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Portfolio of Investments July 31, 2025
NEA
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 170.5% (99.6% of Total Investments)
5681932377
MUNICIPAL BONDS - 170.5% (99.6% of Total Investments)
5681932377
ALABAMA - 1.5% (0.9% of Total Investments)
$
15,520,000
(a)
Alabama Special Care Facilities Financing Authority, Revenue
Bonds, Ascension Health, Series 2016B
5.000
%
11/15/46
$
15,055,708
5,920,000
Autauga County Board of Education, Alabama, Special Tax
Warrants, Series 2021
4.000
04/01/51
4,981,351
35,000
Birmingham Airport Authority, Alabama, Airport Revenue
Bonds, Series 2020 - BAM Insured
4.000
07/01/35
35,362
4,250,000
Infirmary Health System Special Care Facilities Financing
Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health
System, Inc., Series 2016A
5.000
02/01/41
4,238,001
9,365,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5.250
10/01/49
9,404,396
4,685,000
Mobile Spring Hill College Educational Building Authority,
Alabama, Revenue Bonds, Spring Hill College Project, Series
2015
5.875
04/15/45
3,288,484
2,410,000
Pike Road, Alabama, General Obligation Warrants, Series 2023
5.000
03/01/52
2,414,640
5,500,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5.000
11/01/35
5,673,570
1,000,000
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 3, Fixed Rate Series 2022A-1,
(Mandatory Put 12/01/29)
5.500
01/01/53
1,064,165
5,310,000
(b)
Tuscaloosa County Industrial Development Authority,
Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,
Refunding Series 2019A
5.250
05/01/44
5,121,190
TOTAL ALABAMA
51,276,867
ARIZONA - 2.4% (1.4% of Total Investments)
1,150,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2017A
5.000
07/01/47
1,077,525
1,400,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds ? Pensar Academy Project, Series
2020
5.000
07/01/45
1,219,059
6,970,000
(a)
Arizona Industrial Development Authority, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4.650
10/01/48
6,540,118
1,965,000
(a)
Arizona Industrial Development Authority, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4.700
10/01/51
1,855,210
1,957,000
(c)
Floreo at Teravalis Community Facilities District, Arizona,
Special Assessment Revenue Bonds, District 1 Series 2025
6.125
07/01/45
1,961,545
1,315,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2019A
5.000
09/01/42
1,317,126
8,895,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2021A
4.000
09/01/51
7,361,026
5,135,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A
4.000
01/01/36
5,136,976
3,130,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2017D
4.000
01/01/48
2,652,276
5,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019A
4.000
01/01/44
4,454,535
6,550,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
4.000
07/01/49
5,690,272
1,500,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
5.000
07/01/49
1,499,663
6,545,000
Phoenix Civic Improvement Corporation, Arizona, Revenue
Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC
Insured
5.500
07/01/37
7,627,515
10,000,000
Phoenix Civic Improvement Corporation, Arizona, Revenue
Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC
Insured
5.500
07/01/40
11,474,824
1,465,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Imagine East Mesa Charter
Schools Project, Series 2019
5.000
07/01/49
1,271,890
Portfolio of Investments July 31, 2025
(continued)
NEA
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
5,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2024A
5.000
%
01/01/54
$
5,081,636
11,080,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.000
12/01/37
11,519,763
430,000
Superstition Vistas Community Facilities District 2, Arizona,
Special Assessment Bonds, Assessment Area 2, Series 2025
6.300
07/01/49
427,376
TOTAL ARIZONA
78,168,335
ARKANSAS - 0.0% (0.0% of Total Investments)
1,750,000
(b)
Arkansas Development Finance Authority, Charter School
Revenue Bonds, Academy of Math and Science - Little Rock
Project Series 2024A
7.000
07/01/59
1,534,846
TOTAL ARKANSAS
1,534,846
CALIFORNIA - 4.1% (2.4% of Total Investments)
3,335,000
Alameda Corridor Transportation Authority, California,
Revenue Bonds, Refunding Second Subordinate Lien Series
2022C - AGM Insured
5.000
10/01/52
3,340,972
4,225,000
Alameda Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005B - AGM Insured
0.000
08/01/28
3,885,730
3,450,000
Antelope Valley Joint Union High School District, Los Angeles
and Kern Counties, California, General Obligation Bonds,
Series 2004B - NPFG Insured
0.000
08/01/29
3,078,406
8,000,000
Beverly Hills Unified School District, Los Angeles County,
California, General Obligation Bonds, 2008 Election Series
2009
0.000
08/01/33
6,158,238
20,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020B-1
5.000
06/01/49
19,374
7,615,000
California Educational Facilities Authority, Revenue Refunding
Bonds, Loyola Marymount University, Series 2001A - NPFG
Insured
0.000
10/01/25
7,578,167
1,350,000
California Educational Facilities Authority, Revenue Refunding
Bonds, Loyola Marymount University, Series 2001A - NPFG
Insured
0.000
10/01/39
708,864
1,500,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/42
1,465,859
965,000
California Public Finance Authority, Revenue Bonds, Henry
Mayo Newhall Hospital, Series 2017
5.000
10/15/47
894,409
5,000,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2017
4.000
08/01/36
4,969,733
5,000
California State, General Obligation Bonds, Series 2004 -
AMBAC Insured
5.000
04/01/31
5,007
9,130,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.250
12/01/56
8,440,637
10,445,000
Castaic Lake Water Agency, California, Certificates of
Participation, Water System Improvement Project, Series 1999a
- AMBAC Insured
0.000
08/01/29
9,356,821
4,775,000
(d)
Clovis Unified School District, Fresno County, California,
General Obligation Bonds, Series 2001A - FGIC Insured, (ETM)
0.000
08/01/25
4,775,000
7,775,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Senior Lien Series 2015A -
AGM Insured
0.000
01/15/34
5,773,402
910,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Series 2013A
6.850
01/15/42
1,026,296
5,000,000
Huntington Beach Union High School District, Orange County,
California, General Obligation Bonds, Series 2007 - FGIC
Insured
0.000
08/01/32
3,964,913
1,500,000
Lincoln Unified School District, Placer County, California,
Special Tax Bonds, Community Facilities District 1, Series 2005
- AMBAC Insured
0.000
09/01/26
1,447,240
995,000
(d)
Los Angeles Department of Water and Power, California,
Electric Plant Revenue Bonds, Series 1994, (ETM)
5.375
02/15/34
1,014,988
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,490,000
Madera Unified School District, Madera County, California,
General Obligation Bonds, Election 2002 Series 2005 - NPFG
Insured
0.000
%
08/01/27
$
2,346,805
10,335,000
(e)
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
0.000
08/01/43
9,861,636
5,500,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009B
6.500
11/01/39
6,510,654
14,100,000
New Haven Unified School District, California, General
Obligation Bonds, Refunding Series 2009 - AGC Insured
0.000
08/01/34
10,282,474
2,500,000
Norwalk La Mirada Unified School District, Los Angeles County,
California, General Obligation Bonds, Election 2002 Series
2005B
0.000
08/01/29
2,220,201
375,000
Ontario Redevelopment Financing Authority, San Bernardino
County, California, Revenue Bonds, Redevelopment Project 1,
Refunding Series 1995 - NPFG Insured
7.400
08/01/25
375,000
1,745,000
(d)
Orange County Water District, California, Revenue Certificates
of Participation, Series 2003B, (Pre-refunded 8/15/32) - NPFG
Insured
5.000
08/15/34
1,990,992
1,490,000
(d)
Orange County Water District, California, Revenue Certificates
of Participation, Series 2003B - NPFG Insured, (ETM)
5.000
08/15/34
1,641,965
1,000,000
Pajaro Valley Unified School District, Santa Cruz County,
California, General Obligation Bonds, Series 2005B - AGM
Insured
0.000
08/01/29
893,348
9,320,000
Palomar Pomerado Health, California, General Obligation
Bonds, Series 2009A - AGC Insured
0.000
08/01/33
6,333,555
1,800,000
Rialto Unified School District, San Bernardino County,
California, General Obligation Bonds, 2010 Election Series
2011A
0.000
08/01/28
1,657,910
4,080,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2017A
5.000
07/01/47
4,091,060
2,965,000
San Juan Unified School District, Sacramento County,
California, General Obligation Bonds, Series 2004A - NPFG
Insured
0.000
08/01/28
2,730,946
4,005,000
San Mateo Union High School District, San Mateo County,
California, General Obligation Bonds, Election of 2000, Series
2002B - FGIC Insured
0.000
09/01/26
3,894,187
15,750,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 1997 Election Series 2012G - AGM
Insured
0.000
08/01/39
8,208,287
20,990,000
Tobacco Securitization Authority of Southern California,
Tobacco Settlement Asset-Backed, Capital Appreciation Bonds,
San Diego County Tobacco Asset Securitization Corporation,
Refunding Senior Series 2019B-Class 2
0.000
06/01/54
4,025,708
2,630,000
Union Elementary School District, Santa Clara County,
California, General Obligation Bonds, Series 2001B - FGIC
Insured
0.000
09/01/25
2,624,322
TOTAL CALIFORNIA
137,593,106
COLORADO - 16.2% (9.5% of Total Investments)
1,785,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2019
5.000
12/01/51
1,571,397
6,600,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2021
4.375
12/01/52
5,202,394
1,250,000
(b)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5.500
12/01/44
1,198,563
2,500,000
Arapahoe County Water and Wastewater Authority, Colorado,
Revenue Bonds, Refunding Series 2019
4.000
12/01/38
2,428,602
1,610,000
Arvada, Colorado, Water Enterprise Revenue Bonds, Series
2022
4.000
12/01/48
1,378,996
2,220,000
Arvada, Colorado, Water Enterprise Revenue Bonds, Series
2022
4.000
12/01/52
1,855,113
3,315,000
Aurora, Colorado, Sewer Improvement Revenue Bonds, Seam
Facility and Other System Improvements Project, First Lien
Series 2021
4.000
08/01/46
2,885,951
Portfolio of Investments July 31, 2025
(continued)
NEA
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,000,000
Aurora, Colorado, Sewer Improvement Revenue Bonds, Seam
Facility and Other System Improvements Project, First Lien
Series 2021
4.000
%
08/01/51
$
1,675,227
9,000,000
Boulder Valley School District RE2, Boulder County, Colorado,
General Obligation Bonds, Series 2019A
4.000
12/01/48
7,731,151
3,010,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5.000
06/01/42
3,104,069
7,975,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5.000
06/01/52
7,998,196
1,150,000
Castle Oaks Metropolitan District 3, Castle Rock, Douglas
County, Colorado, General Obligation Limited Tax Bonds,
Refunding & Improvement Series 2020 - AGM Insured
4.000
12/01/50
961,528
1,060,000
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Improvement Series 2018
5.250
12/01/48
1,017,863
1,575,000
(b)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5.000
12/01/37
1,574,795
3,620,000
(b)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5.000
12/01/47
3,371,958
1,445,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2024A - AGM Insured
5.500
12/01/54
1,502,400
2,375,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5.250
12/01/50
2,417,345
2,545,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2017A
5.000
03/01/47
2,557,036
2,005,000
(d)
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5.000
06/01/34
2,088,325
4,615,000
(d)
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5.000
06/01/35
4,806,793
7,205,000
(d)
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5.000
06/01/36
7,504,431
8,715,000
(d)
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5.000
06/01/37
9,077,184
4,105,000
(d)
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5.000
06/01/42
4,275,599
8,545,000
(d)
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5.000
06/01/47
8,900,119
10,575,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4.000
11/15/46
9,168,317
33,390,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4.000
11/15/50
27,472,230
3,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Adventist Health System/Sunbelt Obligated Group, Series
2018A
5.000
11/15/48
2,906,889
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Christian Living Neighborhoods Project, Refunding Series 2016
5.000
01/01/31
1,002,956
4,290,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Christian Living Neighborhoods Project, Refunding Series 2016
5.000
01/01/37
4,289,810
21,340,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5.000
08/01/44
20,909,553
11,075,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4.000
08/01/49
9,157,018
17,205,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2 - BAM Insured
4.000
08/01/49
14,184,688
3,410,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5.500
11/01/47
3,472,315
3,500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2020A
4.000
12/01/50
2,765,254
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
750,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Frasier Meadows Project, Refunding & Improvement Series
2017A
5.250
%
05/15/37
$
756,367
1,500,000
(d)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Refunding Series 2015B, (Pre-
refunded 9/01/25)
4.000
09/01/34
1,501,492
7,080,000
(d)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)
4.000
09/01/45
7,547,295
3,000,000
(d)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)
4.000
09/01/50
3,198,006
4,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sanford Health, Series 2019A
4.000
11/01/39
3,726,611
3,300,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
SCL Health System, Refunding Series 2019A
4.000
01/01/38
3,183,515
5,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
SCL Health System, Refunding Series 2019B
4.000
01/01/40
4,641,591
4,150,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5.000
12/31/56
3,833,346
1,889,000
Colorado International Center Metropolitan District 14, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2018
5.625
12/01/32
1,892,483
2,660,000
Colorado International Center Metropolitan District 14, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2018
5.875
12/01/46
2,537,395
2,000,000
Colorado School of Mines Board of Trustees, Golden,
Colorado, Institutional Enterprise Revenue Bonds, Series
2023C
5.250
12/01/53
2,029,375
10,000,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Improvement Series 2023A
5.250
11/15/53
10,234,690
1,500,000
(d)
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2016B, (Pre-refunded 3/01/27)
5.000
03/01/41
1,559,704
6,000,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2017E
4.000
03/01/43
5,339,991
7,000,000
Colorado State, Building Excellent Schools Today, Certificates
of Participation, Series 2019O
4.000
03/15/44
6,174,559
2,550,000
Colorado State, Certificates of Participation, Lease Purchase
Agreement Department of Transportation Second Amended &
Restated Headquaters Facilities, Refunding Series 2020
4.000
06/15/41
2,341,704
5,000,000
Colorado State, Certificates of Participation, Rural Series 2018A
4.000
12/15/35
5,005,680
7,115,000
(d)
Commerce City, Colorado, Sales and Use Tax Revenue Bonds,
Series 2016, (Pre-refunded 8/01/26)
5.000
08/01/41
7,289,860
1,000,000
(d)
