Bonds, Series 2002 - AGM Insured | 0.000 | 08/01/27 | 2267779 |
| 2275000 | Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 4, Series 2007A - NPFG Insured | 0.000 | 10/01/28 | 2034304 |
| 1000000 | Fresno, California, Airport Revenue Bonds, Series 2023A - BAM Insured, (AMT) | 5.000 | 07/01/53 | 1015281 |
| 6080000 (b) | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A - AMBAC Insured, (ETM) | 0.000 | 06/01/28 | 5554564 |
| 6060000 | Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2006 - NPFG Insured | 0.000 | 08/01/25 | 6000779 |
| 1495000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007 - FGIC Insured | 0.000 | 08/01/33 | 1112991 |
| 4055000 | Kern Community College District, California, General Obligation Bonds, Series 2003A - FGIC Insured | 0.000 | 03/01/28 | 3684092 |
| 3480000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A | 0.000 | 08/01/43 | 3374813 |
| 450000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C | 6.500 | 11/01/39 | 541628 |
| 11985000 | Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002, Series 2007C - AGM Insured | 0.000 | 08/01/32 | 9191913 |
| 1195000 | Palmdale School District, Los Angeles County, California, General Obligation Bonds, Series 2003 - AGM Insured | 0.000 | 08/01/28 | 1076252 |
| 3000000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A - NPFG Insured | 0.000 | 08/01/25 | 2950523 |
| 8790000 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999 - AMBAC Insured | 0.000 | 08/01/29 | 7541772 |
| 12240000 (b) | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006 - FGIC Insured, (ETM) | 0.000 | 10/01/34 | 8669167 |
| 1500000 | Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C - AGM Insured | 0.000 | 08/01/32 | 1157910 |
| 8000000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A | 0.000 | 08/01/32 | 6225546 |
| 8000000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A | 0.000 | 08/01/33 | 5974880 |
| 3940000 | Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A - NPFG Insured | 0.000 | 04/01/35 | 2715294 |
| 2755000 | Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007 - AGM Insured | 0.000 | 07/01/25 | 2735437 |
| 3570000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT) | 5.000 | 07/01/48 | 3642651 |
| 2110000 | Sierra Sands Unified School District, Kern County, California, General Obligation Bonds, Election of 2006, Series 2006A - FGIC Insured | 0.000 | 11/01/28 | 1862741 |
| 6025000 | Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Election of 2004 Series 2007C | 0.000 | 08/01/30 | 5083910 |
| 1150000 | Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Election of 2005, Series<br> 2007 - AMBAC Insured | 0.000 | 10/01/30 | 969685 |
|  | TOTAL CALIFORNIA |  |  | 108265481 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **39** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NXP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **COLORADO - 9.3%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | Arkansas River Power Authority, Colorado, Power Supply System Revenue Bonds, Refunding Series 2018A | 5.000% | 10/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164088 |
| 5625000 | Colorado Bridge and Tunnel Enterprise, Colorado, Senior Infrastructure Revenue Bonds, Series 2024A - AGM Insured | 5.250 | 12/01/49 | 6049277 |
| 150000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 4.000 | 08/01/44 | 137845 |
| 6600000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2 | 5.000 | 08/01/44 | 6664630 |
| 1220000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/45 | 1259818 |
| 5000000 | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B | 5.000 | 12/01/47 | 5062002 |
| 2475000 | Colorado State, Certificates of Participation, Rural Series 2020A | 4.000 | 12/15/37 | 2482246 |
| 480000 | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2024A - BAM Insured | 5.000 | 12/01/44 | 500735 |
| 9000000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, (AMT) | 5.000 | 11/15/47 | 9153798 |
| 2275000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D, (AMT) | 5.750 | 11/15/45 | 2462849 |
| 4400000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018B | 5.000 | 12/01/43 | 4510293 |
| 8350000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/29 | 7176046 |
| 1295000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/32 | 982724 |
| 4475000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B - NPFG Insured | 0.000 | 09/01/33 | 3243836 |
| 12500000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A - NPFG Insured | 0.000 | 09/01/38 | 6419750 |
| 1000000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A | 5.000 | 12/01/33 | 1009748 |
| 620000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A | 5.000 | 12/01/35 | 625634 |
| 5000000 | Windy Gap Firming Project Water Activity Enterprise, Colorado, Senior Revenue Bonds, Series 2021 | 5.000 | 07/15/51 | 5158312 |
|  | TOTAL COLORADO |  |  | 67063631 |
|  | **CONNECTICUT - 1.3%** |  |  |  |
| 2000000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Avon Old Farms School, Series 2021D-1 | 2.625 | 07/01/51 | 1240377 |
| 2500000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2022U | 4.000 | 07/01/52 | 2217485 |
| 5390000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2021A | 4.000 | 05/01/40 | 5361473 |
| 750000 | University of Connecticut, General Obligation Bonds, Series 2015A | 5.000 | 03/15/31 | 764296 |
|  | TOTAL CONNECTICUT |  |  | 9583631 |
|  | **DISTRICT OF COLUMBIA - 1.7%** |  |  |  |
| 1500000 (b) | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, (Pre-refunded 10/01/26) - AGC Insured | 6.500 | 10/01/41 | 1581860 |
| 2000000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B | 6.500 | 10/01/44 | 2144015 |
| 5000000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, (AMT) | 5.250 | 10/01/53 | 5148997 |
| 2450000 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2024A, (AMT) | 5.250 | 10/01/49 | 2536958 |
| 1070000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds, Green Series 2021A | 4.000 | 07/15/46 | 985794 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 12397624 |

---

---

| | |
|:---|:---|
| **40** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **FLORIDA - 4.6%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000% | 07/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973126 |
| 1700000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT) | 5.000 | 07/01/44 | 1706689 |
| 3000000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.500 | 07/01/53 | 3031387 |
| 4970000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 5161309 |
| 10000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Priority Subordinate Series 2024, (AMT), (UB) | 5.250 | 10/01/49 | 10403669 |
| 2000000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT) | 5.000 | 10/01/42 | 2005595 |
| 1545000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A, (AMT) | 5.000 | 10/01/47 | 1547533 |
| 1565000 | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C | 5.250 | 11/15/49 | 1654783 |
| 1000000 | Hillsborough County Industrial Development Authority, Florida, Health System Revenue Bonds, BayCare Health System Series 2024C | 4.125 | 11/15/51 | 917365 |
| 5000000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, (AMT) | 5.000 | 10/01/49 | 5008405 |
| 1090000 | Orange County Health Facilities Authority, Florida, Revenue Bonds, Presbyterian Retirement Communities Project, Series 2024 | 5.000 | 08/01/54 | 1091560 |
|  | TOTAL FLORIDA |  |  | 33501421 |
|  | **GEORGIA - 1.4%** |  |  |  |
| 3665000 | Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A | 4.000 | 07/01/49 | 3275787 |
| 3775000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2023D, (Mandatory Put 12/01/30) | 5.000 | 05/01/54 | 3954237 |
| 1250000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Series 2024A | 5.250 | 01/01/49 | 1326587 |
| 1570000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Series 2024A - BAM Insured | 5.250 | 01/01/54 | 1655950 |
|  | TOTAL GEORGIA |  |  | 10212561 |
|  | **GUAM - 1.2%** |  |  |  |
| 7250000 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D | 5.000 | 11/15/39 | 7272619 |
| 1460000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016 | 5.000 | 01/01/46 | 1466666 |
|  | TOTAL GUAM |  |  | 8739285 |
|  | **HAWAII - 0.7%** |  |  |  |
| 5000000 | Hawaii State, Airport System Revenue Bonds, Series 2015A, (AMT) | 5.000 | 07/01/41 | 5024146 |
|  | TOTAL HAWAII |  |  | 5024146 |
|  | **IDAHO - 1.5%** |  |  |  |
| 1600000 | Boise State University, Idaho, General Revenue Bonds, Series 2023A | 5.000 | 04/01/48 | 1657754 |
| 1220000 | Idaho Housing & Finance Association, Idaho, Sales Tax Revenue Bonds, Transportation Expansion & Congestion Mitigation Fund, Series 2023A | 5.250 | 08/15/48 | 1303730 |
| 2000000 (a) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, The College of Idaho Project, Series 2023 | 5.625 | 11/01/43 | 2013728 |
| 6000000 (a) | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, The College of Idaho Project, Series 2023 | 5.875 | 11/01/53 | 6036725 |
|  | TOTAL IDAHO |  |  | 11011937 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **41** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NXP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **ILLINOIS - 9.4%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000% | 04/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096563 |
| 1790000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C | 5.000 | 12/01/30 | 1801590 |
| 725000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B | 6.500 | 12/01/46 | 741094 |
| 1500000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2021A | 5.000 | 12/01/38 | 1504259 |
| 3900000 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A - FGIC Insured | 0.000 | 12/01/28 | 3361328 |
| 55000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1 - FGIC Insured | 0.000 | 12/01/28 | 47403 |
| 5000000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2024A | 5.250 | 01/01/48 | 5188325 |
| 1500000 | Chicago, Illinois, Midway Airport Revenue Bonds, Refunding Senior Lien Series 2023C | 5.000 | 01/01/41 | 1546305 |
| 5000000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Project, Series 2023A - AGM Insured | 5.250 | 01/01/53 | 5258552 |
| 1190000 | Chicago, Illinois, Water Revenue Bonds, Second Lien Series 2023A - AGM Insured | 5.250 | 11/01/53 | 1238874 |
| 10000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Illinois Housing Development Authority, Revenue Bonds, Social Series 2024I, (UB) | 4.625 | 04/01/50 | 9759894 |
| 2500000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A | 4.000 | 01/01/46 | 2307322 |
| 1720000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/29 | 1444150 |
| 45000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, (ETM) | 0.000 | 06/15/30 | 37658 |
| 765000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A | 0.000 | 06/15/30 | 629388 |
| 2500000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/30 | 2014682 |
| 17195000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/31 | 13284372 |
| 1350000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/35 | 877034 |
| 15000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 12/15/36 | 9007135 |
| 2000000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/37 | 1167270 |
| 9370000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A - NPFG Insured | 0.000 | 06/15/39 | 4851630 |
|  | TOTAL ILLINOIS |  |  | 68164828 |
|  | **INDIANA - 1.3%** |  |  |  |
| 1600000 (b) | Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B - AGM Insured, (ETM) | 0.000 | 06/01/30 | 1347577 |
| 2040000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding 2015A | 5.000 | 12/01/40 | 2041567 |
| 5060000 | Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2020A | 4.000 | 07/01/45 | 4696594 |
| 500000 | Northern Indiana Commuter Transportation District, Indiana, Limited Obligation Revenue Bonds, Series 2024 | 5.250 | 01/01/49 | 530498 |

