# EDGAR Filing Document

**Accession Number:** 0001018972
**File Stem:** 0001193125-26-038759
**Filing Date:** 2026-2
**Character Count:** 349986
**Document Hash:** 1a099dcd34b8cfa4892d3feb641663f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-038759.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-038759

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MULTISTATE TRUST I
- **CENTRAL INDEX KEY:** 0001018972

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07747
- **FILM NUMBER:** 26601201

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN NUVEEN & CO INC
- **STREET 2:** 333 WEST WACKER DRIVE 32ND FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** JOHN NUVEEN & CO INC
- **STREET 2:** 333 WEST WACKER DRIVE 32ND FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP MULTISTATE TRUST I
- **DATE OF NAME CHANGE:** 19960716

## Series and Classes Contracts Data

### Nuveen Arizona Municipal Bond Fund (Series ID: S000000545)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000001474 | Nuveen Arizona Municipal Bond Fund - Class A | FAZTX           |
| C000001477 | Nuveen Arizona Municipal Bond Fund - Class I | NMARX           |
| C000137693 | Class C                                      | FZCCX           |

### Nuveen Colorado Municipal Bond Fund (Series ID: S000000546)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001478 | Nuveen Colorado Municipal Bond Fund - Class A | FCOTX           |
| C000001481 | Nuveen Colorado Municipal Bond Fund - Class I | FCORX           |
| C000137694 | Class C                                       | FAFKX           |

### Nuveen Maryland Municipal Bond Fund (Series ID: S000000548)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001486 | Nuveen Maryland Municipal Bond Fund - Class A | NMDAX           |
| C000001489 | Nuveen Maryland Municipal Bond Fund - Class I | NMMDX           |
| C000137695 | Class C                                       | NACCX           |

### Nuveen New Mexico Municipal Bond Fund (Series ID: S000000549)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000001490 | Nuveen New Mexico Municipal Bond Fund - Class A | FNMTX           |
| C000001493 | Nuveen New Mexico Municipal Bond Fund - Class I | FNMRX           |
| C000137696 | Class C                                         | FNCCX           |

### Nuveen Pennsylvania Municipal Bond Fund (Series ID: S000000550)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000001494 | Nuveen Pennsylvania Municipal Bond Fund - Class A | FPNTX           |
| C000001497 | Nuveen Pennsylvania Municipal Bond Fund - Class I | NBPAX           |
| C000137697 | Class C                                           | FPCCX           |

### Nuveen Virginia Municipal Bond Fund (Series ID: S000000551)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001498 | Nuveen Virginia Municipal Bond Fund - Class A | FVATX           |
| C000001501 | Nuveen Virginia Municipal Bond Fund - Class I | NMVAX           |
| C000137698 | Class C                                       | FVCCX           |

?xml version='1.0' encoding='ASCII'? Nuveen Multistate Trust I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-07747</u> 

Nuveen Multistate Trust I

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

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

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

------

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

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Arizona Municipal Bond Fund

Class A Shares/FAZTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $44 | 0.86% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $169266892 |
|  Total number of portfolio holdings | 187 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g08h92.jpg)  | ![LOGO](g36895g1g00j46.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L104_SAR_1125<br> 5035326 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Arizona Municipal Bond Fund

Class C Shares/FZCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $85 | 1.66% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $169266892 |
|  Total number of portfolio holdings | 187 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g08h92.jpg)  | ![LOGO](g36895g1g00j46.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L633_SAR_1125<br> 5035326 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Arizona Municipal Bond Fund

Class I Shares/NMARX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $34 | 0.66% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $169266892 |
|  Total number of portfolio holdings | 187 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g08h92.jpg)  | ![LOGO](g36895g1g00j46.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L401_SAR_1125<br> 5035326 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Colorado Municipal Bond Fund

Class A Shares/FCOTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $40 | 0.79% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $469446121 |
|  Total number of portfolio holdings | 257 |
|  Portfolio turnover (%) | 6% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g01d07.jpg)  | ![LOGO](g36895g1g00a07.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L609_SAR_1125<br> 5035334 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Colorado Municipal Bond Fund

Class C Shares/FAFKX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $81 | 1.59% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $469446121 |
|  Total number of portfolio holdings | 257 |
|  Portfolio turnover (%) | 6% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g01d09.jpg)  | ![LOGO](g36895g1g00a09.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L625_SAR_1125<br> 5035334 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Colorado Municipal Bond Fund

Class I Shares/FCORX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $30 | 0.59% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $469446121 |
|  Total number of portfolio holdings | 257 |
|  Portfolio turnover (%) | 6% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g01d11.jpg)  | ![LOGO](g36895g1g00a11.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L880_SAR_1125<br> 5035334 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Maryland Municipal Bond Fund

Class A Shares/NMDAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at

https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $39 | 0.76% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $247412454 |
|  Total number of portfolio holdings | 189 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g01d13.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g13g13.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L831_SAR_1125<br> 5035345 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Maryland Municipal Bond Fund

Class C Shares/NACCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $80 | 1.56% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $247412454 |
|  Total number of portfolio holdings | 189 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g01d15.jpg)  | ![LOGO](g36895g1g15g15.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L617_SAR_1125<br> 5035345 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Maryland Municipal Bond Fund

Class I Shares/NMMDX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $29 | 0.57% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $247412454 |
|  Total number of portfolio holdings | 189 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g01d17.jpg)  | ![LOGO](g36895g1g17g17.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L799_SAR_1125<br> 5035345 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen New Mexico Municipal Bond Fund

Class A Shares/FNMTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $43 | 0.84% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $67490469 |
|  Total number of portfolio holdings | 79 |
|  Portfolio turnover (%) | 8% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g19k18.jpg)  | ![LOGO](g36895g1g19k19.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L781_SAR_1125<br> 5035372 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen New Mexico Municipal Bond Fund

Class C Shares/FNCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $84 | 1.64% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $67490469 |
|  Total number of portfolio holdings | 79 |
|  Portfolio turnover (%) | 8% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g19k18.jpg)  | ![LOGO](g36895g1g19k19.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L591_SAR_1125<br> 5035372 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen New Mexico Municipal Bond Fund

Class I Shares/FNMRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $33 | 0.64% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $67490469 |
|  Total number of portfolio holdings | 79 |
|  Portfolio turnover (%) | 8% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g19k18.jpg)  | ![LOGO](g36895g1g19k19.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L757_SAR_1125<br> 5035372 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Pennsylvania Municipal Bond Fund

Class A Shares/FPNTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at

https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $42 | 0.81% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $354981798 |
|  Total number of portfolio holdings | 238 |
|  Portfolio turnover (%) | 9% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g19a51.jpg)  | ![LOGO](g36895g1g28h29.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L740_SAR_1125<br> 5035442 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Pennsylvania Municipal Bond Fund

Class C Shares/FPCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $83 | 1.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $354981798 |
|  Total number of portfolio holdings | 238 |
|  Portfolio turnover (%) | 9% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g19a51.jpg)  | ![LOGO](g36895g1g28h29.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L583_SAR_1125<br> 5035442 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Pennsylvania Municipal Bond Fund

Class I Shares/NBPAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $354981798 |
|  Total number of portfolio holdings | 238 |
|  Portfolio turnover (%) | 9% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g19a51.jpg)  | ![LOGO](g36895g1g28h29.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L716_SAR_1125<br> 5035442 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Virginia Municipal Bond Fund

Class A Shares/FVATX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at

https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $37 | 0.72% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $549919538 |
|  Total number of portfolio holdings | 246 |
|  Portfolio turnover (%) | 5% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g31k29.jpg)  | ![LOGO](g36895g1g31k31.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L690_SAR_1125<br> 5035467 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Virginia Municipal Bond Fund

Class C Shares/FVCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $78 | 1.52% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $549919538 |
|  Total number of portfolio holdings | 246 |
|  Portfolio turnover (%) | 5% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g31k29.jpg)  | ![LOGO](g36895g1g31k31.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L575_SAR_1125<br> 5035467 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g36895g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Virginia Municipal Bond Fund

Class I Shares/NMVAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $27 | 0.52% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $549919538 |
|  Total number of portfolio holdings | 246 |
|  Portfolio turnover (%) | 5% |

---

What did the Fund invest in? (as of November 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g36895g1g31k29.jpg)  | ![LOGO](g36895g1g31k31.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67065L666_SAR_1125<br> 5035467 | ![LOGO](g36895g1g85u20.jpg) |

---

2.0 ------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

Not applicable to this registrant.

------

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

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

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

------

Portfolio of Investments November 30, 2025

Arizona

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.4%

X

166,591,384

MUNICIPAL BONDS - 98.4%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 20.3%

$

1,000,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2016B

5.000 %

07/01/47

$

1,000,917

1,500,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2023A

5.500 07/01/48

1,627,503

1,000,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2024A

5.000 07/01/54

1,053,071

1,620,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Refunding Series 2017B

5.000 07/01/42

1,650,859

225,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Series 2021C

4.000 07/01/44

222,811

500,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Series 2025A

5.000 07/01/44

540,840

1,250,000

Arizona Board of Regents, University of Arizona, System Revenue

Bonds, Refunding Series 2016

5.000 06/01/38

1,257,289

215,000

(a) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A

5.125 07/01/37

215,482

220,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C

5.000 07/01/47

220,938

25,000

(a) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D

5.000 07/01/37

25,103

300,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F

5.000 07/01/37

305,298

725,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F

5.000 07/01/52

726,507

150,000

(a) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G

5.000 07/01/47

140,584

230,000

(a) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Montessori Academy Projects, Refunding

Series 2017A

6.000 11/01/37

220,460

565,000

(a) Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Somerset Academy of Las Vegas Aliante

and Skye Canyon Campus Projects, Series 2021A

4.000 12/15/51

437,404

775,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Arizona Agribusiness and Equine Center, Inc.

Project, Series 2017A

5.000 03/01/48

779,706

1,025,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017A

5.000 07/01/51

1,006,202

35,000

(a) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017B

4.250 07/01/27

35,015

135,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2018A

5.000 07/01/38

137,036

500,000

(a) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Pinecrest Academy of Nevada Horizon,

Inspirada and St. Rose Campus Projects, Series 2018A

5.750 07/15/38

503,229

65,000

(a) Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Social Bonds Pensar Academy Project, Series

2020

4.000 07/01/30

63,128

2,950,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, University of Indianapolis - Health Pavilion

Project, Series 2019A

5.000 10/01/45

2,890,275

1,625,000

Glendale Industrial Development Authority, Arizona, Revenue

Bonds, Midwestern University, Series 2025

5.000 05/15/44

1,720,783

1,160,000

Industrial Development Authority, Pima County, Arizona,

Education Revenue Bonds, Center for Academic Success Project,

Refunding Series 2019

5.000 07/01/37

1,193,352

620,000

(a) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Autism Charter Schools

Project, Series 2020A

5.000 07/01/40

620,342

Portfolio of Investments November 30, 2025

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

735,000

(a) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Autism Charter Schools

Project, Social Series 2021A

4.000 %

07/01/41

$

640,773

145,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Great Hearts Academies Projects,

Series 2017A

5.000 07/01/37

147,449

210,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Great Hearts Academies Projects,

Series 2017C

5.000 07/01/48

210,591

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Highland Prep Project, Series 2019

5.000 01/01/37

1,049,188

750,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2019A

5.000 07/01/39

769,823

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2020

5.250 07/01/45

1,014,159

570,000

(a) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2021A

4.000 07/01/41

517,055

380,000

(a) Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Paradise Schools Projects, Series

2016

5.000 07/01/47

348,510

825,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Reid Traditional School Projects,

Series 2016

5.000 07/01/36

826,217

2,500,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

5.000 07/01/47

2,552,980

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

4.000 07/01/50

903,040

1,000,000

McAllister Academic Village LLC, Arizona, Revenue Bonds,

Arizona State University Hassayampa Academic Village Project,

Refunding Series 2016

5.000 07/01/38

1,007,492

25,000

(a) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A

5.000 07/01/46

23,581

400,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Great Hearts Academies Project, Series

2016A

5.000 07/01/41

399,710

220,000

(a) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Legacy Traditional Schools Projects,

Series 2015

5.000 07/01/35

220,117

350,000

(a) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Legacy Traditional Schools Projects,

Series 2016A

5.000 07/01/41

350,152

1,000,000

(a) Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Northwest Christian School Project,

Series 2020A

5.000 09/01/45

871,511

750,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series

2015

5.000 07/01/35

750,454

800,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Vista College Preparatory Project, Series

2018A

5.000 07/01/43

808,370

1,000,000

Phoenix Industrial Development Authority, Arizona, Lease

Revenue Bonds, Eastern Kentucky University Project, Series 2016

5.000 10/01/36

1,010,998

100,000

(a) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Champion Schools Project,

Series 2017

6.000 06/15/37

100,455

320,000

(a) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Champion Schools Project,

Series 2017

6.125 06/15/47

320,335

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

100,000

(b) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Edkey Charter Schools

Project, Series 2016

5.250 %

07/01/36

$

80,000

40,000

(a) Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, San Tan Montessori School

Project, Series 2017

6.125 02/01/28

40,590

230,000

(a) Pima County Industrial Development Authority, Arizona,

Education Revenue Bonds, Noah Webster Schools Mesa Project,

Series 2015A

5.000 12/15/34

228,913

145,000

Pinal County Community College District, Arizona, Revenue

Bonds, Central Arizona College, Series 2017 - BAM Insured

5.000 07/01/34

146,357

460,000

(a) Yavapai County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Agribusiness and Equine

Center Inc Project, Refunding Series 2015A

5.000 09/01/34

460,096

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

34,393,050

HEALTH CARE - 14.0%

405,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

4.000 09/01/39

409,640

110,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

4.000 09/01/40

110,224

225,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

4.000 09/01/46

208,824

1,100,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2020A

3.000 02/01/39

989,842

1,560,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2021A

4.000 02/01/39

1,564,226

1,000,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2021A

4.000 02/01/40

991,209

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Honor Health, Series 2024D

5.000 12/01/44

1,047,424

600,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2019A

5.000 09/01/36

626,054

870,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2019A

4.125 09/01/42

847,323

1,750,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A

5.000 01/01/32

1,792,074

2,000,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A

5.000 01/01/35

2,042,733

1,145,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A

5.000 01/01/38

1,167,805

1,665,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2019A

4.000 01/01/44

1,558,011

2,000,000

Phoenix Industrial Development Authority, Arizona, Lease

Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project,

Series 2024A

5.000 10/31/44

2,125,273

565,000

Pima County Industrial Development Authority, Arizona, Revenue

Bonds, Tucson Medical Center, Series 2021A

4.000 04/01/39

565,193

295,000

Yavapai County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Yavapai Regional Medical Center,

Refunding Series 2016

5.000 08/01/36

297,754

2,450,000

Yavapai County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Yavapai Regional Medical Center,

Series 2019

4.000 08/01/43

2,325,075

875,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

4.000 08/01/49

800,824

4,000,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

5.250 08/01/49

4,199,179

TOTAL HEALTH CARE

23,668,687

Portfolio of Investments November 30, 2025

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 1.1%

$

1,250,000

Arizona Industrial Development Authority, Student Housing

Revenue Bonds, Provident Group - NCCU Properties LLC- North

Carolina Central University, Series 2019A - BAM Insured

4.000 %

06/01/44

$

1,199,953

250,000

(a) Sierra Vista Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Convertible Capital Appreciation

Revenue Bonds, Series 2021A

5.375 10/01/56

205,647

500,000

Sierra Vista Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Convertible Capital Appreciation

Revenue Bonds, Series 2022A

7.000 10/01/56

504,537

TOTAL HOUSING/MULTIFAMILY

1,910,137

HOUSING/SINGLE FAMILY - 2.0%

1,880,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024C

4.750 09/01/49

1,907,566

960,000

Phoenix and Maricopa County Industrial Development Authority,

Arizona, Single Family Mortgage Revenue Bonds, Series 2024A

4.600 09/01/49

951,775

575,000

Tucson and Pima County Industrial Development Authority,

Arizona, Joint Single Family Mortgage Revenue Bonds, Series

2024A

4.750 07/01/49

583,562

TOTAL HOUSING/SINGLE FAMILY

3,442,903

INFORMATION TECHNOLOGY - 0.2%

275,000

(c) Chandler Industrial Development Authority, Arizona, Industrial

Development Revenue Bonds, Intel Corporation Project, Series

2007, (AMT), (Mandatory Put 6/15/28)

4.100 12/01/37

275,673

TOTAL INFORMATION TECHNOLOGY

275,673

LONG-TERM CARE - 2.3%

120,000

Arizona Industrial Development Authority, Multifamily Housing

Revenue Bonds, Bridgewater Avondale Project, Series 2017

5.375 01/01/38

98,018

870,000

Phoenix Industrial Development Authority, Arizona, Multi-Family

Housing Revenue Bonds, 3rd and Indian Road Assisted Living

Project, Series 2016

5.400 10/01/36

703,739

1,500,000

(d) Phoenix Industrial Development Authority, Arizona, Senior Living

Rental Housing Revenue Bonds, Christian Care Surprise, Inc.

Project, Refunding Series 2025A

5.250 12/01/45

1,464,751

1,495,000

Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Friendship Village of Tempe Project, Refunding Series

2021A

4.000 12/01/46

1,247,335

530,000

(a) Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Mirabella at ASU Project, Series 2017A

6.000 10/01/37

401,156

TOTAL LONG-TERM CARE

3,914,999

TAX OBLIGATION/GENERAL - 12.5%

550,000

Buckeye Union High School District 201, Maricopa County,

Arizona, General Obligation Bonds, School Improvement Project,

Refunding Series 2017 - BAM Insured

5.000 07/01/34

564,165

875,000

Buckeye, Arizona, General Obligation Bonds, Series 2025

5.000 07/01/44

945,021

1,000,000

Glendale, Arizona, General Obligation Bonds, Series 2024

5.000 07/01/43

1,088,159

1,500,000

Marana Unified School District No. 6 of Pima County, Arizona,

School Improvement Bonds, Project of 2014, Series 2018D -

AGM Insured

5.000 07/01/38

1,516,422

325,000

Maricopa County Elementary District 59 Laveen, Arizona,

General Obligation Bonds, School Improvement Project 2024,

Series 2025A

5.000 07/01/44

352,085

370,000

Maricopa County School District 214 Tolleson Union High,

Arizona, General Obligation Bonds, School Improvement Project

2017, Series 2018A

5.000 07/01/37

379,943

750,000

Maricopa County School District 3 Tempe Elementary, Arizona,

General Obligation Bonds, School Improvement, Project of 2022,

Series 2025B

5.000 07/01/42

826,547

1,050,000

Maricopa County Special Health Care District, Arizona, General

Obligation Bonds, Series 2018C

5.000 07/01/35

1,102,958

1,000,000

Maricopa County Unified School District 11, Peoria, Arizona,

General Obligation Bonds, School Improvement, Series 2018 -

BAM Insured

5.000 07/01/34

1,024,198

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

275,000

Maricopa County Unified School District 69 Paradise Valley,

Arizona, General Obligation Bonds, School Improvement Project

of 2015, Series 2021E

3.000 %

07/01/40

$

243,502

1,000,000

Maricopa County Unified School District 69 Paradise Valley,

Arizona, General Obligation Bonds, School Improvement Project

of 2023 Series 2025B

5.000 07/01/41

1,116,343

1,350,000

Maricopa County Unified School District 80, Chandler, Arizona,

School Improvement Bonds, 2019 Project, Series 2021B

3.000 07/01/40

1,196,076

1,000,000

Maricopa County Unified School District 95 Queen Creek,

Arizona, General Obligation Bonds, School Improvement Series

2020

4.000 07/01/38

1,018,894

860,000

Maricopa County Union High School District 210 Phoenix,

Arizona, General Obligation Bonds, School Improvement &

Project of 2011 Series 2017E

5.000 07/01/35

885,909

2,000,000

Maricopa County Union High School District 210 Phoenix,

Arizona, General Obligation Bonds, School Improvement Project

2011 and 2017, Series 2018

5.000 07/01/37

2,052,754

775,000

Maricopa County Union High School District 216 Agua Fria,

Arizona, General Obligation Bonds, School Improvement, Project

of 2023, Series 2024A

5.000 07/01/42

841,952

125,000

Maricopa County Union High School District 216 Agua Fria,

Arizona, General Obligation Bonds, School Improvement,

Projects of 2023 and 2024, Series 2025

5.000 07/01/44

134,747

750,000

Mohave County Union High School District 2 Colorado River,

Arizona, General Obligation Bonds, School Improvement Series

2017

5.000 07/01/35

767,889

690,000

Northwest Fire District of Pima County, Arizona, General

Obligation Bonds, Series 2017

5.000 07/01/36

708,092

750,000

Pima County Unified School District 20 Vail, Arizona, General

Obligation Bonds, Refunding School Improvement Series 2015 -

AGM Insured

5.000 07/01/33

750,948

1,800,000

Pima County Unified School District 30 Sahuarita, Arizona, School

Improvement Bonds, Series 2024 - BAM Insured

5.000 07/01/42

1,953,527

750,000

Pima County Unified School District 6 Marana, Arizona, General

Obligation Bonds, School Improvement, Project of 2014, Series

2019E - AGM Insured

4.000 07/01/39

760,718

800,000

Pinal County School District 4 Casa Grande Elementary, Arizona,

General Obligation Bonds, School improvement Project 2016,

Series 2017A - BAM Insured

5.000 07/01/36

817,372

55,000

Western Maricopa Education Center District 402, Maricopa

County, Arizona, General Obligation Bonds, School Improvement

Project 2012, Series2014B

4.500 07/01/33

55,042

TOTAL TAX OBLIGATION/GENERAL

21,103,263

TAX OBLIGATION/LIMITED - 22.1%

100,000

(a) Arizona Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Linder Village Project in Meridian,

Ada County, Idaho, Series 2020

5.000 06/01/31

101,283

475,000

Cadence Community Facilities District, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2019

4.500 07/01/43

435,586

675,000

Cadence Community Facilities District, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 3, Series 2020

4.000 07/01/45

574,692

94,502

(a),(b)

Cahava Springs Revitalization District, Cave Creek, Arizona,

Special Assessment Bonds, Series 2017A

7.000 07/01/41

66,151

500,000

Cottonwood, Arizona, Pledged Revenue Bonds, Series 2015 -

RAAI Insured

5.000 07/01/30

500,707

450,000

(a) Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2015

5.000 07/15/39

450,000

500,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2017 - AGM Insured

5.000 07/15/42

510,653

1,000,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2018 - BAM Insured

5.000 07/15/38

1,016,214

1,300,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2019 - BAM Insured

4.000 07/15/39

1,308,505

1,100,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2021 - BAM Insured

4.000 07/15/45

1,048,592

Portfolio of Investments November 30, 2025

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

143,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2013

5.250 %

07/01/38

$

143,000

299,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2019

5.200 07/01/43

281,984

499,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 12, Series 2021

3.250 07/01/35

437,016

210,000

Eastmark Community Facilities District 2, Mesa, Arizona, General

Obligation Bonds, Series 2020

4.000 07/15/30

209,024

480,000

Eastmark Community Facilities District 2, Mesa, Arizona, General

Obligation Bonds, Series 2020

4.000 07/15/35

462,191

45,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, General Obligation Bonds, Refunding Series 2017 -

AGM Insured

5.000 07/15/32

46,279

750,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, Special Assessment Revenue Bonds, Lucero Assessment