Commerce City, Colorado, Sales and Use Tax Revenue Bonds,
Series 2016, (Pre-refunded 8/01/26)
5.000
08/01/46
1,024,576
1,250,000
Copper Ridge Metropolitan District, Colorado Springs,
Colorado, Tax Increment and Sales Tax Supported Revenue
Bonds, Series 2019
5.000
12/01/39
1,193,609
15,370,000
Dawson Trails Metropolitan District 1, Colorado, In The
Town of Castle Rock, Limited Tax General Obligation Capital
Appreciation Turbo Bonds, Series 2024
0.000
12/01/31
9,572,556
2,930,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022B
5.000
11/15/47
2,958,669
5,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018B
5.000
12/01/43
4,997,597
6,500,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Current Interest Series 2018A-1
5.000
08/01/48
6,475,849
10,000,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Series 2021A
4.000
08/01/51
8,334,676
5,120,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
12/01/32
5,178,710
Portfolio of Investments July 31, 2025
(continued)
NEA
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,935,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
%
12/01/35
$
2,952,136
1,800,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
12/01/40
1,769,876
325,000
(b)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopement
Area, Series 2018A
5.250
12/01/39
313,647
1,500,000
(b)
DIATC Metropolitan District, Commerce City, Adams County,
Colorado, General Obligation Limited Tax Bonds, Refunding &
Improvement Series 2019
5.000
12/01/49
1,350,098
45,540,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/30
39,035,554
16,635,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/32
13,098,364
49,250,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/33
36,973,590
9,310,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0.000
09/01/28
8,536,277
2,900,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0.000
09/01/34
2,059,875
18,500,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0.000
03/01/36
12,076,950
5,950,000
(b)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6.750
12/01/34
5,784,027
3,850,000
Firestone, Colorado, Water Enterprise Revenue Bones, Series
2020 - BAM Insured
4.000
12/01/49
3,345,603
5,000,000
Gunnison Watershed School District RE1J, Gunnison and
Saguache Counties, Colorado, General Obligation Bonds,
Series 2023
5.000
12/01/47
5,046,161
4,070,000
(b)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5.500
12/01/44
3,929,896
5,700,000
Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021
- AGM Insured
4.000
12/01/46
4,979,170
1,440,000
Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021
- AGM Insured
4.000
12/01/51
1,208,215
2,000,000
Leyden Rock Metropolitan District, Arvada, Jefferson County,
Colorado, General Obligation Limited Tax Bonds, Convertible
to Unlimited Tax, Refunding & Improvement Series 2021 - AGM
Insured
4.000
12/01/51
1,655,937
1,000,000
Lorson Ranch Metropolitan District 2, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2016
5.000
12/01/36
1,007,183
1,000,000
Louisville, Boulder County, Colorado, General Obligation
Bonds, Limited Tax, Series 2017
4.000
12/01/36
1,001,874
1,730,000
Meridian Ranch Metropolitan District 2018, Subdistrict, El Paso
County, Colorado, General Obligation Limited Tax Bonds,
Series 2022
6.750
12/01/52
1,708,001
1,230,000
North Pine Vistas Metropolitan District 3, Castle Pines, Douglas
County, Colorado, Limited Tax General Obligation Bonds,
Refunding & Improvement Senior Series 2021A - AGM Insured
4.000
12/01/51
1,008,376
1,085,000
North Range Metropolitan District 2, Adams County, Colorado
, Limited Tax General Obligation Bonds, Refunding Special
Revenue & Improvement Series 2017A
5.750
12/01/47
1,037,916
5,000,000
Northern Colorado Water Conservancy District Building
Corporation, Certificates of Participation, Refunding Series
2021
4.000
07/01/51
4,189,543
2,325,000
Northern Colorado Water Conservancy District, Certificates of
Participation, Series 2022
5.000
07/01/42
2,374,586
16,320,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Refunding Series
2015A
5.000
12/01/45
15,813,617
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
3,680,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Series 2017A
5.000
%
12/01/46
$
3,549,337
4,055,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Series 2019A - AGM
Insured
4.000
12/01/39
3,803,838
3,000,000
Parker Water and Sanitation District, Douglas County,
Colorado, Water and Sewer Enterprise Revenue Bonds,
Refunding & Improvement Series 2022
4.000
11/01/47
2,582,029
4,861,000
(b)
Platte River Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Refunding Series
2023A
6.500
08/01/53
4,817,404
600,000
(b)
Pueblo Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, EVRAZ Project, Series 2021A
4.750
12/01/45
530,120
9,865,000
Rampart Range Metropolitan District 1, Lone Tree, Colorado,
Limited Tax Supported and Special Revenue Bonds, Refunding
& Improvement Series 2017
5.000
12/01/42
9,987,296
3,600,000
Rampart Range Metropolitan District 1, Lone Tree, Colorado,
Limited Tax Supported and Special Revenue Bonds, Refunding
& Improvement Series 2017
5.000
12/01/47
3,612,948
2,350,000
Roaring Fork Transporation Authority, Colorado, Property Tax
Revenue Bonds, Series 2021A
4.000
12/01/46
2,043,247
850,000
Sierra Ridge Metropolitan District 2, Douglas County,
Colorado, Limited Tax General Obligation Bonds, Refunding
Bonds, Series 2022 - AGM Insured
5.000
12/01/52
829,017
1,000,000
(b)
Sky Ranch Community Authority Board (Arapahoe County,
Colorado), Limited Tax Supported District No. 3 Senior Bonds
(Tax-Exempt Fixed Rate), Series 2022A and Subordinate Bonds
(Tax-Exempt Fixed Rate), Series 2022B(3)
5.750
12/01/52
910,212
3,250,000
Thompson Crossing Metropolitan District 2, Johnstown,
Larimer County, Colorado, General Obligation Bonds, Limited
Tax Convertible to Unlimited Tax, Series 2016B - AGM Insured
5.000
12/01/46
3,256,203
600,000
(b)
Thompson Crossing Metropolitan District 6, Larimer County,
Colorado, General Obligation Limited Tax Bonds, Refunding &
Improvement Convertible to Unlimited Tax Series 2020
3.000
12/01/30
549,568
1,300,000
(b)
Thompson Crossing Metropolitan District 6, Larimer County,
Colorado, General Obligation Limited Tax Bonds, Refunding &
Improvement Convertible to Unlimited Tax Series 2020
5.000
12/01/44
1,197,302
995,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
5.000
12/01/51
730,663
1,000,000
Triview Metropolitan District, El Paso County, Colorado, Water
and Wastewater Enterprise Revenue Bonds, Green Series 2020
- BAM Insured
3.250
12/01/45
789,523
2,500,000
University of Colorado, Enterprise System Revenue Bonds,
Refunding Green Series 2021A
4.000
06/01/46
2,196,913
2,500,000
Vista Ridge Metropolitan District, In the Town of Erie, Weld
County, Colorado, General Obligation Refunding Bonds, Series
2016A - BAM Insured
4.000
12/01/36
2,481,616
5,000,000
Weld County School District 6, Greeley, Colorado, General
Obligation Bonds, Series 2020
5.000
12/01/44
5,033,653
2,175,000
Weld County School District RE1, Colorado, General
Obligation Bonds, Series 2017
5.000
12/15/30
2,237,008
5,650,000
Weld County School District RE-4, Windsor, Colorado, General
Obligation Bonds, Series 2023
5.250
12/01/47
5,820,078
7,810,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6.750
12/01/52
7,497,011
10,825,000
(b)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8.000
12/01/54
6,753,445
1,785,000
(b)
West Meadow Metropolitan District, Town of Fraser, Grand
County, Colorado, Limited Tax General Obligation Bonds,
Senior Series 2023A
6.500
12/01/50
1,796,964
500,000
Westerly Metropolitan District 4, Weld County, Colorado,
General Obligation Limited Tax Bonds, Series 2021A-1
5.000
12/01/50
449,792
TOTAL COLORADO
540,655,630
Portfolio of Investments July 31, 2025
(continued)
NEA
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONNECTICUT - 0.7% (0.4% of Total Investments)
$
1,650,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Fairfield University, Series 2016Q-1
5.000
%
07/01/46
$
1,636,996
6,000,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Hartford HealthCare Issue, Series 2021A
4.000
07/01/51
4,917,770
2,800,000
(b)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, McLean Affiliates, Series 2020A
5.000
01/01/55
2,166,149
7,165,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Quinnipiac University, Refunding Series 2015L
5.000
07/01/45
6,984,198
500,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Sacred Heart University, Series 2017I-1
5.000
07/01/34
511,465
7,500,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2020A
5.000
05/01/37
7,885,970
TOTAL CONNECTICUT
24,102,548
DELAWARE - 0.0% (0.0% of Total Investments)
1,000,000
Delaware Health Facilities Authroity, Revenue Bonds, Beebe
Medical Center Project, Series 2018
5.000
06/01/48
925,880
TOTAL DELAWARE
925,880
DISTRICT OF COLUMBIA - 4.4% (2.6% of Total Investments)
1,250,000
District of Columbia Student Dormitory Revenue Bonds,
Provident Group - Howard Properties LLC Issue, Series 2013
5.000
10/01/45
1,121,411
107,000,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0.000
06/15/46
25,761,010
19,035,000
District of Columbia Water and Sewer Authority, Public Utility
Revenue Bonds, Refunding Subordinate Lien Series 2014C
4.000
10/01/41
17,342,434
5,000,000
District of Columbia, General Obligation Bonds, Series 2021D
4.000
02/01/46
4,382,057
6,600,000
District of Columbia, General Obligation Bonds, Series 2024A
5.000
08/01/49
6,690,104
3,500,000
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2017
5.000
04/01/35
3,550,466
60,000
(d)
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2017, (Pre-refunded 4/01/27)
5.000
04/01/36
62,414
3,440,000
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2017
5.000
04/01/36
3,481,506
5,455,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Refunding & Subordinate Lien Series
2019B
4.000
10/01/44
4,764,014
4,750,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Refunding & Subordinate Lien Series
2019B
5.000
10/01/47
4,688,333
13,710,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Refunding & Subordinate Lien Series
2019B
4.000
10/01/49
11,375,775
7,000,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien Series 2009B - AGC
Insured
0.000
10/01/36
4,366,373
32,000,000
(d)
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien Series 2009C, (Pre-
refunded 10/01/26) - AGC Insured
6.500
10/01/41
33,431,440
18,000,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital
Appreciation, Second Senior Lien Series 2010B
6.500
10/01/44
18,921,150
3,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2018
5.000
07/01/43
2,983,926
4,270,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Series 2024A
5.250
07/15/59
4,354,411
TOTAL DISTRICT OF COLUMBIA
147,276,824
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA - 7.3% (4.3% of Total Investments)
$
2,800,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016
5.000
%
09/01/46
$
2,665,263
2,830,000
City of Miami Beach, Florida, Stormwater Revenue Bonds,
Series 2015
5.000
09/01/41
2,833,412
5,810,000
Collier County, Florida, Tourist Development Tax Revenue
Bonds, Series 2018
4.000
10/01/43
5,328,667
530,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School, Inc.
Projects, Series 2020C
5.000
09/15/50
438,708
6,890,000
(a)
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-3, (UB)
4.700
07/01/49
6,467,811
6,030,000
(a)
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-3, (UB)
4.750
07/01/54
5,702,692
1,040,000
Florida Municipal Loan Council, Revenue Bonds, Series 2000B
- NPFG Insured
0.000
11/01/25
1,030,173
1,590,000
Florida Municipal Loan Council, Revenue Bonds, Series 2000B
- NPFG Insured
0.000
11/01/26
1,517,559
2,000,000
Fort Myers, Florida, Utility System Revenue Bonds, Refunding
Series 2019A
4.000
10/01/49
1,709,167
5,875,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5.250
11/15/49
5,986,410
3,760,000
(a)
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C, (UB)
4.125
11/15/51
3,228,894
13,480,000
Hillsborough County Industrial Development Authority, Florida,
Hospital Revenue Bonds, Florida Health Sciences Center Inc
D/B/A Tampa General Hospital, Series 2020A
4.000
08/01/50
11,094,936
5,060,000
Hollywood, Florida, General Obligation Bonds, Series 2022
5.000
07/01/47
5,088,118
205,000
Miami Health Facilities Authority, Florida, Health Facilities
Revenue Bonds, Miami Jewish Health System Inc. Project,
Series 2017
5.000
07/01/32
196,881
5,035,000
Miami Health Facilities Authority, Florida, Health Facilities
Revenue Bonds, Miami Jewish Health System Inc. Project,
Series 2017
5.125
07/01/46
4,453,534
2,420,000
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Refunding Series 2024B
5.250
04/01/45
2,468,711
27,470,000
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Series 2018A
5.000
04/01/53
27,428,051
10,000,000
Miami-Dade County Expressway Authority, Florida, Toll System
Revenue Bonds, Series 2010A
5.000
07/01/35
10,010,340
5,560,000
Miami-Dade County Health Facility Authority, Florida,
Hospital Revenue Bonds, Nicklaus Children's Hospital Project,
Refunding Series 2021A
4.000
08/01/51
4,610,428
3,000,000
Miami-Dade County Industrual Development Authority,
Florida, Revenue Bonds, Doral Academy, Seres 2018
5.000
01/15/48
2,743,795
7,000,000
(a)
Miami-Dade County School District, Florida, General
Obligation Bonds, School Series 2022A - BAM Insured, (UB)
5.000
03/15/52
6,890,611
14,015,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2016A
5.000
10/01/41
14,017,231
6,500,000
Miami-Dade County, Florida, Aviation Revenue Bonds, Series
2025B
5.250
10/01/55
6,630,599
4,715,000
Miami-Dade County, Florida, Public Facilities Revenue Bonds,
Jackson Health System, Series 2017
5.000
06/01/38
4,781,339
7,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2018
4.000
07/01/48
5,947,818
5,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2022
5.000
07/01/51
5,053,647
6,000,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2019B
4.000
10/01/44
5,323,437
3,965,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2019B
4.000
10/01/49
3,333,975
8,900,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2024A
5.250
10/01/54
9,096,825
Portfolio of Investments July 31, 2025
(continued)
NEA
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
11,240,000
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Health Obligated Group, Inc., Series
2022
4.000
%
10/01/52
$
9,261,869
3,260,000
Orange County Health Facilities Authority, Florida, Revenue
Bonds, Presbyterian Retirement Communities Project, Series
2024
5.000
08/01/54
2,971,523
1,095,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Capital
Appreciation Series 2019A-2
0.000
10/01/32
801,292
4,250,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Series 2019A-1
5.000
10/01/49
4,081,938
2,155,000
Palm Beach County Health Facilities Authority,
Florida  Retirement Communities Revenue Bonds, ACTS
Retirement - Life Communities, Inc Obligated Group, Series
2018A
5.000
11/15/45
2,053,472
4,680,000
Palm Beach County Health Facilities Authority, Florida,
Retirement Communities Revenue Bonds, ACTS Retirement -
Life Communities, Inc Obligated Group, Series 2016
5.000
11/15/32
4,731,684
8,200,000
Putnam County Development Authority, Florida, Pollution
Control Revenue Bonds, Seminole Electric Cooperatice, Inc.