---

---

| | |
|:---|:---|
| **42** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **INDIANA** (continued) |  |  |  |
| $1000000 | Zionsville Community Schools Building Corporation, Boone County, Indiana, First Mortgage Bonds, Series 2005Z - AGM Insured | 0.000% | 07/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892884 |
|  | TOTAL INDIANA |  |  | 9509120 |
|  | **IOWA - 0.2%** |  |  |  |
| 1165000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022, (Pre-refunded 12/01/32), (Mandatory Put 12/01/42) | 5.000 | 12/01/50 | 1314631 |
|  | TOTAL IOWA |  |  | 1314631 |
|  | **KENTUCKY - 0.1%** |  |  |  |
| 805000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation First Tier Series 2013C | 6.750 | 07/01/43 | 914250 |
|  | TOTAL KENTUCKY |  |  | 914250 |
|  | **LOUISIANA - 0.6%** |  |  |  |
| 1870000 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B - AGM Insured | 5.000 | 12/01/42 | 1896640 |
| 500000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/54 | 519499 |
| 2000000 | New Orleans, Louisiana, General Obligation Bonds, Public Improvement Series 2024A | 5.000 | 12/01/53 | 2073511 |
|  | TOTAL LOUISIANA |  |  | 4489650 |
|  | **MARYLAND - 0.7%** |  |  |  |
| 5000000 | Maryland Department of Transportation, Special Transportation Project Revenue Bonds, Baltimore/Washington International Thurgood Marshall Airport, Series 2024A, (AMT) | 5.250 | 08/01/54 | 5199527 |
|  | TOTAL MARYLAND |  |  | 5199527 |
|  | **MASSACHUSETTS - 4.7%** |  |  |  |
| 3000000 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019 | 5.000 | 06/15/49 | 2969569 |
| 10000000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1 | 4.000 | 10/01/46 | 9371089 |
| 2230000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1 | 5.000 | 10/01/46 | 2269283 |
| 6500000 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N | 5.000 | 12/01/46 | 6438854 |
| 920000 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc., Refunding Series 2019 | 5.000 | 10/01/49 | 923825 |
| 600000 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L | 3.625 | 07/01/37 | 525700 |
| 3000000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015B | 4.000 | 05/01/45 | 2791912 |
| 2415000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated Bridge Programs, Series 2017A | 5.000 | 06/01/47 | 2446507 |
| 5000000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Sustainability Green Series 2022A | 5.000 | 06/01/50 | 5159992 |
| 1000000 | Newburyport, Massachusetts, General Obligation Bonds, Municipal Purpose Loan, Refunding Series 2013 | 4.000 | 01/15/30 | 1000084 |
| 480000 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2014-1 | 5.000 | 11/01/39 | 480263 |
|  | TOTAL MASSACHUSETTS |  |  | 34377078 |
|  | **MICHIGAN - 1.5%** |  |  |  |
| 5000000 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Refunding Series 2024A | 5.250 | 07/01/54 | 5298062 |
| 385000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I | 5.000 | 04/15/38 | 386992 |
| 4000000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I | 5.000 | 04/15/35 | 4078342 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **43** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NXP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN** (continued) |  |  |  |
| $1000000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2023B - AGM Insured, (AMT) | 5.500% | 12/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066718 |
|  | TOTAL MICHIGAN |  |  | 10830114 |
|  | **MINNESOTA - 1.4%** |  |  |  |
| 3050000 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2024A | 5.250 | 01/01/54 | 3144161 |
| 1000000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2024 | 4.000 | 05/01/50 | 902594 |
| 1300000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2024 | 5.000 | 05/01/54 | 1325003 |
| 3850000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A | 6.000 | 09/01/51 | 3884074 |
| 1200000 (a) | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Metro Deaf School Project, Series 2018A | 5.000 | 06/15/38 | 1152603 |
|  | TOTAL MINNESOTA |  |  | 10408435 |
|  | **MISSOURI - 3.5%** |  |  |  |
| 5000000 | Jackson County, Missouri, Special Obligation Bonds, Series 2023A | 5.250 | 12/01/47 | 5280228 |
| 7000000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, (AMT) | 5.000 | 03/01/54 | 7010639 |
| 5000000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Improvement Series 2004B-1 - AMBAC Insured | 0.000 | 04/15/30 | 4115283 |
| 2000000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A | 5.000 | 11/15/38 | 2000657 |
| 1700000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A | 4.000 | 02/15/54 | 1556811 |
| 5560000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2017 | 5.000 | 09/01/48 | 5427366 |
|  | TOTAL MISSOURI |  |  | 25390984 |
|  | **NEBRASKA - 1.5%** |  |  |  |
| 3550000 | Central Plains Energy Project, Nebraska, Gas Project 4 Revenue Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29) | 5.000 | 05/01/54 | 3705687 |
| 3000000 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017 | 5.000 | 11/15/47 | 3014877 |
| 545000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 4.125 | 11/01/36 | 526621 |
| 2700000 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015 | 5.000 | 11/01/45 | 2692850 |
| 250000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/26 | 250666 |
| 305000 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018 | 5.000 | 07/01/27 | 305565 |
|  | TOTAL NEBRASKA |  |  | 10496266 |
|  | **NEVADA - 0.2%** |  |  |  |
| 1710000 | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A | 5.000 | 09/01/37 | 1731873 |
|  | TOTAL NEVADA |  |  | 1731873 |

---

---

| | |
|:---|:---|
| **44** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **NEW JERSEY - 5.2%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495000 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013 | 5.000% | 01/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497071 |
| 940000 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013 - AGM Insured, (AMT) | 5.125 | 01/01/39 | 941842 |
| 2000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, (Pre-refunded 12/15/26) | 5.500 | 06/15/31 | 2091475 |
| 305000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A - AGM Insured | 5.000 | 07/01/28 | 306053 |
| 260000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A - AGM Insured | 5.000 | 07/01/29 | 260841 |
| 4900000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AMBAC Insured | 0.000 | 12/15/28 | 4335828 |
| 35000000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C - AGM Insured | 0.000 | 12/15/34 | 24262420 |
| 2000000 (b) | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, (Pre-refunded 6/15/25) | 5.250 | 06/15/29 | 2009966 |
|  | TOTAL NEW JERSEY |  |  | 37705496 |
|  | **NEW MEXICO - 0.3%** |  |  |  |
| 1000000 | Farmington Municipal School District 5, San Juan County, New Mexico, General Obligation Bonds, School Building Series 2015 | 5.000 | 09/01/28 | 1008510 |
| 1035000 | University of New Mexico, Revenue Bonds, Refunding & Improvement Subordinate Lien Series 2016A | 4.500 | 06/01/36 | 1046519 |
|  | TOTAL NEW MEXICO |  |  | 2055029 |
|  | **NEW YORK - 4.4%** |  |  |  |
| 2500000 | Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024 | 5.500 | 10/01/54 | 2662562 |
| 1115000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024B | 5.000 | 03/15/49 | 1168635 |
| 1260000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series HH | 5.000 | 06/15/37 | 1265771 |
| 3775000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2024 Series BB-2 | 5.250 | 06/15/47 | 4034723 |
| 10000000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020A | 4.000 | 03/15/45 | 9297227 |
| 5000000 | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) | 5.250 | 12/31/54 | 5174901 |
| 2500000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirty-Four Series 2022, (AMT) | 5.250 | 08/01/47 | 2592788 |
| 5210000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox- City Sales Tax, Series 2024A-1 | 5.000 | 05/15/54 | 5392775 |
|  | TOTAL NEW YORK |  |  | 31589382 |
|  | **NORTH CAROLINA - 0.1%** |  |  |  |
| 1000000 | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023B, (AMT) | 5.000 | 07/01/48 | 1017612 |
|  | TOTAL NORTH CAROLINA |  |  | 1017612 |
|  | **OHIO - 0.3%** |  |  |  |
| 2000000 | 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 | 1765405 |
| 250000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D | 3.375 | 08/01/29 | 245020 |
|  | TOTAL OHIO |  |  | 2010425 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **45** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NXP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **OKLAHOMA - 0.9%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.000% | 08/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246980 |
| 5000000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2023 | 5.500 | 01/01/53 | 5350384 |
|  | TOTAL OKLAHOMA |  |  | 6597364 |
|  | **OREGON - 2.8%** |  |  |  |
| 500000 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Columbia Memorial Hospital Project, Series 2024 | 5.250 | 08/01/54 | 511828 |
| 1505000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D | 5.000 | 06/15/36 | 1549158 |
| 60000 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A | 5.000 | 06/15/40 | 61581 |
| 500000 | Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds, Willamette View Project, Series 2017A | 5.000 | 11/15/52 | 471582 |
| 2000000 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Deferred Interest Series 2017A | 0.000 | 06/15/41 | 890306 |
| 2130000 | Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2020A | 5.000 | 08/15/50 | 2156032 |
| 2000000 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B | 5.000 | 10/01/40 | 1974854 |
| 5000000 | Oregon Health and Science University, Revenue Bonds, Green Series 2021A | 4.000 | 07/01/44 | 4790411 |
| 3000000 | Port of Portland, Oregon, International Airport Revenue Bonds, Green Series 2024-30A, (AMT) | 5.250 | 07/01/54 | 3096120 |
| 2500000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Refunding Series 2016A | 5.000 | 05/15/46 | 2487464 |
| 750000 | Washington and Clackamas Counties School District 23J Tigard- Tualatin, Oregon, General Obligation Bonds, Series 2017 | 5.000 | 06/15/30 | 781722 |
| 1500000 | Yamhill County, Oregon, Revenue Bonds, George Fox University Project, Refunding Series 2021 | 4.000 | 12/01/36 | 1496047 |
|  | TOTAL OREGON |  |  | 20267105 |
|  | **PENNSYLVANIA - 4.4%** |  |  |  |
| 1500000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B | 3.750 | 10/01/47 | 1248607 |
| 1000000 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2020 | 5.000 | 11/15/45 | 1013720 |
| 755000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of Higher Education, Series 2016AT-1, (ETM) | 5.000 | 06/15/31 | 822026 |
| 4180000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of Higher Education, Series 2016AT-1 | 5.000 | 06/15/31 | 4269129 |
| 65000 (b) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of Higher Education, Series 2016AT-1, (Pre- refunded 6/15/26) | 5.000 | 06/15/31 | 66429 |
| 3000000 (e) | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2024B-1, (UB) | 5.000 | 11/01/51 | 3108038 |
| 10000000 (e) | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2024-147A, (UB) | 4.700 | 10/01/49 | 9907570 |
| 6000000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2 | 5.000 | 12/01/48 | 6130212 |
| 5000000 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2024C | 5.250 | 09/01/49 | 5333540 |
|  | TOTAL PENNSYLVANIA |  |  | 31899271 |
|  | **PUERTO RICO - 2.4%** |  |  |  |
| 21600000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 7086621 |
| 2550000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 4.750 | 07/01/53 | 2455425 |
| 4000000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.329 | 07/01/40 | 3901837 |

