# EDGAR Filing Document

**Accession Number:** 0001020661
**File Stem:** 0001193125-26-038817
**Filing Date:** 2026-2
**Character Count:** 173492
**Document Hash:** e04980193c9dbfb1b0e018259366585d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-038817.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-038817

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**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 III
- **CENTRAL INDEX KEY:** 0001020661

**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:** 811-07943
- **FILM NUMBER:** 26601278

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN  MULTISTATE TRUST III
- **DATE OF NAME CHANGE:** 20040108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP MULTISTATE TRUST III
- **DATE OF NAME CHANGE:** 19960807

## Series and Classes Contracts Data

### Nuveen Georgia Municipal Bond Fund (Series ID: S000000560)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000001548 | Nuveen Georgia Municipal Bond Fund - Class A | FGATX           |
| C000001551 | Nuveen Georgia Municipal Bond Fund - Class I | FGARX           |
| C000137683 | Class C                                      | FGCCX           |

### Nuveen Louisiana Municipal Bond Fund (Series ID: S000000561)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000001552 | Nuveen Louisiana Municipal Bond Fund - Class A | FTLAX           |
| C000001555 | Nuveen Louisiana Municipal Bond Fund - Class I | FTLRX           |
| C000137684 | Class C                                        | FAFLX           |

### Nuveen North Carolina Municipal Bond Fund (Series ID: S000000562)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000001556 | Nuveen North Carolina Municipal Bond Fund - Class A | FLNCX           |
| C000001559 | Nuveen North Carolina Municipal Bond Fund - Class I | FCNRX           |
| C000137685 | Class C                                             | FDCCX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07943

Nuveen Multistate Trust III

(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 31</u>

Date of reporting period: <u>November 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](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Georgia Municipal Bond Fund

Class A Shares/FGATX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Georgia 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 | $45 | 0.88% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $146338776 |
|  Total number of portfolio holdings | 85 |
|  Portfolio turnover (%) | 15% |

---

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

![LOGO](g18069g1g00a01.jpg)

![LOGO](g18069g1g00b02.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.

---

| | |
|:---|:---|
| 67065P501_SAR_1125<br> 5035480 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Georgia Municipal Bond Fund

Class C Shares/FGCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Georgia 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 | $86 | 1.68% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $146338776 |
|  Total number of portfolio holdings | 85 |
|  Portfolio turnover (%) | 15% |

---

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

![LOGO](g18069g1g09c97.jpg)

![LOGO](g18069g1g76c35.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.

---

| | |
|:---|:---|
| 67065P717_SAR_1125<br> 5035480 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Georgia Municipal Bond Fund

Class I Shares/FGARX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Georgia 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 | $35 | 0.68% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $146338776 |
|  Total number of portfolio holdings | 85 |
|  Portfolio turnover (%) | 15% |

---

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

![LOGO](g18069g1g69j40.jpg)

![LOGO](g18069g1g30f76.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.

---

| | |
|:---|:---|
| 67065P808_SAR_1125<br> 5035480 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Louisiana Municipal Bond Fund

Class A Shares/FTLAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Louisiana 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 | 0.85% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $223077791 |
|  Total number of portfolio holdings | 170 |
|  Portfolio turnover (%) | 11% |

---

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

![LOGO](g18069g1g20k80.jpg)

![LOGO](g18069g1g02b07.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.

---

| | |
|:---|:---|
| 67065P881_SAR_1125<br> 5035491 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Louisiana Municipal Bond Fund

Class C Shares/FAFLX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Louisiana 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 | 1.65% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $223077791 |
|  Total number of portfolio holdings | 170 |
|  Portfolio turnover (%) | 11% |

---

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

![LOGO](g18069g1g80r68.jpg)

![LOGO](g18069g1g58s99.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.

---

| | |
|:---|:---|
| 67065P691_SAR_1125<br> 5035491 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Louisiana Municipal Bond Fund

Class I Shares/FTLRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Louisiana 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 | 0.65% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $223077791 |
|  Total number of portfolio holdings | 170 |
|  Portfolio turnover (%) | 11% |

---

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

![LOGO](g18069g1g69b51.jpg)

![LOGO](g18069g1g89u19.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.

---

| | |
|:---|:---|
| 67065P857_SAR_1125<br> 5035491 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen North Carolina Municipal Bond Fund

Class A Shares/FLNCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen North Carolina 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 | $482406981 |
|  Total number of portfolio holdings | 217 |
|  Portfolio turnover (%) | 6% |

---

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

![LOGO](g18069g1g02v08.jpg)

![LOGO](g18069g1g02b13.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.

---

| | |
|:---|:---|
| 67065P840_SAR_1125<br> 5035504 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen North Carolina Municipal Bond Fund

Class C Shares/FDCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen North Carolina 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 | $82 | 1.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $482406981 |
|  Total number of portfolio holdings | 217 |
|  Portfolio turnover (%) | 6% |

---

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

![LOGO](g18069g1g56b64.jpg)

![LOGO](g18069g1g07m23.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.

---

| | |
|:---|:---|
| 67065P683_SAR_1125<br> 5035504 | ![LOGO](g18069g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g18069g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen North Carolina Municipal Bond Fund

Class I Shares/FCNRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen North Carolina 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 | $482406981 |
|  Total number of portfolio holdings | 217 |
|  Portfolio turnover (%) | 6% |

---

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

![LOGO](g18069g1g82x66.jpg)

![LOGO](g18069g1g80w74.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.

---

| | |
|:---|:---|
| 67065P816_SAR_1125<br> 5035504 | ![LOGO](g18069g1g85u20.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

Georgia

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.1%

X

143,578,652

MUNICIPAL BONDS - 98.1%

X

–

CONSUMER DISCRETIONARY - 1.3%

$

2,200,000

Geo. L. Smith II Georgia World Congress Center Authority,

Georgia, Convention Center Hotel Revenue Bonds, First Tier

Series 2021A

.000

%

01/01/54

$

1,849,483

TOTAL CONSUMER DISCRETIONARY

1,849,483

EDUCATION AND CIVIC ORGANIZATIONS - 7.7%

1,250,000

Athens-Clarke County Unified Government Development

Authority, Georgia, Revenue Bonds, University of Georgia Project

- UGAREF West Precinct LLC, Series 2024

.000

06/15/44

1,241,054

1,150,000

Athens-Clarke County Unified Government Development

Authority, Georgia, Revenue Bonds, University of Georgia Project

- UGAREF West Precinct LLC, Series 2024

.000

06/15/49

1,076,744

750,000

Cobb County Development Authority, Georgia, Charter School

Revenue Bonds, Northwest Classical Academy, Inc. Project,

Series 2023A

.375

06/15/58

735,439

815,000

Fulton County Development Authority, Georgia, Revenue Bonds,

Georgia Tech Athletic Association Project, Series 2019A

.000

10/01/35

866,610

2,000,000

Fulton County Development Authority, Georgia, Revenue Bonds,

Robert W. Woodruff Arts Center, Inc. Project, Refunding Series

2015A

.000

03/15/36

2,009,646

2,000,000

Fulton County Development Authority, Georgia, Revenue Bonds,

Robert W. Woodruff Arts Center, Inc. Project, Series 2019A

.000

03/15/44

2,027,881

500,000

Fulton County Development Authority, Georgia, Revenue Bonds,

Spellman College, Series 2025

.000

06/01/32

567,900

2,750,000

Gwinnett County Development Authority, Georgia, Revenue

Bonds, Georgia Gwinnett College Student Housing Project,

Refunding Series 2017B

.000

07/01/40

2,792,251

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

11,317,525

HEALTH CARE - 12.6%

3,590,000

Brookhaven Development Authority, Georgia, Revenue Bonds,

Children's Healthcare of Atlanta, Inc. Project, Series 2019A

.000

07/01/49

3,277,276

1,880,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center Inc. Project,

Series 2020

.000

07/01/50

1,763,987

2,590,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center Inc. Project,

Series 2025

.000

07/01/40

2,882,323

455,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center Inc. Project,

Series 2025

.000

07/01/41

500,175

420,000

Cobb County Kennestone Hospital Authority, Georgia, Revenue

Anticipation Certificates, Wellstar Health System, Series 2017A

.000

04/01/36

428,531

2,000,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

.125

04/01/53

2,065,544

2,100,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

.750

04/01/53

2,270,101

530,000

Dalton Development Authority, Georgia, Revenue Bonds,

Hamilton Health Care System Inc., Series 2024B

.000

08/15/40

588,718

2,500,000

Fulton County Development Authority, Georgia, Revenue Bonds,

Piedmont Healthcare, Inc. Project, Series 2019A - BAM Insured

.000

07/01/49

2,329,925

2,500,000

Savannah Hospital Authority, Georgia, Revenue Bonds, Saint

Joseph's/Candler Health System, Inc., Anticipation Certificate

Series 2019A

.000

07/01/43

2,375,687

TOTAL HEALTH CARE

18,482,267

Portfolio of Investments November 30, 2025

(continued)