Project, Refunding Series 2018A
5.000
03/15/42
8,210,887
12,170,000
Sarasota County Public Hospital District, Florida, Hospital
Revenue Bonds, Sarasota Memorial Hospital Project, Series
2018
4.000
07/01/48
10,483,161
6,625,000
South Broward Hospital District, Florida, Hospital Revenue
Bonds, Refunding Series 2015
4.000
05/01/33
6,627,140
8,000,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017
5.000
08/15/42
7,947,352
8,595,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017
5.000
08/15/47
8,382,781
310,000
Tampa Sports Authority, Hillsborough County, Florida, Sales
Tax Payments Special Purpose Bonds, Stadium Project, Series
1995 - NPFG Insured
5.750
10/01/25
311,570
4,000,000
Tampa, Florida, Health System Revenue Bonds, Baycare Health
System, Series 2016A
4.000
11/15/46
3,408,586
7,400,000
Volusia County Educational Facilities Authority, Florida,
Revenue Bonds, Stetson University Inc. Project, Series 2015
5.000
06/01/45
6,958,605
TOTAL FLORIDA
242,310,892
GEORGIA - 5.6% (3.3% of Total Investments)
6,750,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2023B-1
5.000
07/01/53
6,797,789
10,235,000
Clarke County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Piedmont Healthcare, Inc. Project,
Series 2016A
5.000
07/01/46
10,038,885
2,000,000
Cobb County Kennestone Hospital Authority, Georgia,
Revenue Anticipation Certificates, Wellstar Health System,
Series 2017A
5.000
04/01/42
2,004,849
10,000,000
Cobb County Kennestone Hospital Authority, Georgia,
Revenue Anticipation Certificates, Wellstar Health System,
Series 2017A
5.000
04/01/47
9,834,624
2,500,000
Columbia County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System, Inc. Project,
Series 2023B
5.125
04/01/53
2,468,932
5,300,000
Crisp County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Crisp County Hospital Project, Series 2021
4.000
07/01/46
4,631,492
5,725,000
Fayette County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Piedmont Healthcare, Inc. Project,
Series 2016A
5.000
07/01/46
5,615,302
4,330,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
5.000
04/01/42
4,340,498
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
7,250,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
5.000
%
04/01/47
$
7,130,103
6,370,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
4.000
04/01/50
5,314,556
9,495,000
(a)
Fulton County Development Authority, Georgia, Revenue
Bonds, Georgia Tech Facilities, Series 2024, (UB)
5.000
06/15/56
9,498,883
4,000,000
Fulton County Development Authority, Georgia, Revenue
Bonds, Piedmont Healthcare, Inc. Project, Series 2016A
5.000
07/01/46
3,923,355
5,000,000
Fulton County Development Authority, Georgia, Revenue
Bonds, Piedmont Healthcare, Inc. Project, Series 2019A
4.000
07/01/49
4,220,684
7,500,000
Gainesville and Hall County Hospital Authority, Georgia,
Revenue Anticipation Certificates, Northeast Georgia Health
Services Inc., Series 2017B
5.500
02/15/42
7,611,333
2,000,000
Gainesville and Hall County Hospital Authority, Georgia,
Revenue Anticipation Certificates, Northeast Georgia Health
Services Inc., Series 2021A
4.000
02/15/40
1,853,073
6,665,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024A
4.700
12/01/54
6,255,470
8,000,000
Georgia Ports Authority, Revenue Bonds, Series 2021
4.000
07/01/51
6,859,058
11,000,000
Griffin-Spalding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Wellstar Health System Inc., Series
2017A
4.000
04/01/42
9,800,645
1,350,000
Henry County Water and Sewerage Authority, Georgia,
Revenue Bonds, Refunding Series 2005
5.250
02/01/27
1,404,634
1,860,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A
5.000
05/15/43
1,839,678
29,095,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2019A, (UB)
5.000
05/15/49
28,532,087
3,425,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023C, (Mandatory Put 9/01/30)
5.000
09/01/53
3,621,481
10,160,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023C, (Mandatory Put 9/01/30), (UB)
5.000
09/01/53
10,742,848
6,310,000
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax
Revenue Bonds, Third Indenture, Series 2015B
5.000
07/01/43
6,335,336
5,680,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2015A
5.000
07/01/60
5,485,781
3,300,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project J Bonds, Series 2015A
5.500
07/01/60
3,300,116
3,750,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Series 2024A
5.250
01/01/49
3,833,942
4,710,000
Municipal Electric Authority of Georgia, Project One Revenue
Bonds, Subordinate Series 2024A - BAM Insured
5.250
01/01/54
4,805,421
8,230,000
Private Colleges and Universities Authority, Georgia, Revenue
Bonds, Mercer University, Series 2015
5.000
10/01/40
8,229,779
TOTAL GEORGIA
186,330,634
HAWAII - 0.4% (0.2% of Total Investments)
10,000,000
(a)
Hawaii State, Airport System Revenue Bonds, Series 2025B,
(UB)
5.000
07/01/49
10,186,523
3,500,000
Honolulu City and County, Hawaii, Wastewater System Revenue
Bonds, First Bond Resolution, Green Senior Series 2023
5.000
07/01/48
3,523,729
TOTAL HAWAII
13,710,252
IDAHO - 1.1% (0.7% of Total Investments)
5,000,000
Boise City Water Renewal System, Idaho, Revenue Bonds,
Refunding Series 2022
5.000
09/01/47
5,041,187
855,000
Boise State University, Idaho, General Revenue Bonds, Project
& Refunding Series 2025A
5.000
04/01/50
861,253
3,860,000
Boise State University, Idaho, General Revenue Bonds, Series
2023A
5.250
04/01/53
3,927,982
7,885,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2021A
4.000
03/01/51
6,415,282
Portfolio of Investments July 31, 2025
(continued)
NEA
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO
(continued)
$
2,080,000
Idaho Housing and Finance Association, GNMA Housing
Revenue Refunding Bonds, Wedgewood Terrace Project, Series
2002A-1
7.250
%
03/20/37
$
2,104,115
5,500,000
(b)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, The College of Idaho Project, Series 2023
5.875
11/01/53
5,290,465
2,625,000
(a)
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4.600
01/01/49
2,452,633
4,690,000
(a)
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A, (UB)
4.650
01/01/54
4,407,616
3,950,000
(b)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Assessment Area Two, Series 2025
6.250
09/01/54
3,932,391
3,325,000
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2024
6.250
09/01/53
3,315,421
TOTAL IDAHO
37,748,345
ILLINOIS - 15.5% (9.0% of Total Investments)
1,000,000
Board of Regents of Illinois State University, Auxiliary Facilities
System Revenue Bonds, Series 2018A - AGM Insured
5.000
04/01/34
1,032,522
285,000
Board of Regents of Illinois State University, Auxiliary Facilities
System Revenue Bonds, Series 2018A - AGM Insured
5.000
04/01/37
290,822
1,370,000
Board of Regents of Illinois State University, Auxiliary Facilities
System Revenue Bonds, Series 2018A - AGM Insured
5.000
04/01/38
1,392,564
4,595,000
Bolingbrook, Will and DuPage Counties, Illinois, General
Obligation Bonds, Refunding Series 2002B - FGIC Insured
0.000
01/01/32
3,527,224
4,000,000
Bolingbrook, Will and DuPage Counties, Illinois, General
Obligation Bonds, Refunding Series 2002B - FGIC Insured
0.000
01/01/34
2,761,128
11,000,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2016
6.000
04/01/46
11,131,655
3,155,000
Chicago Board of Education, Illinois, Dedicated Capital
Improvement Tax Revenue Bonds, Series 2023
5.750
04/01/48
3,239,709
5,750,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Refunding Series 2017H
5.000
12/01/36
5,581,224
6,920,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Refunding Series 2018D
5.000
12/01/46
6,170,055
11,450,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2016A
7.000
12/01/44
11,492,106
1,785,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2016B
6.500
12/01/46
1,799,289
23,535,000
(b)
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2017A
7.000
12/01/46
24,187,560
2,900,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2022A
5.000
12/01/47
2,612,062
2,175,000
Chicago Board of Education, Illinois, General Obligation
Bonds, Dedicated Revenues, Series 2023A
6.000
12/01/49
2,223,585
685,000
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1999A -
NPFG Insured
5.500
12/01/26
696,281
4,000,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
4.000
12/01/50
3,349,143
14,765,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A - BAM Insured
4.000
12/01/50
12,453,860
4,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2018B
5.000
01/01/53
3,964,200
15,000,000
(a)
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2024B, (UB)
5.250
01/01/53
15,202,527
1,000,000
(a)
Chicago, Illinois, General Obligation Bonds, Chicago Works
Series 2023A, (UB)
5.500
01/01/40
1,020,636
4,000,000
Chicago, Illinois, General Obligation Bonds, Series 2019A
5.000
01/01/40
3,952,209
5,425,000
Chicago, Illinois, General Obligation Bonds, Series 2019A
5.500
01/01/49
5,239,589
12,190,000
Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Second Lien Project, Series 2023A - AGM Insured
5.250
01/01/53
12,252,668
2,000,000
Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Second Lien Project, Series 2023A - AGM Insured
5.250
01/01/58
2,007,177
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
7,240,000
(a)
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured, (UB)
5.250
%
11/01/53
$
7,271,021
6,030,000
Chicago, Illinois, Water Revenue Bonds, Second Lien Series
2023A - AGM Insured
5.500
11/01/62
6,146,193
4,500,000
Cook County Community College District 508, Illinois, General
Obligation Bonds, Chicago City Colleges, Series 2017
5.000
12/01/47
4,342,476
3,500,000
Evanston, Cook County, Illinois, General Obligation Bonds,
Corporate Purpose Series 2018A
4.000
12/01/43
3,095,876
2,750,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
3.900
11/01/36
2,734,224
5,265,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
5.500
11/01/36
5,276,949
3,215,000
Illinois Finance Authority, Health Services Facility Lease
Revenue Bonds, Provident Group - UIC Surgery Center, LLC -
University of Illinois Health Services Facility Project, Series 2020
4.000
10/01/50
2,601,904
25,015,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
4.000
02/15/41
25,549,346
75,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
4.000
02/15/41
67,859
790,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
4.000
02/15/41
806,875
1,440,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
5.000
02/15/41
1,492,347
1,560,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
5.000
02/15/41
1,566,871
3,500,000
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C
5.000
02/15/32
3,586,837
55,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C, (Pre-refunded
2/15/27)
4.000
02/15/41
56,175
1,200,000
(d)
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C, (Pre-refunded
2/15/27)
4.000
02/15/41
1,225,633
2,500,000
Illinois Finance Authority, Revenue Bonds, Bradley University,
Refunding Series 2021A
4.000
08/01/51
1,876,186
1,000,000
(b)
Illinois Finance Authority, Revenue Bonds, DePaul College Prep
Foundation, Series 2023A
5.625
08/01/53
1,002,843
8,665,000
Illinois Finance Authority, Revenue Bonds, Mercy Health
Corporation, Series 2016
5.000
12/01/40
8,664,739
7,500,000
Illinois Finance Authority, Revenue Bonds, Mercy Health
Corporation, Series 2016
5.000
12/01/46
7,318,082
10,945,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
4.000
08/15/42
9,588,359
5,285,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
5.000
08/15/51
5,065,074
22,590,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5.000
11/15/45
21,894,016
5,410,000
Illinois FInance Authority, Revenue Bonds, Southern Illinois
Healthcare Enterprises, Inc., Series 2017A
5.000
03/01/47
5,267,698
14,200,000
Illinois Finance Authority, Revenue Bonds, The Carle
Foundation, Fixed Period Series 2021A
4.000
08/15/41
12,653,799
11,860,000
(a)
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2024I, (UB)
4.625
04/01/50
10,957,564
5,000,000
Illinois State, General Obligation Bonds, December Series
2017A
5.000
12/01/34
5,106,536
2,000,000
Illinois State, General Obligation Bonds, December Series
2017A
5.000
12/01/35
2,036,216
5,420,000
Illinois State, General Obligation Bonds, December Series
2017A
5.000
12/01/39
5,456,094
1,750,000
Illinois State, General Obligation Bonds, January Series 2016
5.000
01/01/32
1,760,271
3,565,000
Illinois State, General Obligation Bonds, June Series 2016
5.000
06/01/26
3,630,339
4,170,000
Illinois State, General Obligation Bonds, June Series 2022A
5.500
03/01/47
4,239,239
17,000,000
Illinois State, General Obligation Bonds, May Series 2018A
6.000
05/01/26
17,401,939
Portfolio of Investments July 31, 2025
(continued)
NEA
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
4,485,000
Illinois State, General Obligation Bonds, May Series 2018A
6.000
%
05/01/27
$
4,724,259
1,115,000
Illinois State, General Obligation Bonds, May Series 2020
5.500
05/01/30
1,185,798
5,305,000
Illinois State, General Obligation Bonds, May Series 2020
5.500
05/01/39
5,513,815
2,360,000
Illinois State, General Obligation Bonds, May Series 2020
5.750
05/01/45
2,437,198
4,825,000
Illinois State, General Obligation Bonds, May Series 2023B
5.500
05/01/47
4,912,782
9,710,000
Illinois State, General Obligation Bonds, October Series 2016
5.000
02/01/27
10,017,508
5,000,000
Illinois State, General Obligation Bonds, October Series 2022C
5.500
10/01/41
5,216,243
29,430,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2015A
5.000
01/01/40
29,422,098
10,000,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2019A
5.000
01/01/44
10,006,462
12,010,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2020A
5.000
01/01/45
12,016,932
9,640,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
4.000
01/01/42
8,949,381
10,455,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2021A
5.000
01/01/46
10,457,292
5,410,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Series 2023A
5.250
01/01/43
5,653,517
5,420,000
Illinois, General Obligation Bonds, Illinois FIRST Program,
Series 2001 - FGIC Insured
6.000
11/01/26
5,515,102
1,175,000
Macon and DeWitt Counties Community Unit School District 2
Maroa-Forsyth, Illinois, General Obligation Bonds, Series 2021
- AGM Insured
4.000
12/01/41
1,095,592
5,080,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
5.000
06/15/50
4,936,581
8,800,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2015A
5.500
06/15/53
8,803,597
4,750,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017A
5.000
06/15/57
4,522,193
33,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Capital
Appreciation Refunding Series 2010B-1 - AGM Insured
0.000
06/15/45
11,653,841
5,355,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Capital
Appreciation Refunding Series 2010B-1 - AGM Insured
0.000
06/15/46
1,781,093
195,000
(d)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A,
(ETM)
0.000
06/15/30
167,929
3,505,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A
0.000
06/15/30
2,957,525
28,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
AGM Insured
0.000
12/15/35
18,117,859
3,280,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
06/15/37
1,922,958
11,715,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
12/15/38
6,214,410
1,525,000
(d)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Hospitality Facility, Series 1996A,
(ETM)
7.000
07/01/26
1,583,023
2,300,000
Regional Transportation Authority, Cook, DuPage, Kane, Lake,
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 2000A - NPFG Insured
6.500
07/01/30
2,548,932
2,855,000
Sangamon County School District 186 Springfield, Illinois,
General Obligation Bonds, Alternate Revenue Source Series
2023 - AGM Insured
5.500
06/01/58
2,932,706
2,500,000
Sangamon County Water Reclamation District, Illinois, General
Obligation Bonds Alternate Revenue Source, Project &
Refunding Series 2019A - BAM Insured
4.000
01/01/44
2,236,457
TOTAL ILLINOIS
514,822,458
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA - 2.6% (1.5% of Total Investments)
$
6,000,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Valparaiso University Project, Series 2014
5.000
%
10/01/44
$
5,104,193
7,000,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
Unversity Health Obligation Group, Fixed Rate Series 2019A
4.000
12/01/49
5,851,397
1,875,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
Unversity Health Obligation Group, Refunding 2015A
4.000
12/01/40
1,738,728
13,415,000
Indiana Finance Authority, Hospital Revenue Bonds, Reid
Health Series 2022 - AGM Insured
5.000
01/01/52
12,796,039
11,000,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, First Lien Green Series 2016A
5.000
10/01/46
11,054,845
12,820,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, First Lien Green Series 2022B
5.250
10/01/52
13,022,402
5,130,000
Indiana Finance Authority, Water Utility Revenue Bonds,
Citizens Energy Group Project, First Lien Series 2016A
5.000
10/01/46
5,170,672
8,000,000
(a)
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social Series 2024D-
1, (UB)
4.750
07/01/54
7,565,760
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6.000
03/01/53
1,020,332
3,460,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1 - BAM Insured
5.000
03/01/53
3,449,360
8,040,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Stormwater Project, Green Series 2022C
5.000
01/01/52
8,162,476
9,560,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Series 1999E - AMBAC Insured
0.000
02/01/26
9,411,178
1,000,000
Northern Indiana Commuter Transportation District, Indiana,
Limited Obligation Revenue Bonds, Series 2024
5.250
01/01/49
1,027,082
1,580,000
Zionsville Community Schools Building Corporation, Boone
County, Indiana, First Mortgage Bonds, Series 2005Z - AGM
Insured
0.000
01/15/28
1,465,372
TOTAL INDIANA
86,839,836
IOWA - 1.1% (0.6% of Total Investments)
6,775,000
Iowa Finance Authority Senior Living Facilities Revenue Bonds,
Sunrise Retirement Community Project, Refunding Series 2021
5.000
09/01/51
4,801,414
8,250,000
(d)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5.000
12/01/50
9,317,164
7,000,000
(d)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/42)
5.000
12/01/50
7,905,472
3,085,000
Iowa Finance Authority, Senior Housing Revenue Bonds,
Northcrest Inc. Project, Series 2018A
5.000
03/01/48
2,739,003
4,700,000
(d)
Xenia Rural Water District, Iowa, Water Revenue Bonds,
Refunding Capital Loan Note Series 2016, (Pre-refunded
12/01/26)
5.000
12/01/36
4,854,118
5,990,000
(d)
Xenia Rural Water District, Iowa, Water Revenue Bonds,
Refunding Capital Loan Note Series 2016, (Pre-refunded
12/01/26)
5.000
12/01/41
6,186,419
TOTAL IOWA
35,803,590
KANSAS - 0.7% (0.4% of Total Investments)
5,000,000
Ellis County Unified School District 489 Hays, Kansas, General
Obligation Bonds, Refunding & Improvement Series 2022B -
AGM Insured
5.000
09/01/42
5,093,679
3,050,000
Ellis County Unified School District 489 Hays, Kansas, General
Obligation Bonds, Refunding & Improvement Series 2022B -
AGM Insured
5.000
09/01/47
3,052,967
3,700,000
Kansas Municipal Energy Agency, Power Project Revenue
Bonds, Dogwood Project, Series 2018A - BAM Insured
5.000
04/01/38
3,756,297
6,000,000
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence
Memorial Hospital, Series 2018A
5.000
07/01/43
5,870,930
Portfolio of Investments July 31, 2025
(continued)
NEA
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KANSAS
(continued)
$
6,465,000
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence
Memorial Hospital, Series 2018A
5.000
%
07/01/48
$
6,171,978
TOTAL KANSAS
23,945,851
KENTUCKY - 1.2% (0.7% of Total Investments)
6,010,000
Kentucky Economic Development Finance Authority, Health
System Revenue Bonds, Norton Healthcare Inc., Series 2000B -
NPFG Insured
0.000
10/01/28
5,308,519
1,300,000
Kentucky Economic Development Finance Authority, Hospital
Revenue Bonds, Owensboro Health, Refunding Series 2017A