---

---

| | |
|:---|:---|
| **46** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **PUERTO RICO** (continued) |  |  |  |
| $3624000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784% | 07/01/58 | $3455120 |
| 500206 | Puerto Rico, General Obligation Bonds, Clawback Highway Transportation Authority Claims Taxable Series 2022 | 0.000 | 11/01/51 | 311378 |
|  | TOTAL PUERTO RICO |  |  | 17210381 |
|  | **SOUTH CAROLINA - 0.3%** |  |  |  |
| 1940000 | South Carolina State Ports Authority, Revenue Bonds, Series 2018, (AMT) | 5.000 | 07/01/48 | 1941664 |
|  | TOTAL SOUTH CAROLINA |  |  | 1941664 |
|  | **SOUTH DAKOTA - 0.1%** |  |  |  |
| 1000000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015 | 5.000 | 11/01/35 | 1007001 |
|  | TOTAL SOUTH DAKOTA |  |  | 1007001 |
|  | **TENNESSEE - 1.4%** |  |  |  |
| 4695000 | Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A - AGM Insured | 5.250 | 07/01/56 | 4931394 |
| 5000000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, (AMT) | 5.000 | 07/01/49 | 5032212 |
|  | TOTAL TENNESSEE |  |  | 9963606 |
|  | **TEXAS - 6.4%** |  |  |  |
| 110000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/33 | 110589 |
| 85000 (b) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/34 | 85456 |
| 240000 (b) | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, (Pre-refunded 7/01/25) | 5.000 | 01/01/35 | 241286 |
| 1160000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015 | 5.000 | 12/01/45 | 1160581 |
| 480000 (b) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/30 | 394274 |
| 2935000 (b) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured, (ETM) | 0.000 | 11/15/30 | 2410821 |
| 1405000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/32 | 1003386 |
| 2045000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/36 | 1112561 |
| 465000 (b) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/36 | 270297 |
| 10315000 (b) | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, (Pre-refunded 11/15/31) - NPFG Insured | 0.000 | 11/15/41 | 4386448 |
| 2165000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H - NPFG Insured | 0.000 | 11/15/41 | 834832 |
| 3045000 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured | 0.000 | 11/15/34 | 1918690 |
| 8110000 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A - NPFG Insured | 0.000 | 11/15/38 | 3909434 |
| 5325000 | Irving Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2023 | 5.000 | 02/15/41 | 5663064 |
| 13410000 | Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Schoolhouse Series 2023A | 5.000 | 02/15/53 | 13902649 |
| 1500000 | Midland Independent School District, Midland County, Texas, General Obligation Bonds, School Building Series 2024 | 5.000 | 02/15/50 | 1534149 |
| 430000 (a) | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT) | 4.625 | 10/01/31 | 428763 |
| 3845000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Cook Children's Medical Center, Series 2025 | 5.250 | 12/01/49 | 4127354 |

---

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **47** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NXP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **TEXAS** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A | 4.000% | 11/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188922 |
| 2410000 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A - AMBAC Insured | 0.000 | 08/15/25 | 2379956 |
|  | TOTAL TEXAS |  |  | 46063512 |
|  | **UTAH - 0.3%** |  |  |  |
| 2095000 | Millard School District, Utah, Lease Revenue Bonds Local Building Authority Series 2024 - BAM Insured | 5.000 | 05/15/49 | 2206091 |
|  | TOTAL UTAH |  |  | 2206091 |
|  | **VIRGIN ISLANDS - 0.2%** |  |  |  |
| 1645000 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A | 5.000 | 10/01/39 | 1674457 |
|  | TOTAL VIRGIN ISLANDS |  |  | 1674457 |
|  | **WASHINGTON - 4.2%** |  |  |  |
| 5000000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, (AMT) | 5.000 | 04/01/44 | 5057087 |
| 3485000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2021C, (AMT) | 5.000 | 08/01/46 | 3529387 |
| 1285000 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1 - BAM Insured | 4.000 | 08/01/44 | 1205889 |
| 4000000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A | 5.000 | 10/01/32 | 4010192 |
| 5000000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D | 5.000 | 10/01/38 | 5009662 |
| 8390000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Refunding Series 2021B | 4.000 | 07/01/58 | 7374477 |
| 2060000 | Washington State, General Obligation Bonds, Various Purpose Series 2016A-1 | 5.000 | 08/01/39 | 2068948 |
| 2115000 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F - NPFG Insured | 0.000 | 12/01/27 | 1947346 |
|  | TOTAL WASHINGTON |  |  | 30202988 |
|  | **WISCONSIN - 1.3%** |  |  |  |
| 3290000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012 | 5.000 | 06/01/39 | 3294221 |
| 985000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, (Pre-refunded 5/15/26) | 4.000 | 11/15/46 | 998246 |
| 1015000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A | 4.000 | 11/15/46 | 893456 |
| 3855000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016 | 5.000 | 12/01/41 | 3903650 |
|  | TOTAL WISCONSIN |  |  | 9089573 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $708,215,822)** |  |  | **731669043** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $708,215,822)** |  |  | **731669043** |

---

---

| | |
|:---|:---|
| **48** | *See Notes To Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 0.4%** |  |  |  |
|  | **MUNICIPAL BONDS - 0.4%** |  |  |  |
|  | **WISCONSIN - 0.4%** |  |  |  |
| $3000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Public Finance Authority of Wisconsin, Health Care System Revenue Bonds, Cone Health, Refunding Series 2023B | 3.550% | 10/01/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
|  | TOTAL WISCONSIN |  |  | 3000000 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(Cost $3,000,000)** |  |  | **3000000** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $3,000,000)** |  |  | **3000000** |
|  | **TOTAL INVESTMENTS - 101.4%**<br> **(Cost $711,215,822)** |  |  | **734669043** |
|  | **FLOATING RATE OBLIGATIONS - (3.6)%** |  |  | **(26400000)** |
|  | **OTHER ASSETS & LIABILITIES, NET - 2.2%** |  |  | **16033199** |
|  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**724302242** |

---

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

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 reporting period, the aggregate value of these securities is $17,451,815 or 2.4% 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 reporting period.

(d) When-issued or delayed delivery security.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(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.

---

| | |
|:---|:---|
| *See Notes To Financial Statements* | **49** |

---

------

**Statement of Assets and Liabilities** 

---

| | | |
|:---|:---|:---|
| **March 31, 2025** | **NIM** | **NXP** |
|  **ASSETS** |  |  |
|  Long-term investments, at value<sup>†</sup> | $119234624 | $731669043 |
|  Short-term investments, at value<sup>à</sup> |  | 3000000 |
|  Cash | 36491 | 6004638 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Interest | 1357327 | 7372552 |
| &nbsp;&nbsp;&nbsp; Investments sold | 165379 | 3023625 |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 215317 |
| &nbsp;&nbsp;&nbsp; Sale of Vistra Vision interest<sup>#</sup><sup>(1)</sup> | 2424884 | 3561100 |
|  Deferred offering costs |  | 188996 |
|  Other | 173 | 99571 |
|  **Total assets** | **123218878** | **755134842** |
|  **LIABILITIES** |  |  |
|  Floating rate obligations |  | 26400000 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp; Management fees | 47916 | 114702 |
| &nbsp;&nbsp;&nbsp; Dividends | 336806 | 2519706 |
| &nbsp;&nbsp;&nbsp; Interest | 65 | 250224 |
| &nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement | 357174 | 1254977 |
| &nbsp;&nbsp;&nbsp; Vistra Vision sale transactions costs<sup>(1)</sup> | 57213 | 84021 |
|  Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 25690 | 36693 |
| &nbsp;&nbsp;&nbsp; Investor relations | 1027 | 11038 |
| &nbsp;&nbsp;&nbsp; Trustees fees | 2879 | 110701 |
| &nbsp;&nbsp;&nbsp; Professional fees | 4848 | 4778 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 7168 | 31732 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 338 | 2971 |
|  Other | 1859 | 11057 |
|  **Total liabilities** | **842983** | **30832600** |
|  **Commitments and contingencies<sup>(2)</sup>** |  |  |
|  **Net assets applicable to common shares** | $**122375895** | $**724302242** |
|  Common shares outstanding | 12446597 | 50851510 |
|  Net asset value ("NAV") per common share outstanding | $9.83 | $14.24 |
|  **NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:** |  |  |
|  Common shares, $0.01 par value per share | $124466 | $508515 |
|  Paid-in capital | 123856804 | 714228263 |
|  Total distributable earnings (loss) | (1605375) | 9565464 |
|  Net assets applicable to common shares | $122375895 | $724302242 |
|  Authorized shares: |  |  |
| &nbsp;&nbsp;&nbsp; Common | Unlimited | Unlimited |
|  <sup>†</sup> Long-term investments, cost | $121935608 | $708215822 |
|  à Short-term investments, cost | $– | $3000000 |
|  # Net of discount of | $175719 | $258055 |

---

<sup>(1)</sup> Refer to Note 4 of the Notes to Financial Statements for more information.

<sup>(2)</sup> As disclosed in Notes to Financial Statements.