Georgia

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 3.0%

$

750,000

(a) College Park Housing Authority, Georgia, Multifamily Housing

Revenue Bonds, Brad Blue Sky Apartments, LLC Project, Series

2025, (Mandatory Put 4/01/28)

.450

%

04/01/44

$

754,966

3,600,000

DeKalb County Housing Authority, Georgia, Multifamily Housing

Revenue Bonds, Kensington Station Project, Series 2023

.000

12/01/33

3,670,156

TOTAL HOUSING/MULTIFAMILY

4,425,122

HOUSING/SINGLE FAMILY - 1.0%

1,500,000

Georgia Housing and Finance Authority, Single Family Mortgage

Bonds, Series 2025C

.050

12/01/45

1,552,584

TOTAL HOUSING/SINGLE FAMILY

1,552,584

INDUSTRIALS - 0.2%

250,000

Savannah-Georgia Convention Center Authority, Convention

Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series

2025C

.000

06/01/37

281,095

TOTAL INDUSTRIALS

281,095

TAX OBLIGATION/GENERAL - 13.8%

2,845,000

Atlanta, Georgia, General Obligation Bonds, Public Improvement

Social Series 2022A-1

.000

12/01/41

3,086,530

1,000,000

Carrollton Independent School System, Carroll County, Georgia,

General Obligation Bonds, Series 2015

.000

04/01/32

1,007,603

850,000

Coweta County Public Facilities Authority, Georgia, Revenue

Bonds, Coweta County Project, Series 2022

.000

09/01/42

912,087

1,815,000

Crisp County Hospital Authority, Georgia, Revenue Anticipation

Certificates, Crisp County Hospital Project, Series 2021

.000

07/01/46

1,752,984

1,100,000

East Point Building Authority, Georgia, Revenue Bonds, Water &

Sewer Project, Refunding Series 2017 - AGM Insured

.000

02/01/34

1,123,840

4,000,000

Gainesville and Hall County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Northeast Georgia Health Services Inc.,

Series 2017B

.250

02/15/45

4,052,204

1,120,000

Georgia State Road and Tollway Authority, Guaranteed Revenue

Bonds, Managed Lane System, Series 2021A

.000

07/15/37

1,163,859

2,000,000

Georgia State Road and Tollway Authority, Guaranteed Revenue

Bonds, Managed Lane System, Series 2021A

.000

07/15/39

2,057,758

1,625,000

Greene County School District, Georgia, General Obligation

Bonds, Series 2023

.000

06/01/48

1,566,419

1,000,000

Jackson County School District, Georgia, General Obligation

Bonds, School Series 2025

.000

03/01/33

1,157,538

2,325,000

Walton County Water and Sewerage Authority, Georgia, Revenue

Bonds, Oconee-Hard Creek Reservoir Project, Series 2023

.000

02/01/47

2,290,722

TOTAL TAX OBLIGATION/GENERAL

20,171,544

TAX OBLIGATION/LIMITED - 9.6%

1,500,000

Atlanta Development Authority, Georgia, Revenue Bonds, New

Downtown Atlanta Stadium Project, Second Lien Series 2015B

.000

07/01/44

1,500,356

2,500,000

Atlanta Development Authority, Georgia, Revenue Bonds, New

Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1

.250

07/01/44

2,500,870

750,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Galleria Centre Project Series 2025

.000

10/01/34

882,776

1,250,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Galleria Centre Project Series 2025

.000

10/01/35

1,466,691

1,000,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Galleria Centre Project Series 2025

.000

10/01/36

1,163,319

40,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Refunding Series 1993 - NPFG Insured

.625

10/01/26

40,787

30,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Refunding Series 2005 - NPFG Insured

.500

10/01/26

30,642

1,671,000

Georgia Local Governments, Certificates of Participation, Georgia

Municipal Association, Series 1998A - NPFG Insured

.750

06/01/28

1,713,308

1,000,000

Perry Public Facilities Authority, Georgia, Revenue Bonds, City of

Perry Projects, Series 2025

.250

04/01/54

977,513

1,225,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

930,193

1,825,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

1,825,512

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

985,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

%

07/01/40

$

960,751

TOTAL TAX OBLIGATION/LIMITED

13,992,718

TRANSPORTATION - 12.8%

1,000,000

Atlanta, Georgia, Airport General Revenue Bonds, Green Series

2024A-1

.000

07/01/54

1,048,363

1,000,000

Atlanta, Georgia, Airport General Revenue Bonds, Green Series

2025B-1, (AMT)

.500

07/01/55

1,064,706

1,190,000

Atlanta, Georgia, Airport General Revenue Bonds, Refunding

Series 2021B

.000

07/01/38

1,217,823

2,000,000

Atlanta, Georgia, Airport General Revenue Bonds, Series 2022A

.000

07/01/47

2,090,588

2,000,000

Atlanta, Georgia, Airport Passenger Facilities Charge and

General Revenue Bonds, Subordinate Lien Series 2019D, (AMT)

.000

07/01/38

2,002,302

160,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

.000

01/01/32

160,156

170,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

.000

01/01/33

170,156

100,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

.000

01/01/34

100,086

150,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

.000

01/01/35

150,135

3,625,000

Georgia Ports Authority, Revenue Bonds, Series 2021

.000

07/01/46

3,516,413

2,000,000

Georgia Ports Authority, Revenue Bonds, Series 2021

.000

07/01/51

1,889,816

2,000,000

Georgia Ports Authority, Revenue Bonds, Series 2022

.000

07/01/47

1,928,503

3,200,000

Georgia Ports Authority, Revenue Bonds, Series 2022

.000

07/01/47

3,354,316

TOTAL TRANSPORTATION

18,693,363

U.S. GUARANTEED - 3.3% (b)

1,000,000

Atlanta, Georgia, Water and Wastewater Revenue Bonds,

Refunding Series 2017A, (Pre-refunded 11/01/27)

.000

11/01/37

1,046,494

1,635,000

Atlanta, Georgia, Water and Wastewater Revenue Bonds,

Refunding Series 2018A, (Pre-refunded 11/01/27)

.000

11/01/41

1,711,018

2,000,000

Sandy Springs Public Facilities Authority, Georgia, Revenue

Bonds, Sandy Springs City Center Project, Series 2015, (Pre-

refunded 5/01/26)

.000

05/01/47

2,020,128

TOTAL U.S. GUARANTEED

4,777,640

UTILITIES - 32.8%

1,000,000

Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series

2021 - BAM Insured

.000

12/01/46

952,267

1,170,000

Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series

2021 - BAM Insured

.000

12/01/51

1,087,792

2,000,000

(a) Burke County Development Authority, Georgia, Pollution Control

Revenue Bonds, Georgia Power Company, Fifth Series 1994,

(Mandatory Put 6/13/28)