5.000
06/01/37
1,303,228
700,000
(a)
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C, (UB)
4.400
07/01/44
650,060
1,290,000
(a)
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C, (UB)
4.600
07/01/49
1,204,237
4,855,000
(a)
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C, (UB)
4.650
01/01/55
4,493,785
5,000,000
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Convertible
Capital Appreciation First Tier Series 2013C
6.750
07/01/43
5,550,127
8,610,000
Kentucky Public Transportation Infrastructure Authority, Toll
Revenue Bonds, Downtown Crossing Project, Convertible
Capital Appreciation First Tier Series 2013C
6.875
07/01/46
9,574,515
10,000,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Series 2024A-1, (Mandatory Put 7/01/30), (UB)
5.000
05/01/55
10,495,136
TOTAL KENTUCKY
38,579,607
LOUISIANA - 2.1% (1.2% of Total Investments)
5,000,000
East Baton Rouge Parish Capital Improvement District,
Louisiana, MOVEBR Sales Tax Revenue Bonds, Series 2019
5.000
08/01/48
4,941,108
1,870,000
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Bonds, Series 2017B - AGM Insured
5.000
12/01/42
1,875,702
3,900,000
(a)
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A, (UB)
4.550
12/01/49
3,591,899
1,875,000
(a)
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A, (UB)
4.650
12/01/54
1,726,013
1,965,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, East Baton Rouge Sewerage Commission Projects,
Refunding Series 2023
5.000
02/01/41
2,008,169
4,280,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5.000
05/15/46
4,160,933
3,600,000
(b)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Young Audiences Charter School, Series 2019A
5.000
04/01/49
2,950,452
1,695,000
Louisiana Public Facilities Authority, Lease Revenue Bonds,
Provident Group-Flagship Properties LLC - Louisiana State
University Nicolson Gateway Project, Series 2016A
5.000
07/01/46
1,617,880
9,310,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Christus Health, Refunding Series 2019A
5.000
07/01/43
9,319,377
20,000
(d)
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016, (Pre-
refunded 5/15/26)
4.000
05/15/35
20,205
2,345,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016
4.000
05/15/36
2,252,651
20,000
(d)
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016, (Pre-
refunded 5/15/26)
5.000
05/15/47
20,360
1,975,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Series 2015
5.000
05/15/47
1,917,425
3,615,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5.000
07/01/48
3,582,795
10,765,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5.250
07/01/53
10,889,389
3,500,000
New Orleans Aviation Board, Louisiana, General Airport
Revenue Bonds, Series 2024C-1
5.000
01/01/54
3,477,735
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
10,000,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2024A
5.000
%
12/01/53
$
9,834,945
5,000,000
Saint Tammany Parish Hospital Service District 1, Louisiana,
Hospital Revenue Bonds, St. Tammany Parish Hospital Project,
Refunding Series 2018A
5.000
07/01/48
4,876,036
1,355,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2015
5.000
12/01/40
1,311,870
TOTAL LOUISIANA
70,374,944
MAINE - 0.7% (0.4% of Total Investments)
6,300,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
5.000
07/01/41
5,731,864
8,675,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, MaineHealth Issue, Series 2018A
5.000
07/01/43
8,687,162
11,150,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, MaineHealth Issue, Series 2020A
4.000
07/01/50
9,427,268
TOTAL MAINE
23,846,294
MARYLAND - 1.6% (0.9% of Total Investments)
5,905,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/46
5,470,920
8,610,000
Baltimore, Maryland, Revenue Bonds, Water Projects,
Subordinate Series 2017A
5.000
07/01/41
8,640,015
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue, Series 2016
5.000
07/01/47
1,953,891
4,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, University of Maryland Medical System Issue,
Taxable Series 2017D
4.000
07/01/48
3,382,794
4,125,000
Maryland Stadium Authority, Lease Revenue Bonds, Built To
Learn, Series 2022A
4.000
06/01/47
3,596,378
17,000,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Series
2018A
5.000
05/01/42
17,179,763
3,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2020
4.000
07/01/39
2,914,372
3,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2020
4.000
07/01/50
2,581,611
4,000,000
Montgomery County, Maryland, Revenue Bonds, Trinity Health
Credit Group, Series 2015
5.000
12/01/44
3,916,724
1,150,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Ingleside King Farm Project,
Series 2017A-1
5.000
11/01/37
1,112,571
2,250,000
Rockville Mayor and Council, Maryland, Economic
Development Revenue Bonds, Series 2017B
5.000
11/01/47
1,946,842
TOTAL MARYLAND
52,695,881
MASSACHUSETTS - 2.9% (1.7% of Total Investments)
4,000,000
Bristol-Plymouth Regional Vocational Technical School District,
Massachusetts, General Obligation Bonds, School Series 2025
4.000
04/01/49
3,472,766
6,035,000
Bristol-Plymouth Regional Vocational Technical School District,
Massachusetts, General Obligation Bonds, School Series 2025
4.000
04/01/50
5,189,863
10,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Children's Hospital Series 2024T
5.250
03/01/54
10,192,298
930,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5.000
07/01/44
884,333
3,890,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2023FF
5.000
10/01/48
3,905,329
3,630,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/53
3,528,596
1,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute Issue, Series 2016N
5.000
12/01/46
1,087,302
2,070,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2015
4.500
01/01/45
1,813,990
4,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Partners HealthCare System Issue, Series 2017S-1
4.000
07/01/36
4,041,115
Portfolio of Investments July 31, 2025
(continued)
NEA
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
1,380,000
Massachusetts Development Finance Agency, Revenue Bonds,
Western New England University, Series 2015
5.000
%
09/01/40
$
1,335,572
1,545,000
Massachusetts Development Finance Agency, Revenue Bonds,
Western New England University, Series 2015
5.000
09/01/45
1,418,804
3,000,000
Massachusetts Development Finance Authority, Revenue
Bonds, WGBH Educational Foundation, Series 2002A - AMBAC
Insured
5.750
01/01/42
3,365,238
26,750,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2015B
4.000
05/01/45
23,826,559
5,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2022C
5.250
10/01/52
5,159,664
14,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2023A
5.000
05/01/48
14,207,918
12,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2022B
5.000
06/01/52
12,062,264
TOTAL MASSACHUSETTS
95,491,611
MICHIGAN - 9.5% (5.5% of Total Investments)
315,000
Advanced Technology Academy, Michigan, Public School
Academy Revenue Bonds, Refunding Series 2019
5.000
11/01/34
317,496
1,000,000
Conner Creek Academy East, Michigan, Public School Revenue
Bonds, Series 2007
5.250
11/01/36
823,900
2,000,000
County of Calhoun Hospital Finance Authority, Michigan,
Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series
2016
5.000
02/15/47
1,764,774
1,925,000
Detroit, Michigan, Senior Lien Sewerage Disposal System
Revenue Bonds, Series 2001B - NPFG Insured
5.500
07/01/29
2,005,605
15,000
Detroit, Michigan, Water Supply System Revenue Bonds,
Refunding Second Lien Series 2004A - AGM Insured
5.000
07/01/34
15,031
1,700,000
Downriver Utility Wastewater Authority, Michigan, Sewer
System Revenue Bonds, Series 2018 - AGM Insured
5.000
04/01/43
1,706,736
1,100,000
Eastern Michigan University, General Revenue Bonds,
Refunding Series 2017A - BAM Insured
5.000
03/01/33
1,123,324
2,270,000
Eastern Michigan University, General Revenue Bonds,
Refunding Series 2017A - BAM Insured
5.000
03/01/36
2,303,436
455,000
(d)
Eastern Michigan University, General Revenue Bonds, Series
2018A, (Pre-refunded 3/01/28)
4.000
03/01/44
471,815
10,710,000
Eastern Michigan University, General Revenue Bonds, Series
2018A - AGM Insured
4.000
03/01/44
9,443,372
8,900,000
Grand Rapids and Kent County Joint Building Authority,
Michigan, Limited Tax General Obligation Bonds, Devos Place
Project, Series 2001
0.000
12/01/25
8,816,975
3,000,000
Grand Rapids and Kent County Joint Building Authority,
Michigan, Limited Tax General Obligation Bonds, Devos Place
Project, Series 2001
0.000
12/01/26
2,891,501
100,000
Grand Rapids and Kent County Joint Building Authority,
Michigan, Limited Tax General Obligation Bonds, Devos Place
Project, Series 2001
0.000
12/01/27
93,721
4,305,000
Grand Rapids and Kent County Joint Building Authority,
Michigan, Limited Tax General Obligation Bonds, Devos Place
Project, Series 2001
0.000
12/01/29
3,796,782
1,000,000
Grand Rapids Public Schools, Kent County, Michigan, General
Obligation Bonds, Refunding School Building & Site Series
2016 - AGM Insured
5.000
05/01/38
1,009,129
1,250,000
Grand Rapids Public Schools, Kent County, Michigan, General
Obligation Bonds, School Building & Site Series 2019 - AGM
Insured
5.000
11/01/42
1,261,005
1,850,000
Grand Rapids Public Schools, Kent County, Michigan, General
Obligation Bonds, School Building & Site Series 2019 - AGM
Insured
5.000
11/01/43
1,860,551
2,500,000
Grand Rapids, Michigan, Sanitary Sewer System Revenue
Bonds, Series 2018
5.000
01/01/43
2,515,968
6,055,000
Grand Rapids, Michigan, Sanitary Sewer System Revenue
Bonds, Series 2018
5.000
01/01/48
6,057,430
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
4,295,000
Grand Rapids, Michigan, Water Supply System Revenue Bonds,
Series 2020
5.000
%
01/01/45
$
4,322,126
1,720,000
Grand Traverse County Hospital Finance Authority, Michigan,
Revenue Bonds, Munson Healthcare, Series 2019A
5.000
07/01/36
1,764,642
1,995,000
Grand Traverse County Hospital Finance Authority, Michigan,
Revenue Bonds, Munson Healthcare, Series 2019A
5.000
07/01/39
2,026,050
27,950,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2016A
5.000
07/01/46
27,768,258
4,625,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2025C
5.250
07/01/50
4,748,120
6,910,000
Hudsonville Public Schools, Ottawa and Allegan Counties,
Michigan, General Obligation Bonds, School Building & Site
Series 2020-I
4.000
05/01/47
6,034,526
1,265,000
Jenison Public Schools, Ottawa County, Michigan, General
Obligation Bonds, Series 2017
5.000
05/01/30
1,315,929
1,000,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2016
5.000
06/01/31
1,019,403
1,445,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2016
5.000
06/01/34
1,468,714
1,570,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2017A
5.000
06/01/36
1,612,456
1,650,000
Kent County, Michigan, General Obligation Bonds, Limited Tax
Capital Improvement Series 2017A
5.000
06/01/37
1,689,721
2,375,000
Kentwood Public Schools, Kent County, Michigan, General
Obligation Bonds, School Building & Site Series 2023-II - AGM
Insured
5.000
05/01/49
2,384,225
2,395,000
Lake Superior State University Board of Trustees, Michigan,
General Revenue Bonds, Series 2018 - AGM Insured
5.000
01/15/38
2,431,327
4,000,000
Lake Superior State University Board of Trustees, Michigan,
General Revenue Bonds, Series 2018 - AGM Insured
5.000
01/15/43
4,000,859
10,900,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2019A
5.000
07/01/44
10,933,124
8,170,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2019A
5.000
07/01/48
8,171,082
11,835,000
Lansing Board of Water and Light, Michigan, Utility System
Revenue Bonds, Series 2021A
5.000
07/01/51
11,791,770
1,325,000
Lansing School District, Ingham County, Michigan, General
Obligation Bonds, School Building and Site Series 2019II
5.000
05/01/40
1,350,938
2,085,000
Lansing School District, Ingham County, Michigan, General
Obligation Bonds, Series 2016I
5.000
05/01/38
2,104,033
2,200,000
Lansing School District, Ingham County, Michigan, General
Obligation Bonds, Series 2016I
5.000
05/01/41
2,213,749
2,200,000
Lansing Township Downtown Development Authority, Ingham
County, Michigan, Tax Increment Bonds, Series 2013A
5.950
02/01/42
2,085,658
500,000
Marquettte, Michigan, Electric Utility System Revenue Bonds,
Refunding Series 2016A
5.000
07/01/33
507,888
1,500,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne Criminal Justice Center
Project, Senior Lien Series 2018
5.000
11/01/43
1,501,679
17,500,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne, Second Lien Refunding
Series 2020
4.000
11/01/50
14,613,869
10,005,000
Michigan Finance Authority, Distributable State Aid Revenue
Bonds, Charter County of Wayne, Second Lien Refunding
Series 2020
4.000
11/01/55
8,172,556
3,500,000
Michigan Finance Authority, Higher Education Limited
Obligation Revenue Bonds, Kalamazoo College Project,
Refunding Series 2018
5.000
12/01/43
3,502,054
175,000
(d)
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2016MI, (Pre-refunded
6/01/26)
5.000
12/01/45
178,197
5,340,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2016MI
5.000
12/01/45
5,185,117
Portfolio of Investments July 31, 2025
(continued)
NEA
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
9,000,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2016MI-2
4.000
%
03/01/51
$
7,262,485
10,000,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2017A-MI
4.000
12/01/36
9,609,945
1,900,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2017MI
5.000
12/01/30
1,964,768
2,000,000
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2019A-MI
4.000
12/01/49
1,635,969
11,730,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2006 Sold Tobacco Receipts Senior Current Interest
Series 2020A-2
5.000
06/01/40
11,789,150
9,060,000
(d)
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6, (Pre-refunded 11/15/26)
4.000
11/15/47
9,226,932
1,270,000
Michigan Hospital Finance Authority, Revenue Bonds,
Ascension Health Senior Credit Group, Refunding & Project
Series 2010F-6
4.000
11/15/47
1,077,088
10,000,000
(a)
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2025A, (UB)
4.850
12/01/45
9,710,340
180,000
Michigan Public Educational Facilities Authority, Charter School
Revenue Bonds, American Montessori Academy, Series 2007
6.500
12/01/37
180,025
2,085,000
(d)
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2015-I, (Pre-refunded 10/15/25)
5.000
04/15/31
2,094,866
14,915,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2015-I
5.000
04/15/31
14,985,578
5,615,000
(d)
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2015-I, (Pre-refunded 10/15/25)
5.000
04/15/38
5,641,570
8,300,000
Michigan State University, General Revenue Bonds, Refunding
Series 2019C
4.000
02/15/44
7,412,525
3,000,000
Michigan State University, General Revenue Bonds, Taxable
Series 2019A
5.000
02/15/48
3,002,436
1,950,000
Michigan State, Comprehensive Transportation Revenue
Bonds, Refunding Series 2015
5.000
11/15/29
1,954,003
1,350,000
Muskegon County, Michigan, General Obligation Wastewater
Bonds, Management System 1, Refunding Series 2015
5.000
11/01/33
1,357,234
1,730,000
Muskegon County, Michigan, General Obligation Wastewater
Bonds, Management System 1, Refunding Series 2015
5.000
11/01/36
1,738,790
400,000
Northern Michigan University, General Revenue Bonds, Series
2018A
5.000
12/01/33
416,233
650,000
Northern Michigan University, General Revenue Bonds, Series
2018A
5.000
12/01/35
671,221
665,000
Novi Community School District, Oakland County, Michigan,
General Obligation Bonds, School Building & Site Series
2022-II
4.000
05/01/47
583,498
1,510,000
Royal Oak, Oakland County, Michigan, General Obligation
Bonds, Taxable Limited Tax Series 2018
5.000
04/01/43
1,533,720
810,000
Saginaw Valley State University, Michigan, General Revenue
Bonds, Refunding Series 2016A
5.000
07/01/35
817,011
5,240,000
Troy School District, Oakland County, Michigan, General
Obligation Bonds, School Building & Site Series 2023
5.000
05/01/52
5,280,476
1,065,000
(d)
University of Michigan, Michigan, General Revenue Bonds,
Series 2017A, (Pre-refunded 4/01/27)
5.000
04/01/36
1,108,739
2,000,000
(d)
University of Michigan, Michigan, General Revenue Bonds,
Series 2017A, (Pre-refunded 4/01/27)
5.000
04/01/42
2,082,140
12,200,000
(d)
University of Michigan, Michigan, General Revenue Bonds,
Series 2017A, (Pre-refunded 4/01/27)
5.000
04/01/47
12,701,053
1,000,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Senior Series
2017A
5.000
12/01/42
1,000,725
2,200,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2015D
5.000
12/01/45
2,173,021
5,000,000
Wayne State University, Michigan, General Revenue Bonds,
Series 2018A
5.000
11/15/43
5,024,840
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
2,590,000
West Bloomfield School District, Oakland County, Michigan,
General Obligation Bonds, School Building & Site Series 2017
- AGM Insured
5.000
%
05/01/36
$
2,651,867
3,335,000
Western Michigan University, General Revenue Bonds,
Refunding Series 2019A
5.000
11/15/44
3,340,837
2,700,000
Wyandotte, Michigan, Electric Revenue Bonds, Refunding
Series 2015A - BAM Insured
5.000
10/01/44
2,705,509
TOTAL MICHIGAN
315,911,215
MINNESOTA - 5.4% (3.2% of Total Investments)
285,000
Baytown Township, Minnesota Charter School Lease Revenue
Bonds, Saint Croix Preparatory Academy, Refunding Series
2016A
4.000
08/01/36
256,205
875,000
Bethel, Minnesota, Charter School Lease Revenue Bonds,
Spectrum High School Project, Series 2024
5.000
07/01/59
781,868
3,565,000
Brooklyn Center, Minnesota, Charter School Lease Revenue
Bonds, Tesfa International dba Twin Lakes STEM Academy
Project, Series 2021A
5.250
06/15/56
2,286,188
730,000
Brooklyn Center, Minnesota, Charter School Lease Revenue
Bonds, Tesfa International dba Twin Lakes STEM Academy
Project, Taxable Series 2021B
6.000
06/15/31
688,463
350,000
Chatfield, Minnesota, Healthcare and Housing Facilities
Revenue Bonds, Chosen Valley Care Center Project, Refunding
Series 2019
4.000
09/01/39
283,343
1,700,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5.000
07/01/36
1,591,525
4,005,000
City of Milaca, Minnesota Refunding Revenue Bonds,
Grandview Christian Home Project, Series 2016
5.000
10/01/41
3,766,564
265,000
(b)
Dakota County Community Development Agency, Minnesota,
Senior Housing Revenue Bonds, Walker Highview Hills LLC
Project, Refunding Series 2016A
3.500
08/01/25
265,000
1,000,000
(b)
Dakota County Community Development Agency, Minnesota,
Senior Housing Revenue Bonds, Walker Highview Hills LLC
Project, Refunding Series 2016A
5.000
08/01/46
879,944
590,000
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Eagle Ridge Academy Project, Series 2015A
5.250
07/01/37
590,161
3,600,000
(b)
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Seven Hills Preparatory Academy Project, Series 2024A
6.125
06/15/61
3,173,623
2,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
4.250
02/15/43
1,785,769
1,300,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5.000
02/15/43
1,278,830
4,050,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5.000
02/15/48
3,962,530
6,650,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5.000
02/15/53
6,437,792
3,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5.250
02/15/53
2,978,512
7,240,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5.250
02/15/58
7,125,029
3,600,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth
Obligated Group, Series 2022B
5.250
06/15/47
3,640,870
1,980,000
GFW Independent School District No. 2365, Sibley, Renville,
McLeod and Nicollet Counties, Minnesota, General Obligation
School Building Bonds, Series 2023A
5.000
02/01/42
2,036,796
1,125,000
GFW Independent School District No. 2365, Sibley, Renville,
McLeod and Nicollet Counties, Minnesota, General Obligation
School Building Bonds, Series 2023A
4.125
02/01/52
1,004,637
Portfolio of Investments July 31, 2025
(continued)
NEA
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
535,000