*See Notes to Financial Statements* 

#### 50

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## Statement of Operations

---

| | | |
|:---|:---|:---|
| **Year Ended March 31, 2025** | **NIM** | **NXP** |
|  **INVESTMENT INCOME** |  |  |
|  Dividends | $18863 | $27702 |
|  Interest | 4815062 | 32932460 |
|  Total investment income | 4833925 | 32960162 |
|  **EXPENSES** |  |  |
|  Management fees | 569467 | 1323588 |
|  Shareholder servicing agent fees | 2223 | 17967 |
|  Interest expense | 8057 | 280963 |
|  Trustees fees | 4770 | 27455 |
|  Custodian expenses, net | 53374 | 36836 |
|  Investor relations expenses | 6561 | 32896 |
|  Professional fees | 48745 | 94501 |
|  Shareholder reporting expenses | 24754 | 59171 |
|  Stock exchange listing fees | 7794 | 15313 |
|  Other | 15393 | 52528 |
|  Total expenses | 741138 | 1941218 |
|  **Net investment income (loss)** | **4092787** | **31018944** |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2106324 | 1955801 |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1165399) |  |
|  Net realized gain (loss) | 940925 | 1955801 |
|  Change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3164715) | (23430750) |
|  Net change in unrealized appreciation (depreciation) | (3164715) | (23430750) |
|  Net realized and unrealized gain (loss) | (2223790) | (21474949) |
|  **Net increase (decrease) in net assets applicable to common shares from operations** | $**1868997** | $**9543995** |

---

*See Notes to Financial Statements* 

#### 51

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NIM** | **NIM** | **NXP** | **NXP** |
|  | **Year Ended**<br> **3/31/25** | **Year Ended** <br> **3/31/24**  | **Year Ended**<br> **3/31/25** | **Year Ended** <br> **3/31/24**  |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $4092787 | $3850109 | $31018944 | $28587867 |
|  Net realized gain (loss) | 940925 | 1108535 | 1955801 | (2647731) |
|  Net change in unrealized appreciation (depreciation) | (3164715) | (577161) | (23430750) | 5458669 |
|  Net increase (decrease) in net assets applicable to common shares from operations | 1868997 | 4381483 | 9543995 | 31398805 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |  |  |
|  Dividends | (4503180) | (3883338) | (30331466) | (27510589) |
|  Total distributions | (4503180) | (3883338) | (30331466) | (27510589) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Common shares: |  |  |  |  |
|  Proceeds from shelf offering, net of offering costs |  |  | 42058342 | 15928457 |
|  Reinvestments of distributions |  |  | 703222 | 455655 |
|  Net increase (decrease) applicable to common shares from capital share transactions |  |  | 42761564 | 16384112 |
|  Net increase (decrease) in net assets applicable to common shares | (2634183) | 498145 | 21974093 | 20272328 |
|  Net assets applicable to common shares at the beginning of the period | 125010078 | 124511933 | 702328149 | 682055821 |
|  **Net assets applicable to common shares at the end of the period** | $**122375895** | $**125010078** | $**724302242** | $**702328149** |

---

*See Notes to Financial Statements* 

#### 52

------

[This page intentionally left blank.]

#### 53

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | **Common Share** | **Common Share** | **Common Share** |
| <br> **NIM** |<br>**Common<br>Share<br>Net Asset<br>Value,**<br> **Beginning**<br> **of Period**<br> | **Net<br>Investment<br> Income (NII)**<br> (Loss)<sup>(a)</sup><br> | **Net Realized/<br>Unrealized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (Loss)**<br> | **Total** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From**<br> **NII**<br> | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net**<br> **Realized<br>Gains**<br> | **Total** | **Discount**<br> **Per**<br> **Share<br> Repurchased**<br> **and Retired**<br> | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,**<br> **End of**<br> **Period**<br> | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share<br>Price,<br>End of**<br> **Period**<br> |
|  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** |  |  |  |  |  |  |  |  |  |  |
|  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) | – <sup>(d)</sup> | 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 dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend 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 dividend 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 dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend 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 dividend 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. <br>

#### 54

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** |
| **Common Share**<br> **Total Returns** | **Common Share**<br> **Total Returns** | | **Ratios to Average**<br> **Net Assets** | **Ratios to Average**<br> **Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>** | **Based**<br> **on**<br> **Share**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price<sup>(b)</sup>** | **Net**<br> **Assets,**<br> **End of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000)** | **Expenses<sup>(c)</sup>** | **Net**<br> **Investment**<br> **Income**<br> (Loss)<sup>(c)</sup> | **Portfolio**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turnover**<br> **Rate** |
|  1.51% | 7.88% | $122376 | 0.60% | 3.32% | 20% |
| 3.61  | 0.85 | 125010 | 0.58 | 3.13 | 23 |
| 0.17  | (0.79) | 124512 | 0.57 | 2.84 | 21 |
| (2.31)  | (7.98) | 127668 | 0.56 | 2.54 | 13 |
| 6.73  | 13.22 | 134048 | 0.56 | 2.69 | 12 |
| 1.41  | 3.84 | 724302 | 0.27 | 4.35 | 21 |
| 4.70  | 5.11 | 702328 | 0.23 | 4.21 | 26 |
| 0.07  | 3.19 | 682056 | 0.24 | 3.53 | 22 |
| (4.24)  | (14.16) | 708249 | 0.29 | 3.26 | 13 |
| 7.16  | 20.16 | 271091 | 0.26 | 3.64 | 10 |

---

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to reverse repurchase agreements (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: <br>

---

| | | |
|:---|:---|:---|
|  | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** |
|  | **NIM** | **NXP** |
|  3/31/25 | 0.01% | 0.04% |
|  3/31/24 |  |  |
|  3/31/23 |  |  |
|  3/31/22 |  |  |
|  3/31/21 | – | – |

---

(d) Value rounded to zero.

*See Notes to Financial Statements* 

#### 55

------

## Notes to Financial Statements
**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 March 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 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.

**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. Each Fund is an investment company and follows 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 shareholder transactions. The NAV for financial reporting purposes includes security and common shares transactions through the date of the report. Total return is computed based on the NAV used for processing security and common shares transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

**Compensation:** The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

**Custodian Fee Credit:** As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the current reporting period, the custodian fee credit earned by each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Gross<br>Custodian Fee**<br> **Credits** |
|  **NIM** | $6402 |
|  **NXP** | 32839 |

---

**Distributions to Common Shareholders:** Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares (stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode.

**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.

#### 56

------

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

**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 reporting period, if any, are further described later in these Notes to Financial Statements.

**Segment Reporting:** In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

**New Accounting Pronouncement**: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**3.** **Investment Valuation and Fair Value Measurements** 

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

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

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

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

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in

#### 57

------

**Notes to Financial Statements** (continued)

accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

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 reporting period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NIM** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1249387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1249387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 117985237 |  | 117985237 |
|  Total | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119234624 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119234624 |
| **NXP** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $731669043 | $– | $731669043 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 3000000 |  | 3000000 |
|  Total | $– | $734669043 | $– | $734669043 |

---

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** 

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.

#### 58

------

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

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 reporting 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 reporting 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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Floating Rate<br>Obligations: Self-**<br> **Deposited<br>Inverse Floaters** | **Floating Rate<br>Obligations:<br>Externally-Deposited<br>Inverse Floaters** | **Total** |
|  **NIM** | $— | $– $|  |
|  **NXP** | 26400000 | – | 26400000 |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Floating<br>Rate Obligations<br>Outstanding** | **Average Annual<br>Interest Rate<br>And Fees** |
|  **NIM** | $— | —% |
|  **NXP** | 7730411 | 3.25 |

---

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

#### 59

------

**Notes to Financial Statements** (continued)

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as "shortfall payments"). Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

As of the end of the reporting 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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Maximum Exposure<br>to Recourse Trusts:<br>Self-Deposited<br>Inverse Floaters** | **Maximum Exposure<br>to Recourse Trusts:<br>Externally-Deposited<br>Inverse Floaters** | **Total** |
|  **NIM** | $— | $– $|  |
|  **NXP** | 26400000 | – | 26400000 |

---

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Non-U.S.**<br> **Government<br>Purchases** | **U.S.**<br> **Government<br>Purchases** | **Non-U.S.**<br> **Government Sales<br>and Maturities** | **U.S.**<br> **Government**<br> **Sales** |
|  **NIM** | $23681155 | $767522 | $27571031 | $2597 |
|  **NXP** | 195903091 |  | 151146543 |  |

---

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 reporting 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. During the current fiscal period, NIM and NXP sold their interest back to Vistra and recognized a realized gain of $2,267,427 and $3,208,541, respectively which is recognized as "Realized gain(loss) from investments" on the Statement of Operations.

**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.

**Total Return Swap Contracts:** During the current fiscal period, NIM used total return swaps to help manage the equity risk of the portfolio's Vistra Vision exposure.

In a total return swap, one party agrees to pay the other the total return of a defined underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. The Fund entered into a total return swap involving an underlying index or basket of securities to create exposure to a number of securities in a single trade. An index total return swap can be used by the Fund to assume risk, without the complications of buying the component securities from what may not always be the most liquid of markets.

Total return swap contracts are valued daily. Changes in the value of a total return swap during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" and realized gains and losses are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations.

#### 60

------

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

For over-the-counter ("OTC") swaps, the daily change in market value of the swap contract, along with any daily interest accrued, are recognized as components of "Unrealized appreciation or depreciation on credit default swaps" on the Statement of Assets and Liabilities.

The average notional amount of Total Return swap contracts outstanding during the current fiscal period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Notional**<br> **Amount of<br>Swap Contracts<br>Outstanding\*** |
|  **NIM** | $2544619 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding from August 7, 2024 (first swap contract entered) through October 7, 2024 (last swap contract exited). 

During the current fiscal period, the effect of derivative contracts on the Funds' Statements of Operations was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Risk Exposure** | **Net Realized Gain**<br> (Loss) | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **NIM** |  |  |  |
|  Swap contracts | Equity | $(1165399) | $– |

---

**Market and Counterparty Credit Risk:** In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

**6.** **Fund Shares** 

**Common Shares Equity Shelf Programs and Offering Costs:** 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:

---

| | | |
|:---|:---|:---|
|  | **NXP** | **NXP** |
|  | **Year Ended<br>3/31/25** | **Year Ended<br>3/31/24<sup>1</sup>** |
|  Additional authorized common shares | 14000000 | 14000000 |
|  Common shares sold | 2865356 | 1101796 |
|  Offering proceeds, net of offering costs | 42058342 | 15928457 |

---

<sup>1</sup> Represents additional authorized shares for the period July 5, 2023 through March 31, 2024.

#### 61

------

**Notes to Financial Statements** (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NIM** | **NIM** | **NXP** | **NXP** |
|  | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** | **Year Ended**<br> **3/31/25** | **Year Ended**<br> **3/31/24** |
|  Common Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold through shelf offering |  |  | 2865356 | 1101796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued to shareholders due to reinvestment of distributions |  |  | 48169 | 31500 |
|  Total | – | – | 2913525 | 1133296 |
|  Weighted average common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium to NAV per shelf offering common share sold | –% | –% | 1.71% | 0.56% |

---

**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.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, paydowns, taxable market discount, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **NIM** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120516427 | $1929788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3211591) | $(1281803) |
|  **NXP** | 680119838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37929578 | (9780373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28149205 |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Tax-Exempt**<br> **Income<sup>1</sup>** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed<br>Long-Term**<br> **Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Capital Loss<br>Carryforwards** | **Late-Year Loss**<br> **Deferrals** | **Other**<br> **Book-to-Tax<br>Differences** | **Total** |
|  **NIM** | $524389 | $45556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(1281803) | $(551236) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(342281) | $(1605375) |
|  **NXP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149712 | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28149205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20476873) | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2638951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565464 |

---

<sup>1</sup> 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.