District 2, Series 2023

5.750 07/01/46

754,757

260,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2018 - BAM Insured

5.000 07/15/38

264,982

1,500,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2020 - BAM Insured

4.000 07/15/40

1,503,036

1,000,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2022 - AGM Insured

5.000 07/15/42

1,035,876

201,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

Special Assessment Revenue Bonds, Assessment District 11,

Series 2017

5.200 07/01/37

196,153

1,129,000

Floreo at Teravalis Community Facilities District, Arizona, Special

Assessment Revenue Bonds, District 1 Series 2025

5.150 07/01/35

1,168,852

500,000

Maricopa, Arizona, Pledged Revenue Obligations, Series 2023

5.250 07/15/43

545,749

470,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/39

487,960

165,000

Merrill Ranch Community Facilities District 2, Florence, Arizona,

General Obligation Bonds, Series 2017 - BAM Insured

5.000 07/15/42

167,500

1,500,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2019

4.000 08/01/39

1,511,118

1,750,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2025

- BAM Insured

5.000 08/01/44

1,873,598

1,250,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

4.550 07/01/40

1,247,094

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/46

340,998

1,200,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.536 07/01/53

1,094,552

1,420,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.784 07/01/58

1,340,579

4,900,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Series 2020

4.000 08/01/50

4,547,224

2,000,000

Queen Creek, Arizona, Excise Tax and State Shared Revenue

Obligation Bonds, Series 2024

5.000 08/01/54

2,099,428

275,000

Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM

Insured

5.000 07/01/43

291,775

510,000

Superstition Vistas Community Facilities District 1, Apache

Junction, Arizona, Special Assessment Revenue Bonds, Series

2023

6.000 07/01/47

525,290

210,000

Superstition Vistas Community Facilities District 2, Arizona,

Special Assessment Bonds, Assessment Area 2, Series 2025

5.200 07/01/35

215,922

805,000

Surprise, Arizona, Pledged Revenue Bonds, Refunding Series

2015

5.000 07/01/30

806,138

1,150,000

Tartesso West Community Facility District, Buckeye, Arizona,

Limited Tax General Obligation Bonds, Series 2021 - AGM

Insured

4.000 07/15/41

1,153,696

600,000

Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series

2016

5.000 07/01/31

608,020

750,000

Verrado District 1 Community Faciliites District, Buckeye, Arizona,

General Obligation Bonds, Series 2023 - BAM Insured

5.000 07/15/43

782,566

815,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

5.000 10/01/32

817,392

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

275,000

Vistancia North Community Facilities District, Peoria, Arizona,

General Obligation Bonds, Series 2024 - AGM Insured

4.375 %

07/15/49

$

266,514

1,090,000

(a) Vistancia West Community Facilities District, Peoria, Arizona,

General Obligation Bonds, Series 2016

5.000 07/15/29

1,091,448

2,260,000

Yavapai County Jail District, Arizona, Pleged Revenue Obligation

Bonds, Series 2020 - BAM Insured

4.000 07/01/40

2,266,997

840,000

Yuma County, Arizona, Pledge Revenue Obligations, Series 2022

- BAM Insured

4.250 07/15/42

848,519

TOTAL TAX OBLIGATION/LIMITED

37,445,610

TRANSPORTATION - 3.5%

1,500,000

Phoenix Civic Improvement Corporation, Arizona, Airport

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

5.000 07/01/49

1,518,288

725,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Refunding Junior Lien Series 2025

5.000 07/01/44

778,832

2,000,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Senior Lien Series 2017A, (AMT)

5.000 07/01/47

2,007,320

1,000,000

Phoenix Civic Improvement Corporation, Arizona, Rental Car

Facility Charge Revenue Bonds, Series 2019A

5.000 07/01/32

1,072,406

500,000

Phoenix Civic Improvement Corporation, Arizona, Rental Car

Facility Charge Revenue Bonds, Series 2019A

5.000 07/01/38

526,685

TOTAL TRANSPORTATION

5,903,531

U.S. GUARANTEED - 0.9% (e)

250,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, General Obligation Bonds, Refunding Series 2017, (Pre-

refunded 7/15/27) - AGM Insured

5.000 07/15/32

259,636

145,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016, (Pre-refunded

8/01/26)

4.000 08/01/33

146,008

155,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016, (Pre-refunded

8/01/26)

4.000 08/01/35

156,078

880,000

Scottsdale Municipal Property Corporation, Arizona, Excise Tax

Revenue Bonds, Refunding Series 2017, (Pre-refunded 7/01/27)

5.000 07/01/36

913,824

TOTAL U.S. GUARANTEED

1,475,546

UTILITIES - 19.5%

1,000,000

Carefree Utilities Community Facilities District, Arizona, Water

System Revenue Bonds, Series 2021

4.000 07/01/51

917,923

1,285,000

Central Arizona Water Conservation District, Arizona, Water

Delivery O&M Revenue Bonds, Series 2016

5.000 01/01/35

1,288,095

1,500,000

City of Mesa, Arizona, Utility System Revenue Bonds, Series

2022C

5.000 07/01/36

1,760,843

1,200,000

Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding

Senior Lien Series 2025

5.000 07/01/44

1,300,008

1,805,000

Glendale, Arizona, Water and Sewer Revenue Bonds, Senior Lien

Series 2022A

5.000 07/01/41

1,959,673

790,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Refunding Subordinate Lien Series 2016 - AGM Insured

5.000 07/01/45

791,445

1,500,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Subordinate Lien Series 2020 - AGM Insured

4.000 07/01/45

1,457,339

1,215,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Subordinate Lien Series 2025

5.000 07/01/44

1,300,233

500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

5.000 07/01/40

507,338

735,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5.000 07/01/36

739,995

150,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5.000 10/01/42

157,206

500,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2018

5.000 07/01/42

515,494

1,000,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2020

3.000 07/01/44

798,606

1,830,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2022A -

BAM Insured

5.000 07/01/46

1,918,929

1,000,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Junior Lien Series 2023

5.250 07/01/47

1,075,615

585,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Refunding Junior Lien Series 2014

5.000 07/01/29

585,823

Portfolio of Investments November 30, 2025

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

2,185,000

Phoenix Civic Improvement Corporation, Arizona, Water System

Revenue Bonds, Junior Lien Sustainability Series 2020A

5.000 %

07/01/44

$

2,279,794

1,000,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

5.000 07/01/33

1,045,032

1,000,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

5.000 07/01/37

1,034,934

2,500,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2023A

5.000 01/01/50

2,612,205

4,000,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2024A

5.250 01/01/54

4,286,480

1,575,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2025

5.000 01/01/48

1,684,280

1,805,000

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue

Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series

2007

5.000 12/01/37

1,960,448

1,000,000

Tucson, Arizona, Water System Revenue Bonds, Obligations

Series 2024

5.000 07/01/44

1,080,247

TOTAL UTILITIES

33,057,985

TOTAL MUNICIPAL BONDS

(Cost $168,449,010)

166,591,384

TOTAL LONG-TERM INVESTMENTS

(Cost $168,449,010)

166,591,384

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.6%

X

4,400,000

MUNICIPAL BONDS - 2.6%

X

–

HEALTH CARE - 1.8%

$

3,000,000

(f) Phoenix Industrial Development Authority, Arizona, Health Care

Facilities Revenue Bonds, Mayo Clinic, Series 2014B

2.250 11/15/52

$

3,000,000

TOTAL HEALTH CARE

3,000,000

TAX OBLIGATION/LIMITED - 0.8%

1,400,000

(f) Salt River Pima-Maricopa Indian Community, Arizona, Variable

Rate Demand Bonds, Series 2006

2.880 10/01/26

1,400,000

TOTAL TAX OBLIGATION/LIMITED

1,400,000

TOTAL MUNICIPAL BONDS

(Cost $4,400,000)

4,400,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,400,000)

4,400,000

TOTAL INVESTMENTS - 101.0%

(Cost $172,849,010)

170,991,384

OTHER ASSETS & LIABILITIES, NET - (1.0)%

(1,724,492)

NET ASSETS - 100%

$

169,266,892

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $10,778,486 or 6.3% of Total Investments.

(b) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(c) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(d) When-issued or delayed delivery security.

(e) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely

payment of principal and interest.

(f) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Portfolio of Investments November 30, 2025

Colorado

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.6%

X

458,292,703

MUNICIPAL BONDS - 97.6%

X

–

CONSUMER DISCRETIONARY - 0.7%

$

500,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

%

12/01/29

$

506,777

1,000,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/32

1,012,734

2,000,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/35

2,019,863

TOTAL CONSUMER DISCRETIONARY

3,539,374

EDUCATION AND CIVIC ORGANIZATIONS - 4.7%

720,000

Colorado Educational and Cultural Facilities Authority Charter

School Revenue Bonds, Monument Academy Charter School

Project, Refunding Series 2014

.625

10/01/29

716,820

2,000,000

(a) Colorado Educational and Cultural Facilities Authority

Education Revenue Bonds, Colorado, Rocky Mountain School of

Expeditionary Learning Project, Series 2019

.000

03/01/50

1,859,414

500,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.000

07/01/36

500,143

500,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.250

07/01/46

496,102

505,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Community Leadership Academy, Inc.

Second Campus Project, Series 2013

.350

08/01/43

505,754

215,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Douglas County School District RE-1 -

DCS Montessori School, Refunding & Improvement Series 2012

.000

07/15/27

215,093

350,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

12/01/33

350,221

100,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, New Summit Charter Academy Project,

Series 2021A

.000

07/01/41

84,050

100,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, New Summit Charter Academy Project,

Series 2021A

.000

07/01/51

73,893

1,000,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, The Classical Academy Project,

Refunding Series 2015A

.000

12/01/38

1,000,602

705,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Twin Peaks Charter Academy, Series

2011B

.500

03/15/35

705,932

600,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Union Colony School Project, Series

2018

.000

04/01/38

614,029

1,000,000

(a) Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, University of Northern Colorado Lab

School, Refunding & Improvement Series 2015

.000

12/15/45

978,460

500,000

Colorado Educational and Cultural Facilities Authority,

Independent School Revenue Bonds, Kent Denver School

Project, Series 2016

.000

10/01/36

504,680

255,000

(a) Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

.000

10/01/49

234,618

1,000,000

(a) Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

.000

10/01/59

887,403

1,000,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

.000

03/01/35

1,007,301

Portfolio of Investments November 30, 2025

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

3,000,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

.000

%

03/01/47

$

3,035,647

400,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, West Ridge Academy Charter School, Refunding &

Improvement Series 2019

.000

06/01/49

399,984

1,500,000

Colorado School of Mines Board of Trustees, Golden, Colorado,

Institutional Enterprise Revenue Bonds, Series 2023C

.250

12/01/53

1,582,207

1,335,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017A

.000

03/01/34

1,354,047

2,000,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017E

.000

03/01/43

1,950,013

1,000,000

(a) Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

.750

12/01/34

1,010,316

2,000,000

University of Northern Colorado at Greeley, Institutional

Enterprise System Revenue Bonds, Refunding Series 2015A

.000

06/01/40

2,001,180

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

22,067,909

HEALTH CARE - 17.1%

1,760,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

.000

11/15/37

1,877,486

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

.000

11/15/43

941,201

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

.000

11/15/46

934,267

2,000,000

(b) Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2023A-2, (Mandatory Put

11/15/33)

.000

11/15/57

2,258,966

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series 2016A

.000

11/15/46

923,932

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series 2018A

.000

11/15/48

3,040,733

7,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Children's Hospital Colorado Project, Series 2016A

.000

12/01/44

7,018,929

5,250,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

4,771,978

270,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/44

272,680

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/49

2,631,417

500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/38

548,549

5,095,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.500

11/01/47

5,391,288

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/52

4,128,825

5,750,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2024A

.250

12/01/54

5,957,603

3,300,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Series 2025A

.250

12/01/50

3,459,780

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

.000

05/15/52

2,057,263

8,055,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2024A

.000

05/15/54

8,249,449

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

.000

11/01/39

1,998,654

3,950,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

.000

11/01/49

4,011,012

3,500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

SCL Health System, Refunding Series 2019A

.000

01/01/35

3,583,071

1,590,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Refunding Series 2017A

.000

05/15/34

1,603,599

1,050,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Refunding Series 2017A

.000

05/15/35

1,058,068

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Series 2015

.000

%

05/15/45

$

2,000,670

375,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.700

12/01/49

370,382

600,000

Delta County Memorial Hospital District, Colorado, Enterprise

Revenue Bonds, Refunding Series 2010

.500

09/01/30

581,992

475,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2014A

.000

12/01/39

475,839

7,250,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

.125

12/01/50

7,357,461

440,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

.000

12/01/55

476,576

2,500,000

(a) Kremmling Memorial Hospital District, Colorado, Certificates of

Participation, Series 2024

.625

12/01/56

2,507,683

TOTAL HEALTH CARE

80,489,353

HOUSING/MULTIFAMILY - 0.5%

145,000

Denver City & County Housing Authority, Colorado, Capital Fund

Program Revenue Bonds, Three Tower Rehabilitation, Series

2007 - AGM Insured, (AMT)

.200

11/01/27

145,262

2,000,000

Denver City and County Housing Authority, Colorado, Multifamily

Housing Revenue Bonds, Flo Senior Apartments Project,

Sustainability Green Series 2023A

.500

07/01/41

2,049,864

TOTAL HOUSING/MULTIFAMILY

2,195,126

LONG-TERM CARE - 1.6%

500,000

(a),(c)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

American Baptist Homes Project, Series 2016

.125

02/01/46

338,030

1,315,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

.000

01/01/31

1,315,749

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Neighborhoods Project, Refunding Series 2016

.000

01/01/37

3,001,059

1,200,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Meadows Project, Refunding & Improvement Series

2017A

.250

05/15/47

1,203,537

1,500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Project, Refunding Bonds Series 2025A

.250

05/15/48

1,520,425

TOTAL LONG-TERM CARE

7,378,800

TAX OBLIGATION/GENERAL - 9.1%

2,000,000

Delta County Joint School District 50 Delta, Gunnison, Montrose

and Mesa Counties, Colorado, General Obligation Bonds, Series

2023

.000

12/01/47

2,098,051

3,000,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2021

.000

12/01/41

3,042,454

4,625,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2022A

.000

12/01/45

4,889,000

480,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, General Obligation Bonds, Series 2016

.500

12/01/36

485,755

2,500,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, General Obligation Bonds, Series 2016

.000

12/01/45

2,502,133

1,220,000

El Paso County School District 20, Academy, Colorado, General

Obligation Bonds, Series 2017

.000

12/15/40

1,224,019

600,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.250

12/01/29

600,240

440,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.000

12/01/30

440,615

1,275,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.000

12/01/31

1,276,722

3,000,000

Grand County School District 2 East Grand, Colorado, General

Obligation Bonds, Series 2022

.000

12/01/46

2,868,638

655,000

Grand River Hospital District, Garfield and Mesa Counties,

Colorado, General Obligation Bonds, Series 2018 - AGM Insured

.250

12/01/34

686,599

Portfolio of Investments November 30, 2025

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,750,000

Grand River Hospital District, Garfield and Mesa Counties,

Colorado, General Obligation Bonds, Series 2018 - AGM Insured

.250

%

12/01/37

$

1,815,528

3,000,000

Gunnison Watershed School District RE1J, Gunnison and

Saguache Counties, Colorado, General Obligation Bonds, Series

2023

.000

12/01/47

3,147,077

2,000,000

Larimer and Weld Counties School District Re-5J, Colorado,

General Obligation Bonds, Series 2021

.000

12/01/40

2,022,796

750,000

Louisville, Boulder County, Colorado, General Obligation Bonds,

Limited Tax, Series 2017

.000

12/01/35

754,924

1,140,000

Roaring Fork Transporation Authority, Colorado, Property Tax

Revenue Bonds, Series 2021A

.000

12/01/46

1,090,083

2,410,000

Weld County School District 6, Greeley, Colorado, General

Obligation Bonds, Series 2020

.000

12/01/44

2,498,528

8,500,000

Weld County School District RE-4, Windsor, Colorado, General

Obligation Bonds, Series 2023

.250

12/01/47

9,081,725

2,000,000

Westminster Public Schools, Adams County, Colorado,

Certificates of Participation, Series 2019 - AGM Insured

.000

12/01/43

2,052,294

TOTAL TAX OBLIGATION/GENERAL

42,577,181

TAX OBLIGATION/LIMITED - 36.6%

3,625,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2019

.000

12/01/51

3,385,677

368,328

Alpine Mountain Ranch Metropolitan District, Routt County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Refunding Series 2021

.000

12/01/40

343,126

1,070,000

Anthem West Metropolitan District, Colorado, General

Obligation Bonds, Refunding Series 2015 - BAM Insured

.000

12/01/35

1,071,301

1,020,000

Arista Metropolitan District, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding Convertible to

Unlimited Tax Series 2023A - BAM Insured

.000

12/01/48

1,058,761

1,275,000

Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series

2023

.000

12/01/41

1,402,070

1,335,000

Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series

2023

.000

12/01/42

1,455,718

500,000

Aviation Station North Metropolitan District 2, Denver County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2019A

.000

12/01/48

496,578

2,000,000

Baseline Metropolitan District 1, In the City and County of

Broomfield, Colorado, Special Revenue Bonds, Refunding and

Improvement Series 2024A

.250

12/01/54

1,941,816

4,000,000

Brighton Crossing Metropolitan District 4, Colorado, General

Obligation Bonds, Limited Tax Refunding Series 2024

.000

12/01/47

3,811,366

302,000

(a) Broadway Park North Metropolitan District 2, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2020

.375

12/01/26

297,582

5,055,000

Bromley Park Metropolitan District 3, Adams County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series 2024

.000

12/01/44

4,754,714

2,500,000

Bromley Park Metropolitan District No. 2, In the City of Brighton,

Adams and Weld Counties, Colorado, Senior General Obligation

Limited Tax Refunding Bonds, Series 2023 - BAM Insured

.375

12/01/53

2,663,070

1,020,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018A - BAM Insured

.000

12/01/34

1,075,987

1,000,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018A - BAM Insured

.000

12/01/47

919,410

250,000

Canyons Metropolitan District 5, Douglas County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Refunding and Improvement Series 2024A - BAM Insured

.250

12/01/59

260,757

1,237,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

.000

12/01/53

1,235,344

1,145,000

(a) Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Refunding & Improvement Series 2017

.000

12/01/47

1,139,736

500,000

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Improvement Bonds, Series 2022

.500

12/01/53

524,668

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

480,000

Cherry Creek Corporate Center Metropolitan District, Arapahoe

County, Colorado, Revenue Bonds, Refunding Senior Lien Series

2015A

.000

%

06/01/37

$

480,172

1,725,000

Colorado International Center Metropolitan District 14, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2018

.875

12/01/46

1,726,582

2,000,000

Colorado State, Building Excellent Schools Today, Certificates of

Participation, Series 2017J

.250

03/15/42

2,030,642

1,000,000

Colorado State, Building Excellent Schools Today, Certificates of

Participation, Series 2021S

.000

03/15/41

1,004,288

5,000,000

Colorado State, Certificates of Participation, Higher Education

Health Sciences Facilities Series 2024A

.000

11/01/49

4,675,063

1,780,000

Colorado State, Certificates of Participation, Lease Purchase

Agreement Department of Transportation Second Amended &

Restated Headquaters Facilities, Refunding Series 2020

.000

06/15/38

1,817,019

2,000,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Refunding Series 2015 - BAM Insured

.000

08/01/36

2,001,861

2,295,000

Copperleaf Metropolitan District 2, Arapahoe County, Colorado,

Limited Tax General Obligation Bonds, Refunding Convertible to

Unlimited Tax Series 2020 - BAM Insured

.000

12/01/45

2,216,952

1,250,000

Cottonwood Highlands Metropolitan District 1, Parker, Colorado,

Limited Tax General Obligation Bonds, Convertible to Unlimited

Tax Refunding Series 2024

.250

12/01/49

1,171,973

2,500,000

Cottonwood Highlands Metropolitan District 1, Parker, Colorado,

Limited Tax General Obligation Bonds, Convertible to Unlimited

Tax Refunding Series 2024

.250

12/01/54

2,293,533

1,000,000

Cross Creek Metropolitan District 2, Aurora, Colorado, Unlimited

Tax General Obligation Bonds, Refunding Series 2018 - AGM

Insured

.000

12/01/45

964,685

2,000,000

Crowfoot Valley Ranch Metropolitan District No. 2, Douglas

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024A - BAM Insured

.375

12/01/54

1,876,822

1,250,000

Crystal Valley Metropolitan District 2, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2020A - AGM Insured

.000

12/01/44

1,222,760

621,000

Cumberland Green Metropolitan District, El Paso County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Series 2015

.250

12/01/45

621,001

2,955,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Refunding & Improvement Series 2016A

.000

08/01/42

2,973,477

1,000,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

.000

08/01/35

1,052,164

1,785,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

.000

08/01/40

1,806,046

115,000

(a) Denver Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, 9th and Colorado Urban Redevelopement Area,

Series 2018A

.250

12/01/39

115,507

2,580,000

Douglas County School District, Number RE1, Douglas and

Elbert Counties. Colorado, General Obligation Bonds, Series

2024

.000

12/15/44

2,790,993

5,500,000

Ebert Metropolitan District, Denver Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2018A-1 - BAM

Insured

.000

12/01/43

5,678,321

2,000,000

El Paso County School District 49 Falcon, Colorado, Certificates

of Participation, Series 2017B

.000

12/15/42

2,010,569

575,000

Erie Farm Metropolitan District, Erie, Boulder County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement, Series 2021 - AGM Insured

.000

12/01/41

611,787

1,000,000

Erie, Colorado, Certificates of Participation, Series 2010

.000

11/01/37

1,000,356

500,000

Foothills Metropolitan District, Fort Collins, Colorado, Special

Revenue Bonds, Series 2014

.000

12/01/38

493,055

1,525,000

Foothills Park and Recreation District, Jefferson County,

Colorado, Lease Revenue Bonds, Certificates of Participation,

Series 2021

.000

12/01/33

1,602,098

Portfolio of Investments November 30, 2025

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

890,000

Four Corners Business Improvement District, Erie, Boulder

County, Colorado, Limited Tax Supported Revenue Bonds, Series

2022

.000

%

12/01/52

$

899,801

500,000

Future Legends Sports Park Business Improvement District,

Colorado, Limited Tax General Obligation Bonds Series 2022A

and Subordinate Limited Tax General Obligation Bonds Series

2022B

.000

12/01/52

400,644

800,000

Glen Metropolitan District 1, El Paso County, Colorado, General

Obligation Limited Tax Bonds, Series 2016A - BAM Insured

.500

12/01/45

800,330

600,000

Gold Hill Mesa Metropolitan District 2, Colorado Springs, El Paso

County, Colorado, Limited Tax General Obligation and Special

Revenue Bonds, Refunding & Improvement Series 2022A - BAM

Insured

.500

12/01/47

637,839

675,000

Green Gables Metropolitan District 2, Jefferson County,

Colorado, Limited Tax General Obligation Bonds, Special

Revenue Refunding Improvement Senior Series 2023A - BAM

Insured

.125

12/01/53

690,830

231,756

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 1,

Series 2024A-1

.000

12/01/43

237,725

330,000

(a) Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

.500

12/01/44

333,355

1,125,000

High Plains Metropolitan District, Arapahoe County, Colorado,

General Obligation Bonds, Refunding Series 2017 - NPFG

Insured

.000

12/01/35

1,156,281

1,250,000

Hunters Overlook Metropolitan District 5, Severance, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024

.250

12/01/54

1,211,649

380,000

Jefferson Center Metropolitan District 1, Arvada, Jefferson

County, Colorado, Special Revenue Bonds, Series 2020-A2

.125

12/01/40

358,307

3,000,000

Lanterns Metropolitan District 1, Castle Rock, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding and