Independence, Minnesota, Charter School Lease Revenue
Bonds, Paladin Career & Technical High School Project, Series
2021A
4.000
%
06/01/41
$
410,681
9,840,000
Independent School District 621, Mounds View, Minnesota,
General Obligation Bonds, School Building Series 2018A
4.000
02/01/41
9,517,808
2,800,000
Itasca County Independent School District 318, Minnesota,
General Obligation Bonds, Series 2018A
4.000
02/01/37
2,801,318
1,000,000
Maple River Independent School District 2135, Minnesota,
General Obligation Bonds, School Building Series 2020A
4.000
02/01/50
856,827
405,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Cyber Village Academy Project, Series 2022A
5.500
06/01/57
342,557
2,250,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2021
4.000
11/15/40
2,065,639
2,530,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Fairview Health Services, Series 2018A
4.000
11/15/48
2,044,147
1,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019A
5.000
01/01/33
1,064,909
2,245,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019A
5.000
01/01/44
2,251,412
3,500,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019A
5.000
01/01/49
3,470,602
1,630,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C
5.000
01/01/37
1,650,251
7,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C
5.000
01/01/46
6,969,408
2,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
4.125
01/01/47
1,781,649
2,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
4.250
01/01/52
1,773,667
12,345,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
5.000
01/01/52
12,275,419
7,335,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Series 2024A
5.000
01/01/52
7,325,550
5,000,000
Minnesota Agricultural and Economic Development Board,
Health Care Facilities Revenue Bonds, Essentia Health
Obligated Group, Series 2024A
5.250
01/01/54
4,998,852
610,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, University of Saint Thomas, Series 2022B
4.125
10/01/42
561,705
1,000,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, University of Saint Thomas, Series 2022B
4.125
10/01/42
920,829
2,140,000
Minnesota Higher Education Facilities Authority, Revenue
Bonds, University of Saint Thomas, Series 2022B
5.000
10/01/47
2,136,665
1,000,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2020D
4.000
08/01/42
920,990
3,165,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2021C
4.000
08/01/43
2,877,898
3,805,000
Minnesota Housing Finance Agency, Housing Infrastructure
State Appropriation Bonds, Series 2022C
5.000
08/01/41
3,918,154
2,000,000
Rochester, Minnesota, Electric Utility Revenue Bonds,
Refunding Series 2017A
5.000
12/01/42
2,041,402
10,325,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2019
5.000
05/01/48
10,128,095
6,000,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2019
4.000
05/01/49
5,120,491
4,825,000
(b)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Community School of
Excellence, Series 2023
5.500
03/01/53
4,559,955
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
2,000,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hmong College Prep
Academy Project, Refunding Series 2020A
5.000
%
09/01/55
$
1,744,484
2,000,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hmong College Prep
Academy Project, Series 2016A
5.750
09/01/46
1,997,964
530,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hope Community
Academy Project, Series 2020A
3.875
12/01/30
474,403
4,170,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Series 2016A
4.125
09/01/47
3,359,428
595,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4.000
11/15/35
570,220
1,470,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4.000
11/15/43
1,220,083
3,315,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5.000
11/15/47
3,182,262
800,000
Saint Paul Port Authority, Minnesota, District Energy Revenue
Bonds, Series 2023-3
4.750
10/01/43
760,121
150,000
Saint Paul, Minnesota, Housing and Redevelopment Authority,
Minnesota Charter School Lease Revenue Bonds, Series 2022A
6.500
06/01/29
151,311
1,070,000
Saint Paul, Minnesota, Housing and Redevelopment Authority,
Minnesota Charter School Lease Revenue Bonds, Series 2022A
6.375
06/01/42
1,022,466
3,055,000
Saint Paul, Minnesota, Housing and Redevelopment Authority,
Minnesota Charter School Lease Revenue Bonds, Series 2022A
6.500
06/01/57
2,870,620
850,000
Sartell, Minnesota, Health Care Facilities Revenue Bonds,
Country Manor Campus LLC Project, Refunding Series 2017
5.000
09/01/42
744,858
4,270,000
St. Paul Housing and Redevelopment Authority, Minnesota,
Charter School Revenue Bonds, Higher Ground Academy
Charter School, Series 2018
5.000
12/01/43
3,959,084
3,595,000
(d)
St. Paul Housing and Redevelopment Authority, Minnesota,
Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-
refunded 11/15/25)
5.000
11/15/40
3,619,609
5,315,000
(d)
St. Paul Housing and Redevelopment Authority, Minnesota,
Hospital Revenue Bonds, HealthEast Inc., Series 2015A, (Pre-
refunded 11/15/25)
5.000
11/15/44
5,351,383
3,900,000
University of Minnesota, General Obligation Bonds, Series
2016A
5.000
04/01/41
3,922,725
300,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5.000
08/01/32
302,382
150,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5.000
08/01/33
150,977
250,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5.000
08/01/35
251,187
600,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
4.000
08/01/39
548,943
2,000,000
Wayzata, Minnesota Senior Housing Revenue Bonds,
Folkestone Senior Living Community, Refunding Series 2019
5.000
08/01/49
1,847,259
3,000,000
Western Minnesota Municipal Power Agency, Minnesota,
Power Supply Revenue Bonds, Series 2018A
5.000
01/01/49
3,000,079
730,000
Winona Port Authority, Minnesota, Charter School Lease
Revenue Bonds, Bluffview Montessori School Project,
Refunding Series 2016
4.750
06/01/46
575,796
TOTAL MINNESOTA
181,228,173
MISSISSIPPI - 0.1% (0.1% of Total Investments)
4,500,000
Medical Center Educational Building Corporation, Mississippi,
Revenue Bonds, University of Mississippi Medical Center New
Facilities & Refinancing Project, Series 2017A
4.000
06/01/47
3,899,249
TOTAL MISSISSIPPI
3,899,249
Portfolio of Investments July 31, 2025
(continued)
NEA
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI - 5.5% (3.2% of Total Investments)
$
3,700,000
Hannibal Industrial Development Authority, Missouri, Health
Facilities Revenue Bonds, Hannibal Regional Healthcare
System, Series 2017
5.000
%
10/01/47
$
3,270,864
2,000,000
Hazelwood School District, St. Louis County, Missouri, General
Obligation Bonds, Refunding and Improvement Series 2023A
- BAM Insured
5.000
03/01/42
2,042,379
6,940,000
(a)
Jackson County, Missouri, Special Obligation Bonds, Series
2023A, (UB)
5.250
12/01/47
7,071,815
8,150,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0.000
04/15/27
7,709,347
5,000,000
Kansas City Municipal Assistance Corporation, Missouri,
Leasehold Revenue Bonds, Improvement Series 2004B-1 -
AMBAC Insured
0.000
04/15/31
4,053,189
2,475,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2018A
4.000
01/01/38
2,427,161
4,470,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2018A
4.000
01/01/42
4,043,473
1,475,000
Kansas City, Missouri, Special Obligation Bonds, Kansas City
Missouri Projects, Series 2021A
5.000
04/01/40
1,529,857
1,750,000
Kansas City, Missouri, Water Revenue Bonds, Series 2023A
4.000
12/01/47
1,539,295
2,490,000
Maryland Heights, Missouri, Tax Increment and Special District
Revenue Bonds, Westport Plaza Redevelopment Area, Series
2020
4.125
11/01/38
2,294,231
2,950,000
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Refunding Improvement Series 2022B
5.250
05/01/52
3,026,319
2,695,000
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Series 2019B
5.000
05/01/44
2,739,264
2,160,000
Missouri Development Finance Board, Infrastructure Facilities
Revenue Bonds, City of  Independence Annual Appropriation
Electric System, Refunding Series 2022 - AGM Insured
5.000
06/01/34
2,338,741
3,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2.900
09/01/33
2,710,079
1,350,000
Missouri Health and Education Facilities Authority, Health
Facilities Revenue Bonds, Saint Luke's Health System, Inc.,
Series 2016
5.000
11/15/35
1,358,673
1,400,000
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Kansas City University of
Medicine and Biosciences, Series 2017A
5.000
06/01/42
1,407,126
1,830,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2021A
4.000
07/01/40
1,726,633
14,000,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025A,
(UB)
4.000
04/01/45
12,194,589
1,500,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Variable Rate
Demand Obligation Series 2013C, (Mandatory Put 1/01/46)
4.000
01/01/50
1,280,841
4,165,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A
4.000
11/15/44
3,658,100
4,220,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A
4.000
11/15/49
3,554,135
17,300,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2013A
5.000
11/15/48
16,831,161
5,110,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2015A
5.000
11/15/39
5,112,488
1,400,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2014F
5.000
11/15/45
1,391,431
1,050,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
4.000
11/15/36
1,028,940
2,980,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
4.000
11/15/37
2,875,444
2,620,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5.000
11/15/42
2,620,922
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
2,500,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5.000
%
11/15/47
$
2,455,753
28,565,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2020
4.000
06/01/53
23,672,015
1,500,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4.000
02/15/44
1,309,664
2,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4.000
02/15/49
1,639,764
8,725,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4.000
02/15/54
6,960,631
3,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, SSM Health Care, Series 2022A
4.000
06/01/52
2,475,910
10,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Children's Mercy Hospital, Series 2017A
4.000
05/15/42
9,007,193
1,150,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5.000
02/01/46
1,033,418
700,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016B
5.000
02/01/34
700,962
1,950,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019A
5.000
02/01/42
1,884,728
1,500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019C
5.000
02/01/42
1,449,790
1,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019C
4.000
02/01/48
773,012
1,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5.250
02/01/54
937,459
5,000,000
Saint Charles County Francis Howell School District, Missouri,
General Obligation Bonds, Series 2022
5.000
03/01/41
5,122,337
2,000,000
Saint Charles County Francis Howell School District, Missouri,
General Obligation Bonds, Series 2022
5.000
03/01/42
2,031,229
1,675,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Refudning Series 2016C
4.000
12/01/31
1,679,450
2,535,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Refudning Series 2016C
5.000
12/01/32
2,548,162
3,500,000
Saint Louis County Industrial Development Authority, Missouri,
Health Facilities Revenue Bonds, Ranken-Jordan Project,
Refunding & Improvement Series 2016
5.000
11/15/41
3,231,569
220,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series
2013A
5.875
09/01/43
219,605
2,665,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2018A
5.125
09/01/49
2,431,948
7,250,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2018A
5.250
09/01/53
6,633,356
2,300,000
(b)
Taney County Industrial Development Authority, Missouri, Sales
Tax Revenue Improvement Bonds, Big Cedar Infrastructure
Project Series 2023
6.000
10/01/49
2,172,546
500,000
The Industrial Development Authority of the City of Saint Louis,
Missouri, Development Financing Revenue Bonds, Ballpark
Village Development Project, Series 2017A
3.875
11/15/29
478,311
TOTAL MISSOURI
182,685,309
MONTANA - 0.6% (0.3% of Total Investments)
2,975,000
Kalispell, Montana, Housing and Healthcare Facilities Revenue
Bonds, Immanuel Lutheran Corporation, Series 2017A
5.250
05/15/47
2,569,712
4,965,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5.000
07/01/48
4,874,550
3,310,000
Montana Facility Finance Authority, Montana, Health Facilities
Reveue Bonds, Bozeman Deaconess Health Services Obligated
Group, Series 2018
5.000
06/01/48
3,241,008
1,825,000
Montana Facility Finance Authority, Revenue Bonds, Billings
Clinic Obligated Group, Series 2018A
5.000
08/15/48
1,791,278
Portfolio of Investments July 31, 2025
(continued)
NEA
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MONTANA
(continued)
$
6,130,000
Montana State Board of Regents of Higher Education, General
Revenue Bonds, Series 2022 - AGM Insured
5.250
%
11/15/52
$
6,241,247
TOTAL MONTANA
18,717,795
NEBRASKA - 1.2% (0.7% of Total Investments)
14,165,000
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue
Bonds, Refunding Crossover Series 2017A
5.000
09/01/42
14,337,574
3,500,000
Douglas County Hospital Authority 3, Nebraska, Health
Facilities Revenue Bonds, Nebraska Methodist Health System,
Refunding Series 2015
5.000
11/01/45
3,397,182
1,900,000
Douglas County School District 54, Ralston, Nebraska, General
Obligation Bonds, Series 2023
5.000
12/15/48
1,915,900
2,150,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project,
Refunding Series 2017A
5.000
07/01/29
2,204,598
2,000,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project,
Refunding Series 2017A
5.000
07/01/30
2,046,447
1,000,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5.000
07/01/32
1,000,205
820,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5.000
07/01/33
820,137
2,000,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5.000
07/01/34
2,000,252
5,110,000
Municipal Energy Agency of Nebraska, Power Supply System
Revenue Bonds, Refunding Series 2016A
5.000
04/01/38
5,239,001
8,500,000
(a)
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Social Series 2024C, (UB)
4.800
09/01/54
8,037,650
TOTAL NEBRASKA
40,998,946
NEVADA - 1.2% (0.7% of Total Investments)
6,480,000
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe
Regional Healthcare Project, Series 2017A
5.000
09/01/47
6,044,490
7,525,000
Clark County, Nevada, General Obligation Bonds, Stadium
Improvement, Limited Tax Additionally Secured by Pledged
Revenues, Series 2018A
5.000
05/01/48
7,481,340
365,000
(b)
Director of the State of Nevada Department of Business and
Industry, Charter School Lease Revenue Bonds, Somerset
Academy, Series 2018A
5.000
12/15/38
352,157
2,170,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4.000
09/01/26
2,171,834
1,445,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4.000
09/01/27
1,442,416
2,500,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4.000
09/01/29
2,470,918
2,745,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4.000
09/01/30
2,683,470
18,000,000
Las Vegas Convention and Visitors Authority, Nevada,
Convention Center Expansion Revenue Bonds, Series 2018B
5.000
07/01/43
17,861,630
TOTAL NEVADA
40,508,255
NEW HAMPSHIRE - 0.2% (0.1% of Total Investments)
1,500,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Concord Hospital, Series 2017
5.000
10/01/47
1,474,016
1,115,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series
2018A
5.000
08/01/36
1,134,138
2,935,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series
2018A
5.000
08/01/37
2,972,387
TOTAL NEW HAMPSHIRE
5,580,541
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY - 7.7% (4.5% of Total Investments)
$
10,600,000
New Jersey Economic Development Authority, Revenue Bonds,
New Jersey Transit Corporation Projects Sublease, Refunding
Series 2017B
5.000
%
11/01/25
$
10,663,528
6,000,000
New Jersey Economic Development Authority, Revenue
Bonds, Provident Group - Montclair Properties LLC, Montclair
State University Student Housing Project, Refunding Series
2017 - AGM Insured
5.000
06/01/42
5,943,307
20,890,000
(d)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2016BBB, (Pre-refunded
12/15/26)
5.500
06/15/30
21,720,371
370,000
(d)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2018EEE, (Pre-refunded 12/15/28)
5.000
06/15/43
399,275
2,515,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2018EEE
5.000
06/15/43
2,521,652
2,415,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
4.000
06/15/50
2,015,240
2,500,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hackensack Meridian Health Obligated Group,
Refunding Series 2017A
5.000
07/01/37
2,554,782
26,320,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding
Series 2016A
5.000
07/01/43
25,786,301
12,775,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4.000
07/01/51
10,758,010
3,050,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5.000
06/15/28
3,111,521
7,795,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5.000
06/15/29
7,946,114
5,450,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4.000
06/15/46
4,690,774
4,390,000
(d)
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5.500
06/15/50
5,133,114
4,000,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023AA
5.000
06/15/40
4,138,592
4,890,000
(a)
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023BB, (UB)
5.250
06/15/50
4,981,714
5,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0.000
12/15/26
4,814,107
16,495,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0.000
12/15/33
12,078,578
1,815,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C
0.000
12/15/26
1,749,888
10,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - FGIC Insured
0.000
12/15/30
8,440,605
38,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0.000
12/15/33
28,055,430
45,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0.000
12/15/35
29,595,236
10,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AMBAC Insured
0.000
12/15/36
6,184,850
5,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
5.000
12/15/32
5,331,337
5,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4.000
06/15/44
4,373,313
12,370,000
New Jersey Turnpike Authority, Revenue Bonds, Refunding
Series 2005D-1 - AGM Insured
5.250
01/01/26
12,510,030
5,500,000
(a)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2022B, (UB)
5.000
01/01/46
5,583,109
3,000,000
Rahway Valley Sewerage Authority, New Jersey, Sewer
Revenue Bonds, Series 2005A - NPFG Insured
0.000
09/01/25
2,992,648
5,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A
5.250
11/01/52
5,072,674
10,355,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/46
9,965,225
Portfolio of Investments July 31, 2025
(continued)
NEA
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
4,710,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.250
%
06/01/46
$
4,680,150
2,150,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5.000
06/01/46
2,074,814
TOTAL NEW JERSEY
255,866,289
NEW MEXICO - 0.1% (0.1% of Total Investments)
3,955,000
New Mexico Hospital Equipment Loan Council, Hospital
Revenue Bonds, Presbyterian Healthcare Services, Series
2019A
4.000
08/01/48
3,300,434
1,000,000
University of New Mexico, Revenue Bonds, System
Improvement Series 2023 - AGM Insured
5.500
06/01/53
1,035,931
TOTAL NEW MEXICO
4,336,365
NEW YORK - 12.0% (7.0% of Total Investments)
7,000,000
Brooklyn Arena Local Development Corporation, New York,
Payment in Lieu of Taxes Revenue Bonds, Barclays Center
Project, Series 2009
0.000
07/15/45
2,350,220
1,000,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series
2017
5.000
12/01/33
988,429
10,000,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2022A
4.000
03/15/39
9,553,855
19,335,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2022A
5.000
03/15/46
19,367,291
4,115,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2022A
4.000
03/15/49
3,505,450
14,800,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2019A.