.700

10/01/32

2,028,020

1,250,000

Burke County Development Authority, Georgia, Pollution Control

Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,

Series 2017C

.125

11/01/45

1,180,942

2,010,000

Burke County Development Authority, Georgia, Pollution Control

Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,

Series 2017D

.125

11/01/45

1,898,955

2,000,000

Cartersville, Georgia, Water and Sewer Revenue Bonds, Series

2018

.000

06/01/48

2,038,529

1,000,000

Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020

.000

03/01/41

973,596

1,150,000

DeKalb County, Georgia, Water and Sewerage Revenue Bonds,

Refunding Series 2006B - AGM Insured

.250

10/01/32

1,171,472

3,850,000

DeKalb County, Georgia, Water and Sewerage Revenue Bonds,

Second Resolution Series 2022

.000

10/01/47

4,025,376

4,000,000

DeKalb County, Georgia, Water and Sewerage Revenue Bonds,

Second Resolution Series 2022

.000

10/01/52

4,149,824

3,000,000

Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4

Project P Bonds, Series 2019B

.000

01/01/48

3,008,482

2,630,000

Main Street Natural Gas Inc., Georgia, Gas Project Revenue

Bonds, Series 2007A

.500

09/15/27

2,725,280

2,750,000

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2019A

.000

05/15/43

2,801,909

Portfolio of Investments November 30, 2025

(continued)

Georgia

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,455,000

(a) Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2023D, (Mandatory Put 12/01/30)

.000

%

05/01/54

$

1,546,586

1,000,000

Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2024E

.000

12/01/32

1,080,221

2,000,000

(a) Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2025B, (Mandatory Put 12/01/35)

.000

12/01/55

2,197,335

3,500,000

Monroe, Georgia, Combined Utilities Revenue Bonds, Series

2020 - AGM Insured

.000

12/01/50

3,259,252

3,500,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Lien Series 2015A

.000

01/01/32

2,808,791

2,000,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Lien Series 2020A

.000

01/01/45

2,050,963

2,500,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Lien Series 2020A

.000

01/01/50

2,543,731

1,255,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Series 2024A - BAM Insured

.250

01/01/54

1,319,087

2,000,000

Upper Oconee Basin Water Authority, Georgia, Water Revenue

Bonds, Series 2024

.000

07/01/55

2,101,110

1,045,000

Walton County Water and Sewerage Authority, Georgia, Revenue

Bonds, Walton-Hard Labor Creek Reservoir Water Treatment

Facility Project, Series 2022

.000

02/01/53

1,085,791

TOTAL UTILITIES

48,035,311

TOTAL MUNICIPAL BONDS

(Cost $143,347,816)

143,578,652

TOTAL LONG-TERM INVESTMENTS

(Cost $143,347,816)

143,578,652

OTHER ASSETS & LIABILITIES, NET - 1.9%

2,760,124

NET ASSETS - 100%

$

146,338,776

AMT

Alternative Minimum Tax

(a) 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.

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

payment of principal and interest.

Portfolio of Investments November 30, 2025

Louisiana

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.4%

X

217,216,227

MUNICIPAL BONDS - 97.4%

X

–

CONSUMER STAPLES - 1.2%

$

1,000,000

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco

Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien

Series 2020A-2 Class 1

.000

%

06/01/48

$

712,308

585,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

06/01/32

574,439

315,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Turbo Term Series 2016A.

Including 2016A-1, 2016A-2A and 2016A-2B

.000

06/01/45

276,785

165,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018B

.000

06/01/46

160,439

1,160,000

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

.000

06/01/48

1,022,084

TOTAL CONSUMER STAPLES

2,746,055

EDUCATION AND CIVIC ORGANIZATIONS - 25.8%

1,025,000

(a) Jefferson Parish Economic Development and Port District,

Louisiana, Kenner Discovery Health Sciences Academy Project,

Series 2018A

.500

06/15/38

1,029,406

1,500,000

(a) Jefferson Parish Economic Development and Port District,

Louisiana, Kenner Discovery Health Sciences Academy Project,

Series 2018A

.625

06/15/48

1,452,742

815,000

Lafayette Public Trust Financing Authority, Louisiana, Revenue

Bonds, Ragin' Cajun Facilities Inc. Project, Refunding Series 2012

- AGM Insured

.000

10/01/27

816,315

500,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Ragin' Cajun Facilities Inc.- Athletic Facilities Project, Refunding

Series 2021 - AGM Insured

.000

10/01/40

500,513

720,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Ragin' Cajun Facilities Inc.- Athletic Facilities Project, Refunding

Series 2021 - AGM Insured

.000

10/01/42

703,410

3,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Ragin' Cajun Facilities Inc.- Student Housing & Parking Project,

Series 2018 - AGM Insured

.000

10/01/48

3,013,848

1,030,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Ragin' Cajun Facilities Inc.- Student Union/University Facilities

Project, Series 2021 - AGM Insured

.000

10/01/39

1,051,914

750,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Ragin Cajun Facilities, Inc. Lewis Street Parking Garage Project,

Refunding Series 2021 - AGM Insured

.000

10/01/42

732,719

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Louisiana

Tech University Student Housing & Recreational Facilities/

Innovative Student Facilities Inc. Project, Refunding Series 2015 -

AGM Insured

.000

10/01/34

1,001,280

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Louisiana

Tech University Student Housing/Innovative Student Facilities Inc.

Project, Series 2016A

.000

10/01/46

947,197

500,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

State University Student Parking - Cowboy Facilities, Inc. Project,

Refunding Series 2021

.000

03/01/33

476,848

1,200,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

State University Student Parking - Cowboy Facilities, Inc. Project,

Refunding Series 2021

.000

03/01/37

1,068,674

Portfolio of Investments November 30, 2025

(continued)

Louisiana

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,270,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

State University Student Parking - Cowboy Facilities, Inc. Project,

Refunding Series 2021

.000

%

03/01/39

$

1,066,402

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

State University Student Parking - Cowboy Facilities, Inc. Project,

Refunding Series 2021

.000

03/01/42

773,479

2,385,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Nicholls

State University Student Recreation Center/NSU Facilities

Corporation Project, Refunding Series 2021

.000

10/01/38

2,203,658

2,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Ragin'

Cajun Facilities Inc.- Student Housing & Parking Project, Series

2017 - AGM Insured

.000

10/01/39

2,033,853

1,500,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds,

Southeastern Louisiana University student Housing/University

Facilities Project, Series 2017 - AGM Insured

.000

08/01/42

1,524,382

1,300,000

(a) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Lake Charles College Prep Project, Series 2019A

.000

06/01/39

1,281,854

220,000

Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Tulane University, Refunding Series 2017A

.000

12/15/30

229,418

1,680,000

(a) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Young Audiences Charter School, Series 2019A

.000

04/01/39

1,592,299

1,000,000

(a) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Young Audiences Charter School, Series 2019A

.000

04/01/57

837,429

200,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University GreenHouse District Phase II Project, Series 2017

.000

07/01/42

202,133

2,365,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University GreenHouse District Phase III Project, Series 2019A -

BAM Insured

.000

07/01/54

2,190,448

4,510,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University GreenHouse District Phase III Project, Series 2019A -

BAM Insured

.000

07/01/59

4,557,042

6,000,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University Nicolson Gateway Project, Series 2016A

.000

07/01/51

6,002,842

500,000

(a) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Jefferson Rise Charter School Project, Series 2022A

.250

06/01/52

499,081

540,000

(a) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Jefferson Rise Charter School Project, Series 2022A

.375

06/01/62

538,920

2,000,000

(a) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Lake Charles Charter Academy Foundation Project, Refunding

Series 2024A

.000

12/15/43

1,912,923

270,000

(a) Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Lincoln Preparatory School Project, Series 2022A

.500

06/01/62

243,854

1,275,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series 2021

.000

10/01/40

1,193,756

20,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series 2021

.000

10/01/41

18,372

3,350,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series 2021

.000

10/01/51

2,774,009

2,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series

2023A

.250

10/01/48

2,008,250

250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Series 2023A

.000

10/01/27

256,316

250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Series 2023A

.000

10/01/28

259,226

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

2,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Tulane University, Refunding Series 2020A