Improvement Series 2024

.250

12/01/53

2,765,139

460,000

Lincoln Park Metropolitan District, Douglas County, Colorado,

Limited Tax General Obligation and Improvement Bonds,

Refunding Series 2018 - AGM Insured

.000

12/01/42

463,936

2,000,000

Lincoln Park Metropolitan District, Douglas County, Colorado,

Limited Tax General Obligation and Improvement Bonds,

Refunding Series 2018 - AGM Insured

.000

12/01/46

2,001,975

1,330,000

Littleton Village Metropolitan District 2, Arapahoe County,

Colorado, General Obligation Bonds, Limited Tax Refunding

Series 2023 - AGM Insured

.000

12/01/53

1,348,482

825,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

.000

12/01/36

832,921

1,805,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

.000

12/01/41

1,812,392

1,000,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Series 2023 - AGM Insured

.250

12/01/48

982,608

650,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Refunding Bonds, Series 2017 - AGM Insured

.000

12/01/42

655,562

1,000,000

Midtown at Clear Creek Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Refunding Limited Tax

Series 2023A - BAM Insured

.500

12/01/43

1,100,076

1,000,000

Monument, El Paso County, Colorado, Certificate of Participation,

Series 2020 - AGM Insured

.000

12/01/40

1,002,301

494,000

Mountain Shadows Metropolitan District, Weld County,

Colorado, Limited Tax General Obligation Bonds, Series 2015

.500

12/01/44

494,152

570,000

Nexus North at DIA Metropolitan District, Adams County,

Colorado, Limited Tax General Obligation Bonds, Series 2021

.000

12/01/51

535,370

709,000

North Range Metropolitan District 2, Adams County, Colorado

, Limited Tax General Obligation Bonds, Refunding Special

Revenue & Improvement Series 2017A

.625

12/01/37

709,107

1,000,000

North Range Metropolitan District 3, Adams County, Colorado,

Limited Tax General Obligation Bonds, Series 2020A-3

.250

12/01/50

1,004,969

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

4,000,000

Northern Colorado Water Conservancy District, Certificates of

Participation, Series 2022

.250

%

07/01/52

$

4,198,623

755,000

(c) Painted Prairie Public Improvement Authority, Aurora, Colorado,

Special Revenue Bonds, Series 2019

.000

12/01/49

687,636

1,500,000

Park 70 Metropolitan District, Aurora, Colorado, General

Obligation Bonds, Limited Tax Refunding & Improvement Series

2016

.000

12/01/36

1,512,058

1,650,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2019A - AGM

Insured

.000

12/01/36

1,679,861

827,000

(a) Platte River Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series 2023A

.500

08/01/53

845,457

2,500,000

(a) Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment

Revenue Bonds, Refunding Series 2013

.000

12/01/40

2,500,808

500,000

(a) Prairie Center Metopolitan District No. 3, In the City of Brighton,

Adams County, Colorado, Limited Property Tax Supported

Primary Improvements Revenue Bonds, Refunding Series 2017A

.000

12/15/41

501,272

680,000

Prairie Center Metropolitan District No. 3, In the City of Brighton,

Adams County, Colorado, Limited Property Tax Supported

Primary Improvements Revenue Bonds, Series 2024A

.875

12/15/46

717,561

500,000

Prairiestar Metropolitan District 2, Larimer County, Colorado,

Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2021A - BAM Insured

.000

12/01/46

518,087

1,550,000

Pueblo County, Colorado, Certificates of Participation,

Community Improvement Projects, Series 2023A

.000

07/01/43

1,510,730

4,360,000

Pueblo County, Colorado, Certificates of Participation, County

Judicial Complex Project, Series 2022A

.000

07/01/49

4,539,472

230,000

(a) Pueblo Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, EVRAZ Project, Series 2021A

.750

12/01/45

218,754

2,516,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

2,516,705

1,864,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

1,700,205

2,500,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding &

Improvement Series 2017

.000

12/01/42

2,523,296

1,060,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023 -

AGM Insured

.000

12/01/43

1,110,848

400,000

Red Sky Ranch Metropolitan District, Eagle County, Colorado,

General Obligation Bonds, Refunding & Improvement Series

2015

.000

12/01/44

393,394

2,385,000

Regional Transportation District, Colorado, Sales Tax Revenue

Bonds, Fastracks Project, Series 2017B

.000

11/01/35

2,423,447

490,000

Reserve Metropolitan District 2, Mount Crested Butte, Colorado,

Limited Tax General Obligation Bonds, Refunding Series 2016A

.000

12/01/45

476,462

555,000

Riverview Metropolitan District, Steamboat Springs, Routt

County, Colorado, General Obligation Limited Tax Bonds,

Convertible to Unlimited Tax Refunding Series 2021

.000

12/01/41

536,744

1,000,000

Roaring Fork School District RE-1, Garfield, Pitkin, and Eagle

Counties, Colorado, Certificates of Participation, Series 2023 -

BAM Insured

.000

12/15/43

1,049,230

1,000,000

Sand Creek Metropolitan District, Colorado, General Obligation

Limited Tax Bonds, Refunding Series 2023 - AGM Insured

.000

12/01/37

1,094,687

1,995,000

Sierra Ridge Metropolitan District 2, Douglas County, Colorado,

General Obligation Bonds, Subordinate Series 2022 - AGM

Insured

.000

12/01/46

1,902,339

275,000

Sierra Ridge Metropolitan District 2, Douglas County, Colorado,

Limited Tax General Obligation Bonds, Refunding Bonds, Series

2022 - AGM Insured

.000

12/01/52

282,691

515,000

Silver Peaks Metropolitan District 3, Colorado, Limited Tax

Obligation Bonds, Senior Lien Series 2020A

.000

12/01/50

494,466

5,515,000

Sky Ranch Community Authority Board, Arapahoe County,

Colorado, Limited Tax Supported District 1 Revenue Bonds,

Refunding Improvement Senior Series 2024A

.250

12/01/54

5,059,535

Portfolio of Investments November 30, 2025

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

200,000

Southlands Metropolitan District 1, Colorado, Limited Tax

General Obligation Bonds, Series 2017A-1

.000

%

12/01/37

$

201,076

350,000

Southlands Metropolitan District 1, Colorado, Limited Tax

General Obligation Bonds, Series 2017A-2

.000

12/01/47

342,019

1,000,000

Southshore Metropolitan District 2 Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Limited Tax Improvement

Series 2020A-2 - BAM Insured

.000

12/01/46

949,583

495,000

Southwest Timnath Metropolitan District 4, Timnath, Larimer

County, Colorado, Limited Tax General Obligation Bonds, Series

2017A

.375

12/01/47

495,059

750,000

Sterling Hills West Metropolitan District, Arapahoe County,

Colorado, General Obligation Bonds, Refunding & Improvement

Series 2007

.000

12/01/39

767,862

1,000,000

Sterling Ranch Community Authority Board, Douglas County,

Colorado, Limited Tax Supported District 2, Refunding &

Improvement Senior Series 2025A - BAM Insured

.250

12/01/55

1,039,757

595,000

Sterling Ranch Metropolitan District 2, El Paso County, Colorado,

General Obligation Bonds, Limited Tax Convertible Capital

Appreciation Series 22

.500

12/01/42

609,856

2,030,000

(a) Sunset Parks Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Series 2024A

.125

12/01/54

1,986,733

750,000

Thompson Crossing Metropolitan District 2, Johnstown, Larimer

County, Colorado, General Obligation Bonds, Limited Tax

Convertible to Unlimited Tax, Series 2016B - AGM Insured

.000

12/01/46

750,857

1,640,000

(a) Thompson Crossing Metropolitan District 6, Larimer County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Convertible to Unlimited Tax Series 2020

.000

12/01/40

1,655,288

770,000

Thornton Development Authority, Colorado, Tax Increment

Revenue Bonds, North Washington Street Corridor Project,

Refunding Series 2015

.250

12/01/28

770,062

2,000,000

Thornton, Colorado, Certificates of Participation, Series 2018

.000

12/01/39

2,022,398

3,000,000

Trailside Metropolitan District 4, Colorado, Limited Tax General

Obligation Bonds, Refunding and Improvement Series 2024A -

BAM Insured

.250

12/01/56

2,740,117

2,000,000

(a) Triview Metropolitan District 4, El Paso County, Colorado,

General Obligation Bonds, Limited Tax Series 2018

.750

12/01/48

2,008,835

4,000,000

(a) Ventana Metropolitan District, El Paso County, Colorado, General

Obligation Bonds, Limited Tax Refunding and Improvement

Series 2023A

.500

09/01/53

4,137,452

500,000

Village Metropolitan District In the Town of Avon, Eagle County,

Colorado, Special Revenue and Limited Property Tax Bonds,

Improvement Series 2025A

.750

12/01/55

504,952

525,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/28

535,625

1,250,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/31

1,272,571

500,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/36

502,529

1,375,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.000

12/01/33

1,301,698

400,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.000

12/01/35

401,015

1,190,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.250

12/01/40

1,194,269

500,000

Waterview II Metropolitan District, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

.000

12/01/41

503,047

1,500,000

Waterview II Metropolitan District, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

.000

12/01/51

1,461,815

1,000,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

.750

12/01/52

1,008,339

600,000

Westerly Metropolitan District 4, Weld County, Colorado, General

Obligation Limited Tax Bonds, Series 2021A-1

.125

12/01/31

584,776

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,500,000

Westminster, Colorado, Certificates of Participation, Series 2015A

.000

%

12/01/35

$

1,501,574

1,000,000

Westminster, Colorado, Certificates of Participation, Series 2015A

.000

12/01/38

1,000,163

1,000,000

Wheatlands Metropolitan District 2, Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2015 -

BAM Insured

.000

12/01/30

1,001,399

1,595,000

Wheatlands Metropolitan District 2, Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2015 -

BAM Insured

.000

12/01/38

1,595,436

1,400,000

Whispering Pines Metropolitan District No.1, In the City of

Aurora, Colorado, Limited Tax Convertible to Unlimited Tax,

General Obligation Refunding Series 2023 - AGM Insured

.000

12/01/52

1,434,098

TOTAL TAX OBLIGATION/LIMITED

171,785,786

TRANSPORTATION - 8.6%

1,000,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

.000

12/31/56

996,951

500,000

Colorado High Performance Transportation Enterprise, US 36

and I-25 Managed Lanes Revenue Bonds, Senior Lien Series

2014, (AMT)

.750

01/01/44

500,368

2,115,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/26

2,158,090

1,995,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/39

2,140,204

3,340,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/41

3,527,217

3,585,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.500

11/15/53

3,784,100

500,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022B

.000

11/15/47

523,146

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/45

1,079,882

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.000

11/15/53

1,020,047

2,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/27

2,077,978

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/30

1,092,187

6,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/43

5,608,329

10,305,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/43

10,446,813

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018B

.000

12/01/37

1,048,035

500,000

Denver City and County, Colorado, Special Facilities Airport

Revenue Bonds, United Airlines, Inc. Project, Refunding Series

2017, (AMT)

.000

10/01/32

500,548

330,000

Eagle County Air Terminal Corporation, Colorado, Airport

Terminal Project Revenue Bonds, Refunding Series 2011A, (AMT)

.000

05/01/27

330,449

1,215,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/32

1,233,941

1,275,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/33

1,293,878

1,000,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/34

1,014,313

TOTAL TRANSPORTATION

40,376,476

U.S. GUARANTEED - 3.5% (d)

150,000

Boulder Larimer & Weld Counties School District RE-1J Saint

Vrain Valley, Colorado, General Obligation Bonds, Series 2016C,

(Pre-refunded 12/15/26)

.000

12/15/34

152,259

50,000

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

.000

06/01/37

51,673

1,585,000

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

.000

06/01/42

1,638,018

Portfolio of Investments November 30, 2025

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED (d)

(continued)

$

3,535,000

Colorado Health Facilities Authority, Colorado, Hospital Revenue

Bonds, NCMC Inc., Series 2016, (Pre-refunded 5/15/26)

.000

%

05/15/32

$

3,556,431

1,250,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)

.000

09/01/50

1,330,156

500,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

.000

03/01/34

515,424

500,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

.000

03/01/41

515,425

1,200,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

.000

08/01/41

1,218,596

4,000,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

Series 2016, (Pre-refunded 8/01/26)

.000

08/01/46

4,061,987

3,410,000

University of Colorado, Enterprise System Revenue Bonds,

Refunding Series 2017A-2, (Pre-refunded 6/01/28)

.000

06/01/36

3,537,362

TOTAL U.S. GUARANTEED

16,577,331

UTILITIES - 15.2%

2,000,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

.000

12/01/37

2,044,906

1,845,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

.000

12/01/38

1,879,387

2,000,000

Aurora, Colorado, Sewer Revenue Bonds, First Lien Series 2025

.125

08/01/55

1,922,350

3,250,000

Bennett, Colorado, Wastewater Revenue Bonds, Series 2024

.125

12/01/54

3,024,250

13,130,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

.000

06/01/47

13,720,464

3,550,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

.000

06/01/52

3,682,627

1,290,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2025

.250

06/01/55

1,243,911

500,000

Cherokee Metropolitan District, Colorado, Water and Wastewater

Revenue Bonds, Series 2020 - BAM Insured

.000

08/01/50

470,431

4,435,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2022B

.250

11/15/52

4,688,913

3,270,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/48

3,513,930

4,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/53

4,254,062

8,200,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2024A

.250

11/15/54

8,780,626

1,000,000

Colorado Water Resources and Power Development Authority,

Water Resources Revenue Bonds, City of Sterling Wastewater

Utility Enterprise Project, Series 2023A - AGM Insured

.000

09/01/48

1,050,758

345,000

Colorado Water Resources and Power Development Authority,

Water Resources Revenue Bonds, Steamboat Springs Utilities

Fund, Series 2011B

.125

08/01/26

345,745

7,000,000

Denver City and County Board of Water Commissioners,

Colorado, Water Revenue Bonds, Series 2022A

.000

12/15/52

7,355,619

650,000

East Cherry Creek Valley Water and Sanitation District, Arapahoe

County, Colorado, Water Revenue Bonds, Refunding Series 2015

.000

11/15/32

650,842

1,500,000

East Cherry Creek Valley Water and Sanitation District, Arapahoe

County, Colorado, Water Revenue Bonds, Refunding Series 2015

.000

11/15/35

1,500,653

500,000

Erie, Boulder and Weld Counties, Colorado, Water Enterprise

Revenue Bonds, Refunding Series 2015

.000

12/01/29

496,869

1,140,000

Fort Lupton, Colorado, Water System Revenue Bonds, Refunding

& Improvement Series 2017 - AGM Insured

.000

12/01/42

1,140,986

8,805,000

Parker Water and Sanitation District, Douglas County, Colorado,

Water and Sewer Enterprise Revenue Bonds, Refunding &

Improvement Series 2022

.000

11/01/47

8,301,930

845,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds, Colorado Springs Utilities, Series 2008

.250

11/15/28

893,613

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

280,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds, Colorado Springs Utilities, Series 2008

.500

%

11/15/38

$

342,495

TOTAL UTILITIES

71,305,367

TOTAL MUNICIPAL BONDS

(Cost $458,961,392)

458,292,703

TOTAL LONG-TERM INVESTMENTS

(Cost $458,961,392)

458,292,703

OTHER ASSETS & LIABILITIES, NET - 2.4%

11,153,418

NET ASSETS - 100%

$

469,446,121

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $24,710,891 or 5.4% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(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.

Portfolio of Investments November 30, 2025

Maryland

See Notes to Financial Statements

h

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.6%

X

236,415,653

MUNICIPAL BONDS - 95.6%

X

–

CONSUMER DISCRETIONARY - 2.2%

$

715,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

5.000 %

09/01/34

$

724,472

4,000,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

5.000 09/01/39

4,022,407

1,000,000

(a) Maryland Economic Development Corporation, Revenue Bonds,

Chesapeake Bay Hyatt Conference Center, Series 2006A

5.000 12/01/31

670,000

TOTAL CONSUMER DISCRETIONARY

5,416,879

CONSUMER STAPLES - 1.4%

335,000

Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-

Backed Bonds, Refunding Series 2002

5.500 05/15/39

339,598

990,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

5.250 06/01/32

972,128

355,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Series Series 2016A-1

5.625 06/01/35

360,784

1,900,000

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006

5.000 06/01/48

1,674,102

TOTAL CONSUMER STAPLES

3,346,612

EDUCATION AND CIVIC ORGANIZATIONS - 6.1%

1,000,000

Chestertown, Maryland, Economic Development Project Revenue

Bonds, Washington College, Refunding Series 2021A

4.000 03/01/36

948,563

1,500,000

(b) Frederick County, Maryland, Educational Facilities Revenue

Bonds, Mount Saint Mary's University Inc., Series 2017A

5.000 09/01/45

1,313,491

645,000

(b) Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Imagine Andrews Public Charter School, Series

2022A

5.500 05/01/52

598,993

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

5.000 07/01/38

500,214

2,625,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

4.250 07/01/41

2,625,217

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Loyola University Maryland, Series 2014

4.000 10/01/39

500,033

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Loyola University Maryland, Series 2025

5.000 10/01/50

2,051,629

700,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2016

5.000 06/01/33

702,705

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2024

5.500 06/01/47

2,022,374

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Stevenson University, Series 2021A

4.000 06/01/38

973,498

2,010,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Stevenson University, Series 2021A

4.000 06/01/46

1,780,295

1,100,000

Maryland Industrial Development Financing Authority, Economic

Development Revenue Bonds, McDonogh School Inc., Sereis

2019

4.000 09/01/43

1,061,324

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

15,078,336

ENERGY - 0.4%

1,000,000

(b),(c)

Maryland Economic Development Corporation, Port Facilities

Revenue Bonds, Core Natural Resources Inc. Project, Refunding

Series 2025, (Mandatory Put 3/27/35)

5.000 07/01/48

1,051,642

TOTAL ENERGY

1,051,642

HEALTH CARE - 20.5%

1,455,000

Maryland Health and HIgher Educational Facilities

Authority, Revenue Bonds, University of Maryland Medical

Systems, Series 2025A

5.250 07/01/52

1,536,217

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

5.000 07/01/34

1,021,090

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

5.000 07/01/38

507,317

90,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

5.000 07/01/36

90,841

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

5.000 %

07/01/38

$

1,259,942

440,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

4.000 07/01/42

423,152

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist HealthCare Issue, Series 2021B

4.000 01/01/51

851,656

1,600,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

5.500 01/01/36

1,629,460

2,020,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

5.500 01/01/46

2,041,702

2,650,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue Series 2023

5.250 07/01/53

2,714,981

740,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

3.250 07/01/39

629,434

175,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

4.000 07/01/40

169,041

1,165,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Greater Baltimore Medical Center, Series 2021A

3.000 07/01/46

900,824

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

5.000 07/01/54

1,027,711

2,080,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

5.250 07/01/54

2,202,897

1,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

4.000 07/01/41

1,244,578

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

5.000 07/01/47

501,404

1,015,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health System, Series 2015

4.125 07/01/47

988,183

1,020,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Medstar Health Issue, Series 2013B

5.000 08/15/38

1,018,308

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2017A

5.000 05/15/42

1,010,746

5,625,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2017A

5.000 05/15/45

5,656,788

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

5.000 07/01/43

2,161,668

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

5.000 07/01/44

2,139,618

3,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

5.250 07/01/50

3,134,140

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Peninsula Regional Medical Center Issue, Series

2020A

4.000 07/01/48

1,826,177

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, TidalHealth Inc., Series 2025C

5.500 07/01/55

1,078,315

835,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Trinity Health Credit Group, Series 2017MD

5.000 12/01/46

840,999

2,500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Series 2017B

5.000 07/01/39

2,548,037

3,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2020B

4.000 04/15/45

3,015,504

7,000,000

Montgomery County, Maryland, Revenue Bonds, Trinity Health

Credit Group, Series 2015

4.000 12/01/44

6,601,390

TOTAL HEALTH CARE

50,772,120

HOUSING/MULTIFAMILY - 12.6%

2,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Commons Apartments, Series 2014A

5.000 06/01/44

2,000,784

2,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Landing Project, Refunding Series 2021A

1.600 06/01/29

1,854,190

3,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Orchard Meadows Apartments, Series 2024

5.000 12/01/43

3,139,773

Portfolio of Investments November 30, 2025

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,655,000

Howard County Housing Commission, Maryland, Revenue

Bonds, The Verona at Oakland Mills Project, Series 2013

5.000 %

10/01/28

$

1,657,367

1,310,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021A

2.200 07/01/41

986,469

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021B

2.100 01/01/41

743,697

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021C

2.600 01/01/42

794,756

935,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2000A

2.600 07/01/40

755,561

1,430,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2014D

4.000 07/01/45

1,329,680

235,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2017C

3.550 07/01/42

227,771

1,480,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2018A

3.950 07/01/43

1,436,958

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2020E

2.150 07/01/40

763,568

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Green Series 2024B

4.600 07/01/49

997,771

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Taxable Series 2019D

3.200 07/01/44

856,807

1,750,000

Maryland Community Development Administration, Department

of Housing and Community Development, Multifamily

Development Revenue Bonds, Marlborough Apartments, Series

2014I

3.450 12/15/31

1,750,353

1,000,000

Maryland Community Development Administration, Multifamily

Development Revenue Bonds, Sustainability Villages at Marley

Station Green Series 2024D-1

4.350 02/01/44

990,826

1,000,000

Maryland Economic Development Corporation, Senior Revenue

Bonds, Provident Group - Towson Place Properties LLC Project,

Series 2024A-1

5.000 06/01/39

1,053,797

575,000

Maryland Economic Development Corporation, Senior Student

Housing Revenue Bonds, Towson University Project, Refunding

Series 2017

5.000 07/01/32

585,726

1,000,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Senior Series

2022

6.000 07/01/58

1,062,414

200,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Series 2020

4.000 07/01/40

191,725

1,150,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Series 2020

5.000 07/01/50

1,152,788

500,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Salisbury University Project, Refunding Series

2013

5.000 06/01/34

500,220

525,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Sheppard Pratt University Village, Series 2012

5.000 07/01/27

525,025

1,140,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, University of Maryland, Baltimore County

Project, Refunding Series 2016 - AGM Insured

3.600 07/01/35

1,132,425

2,000,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, University of Maryland, College Park Project,

Leonardtown Series 2024 - AGM Insured

5.000 07/01/54

2,046,158

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,250,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2014A

3.650 %

07/01/34

$

1,250,316

750,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2021B

2.250 07/01/41

570,136

1,000,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2021C

2.200 07/01/36

858,326

TOTAL HOUSING/MULTIFAMILY

31,215,387

HOUSING/SINGLE FAMILY - 3.5%

2,500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2014C

3.200 09/01/28

2,500,235

2,500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2019B

3.200 09/01/39

2,275,336

725,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2019C

3.000 03/01/42

626,974

500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2021B

2.100 09/01/41

365,670

2,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2021C

2.450 09/01/41

1,587,069

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Social Series 2024C

4.500 09/01/44

1,007,053

420,000

Montgomery County Housing Opportunities Commission,

Maryland, Program Revenue Bonds, Series 2019C, (AMT)