#### 62

------

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

The tax character of distributions paid was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **3/31/25** | **3/31/25** | **3/31/25** | **3/31/24** | **3/31/24** | **3/31/24** |
| **Fund** | **Tax-Exempt**<br> **Income<sup>1</sup>** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gains** | **Tax-Exempt**<br> **Income** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** |
|  **NIM** | $3870492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431431 | $3883118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  **NXP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29978772 | 352694 | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27510589 | – | – |

---

<sup>1</sup> Each Fund designates these amounts paid during the period as Exempt Interest Dividends. 

As of year end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
|  **NIM** | $551236 | $– | $551236 |
|  **NXP<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14991763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476873 |

---

<sup>1</sup> A portion of NXP's capital loss carryforwards is subject to a limitation under the Internal Revenue Code and related regulations.

As of year end, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
|  **NIM** | $– |
|  **NXP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725807 |

---

**8.** **Management Fees and Other Transactions with Affiliates** 

The annual fund-level fee, payable monthly is calculated according to the following schedules:

---

| | |
|:---|:---|
| **Average Daily Net Assets\*** | **NIM**<br> **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**<br> **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 |

---

#### 63

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**Notes to Financial Statements** (continued)

For the period April 1, 2024 through April 30, 2024 annual complex-level fee, payable monthly, for each Fund was calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets:

---

| | |
|:---|:---|
| **Complex-Level Eligible Asset Breakpoint Level\*** | **Effective Complex-Level Fee Rate at Breakpoint Level** |
|  $55 billion | 0.2000% |
|  $56 billion | 0.1996 |
|  $57 billion | 0.1989 |
|  $60 billion | 0.1961 |
|  $63 billion | 0.1931 |
|  $66 billion | 0.1900 |
|  $71 billion | 0.1851 |
|  $76 billion | 0.1806 |
|  $80 billion | 0.1773 |
|  $91 billion | 0.1691 |
|  $125 billion | 0.1599 |
|  $200 billion | 0.1505 |
|  $250 billion | 0.1469 |
|  $300 billion | 0.1445 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, 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. 

Effective May 1, 2024 the annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

---

| | |
|:---|:---|
| **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 |

---

\* 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 March 31, 2025, the annual complex-level fee for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Complex-Level Fee** |
|  NIM | 0.1580% |
|  **NXP** | 0.1580% |

---

**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.

#### 64

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

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** |
|  **NIM** | $– | $– | $– |
|  **NXP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14270549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9479854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340011) |

---

**9.** **Borrowing Arrangements** 

**Committed Line of Credit:** The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser ("Participating Funds"), have established a 364-day, $2.700 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 2025 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Fund utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:

---

| | |
|:---|:---|
| **Fund** | **Maximum<br> Outstanding**<br> **Balance** |
|  **NIM** | $253744 |
|  **NXP** | – |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average<br>Daily Balance<br>Outstanding** | **Average Annual<br>Interest Rate** |
|  **NIM** | 4 | $213673 | 6.41% |
|  **NXP** | – | – | – |

---

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-

#### 65

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**Notes to Financial Statements** (continued)

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.

#### 66

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## Shareholder Update
(Unaudited)

#### CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS

#### NUVEEN SELECT MATURITIES MUNICIPAL FUND (NIM)

#### Investment Objectives
The Fund's primary investment objective is current income exempt from regular federal income tax, consistent with the preservation of capital. Its secondary investment objective is the enhancement of portfolio value relative to the municipal bond market through investments in tax-exempt municipal obligations that, in the opinion of the Fund's investment adviser, are underrated or undervalued or that represent municipal market sectors that are undervalued.

#### Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income tax.

As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities with effective remaining maturities of fifteen years or less at the time of purchase.

"Assets" mean the net assets of the Fund plus the amount of any borrowings for investment purposes. "Managed Assets" mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund's use of leverage (whether or not those assets are reflected in the Fund's financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

· The Fund will invest at least 80% of its Managed Assets in municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (an "NRSRO") or are unrated but judged to be of comparable quality by the Fund's sub-adviser.

· The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund's sub-adviser.

· No more than 10% of the Fund's Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund's sub-adviser.

· The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals ("AMT Bonds").

· The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

· The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies (including exchange-traded funds ("ETFs")) that invest primarily in municipal securities of the types in which the Fund may invest directly.

· The Fund will generally maintain an investment portfolio with an overall weighted average maturity of less than 15 years. The foregoing policies apply only at the time of any new investment.

*Approving Changes in Investment Policies* 

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund's (i) investment objectives (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income tax and (iii) policy of investing at least 80% of its Assets in municipal securities with effective remaining maturities of fifteen years or less at the time of purchase, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A "majority of the outstanding" shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

*Portfolio Contents* 

The Fund generally invests in municipal securities, including municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts ("TOB trusts"), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

#### 67

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Shareholder Update (continued)

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days' notice, of all or any part of the Fund's participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer's receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre- refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre- refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund's investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in "tobacco settlement bonds." Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

#### 68

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

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an "embedded index"), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the "1933 Act"), and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks ("MMD Rate Locks")), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund's yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short-term and long-term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act"), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission ("SEC").

The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund's sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer's securities are already held by the Fund.

*Use of Leverage* 

As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as preferred shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes or for repurchase of its shares as permitted by the 1940 Act, and invest in certain instruments, including inverse floating rate securities, that have the economic effect of leverage.

*Temporary Defensive Periods* 

During temporary defensive periods (e.g., times when, in the Fund's investment adviser's and/or the Fund's sub-adviser's opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), the Fund may invest up to 100% of its Managed Assets in short-term investments, including high quality, short-term securities that may be either tax-exempt or taxable, or may invest in short-, intermediate-, or long-term U.S. Treasury Bonds.

#### 69

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**Shareholder Update** (continued)

#### NUVEEN SELECT TAX-FREE INCOME PORTFOLIO (NXP)

#### Investment Objective
The Fund's investment objective is to provide current income exempt from regular federal income tax, consistent with preservation of capital.

#### Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income tax and federal alternative minimum tax.

Additionally, as a fundamental policy, the Fund may invest up to 20% of its Managed Assets (as defined below) in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals ("AMT Bonds").

"Assets" mean the net assets of the Fund plus the amount of any borrowings for investment purposes. "Managed Assets" mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund's use of leverage (whether or not those assets are reflected in the Fund's financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

· The Fund will invest at least 80% of its Managed Assets in municipal securities and other related investments that, at the time of investment, are rated within the four highest grades (BBB or Baa or better) by at least one nationally recognized statistical rating organization ("NRSRO") that rate such security (even if it is rated lower by another NRSRO) or are unrated but judged to be of comparable quality by the Fund's sub- adviser.

· The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated by any NRSRO but judged to be of comparable quality by the Fund's sub-adviser.

· No more than 10% of the Fund's Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund's sub-adviser.

· The Fund will not invest more than 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin.

· The Fund may not enter into futures contracts or related options or forward contracts, if more than 30% of its Managed Assets would be represented by futures contracts or more than 5% of its Managed Assets would be committed to initial margin deposits and premiums on futures contracts and related options.

· The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

· The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies (including exchange traded funds ("ETFs")) that invest primarily in municipal securities of the types in which the Fund may invest directly.

· The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

*Approving Changes in Investment Policies* 

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund's (i) investment objective, (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income tax and federal alternative minimum tax and (iii) policy of investing up to 20% of its Managed Assets in AMT Bonds, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A "majority of the outstanding" shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

*Portfolio Contents* 

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts ("TOB trusts"), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

#### 70

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

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days' notice, of all or any part of the Fund's participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer's receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre- refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre- refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in "tobacco settlement bonds." Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund's investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust

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**Shareholder Update** (continued)

provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an "embedded index"), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks ("MMD Rate Locks")), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund's yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short-term and long-term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund's sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer's securities are already held by the Fund.

*Use of Leverage* 

As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as preferred shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes or for repurchase of its shares as permitted by the 1940 Act, and invest in certain instruments, including inverse floating rate securities, that have the economic effect of leverage because the Fund's investment exposure to the underlying bonds held by the trust have been effectively financed by the trust's issuance of floating rate certificates.

*Temporary Defensive Periods* 

During temporary defensive periods (e.g., times when, in the Fund's investment adviser's and/or the Fund's sub-adviser's opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), the Fund may invest up to 100% of its Managed Assets in short-term investments, including high quality, short-term securities that may be either tax-exempt or taxable, or may invest in short-, intermediate-, or long-term U.S. Treasury Bonds.

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#### PRINCIPAL RISKS OF THE FUNDS
The factors that are most likely to have a material effect on the Fund's portfolio as a whole are called "principal risks." The Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. The Fund may be subject to additional risks other than those identified and described below because the types of investments made by the Fund can change over time.

---

| | | |
|:---|:---|:---|
| **Risk** | **NIM** | **NXP** |
|  ***Portfolio Level Risks*** |  |  |
|  Alternative Minimum Tax Risk | X | X |
|  Below Investment Grade Risk | X | X |
|  Call Risk | X | X |
|  Credit Risk | X | X |
|  Credit Spread Risk | X | X |
|  Deflation Risk | X | X |
|  Derivatives Risk | X | X |
|  Direct Lending Risk | X | X |
|  Distressed or Defaulted Securities Risk | X | X |
|  Duration Risk | X | X |
|  Economic Sector Risk | X | X |
|  Financial Futures and Options Transactions Risk | X | X |
|  Floating and Variable Rate Securities Risk | X | X |
|  Hedging Risk | X | X |
|  Income Risk | X | X |
|  Inflation Risk | X | X |
|  Insurance Risk | X | X |
|  Interest Rate Risk | X | X |
|  Inverse Floating Rate Securities Risk | X | X |
|  Municipal Securities Risk | X | X |
|  Municipal Securities Market Liquidity Risk | X | X |
|  Municipal Securities Market Risk | X | X |
|  Other Investment Companies Risk | X | X |
|  Puerto Rico Municipal Securities Market Risk | X | X |
|  Reinvestment Risk | X | X |
|  Restricted and Illiquid Investments Risk | X | X |
|  Special Risks Related to Certain Municipal Obligations | X | X |
|  Structured Products Risk | X | X |
|  Swap Transactions Risk | X | X |
|  Tax Risk | X | X |
|  Taxability Risk | X | X |
|  Tobacco Settlement Bond Risk | X | X |
|  Unrated Securities Risk | X | X |
|  Valuation Risk | X | X |
|  When-Issued and Delayed Delivery Transactions Risk | X | X |
|  Zero Coupon Bonds Risk | X | X |

---

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Shareholder Update (continued)

---

| | | |
|:---|:---|:---|
| **Risk** | **NIM** | **NXP** |
| <br> ***Fund Level and Other Risks***<br>|  |  |
|  Anti-Takeover Provisions | X | X |
|  Counterparty Risk | X | X |
|  Cybersecurity Risk | X | X |
|  Economic and Political Events Risk | X | X |
|  Fund Tax Risk | X | X |
|  Global Economic Risk | X | X |
|  Investment and Market Risk | X | X |
|  Legislation and Regulatory Risk | X | X |
|  Market Discount from Net Asset Value | X | X |
|  Recent Market Conditions | X | X |

---

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#### Portfolio Level Risks:
**Alternative Minimum Tax Risk.** The Fund may invest in AMT Bonds. Therefore, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

**Below Investment Grade Risk.** Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer's capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer's revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund's ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.