Bidding Group 1,2,3,4
4.000
03/15/48
12,770,316
25,755,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2019D
4.000
02/15/47
22,216,680
10,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018E Group 2
5.000
03/15/40
10,195,415
5,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2024A
5.000
03/15/54
5,042,711
1,645,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2022A
5.250
12/01/52
1,589,653
10,000,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5.250
10/01/35
11,192,915
5,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5.000
09/01/37
5,180,396
15,000,000
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Green Series 2024B-1
5.000
11/15/49
15,041,654
8,620,000
(a)
Monroe County Industrial Development Corporation, New
York, Revenue Bonds,  University of Rochester Project, Series
2023A, (UB)
5.000
07/01/53
8,636,237
5,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series EE
4.000
06/15/42
4,575,483
5,500,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series GG-1
4.000
06/15/50
4,786,848
7,500,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2024 Series CC-1
5.250
06/15/54
7,707,315
5,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1
5.000
08/01/40
5,099,950
6,300,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2021 Subseries C-1
4.000
05/01/46
5,477,190
10,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2021 Subseries E-1
4.000
02/01/42
9,032,714
13,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1
5.000
02/01/47
13,045,674
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
11,665,000
(c)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series
A-1, (UB)
5.250
%
05/01/52
$
12,038,007
11,220,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2024A-1
5.000
05/01/53
11,225,971
2,060,000
New York City, New York, General Obligation Bonds, Fiscal
2017 Series B-1
5.000
12/01/41
2,075,308
10,370,000
New York City, New York, General Obligation Bonds, Fiscal
2020 Series A-1
4.000
08/01/42
9,456,061
3,500,000
New York City, New York, General Obligation Bonds, Fiscal
2020 SeriesD-1
4.000
03/01/50
2,973,238
12,350,000
New York City, New York, General Obligation Bonds, Fiscal
2021 Series F-1
5.000
03/01/50
12,206,137
12,000,000
New York City, New York, General Obligation Bonds, Fiscal
2022 Series A-1
5.000
08/01/47
11,939,934
5,000
New York City, New York, General Obligation Bonds, Fiscal
Series 1996J
5.500
02/15/26
5,010
5,000
New York City, New York, General Obligation Bonds, Fiscal
Series 1997H
6.125
08/01/25
5,000
23,920,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5.000
11/15/44
22,931,736
1,590,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, Secured by Port Authority Consolidated
Bonds, Refunding Series 1WTC-2021 - BAM Insured
4.000
02/15/43
1,431,368
5,900,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
4.000
03/15/50
5,114,524
20,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A-3, (UB)
5.000
03/15/48
20,256,762
4,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Transportation Series 2021A-1
4.000
03/15/44
3,564,840
25,035,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2022A
5.000
03/15/45
25,315,905
5,500,000
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, General Purpose, Series
2022A
5.000
03/15/46
5,536,015
7,500,000
New York State Urban Development Corporation, State Sales
Tax Revenue Bonds, Series 2019A
5.000
03/15/40
7,674,143
9,385,000
New York State Urban Development Corporation, State Sales
Tax Revenue Bonds, Series 2024A
5.000
03/15/49
9,493,262
10,725,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2013A
0.000
11/15/31
8,704,007
1,105,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2013A
0.000
11/15/32
857,243
1,300,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2020A
5.000
11/15/54
1,295,445
3,265,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022 A
5.000
05/15/44
3,307,823
9,695,000
(a)
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022A - BAM Insured,
(UB)
5.000
05/15/57
9,731,141
6,500,000
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2022A
5.000
05/15/47
6,508,644
12,000,000
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2022A
5.250
05/15/52
12,167,238
10,000,000
(a)
Triborough Bridge and Tunnel Authority, New York, Sales
Tax Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital
Lockbox-City Sales Tax, Series 2024A-1 - BAM Insured, (UB)
5.250
05/15/59
10,237,126
Portfolio of Investments July 31, 2025
(continued)
NEA
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
5,000,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5.000
%
06/01/45
$
4,304,800
820,000
Westchester County Local Development Corporation, New
York, Revenue Bonds, Westchester Medical Center Obligated
Group Project, Series 2023 - AGM Insured
5.750
11/01/48
869,769
TOTAL NEW YORK
398,582,853
NORTH CAROLINA - 3.3% (1.9% of Total Investments)
1,000,000
Catawba County, North Carolina, General Obligation Bonds,
Limited Obligation Series 2014A
5.000
06/01/30
1,001,210
730,000
Catawba County, North Carolina, General Obligation Bonds,
Limited Obligation Series 2014A
5.000
06/01/31
730,793
1,365,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Refunding Series 2017A
5.000
07/01/42
1,374,516
5,390,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Refunding Series 2017A
5.000
07/01/47
5,391,923
5,000,000
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte
Douglas International, Series 2023A
5.000
07/01/48
5,075,745
4,000,000
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, Doing Business as Atrium Health,
Refunding Series 2018A
5.000
01/15/36
4,171,557
2,000,000
(d)
Greensboro, North Carolina, Limited Obligation Bonds,
Coliseum Complex Project, Series 2018A, (Pre-refunded
4/01/28)
5.000
04/01/42
2,132,722
500,000
Henderson County, North Carolina, Limited Obligation Bonds,
Series 2015
5.000
10/01/31
501,430
6,140,000
(d)
New Hanover County, North Carolina, Hospital Revenue Bonds,
New Hanover Regional Medical Center, Series 2017, (Pre-
refunded 10/01/27)
5.000
10/01/47
6,474,085
1,800,000
North Carolina Agricultural & Technical State University,
General Revenue Bonds, Refunding Series 2015A
5.000
10/01/40
1,804,402
2,500,000
North Carolina Agricultural & Technical State University,
General Revenue Bonds, Series 2023
5.000
10/01/52
2,503,342
11,090,000
(d)
North Carolina Capital Facilities Finance Agency, Revenue
Bonds, Duke University Project, Series 2015 A, (Pre-refunded
10/01/25)
5.000
10/01/55
11,133,437
5,000,000
North Carolina Capital Facilities Financing Agency, Educational
Facility Revenue Bonds, Wake Forest University, Refunding
Series 2016
4.000
01/01/37
4,975,255
2,500,000
North Carolina Capital Facilities Financing Agency, Educational
Facility Revenue Bonds, Wake Forest University, Series 2018
5.000
01/01/48
2,510,598
700,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5.000
10/01/31
707,441
2,720,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5.000
10/01/37
2,721,279
3,000,000
North Carolina Medical Care Commission, Health Care
Facilities Revenue Bonds, Wake Forest Baptist Obligated
Group, Series 2012A
5.000
12/01/45
2,961,025
1,545,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5.000
01/01/28
1,560,731
1,500,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5.000
01/01/32
1,510,994
835,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/28
743,322
800,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/30
646,832
850,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/31
652,591
2,400,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/33
1,662,393
3,160,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/36
1,867,063
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH CAROLINA
(continued)
$
3,100,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
%
07/01/37
$
1,737,309
1,900,000
North Carolina Turnpike Authority, Monroe Expressway
Toll  Revenue Bonds, Capital Appreciation Series 2017C
0.000
07/01/40
880,584
2,200,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017 - AGM
Insured
5.000
01/01/39
2,221,981
1,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Series 2018
5.000
01/01/40
1,011,451
150,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0.000
01/01/31
125,513
4,375,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0.000
01/01/33
3,342,666
2,300,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0.000
01/01/34
1,670,927
2,380,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0.000
01/01/35
1,642,461
7,575,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0.000
01/01/37
4,673,156
1,470,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2009B - AGC Insured
0.000
01/01/38
853,496
10,000,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Senior Lien Series 2019
5.000
01/01/49
9,742,014
2,500,000
Raleigh, North Carolina, Combined Enterprise System Revenue
Bonds, Refunding Series 2016A
4.000
03/01/46
2,300,406
1,250,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
4.000
09/01/35
1,229,527
1,265,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
4.000
09/01/36
1,237,215
1,000,000
Sampson County, North Carolina, Limited Obligaiton Bonds,
Refunding Series 2017
4.000
09/01/37
971,190
4,735,000
University of North Carolina, Charlotte, General Revenue
Bonds, Series 2017
5.000
10/01/42
4,784,965
4,765,000
University of North Carolina, Greensboro, General Revenue
Bonds, Series 2018
5.000
04/01/43
4,805,223
1,250,000
Western Carolina University, North Carolina, General Revenue
Bonds, Refunding Series 2015A
5.000
10/01/45
1,253,120
TOTAL NORTH CAROLINA
109,297,890
NORTH DAKOTA - 1.3% (0.8% of Total Investments)
1,000,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
5.000
12/01/37
1,001,792
8,525,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
5.000
12/01/42
8,223,990
7,070,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
4.000
12/01/47
5,780,014
1,800,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
4.000
12/01/51
1,458,723
645,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2023A -
AGM Insured
5.000
12/01/53
628,699
900,000
Grand Forks, North Dakota, Senior Housing & Nursing Facilities
Revenue Bonds, Valley Homes and Services Obligated Group,
Series 2017
5.000
12/01/36
848,016
13,000,000
(a)
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2024D, (UB)
4.650
07/01/49
12,317,769
2,700,000
University of North Dakota, Certificates of Participation,
Housing Infrastructure Project, Series 2021A - AGM Insured
4.000
06/01/51
2,251,403
11,065,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5.000
06/01/43
10,258,419
935,402
(f)
Williston, North Dakota, Multifamily Housing Revenue Bonds,
Eagle Crest Apartments LLC Project, Series 2013
7.750
09/01/38
35,639
TOTAL NORTH DAKOTA
42,804,464
Portfolio of Investments July 31, 2025
(continued)
NEA
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO - 3.7% (2.2% of Total Investments)
$
3,020,000
Akron, Bath and Copley Joint Township Hospital District, Ohio,
Hospital Facilities Revenue Bonds, Summa Health System,
Refunding & Improvement Series 2016
5.250
%
11/15/41
$
3,055,030
8,255,000
Akron, Bath and Copley Joint Township Hospital District, Ohio,
Hospital Facilities Revenue Bonds, Summa Health System,
Refunding & Improvement Series 2016
5.250
11/15/46
8,337,894
10,940,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy
Health, Refunding & Improvement Series 2015A
5.000
11/01/43
10,939,127
8,655,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy
Health, Series 2017A
4.000
08/01/38
8,206,146
10,000,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Capital Appreciation Series 2020B-3 Class 2
0.000
06/01/57
877,152
1,095,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4.000
06/01/48
885,262
11,500,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5.000
06/01/55
9,354,460
5,000,000
Cleveland Clinic Health System Obligated Group, Ohio, Martin
County Health Facilities Authority, Hospital Revenue Bonds,
Series 2019B
4.000
01/01/43
4,551,761
2,750,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025B
5.000
01/01/45
2,812,713
2,335,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025B
5.250
01/01/50
2,393,616
5,165,000
Cuyahoga Community College District, Ohio, General
Obligation Bonds, Facilities Construction & Improvement
Series 2018
4.000
12/01/38
5,002,174
5,975,000
Fairfield County, Ohio, Hospital Facilities Revenue Bonds,
Fairfield Medical Center Project, Series 2013
5.000
06/15/43
4,934,319
1,500,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities Project, Series 2017A
5.000
01/01/47
1,396,858
1,120,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities Project, Series 2017A
5.000
01/01/52
1,004,954
3,425,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities, Refunding & Improvement Series
2016
5.000
01/01/46
3,207,949
6,000,000
Hamilton County, Ohio, Healthcare Revenue Bonds, Life
Enriching Communities, Refunding & Improvement Series
2016
5.000
01/01/51
5,403,380
3,000,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds,
TriHealth, Inc. Obligated Group Project, Series 2017A
5.000
08/15/42
2,973,643
5,000,000
Miami County, Ohio, Hospital Facilities Revenue Bonds,
Kettering Health Network Obligated Group Project, Refunding
Improvement Series 2019
5.000
08/01/49
4,869,572
6,000,000
Middletown City School District, Butler County, Ohio, General
Obligation Bonds, Refunding Series 2007 - AGM Insured
5.250
12/01/31
6,606,890
3,000,000
Ohio Higher Educational Facility Commission, Revenue Bonds,
University of Dayton, Series 2018A
5.000
12/01/48
2,922,365
1,755,000
(a)
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A, (UB)
4.550
09/01/49
1,615,784
3,195,000
Ohio State, Hospital Revenue Bonds, University Hospitals
Health System, Inc., Fixed Interest Rate Series 2020A
5.000
01/15/50
3,036,353
7,065,000
Ohio State, Hospital Revenue Bonds, University Hospitals
Health System, Inc., Series 2021A
4.000
01/15/46
5,907,577
7,550,000
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructutre Commission Infrastructure Projects, Junior Lien,
Capital Appreciation Series 2013A-3
5.800
02/15/36
8,404,779
2,400,000
Ohio Water Development Authority, Water Pollution Control
Loan Fund Revenue Bonds, Green Series 2023B
5.000
12/01/43
2,481,792
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
4,250,000
Pickerington Local School District, Fairfield and Franklin
Counties, Ohio, General Obligation Bonds, School Facilities
Construction & Improvement, Series 2023
5.250
%
12/01/59
$
4,336,896
4,190,000
Springboro Community City School District, Warren County,
Ohio, General Obligation Bonds, Refunding Series 2007 - AGM
Insured
5.250
12/01/26
4,327,063
3,670,000
Tuscarawas County Economic Development and Finance
Alliance, Ohio, Higher Education Facilities Revenue Bonds,
Ashland University, Refunding & Improvement Series 2015
6.000
03/01/45
3,421,094
TOTAL OHIO
123,266,603
OKLAHOMA - 1.3% (0.8% of Total Investments)
3,135,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.500
08/15/52
2,979,245
6,340,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.500
08/15/57
5,973,744
9,040,000
(a)
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2024B,
(UB)
4.600
09/01/44
8,690,109
3,080,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
5.250
01/01/47
3,198,574
20,000,000
Oklahoma State Turnpike Authority, Turnpike System Revenue
Bonds, Second Senior Series 2025A
5.500
01/01/54
21,093,082
1,125,000
Tulsa County Industrial Authority, Oklahoma, Senior Living
Community Revenue Bonds, Montereau, Inc Project, Refunding
Series 2017
5.250
11/15/37
1,126,791
TOTAL OKLAHOMA
43,061,545
OREGON - 3.4% (2.0% of Total Investments)
1,180,000
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue
Bonds, Columbia Memorial Hospital Project, Series 2024
5.250
08/01/54
1,119,161
760,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5.000
06/15/38
772,893
1,000,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5.000
06/15/39
1,015,881
1,725,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5.000
06/15/40
1,746,806
1,185,000
Clackamas County Hospital Facility Authority, Oregon, Revenue
Bonds, Rose Villa Inc., Series 2020A
5.375
11/15/55
1,054,450
4,170,000
Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A
4.000
08/01/45
3,747,036
2,250,000
Eugene, Oregon, Water Utility System Revenue Bonds, Series
2023
5.000
08/01/52
2,256,100
2,820,000
Oregon Facilities Authority, Revenue Bonds, Legacy Health
Project, Series 2016A
5.000
06/01/46
2,770,356
7,895,000
Oregon Facilities Authority, Revenue Bonds, Legacy Health
Project, Series 2022A
5.000
06/01/52
7,793,212
1,810,000
(b)
Oregon Facilities Authority, Revenue Bonds, Metro East Web
Academy Project, Series 2019A
5.000
06/15/49
1,529,512
6,275,000
Oregon Facilities Authority, Revenue Bonds, Samaritan Health
Services, Refunding Series 2016A
5.000
10/01/35
6,194,808
140,000
(d)
Oregon Facilities Authority, Revenue Bonds, Samaritan Health
Services, Refunding Series 2016A, (Pre-refunded 10/01/26)
5.000
10/01/46
143,768
2,120,000
Oregon Facilities Authority, Revenue Bonds, Samaritan Health
Services, Refunding Series 2016A
5.000
10/01/46
1,976,215
7,090,000
Oregon Facilities Authority, Revenue Bonds, University of
Portland Projects, Refunding Series 2025A
5.500
04/01/49
7,229,633
23,400,000
Oregon Health and Science University, Revenue Bonds, Green
Series 2021A