.000

%

04/01/40

$

1,970,363

3,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Tulane University, Refunding Series 2023A

.000

10/15/48

3,106,071

1,000,000

(b) Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese

of New Orleans, Refunding Series 2017

.000

07/01/37

402,500

2,835,000

Louisiana Public Facilities Authority, Revenue Bonds, Loyola

University Project, Refunding Series 2017

.250

10/01/31

3,059,177

2,040,000

Louisiana Public Facilities Authority, Revenue Bonds, Loyola

University Project, Refunding Series 2017

.250

10/01/46

2,056,921

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

57,589,844

ENERGY - 2.1%

2,000,000

(a),(c)

Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,

L.P. Project, Series 2008, (Mandatory Put 6/01/30)

.100

06/01/38

2,196,348

205,000

(a),(c)

Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,

L.P. Project, Series 2010B, (Mandatory Put 6/01/30)

.100

12/01/40

225,419

100,000

(c) Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,

L.P. Project, Series 2011, (Mandatory Put 6/01/30)

.700

08/01/41

101,098

2,035,000

(c) Saint John the Baptist Parish, Louisiana, Revenue Bonds,

Marathon Oil Corporation Project, Refunding Series 2017C,

(Mandatory Put 7/03/28)

.300

06/01/37

2,039,979

TOTAL ENERGY

4,562,844

HEALTH CARE - 13.7%

715,000

Calcasieu Parish Memorial Hospital Service District, Louisiana,

Revenue Bonds, Lake Charles Memorial Hospital, Refunding

Series 2019

.000

12/01/34

726,889

390,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/39

403,509

420,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C

.000

02/15/36

428,496

2,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Womans Hospital Foundation Project, Refunding Series 2017A

.000

10/01/41

1,933,970

3,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Womans Hospital Foundation Project, Refunding Series 2017A

.000

10/01/41

3,041,529

3,000,000

Louisiana Public Facilities Authority, Hospital Revenue Bonds,

Franciscan Missionaries of Our Lady Health System, Series 2017A

.000

07/01/47

3,020,011

3,000,000

Louisiana Public Facilities Authority, Hospital Revenue Bonds,

Louisiana Children's Medical Center Hospital, Series 2015A-1.

Fixed Rate Mode

.000

06/01/45

3,041,063

300,000

Louisiana Public Facilities Authority, Hospital Revenue Bonds,

Louisiana Children's Medical Center Hospital, Series 2020A

.000

06/01/50

262,788

3,245,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Christus Health, Refunding Series 2019A

.000

07/01/43

3,335,593

2,200,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

.250

05/15/55

2,308,735

3,980,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

.500

05/15/55

4,246,021

200,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Series 2015

.000

05/15/47

200,052

310,000

Puerto Rico Industrial, Tourist, Educational, Medical and

Environmental Control Facilities Financing Authority, Hospital

Revenue Bonds, (Hospital Auxilio Mutuo Obligated Group

Project, Refunding Series 2021

.000

07/01/31

333,717

1,000,000

Puerto Rico Industrial, Tourist, Educational, Medical and

Environmental Control Facilities Financing Authority, Hospital

Revenue Bonds, (Hospital Auxilio Mutuo Obligated Group

Project, Refunding Series 2021

.000

07/01/32

1,072,142

1,715,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

.000

07/01/36

1,774,812

Portfolio of Investments November 30, 2025

(continued)

Louisiana

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,400,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

.000

%

07/01/37

$

1,445,887

1,000,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

.000

07/01/43

949,099

1,000,000

Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital

Revenue Bonds, North Oaks Health System Project, Refunding

Series 2021

.000

02/01/39

998,000

1,085,000

Terrebonne Parish Hospital Service District 1, Louisiana, Hospital

Revenue Bonds, Terrebonne General Medical Center, Refunding

Series 2013

.000

04/01/33

1,085,410

TOTAL HEALTH CARE

30,607,723

HOUSING/MULTIFAMILY - 1.2%

1,775,000

Louisiana Housing Finance Agency, Multifamily Housing Revenue

Bonds, Mallard Crossings Apartments, Series 2011

.750

10/01/29

1,776,406

1,000,000

(a) Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Provident Group - HSC Properties Inc - LSU Health Foundation,

New Orleans Project, Senior Lien Series 2020A-1

.500

01/01/50

768,551

TOTAL HOUSING/MULTIFAMILY

2,544,957

HOUSING/SINGLE FAMILY - 2.2%

750,000

Capital Area Finance Authority, Louisiana, Single Family

Mortgage Revenue Bonds, Series 2025B

.050

10/01/55

751,071

1,160,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Home Ownership Program, Series 2020B

.500

06/01/50

1,155,645

1,930,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Home Ownership Program, Series 2021D

.250

06/01/52

1,909,595

1,075,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Home Ownership Program, Series 2024A

.650

12/01/54

1,068,367

TOTAL HOUSING/SINGLE FAMILY

4,884,678

INDUSTRIALS - 4.7%

470,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Cameron Parish GOMESA Project, Green Series 2018

.650

11/01/37

491,728

2,835,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Jefferson Parish GOMESA Project, Series 2019

.000

11/01/44

2,625,529

900,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

New Orleans GOMESA Project, Series 2021

.000

11/01/46

811,751

2,000,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Bernard Parish GOMESA Project, Series 2025

.125

11/01/50

1,991,080

70,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint John the Baptist Parish GOMESA Project, Series 2019

.900

11/01/44

63,701

1,025,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Martin Parish GOMESA Project, Series 2019

.400

11/01/44

1,000,737

1,680,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Tammany Parish GOMESA Project, Series 2020

.875

11/01/45

1,506,085

100,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Terrebonne Parish GOMESA Project, Series 2018

.375

11/01/38

103,614

300,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Terrebonne Parish GOMESA Project, Series 2018

.500

11/01/39

311,135

1,275,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Vermilion Parish GOMESA Project, Green Series 2019

.625

11/01/38

1,295,021

1,000,000

(a),(b)

Louisiana Public Facilities Authority, Solid Waste Disposal Facility

Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, (AMT)

.000

07/01/26

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIALS

(continued)

$

250,000

(a) Saint Paul Port Authority, Minnesota, Solid Waste Disposal

Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-

7, (AMT)