3.300 07/01/39

387,723

TOTAL HOUSING/SINGLE FAMILY

8,750,060

LONG-TERM CARE - 4.6%

1,750,000

Baltimore County, Maryland, Revenue Bonds, Oak Crest Village,

Series 2020

4.000 01/01/45

1,600,066

2,000,000

Baltimore County, Maryland, Revenue Bonds, Riderwood Village

Inc Facility, Series 2020

4.000 01/01/50

1,765,348

1,200,000

Gaithersburg, Maryland, Economic Development Revenue

Bonds, Asbury Methodist Obligated Group Project, Refunding

Series 2018A

5.000 01/01/33

1,223,508

1,250,000

Howard County, Maryland, Retirement Community Revenue

Bonds, Vantage House, Refunding Series 2017

5.000 04/01/44

1,138,877

700,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

5.000 01/01/36

706,207

835,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

5.000 01/01/45

837,518

575,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

5.000 11/01/30

582,948

950,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

5.000 11/01/32

961,121

100,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

5.000 11/01/37

100,386

1,500,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Series 2017B

5.000 11/01/42

1,453,046

1,100,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Series 2017B

5.000 11/01/47

1,010,469

TOTAL LONG-TERM CARE

11,379,494

TAX OBLIGATION/GENERAL - 10.6%

1,005,000

Anne Arundel County, Maryland, General Obligation Bonds,

Consolidated Water & Sewer, Series 2018

5.000 10/01/27

1,049,322

1,000,000

Howard County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Project, Series 2020A

4.000 08/15/39

1,026,401

3,000,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan of 2022, First Series 2025A

5.000 06/01/40

3,398,152

Portfolio of Investments November 30, 2025

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

5,290,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan, First Series 2020A-1

5.000 %

03/15/27

$

5,458,950

2,000,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan, First Series 2024A

5.000 06/01/37

2,300,096

1,500,000

Montgomery County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2019A

3.000 11/01/37

1,430,075

1,000,000

Montgomery County, Maryland, General Obligation Bonds,

Refunding Consolidated Public Improvement Series 2024B

5.000 12/01/27

1,049,526

5,645,000

Murrieta Valley Unified School District, Riverside County,

California, General Obligation Bonds, Election 2006 Series 2008

- AGM Insured

0.000 09/01/32

4,628,918

2,000,000

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2024A

5.000 08/01/39

2,269,878

1,000,000

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2025A

5.000 08/01/41

1,122,393

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

5.625 07/01/29

1,061,745

2,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

0.000 07/01/33

1,441,943

TOTAL TAX OBLIGATION/GENERAL

26,237,399

TAX OBLIGATION/LIMITED - 16.6%

1,000,000

Baltimore, Maryland, Special Obligation Bonds, Center/West

Development Project, Series 2017A

5.375 06/01/36

1,000,102

385,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

4.000 09/01/27

385,505

1,825,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

4.500 09/01/33

1,835,004

1,220,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

5.000 09/01/38

1,231,729

755,000

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2016

5.000 06/01/36

758,909

1,300,000

(b) Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019A

3.500 06/01/39

1,184,993

250,000

(b) Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019B

3.700 06/01/39

232,940

3,150,000

(b) Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2022

5.000 06/01/51

3,159,102

315,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

4.000 07/01/29

313,787

334,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

5.000 07/01/36

340,235

62,000

Frederick County, Maryland, Special Obligation Bonds, Lake

Linganore Village Community Development Series 2001A - RAAI

Insured

5.700 07/01/29

62,123

1,010,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

4.000 07/01/38

1,016,942

500,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

4.000 07/01/39

501,509

295,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020B

4.000 07/01/40

287,610

55,000

(b) Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020C

4.000 07/01/50

49,012

1,585,000

(b) Frederick County, Maryland, Special Tax Limited Obligation

Bonds, Jefferson Technology Park Project, Refunding Series

2020A

5.000 07/01/43

1,596,696

170,000

Frederick County, Maryland, Tax Increment and Special Tax B

Limited Obligation Bonds, Oakdale-Lake Linganore Project,

Series 2019

3.750 07/01/39

159,239

100,000

(b) Frederick County, Maryland, Tax Increment and Special Tax

Limited Obligation Bonds, Jefferson Technology Park Project,

Refunding Series 2020B

4.625 07/01/43

97,738

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,015,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

5.000 %

12/01/33

$

1,027,332

500,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

5.000 12/01/46

504,418

750,000

Howard County, Maryland, Special Obligation Bonds, Annapolis

Junction Town Center Project, Series 2024

5.000 02/15/44

781,400

600,000

(b) Howard County, Maryland, Special Obligation Bonds, Downtown

Columbia Project, Series 2017A

4.125 02/15/34

595,006

550,000

(b) Howard County, Maryland, Special Obligation Bonds, Downtown

Columbia Project, Series 2017A

4.375 02/15/39

544,417

570,000

Hyattsville, Maryland, Special Obligation Bonds, University Town

Center Project, Series 2016

5.000 07/01/27

569,231

1,285,000

Hyattsville, Maryland, Special Obligation Bonds, University Town

Center Project, Series 2016

5.000 07/01/34

1,285,351

2,000,000

Maryland Economic Development Corporation, Maryland, Lease

Revenue Bonds, Reservoir Square Project, Series 2024

5.000 07/01/56

2,016,338

790,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Metro Centre Owings Mills Project, Series

2017

4.500 07/01/44

739,719

1,000,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Port Covington Project, Series 2020

4.000 09/01/50

854,911

965,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2022A

5.000 06/01/34

1,080,599

3,000,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2024

5.250 06/01/51

3,188,130

50,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2016

5.000 05/01/33

50,464

1,000,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2018A

5.000 05/01/47

1,016,453

1,500,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Taxable

Refunding Series 2022C

0.000 05/01/51

452,720

1,500,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Taxable

Refunding Series 2022C

0.000 05/01/52

430,760

575,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/32

607,639

525,000

(b) Prince George's County Revenue Authority, Maryland, Special

Obligation Bonds, Suitland-Naylor Road Project, Series 2016

5.000 07/01/46

525,011

304,000

Prince George's County, Maryland, Special Tax District Bonds,

Victoria Falls Project, Series 2005

5.250 07/01/35

304,338

39,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/27

36,980

54,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/29

47,862

70,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/31

57,458

78,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/33

59,229

2,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/51

498,434

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

4.750 07/01/53

952,001

4,115,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5.000 07/01/58

4,011,984

500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.329 07/01/40

487,691

3,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.536 07/01/53

2,736

47,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.784 07/01/58

44,371

1,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

5.000 10/01/28

1,002,855

Portfolio of Investments November 30, 2025

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

500,000

(b) Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

6.000 %

04/01/53

$

514,384

1,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

4.000 07/15/46

940,320

1,500,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Series 2024A

5.250 07/15/59

1,582,963

TOTAL TAX OBLIGATION/LIMITED

41,026,680

TRANSPORTATION - 11.1%

120,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

5.000 07/01/33

123,497

425,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

5.000 07/01/34

436,776

1,500,000

Maryland Department of Transportation, Special Transportation

Project Revenue Bonds, Baltimore/Washington International

Thurgood Marshall Airport, Series 2021B, (AMT)

5.000 08/01/46

1,531,115

7,000,000

Maryland Department of Transportation, Special Transportation

Project Revenue Bonds, Baltimore/Washington International

Thurgood Marshall Airport, Series 2024A, (AMT)

5.250 08/01/54

7,357,942

800,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Terminal Project, Series 2019A,

(AMT)

5.000 06/01/44

807,748

1,940,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Transportation Facilities Project,

Refunding Series 2017A

5.000 06/01/35

1,999,987

1,500,000

Maryland Economic Development Corporation, Air Cargo

Obligated Group Revenue Bonds, AFCO Airport Real Estate

Group, Series 2019, (AMT)

4.000 07/01/44

1,340,436

1,500,000

Maryland Economic Development Corporation, Economic

Development Revenue Bonds, Annapolis Mobility and Resilience

Project, Senior Series 2022A

5.250 06/30/53

1,536,888

500,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds Baltimore City Project, Subordinate Parking

Facilities Revenue Bonds, Series 2018C

4.000 06/01/38

460,025

240,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds Baltimore City Project, Subordinate Parking

Facilities Revenue Bonds, Series 2018C

4.000 06/01/58

182,262

1,275,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds, Baltimore City Project, Senior Parking Facilities

Revenue Bonds, Series 2018A

5.000 06/01/58

1,279,773

2,915,000

Maryland Economic Development Corporation, Private Activity

Revenue Bonds, Purple Line Light Rail Project, Green Series

2022B, (AMT)

5.250 06/30/52

2,914,987

2,000,000

Maryland Transportation Authority, Passenger Facility Charge

Revenue Bonds, Baltimore/Washington International Thurgood

Marshall Airport Project, Series 2019, (AMT)

4.000 06/01/39

1,993,879

1,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2021A

5.000 07/01/46

1,044,525

3,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2021A

5.000 07/01/51

3,101,762

20,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

5.000 08/01/26

20,005

340,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

5.000 08/01/31

340,167

1,260,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

3.000 01/01/41

1,038,022

TOTAL TRANSPORTATION

27,509,796

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED - 1.1% (d)

$

305,000

Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding

Series 1998A - FGIC Insured, (ETM)

5.000 %

07/01/28

$

314,027

455,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured,

(ETM)

5.000 07/01/27

463,654

235,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2017,

(Pre-refunded 6/01/26)

5.000 06/01/42

237,674

1,500,000

Washington County County Commissioners, Maryland, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019B,

(Pre-refunded 1/01/29)

5.000 01/01/30

1,602,140

TOTAL U.S. GUARANTEED

2,617,495

UTILITIES - 4.9%

2,000,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects,

Refunding Series 2022A

5.250 07/01/47

2,133,290

1,500,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series

2019A

5.000 07/01/49

1,528,203

1,500,000

Baltimore, Maryland, Revenue Bonds, Water Projects,

Subordinate Series 2014A

5.000 07/01/44

1,500,427

2,150,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

4.750 01/01/35

2,274,703

2,000,000

(c) Maryland Economic Development Corporation, Revenue Bonds,

Constellation Energy Group, Inc. Projects, Adjustable Mode,

Refunding Series 2006B, (Mandatory Put 4/03/28)

4.100 10/01/36

2,058,462

1,000,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

5.000 07/01/30

1,042,093

1,500,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

5.000 07/01/47

1,476,575

TOTAL UTILITIES

12,013,753

TOTAL MUNICIPAL BONDS

(Cost $239,265,023)

236,415,653

TOTAL LONG-TERM INVESTMENTS

(Cost $239,265,023)

236,415,653

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.4%

X

3,500,000

MUNICIPAL BONDS - 1.4%

X

–

TAX OBLIGATION/GENERAL - 1.4%

$

3,500,000

(e) Washington Suburban Sanitary District, Montgomery and Prince

George's Counties, Maryland, General Obligation Bonds, Multi-

Modal Bond Anticipation Note Series 2013B

2.850 06/01/27

$

3,500,000

TOTAL TAX OBLIGATION/GENERAL

3,500,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,500,000)

3,500,000

TOTAL INVESTMENTS - 97.0%

(Cost $242,765,023)

239,915,653

OTHER ASSETS & LIABILITIES, NET - 3.0%

7,496,801

NET ASSETS - 100%

$

247,412,454

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

(a) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(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 fiscal period, the aggregate value of these securities is $13,982,093 or 5.8% of Total Investments.

(c) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(d) 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) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Portfolio of Investments November 30, 2025

New Mexico

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.8%

X

65,963,036

MUNICIPAL BONDS - 97.8%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 9.5%

$

2,235,000

Los Ranchos de Albuquerque, New Mexico, Educational Facilities

Revenue Bonds, Albuquerque Acadamy Project, Refunding

Series 2020

4.000 %

09/01/40

$

2,246,288

685,000

New Mexico Institute of Mining and Technology, Revenue Bonds,

Series 2019 - AGM Insured

4.000 12/01/37

693,408

535,000

New Mexico State University, Revenue Bonds, Refunding &

Improvement Series 2017A

5.000 04/01/42

543,382

1,000,000

University of New Mexico, Revenue Bonds, System Improvement

Series 2023 - AGM Insured

5.250 06/01/49

1,068,730

1,700,000

University of New Mexico, Revenue Bonds, System Improvement

Series 2023 - AGM Insured

5.500 06/01/53

1,833,656

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

6,385,464

HEALTH CARE - 11.3%

400,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2020A

4.000 02/01/50

355,996

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2 - BAM Insured

4.000 08/01/49

886,133

1,000,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

4.000 08/01/36

1,003,459

1,000,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

4.000 08/01/46

917,837

1,010,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

5.000 08/01/46

1,018,439

1,300,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2019A

4.000 08/01/48

1,173,524

1,500,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, San Juan Regional Medical Center, Refunding &

Improvement Series 2020

4.000 06/01/34

1,501,809

785,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, San Juan Regional Medical Center, Refunding &

Improvement Series 2020

4.000 06/01/35

781,698

TOTAL HEALTH CARE

7,638,895

HOUSING/SINGLE FAMILY - 4.6%

295,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2018C

3.875 07/01/43

284,756

1,380,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2019C

3.600 07/01/44

1,245,801

745,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2021A

2.300 07/01/46

530,495

115,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2021C

2.250 07/01/46

80,802

1,235,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2022A

2.550 09/01/42

966,527

TOTAL HOUSING/SINGLE FAMILY

3,108,381

LONG-TERM CARE - 2.0%

1,365,000

Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL

Castillo Retirement Residences Project, Series 2012

5.000 05/15/42

1,360,498

TOTAL LONG-TERM CARE

1,360,498

TAX OBLIGATION/GENERAL - 10.7%

1,000,000

Albuquerque Municipal School District 12, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

School Building Series 2018

5.000 08/01/36

1,051,297

200,000

Albuquerque Municipal School District 12, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

School Series 2025A

5.000 08/01/40

220,065

250,000

Albuquerque, New Mexico, General Obligation Bonds, Storm

Sewer Series 2025B

5.000 07/01/41

276,429

2,400,000

Central New Mexico Community College, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

Limited Tax Series 2023

4.000 08/15/37

2,468,781

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,000,000

New Mexico State, General Obligation Bonds, Capital Projects

Series 2025

5.000 %

03/01/35

$

1,084,888

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4.000 07/01/46

889,786

515,000

Silver City Consolidated School District 1, Grant County, New

Mexico, General Obligation Bonds, School Building Series 2017

4.000 08/01/37

515,325

675,000

Silver Consolidated School District 1, Grant County, New Mexico,

General Obligation Bonds, School Building Series 2019

4.000 08/01/37

687,396

TOTAL TAX OBLIGATION/GENERAL

7,193,967

TAX OBLIGATION/LIMITED - 35.0%

1,195,000

Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2015A

5.000 07/01/37

1,196,159

755,000

Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2022B

5.000 07/01/41

817,852

825,000

Aspire Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Series 2024

5.300 10/01/53

803,012

515,000

Bernalillo County, New Mexico, Gross Receipts Tax Revenue

Bonds, Series 1996B - NPFG Insured

5.700 04/01/27

536,644

405,000

Boulders Public Improvement District, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2013

7.250 10/01/43

405,505

200,000

Boulders Public Improvement District, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2015

5.750 10/01/44

200,133

600,000

Colfax County, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2015 - BAM Insured

4.000 08/01/35

600,124

500,000

Fiesta Public Improvement District, Los Lunas, New Mexico,

Special Levy Revenue Bonds, Improvement Area 1, Series 2025 -

BAM Insured

4.500 10/01/45

486,137

250,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5.250 01/01/40

271,675

1,000,000

Los Diamantes Public Improvement District, New Mexico,

Revenue Bonds, Rio Rancho Special Levy Improvement Series

2024 - BAM Insured

4.125 10/01/53

947,007

125,000

Los Lunas, Valencia County, New Mexico, Gross Receipts Tax

Revenue Bonds, Improvment Series 2016

3.000 04/01/41

109,196

500,000

Lower Petroglyphs Public Improvements District, Albuquerque,

New Mexico, Special Levy Revenue Bonds, Refunding Series

2018

5.000 10/01/38

501,108

230,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/39

238,789

675,000

McKinley County, New Mexico, Gross Receipts Revenue Bonds,

Tax Improvement Series 2023 - BAM Insured

4.250 06/01/47

656,706

680,000

Mesa Del Sol Public Improvement District 1, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2013

7.000 10/01/33

680,175

1,000,000

Montecito Estates Public Improvement District, Albuquerque,

New Mexico, Special Levy Revenue Bonds, Refunding Series

2016

4.000 10/01/37

1,002,852

3,850,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/46

1,312,841

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

4.750 07/01/53

952,001

700,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5.000 07/01/58

682,476

500,000

Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,

Shared Gross Receipts Improvement Series 2025

5.000 06/01/43

533,955

500,000

Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,

Shared Gross Receipts Improvement Series 2025

5.000 06/01/44

530,742

770,000

Roswell, New Mexico, Gross Receipts Tax Improvement Revenue

Bonds, Series 2017

4.000 08/01/34

779,760

970,000

Saltillo Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Refunding Series 2018 - BAM

Insured

4.000 10/01/37

981,294

1,015,000

San Juan County, New Mexico, Gross Receipts Tax Revenue

Bonds, Improvement Series 2015B

5.000 06/15/33

1,016,283

Portfolio of Investments November 30, 2025

(continued)

New Mexico

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,080,000

Santa Fe County, New Mexico, Correctional System Gross

Receipts Tax Revenue Bonds, Series 1997 - AGM Insured

6.000 %

02/01/27

$

1,101,939

500,000

Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds

Improvement Senior Lien Series 2018A

5.000 06/01/36

524,234

400,000

Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds

Improvement Senior Lien Series 2018A

5.000 06/01/37

418,069

1,000,000

Tierra Del Oro Public Improvement District, Rio Rancho, New

Mexico, Special Levy Improvement Revenue Bonds, Series 2025

5.125 10/01/40

1,020,817

1,000,000

Ventana West Public Improvement District, New Mexico, Special

Levy Revenue Bonds, Refunding Series 2015 - BAM Insured

4.000 08/01/33

1,000,325

1,100,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

5.000 10/01/32

1,103,228

1,000,000

Volterra Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Refunding Series 2024 - BAM

Insured

4.000 10/01/43

976,831

5,000

(a) Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Senior Lien Series 2022

3.750 05/01/28

4,944

500,000

(a) Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Senior Lien Series 2022

4.000 05/01/33

486,562

752,000

(a) Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Subordinate Lien Series 2020

8.000 05/01/40

752,504

TOTAL TAX OBLIGATION/LIMITED

23,631,879

UTILITIES - 24.7%

1,000,000

Albuquerque Benralillo County Water Utility Authority, New

Mexico, Joint Water and Sewer System Revenue Bonds,

Refunding & Improvement Senior Lien Series 2017

5.000 07/01/32

1,034,367

1,970,000

Albuquerque, New Mexico, Refuse Removal and Disposal

Revenue Bonds, Series 2020

4.000 07/01/43

1,964,769

500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

5.000 07/01/37

509,556

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2022A

5.000 10/01/44

513,089

550,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5.000 10/01/35

615,852

450,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2018D

5.000 06/01/37

470,438

975,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2020B

3.000 06/01/40

866,673

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2022C

5.000 06/01/42

1,073,235

1,305,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2023A-1

5.000 06/01/41

1,428,845

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2023B

5.250 06/01/48

1,071,759

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2025A-1

5.000 06/01/49

1,061,594

715,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Subordinate Lien Series 2024A

5.000 06/15/44

771,069

1,575,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Subordinate Lien Series 2025C

5.000 12/15/45

1,706,349

800,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

5.000 07/01/33

836,025

705,000

Roswell, New Mexico, Joint Water and Sewerage Revenue Bonds,

Improvement Series 2017 - BAM Insured

5.000 06/01/37

709,355

500,000

Santa Fe, New Mexico, Net Wastewater Utility System

Environmental Services Gross Receipts Tax Improvement

Revenue Bonds, Climate Certified Green Series 2019

4.000 06/01/37

507,215

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,500,000

Santa Fe, New Mexico, Water Utility System Revenue Bonds,

Refunding Series 2016

4.000 %

06/01/39

$

1,503,762

TOTAL UTILITIES

16,643,952

TOTAL MUNICIPAL BONDS

(Cost $66,983,413)

65,963,036

TOTAL LONG-TERM INVESTMENTS

(Cost $66,983,413)

65,963,036

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.8%

X

550,000

MUNICIPAL BONDS - 0.8%

X

–

HEALTH CARE - 0.8%

$

550,000

(b) New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2008B

2.850 08/01/34

$

550,000

TOTAL HEALTH CARE

550,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $550,000)

550,000

TOTAL INVESTMENTS - 98.6%

(Cost $67,533,413)

66,513,036

OTHER ASSETS & LIABILITIES, NET - 1.4%

977,433

NET ASSETS - 100%

$

67,490,469

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $2,080,035 or 3.1% of Total Investments.