4.000
07/01/51
20,036,210
4,100,000
Port of Portland, Oregon, Portland International Airport,
Revenue Bonds, Series 2019 25A
5.000
07/01/49
4,065,182
3,250,000
(a)
Portland, Oregon, Sewer System Revenue Bonds, Second Lien
Refunding Series 2025A, (UB)
5.000
10/01/49
3,301,774
2,500,000
(a)
Portland, Oregon, Sewer System Revenue Bonds, Second Lien
Refunding Series 2025A, (UB)
5.000
10/01/54
2,520,417
Portfolio of Investments July 31, 2025
(continued)
NEA
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON
(continued)
$
4,000,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
4.000
%
05/15/41
$
3,534,830
13,220,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
5.000
05/15/46
12,973,548
8,005,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Series 2019A
5.000
05/15/44
8,014,688
10,805,000
Tualatin Valley Water District, Oregon, Water Revenue Bonds,
Series 2023
5.000
06/01/48
10,942,202
10,000,000
University of Oregon, General Revenue Bonds, Series 2020A
5.000
04/01/50
10,011,972
TOTAL OREGON
114,750,654
PENNSYLVANIA - 6.5% (3.8% of Total Investments)
1,670,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2020B
4.000
06/01/45
1,487,077
2,000,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2020B
4.000
06/01/50
1,698,809
3,155,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0.000
05/15/26
3,081,091
4,145,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0.000
11/15/26
3,989,250
2,800,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0.000
05/15/28
2,574,303
3,000,000
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998
- AGM Insured
0.000
11/15/28
2,715,359
1,200,000
Centre County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Mount Nittany Medical Center Project, Series
2018A
5.000
11/15/42
1,201,450
895,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018
5.000
06/01/34
924,084
3,595,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5.000
07/01/42
3,615,478
5,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5.000
07/01/47
5,001,125
5,000,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5.000
11/01/51
4,817,958
4,915,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, United Zion Retirement Community, Series 2017A
5.000
12/01/47
3,754,320
4,480,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0.000
12/01/31
3,593,225
5,180,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0.000
12/01/32
3,964,625
5,210,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
5.000
09/01/43
5,217,164
1,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019
4.000
09/01/44
861,160
2,905,000
Neshaminy School District, Bucks County, Pennsylvania,
General Obligation Bonds, Series 2022
4.000
11/01/43
2,588,279
630,207
(f)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Series 2013A0 & AE2
2.200
06/30/27
277,291
347,128
(f)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Taxable Series 2013B, (cash
5.000%, PIK 5.000%)
0.900
06/30/27
62,483
35
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
2,525,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Revenue Bonds, Villanova University Project,
Series 2024
5.000
%
08/01/49
$
2,557,631
7,340,000
(a)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1, (UB)
5.250
11/01/48
7,446,329
6,800,000
(a)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-2, (UB)
5.000
11/01/54
6,634,033
5,910,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2019
4.000
08/15/44
5,169,778
5,250,000
(a)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4.650
10/01/51
4,947,885
16,000,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Lien Series 2021A
4.000
12/01/51
13,291,422
16,805,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6.375
12/01/38
17,614,668
6,580,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2015B
5.000
12/01/40
6,592,279
8,510,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2015B
5.000
12/01/45
8,512,134
5,800,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2019A
5.000
12/01/49
5,800,650
6,500,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2021B
5.000
12/01/46
6,529,297
17,375,000
(a)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2023A, (UB)
5.250
12/01/53
17,665,682
19,250,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2009C - AGM Insured
6.250
06/01/33
19,714,647
7,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2019A
4.000
12/01/49
5,817,560
7,475,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2021A
4.000
12/01/45
6,441,805
1,445,000
Philadelphia Authority for Industrial Development Senior Living
Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley
Enhanced Living Obligated Group, Series 2017A
5.000
07/01/37
1,410,287
7,500,000
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Series 2021A - BAM Insured
4.000
09/01/46
6,626,689
3,410,000
(d)
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 1997A - AMBAC Insured, (ETM)
5.125
08/01/27
3,573,124
7,565,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2023B - AGM Insured
5.500
09/01/53
7,838,790
5,000,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2024C
5.250
09/01/54
5,096,653
8,135,000
Southcentral Pennsylvania General Authority, Revenue Bonds,
Wellspan Health Obligated Group, Series 2019A
4.000
06/01/49
6,648,529
TOTAL PENNSYLVANIA
217,354,403
PUERTO RICO - 2.1% (1.2% of Total Investments)
3,996,324
Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit
Exchanged From Cusip 74529JAP0
0.000
08/01/54
735,576
5,281,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.500
07/01/34
5,280,734
6,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/51
1,382,390
23,031,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.750
07/01/53
20,672,108
32,452,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5.000
07/01/58
29,703,848
1,370,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2019A-2A
4.550
07/01/40
1,295,725
5,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
07/01/40
4,653,954
Portfolio of Investments July 31, 2025
(continued)
NEA
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
5,951,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
%
07/01/40
$
5,539,137
TOTAL PUERTO RICO
69,263,472
RHODE ISLAND - 1.0% (0.6% of Total Investments)
3,000,000
Rhode Island Health and Educational Building Corporation,
Hospital Financing Revenue Bonds, Lifespan Obligated Group
Issue Series 2024
5.250
05/15/54
2,895,299
1,315,000
Rhode Island Health and Educational Building Corporation,
Hospital Financing Revenue Bonds, Lifespan Obligated Group,
Refunding Series 2016
5.000
05/15/39
1,279,333
174,390,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
0.000
06/01/52
28,899,108
TOTAL RHODE ISLAND
33,073,740
SOUTH CAROLINA - 3.9% (2.3% of Total Investments)
25,200,000
Charleston County Airport District, South Carolina, Airport
Revenue Bonds, Series 2024B, (UB)
5.250
07/01/54
25,535,314
1,290,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5.000
11/01/41
1,281,967
4,000,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5.000
11/01/46
3,928,988
26,955,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AMBAC Insured
0.000
01/01/31
22,470,769
15,420,000
Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 2004A-2 - AMBAC Insured
0.000
01/01/32
12,292,363
4,000,000
Rock Hill, South Carolina, Combined Utility System Revenue
Bonds, Series 2024A
5.000
01/01/54
3,974,554
1,370,000
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Bishop Gadsden
Episcopal Retirement Community, Series 2019A
5.000
04/01/54
1,248,123
1,000,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Riverwalk Academy
Project Series 2023A
7.000
06/15/43
998,749
1,095,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Riverwalk Academy
Project Series 2023A
7.125
06/15/53
1,085,185
12,000,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series
2020A
4.000
12/01/44
10,521,811
9,030,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
5.000
11/01/43
8,873,089
6,210,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
4.000
11/01/48
5,299,938
5,195,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
5.000
11/01/48
5,034,285
6,800,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5.000
12/01/46
6,760,563
10,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016B
5.000
12/01/56
9,731,739
5,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022A
4.000
12/01/52
4,105,198
8,686,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2022B
4.000
12/01/39
8,165,889
TOTAL SOUTH CAROLINA
131,308,524
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH DAKOTA - 1.1% (0.7% of Total Investments)
$
4,000,000
Clay County, South Dakota, General Obligation Bonds, Series
2023
5.000
%
12/01/52
$
4,008,513
3,000,000
Sioux Falls, South Dakota, Health Facilities Revenue Bonds,
Dow Rummel Village Project, Series 2017
5.000
11/01/42
2,621,935
3,150,000
Sioux Falls, South Dakota, Health Facilities Revenue Bonds,
Dow Rummel Village Project, Series 2017
5.125
11/01/47
2,648,635
22,800,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Monument Health, Inc., Series 2020A
4.000
09/01/50
19,694,202
9,325,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2015
5.000
11/01/45
9,096,524
TOTAL SOUTH DAKOTA
38,069,809
TENNESSEE - 1.8% (1.0% of Total Investments)
2,180,000
Greeneville Health and Educational Facilities Board, Tennessee,
Hospital Revenue Bonds, Ballad Health, Series 2018A
5.000
07/01/35
2,228,837
5,000,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2016
5.000
09/01/36
5,010,217
1,000,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2016
5.000
09/01/47
947,741
445,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5.000
04/01/31
452,104
1,755,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5.000
04/01/36
1,760,103
6,165,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5.250
07/01/48
6,287,637
11,670,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5.250
07/01/56
11,809,222
4,170,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Belmont University, Series 2023
5.250
05/01/53
4,139,542
2,225,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Lipscomb University, Refunding & Improvement Series
2016A
5.000
10/01/41
2,183,812
2,910,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Lipscomb University, Refunding & Improvement Series
2016A
5.000
10/01/45
2,793,026
5,000,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2016A
5.000
07/01/40
4,977,470
6,000,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2016A
5.000
07/01/46
5,809,794
2,750,000
Metropolitan Knoxville Airport Authority, Tennessee, Airport
Revenue Bonds, Series 2024A
5.250
06/01/54
2,796,040
390,000
(b)
Shelby County Health, Educational, Housing, and Facility
Board, Tennessee, Student Housing Revenue Bonds, Madrone
Memphis Student Housing, I LLC - University of Memphis
Project Series 2024A-1
5.250
06/01/56
351,943
7,325,000
The Tennessee Energy Acquisition Corporation, Gas Project
Revenue Bonds, Series 2023A-1, (Mandatory Put 5/01/28)
5.000
05/01/53
7,549,250
TOTAL TENNESSEE
59,096,738
Portfolio of Investments July 31, 2025
(continued)
NEA
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS - 12.3% (7.2% of Total Investments)
$
2,260,000
Austin, Texas, Electric Utility System Revenue Bonds, Refunding
& Improvement Series 2023
5.000
%
11/15/48
$
2,264,788
14,615,000
(a)
Austin, Texas, Electric Utility System Revenue Bonds, Refunding
Series 2015A, (UB)
5.000
11/15/45
14,621,792
7,735,000
(a)
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025B, (UB)
5.000
08/15/51
7,822,448
1,000,000
Cedar Hill Independent School District, Dallas County, Texas,
General Obligation Bonds, Refunding Series 2002 - FGIC
Insured
0.000
08/15/32
770,058
1,925,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2013A
4.350
12/01/42
1,693,271
1,000,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2013A
4.400
12/01/47
841,320
10,000,000
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,
Refunding & Improvement Senior Lien Series 2021B
5.000
12/01/47
10,028,171
5,000,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds Refunding and Improvement Series 2024
4.000
11/01/45
4,493,070
6,125,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds Refunding Series 2021B
4.000
11/01/45
5,504,011
10,000,000
Dallas-Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding Series 2021A
4.000
11/01/46
8,886,963
19,215,000
(a)
Ector County, Texas, Certificates of Obligation, Series 2024,
(UB)
5.000
02/15/50
18,979,536
3,700,000
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, School Building Series 2017
5.000
08/15/42
3,719,434
3,500,000
Grand Parkway Transportation Corporation, Texas, System Toll
Revenue Bonds, Refunding First Tier Series 2020C
4.000
10/01/40
3,188,534
10,000,000
Grand Parkway Transportation Corporation, Texas, System Toll
Revenue Bonds, Refunding First Tier Series 2020C
4.000
10/01/45
8,675,011
8,500,000
Grand Parkway Transportation Corporation, Texas, System Toll
Revenue Bonds, Refunding First Tier Series 2020C
4.000
10/01/49
7,226,547
12,695,000
Grand Parkway Transportation Corporation, Texas, System
Toll Revenue Bonds, Refunding First Tier Series 2020C - AGM
Insured
4.000
10/01/49
10,951,705
5,295,000
Grand Parkway Transportation Corporation, Texas, System
Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela
Supported
5.000
10/01/48
5,172,867
5,000,000
Greenwood Independent School District, Midland County,
Texas, School Building Bonds, Series 2024
5.000
02/15/49
5,034,071
9,275,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2022A
4.125
07/01/52
7,712,690
2,845,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Houston Methodist
Hospital System, Series 2015
4.000
12/01/45
2,444,207
2,320,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Houston Methodist
Hospital System, Series 2015
5.000
12/01/45
2,252,710
7,570,000
(a)
Harris County, Texas, Toll Road Revenue Bonds, Refunding First
Lien Series 2024A, (UB)
5.250
08/15/54
7,816,113
5,000,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding
Senior Lien Series 2018A
4.000
08/15/48
4,262,625
4,040,000
(a),(b)
Harris County, Texas, Toll Road Revenue Bonds, Tender Options
Bond Trust 2015-XF2184. Formerly Tender Options Bond Trust
3028 - AGM Insured, (IF)
9.101
08/15/28
5,011,630
1,195,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/41
515,425
2,390,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/42
958,764
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,660,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
%
11/15/43
$
1,001,428
7,260,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/44
2,564,776
10,440,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/45
3,467,517
7,165,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/49
1,863,933
3,000,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A -
AGM Insured
0.000
11/15/52
654,360
2,710,000
Houston, Texas, Airport System Revenue Bonds, Refunding &
Subordinate Lien Series 2018B
5.000
07/01/48
2,688,918
5,000,000
Houston, Texas, Combined Utility System Revenue Bonds,
Combined First Lien Series 2024A
5.250
11/15/54
5,101,151
10,850,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/25
10,820,981
1,715,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Project, Series 2001B -
AMBAC Insured
0.000
09/01/32
1,295,199
4,000,000
Leander Independent School District, Williamson and Travis
Counties, Texas, General Obligation Bonds, Refunding Series
2015A
4.000
08/15/41
3,689,278
1,780,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
5.750
12/01/33
1,782,357
1,800,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
6.125
12/01/38
1,800,457
9,750,000
Midland Independent School District, Midland County, Texas,
General Obligation Bonds, School Building Series 2024
4.000
02/15/54
8,267,274
16,285,000
Midtown Redevelopment Authority, Texas, Tax Increment
Contract Revenue, Refunding Series 2017
5.000
01/01/36
16,584,094
10,040,000
Midtown Redevelopment Authority, Texas, Tax Increment
Contract Revenue, Refunding Series 2017 - AGM Insured
5.000
01/01/38
10,204,978
2,100,000
Montgomery County Toll Road Authority, Texas, Toll Road
Revenue Bonds, Senior Lien Series 2018
5.000
09/15/43
2,100,218
1,815,000
Montgomery County Toll Road Authority, Texas, Toll Road
Revenue Bonds, Senior Lien Series 2018
5.000
09/15/48
1,783,785
4,240,000
New Braunfels, Comal County, Texas, Utility System Revenue
Bonds, Refunding Series 2022
5.000
07/01/47
4,248,770
3,900,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, CHF-Collegiate
Housing Foundation - College Station I LLC - Texas A&M
University Project, Series 2014A - AGM Insured
5.000
04/01/46
3,754,523
1,880,000
(d)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
7.000
09/01/43
2,252,419
7,990,000
(d)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
6.750
09/01/45
9,609,833
2,125,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2008D - AGC Insured
0.000
01/01/28
1,976,507
14,610,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2017A
5.000
01/01/43
14,637,204
5,000,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding Second Tier Series 2018
5.000
01/01/48
4,982,367
9,000,000
Northwest Independent School District, Denton, Tarrant and
Wise Counties, Texas, General Obligation Bonds, School
Building Series 2025
5.000
02/15/50
9,127,188
10,000,000
(c)
Pearland, Texas, Certificates of Obligation, Series 2025B, (UB)