**Call Risk.** The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or "called," before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

**Credit Risk.** Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and potentially a decrease in the net asset value ("NAV") of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund's portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

**Credit Spread Risk.** Credit spread risk is the risk that credit spreads (*i.e.,* the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund's securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

**Deflation Risk.** Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

**Derivatives Risk.** The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund's portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested.

It is possible that regulatory or other developments in the derivatives market, including changes in government regulation could adversely impact the Fund's ability to invest in certain derivatives or successfully use derivative instruments.

**Direct Lending Risk.** The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund's performance may be impacted by the Fund's ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce Fund performance.

As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used

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Shareholder Update (continued)

as collateral for the Fund's loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund's loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings.

**Distressed or Defaulted Securities Risk.** Investments in "distressed" securities, meaning those whose issuers are experiencing financial difficulties or distress at the time of acquisition, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale.

**Duration Risk.** Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security's coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

**Economic Sector Risk.** The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund's Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the value of the Fund's assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in one or more particular sectors, the Fund's performance may be subject to additional risk and variability.

**Financial Futures and Options Transactions Risk.** The Fund may use certain transactions for hedging the portfolio's exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission ("CFTC"). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

**Floating and Variable Rate Securities Risk.** Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed- income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Such securities also may lose value.

**Hedging Risk.** The Fund's use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser's and/or the sub-adviser's ability to predict correctly changes in the relationships of such hedge instruments to the Fund's portfolio holdings or other factors. No assurance can be given that the investment adviser's and/or the sub-adviser's judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund's opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

**Income Risk.** The Fund's level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase.

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**Insurance Risk.** The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers' capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.

**Interest Rate Risk.** Interest rate risk is the risk that municipal securities in the Fund's portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund's income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund's value. In typical market interest rate environments, the prices of longer- term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating - rate securities.

**Inverse Floating Rate Securities Risk.** In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund's investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.

The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.

The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:

· If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;

· If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and

· If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.

**Municipal Securities Risk.** The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state's credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer's ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund's sub-adviser than funds that invest in stock or other corporate investments.

**Municipal Securities Market Liquidity Risk.** Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund's ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund's ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities' prices and hurt performance.

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Shareholder Update (continued)

**Municipal Securities Market Risk.** The amount of public information available about the municipal securities in the Fund's portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund's ability to sell its municipal securities at attractive prices.

**Other Investment Companies Risk.** Investing in an investment company exposes the Fund to all of the risks of that investment company's investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund's leverage risk.

With respect to ETF's, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

**Puerto Rico Municipal Securities Market Risk.** To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as "Puerto Rico" or the "Commonwealth"), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund's investment portfolio.

Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund's investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. In both August 2015 and January 2016, Puerto Rico defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund's investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act ("PROMESA"), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico's case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico's debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation, including PROMESA, that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund's investments in Puerto Rican municipal securities.

These challenges and uncertainties have been exacerbated by Hurricanes Irma and Maria and the resulting natural disaster in Puerto Rico since 2017. In September 2017, Hurricanes Irma and Maria struck Puerto Rico, causing major damage across the Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time needed to rebuild Puerto Rico's infrastructure is unclear, but could amount to years, during which the commonwealth is likely to be in an uncertain economic state. The full extent of the natural disaster's impact on Puerto Rico's economy and foreign investment in Puerto Rico is difficult to estimate. More recently, in late December 2019 and January 2020, a series of earthquakes hit Puerto Rico, including a magnitude 6.4 earthquake, the most powerful earthquake to hit the island in more than a century, causing an estimated $200 million in damage. In addition, in early 2020, as the population of Puerto Rico worked to recover from these natural disasters, the island was significantly impacted by Covid, resulting in the Commonwealth's authorization of a $787 million relief package to fight the pandemic and its economic impacts. Any reduction in the Commonwealth's, revenues as a result of the pandemic could have a negative ability on the Commonwealth to meet its debt service obligations, including with respect to debt held by the Fund. Puerto Rico's political and economic conditions could have a negative impact on the liquidity or value of Puerto Rican municipal securities, and consequently may affect the Fund's investments and its performance if the Fund invests a significant portion of its assets in Puerto Rican municipal securities.

**Reinvestment Risk.** Reinvestment risk is the risk that income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the common shares' market price, NAV and/or a common shareholder's overall returns.

**Restricted and Illiquid Investments Risk.** Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund's NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme

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secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

**Special Risks Related to Certain Municipal Obligations.** Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund's original investment. In the event of non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.

Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.

**Structured Products Risk.** In addition to the general risks associated with investments in debt securities, holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty, valuation and liquidity risk. The Fund may have the right to receive payments to which it is entitled only from the structured product, and generally does not have direct rights against the issuer or the entity that sold assets to the special purpose trust. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. When investing in structured products, it is impossible to predict whether the underlying index or prices of the underlying securities will rise or fall, but prices of the underlying indices and securities (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Structured products may also be less liquid, more volatile and more difficult to price than other types of securities.

**Swap Transactions Risk.** Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

**Tax Risk.** The value of the Fund's investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.

**Taxability Risk.** The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as "exempt-interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.

**Tobacco Settlement Bond Risk.** Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state's proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the "MSA"). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.

**Unrated Securities Risk.** Unrated securities determined by the Fund's investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the investment adviser's credit analysis than would be the case when the Fund invests in rated securities.

**Valuation Risk.** The municipal securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an institutional "round lot" size, but some trades may occur in smaller, "odd lot" sizes, often at lower prices than institutional round lot trades. Different

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pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund's pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund's NAV.

**When-Issued and Delayed-Delivery Transactions Risk.** When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.

**Zero Coupon Bonds Risk.** Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.

#### Fund Level and Other Risks:
**Anti-Takeover Provisions.** The Declaration of Trust and the Fund's by-laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares.

**Counterparty Risk.** Changes in the credit quality of the companies that serve as the Fund's counterparties with respect to derivatives or other transactions supported by another party's credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities' capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

**Cybersecurity Risk.** The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through "hacking" or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

**Economic and Political Events Risk.** The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.

**Fund Tax Risk.** The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund's overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund's income would be subject to a double level of U.S. federal income tax. The Fund's income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.

**Global Economic Risk.** National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund's investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund's service providers, including the Fund's sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund.

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The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.

Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund's investments.

**Investment and Market Risk.** An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

**Legislation and Regulatory Risk.** At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

**Market Discount from Net Asset Value.** Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund's NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund's NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor's purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund's investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors' perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

**Recent Market Conditions.** Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund's investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

Ukraine has experienced ongoing military conflict, most recently in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel's southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country's products, has created a tense political environment. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on the Fund's performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Additionally, political uncertainty regarding U.S. policy, including the U.S. government's approach to trade, may also impact the markets and the Fund's performance.

The U.S. Federal Reserve (the "Fed") has in the past sharply raised interest rates and has signaled an intention to continue to do so or to maintain relatively higher interest rates until current inflation levels re-align with the Fed's long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation ("FDIC") was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally.

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The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

#### DIVIDEND REINVESTMENT PLAN

#### Nuveen Closed-End Funds Automatic Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

#### Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

#### How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the "Plan Agent") begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund's shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' NAV or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the "Plan") participants. These commissions usually will be lower than those charged on individual transactions.

#### Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

#### Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

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#### CHANGES OCCURRING DURING THE FISCAL YEAR
*The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.*

During the most recent fiscal year, there have been no changes required to be reported in connection with: (i) the Fund's investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Fund; (iv) the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders *except as follows*:

#### Principal Risks
The following risk factors were added as principal risks for the Funds:

**Direct Lending Risk.** The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund's performance may be impacted by the Fund's ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce Fund performance.

As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used as collateral for the Fund's loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund's loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings.

**Floating and Variable Rate Securities Risk.** Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed- income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Such securities also may lose value.

**Municipal Securities Risk.** The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state's credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer's ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund's sub-adviser than funds that invest in stock or other corporate investments.

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Shareholder Update (continued)

**Structured Products Risk.** In addition to the general risks associated with investments in debt securities, holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty, valuation and liquidity risk. The Fund may have the right to receive payments to which it is entitled only from the structured product, and generally does not have direct rights against the issuer or the entity that sold assets to the special purpose trust. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. When investing in structured products, it is impossible to predict whether the underlying index or prices of the underlying securities will rise or fall, but prices of the underlying indices and securities (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Structured products may also be less liquid, more volatile and more difficult to price than other types of securities.

**When-Issued and Delayed-Delivery Transactions Risk.** The Fund may invest in securities on a "when-issued" or "delayed-delivery" basis. When- issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.

#### 84

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

#### ADDITIONAL DISCLOSURES FOR THE FUND AS OF THE FISCAL YEAR ENDED MARCH 31, 2025

#### NUVEEN SELECT TAX-FREE INCOME PORTFOLIO (NXP)
This annual report includes the following additional disclosures for the Fund as it has an effective shelf offering registration statement on file with the Securities and Exchange Commission (SEC) as of the fiscal year ended March 31, 2025.

#### SUMMARY OF FUND EXPENSES
The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of the Fund as a percentage of the average net assets applicable to Common Shares and not as a percentage of total assets or managed assets.

---

| | |
|:---|:---|
|  **Shareholder Transaction Expenses** | **NXP** |
|  Maximum Sales Charge (as a percentage of offering price) (1) | 1.00% |
|  Dividend Reinvestment Plan Fees (2) | $2.50 |

---

(1) The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.