(b) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Portfolio of Investments November 30, 2025

Pennsylvania

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 94.6%

X

335,845,979

MUNICIPAL BONDS - 94.6%

X

–

CONSUMER STAPLES - 0.4%

$

1,345,000

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Procter & Gamble Paper Project,

Series 2001, (AMT)

.375

%

03/01/31

$

1,498,415

TOTAL CONSUMER STAPLES

1,498,415

EDUCATION AND CIVIC ORGANIZATIONS - 11.0%

1,300,000

Allegheny County Higher Education Building Authority,

Pennsylvania, University Revenue Bonds, Duquesne University,

Series 2024

.000

03/01/43

1,383,932

2,000,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, George School Project, Series 2019

.000

09/15/49

1,505,267

1,205,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, School Lane Charter School Project, Series 2016

.125

03/15/36

1,216,954

305,000

Chester County Industrial Development Authority, Pennsylvania,

Avon Grove Charter School Revenue Bonds, Series 2017A

.000

12/15/47

297,258

785,000

Crawford County Industrial Development Authority, Pennsylvania,

College Revenue Bonds, Allegheny College, Series 2016

.000

05/01/34

712,916

220,000

Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,

Misericordia University, Series 2014

.000

05/01/37

219,830

1,430,000

Erie Higher Education Building Authority, Pennsylvania, Revenue

Bonds, Gannon University, Series 2016

.000

05/01/46

1,155,321

290,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.125

05/01/34

266,809

210,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.250

05/01/36

190,244

355,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.500

05/01/41

297,674

1,095,000

Lackawanna County Industrial Development Authority,

Pennsylvania, Revenue Bonds, University of Scranton, Series 2017

.000

11/01/40

1,082,969

985,000

Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley Dual

Language Charter School, General Purpose Authority, Series

2023

.000

06/01/53

1,044,762

1,920,000

Lycoming County Authority, Pennsylvania, Revenue Bonds,

Pennsylvania College of Technology, Series 2016

.000

10/01/37

1,745,678

1,250,000

McCandless IDA, Pennsylvania, University Revenue Bonds Series

A and B of 2022 La Roche University

.750

12/01/46

1,143,128

1,000,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Germantown Academy Project,

Series 2021A

.000

10/01/41

917,522

1,000,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Revenue Bonds, Villanova University Project, Series

2024

.000

08/01/54

912,497

1,880,000

Pennsylvania Higher Education Assistance Agency, Education

Loan Revenue Bonds, Senior Series 2020A, (AMT)

.450

06/01/41

1,719,682

910,000

Pennsylvania Higher Education Assistance Agency, Education

Loan Revenue Bonds, Senior Series 2021A, (AMT)

.625

06/01/42

823,204

390,000

Pennsylvania Higher Education Assistance Agency, Education

Loan Revenue Bonds, Senior Series 2023A, (AMT)

.000

06/01/44

384,947

630,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.625

11/01/31

571,648

690,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.000

11/01/42

503,861

250,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.000

11/01/46

237,877

450,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Drexel University, Refunding Series 2016

.000

05/01/36

443,038

300,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, LaSalle University, Series 2012

.000

05/01/32

244,123

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,240,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, LaSalle University, Series 2012

.000

%

05/01/42

$

864,331

240,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2012

.000

11/01/39

223,811

1,140,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2012

.000

11/01/42

1,140,156

1,235,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2015A

.000

11/01/36

1,235,631

2,350,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Widener University, Series 2021A

.000

07/15/51

1,893,613

2,000,000

Pennsylvania State University, Revenue Bonds, Series 2022A

.000

09/01/47

2,095,036

1,000,000

Pennsylvania State University, Revenue Bonds, Series 2023

.250

09/01/53

1,063,574

2,000,000

Pennsylvania State University, Revenue Bonds, Series 2024

.000

09/01/49

2,116,087

1,010,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, La Salle University, Series 2017

.000

05/01/37

776,836

1,430,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, Saint Joseph's University Project, Refunding

Series 2020A

.000

11/01/45

1,294,483

2,000,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, Saint Joseph's University Project, Series 2022

.500

11/01/60

2,093,559

266,741

(a),(b)

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, University of the Arts, Series 2017

.000

03/15/45

53,348

835,000

Scranton-Lackawanna Health and Welfare Authority,

Pennsylvania, Revenue Bonds, University of Scranton, Series 2016

.000

11/01/37

839,832

1,895,000

Scranton-Lackawanna Health and Welfare Authority,

Pennsylvania, University Revenue Bonds, Marywood University,

Series 2016

.000

06/01/46

1,608,412

1,145,000

(c) University of Pittsburgh of the Commonwealth System of Higher

Education, Pennsylvania, Capital Project Series 2025A

.000

02/15/36

1,354,454

1,590,000

Washington County Industrial Development Authority,

Pennsylvania, College Revenue Bonds, AICUP Financing

Program-Washington and Jefferson College Project, Series

2017-PP5

.375

11/01/36

1,441,951

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

39,116,255

ENERGY - 0.1%

400,000

(b),(d)

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Core Natural Resources Inc.,

Project, Series 2025, (AMT), (Mandatory Put 3/27/35)

.450

01/01/51

427,661

TOTAL ENERGY

427,661

HEALTH CARE - 18.1%

910,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/44

846,823

5,105,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/44

4,854,230

403,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-2

.000

06/30/34

433,779

4,209,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-3

.000

06/30/39

3,792,606

2,702,000

(e) Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024B-1

.000

06/30/44

1,870,451

447,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Taxable Series 2024A-1

.000

06/30/34

450,358

5,215,000

Bucks County Industrial Development Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2021 - BAM Insured

.000

08/15/53

3,810,963

2,400,000

Butler County Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Butler Health System Project, Series 2015A

.000

07/01/39

2,295,683

1,130,000

Central Bradford Progress Authority, Pennsylvania, Revenue

Bonds, Guthrie Health, Series 2021B

.000

12/01/51

993,591

1,000,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Health System Revenue Bonds, Main Line Health

System, Series 2017A

.000

10/01/37

1,005,179

Portfolio of Investments November 30, 2025

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,000,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Health System Revenue Bonds, Main Line Health

System, Series 2017A

.000

%

10/01/47

$

903,890

1,000,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2019

.000

11/01/49

899,463

965,000

Dauphin County General Authority, Pennsylvania, Health System

Revenue Bonds, Pinnacle Health System Project, Refunding

Series 2016A

.000

06/01/33

940,167

1,370,000

Doylestown Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Series 2019A

.000

07/01/49

1,397,592

300,000

Dubois Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Penn Highlands Healthcare, Series 2018

.000

07/15/48

267,840

1,000,000

Geisinger Authority, Montour County, Pennsylvania, Health

System Revenue Bonds, Geisinger Health System, Series 2014A

.000

06/01/41

1,000,519

2,625,000

Geisinger Authority, Montour County, Pennsylvania, Health

System Revenue Bonds, Geisinger Health System, Series

2017A-1

.000

02/15/45

2,649,161

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

.000

11/01/38

1,048,885

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

.000

11/01/51

1,004,244

1,730,000

Lancaster County Hospital Authority, Revenue Bonds, University

of Pennsylvania Health System, Refunding Series 2016B

.000

08/15/46

1,736,537

1,195,000

Lancaster County Hospital Authority, Revenue Bonds, University

of Pennsylvania Health System, Series 2016A

.000

08/15/42

1,202,590

1,000,000

Lehigh County General Purpose Authority, Pennsylvania, Hospital

Revenue Bonds, Lehigh Valley Health Network, Series 2019A

.000

07/01/44

1,023,286

415,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Refunding Series 2016

.000

11/01/36

365,270

3,435,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Refunding Series 2016

.000

11/01/46

2,907,580

1,950,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Series 2021A

.000

11/01/41

1,744,685

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2018A

.000

09/01/38

996,845

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2019 - BAM Insured

.000

09/01/44

944,104

625,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2019

.000

09/01/49

562,597

1,600,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B

.000

05/01/56

1,340,424

2,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B - AGM Insured

.000

05/01/56

1,736,960

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B

.000

05/01/57

1,007,093

2,500,000

Northampton County General Purpose Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2024A-1 - AGM Insured

.000

08/15/49

2,586,204

2,750,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2020A

.000

04/15/50

2,458,163

900,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1

.250

11/01/51

830,966

3,310,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2019

.000

08/15/49

2,980,147

2,000,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2025

.000

08/15/55

2,073,152

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

2,000,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Hospital Revenue Bonds, The Children's Hospital of Philadelphia,

Series 2024A

.500

%

07/01/53

$

2,163,963

555,000

Philadelphia Hospitals and Higher Education Facilities Authority,

Pennsylvania, Hospital Revenue Bonds, Temple University Health

System Obligated Group, Series of 2017

.000

07/01/30

565,452

895,000

Pottsville Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Lehigh Valley Health Network, Series 2016B

.000

07/01/45

898,984

1,205,000

Southcentral Pennsylvania General Authority, Revenue Bonds,

Wellspan Health Obligated Group, Refunding Series 2023A

.000

06/01/34

1,384,591

1,500,000

Union County Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Evangelical Community Hospital Project, Series 2018B

.000

08/01/48

1,501,304

700,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Excela Health Project, Series

2020A

.000

07/01/37

679,887

TOTAL HEALTH CARE

64,156,208

HOUSING/MULTIFAMILY - 0.4%

1,000,000

(b) Erie County, Industrial Development Authority, Pennsylvania,

Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie

Apartments, Series 2024A

.750

09/01/61

985,365

100,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University Properties Inc. Student Housing Project at East

Stroudsburg University of Pennsylvania, Series 2016A

.000

07/01/35

98,556

161,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Multifamily Housing Revenue Bonds, Presbyterian Homes

Germantown - Morrisville Project, Series 2005A

.625

07/01/35

161,219

TOTAL HOUSING/MULTIFAMILY

1,245,140

HOUSING/SINGLE FAMILY - 13.4%

3,600,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2016-120

.200

04/01/40

3,243,384

5,820,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2016-121

.200

10/01/41

5,170,083

1,520,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-123B

.450

10/01/32

1,520,050

3,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-124B

.500

10/01/37

2,947,207

180,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-125B

.700

10/01/47

158,610

5,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2019-129

.150

10/01/39

4,625,271

4,025,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2019-130A

.000

10/01/46

3,144,419

1,405,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2020-133

.350

10/01/40

1,130,518

5,255,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2020-133

.500

10/01/45

3,848,116

1,250,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2021-136

.550

10/01/51

884,626

5,320,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.850

04/01/36

4,354,030

3,145,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.050

04/01/41

2,366,861

1,930,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.100

10/01/43

1,331,520

3,040,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.250

10/01/41

2,362,599

3,435,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.375

10/01/46

2,484,986

3,925,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.500

10/01/50

2,704,993

2,250,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-137

.600

04/01/46

1,671,815

1,665,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2022-138A

.000

04/01/42

1,425,808

Portfolio of Investments November 30, 2025

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/SINGLE FAMILY

(continued)

$

2,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2023-142A

.900

%

10/01/46

$

2,024,530

135,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2024-144A

.600

10/01/49

133,389

TOTAL HOUSING/SINGLE FAMILY

47,532,815

INDUSTRIALS - 1.6%

250,000

(a),(b),(f)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills

LLC Project, Series 2020A-1

.000

12/01/40

250,000

(a),(b),(f)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills

LLC Project, Series 2020A-2, (AMT)

.000

12/01/40

2,525,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, National Gypsum Company,

Refunding Series 2014, (AMT)

.500

11/01/44

2,525,999

3,000,000

(d) Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Waste Management Inc., Project,

Series 2011, (AMT), (Mandatory Put 7/01/27)

.250

07/01/41

3,033,308

TOTAL INDUSTRIALS

5,559,357

LONG-TERM CARE - 9.4%

1,035,000

Adams County General Authority, Pennsylvania, Revenue Bonds,

The Brethren Home Community Project, Series 2024A

.000

06/01/54

990,474

1,000,000

Adams County General Authority, Pennsylvania, Revenue Bonds,

The Brethren Home Community Project, Series 2024A

.000

06/01/59

944,371

1,510,000

Berks County Industrial Development Authority, Pennsylvania,

Healthcare Facilities Revenue Bonds, Highlands at Wyomissing,

Series 2017A

.000

05/15/42

1,513,962

90,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2015A

.000

12/01/35

81,076

860,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2019

.000

12/01/51

669,772

3,440,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2021A

.000

12/01/44

2,398,290

3,490,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Asbury Pennsylvania Obligated Group, Refunding Series

2019

.000

01/01/45

3,308,152

500,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2015

.000

01/01/33

493,048

760,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2015

.000

01/01/38

760,242

355,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/28

355,219

1,000,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/29

1,000,609

910,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/30

910,562

135,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.250

01/01/36

122,997

1,430,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.250

01/01/39

1,243,712

285,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A

.125

01/01/38

275,258

105,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A

.000

01/01/39

106,387

635,000

East Hempfield Township Industrial Development Authority,

Pennsylvania, Revenue Bonds, Willow Valley Communities

Project, Refunding Series 2016

.000

12/01/39

635,248

610,000

Lancaster County Hospital Authority, Pennsylvania, Health Center

Revenue Bonds, Saint Anne's Retirement Community, Inc., Series

2020

.000

03/01/45

527,620

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

245,000

Lancaster County Hospital Authority, Pennsylvania, Health Center

Revenue Bonds, Saint Anne's Retirement Community, Inc., Series

2020

.000

%

03/01/50

$

202,901

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Landis Homes Retirement Community Project, Refunding

Series 2015A

.000

07/01/45

973,119

910,000

Lancaster Industrial Development Authority, Pennsylvania, Health

Center Revenue Bonds, Landis Homes Retirement Community

Project, Refunding Series 2021

.000

07/01/51

746,296

1,400,000

Lancaster Industrial Development Authority, Pennsylvania, Health

Center Revenue Bonds, Landis Homes Retirement Community

Project, Refunding Series 2021

.000

07/01/56

1,117,101

2,000,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds Meadowood Senior Living Project

Series 2018A

.000

12/01/48

1,975,594

2,750,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2016

.000

11/15/36

2,776,366

500,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2023A

.250

11/15/53

503,049

1,100,000

Northampton County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,

Series 2019

.000

11/01/49

963,245

1,800,000

Pennsylvania Economic Development Finance Authority Revenue

Bonds Presbyterian Senior Living Project, Series 2021

.000

07/01/41

1,705,483

500,000

Pennsylvania Economic Development Finance Authority Revenue

Bonds Presbyterian Senior Living Project, Series 2021

.000

07/01/46

436,031

1,000,000

Pennsylvania Economic Development Finance Authority,

Revenue Bonds, Presbyterian Senior Living Project, Series

2023B-2

.000

07/01/42

1,022,497

2,655,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Retirement Community Revenue Bonds, Redstone

Presbyterian SeniorCare Obligated Group, Refunding Bonds,

Series 2021

.000

05/15/41

2,241,175

3,345,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Retirement Community Revenue Bonds, Redstone

Presbyterian SeniorCare Obligated Group, Refunding Bonds,

Series 2021

.000

05/15/47

2,531,767

TOTAL LONG-TERM CARE

33,531,623

TAX OBLIGATION/GENERAL - 13.6%

1,080,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/41

1,167,441

1,355,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/42

1,453,716

1,795,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/49

1,878,441

495,000

Allentown City School District, Lehigh County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2019C - BAM

Insured

.000

02/01/36

502,956

1,000,000

Bethel Park School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2024

.000

08/01/43

1,069,656

1,695,000

Bethel Park School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2024

.000

08/01/44

1,795,062

3,125,000

Chichester School District, Delaware County, Pennsylvania,

General Obligation Bonds, Series 1999 - FGIC Insured

.000

03/01/26

3,099,144

4,000,000

Coatesville Area School District, Chester County, Pennsylvania,

General Obligation Bonds, Series 2020A - BAM Insured

.000

10/01/35

2,683,937

1,950,000

Coatesville Area School District, Chester County, Pennsylvania,

General Obligation Bonds, Series 2020A - BAM Insured

.000

10/01/37

1,175,123

1,000,000

Delaware County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

08/01/48

1,044,148

855,000

Fayette County, Pennsylvania, General Obligation Bonds, Notes

Series 2021A - AGM Insured

.000

11/15/43

547,653

Portfolio of Investments November 30, 2025

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,635,000

Girard School District, Erie County, Pennsylvania, General

Obligation Bonds, Series 1999B - FGIC Insured

.000

%

11/15/28

$

1,473,739

1,250,000

Hatboro-Horsham School District, Montgomery County,

Pennsylvania, General Obligation Bonds, Series 2023A

.250

09/15/51

1,315,749

900,000

Haverford Township School District, Delaware County,

Pennsylvania, General Obligation Bonds, Series 2025

.000

03/15/43

955,948

1,000,000

Lancaster County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

11/01/36

1,104,728

1,000,000

Lancaster, Pennsylvania, General Obligation Bonds, Series 2016

- AGM Insured

.000

11/01/27

1,008,098

1,000,000

Littlestown Area School District, Adams County, Pennsylvania,

General Obligation Bonds, Series 2023A - BAM Insured

.000

10/01/50

1,037,061

1,500,000

Middletown Area School District, Dauphin County, Pennsylvania,

General Obligation Bonds, Series 2023 - BAM Insured

.000

03/01/38

1,545,229

600,000

Muhlenberg School District, Berks County, Pennsylvania, General

Obligation Bonds, Series 2025

.000

05/15/50

626,098

690,000

Northampton County, Pennsylvania, General Obligation Bonds,

Series 2025

.000

10/01/36

780,943

10,000,000

Pennsylvania State, General Obligation Bonds, First Series 2023

.000

09/01/40

10,270,299

1,500,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Green Series 2023B

.000

09/01/48

1,556,047

2,785,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Series 2007A - NPFG Insured

.000

06/01/34

3,175,406

1,000,000

Pittsburgh, Pennsylvania, General Obligation Bonds, Capital

Improvement Series 2025

.250

09/01/44

981,628

315,000

Rose Tree Media School District, Delaware County, Pennsylvania,

General Obligation Bonds, Series 2025

.000

04/01/33

361,819

2,000,000

State College Area School District, Centre County, Pennsylvania,

General Obligation Bonds, Series 2015

.000

03/15/40

2,000,325

30,000

The Redevelopment Authority of the City of Scranton,

Lackawanna county, Pennsylvania, Guaranteed Lease Revenue

Bonds, Series 2016A

.000

11/15/28

30,016

1,600,000

Washington County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

09/01/35

1,632,160

1,010,000

West Allegheny School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Series 2021B

.000

09/01/26

999,460

900,000

West Mifflin Area School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2019 - BAM

Insured

.000

04/01/34

884,908

TOTAL TAX OBLIGATION/GENERAL

48,156,938

TAX OBLIGATION/LIMITED - 3.5%

100,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront

Project, Senior Series 2021

.000

05/01/42

104,771

100,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Series 2018

.000

05/01/33

102,816

925,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Subordinate Series 2022

.250

05/01/42

945,505

505,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Refunding Project, Series 2017

.000

05/01/42

507,149

1,000,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts

Project, Series 2023

.250

05/01/42

1,009,184

250,000

(b) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E

Allen Street Project, Senior Series 2024A

.250

05/01/42

252,475

100,000

(b) Chester County Industrial Development Authority, Pennsylvania,

Special Obligation Bonds, Woodlands at Greystone Project,

Series 2018

.000

03/01/38

100,577

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

2,630,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Master Settlement, Series 2018 -

AGM Insured

.000

%

06/01/39

$

2,608,430

1,000,000

Delaware County Vocational-Technical School Authority,

Pennsylvania, Lease Revenue Bonds, Intermediate Unit Project,

Series 2025 - BAM Insured

.500

11/01/50

1,062,748

1,500,000

Pennsylvania Turnpike Commission, Motor License Fund-

Enhanced Turnpike Special Revenue Bonds, Subordinate Series

2014A

.750

12/01/37

1,525,003

1,000,000

Pennsylvania Turnpike Commission, Motor License Fund-

Enhanced Turnpike Special Revenue Bonds, Subordinate Series

2014A

.900

12/01/44

1,009,254

1,000,000

Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue

Bonds, Senior Series 2018A

.250

12/01/44

1,034,804

400,000

Philadelphia Authority for Industrial Development, Pennsylvania,

City Service Agreement Revenue Bonds, Rebuild Project Series

2025A

.000

12/01/36

462,282

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

974,966

355,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

335,145

530,000

Washington County Redevelopment Authority, Pennsylvania,

Tanger Outlet Victory Center Tax Increment Bonds, Series 2018

.000

07/01/35

532,592

TOTAL TAX OBLIGATION/LIMITED

12,567,701

TRANSPORTATION - 10.8%

4,675,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT)

.000

01/01/51

4,693,694

2,030,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT)

.000

01/01/56

2,034,498

4,000,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2025A,

(AMT)

.500

01/01/50

4,240,524

1,955,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Refunding Series

2015 - BAM Insured

.000

07/01/35

1,955,976

1,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

.000

07/01/47

1,011,699

1,315,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Refunding Series 2025

.000

01/01/36

1,532,224

1,945,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Series 2018A

.000

01/01/37

2,046,885

2,115,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

.000

12/31/38

2,123,036

4,375,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Capital Appreciation Series 2009E

.375

12/01/38

4,611,879

665,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A

.250

12/01/44

666,474

3,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A

.000

12/01/48

3,180,339

1,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2024A

.000

12/01/42

1,088,252

1,615,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2024C

.250

12/01/54

1,729,857

2,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2025B

.250

12/01/45

2,207,212

2,180,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Subordinate Series 2009C - AGM Insured

.250

06/01/33

2,216,310

1,250,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2020C, (AMT)

.000

07/01/50

1,109,982

Portfolio of Investments November 30, 2025

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,625,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2025B, (AMT)

.000

%

07/01/35

$

1,835,710

TOTAL TRANSPORTATION

38,284,551

U.S. GUARANTEED - 1.7% (g)

730,000

Allegheny County Higher Education Building Authority,

Pennsylvania, Revenue Bonds, Robert Morris University, Series

2016, (Pre-refunded 10/15/26)

.000

10/15/34

744,187

480,000

Allegheny County Higher Education Building Authority,

Pennsylvania, Revenue Bonds, Robert Morris University, Series

2017, (Pre-refunded 10/15/27)

.000

10/15/37

499,997

625,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016,

(Pre-refunded 1/01/26)

.250

01/01/39

625,194

70,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,

(Pre-refunded 1/01/29)

.000

01/01/39

74,552

570,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,

(Pre-refunded 1/01/29)

.000

01/01/39

607,072

155,000

Doylestown Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Series 2019A, (Pre-refunded 7/01/29)

.000

07/01/49

166,106

835,000

Monroe County Hospital Authority, Pennsylvania, Hospital

Revenue Bonds, Pocono Medical Center, Series 2016, (Pre-

refunded 7/01/26)

.000

07/01/41

846,561

50,000

(a),(b)

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, University of the Arts, Series 2017, (Pre-refunded

3/15/28)

.000

03/15/45

52,655

2,445,000

Pottsville Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-

refunded 1/01/27)

.000

07/01/45

2,509,367

TOTAL U.S. GUARANTEED

6,125,691

UTILITIES - 10.6%

2,170,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2018

.000

06/01/43

2,227,886

935,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2022

.000

06/01/53

973,164

1,000,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2024

.000

12/01/42

1,079,228

1,875,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2025

.000

12/01/45

2,003,306

2,805,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2025

.000

12/01/50

2,954,717

50,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

52,900

1,000,000

Bucks County Water and Sewer Authority, Pennsylvania, Sewer

System Revenue Bonds, Series 2022A - AGM Insured

.250

12/01/47

1,065,934

605,000

Bucks County Water and Sewer Authority, Pennsylvania, Water

System Revenue Bonds, Series 2021 - AGM Insured

.250

12/01/44

398,190

1,250,000

Clairton Municipal Authority, Allegheny County, Pennsylvania,

Sewer Revenue Bonds, Refunding Series 2024B

.375

12/01/42

1,233,811

430,000

Delaware County Regional Water Quality Control Authority,

Pennsylvania, Sewer Revenue Bonds, Series 2015

.000

05/01/40

430,506

360,000

Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue

Bonds, Series 2025 - BAM Insured

.000

12/01/42

382,548

1,000,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Series 2024 - BAM

Insured

.000

12/01/46

950,904

1,325,000

(d) Luzerne County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Pennsylvania-American Water Company Project,

Refunding Series 2019, (AMT), (Mandatory Put 12/03/29)

.450

12/01/39

1,221,527

1,765,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, York Water Company Project,

Refunding Series 2019A, (AMT)

.000

10/01/36

1,675,537

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

3,635,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, York Water Company Project,

Refunding Series 2019B, (AMT)

.100

%

11/01/38

$

3,388,332

10,450,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, Pennsylvania-American Water Company,

Refunding Series 2019

.000

04/01/39

9,478,266

1,000,000

Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998

General Ordinance, Fifteenth Series 2017

.000

08/01/37

1,026,808

1,500,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2019B

.000

11/01/54

1,535,843

1,000,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2022C

.000

06/01/38

1,105,448

1,510,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2023A - AGM

Insured

.000

09/01/42

1,629,732

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2023A - AGM

Insured

.250

09/01/53

957,647

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2025A

.250

09/01/50

1,068,435

1,000,000

Upper Allegheny Joint Sanitary Authority, Allegheny County,

Pennsylvania, Sewer Revenue Bonds, Refunding Series 2019A -

AGM Insured

.000

09/01/44

802,955

TOTAL UTILITIES

37,643,624

TOTAL MUNICIPAL BONDS

(Cost $355,429,777)

335,845,979

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

X

VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%

X

–

CAPITAL GOODS - 0.0%

$

64,338

(a),(f)

KDC Agribusiness Fairless Hills LLC

.000

09/17/26

$

TOTAL CAPITAL GOODS

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $64,338)

TOTAL LONG-TERM INVESTMENTS

(Cost $355,494,115)

335,845,985

OTHER ASSETS & LIABILITIES, NET - 5.4%

19,135,813

NET ASSETS - 100%

$

354,981,798

AMT

Alternative Minimum Tax

(a) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(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 fiscal period, the aggregate value of these securities is $4,541,556 or 1.4% of Total Investments.

(c) When-issued or delayed delivery security.

(d) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(e) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.

The rate shown is the coupon as of the end of the fiscal period.

(f) For fair value measurement disclosure purposes, investment classified as Level 3.

(g) 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.