5.250
09/01/55
10,287,543
Portfolio of Investments July 31, 2025
(continued)
NEA
40
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
10,500,000
(a)
Port of Houston Authority, Harris County, Texas, Revenue
Bonds, First Lien Series 2023, (UB)
5.000
%
10/01/53
$
10,540,909
2,250,000
Red River Education Finance Corporation, Texas, Higher
Education Revenue Bonds, Saint Edward?s University Project,
Series 2016
4.000
06/01/36
2,034,373
6,250,000
(c)
San Angelo Independent School District, Tom Green County,
Texas, General Obligation Bonds, School Building Series 2025
5.000
02/15/44
6,456,612
2,000,000
San Antonio, Texas, General Obligation Bonds, General
Improvement Series 2021
4.000
08/01/41
1,873,720
11,000,000
Sherman Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2023B
5.000
02/15/53
11,085,615
5,000,000
(c)
Sherman Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5.250
02/15/49
5,177,719
5,000,000
(c)
Sherman Independent School District, Grayson County, Texas,
General Obligation Bonds, School Building Series 2025, (UB)
5.000
02/15/53
5,041,262
7,975,000
Tarrant County College District, Texas, General Obligation
Bonds, Series 2022
5.000
08/15/39
8,365,684
2,500,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Methodist
Hospital of Dallas, Series 2022
4.000
10/01/47
2,136,869
1,500,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Christus Health, Series
2022A
4.000
07/01/53
1,189,762
2,500,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2016A
5.000
02/15/41
2,507,252
10,500,000
(a)
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Series 2024C, (UB)
5.125
01/01/54
10,350,902
1,300,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
06/30/39
1,191,068
1,000,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
5.000
08/01/57
980,684
4,000,000
Texas Turnpike Authority, Central Texas Turnpike System
Revenue Bonds, First Tier Series 2002A - AMBAC Insured
0.000
08/15/25
3,995,481
5,000,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2019A
4.000
10/15/49
4,236,107
23,200,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2024A
4.375
10/15/59
20,768,503
17,220,000
University of Houston, Texas, Consolidated Revenue Bonds,
Refunding Series 2022A
5.000
02/15/52
17,200,937
7,000,000
West Harris County Regional Water Authority, Texas, Water
System Revenue Bonds, Series 2022 - AGM Insured
5.000
12/15/57
7,002,404
TOTAL TEXAS
409,530,682
UTAH - 1.0% (0.6% of Total Investments)
1,045,000
(b)
Black Desert Public Infrastructure District, Washington County,
Utah, Special Assessment Bonds, Black Desert Assessment
Area 1, Series 2024
5.625
12/01/53
1,016,172
7,705,000
(a)
Downtown Revitalization Public Infrastructure District, Utah,
Sales Tax Revenue Bonds, Seg Redevelopment Project, First
Lien Series 2025A, (UB)
5.500
06/01/50
8,036,551
1,250,000
(b)
MIDA Mountain Village Public Infrastructure District, Utah,
Subordinate Tax Allocation Revenue Bonds, Series 2024-2
5.750
06/15/44
1,231,880
6,000,000
(a)
Millard School District, Utah, Lease Revenue Bonds, Local
Building Authority Series 2024 - BAM Insured, (UB)
5.000
05/15/59
6,053,334
3,560,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017B
5.000
07/01/42
3,568,638
1,975,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017B
5.000
07/01/47
1,972,853
4,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2018B
5.000
07/01/48
3,968,882
1,000,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Utah Charter Academies Project, Series 2018
5.000
10/15/38
1,008,074
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
2,320,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Utah Charter Academies Project, Series 2018
5.000
%
10/15/43
$
2,278,094
2,040,000
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Utah Charter Academies Project, Series 2018
5.000
10/15/48
1,951,478
1,900,000
(a)
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024C, (UB)
4.700
01/01/54
1,778,117
TOTAL UTAH
32,864,073
VERMONT - 0.4% (0.2% of Total Investments)
1,000,000
University of Vermont and State Agricultural College, General
Obligation Bonds, Series 2015
4.000
10/01/40
926,834
10,000,000
University of Vermont and State Agricultural College, General
Obligation Bonds, Series 2015
5.000
10/01/45
10,007,765
2,730,000
Vermont Educational and Health Buildings Financing Agency,
Revenue Bonds, Middlebury College Project, Series 2023
5.000
11/01/52
2,739,127
TOTAL VERMONT
13,673,726
VIRGIN ISLANDS - 0.1% (0.1% of Total Investments)
2,645,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/32
2,700,974
TOTAL VIRGIN ISLANDS
2,700,974
VIRGINIA - 0.9% (0.5% of Total Investments)
1,610,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center,
Series 2020
4.000
07/01/40
1,536,028
430,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4.875
07/15/40
430,197
4,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2018A
4.000
05/15/48
3,462,622
8,075,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2022A
4.000
07/01/52
6,813,746
425,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6.875
12/01/58
443,869
1,800,000
Virginia Beach Development Authority, Virginia, Residential
Care Facility Revenue Bonds, Westminster Canterbury on
Chesapeake Bay, Series 2023A
7.000
09/01/53
1,950,695
10,000,000
Virginia Commonwealth Transportation Board, Interstate 81
Corridor Program Revenue Bonds, Senior Lien Series 2021
5.000
05/15/57
10,022,453
7,505,000
Virginia Resources Authority, Infrastructure and State Moral
Obligation Revenue Bonds, Pooled Loan Bond Program, State
Moral Series 2024A
4.000
11/01/49
6,445,464
TOTAL VIRGINIA
31,105,074
WASHINGTON - 4.4% (2.5% of Total Investments)
7,000,000
Central Puget Sound Regional Transit Authority, Washington,
Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series
2016S-1
5.000
11/01/41
7,043,458
12,235,000
Chelan County Public Utility District 1, Washington, Columbia
River-Rock Island Hydro-Electric System Revenue Refunding
Bonds, Series 1997A - NPFG Insured
0.000
06/01/26
11,937,800
7,000,000
Douglas County Public Utility District 1, Washington, Revenue
Bonds, Wells Hydroelectric, Series 2022B
5.000
09/01/47
7,018,991
11,500,000
Fircrest Properties, Washington, Lease Revenue Bonds,
Washington State Department of Social & Health Services
Project Series 2024
5.500
06/01/49
12,057,153
4,200,000
King County Public Hospital District 1, Washington, Limited Tax
General Obligation Bonds, Valley Medical Center, Refunding
Series 2016
5.000
12/01/36
4,264,783
7,500,000
King County Public Hospital District 1, Washington, Limited Tax
General Obligation Bonds, Valley Medical Center, Refunding
Series 2018
5.000
12/01/43
7,515,809
10,630,000
King County Public Hospital District 2, Washington, General
Obligation Bonds, EvergreenHealth, Limited Tax 2020A
4.000
12/01/45
8,918,250
Portfolio of Investments July 31, 2025
(continued)
NEA
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
10,535,000
Seattle, Washington, Drainage and Wastewater System
Revenue Bonds, Improvement Series 2023
5.000
%
02/01/49
$
10,630,472
3,750,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2022
5.000
07/01/52
3,763,252
10,000,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2023
5.000
03/01/53
10,049,931
2,000,000
Seattle, Washington, Municipal Light and Power Revenue
Bonds, Refunding & Improvement Series 2025
5.250
02/01/50
2,068,695
4,000,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A, (UB)
5.250
12/01/55
4,124,157
1,185,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5.000
01/01/41
1,218,585
1,245,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5.000
01/01/42
1,269,490
1,310,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5.000
01/01/43
1,327,599
7,645,000
(a)
Spokane County, Washington, Airport Revenue Bonds,
Spokane International Airport Series 2024A, (UB)
5.250
01/01/54
7,742,126
5,250,000
Tacoma, Washington, Sewer Revenue Bonds, Series 2018
4.000
12/01/48
4,539,385
6,180,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5.000
08/01/44
6,055,344
4,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
5.000
10/01/32
4,009,259
10,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
4.250
10/01/40
9,273,292
3,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D
5.000
10/01/41
2,974,428
5,160,000
Washington Health Care Facilities Authority, Revenue Bonds,
Seattle Children's Hospital, Series 2015A
4.000
10/01/45
4,572,035
2,600,000
Washington State Convention Center Public Facilities District,
Lodging Tax Revenue Bonds, Refunding Subordinate Series
2021B.  Exchange Purchase
3.000
07/01/58
1,577,057
2,525,000
Washington State Higher Education Facilities Authority,
Revenue Bonds, Seattle University, Series 2020
4.000
05/01/45
2,212,385
500,000
(b)
Washington State Housing Finance Commission, Non-
profit Housing Revenue Bonds, Presbyterian Retirement
Communities Northwest Proejct, Refunding Series 2016A
5.000
01/01/46
446,919
9,000,000
Washington State, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2003C - FGIC Insured
0.000
06/01/28
8,335,167
TOTAL WASHINGTON
144,945,822
WEST VIRGINIA - 0.6% (0.3% of Total Investments)
12,690,000
West Virginia Hospital Finance Authority, Revenue Bonds,
West Virginia University Health System Obligated Group,
Improvement Series 2017A
5.000
06/01/47
12,388,661
2,065,000
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds,
Senior Lien Series 2021
5.000
06/01/47
2,070,997
5,750,000
West Virginia State, General Obligation Bonds, State Road
Competitive Series 2018B
4.000
06/01/42
5,206,336
TOTAL WEST VIRGINIA
19,665,994
WISCONSIN - 5.8% (3.4% of Total Investments)
43,035
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/46
1,369
42,429
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/47
1,242
42,126
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/48
1,157
41,823
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/49
1,075
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
41,217
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
%
01/01/50
$
977
45,157
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/51
1,007
1,142,388
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
3.750
07/01/51
762,850
44,853
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/52
924
44,247
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/53
859
43,944
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/54
797
43,338
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/55
740
42,732
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/56
689
42,429
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/57
641
41,823
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/58
595
41,519
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/59
559
41,217
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/60
518
40,611
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/61
479
40,307
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/62
448
39,701
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/63
416
39,398
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/64
392
39,095
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/65
364
38,489
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/66
330
501,278
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/67
3,885
1,950,000
Public Finance Authority of Wisconsin, Health Care Facilities
Revenue Bonds, Appalachian Regional Healthcare System
Obligated Group, Series 2021A
4.000
07/01/56
1,347,929
8,335,000
(b)
Public Finance Authority, Wisconsin, Educational Revenue
Bonds, Lake Norman Charter School, Series 2018A
5.000
06/15/48
7,737,086
Portfolio of Investments July 31, 2025
(continued)
NEA
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
1,060,000
(d)
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Ascension Health Alliance Senior Credit Group, Series
2013B-1, (Pre-refunded 5/15/28)
4.000
%
11/15/43
$
1,103,546
8,940,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Ascension Health Alliance Senior Credit Group, Series
2013B-1
4.000
11/15/43
7,873,743
9,830,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021
4.000
08/15/46
8,438,131
8,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aspirus, Inc. Obligated Group, Inc. Project, Series 2021
4.000
08/15/51
6,563,001
9,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Marshfield Clinic Health System, Inc., Series 2017C
5.000
02/15/47
8,759,225
2,000,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Marshfield Clinic, Series 2016B
5.000
02/15/35
2,009,719
7,625,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Mercy Alliance, Inc., Series 2012
5.000
06/01/39
7,631,409
2,415,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4.000
10/01/51
1,660,587
2,470,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4.000
10/01/61
1,579,466
5,155,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Ascension Health Alliance Senior
Credit Group, Series 2016A
4.000
11/15/34
5,119,457
20,000,000
(a)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Aspirus Inc., Series 2025, (UB)
5.250
08/15/55
20,211,946
1,110,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Benevolent Corporation Cedar
Community, Series 2017
5.000
06/01/37
1,051,810
955,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Benevolent Corporation Cedar
Community, Series 2017
5.000
06/01/41
862,051
1,000,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/30
1,051,367
1,110,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/31
1,167,017
1,100,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/32
1,156,503
1,725,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/33
1,813,608
1,775,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/34
1,866,176
1,910,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/35
2,008,110
2,065,000
(d)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Franciscan Sisters of Christian
Charity Sponsored Ministry, Series 2017A, (Pre-refunded
9/01/27)
5.000
09/01/36
2,171,072
15,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated
Group, Series 2022A
4.000
04/01/41
13,738,479
18,595,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marquette University, Series 2016
5.000
10/01/46
18,268,460
45
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
8,215,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic, Series 2016A
5.000
%
02/15/42
$
8,057,609
5,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2016
5.000
12/01/41
5,023,384
10,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2022
4.000
12/01/46
8,240,516
10,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Medical College of Wisconsin, Inc.,
Series 2022
4.000
12/01/51
7,859,663
1,525,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4.000
01/01/57
1,083,782
29,080,000
(a)
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024B, (UB)
4.750
03/01/51
27,630,275
10,400,000
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024C, (UB)
4.750
03/01/51
9,881,529
TOTAL WISCONSIN
193,748,969
TOTAL MUNICIPAL BONDS
(Cost $5,837,838,657)
5,681,932,377
TOTAL LONG-TERM INVESTMENTS
(Cost $5,837,838,657)
5,681,932,377
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.7%(0.4% of Total Investments)
22400000
MUNICIPAL BONDS - 0.7% (0.4% of Total Investments)
22400000
MINNESOTA - 0.7% (0.4% of Total Investments)
2,400,000
(g)
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Fairview Health Services, Series 2018A
2.800
11/15/48
2,400,000
20,000,000
(g)
Rochester, Minnesota, Health Care Facilities Revenue Bonds,
Mayo Clinic, Series 2025C
2.100
11/15/64
20,000,000
TOTAL MINNESOTA
22,400,000
TOTAL MUNICIPAL BONDS
(Cost $22,400,000)
22,400,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,400,000)
22,400,000
TOTAL INVESTMENTS - 171.2%
(Cost $5,860,238,657)
5,704,332,377
FLOATING RATE OBLIGATIONS - (13.0)%
(431,500,000)
AMTP SHARES, NET - (1.6)%(h)
(52,985,625)
MFP SHARES, NET - (25.1)%(i)
(837,660,023)
VRDP SHARES, NET - (34.7)%(j)
(1,155,497,807)
OTHER ASSETS & LIABILITIES, NET -  3.2%
104,452,591
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
3,331,141,513
ETM
Escrowed to maturity
IF
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the
Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is
reduced by the expenses related to the TOB trust.
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
Portfolio of Investments July 31, 2025
(continued)
NEA
46
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. 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).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(a)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(b)
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 $145,065,034 or 2.5% of Total Investments.
(c)
When-issued or delayed delivery security.
(d)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(e)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the reporting period.
(f)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(g)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
(h)
AMTP Shares, Net as a percentage of Total Investments is 0.9%.
(i)
MFP Shares, Net as a percentage of Total Investments is 14.7%.
(j)
VRDP Shares, Net as a percentage of Total Investments is 20.3%.
NEA
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
5,681,932,377
$
–
$
5,681,932,377
Short-Term Investments:
Municipal Bonds
–
22,400,000
–
22,400,000
Total
$
–
$
5,704,332,377
$
–
$
5,704,332,377