.500

%

10/01/37

$

245,165

TOTAL INDUSTRIALS

10,445,556

LONG-TERM CARE - 1.3%

850,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Christwood

Project, Refunding Series 2024

.250

11/15/59

794,122

2,800,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, The Glen

Retirement System Project, Series 2019A

.000

01/01/49

2,165,181

TOTAL LONG-TERM CARE

2,959,303

MATERIALS - 0.5%

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Westlake

Chemical Corporation Projects, Refunding Series 2017

.500

11/01/32

983,989

TOTAL MATERIALS

983,989

TAX OBLIGATION/GENERAL - 8.6%

1,055,000

Calcasieu Parish School District 23, Louisiana, General Obligation

Bonds, Public School Improvement Series 2019 - BAM Insured

.000

09/01/37

1,074,767

1,600,000

Calcasieu Parish School District 23, Louisiana, General Obligation

Bonds, Public School Improvement Series 2019 - BAM Insured

.000

09/01/38

1,622,676

265,000

Cameron Parish School District 15, Louisiana, General Obligtion

Bonds, Series 2021

.000

10/01/37

267,841

350,000

Cameron Parish School District 15, Louisiana, General Obligtion

Bonds, Series 2021

.000

10/01/39

352,025

425,000

Cameron Parish School District 15, Louisiana, General Obligtion

Bonds, Series 2021

.000

10/01/40

425,993

1,125,000

Central Community School System, East Baton Rouge Parish,

Louisiana, General Obligation Bonds, Series 2020

.000

03/01/39

1,140,074

545,000

Livingston Parish School District 1, Louisiana, General Obligation

Bonds, Series 2021 - BAM Insured

.000

05/01/39

551,163

1,000,000

Livingston Parish School District 1, Louisiana, General Obligation

Bonds, Series 2021 - BAM Insured

.000

05/01/41

1,003,753

980,000

Louisiana State, General Obligation Bonds, Series 2021A

.000

03/01/41

1,047,327

2,000,000

New Orleans, Louisiana, General Obligation Bonds, Public

Improvement Series 2021A - BAM Insured

.000

12/01/46

2,059,725

125,000

New Orleans, Louisiana, General Obligation Bonds, Refunding

Series 2015

.000

12/01/27

125,223

525,000

New Orleans, Louisiana, General Obligation Bonds, Refunding

Series 2015

.000

12/01/29

525,901

1,835,000

New Orleans, Louisiana, General Obligation Bonds, Refunding

Series 2022

.250

12/01/38

2,051,347

1,800,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

General Obligation Bonds, Series 2025 - BAM Insured

.000

03/01/41

1,939,892

2,155,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

General Obligation Bonds, Series 2025 - BAM Insured

.000

03/01/42

2,298,904

1,305,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

Hospital Revenue Bonds, Series 2021 - BAM Insured

.000

03/01/38

1,333,123

1,430,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

Hospital Revenue Bonds, Series 2021 - BAM Insured

.000

03/01/40

1,447,735

TOTAL TAX OBLIGATION/GENERAL

19,267,469

TAX OBLIGATION/LIMITED - 11.8%

170,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/39

165,754

3,000,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2017B - AGM Insured

.000

12/01/42

3,058,006

2,000,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2019B - AGM Insured

.000

12/01/38

2,025,340

3,000,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2019B - AGM Insured

.000

12/01/39

3,025,085

1,575,000

(d) Juban Crossing Economic Development District, Louisiana,

Revenue Bonds, General Infrastructure Projects, Subordinate Lien

Series 2025C

.000

09/15/55

1,636,232

Portfolio of Investments November 30, 2025

(continued)

Louisiana

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,000,000

(a) Juban Trails Community Development District, Livingston Parish,

Louisiana, Special Assessment Revenue Bonds, Series 2022

.250

%

06/01/51

$

850,437

1,000,000

Lakeshore Villages Master Community Development District,

Louisiana, Special Assessment Revenue Bonds, Series 2022

.500

06/01/52

1,018,412

505,000

Louisiana Citizens Property Insurance Corporation, Assessment

Revenue Bonds, Refunding Series 2016A

.000

06/01/26

510,695

2,325,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

.000

07/01/48

2,391,396

1,735,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

.250

07/01/53

1,799,140

725,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Correctional Institution for Women Series 2023

.000

10/01/41

723,499

1,000,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Correctional Institution for Women Series 2023

.000

10/01/43

975,603

1,435,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Office of Juvenile Justice Project, Series 2021

.000

10/01/38

1,448,144

1,305,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Office of Juvenile Justice Project, Series 2021

.000

10/01/40

1,305,591

3,505,000

Louisiana State, Gasoline and Fuels Tax Revenue Bonds,

Refunding Second Lien Series 2024A

.000

05/01/44

3,421,476

160,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

166,114

365,000

(a) Public Finance Authority of Wisconsin, Limited Obligation PILOT

Revenue Bonds, American Dream @ Meadowlands Project, Series

2017

.000

12/01/27

292,000

344,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

117,303

750,000

Saint Charles Parish School Board, Louisiana, Sales & Use Tax

Bonds, Series 2019

.000

08/01/37

764,052

680,000

Saint Charles Parish School Board, Louisiana, Sales & Use Tax

Bonds, Series 2019

.000

08/01/39

688,838

TOTAL TAX OBLIGATION/LIMITED

26,383,117

TRANSPORTATION - 11.9%

2,000,000

Board of Commissioners of the Port of New Orleans Port Facility

Revenue Bonds, Louisiana, Series 2020 D (Non-AMT) and Series

2020E (AMT)

.000

04/01/50

2,041,967

785,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

.000

12/31/51

780,527

1,085,000

Greater New Orleans Expressway Commission, Louisiana, Toll

Revenue Bonds, Subordinate Lien Refunding Series 2025

.000

11/01/46

1,132,477

100,000

Guam A.B. Won Pat International Airport Authority, Revenue

Bonds, Series 2024A, (AMT)

.000

10/01/34

108,703

100,000

Guam A.B. Won Pat International Airport Authority, Revenue

Bonds, Series 2024A, (AMT)

.250

10/01/35

111,443

175,000

Guam A.B. Won Pat International Airport Authority, Revenue

Bonds, Series 2024A, (AMT)

.250

10/01/37

190,801

100,000

Guam A.B. Won Pat International Airport Authority, Revenue

Bonds, Series 2024A, (AMT)

.250

10/01/38

108,458

100,000

Guam A.B. Won Pat International Airport Authority, Revenue

Bonds, Series 2024A, (AMT)

.250

10/01/39

107,932

100,000

Guam A.B. Won Pat International Airport Authority, Revenue

Bonds, Series 2024A, (AMT)

.250

10/01/40

107,026

5,465,000

Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds,

I-10 Calcasieu River Bridge Public-Private Partnership Project,

Senior Lien Series 2024, (AMT)

.000

09/01/66

5,218,879

200,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Gilf Opportunity Zone Project, Refunding Series 2019

.000

01/01/37

202,249

1,000,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Gilf Opportunity Zone Project, Refunding Series 2019

.000

01/01/38

1,008,541

1,015,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Gilf Opportunity Zone Project, Refunding Series 2019

.000

01/01/39

1,021,301

1,880,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, North Terminal Project, Series 2017B, (AMT)

.000

01/01/48

1,882,069

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,000,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Series 2024C-2, (AMT)

.250

%

01/01/49

$

1,043,039

1,250,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Series 2024C-2, (AMT)

.250

01/01/51

1,299,218

1,800,000

New Orleans Aviation Board, Louisiana, Special Facility Revenue

Bonds, Parking Facilities Corporation Consolidated Garage

System, Series 2018A - AGM Insured

.000

10/01/43

1,841,188

840,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

.000

07/01/46

837,932

1,115,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport Terminal One Project, Green Series 2025, (AMT)

.000

06/30/59

1,185,638

500,000

(a) Plaquemines Port, Louisiana, Harbor and Terminal District

Facilities Revenue Bonds NOLA Terminal LLC Project Dock and

Wharf Series 2024A

.000

12/01/44

434,510

3,000,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

Bonds, Port Facilities, AMT Series 2025B, (AMT)

.500

04/01/54

3,195,980

2,750,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

Bonds, Port Facilities, Refunding Series 2018B - AGM Insured,

(AMT)

.000

04/01/45

2,768,836

TOTAL TRANSPORTATION

26,628,714

U.S. GUARANTEED - 0.2% (e)

85,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C, (Pre-refunded 2/15/27)

.000

02/15/36

87,590

355,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Tulane University, Refunding Series 2020A, (Pre-refunded

4/01/30)

.000

04/01/50

371,987

TOTAL U.S. GUARANTEED

459,577

UTILITIES - 12.2%

1,665,000

East Baton Rouge Sewerage Commission, Louisiana, Revenue

Bonds, Refunding Series 2019A

.000

02/01/45

1,620,328

505,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024A

.000

07/01/35

565,156

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

1,008,561

1,150,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

.500

07/01/55

1,207,143

535,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/39

577,901

1,750,000

Lafourche Parish Water District 1, Louisiana, Water Revenue

Bonds, Series 2025

.375

01/01/50

1,718,180

1,525,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

East Baton Rouge Sewerage Commission Projects, Refunding

Subordinate Lien Series 2024 - BAM Insured

.000

02/01/41

1,655,012

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Entergy Lousiana, LLC Project, Refunding Series 2021B