Portfolio of Investments November 30, 2025

Virginia

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.8%

X

532,458,805

MUNICIPAL BONDS - 96.8%

X

–

CONSUMER STAPLES - 1.7%

$

230,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

%

06/01/32

$

225,848

600,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.625

06/01/47

553,649

6,155,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Series 2007B1

.000

06/01/47

5,109,250

4,055,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset-Backed Bonds, Series 2007B2

.200

06/01/46

3,520,579

TOTAL CONSUMER STAPLES

9,409,326

EDUCATION AND CIVIC ORGANIZATIONS - 7.9%

1,685,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

.000

01/01/40

1,688,120

1,460,000

Farmville Industrial Development Authority, Virginia, Educational

Facilities Revenue Bonds, Convocation Center Project, Series

2021 - AGM Insured, (Mandatory Put 7/01/43)

.375

07/01/53

1,552,441

1,455,000

Industrial Development Authority of the City of Lexington,

Virginia, Washington and Lee University, Educational Facility

Revenue Bonds, Refunding Series 2018A

.000

01/01/48

1,478,896

1,500,000

Loudoun County Industrial Development Authority, Virginia,

Multi-Modal Revenue Bonds, Howard Hughes Medical Institute,

Series 2022A

.000

10/01/52

1,406,148

2,000,000

Madison County Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Woodberry Forest School,

Series 2021

.000

10/01/50

1,499,489

500,000

Montgomery County Economic Development Authority, Virginia,

Revenue Bonds, Virginia Tech Foundation, Refunding Series

2017A

.000

06/01/37

503,709

750,000

Roanoke Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Lynchburg College, Series 2018A

.000

09/01/43

724,725

600,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2025

.000

04/01/50

631,950

2,500,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Green Series 2015A-2

.000

04/01/45

2,499,971

9,355,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

.000

04/01/39

9,608,675

5,000,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

.000

04/01/47

5,071,525

5,000,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017B

.000

04/01/46

5,075,336

1,790,000

Virginia College Building Authority Educational Facility, Revenue

Bonds, University of Richmond Refunding Series 2024

.000

03/01/49

1,900,795

1,000,000

(a) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Green Series

2015B

.000

07/01/45

761,392

3,000,000

(a) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.000

07/01/35

2,569,046

4,465,000

(a) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.000

07/01/45

3,399,614

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Regent University Project, Series 2025

.000

06/01/50

1,068,718

1,575,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Washington and Lee University, Series 1998 -

NPFG Insured

.250

01/01/31

1,706,118

175,000

Virginia Commonwealth University, General Pledge Revenue

Bonds, Refunding Series 2018A

.000

11/01/38

183,460

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

43,330,128

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE - 18.5%

$

1,200,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

%

07/01/31

$

1,312,057

1,050,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/32

1,145,905

1,195,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/38

1,218,531

1,075,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/45

1,029,197

1,465,000

(b) Arlington County Industrial Development Authority, Virginia,

Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A,

(Mandatory Put 7/01/31)

.000

07/01/53

1,587,497

1,920,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

1,745,181

3,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Refunding

Series 2022

.000

05/15/44

2,913,151

4,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2018A

.000

05/15/48

3,777,523

5,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

.000

05/15/51

5,203,185

3,000,000

Front Royal and Warren County Industrial Development

Authority, Virginia, Hospital Revenue Bonds, Valley Health System

Obligated Group, Series 2018

.000

01/01/50

2,727,776

2,750,000

Henrico County Economic Development Authority, Virginia,

Health Facilities Revenue Bonds, Bon Secours Mercy Health,

Series 2025A-VA

.000

11/01/48

2,874,932

3,500,000

(a) Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2015A

.330

07/01/45

3,500,001

5,000,000

(a) Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2017A

.000

07/01/46

4,974,993

1,000,000

Isle Economic Development Authority, Wight County, Virginia,

Health System Revenue Bonds, Riverside Health System Series

2023 - AGM Insured

.250

07/01/43

1,088,067

4,000,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2017A

.000

01/01/47

4,010,921

4,050,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021

.000

01/01/47

3,670,872

3,000,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021 - BAM Insured

.000

01/01/51

2,161,581

5,250,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/47

5,767,494

6,000,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/51

5,542,289

1,000,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/32

1,010,568

1,440,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/35

1,453,228

1,600,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/36

1,613,971

1,360,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/37

1,360,424

Portfolio of Investments November 30, 2025

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

6,500,000

Virginia Commonwealth University Health System Authority,

General Revenue Bonds, Series 2017B

.000

%

07/01/46

$

6,565,482

8,500,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A

.000

12/01/49

7,631,188

5,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

.000

10/01/41

5,365,872

1,415,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

.000

10/01/42

1,503,264

2,800,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

.250

06/15/50

2,951,563

1,400,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

.250

06/15/55

1,463,582

4,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/38

4,033,342

1,150,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/39

1,155,932

1,250,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/32

1,251,939

1,230,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/34

1,231,723

5,000,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/37

5,000,604

1,215,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

.000

01/01/44

1,215,549

500,000

Winchester Economic Development Authority, Virginia, Revenue

Bonds, Valley Health System Obligated Group Series 2024A

.000

01/01/42

538,494

TOTAL HEALTH CARE

101,597,878

HOUSING/MULTIFAMILY - 6.3%

2,000,000

(b) Fairfax County Redevelopment and Housing Authority, Virginia,

Multifamily Housing Revenue Bonds, Dominion Square North

Project, Series 2023, (Mandatory Put 1/01/28)

.000

01/01/45

2,058,221

1,110,000

(a) Richmond Redevelopment and Housing Authority, Virginia, Multi-

Family Housing Revenue Bonds, American Tobacco Apartments,

Series 2017

.550

01/01/37

1,090,026

1,510,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.500

03/01/35

1,510,054

1,790,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.625

03/01/39

1,765,700

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015C

.000

08/01/45

952,932

2,585,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015E

.750

12/01/40

2,562,208

1,500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2016B

.350

05/01/36

1,481,383

1,710,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2017A

.875

03/01/47

1,580,881

3,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2019A

.600

09/01/39

2,947,607

1,250,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020E

.300

07/01/40

980,417

1,745,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020G

.200

09/01/40

1,341,690

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2021B

.400

03/01/46

1,445,895

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2021K

.375

12/01/41

1,549,278

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2022F

.000

10/01/52

1,026,577

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,895,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2023E

.250

%

10/01/63

$

1,960,874

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024A

.450

09/01/44

1,009,609

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024D

.500

08/01/54

1,965,383

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024D

.625

08/01/60

987,304

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025C

.200

07/01/62

1,028,592

1,000,000

(c) Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025F

.625

12/01/56

981,541

2,750,000

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured

.250

07/01/53

2,919,468

1,500,000

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured

.375

07/01/63

1,458,365

TOTAL HOUSING/MULTIFAMILY

34,604,005

HOUSING/SINGLE FAMILY - 1.5%

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-4

.450

07/01/45

1,000,884

1,650,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-I

.600

10/01/54

1,624,225

850,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-II

.400

10/01/44

850,985

1,150,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024D

.500

07/01/45

1,147,918

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-1

.950

07/01/45

1,026,660

2,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-2

.000

07/01/45

2,064,210

500,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-3

.950

07/01/45

514,334

TOTAL HOUSING/SINGLE FAMILY

8,229,216

INDUSTRIALS - 0.3%

2,050,000

Amelia County Industrial Development Authority, Virginia, Solid

Waste Disposal Revenue Bonds, Waste Management Inc., Series

2002, (AMT)

.450

04/01/27

1,984,025

TOTAL INDUSTRIALS

1,984,025

LONG-TERM CARE - 4.7%

2,800,000

Albemarle County, Virginia, Residential Care Facility Revenue

Bonds Westminster-Canterbury of the Blue Ridge Refunding

Series 2022A

.000

06/01/49

2,510,717

1,650,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

.000

10/01/31

1,695,519

1,000,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

.000

10/01/50

879,425

1,000,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Series 2022A

.000

10/01/52

1,005,724

1,000,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Refunding Series 2021A

.000

12/01/50

781,683

250,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.875

12/01/58

270,577

615,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, WindsorMeade, Series

2021A

.000

06/01/41

541,440

Portfolio of Investments November 30, 2025

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

1,615,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

.000

%

01/01/42

$

1,507,278

1,000,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

.000

01/01/48

861,525

2,180,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

.000

01/01/49

2,000,309

2,695,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

.250

01/01/54

2,533,234

2,500,000

Norfolk Redevelopment and Housing Authority, Virginia,

Revenue Bonds, Fort Norfolk Retirement Community, Inc. -

Harbor's Edge Project, Refunding Series 2014

.000

01/01/46

2,340,470

1,000,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

.000

01/01/37

1,002,450

1,500,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

.000

01/01/46

1,385,463

2,110,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

.000

09/01/26

2,111,835

500,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

.000

09/01/31

500,515

525,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

.000

09/01/53

577,860

1,000,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

.000

09/01/59

1,095,665

2,000,000

Virginia Small Business Financing Authority, Virginia, Residential

Care Facility Revenue Bonds, Lifespire, Refunding Series 2024A

.500

12/01/54

2,050,800

TOTAL LONG-TERM CARE

25,652,489

TAX OBLIGATION/GENERAL - 5.6%

5,000,000

Arlington County, Virginia, General Obligation Bonds, Public

Improvement Series 2023

.000

06/15/38

5,545,780

2,000,000

Loudoun County, Virginia, General Obligation Bonds, Public

Improvement Series 2023A

.000

12/01/39

2,219,830

1,335,000

Newport News, Virginia, General Obligation Bonds, Refunding &

Improvement Series 2015

.000

07/15/33

1,326,320

1,000,000

Norfolk, Virginia, General Obligation Bonds, Refunding Capital

Improvement Series 2023A

.000

09/01/40

1,102,284

6,715,000

Patterson Joint Unified School District, Stanislaus County,

California, General Obligation Bonds, 2008 Election Series

2009B - AGM Insured

.000

08/01/45

2,847,670

2,919,572

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.625

07/01/29

3,099,839

4,500,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

3,244,373

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

999,389

3,000,000

Richmond, Virginia, General Obligation Bonds, Public

Improvement Series 2024C

.000

03/01/57

2,792,666

2,000,000

Virginia Public School Authority, Special Obligation School

Financing Bonds, Prince William County, Series 2025

.000

10/01/39

2,272,020

2,710,000

Virginia State, General Obligation Bonds, Series 2020A

.000

06/01/30

2,887,485

7,110,000

Wylie Independent School District, Collin County, Texas, General

Obligation Bonds, School Building Series 2015B

.000

08/15/48

2,470,380

TOTAL TAX OBLIGATION/GENERAL

30,808,036

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED - 17.5%

$

1,485,000

Arlington County Industrial Development Authority, Virginia,

Revenue Bonds, Refunding County Projects, Series 2017

.000

%

02/15/34

$

1,539,598

1,495,000

(a) Cherry Hill Community Development Authority, Virginia, Special

Assesment Bonds, Potomac Shores Project, Series 2015

.400

03/01/45

1,495,993

3,000,000

Chesterfield County Economic Development Authority, Virginia,

Revenue Bonds, County Mobility Projects, Series 2024

.000

04/01/48

3,168,537

2,000,000

Chesterfield County Economic Development Authority, Virginia,

Revenue Bonds, County Mobility Projects, Series 2024

.000

04/01/50

1,886,768

1,500,000

(a) Cutalong II Community Development Authority, Louisa County,

Virginia, Special Assessment Revenue Bonds, Cutalong II Project,

Series 2022

.500

03/01/55

1,257,052

1,000,000

Fairfax County Economic Development Authority, Virginia,

Revenue Bonds, Metrorail Parking System Project, Series 2017

.000

04/01/37

1,021,658

805,000

(a) Farms of New Kent Community Development Authority, Virginia,

Special Assessment Bonds, Refunding Series 2021A

.750

03/01/36

777,607

750,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/38

826,587

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/30

1,013,523

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/34

1,012,149

3,000,000

Hampton Roads Transportation Accountability Commision,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

.000

07/01/50

3,092,010

2,000,000

Hampton Roads Transportation Accountability Commision,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

.250

07/01/60

2,074,059

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A

.000

07/01/48

3,047,299

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2022A

.000

07/01/52

2,773,413

2,405,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2024A

.250

07/01/59

2,558,716

3,000,000

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

Capital Appreciation Refunding Senior Lien Series 2014A - AGM

Insured

.000

11/15/51

830,655

3,365,000

(a) Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

.000

03/01/45

3,266,981

765,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/32

808,424

240,000

(a) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.500

09/01/28

241,732

1,300,000

(a) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.000

09/01/37

1,312,823

2,785,000

(a) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.000

09/01/45

2,767,519

2,000,000

(a) Powhatan County Economic Development Authority, Virginia,

Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series

2025A

.125

09/01/60

1,959,144

58,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/27

54,996

317,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/29

280,968

210,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/31

172,375

432,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

328,036

2,350,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

585,659

2,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

1,904,003

Portfolio of Investments November 30, 2025

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

9,345,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

%

07/01/58

$

9,111,055

2,180,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

2,126,331

61,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

55,640

31,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

29,266

1,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

.000

10/01/28

1,002,855

1,000,000

(a) Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2014C

.000

10/01/30

1,000,268

2,240,000

(a) Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Working Capital Series 2014A - AGM Insured

.000

10/01/34

2,246,590

2,000,000

(a) Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

.000

04/01/53

2,057,537

800,000

Virgin Islands Transportation & Infrastructure Corporation, Virgin

Islands, Grant Anticipation Revenue Bonds, Federal Highway

Grant Anticipation Revenue Loan Note, Series 2025

.000

09/01/43

849,770

2,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century Collage & Equipment Programs,

Series 2023A

.000

02/01/41

2,189,774

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century College & Equipment Programs,

Series 2016A

.000

02/01/28

999,930

2,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century College & Equipment Programs,

Series 2024A

.000

02/01/44

1,964,254

500,000

Virginia Gateway Community Development Authority, Prince

William County, Virginia, Special Assessment Refunding Bonds,

Series 2012

.000

03/01/30

500,584

4,000,000

Virginia Port Authority, Commonwealth Port Fund Revenue

Bonds, Series 2023A

.250

07/01/48

4,291,718

1,250,000

Virginia Public Building Authority, Public Facilities Revenue

Bonds, Series 2019B, (AMT)

.000

08/01/31

1,337,809

2,500,000

Virginia Public Building Authority, Public Facilities Revenue

Bonds, Series 2019B, (AMT)

.000

08/01/35

2,544,145

1,500,000

Virginia Public Building Authority, Virginia, Public Facilities

Revenue Bonds, Series 2024A

.000

08/01/39

1,691,516

2,500,000

Virginia Public School Authority, School Financing Bonds, 1997

Resolution, Series 2022B

.000

08/01/52

2,620,143

25,000

Virginia Resources Authority, Infrastructure Revenue Bonds,

Pooled Financing Program, Series 2012A

.000

11/01/42

25,013

1,000,000

Virginia Resources Authority, State Moral Obligation Revenue

Bonds, Pooled Financing Program, Series 2024A

.250

11/01/49

975,925

1,325,000

(a) Virginia Small Business Financing Authority, Tourism

Development Financing Program Revenue Bonds, Virginia Beach

Oceanfront South Hotel Project, Senior Series 2020A-1

.000

10/01/43

1,332,018

1,000,000

Virginia Transportation Board, Transportation Revenue Bonds,

Capital Projects, Series 2017

.000

05/15/42

990,443

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

.000

07/15/43

1,968,521

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Second Lien Series 2025A

.250

07/15/50

2,125,767

9,530,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Series 2024A

.250

07/15/59

10,057,094

TOTAL TAX OBLIGATION/LIMITED

96,152,250

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION - 23.0%

$

350,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

.000

%

07/01/36

$

350,986

3,580,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016 - AGM Insured

.000

07/01/41

3,599,775

4,830,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

.000

07/01/46

4,838,902

3,000,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.750

07/15/32

3,135,046

1,055,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.875

07/15/40

1,084,678

1,755,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B - AGM

Insured

.875

07/15/40

1,814,130

2,695,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Refunding Series 2024 - AGM Insured

.000

07/15/47

2,610,799

1,610,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B

.000

10/01/49

1,427,037

2,500,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B - AGM

Insured

.000

10/01/53

2,220,827

2,000,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital Improvement

Projects, Refunding Second Senior Lien Series 2022A - AGM

Insured

.000

10/01/52

1,782,589

4,200,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/26

4,100,212

5,850,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/34

4,331,847

13,000,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/36

8,746,352

3,300,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail Capital Appreciation,

Second Senior Lien Series 2010B

.500

10/01/44

3,521,733

1,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Forward Delivery Refunding Series 2020A,

(AMT)

.000

10/01/32

1,085,109

4,100,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2016A, (AMT)

.000

10/01/35

4,143,838

625,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2017, (AMT)

.000

10/01/34

642,932

3,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2017, (AMT)

.000

10/01/42

3,029,954

3,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/31

3,159,343

3,345,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/37

3,460,235

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/48

2,019,290

4,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

.000

10/01/38

4,185,532

1,450,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.250

10/01/42

1,547,215

2,985,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.250

10/01/48

3,109,829

35,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/26

35,009

Portfolio of Investments November 30, 2025

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

595,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

%

08/01/31

$

595,293

1,000,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.000

07/01/37

1,055,683

2,740,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.000

07/01/43

2,803,476

2,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Series 2025

.000

07/01/44

2,149,461

5,825,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/49

5,692,654

3,750,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/52

3,647,233

3,975,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/56

3,829,709

1,265,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/34

1,359,840

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/35

1,069,495

3,200,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/37

3,388,813

1,640,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/37

1,731,578

2,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/42

1,861,685

3,500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/47

3,519,631

5,250,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/52

5,271,760

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/57

1,001,186

2,365,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/33

2,416,497

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/38

993,018

2,500,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/39

2,463,882

5,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

4,119,136

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

839,315

400,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2017B

.000

07/01/37

410,436

1,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.000

07/01/37

1,026,091

5,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.000

07/01/43

5,076,499

TOTAL TRANSPORTATION

126,305,570

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED - 3.2% (d)

$

1,000,000

Fairfax County Economic Development Authority, Virginia,

County Facilities Revenue Bonds, Refunding Series 2017B, (Pre-

refunded 10/01/27)

.000

%

10/01/34

$

1,044,468

1,400,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/40

1,460,972

2,100,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/42

2,191,459

1,770,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/43

1,847,087

1,760,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A, (Pre-refunded 1/01/28)

.500

07/01/57

1,868,107

5,250,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009C, (Pre-refunded

10/01/26) - AGC Insured

.500

10/01/41

5,414,535

2,045,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 5/02/26), (AMT)

.000

07/01/34

2,067,363

2,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 5/02/26), (AMT)

.000

07/01/41

2,021,870

TOTAL U.S. GUARANTEED

17,915,861

UTILITIES - 6.6%

770,000

Alexandria Sanitation Authority, Virginia, Wastewater Revenue

Bonds, Alexrenew Green Series 2024

.000

07/15/54

814,975

4,300,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

4,549,406

1,000,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Refunding Series 2024A

.000

11/01/39

1,134,884

2,250,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Series 2024B

.000

07/01/49

2,387,619

2,000,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2025A

.000

07/15/26

2,030,413

3,765,000

Loudoun County Sanitation Authority, Virginia, Water and Sewer

System Revenue Bonds, Refunding Series 2021

.000

01/01/33

4,030,993

1,000,000

Loudoun County Sanitation Authority, Virginia, Water and Sewer

System Revenue Bonds, Refunding Series 2024

.000

01/01/42

885,602

2,715,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2017

.000

11/01/42

2,781,504

3,000,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2024

.000

11/01/44

3,258,985

1,000,000

Prince William County Service Authority, Virginia, Water and

Sewer System Revenue Bonds, Refunding Series 2025

.000

07/15/42

1,106,661

1,290,000

Prince William County Service Authority, Virginia, Water and

Sewer System Revenue Bonds, Refunding Series 2025

.000

07/15/45

1,396,020

4,500,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/47

4,429,725

2,000,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/42

1,834,731

1,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2016A

.000

01/15/40

1,000,139

1,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2023C

.000

01/15/47

1,062,662

3,500,000

(a),(b)

Virginia Small Business Financing Authority, Solid Waste Disposal

Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory

Put 7/01/38)

.000

01/01/48

3,334,174

430,000

(b) Wise County Industrial Development Authority, Virginia, Solid

Waste and Sewage Disposal Revenue Bonds, Virginia Electric

and Power Company, Series 2009A, (Mandatory Put 10/01/30)

.125

10/01/40

431,528

TOTAL UTILITIES

36,470,021

TOTAL MUNICIPAL BONDS

(Cost $531,791,808)

532,458,805

TOTAL LONG-TERM INVESTMENTS

(Cost $531,791,808)

532,458,805

OTHER ASSETS & LIABILITIES, NET - 3.2%

17,460,733

NET ASSETS - 100%

$

549,919,538

Portfolio of Investments November 30, 2025

(continued)

Virginia

See Notes to Financial Statements

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $45,608,966 or 8.6% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c) 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.