(2) You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account.

---

| | |
|:---|:---|
|  **Annual Expenses (As a Percentage of Net Assets Attributable to Common Shares) (1)** | **NXP** |
|  Management Fees | 0.19% |
|  Interest and Other Related Expenses (2) | 0.04% |
|  Other Expenses (3) | 0.04% |
|  Total Annual Expenses | 0.27% |

---

(1) Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended March 31, 2025.

(2) Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended March 31, 2025. The types of leverage used by the Fund during the fiscal year ended March 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund's interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund's use of leverage will increase the amount of management fees paid to the Fund's adviser and sub-advisor(s).

(3) Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund's investments, if any, in other investment companies are currently estimated not to exceed 0.01%.

#### Example
The following example illustrates the expenses, including the applicable transaction fees (referred to as the "Maximum Sales Charge" in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund's Annual Expenses, as provided above, remain the same. The example also assumes a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the examples.

#### Example (At-the-Market Transaction)
The following example assumes a transaction fee of 1.00%, as a percentage of the offering price.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  NXP | $13 | $19 | $25 | $44 |

---

**The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.**

#### 85

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Shareholder Update (continued)

#### TRADING AND NET ASSET VALUE INFORMATION
The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share; and (iii) the premium/(discount) to NAV per share at which the Common Shares were trading as of such date.

#### NXP

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing Market Price per<br>Common Share** | **Closing Market Price per<br>Common Share** | **NAV per Common Share on**<br>**Date of Market Price** | **NAV per Common Share on**<br>**Date of Market Price** | **Premium/(Discount) on Date<br>of Market Price** | **Premium/(Discount) on Date<br>of Market Price** |
| Fiscal Quarter Ended | **High** | **Low** | High | **Low** | **High** | **Low** |
|  March 2025 | $15.15 | $14.19 | $14.47 | $14.32 | 4.70% | (0.91)% |
|  December 2024 | $15.15 | $14.45 | $14.47 | $14.40 | 4.70% | 0.35% |
|  September 2024 | $15.17 | $14.34 | $14.75 | $14.50 | 2.85% | (1.10)% |
|  June 2024 | $14.56 | $13.87 | $14.58 | $14.41 | (0.14)% | (3.75)% |
|  March 2024 | $14.88 | $14.38 | $14.75 | $14.55 | 0.88% | (1.17)% |
|  December 2023 | $14.80 | $12.95 | $14.73 | $13.56 | 0.48% | (4.50)% |
|  September 2023 | $14.65 | $13.22 | $14.51 | $13.75 | 0.96% | (3.85)% |
|  June 2023 | $14.65 | $14.20 | $14.75 | $14.52 | (0.68)% | (2.20)% |

---

The following table shows, as of March 31, 2025 the Fund's: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and, (iv) net assets attributable to Common Shares.

---

| | |
|:---|:---|
| **March 31, 2025** | **NXP** |
|  NAV per Common Share | $14.24 |
|  Market Price | $14.37 |
|  Percentage of Premium/(Discount) to NAV per Common Share | 0.91% |
|  Net Assets Attributable to Common Shares | $724302242 |

---

Shares of closed-end investment companies, including the Fund, may frequently trade at prices lower than NAV, the Fund's Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.

#### UNRESOLVED STAFF COMMENTS
The Fund believes that there are no material unresolved written comments, received 180 days or more before March 31, 2025, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or the Investment Company Act of 1940, or its registration statement.

#### 86

------

## Important Tax Information
(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | |
|:---|:---|
| **Fund** | **Net Long-Term<br>Capital Gains** |
|  **NIM** | $431431 |
|  **NXP** |  |

---

**87**

------

## Shareholder Meeting Report
(Unaudited)

The annual meeting of shareholders for NIM and NXP was held on August 8, 2024; at this meeting the shareholders were asked to elect Board Members.

The vote totals for NIM and NXP are set forth below:

---

| | | |
|:---|:---|:---|
|  | **NIM** | **NXP** |
|  | Common<br>Shares | Common<br>Shares |
|  **Approval of the Board Members was reached as follows:** |  |  |
|  Joanne T. Medero |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 10086913 | 38484259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 239258 | 1353974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 10326171 | 39838233 |
|  Albin F. Moschner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 10124796 | 38467879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 201375 | 1370354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 10326171 | 39838233 |
|  Loren M. Starr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 10167391 | 38494518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 158780 | 1343715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 10326171 | 39838233 |
|  Matthew Thornton III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 10128865 | 38437843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 197306 | 1400390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 10326171 | 39838233 |

---

#### 88

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## Additional Fund Information
(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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**<br> Nuveen Fund Advisors, LLC<br> 333 West Wacker Drive<br> Chicago, IL 60606 | **Custodian**<br> State Street Bank<br> & Trust Company<br> One Congress Street<br> Suite 1<br> Boston, MA 02114-2016 | **Legal Counsel**<br> Chapman and Cutler<br> LLP<br> Chicago, IL 60606 | **Independent Registered Public Accounting Firm** PricewaterhouseCoopers<br> LLP<br> One North Wacker Drive Chicago, IL 60606 | **Transfer Agent and Shareholder Services**<br> Computershare Trust Company,<br> N.A.<br> 150 Royall Street<br> Canton, MA 02021<br> (800) 257-8787 |

---

**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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NIM** | **NIM** | **NXP** | **NXP** |
|  Common shares repurchased |  | 0 |  | 0 |

---

**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.

#### 89

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## Glossary of Terms Used in this Report
(Unaudited)

**Average Annual Total Return**: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

**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.

#### 90

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## Board Members & Officers
(Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name,<br> Year of Birth<br> & Address | Position(s) Held<br>with the Funds | Year First<br>Elected or<br>Appointed<br>and Term<sup>(1)</sup> | Principal Occupation(s)<br> Including other Directorships<br> During Past 5 Years | Number of<br>Portfolios<br> in Fund<br>Complex<br> Overseen By<br>Board Member |
| Independent Trustees: |  |  |  |  |
| Joseph A. Boateng<br>1963<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2019<br> Class II | Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002–2006); Board Member, Lumina Foundation (since 2019) and Waterside School (since 2021); Board Member (2012–2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees' Retirement System; Investment Committee Member (since 2019), The Seattle Foundation; Trustee (2018–2023), the College Retirement Equities Fund; Manager (2019–2023), TIAA Separate Account VA-1. | 212 |
| Michael A. Forrester<br>1967<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2007<br> Class I | Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Director, Aflac Incorporated (since 2025); Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007–2023). | 212 |
| Thomas J. Kenny<br>1963<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2011<br> Class I | Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management; Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021–2022) and Finance Committee Chair (2016–2022), Sansum Clinic; formerly, Advisory Board Member (2017–2019), B'Box; formerly, Member (2011–2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012–2020), Cottage Health<br> System; formerly, Board member (2009–2019) and President of the Board (2014–2018), Crane Country Day School; Trustee (2011– 2023) and Chairman (2017–2023), the College Retirement Equities Fund; Manager (2011–2023) and Chairman (2017–2023), TIAA Separate Account VA-1. | 217 |
| Amy B. R. Lancellotta<br>1959<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2021<br> Class II | Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). | 217 |

---

#### 91

------

Board Members & Officers (Unaudited)(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name,<br> Year of Birth<br> & Address | Position(s) Held<br>with the Funds | Year First<br>Elected or<br>Appointed<br>and Term<sup>(1)</sup> | Principal Occupation(s)<br> Including other Directorships<br> During Past 5 Years | Number of<br>Portfolios<br> in Fund<br>Complex<br> Overseen By<br>Board Member |
| Joanne T. Medero<br> 1954<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2021<br> Class III | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018- 2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | 217 |
| Albin F. Moschner<br> 1952<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2016<br> Class III | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 217 |
| John K. Nelson<br>1962<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2013<br> Class II | Formerly, Member of Board of Directors of Core12 LLC (2008– 2023) (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of The President's Council of Fordham University (2010–2019); formerly, Director of the Curran Center for Catholic American Studies (2009–2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012–2014); formerly, Trustee and Chairman of the Board of Trustees of Marian University (2010–2013); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007–2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 217 |
| Loren M. Starr<br>1961<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2022<br> Class III | Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd.; Director (since 2023) and Chair of the Audit Committee (since 2024), AMG; formerly, Chair and Member of the Board of Directors (2014–2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014–2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022–2023). | 216 |

---

#### 92

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name,<br> Year of Birth<br> & Address | Position(s) Held<br>with the Funds | Year First<br>Elected or<br>Appointed<br>and Term<sup>(1)</sup> | Principal Occupation(s)<br> Including other Directorships<br> During Past 5 Years | Number of<br>Portfolios<br> in Fund<br>Complex<br> Overseen By<br>Board Member |
| Matthew Thornton III<br>1958<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2020<br> Class III | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide<sup>®</sup> (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 217 |
| Terence J. Toth<br>1959<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2008<br> Class II | Formerly, a Co–Founding Partner, Promus Capital (investment advisory firm) (2008–2017); formerly, Director, Quality Control Corporation (manufacturing) (2012–2021); formerly, Chair and Member of the Board of Directors (2021–2024), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017–2022), Mather Foundation Board (philanthropy); formerly, Member (2005–2016), Chicago Fellowship Board (philanthropy); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010–2019); formerly, Director, LogicMark LLC (health services) (2012–2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008–2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004–2007); Executive Vice President, Quantitative Management & Securities Lending (2000–2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005–2007), Northern Trust Global Investments Board (2004–2007), Northern Trust Japan Board (2004–2007), Northern Trust Securities Inc. Board (2003–2007) and Northern Trust Hong Kong Board (1997–2004). | 217 |
| Margaret L. Wolff<br>1955<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Board Member | 2016<br> Class I | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005- 2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022) of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011- 2015) of the Board of Trustees of Mt. Holyoke College. | 217 |
| Robert L. Young<br>1963<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Chair and Board Member | 2017<br> Class I | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 217 |

---

#### 93

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Board Members & Officers (Unaudited)(continued)