.500

04/01/36

856,226

7,315,000

Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power

LLC Project, Series 2008

.250

12/01/38

7,315,452

1,085,000

New Orleans, Louisiana, Sewerage Service Revenue Bonds,

Series 2020B

.000

06/01/45

1,110,166

1,000,000

New Orleans, Louisiana, Sewerage Service Revenue Bonds,

Series 2020B

.000

06/01/50

906,696

1,000,000

Ohio Water Development Authority, Pollution Control Revenue

Refunding Bonds, FirstEnergy Nuclear Generating Corporation

Project, Series 2009A

.750

06/01/33

1,049,106

1,505,000

Pineville, Louisiana, Utility Revenue Bonds, Series 2022 - BAM

Insured

.000

05/01/42

1,511,338

1,000,000

Pineville, Louisiana, Utility Revenue Bonds, Series 2022 - BAM

Insured

.000

05/01/47

964,486

365,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior

Lien Series 2019B - AGM Insured

.000

12/01/49

329,949

Portfolio of Investments November 30, 2025

(continued)

Louisiana

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,500,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds,

Refunding Series 2020B

.000

%

12/01/50

$

1,085,388

2,000,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series

2016B - BAM Insured

.000

12/01/41

2,010,420

1,000,000

Tangipahoa Water District, Tangipahoa, Louisiana, Water

Revenue Bonds, Refunding Series 2024

.000

12/01/44

919,068

295,000

Tangipahoa Water District, Tangipahoa, Louisiana, Water

Revenue Bonds, Series 2021 - BAM Insured

.000

12/01/38

301,528

500,000

Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Series 2007B

.000

07/01/31

440,297

TOTAL UTILITIES

27,152,401

TOTAL MUNICIPAL BONDS

(Cost $224,239,499)

217,216,227

TOTAL LONG-TERM INVESTMENTS

(Cost $224,239,499)

217,216,227

OTHER ASSETS & LIABILITIES, NET - 2.6%

5,861,564

NET ASSETS - 100%

$

223,077,791

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 $25,395,451 or 11.7% 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.

Portfolio of Investments November 30, 2025

North Carolina

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.2%

X

478,546,574

MUNICIPAL BONDS - 99.2%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 15.9%

$

1,995,000

Appalachian State University, North Carolina, General Revenue

Bonds, Millennial Campus End Zone Project, Series 2018

.000

%

05/01/44

$

2,048,225

3,415,000

Appalachian State University, North Carolina, General Revenue

Bonds, Series 2019

.000

10/01/48

3,170,910

225,000

Appalachian State University, North Carolina, Revenue Bonds,

Millennial Campus Indoor Facilities Project Series 2024

.000

11/01/34

257,786

425,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/28

442,995

465,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/29

491,972

745,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/30

790,396

1,500,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/40

1,550,030

1,000,000

North Carolina Capital Facilities Finance Agency, Educational

Facilities Revenue Bonds, Campbell University, Refunding Series

2021A

.000

10/01/33

1,058,047

800,000

North Carolina Capital Facilities Financing Agency, Educational

Facilities Revenue Bond, Meredith College, Refunding Series

2016

.000

06/01/33

761,979

685,000

North Carolina Capital Facilities Financing Agency, Educational

Facilities Revenue Bond, Meredith College, Refunding Series

2016

.000

06/01/34

644,356

5,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facilities Revenue Bond, Meredith College, Refunding Series

2018

.000

06/01/38

4,906,264

5,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facility Revenue Bonds, Wake Forest University, Refunding Series

2016

.000

01/01/35

5,019,877

3,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facility Revenue Bonds, Wake Forest University, Series 2018

.000

01/01/48

2,828,671

1,035,000

North Carolina Central University, General Revenue Bonds,

Series 2019

.000

04/01/38

1,080,118

3,600,000

North Carolina State Education Assistance Authority, Student

Loan Revenue Bonds, Refunding Senior Series 2025A, (AMT)

.000

06/01/33

3,835,854

1,000,000

North Carolina State Education Assistance Authority, Student

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

.000

06/01/28

1,033,655

1,700,000

North Carolina State University at Raleigh, General Revenue

Bonds, Refunding Series 2018

.000

10/01/40

1,756,797

1,790,000

North Carolina State University at Raleigh, General Revenue

Bonds, Refunding Series 2018

.000

10/01/41

1,831,999

3,660,000

North Carolina State University at Raleigh, General Revenue

Bonds, Series 2024B

.000

10/01/45

3,617,968

1,250,000

North Carolina State University at Raleigh, General Revenue

Bonds, Series 2024B

.000

10/01/46

1,225,633

5,000,000

University of North Carolina, Asheville, General Revenue Bonds,

Refunding Series 2017

.000

06/01/42

5,010,964

230,000

University of North Carolina, Charlotte, General Revenue Bonds,

Refunding Series 2017A

.000

10/01/31

239,966

4,415,000

University of North Carolina, Charlotte, General Revenue Bonds,

Refunding Series 2017A

.000

10/01/40

4,415,037

2,165,000

University of North Carolina, Charlotte, General Revenue Bonds,

Series 2017

.000

10/01/42

2,218,135

6,600,000

University of North Carolina, Charlotte, General Revenue Bonds,

Series 2017

.000

10/01/47

6,722,527

1,000,000

University of North Carolina, Charlotte, General Revenue Bonds,

Series 2020A

.000

10/01/37

1,018,369

1,000,000

University of North Carolina, Greensboro, General Revenue

Bonds, Refunding Series 2017

.000

04/01/30

1,052,908

6,000,000

University of North Carolina, Greensboro, General Revenue

Bonds, Series 2018

.000

04/01/43

6,156,974

Portfolio of Investments November 30, 2025

(continued)

North Carolina

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

4,500,000

Western Carolina University, North Carolina, General Revenue

Bonds, Series 2018

.000

%

10/01/43

$

4,574,590

6,000,000

Western Carolina University, North Carolina, General Revenue

Bonds, Series 2020B

.000

04/01/45

5,894,380

1,050,000

Western Carolina University, North Carolina, General Revenue

Bonds, Series 2025

.250

04/01/43

1,076,419

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

76,733,801

HEALTH CARE - 12.8%

3,000,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, DBA Carolinas HealthCare System,

Refunding Series 2016A

.000

01/15/36

3,006,574

1,685,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, DBA Carolinas HealthCare System,

Refunding Series 2016A

.000

01/15/40

1,687,627

3,750,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, Doing Business as Atrium Health,

Refunding Series 2018A

.000

01/15/39

3,771,094

500,000

(a) Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, Doing Business as Atrium Health,

Refunding Series 2018D, (Mandatory Put 6/15/27)

.625

01/15/48

504,749

1,470,000

Nash Health Care Systems, North Carolina, Health Care Facilities

Revenue Bonds, Series 2025

.000

02/01/32

1,628,657

1,500,000

Nash Health Care Systems, North Carolina, Health Care Facilities

Revenue Bonds, Series 2025

.750

02/01/50

1,627,826

3,000,000

National Finance Authority, New Hampshire, Revenue Bonds,

Winston-Salem Sustainable Energy Partners Series 2025A

.000

12/01/35

3,366,984

28,995,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Novant Health Obligated Group, Series 2019A

.000

11/01/49

26,234,569

5,860,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Vidant Health, Refunding Series 2015

.000

06/01/40

5,864,112

3,000,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Vidant Health, Refunding Series 2015

.000

06/01/45

3,001,118

1,000,000

North Carolina Medical Care Commission, Health Care Facilities

Revenues Bonds, Wake Forest Baptist Obligated Group, Series

2019A

.000

12/01/31

1,062,175

1,000,000

North Carolina Medical Care Commission, Health Care Facilities

Revenues Bonds, Wake Forest Baptist Obligated Group, Series

2019A

.000

12/01/33

1,057,835

8,010,000

University of North Carolina, Chapel Hill, Revenue Bonds,

Hospital System, Series 2019

.000

02/01/45

9,024,344

TOTAL HEALTH CARE

61,837,664

HOUSING/MULTIFAMILY - 0.9%

4,125,000

Raleigh Housing Authority, North Carolina, Multifamily Housing

Revenue Bonds, Parkside Apartments Project Series 2024A

.400

12/01/43

4,079,491

TOTAL HOUSING/MULTIFAMILY

4,079,491

HOUSING/SINGLE FAMILY - 1.7%

4,905,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, Series 52-A

.900

07/01/43

5,070,050

2,000,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, Series 57-A

.250

01/01/56

2,249,854

985,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, Social Series 52-A

.000

07/01/46

1,012,289

TOTAL HOUSING/SINGLE FAMILY

8,332,193

LONG-TERM CARE - 3.4%

105,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Deerfield Episcopal Retirement Community,