Statement of Assets and Liabilities

See Notes to Financial Statements

November 30, 2025 (Unaudited)

Arizona

Colorado

Maryland

New Mexico

Pennsylvania

Virginia

ASSETS

Long-term investments, at value

†

$

166,591,384

$

458,292,703

$

236,415,653

$

65,963,036

$

335,845,985

$

532,458,805

Short-term investments, at value

◊

4,400,000

–

3,500,000

550,000

–

–

Cash

–

–

4,231,642

119,304

2,250,955

11,863,071

Receivables:

Interest

2,913,737

8,135,389

3,921,216

1,024,025

4,139,138

7,924,389

Investments sold

81,648

4,021,695

80,000

–

3,580,000

5,000

Reimbursement from Adviser

–

–

7,377

4,153

–

19,555

Shares sold

49,103

691,196

53,838

24,861

235,587

305,951

Sale of Vistra Vision interest

#

(1) –

–

–

–

11,692,494

–

Other

8,742

15,511

10,383

2,598

23,941

33,723

Total assets

174,044,614

471,156,494

248,220,109

67,687,977

357,768,100

552,610,494

LIABILITIES

Cash overdraft

2,890,464

445,116

–

–

–

–

Payables:

Management fees

70,036

189,109

101,068

27,869

143,551

218,079

Dividends

109,229

162,109

247,697

35,602

280,702

493,165

Interest

3,057

2,693

508

867

1,131

Investments purchased - when-issued/delayed-

delivery settlement

1,458,390

–

–

–

1,343,509

972,500

Shares redeemed

141,687

713,735

320,256

65,290

515,687

755,178

Vistra Vision sale transactions costs

(1) –

–

–

–

281,403

–

Accrued expenses:

Custodian fees

36,693

62,281

44,006

22,130

59,838

61,601

Trustees fees

4,118

15,251

7,266

1,792

23,206

32,890

Professional fees

22,928

26,606

24,496

22,013

26,993

26,473

Shareholder reporting expenses

10,874

17,094

12,857

8,179

18,701

20,570

Shareholder servicing agent fees

13,243

42,033

30,553

6,369

53,225

70,067

12b-1 distribution and service fees

14,751

30,897

16,811

6,807

29,380

36,627

Other

2,252

3,449

2,137

1,310

9,240

2,675

Total liabilities

4,777,722

1,710,373

807,655

197,508

2,786,302

2,690,956

Net assets

$

169,266,892

$

469,446,121

$

247,412,454

$

67,490,469

$

354,981,798

$

549,919,538

NET ASSETS CONSIST OF:

Paid-in capital

$

185,182,225

$

514,135,129

$

274,401,543

$

74,323,662

$

387,836,525

$

602,786,742

Total distributable earnings (loss)

(15,915,333)

(44,689,008)

(26,989,089)

(6,833,193)

(32,854,727)

(52,867,204)

Net assets

$

169,266,892

$

469,446,121

$

247,412,454

$

67,490,469

$

354,981,798

$

549,919,538

†

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

$

168,449,010

$

458,961,392

$

239,265,023

$

66,983,413

$

355,494,115

$

531,791,808

◊

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

$

4,400,000

$

—

$

3,500,000

$

550,000

$

—

$

—

#

&nbsp;&nbsp;&nbsp;&nbsp;Net of discount of

$

–

$

–

$

–

$

–

$

393,444

$

–

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

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

Arizona

Colorado

Maryland

New Mexico

Pennsylvania

Virginia

CLASS A:

Net assets

$

78,336,573

$

160,818,980

$

87,777,391

$

38,208,749

$

145,907,635

$

196,364,628

Shares outstanding

7,745,924

16,074,229

8,903,864

3,946,630

14,237,520

19,183,271

Net asset value ("NAV") per share

$

10.11 $

10.00 $

9.86 $

9.68 $

10.25 $

10.24 Maximum sales charge

4.20%

4.20%

4.20%

4.20%

4.20%

4.20%

Offering price per share (NAV per share plus

maximum sales charge)

$

10.55 $

10.44 $

10.29 $

10.10 $

10.70 $

10.69 CLASS C:

Net assets

$

2,077,808

$

5,171,695

$

2,747,742

$

685,691

$

6,292,158

$

6,204,944

Shares outstanding

205,594

517,768

279,760

70,713

616,188

606,712

NAV and offering price per share

$

10.11 $

9.99 $

9.82 $

9.70 $

10.21 $

10.23 CLASS I:

Net assets

$

88,852,511

$

303,455,446

$

156,887,321

$

28,596,029

$

202,782,005

$

347,349,966

Shares outstanding

8,770,302

30,342,416

15,920,852

2,940,420

19,818,323

34,005,644

NAV and offering price per share

$

10.13 $

10.00 $

9.85 $

9.73 $

10.23 $

10.21 Authorized shares - per class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 $

0.01 $

0.01 $

0.01 $

0.01 Statement of Operations

See Notes to Financial Statements

Six Months Ended November 30, 2025 (Unaudited)

Arizona

Colorado

Maryland

New Mexico

INVESTMENT INCOME

Interest

$

3,338,889

$

10,085,297

$

5,151,310

$

1,365,971

Total investment income

3,338,889

10,085,297

5,151,310

1,365,971

EXPENSES

–

–

–

–

Management fees

414,844

1,134,908

598,308

170,336

12b-1 service fees - Class A

76,002

163,435

86,754

38,704

12b-1 distribution and service fees - Class C

12,285

26,645

14,678

3,150

Shareholder servicing agent fees - Class A

11,258

27,035

15,241

6,457

Shareholder servicing agent fees - Class C

882

515

Shareholder servicing agent fees - Class I

12,778

48,569

26,287

4,659

Interest expense

21,578

39,165

4,778

533

Trustees fees

2,843

7,866

4,115

1,164

Custodian expenses, net

20,593

34,466

24,889

12,510

Registration fees

7,466

4,042

6,286

4,241

Professional fees

27,438

34,364

30,351

25,562

Shareholder reporting expenses

16,545

20,341

19,592

17,125

Other

4,553

5,642

4,783

4,110

Total expenses before fee waiver/expense reimbursement

628,547

1,547,360

836,577

288,656

Fee waiver/expense reimbursement

—

—

(55,141)

(32,766)

Net expenses

628,547

1,547,360

781,436

255,890

Net investment income (loss)

2,710,342

8,537,937

4,369,874

1,110,081

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(222,735)

(201,042)

(1,565,228)

(96,085)

Net realized gain (loss)

(222,735)

(201,042)

(1,565,228)

(96,085)

Change in unrealized appreciation (depreciation) on:

Investments

5,953,165

13,818,208

10,210,965

2,670,379

Net change in unrealized appreciation (depreciation)

5,953,165

13,818,208

10,210,965

2,670,379

Net realized and unrealized gain (loss)

5,730,430

13,617,166

8,645,737

2,574,294

Net increase (decrease) in net assets from operations

$

8,440,772

$

22,155,103

$

13,015,611

$

3,684,375

Statement of Operations

(continued)

See Notes to Financial Statements

Six Months Ended November 30, 2025 (Unaudited)

Pennsylvania

Virginia

INVESTMENT INCOME

Interest

$

7,424,955

$

11,587,046

Total investment income

7,424,955

11,587,046

EXPENSES

–

–

Management fees

859,969

1,294,027

12b-1 service fees - Class A

145,971

189,936

12b-1 distribution and service fees - Class C

33,127

31,708

Shareholder servicing agent fees - Class A

31,219

38,272

Shareholder servicing agent fees - Class C

1,415

1,276

Shareholder servicing agent fees - Class I

41,768

67,028

Interest expense

15,836

5,175

Trustees fees

6,025

9,170

Custodian expenses, net

26,554

35,288

Registration fees

4,532

4,908

Professional fees

32,889

35,441

Shareholder reporting expenses

20,848

21,837

Other

9,142

6,203

Total expenses before fee waiver/expense reimbursement

1,229,295

1,740,269

Fee waiver/expense reimbursement

—

(126,716)

Net expenses

1,229,295

1,613,553

Net investment income (loss)

6,195,660

9,973,493

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(860,356)

(765,660)

Net realized gain (loss)

(860,356)

(765,660)

Change in unrealized appreciation (depreciation) on:

Investments

15,494,978

18,378,826

Net change in unrealized appreciation (depreciation)

15,494,978

18,378,826

Net realized and unrealized gain (loss)

14,634,622

17,613,166

Net increase (decrease) in net assets from operations

$

20,830,282

$

27,586,659

Statement of Changes in Net Assets

See Notes to Financial Statements

Arizona

Colorado

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

$

2,710,342

$

5,261,187

$

8,537,937

$

17,546,441

Net realized gain (loss)

(222,735)

(1,149,896)

(201,042)

(2,369,845)

Net change in unrealized appreciation (depreciation)

5,953,165

(3,141,759)

13,818,208

(10,838,587)

Net increase (decrease) in net assets from operations

8,440,772

969,532

22,155,103

4,338,009

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,217,775)

(2,191,609)

(2,990,865)

(5,704,527)

Class C

(29,690)

(62,336)

(76,483)

(185,437)

Class I

(1,484,390)

(2,954,631)

(5,631,571)

(11,386,775)

Total distributions

(2,731,855)

(5,208,576)

(8,698,919)

(17,276,739)

FUND SHARE TRANSACTIONS

Subscriptions

23,983,879

50,674,249

73,430,876

139,949,565

Reinvestments of distributions

2,088,883

4,049,146

7,745,651

15,407,531

Redemptions

(21,500,827)

(48,771,040)

(82,907,727)

(154,679,694)

Net increase (decrease) from Fund share transactions

4,571,935

5,952,355

(1,731,200)

677,402

Net increase (decrease) in net assets

10,280,852

1,713,311

11,724,984

(12,261,328)

Net assets at the beginning of period

158,986,040

157,272,729

457,721,137

469,982,465

Net assets at the end of period

$

169,266,892

$

158,986,040

$

469,446,121

$

457,721,137

See Notes to Financial Statements

Statement of Changes in Net Assets

(continued)

Maryland

New Mexico

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

$

4,369,874

$

9,283,672

$

1,110,081

$

2,165,659

Net realized gain (loss)

(1,565,228)

(2,533,039)

(96,085)

(210,459)

Net change in unrealized appreciation (depreciation)

10,210,965

(2,777,641)

2,670,379

(1,349,497)

Net increase (decrease) in net assets from operations

13,015,611

3,972,992

3,684,375

605,703

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,560,469)

(3,038,032)

(601,997)

(1,237,278)

Class C

(41,120)

(88,858)

(7,390)

(22,393)

Class I

(2,828,026)

(6,148,401)

(467,638)

(925,932)

Total distributions

(4,429,615)

(9,275,291)

(1,077,025)

(2,185,603)

FUND SHARE TRANSACTIONS

Subscriptions

35,300,934

79,684,474

6,280,883

12,865,775

Reinvestments of distributions

2,965,556

6,603,847

856,746

1,730,240

Redemptions

(34,332,942)

(110,404,873)

(10,253,326)

(13,282,138)

Net increase (decrease) from Fund share transactions

3,933,548

(24,116,552)

(3,115,697)

1,313,877

Net increase (decrease) in net assets

12,519,544

(29,418,851)

(508,347)

(266,023)

Net assets at the beginning of period

234,892,910

264,311,761

67,998,816

68,264,839

Net assets at the end of period

$

247,412,454

$

234,892,910

$

67,490,469

$

67,998,816

See Notes to Financial Statements

Pennsylvania

Virginia

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

$

6,195,660

$

12,935,037

$

9,973,493

$

19,070,152

Net realized gain (loss)

(860,356)

(1,468,083)

(765,660)

(2,890,568)

Net change in unrealized appreciation (depreciation)

15,494,978

(10,112,857)

18,378,826

(12,749,020)

Net increase (decrease) in net assets from operations

20,830,282

1,354,097

27,586,659

3,430,564

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(2,538,446)

(4,784,404)

(3,428,247)

(6,628,679)

Class C

(87,468)

(190,251)

(89,588)

(208,731)

Class I

(3,568,433)

(8,036,664)

(6,307,881)

(11,917,723)

Total distributions

(6,194,347)

(13,011,319)

(9,825,716)

(18,755,133)

FUND SHARE TRANSACTIONS

Subscriptions

33,954,806

84,817,129

118,887,147

173,229,928

Reinvestments of distributions

4,504,179

9,995,530

7,091,917

13,773,758

Redemptions

(41,321,626)

(152,858,105)

(112,050,682)

(164,976,899)

Net increase (decrease) from Fund share transactions

(2,862,641)

(58,045,446)

13,928,382

22,026,787

Net increase (decrease) in net assets

11,773,294

(69,702,668)

31,689,325

6,702,218

Net assets at the beginning of period

343,208,504

412,911,172

518,230,213

511,527,995

Net assets at the end of period

$

354,981,798

$

343,208,504

$

549,919,538

$

518,230,213

Financial Highlights

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Arizona

Class

A

11/30/25

(d) $

9.77 $

0.16 $

0.34 $

0.50 $

(0.16)

$

—

$

(0.16)

$

10.11 5/31/25

10.01 0.31 (0.24)

0.07 (0.31)

—

(0.31)

9.77 5/31/24

9.95 0.29 0.06 0.35 (0.29)

—

(0.29)

10.01 5/31/23

10.31 0.26 (0.37)

(0.11)

(0.25)

—

(0.25)

9.95 5/31/22

11.36 0.22 (1.05)

(0.83)

(0.22)

—

(0.22)

10.31 5/31/21

11.03 0.25 0.35 0.60 (0.27)

—

(0.27)

11.36 Class

C

11/30/25

(d) 9.76 0.12 0.35 0.47 (0.12)

—

(0.12)

10.11 5/31/25

10.01 0.23 (0.26)

(0.03)

(0.22)

—

(0.22)

9.76 5/31/24

9.94 0.21 0.07 0.28 (0.21)

—

(0.21)

10.01 5/31/23

10.31 0.18 (0.38)

(0.20)

(0.17)

—

(0.17)

9.94 5/31/22

11.35 0.13 (1.04)

(0.91)

(0.13)

—

(0.13)

10.31 5/31/21

11.03 0.16 0.34 0.50 (0.18)

—

(0.18)

11.35 Class

I

11/30/25

(d) 9.79 0.17 0.34 0.51 (0.17)

—

(0.17)

10.13 5/31/25

10.03 0.33 (0.24)

0.09 (0.33)

—

(0.33)

9.79 5/31/24

9.97 0.31 0.06 0.37 (0.31)

—

(0.31)

10.03 5/31/23

10.33 0.28 (0.37)

(0.09)

(0.27)

—

(0.27)

9.97 5/31/22

11.38 0.24 (1.05)

(0.81)

(0.24)

—

(0.24)

10.33 5/31/21

11.06 0.28 0.33 0.61 (0.29)

—

(0.29)

11.38 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) Unaudited.

(e) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c) Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.15

%

$

78,337

.86

%

(e) 0

.83

%

(e) 3

.20

%

(e) 7

%

.60

71,781

.84

.81

.05

.59

70,877

.83

.82

.95

(1

.03)

72,638

.82

.82

.61

(7

.46)

71,380

.81

.80

.00

.44

87,105

.82

.81

.24

.85

2,078

.66

(e) 1

.63

(e) 2

.39

(e) 7

(0

.32)

2,492

.64

.61

.24

.85

3,151

.63

.62

.15

(1

.91)

3,211

.62

.62

.79

(8

.12)

4,362

.61

.60

.20

.52

5,474

.62

.61

.45

.27

88,853

.66

(e) 0

.63

(e) 3

.40

(e) 7

.79

84,713

.64

.61

.25

.78

83,244

.63

.62

.14

(0

.83)

96,453

.62

.62

.80

(7

.25)

100,535

.61

.60

.20

.56

113,625

.62

.61

.44

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Colorado

Class

A

11/30/25

(d) $

9.72 $

0.18 $

0.28 $

0.46 $

(0.18)

$

—

$

(0.18)

$

10.00 5/31/25

9.97 0.35 (0.26)

0.09 (0.34)

—

(0.34)

9.72 5/31/24

9.99 0.33 (0.02)

0.31 (0.33)

—

(0.33)

9.97 5/31/23

10.33 0.28 (0.35)

(0.07)

(0.27)

—

(0.27)

9.99 5/31/22

11.34 0.22 (1.03)

(0.81)

(0.20)

—

(0.20)

10.33 5/31/21

11.03 0.23 0.31 0.54 (0.23)

—

(0.23)

11.34 Class

C

11/30/25

(d) 9.70 0.14 0.29 0.43 (0.14)

—

(0.14)

9.99 5/31/25

9.95 0.27 (0.26)

0.01 (0.26)

—

(0.26)

9.70 5/31/24

9.97 0.25 (0.02)

0.23 (0.25)

—

(0.25)

9.95 5/31/23

10.31 0.20 (0.35)

(0.15)

(0.19)

—

(0.19)

9.97 5/31/22

11.32 0.13 (1.03)

(0.90)

(0.11)

—

(0.11)

10.31 5/31/21

11.01 0.14 0.31 0.45 (0.14)

—

(0.14)

11.32 Class

I

11/30/25

(d) 9.71 0.19 0.29 0.48 (0.19)

—

(0.19)

10.00 5/31/25

9.96 0.37 (0.26)

0.11 (0.36)

—

(0.36)

9.71 5/31/24

9.98 0.35 (0.02)

0.33 (0.35)

—

(0.35)

9.96 5/31/23

10.32 0.30 (0.35)

(0.05)

(0.29)

—

(0.29)

9.98 5/31/22

11.33 0.24 (1.03)

(0.79)

(0.22)

—

(0.22)

10.32 5/31/21

11.02 0.25 0.31 0.56 (0.25)

—

(0.25)

11.33 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) Unaudited.

(e) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c) Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.78

%

$

160,819

.79

%

(e) 0

.77

%

(e) 3

.58

%

(e) 6

%

.88

163,466

.77

.76

.46

.18

161,545

.79

.78

.30

(0

.63)

163,150

.78

.78

.84

(7

.26)

179,414

.77

.77

.97

.94

229,010

.77

.77

.03

.48

5,172

.59

(e) 1

.57

(e) 2

.78

(e) 6

.04

5,694

.57

.56

.64

.33

8,293

.59

.58

.49

(1

.44)

11,383

.58

.58

.02

(8

.03)

15,955

.57

.57

.17

.12

20,174

.57

.57

.23

.99

303,455

.59

(e) 0

.57

(e) 3

.78

(e) 6

.06

288,560

.57

.56

.65

.36

300,145

.59

.58

.50

(0

.44)

282,198

.58

.58

.03

(7

.07)

300,135

.57

.57

.18

.16

321,648

.57

.57

.22

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Maryland

Class

A

11/30/25

(e) $

9.51 $

0.17 $

0.35 $

0.52 $

(0.17)

$

—

$

(0.17)

$

9.86 5/31/25

9.72 0.33 (0.21)

0.12 (0.33)

—

(0.33)

9.51 5/31/24

9.71 0.32 —

(g) 0.32 (0.31)

—

(0.31)

9.72 5/31/23

10.10 0.29 (0.41)

(0.12)

(0.27)

—

(0.27)

9.71 5/31/22

11.13 0.24 (1.04)

(0.80)

(0.23)

—

(0.23)

10.10 5/31/21

10.68 0.26 0.45 0.71 (0.26)

—

(0.26)

11.13 Class

C

11/30/25

(e) 9.47 0.13 0.36 0.49 (0.14)

—

(0.14)

9.82 5/31/25

9.68 0.25 (0.21)

0.04 (0.25)

—

(0.25)

9.47 5/31/24

9.67 0.24 —

(g) 0.24 (0.23)

—

(0.23)

9.68 5/31/23

10.06 0.21 (0.41)

(0.20)

(0.19)

—

(0.19)

9.67 5/31/22

11.08 0.16 (1.04)

(0.88)

(0.14)

—

(0.14)

10.06 5/31/21

10.63 0.18 0.44 0.62 (0.17)

—

(0.17)

11.08 Class

I

11/30/25

(e) 9.50 0.18 0.35 0.53 (0.18)

—

(0.18)

9.85 5/31/25

9.72 0.35 (0.22)

0.13 (0.35)

—

(0.35)

9.50 5/31/24

9.70 0.34 0.01 0.35 (0.33)

—

(0.33)

9.72 5/31/23

10.10 0.30 (0.41)

(0.11)

(0.29)

—

(0.29)

9.70 5/31/22

11.13 0.27 (1.04)

(0.77)

(0.26)

—

(0.26)

10.10 5/31/21

10.68 0.29 0.44 0.73 (0.28)

—

(0.28)

11.13 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(e) Unaudited.

(f) Annualized.

(g) Value rounded to zero.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

5.56 %

$

87,777

0.81 %

(f) 0.81 %

(f) 0.76 %

(f) 0.76 %

(f) 3.54 %

(f) 7

%

1.21 86,700

0.84 0.80 0.83 0.79 3.39 23

3.37 88,743

0.83 0.80 0.83 N/A

3.27 18

(1.11)

88,766

0.80 0.80 0.80 N/A

2.92 23

(7.27)

96,337

0.78 0.78 0.79 N/A

2.25 22

6.72 116,909

0.80 0.80 0.80 N/A

2.40 9

5.16 2,748

1.61 (f) 1.61 (f) 1.56 (f) 1.56 (f) 2.74 (f) 7

0.37 2,987

1.64 1.60 1.63 1.59 2.58 23

2.56 3,963

1.63 1.60 1.64 N/A

2.47 18

(1.94)

5,111

1.60 1.60 1.60 N/A

2.12 23

(7.98)

7,861

1.58 1.58 1.59 N/A

1.45 22

5.88 10,445

1.60 1.60 1.60 N/A

1.61 9

5.66 156,887

0.61 (f) 0.61 (f) 0.57 (f) 0.57 (f) 3.74 (f) 7

1.29 145,206

0.63 0.59 0.63 0.59 3.57 23

3.70 171,606

0.63 0.60 0.63 N/A

3.46 18

(1.02)

156,560

0.60 0.60 0.60 N/A

3.12 23

(7.06)

167,055

0.58 0.58 0.59 N/A

2.45 22

6.93 175,495

0.60 0.60 0.60 N/A

2.59 9

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

New Mexico

Class

A

11/30/25

(e) $

9.31 $

0.15 $

0.37 $

0.52 $

(0.15)

$

—

$

(0.15)

$

9.68 5/31/25

9.52 0.29 (0.20)

0.09 (0.30)

—

(0.30)

9.31 5/31/24

9.50 0.28 0.03 0.31 (0.29)

—

(0.29)

9.52 5/31/23

9.85 0.26 (0.37)

(0.11)

(0.24)

—

(0.24)

9.50 5/31/22

10.75 0.23 (0.90)

(0.67)

(0.23)

—

(0.23)

9.85 5/31/21

10.53 0.25 0.22 0.47 (0.25)

—

(0.25)

10.75 Class

C

11/30/25

(e) 9.33 0.12 0.36 0.48 (0.11)

—

(0.11)

9.70 5/31/25

9.54 0.22 (0.21)

0.01 (0.22)

—

(0.22)

9.33 5/31/24

9.51 0.21 0.03 0.24 (0.21)

—

(0.21)

9.54 5/31/23

9.87 0.18 (0.37)

(0.19)

(0.17)

—

(0.17)

9.51 5/31/22

10.77 0.15 (0.91)

(0.76)

(0.14)

—

(0.14)

9.87 5/31/21

10.55 0.17 0.21 0.38 (0.16)

—

(0.16)

10.77 Class

I

11/30/25

(e) 9.35 0.16 0.38 0.54 (0.16)

—

(0.16)

9.73 5/31/25

9.57 0.32 (0.22)

0.10 (0.32)

—

(0.32)

9.35 5/31/24

9.54 0.30 0.04 0.34 (0.31)

—

(0.31)

9.57 5/31/23

9.90 0.28 (0.37)

(0.09)

(0.27)

—

(0.27)

9.54 5/31/22

10.81 0.25 (0.91)

(0.66)

(0.25)

—

(0.25)

9.90 5/31/21

10.58 0.27 0.23 0.50 (0.27)

—

(0.27)

10.81 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(e) Unaudited.

(f) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

5.60 %

$

38,209

0.93 %

(f) 0.93 %

(f) 0.84 %

(f) 0.84 %

(f) 3.22 %

(f) 8

%

0.87 39,324

0.92 0.90 0.91 0.89 3.07 16

3.31 40,136

0.90 0.88 0.90 N/A

2.99 6

(1.05)

46,298

0.87 0.86 0.87 N/A

2.72 17

(6.35)

57,918

0.84 0.84 0.84 N/A

2.21 15

4.48 62,010

0.85 0.85 0.85 N/A

2.36 10

5.19 686

1.73 (f) 1.73 (f) 1.64 (f) 1.64 (f) 2.42 (f) 8

0.08 682

1.72 1.70 1.71 1.69 2.26 16

2.59 1,195

1.70 1.68 1.70 N/A

2.19 6

(1.93)

1,516

1.67 1.66 1.67 N/A

1.92 17

(7.08)

1,915

1.64 1.64 1.64 N/A

1.41 15

3.66 2,592

1.65 1.65 1.65 N/A

1.56 10

5.82 28,596

0.73 (f) 0.73 (f) 0.64 (f) 0.64 (f) 3.43 (f) 8

0.97 27,993

0.72 0.70 0.71 0.69 3.27 16

3.60 26,934

0.70 0.68 0.70 N/A

3.18 6

(0.91)

28,879

0.67 0.66 0.67 N/A

2.92 17

(6.20)

29,677

0.64 0.64 0.64 N/A

2.41 15

4.79 33,372

0.65 0.65 0.65 N/A

2.56 10

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Pennsylvania

Class

A

11/30/25

(d) $

9.83 $

0.17 $

0.42 $

0.59 $

(0.17)

$

—

$

(0.17)

$

10.25 5/31/25

10.16 0.32 (0.33)

(0.01)

(0.32)

—

(0.32)

9.83 5/31/24

10.05 0.29 0.11 0.40 (0.29)

—

(0.29)

10.16 5/31/23

10.54 0.26 (0.50)

(0.24)

(0.25)

—

(0.25)

10.05 5/31/22

11.44 0.24 (0.92)

(0.68)

(0.22)

—

(0.22)

10.54 5/31/21

11.19 0.25 0.31 0.56 (0.26)

(0.05)

(0.31)

11.44 Class

C

11/30/25

(d) 9.79 0.13 0.42 0.55 (0.13)

—

(0.13)

10.21 5/31/25

10.12 0.24 (0.33)

(0.09)

(0.24)

—

(0.24)

9.79 5/31/24

10.01 0.21 0.10 0.31 (0.20)

—

(0.20)

10.12 5/31/23

10.50 0.17 (0.49)

(0.32)

(0.17)

—

(0.17)

10.01 5/31/22

11.39 0.15 (0.91)

(0.76)

(0.13)

—

(0.13)

10.50 5/31/21

11.14 0.16 0.31 0.47 (0.17)

(0.05)

(0.22)

11.39 Class

I

11/30/25

(d) 9.81 0.18 0.42 0.60 (0.18)

—

(0.18)

10.23 5/31/25

10.14 0.34 (0.33)

0.01 (0.34)

—

(0.34)

9.81 5/31/24

10.03 0.31 0.10 0.41 (0.30)

—

(0.30)

10.14 5/31/23

10.52 0.28 (0.50)

(0.22)

(0.27)

—

(0.27)

10.03 5/31/22

11.42 0.26 (0.91)

(0.65)

(0.25)

—

(0.25)

10.52 5/31/21

11.17 0.27 0.31 0.58 (0.28)

(0.05)

(0.33)

11.42 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) Unaudited.