---

| | | | |
|:---|:---|:---|:---|
| Name,<br> Year of Birth<br> & Address | Position(s) Held<br>with the Funds | Year First<br>Elected or<br>Appointed<sup>(2)</sup> | Principal Occupation(s)<br> Including other Directorships<br> During Past 5 Years |
| Officers of the Funds: |  |  |  |
| David J. Lamb<br>1963<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Chief Administrative Officer (Principal Executive Officer) | 2015 | Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen; has previously held various positions with Nuveen. |
| Brett E. Black<br>1972<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Vice President and Chief Compliance Officer | 2022 | Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc. |
| Marc Cardella<br>1984<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262 | Vice President and Controller (Principal Financial Officer) | 2024 | Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund. |
| Joseph T. Castro<br>1964<br> 333 W. Wacker Drive<br>Chicago, IL 60606 | Vice President | 2025 | Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior Managing Director and Head of Compliance, Nuveen; Executive Vice President, formerly, Senior Managing Director, Nuveen Securities, LLC; Senior Managing Director, Nuveen Fund Advisors, LLC and Nuveen, LLC. |
| Mark J. Czarniecki<br>1979<br> 901 Marquette Avenue<br> Minneapolis, MN 55402  | Vice President and Assistant Secretary | 2013 | Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. |
| Jeremy D. Franklin<br>1983<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262 | Vice President and Assistant Secretary | 2024 | Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds and TIAA-CREF Life Funds; Vice President, Associate General Counsel, and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund. |
| Diana R. Gonzalez<br>1978<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen. |
| Nathaniel T. Jones<br>1979<br> 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Senior Managing Director of Nuveen; President. formerly, Senior Managing Director, of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst. |
| Brian H. Lawrence<br>1982<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262 | Vice President and Assistant Secretary | 2023 | Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022). |
| Tina M. Lazar<br>1961<br> 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director of Nuveen Securities, LLC. |
| Brian J. Lockhart<br>1974<br> 333 W. Wacker Drive Chicago, IL 60606  | Vice President | 2019 | Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager. |

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#### 94

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

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| | | | |
|:---|:---|:---|:---|
| Name,<br> Year of Birth<br> & Address | Position(s) Held<br>with the Funds | Year First<br>Elected or<br>Appointed<sup>(2)</sup> | Principal Occupation(s)<br> Including other Directorships<br> During Past 5 Years |
| John M. McCann<br>1975<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | Senior Managing Director, Division General Counsel of Nuveen; Senior Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA- CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America, Teacher Advisors LLC, TIAA-CREF Investment Management, LLC, and Nuveen Alternative Advisors LLC; has previously held various positions with Nuveen/TIAA. |
| Kevin J. McCarthy<br>1966<br> 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen; Vice President and Secretary of Winslow Capital Management, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC. |
| William A. Siffermann<br>1975<br> 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Senior Managing Director of Nuveen. |
| Mark L. Winget<br>1968<br> 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen. |
| Rachael Zufall<br>1973<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA. |

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(1) Board Members serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

#### 95

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![LOGO](g55659dsp1.jpg)

## 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

Nuveen Securities, LLC, member FINRA and SIPC \| 333 West Wacker Drive \| Chicago, IL 60606 \| www.nuveen.com EAN-A-0325P 4395167

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

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

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

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

Nuveen Select Tax-Free Income Portfolio

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current auditor, billed to the Registrant during the Registrant's fiscal year ended March 31, 2025, and the amount of fees that KPMG LLP ("KPMG"), the Registrant's former auditor, billed to the Registrant during the Registrant's fiscal year ended March 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in the Chair's absence, any other member of the Audit Committee).

SERVICES THAT THE REGISTRANT'S AUDITOR BILLED TO THE REGISTRANT

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>5</sup>** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
| March 31, 2025 (PwC) | $26600 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| March 31, 2024 (KPMG) | $26600 | $9000 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

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1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Registrant's common shares and leverage.

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| | |
|:---|:---|
| 3 | "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the independent registered public accounting firm.  |

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4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Registrant's use of leverage.

5 The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

SERVICES THAT THE REGISTRANT'S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended March 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagement directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended March 31, 2024.

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The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  March 31, 2025 (PwC) | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  March 31, 2024 (KPMG) | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

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NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's fiscal year ended March 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant's fiscal year ended March 31, 2024 for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC and KPMG about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's and KPMG's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  March 31, 2025 (PwC) | $0 | $0 | $0 | $0 |
|  March 31, 2024 (KPMG) | $0 | $0 | $0 | $0 |

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"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant. Regarding tax and research projects conducted by the independent registered public accounting

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firm for the Registrant and Affiliated Fund Service Providers (with respect to operations and financial reports of the Registrant) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

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

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

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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.

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**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>

Not applicable.

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

[Nuveen Fund Advisors, LLC is the registrant's investment adviser (referred to herein as the "Adviser"). The Adviser is responsible for the on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ("Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant's portfolio and related duties in accordance with the Sub-Adviser's policies and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser's proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.](d55659dex99proxyvote.htm)

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

Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the "Adviser"). The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ("Nuveen Asset Management" or "Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the "Portfolio Managers") have primary responsibility for the day-to-day implementation of the registrant's investment strategies:

**Michael Hamilton**, Managing Director, manages tax-exempt fixed income portfolios for Nuveen. He began working in the investment industry when he joined the firm in 1989, as a fixed-income fund manager and trader. He became a portfolio manager in 1992. He received a B.A. from the College of Idaho and an M.B.A. from Western Washington University. He is a member of the CFA Institute and the Portland Society of Financial Analysts.

**Stephen J. Candido**, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment grade and high yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the Unit Trust Division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield sectors including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen's Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust Product Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

(a)(2) Other Accounts Managed by Portfolio Managers

*Other Accounts Managed*. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Type of Account<br>Managed** | **Number of<br>Accounts** | **Assets\*** |
|  Michael Hamilton | Registered Investment Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $15.26 billion |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  | Other Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $240.99 million |
|  Stephen J. Candido | Registered Investment Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $54.71 billion |
|  | Other Pooled Investment Vehicles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $482.27 million |
|  | Other Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $200.55 million |

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\* Assets are as of March 31, 2025. None of the assets in these accounts are subject to an advisory fee based on performance.

#### Potential Material Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

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The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients' accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer's capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account's investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject

------

to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3) Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers' compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

*Base salary*. A portfolio manager's base salary is determined based upon an analysis of the portfolio manager's general performance, experience and market levels of base pay for such position.

*Cash bonus*. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), and management and peer reviews.

*Long-term performance award*. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

*Profits interest plan*. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms' annual profits. Profits interests are allocated to each portfolio manager based on such person's overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

(a)(4) Beneficial Ownership of NXP Securities

As of March 31, 2025, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Portfolio Manager** | **None** | **$1-<br> $10000** | **$10001-<br> $50000** | **$50001-<br> $100000** | **$100001-<br> $500000** | **$500001-<br> $1000000** | **Over<br> $1,000,000** |
| &nbsp;&nbsp;&nbsp; Michael Hamilton | X |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Stephen J. Candido | X |  |  |  |  |  |  |

---

------

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

Not applicable.

------

**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.

------

**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.

------

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

Not applicable.

------

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

(a) Not applicable.

(b) Not applicable.

------

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

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d55659dex99cert.htm)  |

---

(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.](d55659dex99906cert.htm)

(c) [Consent of Independent Registered Public Accounting Firm.](d55659dex9919c.htm)

------

#### 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> 

---

| | | |
|:---|:---|:---|
| Date: July 2, 2025 | By: | /s/ David J. Lamb <br>|
|  |  | David J. Lamb  |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: July 2, 2025 | By: | /s/ David J. Lamb <br>|
|  |  | David J. Lamb  |
|  |  | Chief Administrative Officer  |
|  |  | (principal executive officer) |
| Date: July 2, 2025 | By: | /s/ Marc Cardella <br>|
|  |  | Marc Cardella  |
|  |  | Vice President and Controller  |
|  |  | (principal financial officer) |

---

## 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.

------

---

| | | |
|:---|:---|:---|
| Date: July 2, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (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: July 2, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (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 annual report of the Nuveen Select Tax-Free Income Portfolio (the "Fund") on Form N-CSR for the period ended March 31, 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: July 2, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: July 2, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Proxyvote

Nuveen Proxy Voting Policy

---

| | |
|:---|:---|
| **Policy Purpose and Statement** | Applicability |
| Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), (each an "Adviser" and, collectively, the "Advisers"), vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients. | &nbsp;&nbsp; <br> This Policy applies to employees of Nuveen acting on behalf of Nuveen Asset Management, LLC, ("NAM"),Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), each an "Adviser" and collectively referred to as the "Advisers" |

---

<br> Policy Statement<br>Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and influencing the Portfolio Company's behavior. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").<br>

------

**Enforcement** 

As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

**Terms and Definitions** 

***Advisory Personnel*** includes the Adviser's portfolio managers and research analysts.

***Proxy Voting Guidelines*** *(the ''Guidelines'')* are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted.

***Portfolio Company*** includes any publicly traded operating company held in an account that is managed by an Adviser. For the avoidance of doubt, Portfolio Company excludes investment companies.

**Policy Requirements** 

Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

**Roles and Responsibilities** 

Nuveen Proxy Voting Committee

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment

------

Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of CREF/TC Funds and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

Advisers

&nbsp;&nbsp;&nbsp;&nbsp;1. Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless
otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so. The
rationale for all such contrary vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;2. When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective
client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential
material conflicts of interest.

Nuveen Stewardship Group

&nbsp;&nbsp;&nbsp;&nbsp;1. Performs day-to-day administration of the
Advisers' proxy voting processes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the
best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Input from Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third party research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Performs Form N-PX filings in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as
appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable
regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or
committees thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Performs an annual vote reconciliation for review by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Arranges the annual service provider due diligence, including a review of the service provider's potential conflicts
of interests, and presents the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of
interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Creates and retains certain records in accordance with Nuveen's Record Management program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain
records as required under applicable regulation.

Nuveen Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Seeks to ensure proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to
Nuveen's Records Management program.

Nuveen Legal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provides legal guidance as requested.

**Governance** 

Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Related Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Policy Statement on Responsible Investing

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Adoption Date<br>| &nbsp;&nbsp; February 3, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective Date of Current<br> Policy/Last Date Reviewed | &nbsp;&nbsp; July 29, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Governance<br>| &nbsp;&nbsp; NEFI Compliance Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Owner<br>| &nbsp;&nbsp; Nuveen Proxy Voting Committee |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Leader<br>| &nbsp;&nbsp; Nuveen Compliance |

---

G-3250864P-E1123W

## Exhibit 99.19

![LOGO](g55659snap2.jpg)

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated May 24, 2024, with respect to the financial statements and financial highlights of Nuveen Select Tax-Free Income Portfolio.

![LOGO](g55659g0627114920336.jpg)

Chicago, Illinois

June 26, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

------

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 (No. 333-271575) of Nuveen Select Tax-Free Income Portfolio of our report dated May 28, 2025, relating to the financial statements and financial highlights which appears in this Form N-CSR.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 5, 2025