Refunding First Mortgage Series 2016

.000

11/01/37

105,758

285,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Lutheran Services for the Aging, Series 2021A

.000

03/01/30

285,860

295,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Lutheran Services for the Aging, Series 2021A

.000

03/01/31

296,420

550,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Lutheran Services for the Aging, Series 2021A

.000

03/01/41

513,052

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

2,970,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, EveryAge, Series 2021A

.000

%

09/01/47

$

2,513,641

1,105,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, Sharon Towers, Series 2019A

.000

07/01/44

1,076,144

1,250,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, Twin Lakes Community, Series

2025A

.250

01/01/55

1,255,313

550,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Refunding Series 2016A

.000

10/01/30

557,334

225,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Refunding Series 2016A

.000

10/01/31

227,935

265,000

(b) North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Series 2025A

.125

10/01/45

271,987

1,600,000

(b) North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Series 2025A

.125

10/01/56

1,603,042

505,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Carol Woods Project, Series 2025

.000

12/01/37

552,103

2,400,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Carol Woods Project, Series 2025

.000

12/01/41

2,537,854

1,250,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Carol Woods Project, Series 2025

.250

12/01/55

1,279,377

1,260,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Everyage, Series 2024B

.000

09/01/44

1,259,942

900,000

North Carolina Medical Care Commission, Retirement Facility

Revenue Bonds, Penick Village Project First Mortgage Series

2024A

.000

09/01/34

949,983

1,225,000

North Carolina Medical Care Commission, Revenue Bonds, First

Mortgage Galloway Ridge Project, Refunding Series 2019A

.000

01/01/39

1,176,639

TOTAL LONG-TERM CARE

16,462,384

TAX OBLIGATION/GENERAL - 10.1%

500,000

Asheville, North Carolina, General Obligation Bonds, Refunding

Series 2023

.000

06/01/39

519,055

1,750,000

Charlotte, North Carolina, General Obligation Bonds, Refunding

Series 2016A

.000

07/01/36

1,755,939

1,000,000

Charlotte, North Carolina, General Obligation Bonds, Refunding

Series 2024

.000

07/01/32

1,151,975

1,250,000

Charlotte, North Carolina, General Obligation Bonds, Refunding

Series 2025B

.000

07/01/31

1,416,766

2,020,000

County of Durham, North Carolina, General Obligation Bonds,

Refunding Series 2023

.000

06/01/40

2,074,461

1,000,000

County of Durham, North Carolina, General Obligation Bonds,

Refunding Series 2023

.000

06/01/41

1,026,329

1,870,000

County of Durham, North Carolina, General Obligation Bonds,

Refunding Series 2023

.000

06/01/42

1,893,780

500,000

Fuquay-Varina, North Carolina, General Obligation Bonds,

Transportation Series 2025

.000

08/01/41

518,822

500,000

Fuquay-Varina, North Carolina, General Obligation Bonds,

Transportation Series 2025

.000

08/01/42

514,394

1,510,000

Garner, North Carolina, General Obligation Bonds, Public

Improvement Series 2025B

.000

02/01/41

1,544,135

1,510,000

Garner, North Carolina, General Obligation Bonds, Public

Improvement Series 2025B

.000

02/01/42

1,531,548

3,000,000

Guilford County, North Carolina, General Obligation Bonds,

School Series 2024

.000

03/01/41

3,089,977

1,000,000

Guilford County, North Carolina, General Obligation Bonds,

School Series 2025

.000

03/01/43

1,007,311

1,450,000

Huntersville, North Carolina, General Obligation Bonds, Public

Improvement Series 2024

.000

12/01/37

1,676,639

1,270,000

Huntersville, North Carolina, General Obligation Bonds, Public

Improvement Series 2024

.000

12/01/39

1,327,369

Portfolio of Investments November 30, 2025

(continued)