(e) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c) Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.10

%

$

145,908

.81

%

(e) 0

.80

%

(e) 3

.47

%

(e) 9

%

(0

.14)

144,556

.82

.79

.14

.00

153,548

.81

.79

.85

(2

.27)

174,354

.80

.79

.53

(6

.02)

200,786

.76

.76

.12

.07

199,228

.77

.77

.23

.68

6,292

.61

(e) 1

.60

(e) 2

.67

(e) 9

(0

.96)

6,996

.62

.59

.33

.17

9,453

.61

.59

.04

(3

.07)

12,749

.60

.59

.73

(6

.71)

17,063

.56

.56

.31

.26

20,858

.57

.57

.43

.21

202,782

.61

(e) 0

.60

(e) 3

.67

(e) 9

.04

191,657

.62

.59

.31

.19

249,910

.61

.59

.04

(2

.07)

261,510

.60

.59

.72

(5

.83)

310,585

.56

.56

.32

.30

329,936

.57

.57

.43

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Virginia

Class

A

11/30/25

(e) $

9.90 $

0.18 $

0.34 $

0.52 $

(0.18)

$

—

$

(0.18)

$

10.24 5/31/25

10.19 0.35 (0.29)

0.06 (0.35)

—

(0.35)

9.90 5/31/24

10.17 0.33 0.03 0.36 (0.34)

—

(0.34)

10.19 5/31/23

10.54 0.30 (0.40)

(0.10)

(0.27)

—

(0.27)

10.17 5/31/22

11.65 0.24 (1.12)

(0.88)

(0.23)

—

(0.23)

10.54 5/31/21

11.28 0.25 0.38 0.63 (0.26)

—

(0.26)

11.65 Class

C

11/30/25

(e) 9.89 0.14 0.34 0.48 (0.14)

—

(0.14)

10.23 5/31/25

10.18 0.27 (0.29)

(0.02)

(0.27)

—

(0.27)

9.89 5/31/24

10.16 0.25 0.02 0.27 (0.25)

—

(0.25)

10.18 5/31/23

10.53 0.20 (0.38)

(0.18)

(0.19)

—

(0.19)

10.16 5/31/22

11.64 0.15 (1.12)

(0.97)

(0.14)

—

(0.14)

10.53 5/31/21

11.27 0.16 0.38 0.54 (0.17)

—

(0.17)

11.64 Class

I

11/30/25

(e) 9.87 0.19 0.34 0.53 (0.19)

—

(0.19)

10.21 5/31/25

10.16 0.37 (0.29)

0.08 (0.37)

—

(0.37)

9.87 5/31/24

10.14 0.35 0.02 0.37 (0.35)

—

(0.35)

10.16 5/31/23

10.51 0.32 (0.40)

(0.08)

(0.29)

—

(0.29)

10.14 5/31/22

11.62 0.26 (1.12)

(0.86)

(0.25)

—

(0.25)

10.51 5/31/21

11.25 0.27 0.38 0.65 (0.28)

—

(0.28)

11.62 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(e) Unaudited.

(f) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

.32

%

$

196,365

.77

%

(f) 0

.77

%

(f) 0

.72

%

(f) 0

.72

%

(f) 3

.66

%

(f) 5

%

.51

189,157

.79

.76

.74

.71

.44

.55

190,460

.80

.78

.79

.77

.28

(0

.89)

181,817

.78

.78

.78

.78

.91

(7

.68)

211,228

.76

.76

.76

.76

.09

.63

266,280

.77

.77

.77

.77

.18

.91

6,205

.57

(f) 1

.57

(f) 1

.52

(f) 1

.52

(f) 2

.86

(f) 5

(0

.31)

6,606

.59

.56

.54

.51

.63

.72

8,924

.60

.58

.59

.57

.47

(1

.68)

12,028

.58

.58

.58

.58

.10

(8

.42)

16,787

.56

.56

.56

.56

.29

.82

21,904

.57

.57

.57

.57

.38

.43

347,350

.57

(f) 0

.57

(f) 0

.52

(f) 0

.52

(f) 3

.86

(f) 5

.68

322,467

.59

.56

.54

.51

.64

.75

312,144

.60

.58

.59

.57

.47

(0

.68)

298,763

.58

.58

.58

.58

.10

(7

.50)

351,852

.56

.56

.56

.56

.29

.86

379,172

.57

.57

.57

.57

.37

Notes to Financial Statements

(Unaudited)

1. General Information

Trust and Fund Information:

The Nuveen Multistate Trust I (the "Trust") is an open-end management investment company registered under the

Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust is comprised of the Nuveen Arizona Municipal Bond Fund ("Arizona"),

Nuveen Colorado Municipal Bond Fund ("Colorado"), Nuveen Maryland Municipal Bond Fund ("Maryland"), Nuveen New Mexico Municipal Bond

Fund ("New Mexico"), Nuveen Pennsylvania Municipal Bond Fund ("Pennsylvania") and Nuveen Virginia Municipal Bond Fund ("Virginia") (each a

"Fund" and collectively, the "Funds"). The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as

a series of predecessor trusts or corporations prior to that date.

Current Fiscal Period

: The end of the reporting period for the Funds is November 30, 2025, and the period covered by these Notes to Financial

Statements is the six months ended November 30, 2025 (the "current fiscal period").

Investment

Adviser and Sub-Adviser

: The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC

("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

Share Classes and Sales Charges:

Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $250,000 or more

are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1%

if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if

redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class I Shares are

sold without an up-front sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board

("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ

from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share

transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.

The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that

enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit:

As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and

Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit

with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount

of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the

current fiscal period, the custodian fee credit earned by each Fund was as follows:

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Fund

Gross

Custodian Fee

Credits

Arizona

$

—

Colorado

—

Maryland

—

New Mexico

—

Pennsylvania

—

Virginia

—

Indemnifications:

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general

indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects

the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains

and losses on securities transactions are based upon the specific identification method. Interest income, which is recorded on an accrual basis and

includes the accretion of discounts and the amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind

("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

Multiclass Operations and Allocations:

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated

among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are recorded to

the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and

Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting

agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral

received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities

collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are

presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker

("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation

in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a

team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes

in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus

the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within

the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment

revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic

740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the

transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information.

The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the

implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

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

spreads, etc.).

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

investments).

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

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

Notes to Financial Statements

(continued)

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds'

liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further

described in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which

is not reflected in the tables above. The carrying value of this receivable approximates fair value. The "Receivable for sale of Vistra Vision interest" is

generally classified as Level 2 and further described in these Notes to Financial Statements.

Arizona

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

166,591,384

$

–

$

166,591,384

Short-Term Investments:

Municipal Bonds

–

4,400,000

–

4,400,000

Total

$

–

$

170,991,384

$

–

$

170,991,384

Colorado

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

458,292,703

$

–

$

458,292,703

Total

$

–

$

458,292,703

$

–

$

458,292,703

Maryland

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

236,415,653

$

–

$

236,415,653

Short-Term Investments:

Municipal Bonds

–

3,500,000

–

3,500,000

Total

$

–

$

239,915,653

$

–

$

239,915,653

New Mexico

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

65,963,036

$

–

$

65,963,036

Short-Term Investments:

Municipal Bonds

–

550,000

–

550,000

Total

$

–

$

66,513,036

$

–

$

66,513,036

Pennsylvania

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

335,845,929

$

$

335,845,979

Variable Rate Senior Loan Interests

–

–

Total

$

–

$

335,845,929

$

$

335,845,985

Virginia

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

532,458,805

$

–

$

532,458,805

Total

$

–

$

532,458,805

$

–

$

532,458,805

4. Portfolio Securities

Inverse Floating Rate Securities:

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created

by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option

rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b)

an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters

typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,

which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity

Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The

income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances

the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any

potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because

the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and

because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more

than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to

the Fund, thereby collapsing the TOB Trust.

or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse

Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse

Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first

owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited

Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of

an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the

Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB

Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in

"Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB

Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component

of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of

the end of the current fiscal period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets

and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the

Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets

and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related

borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the

Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not

show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of

the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

During the current fiscal period, the Funds did not have any transactions in self-deposited Inverse Floaters and/or externally-deposited Inverse

Floaters.

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the

holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the

security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices

of securities that pay interest periodically.

Notes to Financial Statements

(continued)

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

Sale of Vistra Vision interests:

On September 18, 2024, Vistra Corp. ("Vistra") and Nuveen agreed to terms for the sale of the Vistra Vision interest.

In exchange for its interest in Vistra Vision, a Fund will receive proceeds from the sale over a series of payments from Vistra through December

31, 2026. The resulting receivable has been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related

transaction costs are recognized as "Receivable for sale of Vistra Vision interest" and "Payable for Vistra Vision sale transactions costs," respectively,

on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Arizona

$

18,829,407

$

10,553,034

Colorado

27,139,330

26,867,387

Maryland

16,686,663

23,612,379

New Mexico

5,123,813

6,773,035

Pennsylvania

28,930,629

31,879,300

Virginia

35,339,341

24,425,820

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Six Months Ended

11/30/25

Year Ended

5/31/25

Arizona

Shares

Value

Shares

Value

Subscriptions:

Class A

887,715

$8,743,519

1,685,759

$16,994,661

Class C

28,246

278,405

41,754

417,028

Class I

1,515,259

14,961,955

3,280,336

33,262,560

Total subscriptions

2,431,220

23,983,879

5,007,849

50,674,249

Reinvestments of distributions:

Class A

103,591

1,027,500

184,165

1,859,859

Class C

2,870

28,410

5,537

55,872

Class I

104,023

1,032,973

210,734

2,133,415

Total reinvestments of distributions

210,484

2,088,883

400,436

4,049,146

Redemptions:

Class A

(591,891)

(5,874,593)

(1,602,058)

(16,111,774)

Class C

(80,685)

(808,065)

(107,076)

(1,077,288)

Class I

(1,502,291)

(14,818,169)

(3,135,679)

(31,581,978)

Total redemptions

(2,174,867)

(21,500,827)

(4,844,813)

(48,771,040)

Net increase (decrease)

466,837

$4,571,935

563,472

$5,952,355

Six Months Ended

11/30/25

Year Ended

5/31/25

Colorado

Shares

Value

Shares

Value

Subscriptions:

Class A

1,541,916

$15,097,945

3,790,453

$38,135,485

Class A - automatic conversion of Class C

—

—

21,774

220,257

Class C

28,570

280,098

50,619

513,954

Class I

5,926,095

58,052,833

10,044,619

101,079,869

Total subscriptions

7,496,581

73,430,876

13,907,465

139,949,565

Reinvestments of distributions:

Class A

295,725

2,903,731

548,622

5,515,638

Class C

7,582

74,325

17,506

175,880

Class I

485,673

4,767,595

966,693

9,716,013

Total reinvestments of distributions

788,980

7,745,651

1,532,821

15,407,531

Redemptions:

Class A

(2,586,481)

(25,412,134)

(3,740,799)

(37,609,055)

Class C

(105,305)

(1,028,909)

(292,588)

(2,943,736)

Class C - automatic conversion to Class A

—

—

(21,798)

(220,257)

Class I

(5,779,662)

(56,466,684)

(11,425,016)

(113,906,646)

Total redemptions

(8,471,448)

(82,907,727)

(15,480,201)

(154,679,694)

Net increase (decrease)

(185,887)

$(1,731,200)

(39,915)

$677,402

Notes to Financial Statements

(continued)

Six Months Ended

11/30/25

Year Ended

5/31/25

Maryland

Shares

Value

Shares

Value

Subscriptions:

Class A

507,476

$4,900,604

1,086,092

$10,658,455

Class A - automatic conversion of Class C

1,860

17,769

1,858

18,286

Class C

26,337

250,345

69,716

688,864

Class I

3,136,555

30,132,216

6,996,832

68,318,869

Total subscriptions

3,672,228

35,300,934

8,154,498

79,684,474

Reinvestments of distributions:

Class A

128,120

1,237,768

243,464

2,396,209

Class C

3,458

33,281

7,165

70,285

Class I

175,460

1,694,507

419,823

4,137,353

Total reinvestments of distributions

307,038

2,965,556

670,452

6,603,847

Redemptions:

Class A

(851,776)

(8,218,474)

(1,340,594)

(13,187,118)

Class C

(63,445)

(611,883)

(168,954)

(1,664,341)

Class C - automatic conversion to Class A

(1,867)

(17,769)

(1,865)

(18,286)

Class I

(2,669,526)

(25,484,816)

(9,798,284)

(95,535,128)

Total redemptions

(3,586,614)

(34,332,942)

(11,309,697)

(110,404,873)

Net increase (decrease)

392,652

$3,933,548

(2,484,747)

$(24,116,552)

Six Months Ended

11/30/25

Year Ended

5/31/25

New Mexico

Shares

Value

Shares

Value

Subscriptions:

Class A

252,270

$2,395,921

509,177

$4,903,506

Class C

13,400

127,664

9,787

93,990

Class I

395,721

3,757,298

818,025

7,868,279

Total subscriptions

661,391

6,280,883

1,336,989

12,865,775

Reinvestments of distributions:

Class A

51,807

490,841

103,368

993,195

Class C

666

6,323

2,089

20,142

Class I

37,770

359,582

74,269

716,903

Total reinvestments of distributions

90,243

856,746

179,726

1,730,240

Redemptions:

Class A

(581,225)

(5,513,947)

(602,530)

(5,802,145)

Class C

(16,457)

(154,635)

(64,045)

(617,625)

Class I

(485,776)

(4,584,744)

(714,387)

(6,862,368)

Total redemptions

(1,083,458)

(10,253,326)

(1,380,962)

(13,282,138)

Net increase (decrease)

(331,824)

$(3,115,697)

135,753

$1,313,877

Six Months Ended

11/30/25

Year Ended

5/31/25

Pennsylvania

Shares

Value

Shares

Value

Subscriptions:

Class A

763,152

$7,588,403

2,212,901

$22,322,103

Class A - automatic conversion of Class C

22,337

222,013

38,693

404,166

Class C

13,938

138,964

96,472

985,520

Class I

2,619,236

26,005,426

6,028,244

61,105,340

Total subscriptions

3,418,663

33,954,806

8,376,310

84,817,129

Reinvestments of distributions:

Class A

231,890

2,318,881

424,924

4,339,618

Class C

8,536

85,020

18,324

186,519

Class I

210,332

2,100,278

535,180

5,469,393

Total reinvestments of distributions

450,758

4,504,179

978,428

9,995,530

Redemptions:

Class A

(1,492,617)

(14,920,499)

(3,075,248)

(31,312,123)

Class C

(98,572)

(983,620)

(295,132)

(3,011,249)

Class C - automatic conversion to Class A

(22,417)

(222,013)

(38,841)

(404,166)

Class I

(2,549,806)

(25,195,494)

(11,664,982)

(118,130,567)

Total redemptions

(4,163,412)

(41,321,626)

(15,074,203)

(152,858,105)

Net increase (decrease)

(293,991)

$(2,862,641)

(5,719,465)

$(58,045,446)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated

state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income

distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

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

Six Months Ended

11/30/25

Year Ended

5/31/25

Virginia

Shares

Value

Shares

Value

Subscriptions:

Class A

4,787,572

$48,554,908

3,288,765

$33,933,341

Class A - automatic conversion of Class C

563

5,600

3,165

32,726

Class C

50,166

504,925

135,473

1,400,730

Class I

7,003,156

69,821,714

13,554,914

137,863,131

Total subscriptions

11,841,457

118,887,147

16,982,317

173,229,928

Reinvestments of distributions:

Class A

292,323

2,937,166

552,953

5,681,322

Class C

8,747

87,776

18,558

190,597

Class I

405,725

4,066,975

770,525

7,901,839

Total reinvestments of distributions

706,795

7,091,917

1,342,036

13,773,758

Redemptions:

Class A

(5,009,423)

(50,701,431)

(3,428,885)

(35,313,235)

Class C

(119,651)

(1,193,032)

(359,672)

(3,689,220)

Class C - automatic conversion to Class A

(564) (5,600)

(3,168)

(32,726)

Class I

(6,058,229)

(60,150,619)

(12,384,015)

(125,941,718)

Total redemptions

(11,187,867)

(112,050,682)

(16,175,740)

(164,976,899)

Net increase (decrease)

1,360,385

$13,928,382

2,148,613

$22,026,787

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Arizona

$

172,749,947

$

1,744,396

$

(3,502,959)

$

(1,758,563)

Colorado

458,816,239

4,803,742

(5,327,278)

(523,536)

Maryland

242,408,565

3,285,583

(5,778,495)

(2,492,912)

New Mexico

67,517,972

549,004

(1,553,940)

(1,004,936)

Pennsylvania

355,314,578

3,837,656

(23,306,249)

(19,468,593)

Virginia

530,760,580

12,496,989

(10,798,764)

1,698,225

Notes to Financial Statements

(continued)

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

Management Fees: Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

The annual fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Arizona

$

605,398

$

—

$

—

$

(7,729,731)

$

(14,061,360)

$

—

$

(438,557)

$

(21,624,250)

Colorado

2,360,606

8,158

—

(14,381,956)

(44,679,056)

—

(1,452,944)

(58,145,192)

Maryland

1,005,892

—

(12,745,067)

(23,108,474)

—

(727,486)

(35,575,085)

New Mexico

176,509

—

—

(3,678,679)

(5,757,343)

—

(181,030)

(9,440,543)

Pennsylvania

1,935,641

273,274

—

(35,050,529)

(13,615,405)

—

(1,033,643)

(47,490,662)

Virginia

2,374,042

587

—

(16,825,040)

(54,568,923)

—

(1,608,813)

(70,628,147)

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2025 through May 31, 2025 and

paid on June 2, 2025.

Fund

Short-Term

Long-Term

Total

Arizona

$

4,110,643

$

9,950,717

$

14,061,360

Colorado

12,884,938

31,794,118

44,679,056

Maryland

6,825,155

16,283,319

23,108,474

New Mexico

1,439,836

4,317,507

5,757,343

Pennsylvania

8,109,125

5,506,280

13,615,405

Virginia

18,322,535

36,246,388

54,568,923

Average Daily Net Assets

Arizona

Colorado

Maryland

New Mexico

Pennsylvania

Virginia

For the first $125 million

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

For the next $125 million

0.3375 0.3375 0.3375 0.3375 0.3375 0.3375 For the next $250 million

0.3250 0.3250 0.3250 0.3250 0.3250 0.3250 For the next $500 million

0.3125 0.3125 0.3125 0.3125 0.3125 0.3125 For the next $1 billion

0.3000 0.3000 0.3000 0.3000 0.3000 0.3000 For the next $3 billion

0.2750 0.2750 0.2750 0.2750 0.2750 0.2750 For the next $5 billion

0.2500 0.2500 0.2500 0.2500 0.2500 0.2500 For net assets over $10 billion

0.2375 0.2375 0.2375 0.2375 0.2375 0.2375 83

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

As of the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the following Fund so that the total annual Fund operating

expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and

disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts

and for the time periods stated in the following table:

Distribution and Service Fees:

Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a

0.20% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class I Shares are

not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the "Distributor"), a wholly-owned

subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder

accounts.

Other Transactions with Affiliates:

The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by

the Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board

("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by

virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7

under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring

broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

Arizona

0.1559 %

Colorado

0.1559 Maryland

0.1559 New Mexico

0.1559 Pennsylvania

0.1559 Virginia

0.1559 Fund

Expense Cap

Expense Cap

Expiration Date

Maryland

0.57%

July 31, 2027

New Mexico

0.64%

July 31, 2027

Virginia

0.57%

July 31, 2027

Notes to Financial Statements

(continued)

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as

concessions to financial intermediaries as follows:

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for

providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the

first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

Fund

Purchases

Sales

Realized

Gain (Loss)

Arizona

$

2,052,890

$

696,262

$

(45,387)

Colorado

—

—

—

Maryland

—

—

—

New Mexico

—

2,058,980

(6,293)

Pennsylvania

—

—

—

Virginia

1,329,285

—

—

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

Arizona

$

75,493

$

73,726

Colorado

100,029

96,244

Maryland

41,822

40,400

New Mexico

11,600

10,874

Pennsylvania

31,945

31,214

Virginia

171,317

167,064

Fund

Commission

Advances

Arizona

$

65,065

Colorado

74,009

Maryland

32,282

New Mexico

7,395

Pennsylvania

27,852

Virginia

144,567

Fund

12b-1 Fees

Retained

Arizona

$

1,867

Colorado

1,506

Maryland

1,999

New Mexico

Pennsylvania

3,354

Virginia

5,045

9. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established

a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other

than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its

associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the

size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to

those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the

relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each

Participating Fund.

During the current fiscal period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was

as follows:

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on

the Borrowings were as follows:

Borrowings outstanding as of the end of the current fiscal period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities,

where applicable.

Fund

CDSC

Retained

Arizona

$

6,347

Colorado

648

Maryland

588

New Mexico

2,687

Pennsylvania

Virginia

2,378

Fund

Maximum

Outstanding

Balance

Arizona

$

5,900,000

Colorado

3,000,000

Maryland

—

New Mexico

—

Pennsylvania

3,600,000

Virginia

599,213

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Arizona

$

3,848,196

5.17 %

Colorado

3,000,000

5.08 Maryland

—

—

—

New Mexico

—

—

—

Pennsylvania

1,775,000

5.29 Virginia

599,213

5.29 ------

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

Not applicable.

------

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

Not applicable.

------

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

The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by each Fund is reported as "Trustees fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

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

Not applicable.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

------

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

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

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

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

------

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

(a) Not applicable.

(b) Not applicable.

------

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

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

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

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d36895dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d36895dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Nuveen Multistate Trust I</u> |  |
| Date: February 5, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |

---

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

---

| | |
|:---|:---|
| Date: February 5, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date: February 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

## Ex-99.Cert

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

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

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust I;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

------

---

| | |
|:---|:---|
| Date: February 5, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust I;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

------

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| | |
|:---|:---|
| Date: February 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

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

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

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

In connection with the semi-annual report of Nuveen Multistate Trust I (the "Registrant") on Form N-CSR for the period ended November 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

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

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

---

| | |
|:---|:---|
| Date: February 5, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date: February 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---