North Carolina

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,450,000

Huntersville, North Carolina, General Obligation Bonds, Public

Improvement Series 2024

.000

%

12/01/40

$

1,507,059

1,500,000

Iredell County, North Carolina, General Obligation Bonds, School

Series 2025

.000

04/01/42

1,533,573

2,000,000

Pender County, North Carolina, General Obligation Bonds,

School Series 2024

.000

03/01/43

1,984,027

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/36

1,150,842

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/38

1,133,925

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/40

1,108,570

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/41

1,094,220

1,260,000

Sampson County Water & Sewer District II, North Carolina,

General Obligation Bonds, Refunding Series 2015

.000

06/01/40

1,260,768

4,060,000

Union County, North Carolina, General Obligation Bonds, School

Series 2023

.000

09/01/42

4,440,192

810,000

Wake County, North Carolina, General Obligation Bonds, Parks,

Greenways, Recreation and Open Space, Series 2022C

.000

02/01/29

873,236

5,000,000

Wake County, North Carolina, General Obligation Bonds, Public

Improvement Series 2023A

.000

05/01/39

5,610,072

500,000

Wake County, North Carolina, Limited Obligation Bonds,

Refunding Series 2016A

.000

12/01/35

509,993

2,000,000

Wake County, North Carolina, Limited Obligation Bonds, Series

2024

.000

05/01/36

2,315,761

2,570,000

Wake County, North Carolina, Limited Obligation Bonds, Series

2025B

.000

05/01/38

2,966,663

TOTAL TAX OBLIGATION/GENERAL

48,537,401

TAX OBLIGATION/LIMITED - 22.0%

875,000

Ashe County, North Carolina, Limited Obligation Bonds, Series

2025

.125

06/01/43

872,897

400,000

Burke County, North Carolina, Limited Obligation Bonds, Series

2018

.000

04/01/29

411,519

100,000

Burke County, North Carolina, Limited Obligation Bonds, Series

2018

.000

04/01/31

102,907

3,000,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2022A

.000

06/01/40

3,267,455

3,750,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/41

4,147,608

6,850,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/42

7,497,596

1,500,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/43

1,626,655

500,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/44

537,173

310,000

Charlotte, North Carolina, Certificates of Participation,

Convention Facilities Project, Series 2019A

.000

06/01/33

333,220

1,000,000

Charlotte, North Carolina, Certificates of Participation,

Convention Facilities Project, Series 2019A

.000

06/01/44

1,032,140

1,465,000

Charlotte, North Carolina, Certificates of Participation, Nascar

Hall of Fame Public Facilities, Refunding Series 2019C

.000

06/01/37

1,495,329

1,930,000

Charlotte, North Carolina, Certificates of Participation, Refunding

Cultural Arts Facilities Series 2019B

.000

06/01/37

2,049,558

1,000,000

Charlotte, North Carolina, Storm Water Fee Revenue Bonds,

Refunding Series 2024

.000

12/01/49

988,486

3,000,000

Charlotte, North Carolina, Storm Water Fee Revenue Bonds,

Refunding Series 2024

.000

12/01/54

2,934,854

250,000

Dare County, North Carolina, Limited Obligation Bonds, Series

2025A

.000

06/01/34

292,988

1,000,000

Davidson County, North Carolina, General Obligation Bonds,

Limited Obligation Series 2016

.000

06/01/28

1,010,895

1,795,000

Davidson County, North Carolina, General Obligation Bonds,

Limited Obligation Series 2016

.000

06/01/30

1,814,348

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,475,000

Duplin County, North Carolina, Limited Obligation Bonds,

County Water Districts, Series 2016

.000

%

04/01/32

$

1,484,830

1,000,000

Duplin County, North Carolina, Limited Obligation Bonds,

County Water Districts, Series 2016

.000

04/01/34

1,006,182

1,265,000

Durham Capital Financing Corporation, Durham County, North

Carolina, Limited Obligation Bonds, Refunding Series 2016

.000

12/01/30

1,295,401

900,000

Greensboro, North Carolina Limited Obligation Bonds, Series

2024

.000

10/01/44

887,452

930,000

Harnett County, North Carolina, Limited Obligation Bonds, Series

2025

.000

04/01/33

1,064,906

600,000

Lee County, North Carolina, Limited Obligation Bonds, Series

2018

.000

05/01/36

605,708

2,000,000

Mecklenburg County, North Carolina, Limited Obligation Bonds,

Series 2025

.000

02/01/43

1,998,815

350,000

(c) Mooresville, North Carolina, Special Assessment Revenue Bonds,

Series 2015

.375

03/01/40

350,272

660,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/37

745,795

920,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/39

1,025,128

930,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/41

1,013,871

935,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/42

1,009,937

1,000,000

New Hanover County, North Carolina, Limited Obligation Bonds,

Series 2024

.000

10/01/40

1,118,985

1,560,000

New Hanover County, North Carolina, Limited Obligation Bonds,

Series 2024

.000

10/01/41

1,728,117

680,000

New Hanover County, North Carolina, Limited Obligation Bonds,

Series 2024

.000

10/01/42

745,334

260,000

North Carolina State, Limited Obligation Bonds, Refunding

Series 2017B

.000

05/01/28

268,906

3,275,000

North Carolina State, Limited Obligation Bonds, Refunding

Series 2017B

.000

05/01/29

3,383,962

900,000

North Carolina State, Limited Obligation Bonds, Series 2020B

.000

05/01/32

894,170

2,165,000

North Carolina State, Limited Obligation Bonds, Series 2020B

.000

05/01/32

2,379,309

1,785,000

North Carolina State, Limited Obligation Bonds, Series 2022A

.000

05/01/32

2,043,239

5,150,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/42

2,508,211

15,500,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/47

5,719,988

6,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/48

2,109,270

2,600,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/49

870,732

4,875,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Refunding Series 2018A

.000

01/01/36

4,957,186

2,950,000

Orange County, North Carolina, Limited Obligation Bonds, Series

2025

.000

10/01/33

3,433,408

1,975,000

Orange County, North Carolina, Limited Obligation Bonds, Series

2025

.000

10/01/34

2,324,643

3,554,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

2,698,699

5,296,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

5,297,484

2,200,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured Cofina Project Series 2019A-2A

.550

07/01/40

2,194,887

7,405,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

7,222,699

1,000,000

Rocky Mount, North Carolina, Special Obligation Bonds, Series

2016

.000

05/01/29

1,009,717

1,360,000

Rowan County, North Carolina, Limited Obligation Bonds, Series

2024

.000

04/01/44

1,331,077

Portfolio of Investments November 30, 2025

(continued)

North Carolina

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

3,570,000

Sampson County, North Carolina, Limited Obligaiton Bonds,

Refunding Series 2017

.000

%

09/01/40

$

3,630,340

500,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2017

.000

12/01/30

520,748

250,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2017

.000

12/01/33

258,993

660,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2018

.000

12/01/33

695,067

690,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2018

.000

12/01/35

723,910

500,000

Wilmington, North Carolina, Limited Obligation Bonds, Series

2023D

.000

09/01/40

553,115

1,250,000

Wilmington, North Carolina, Limited Obligation Bonds, Series

2023D

.000

09/01/41

1,370,346

1,250,000

Wilmington, North Carolina, Limited Obligation Bonds, Series

2023D

.000

09/01/43

1,345,943

TOTAL TAX OBLIGATION/LIMITED

106,242,410

TRANSPORTATION - 16.5%

1,925,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Refunding Series 2017A

.000

07/01/42

1,956,448

6,610,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Refunding Series 2017A

.000

07/01/47

6,679,389

6,000,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Series 2023A

.000

07/01/53

6,257,737

1,500,000

North Carolina Department of Transportation, Private Activity

Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)

.000

12/31/37

1,501,251

10,170,000

North Carolina Department of Transportation, Private Activity

Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)

.000

06/30/54

10,109,629

865,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/27

813,932

880,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/29

756,289

175,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/32

129,693

1,500,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/34

1,002,890

2,905,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/35

1,843,173

3,735,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/38

2,029,334

3,995,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/39

2,063,155

2,385,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/40

1,170,047

1,200,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Series 2017A

.000

07/01/47

1,202,996

70,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/34

53,236

3,760,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/35

2,741,207

20,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/36

13,892,686

20,150,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/37

13,290,215

15,615,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/38

9,752,796

2,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2024A - AGM Insured

.000

01/01/58

2,061,700

300,000

Raleigh Durham Airport Authority, North Carolina, Airport

Revenue Bonds, Refunding Series 2015A

.000

05/01/30

300,352

TOTAL TRANSPORTATION

79,608,155

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED - 2.0% (d)

$

400,000

Cary, North Carolina, Combined Enterprise System Revenue

Bonds, Series 2017, (Pre-refunded 12/01/26)

.000

%

12/01/38

$

405,607

1,700,000

Cary, North Carolina, Combined Enterprise System Revenue

Bonds, Series 2017, (Pre-refunded 12/01/26)

.000

12/01/41

1,740,505

2,895,000

New Hanover County, North Carolina, Hospital Revenue Bonds,

New Hanover Regional Medical Center, Series 2017, (Pre-

refunded 10/01/27)

.000

10/01/35

3,021,082

2,990,000

New Hanover County, North Carolina, Hospital Revenue Bonds,

New Hanover Regional Medical Center, Series 2017, (Pre-

refunded 10/01/27)

.000

10/01/42

3,120,220

960,000

New Hanover County, North Carolina, Hospital Revenue Bonds,

New Hanover Regional Medical Center, Series 2017, (Pre-

refunded 10/01/27)

.000

10/01/47

1,001,810

310,000

North Carolina Eastern Municipal Power Agency, Power System

Revenue Bonds, Refunding Series 1993B, (ETM)

.000

01/01/26

310,818

TOTAL U.S. GUARANTEED

9,600,042

UTILITIES - 13.9%

1,800,000

Brunswick County, North Carolina, Enterprise System Revenue

Bonds, Series 2020

.000

04/01/46

1,395,434

1,895,000

Cape Fear Public Utility Authority, North Carolina, Water and

Sewer System Revenue Bonds, Refunding Series 2019A

.000

08/01/38

1,927,732

4,615,000

Cape Fear Public Utility Authority, North Carolina, Water and

Sewer System Revenue Bonds, Refunding Series 2019A

.000

08/01/44

4,551,036

1,000,000

Charlotte, North Carolina, Water and Sewer System Revenue

Bonds, Series 2024

.000

07/01/35

1,174,918

3,875,000

City of Raleigh, North Carolina, Combined Enterprise System

Revenue and Refunding Bonds, Series 2023

.000

09/01/48

4,109,479

1,900,000

Clayton, North Carolina, Water and Sewer System Revenue

Bonds, Series 2022

.000

08/01/45

1,998,337

4,045,000

Fayetteville Public Works Commission, North Carolina, Revenue

Bonds, Series 2023

.000

03/01/40

4,463,903

1,130,000

Fuquay-Varina, North Carolina, Combined Utilities Revenue

Bonds, Series 2024C

.000

06/01/32

1,291,413

1,250,000

Fuquay-Varina, North Carolina, Combined Utilities Revenue

Bonds, Series 2024C

.125

06/01/49

1,216,826

5,000,000

Greensboro, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2017A

.000

06/01/47

4,904,760

1,000,000

Greensboro, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2024B

.000

06/01/49

1,065,845

3,000,000

Greensboro, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2024B

.000

06/01/54

3,174,664

330,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.000

12/01/41

335,519

325,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.000

12/01/42

327,499

300,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.125

12/01/43

302,189

330,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.125

12/01/44

330,365

725,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.000

12/01/46

763,502

340,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2025

.000

09/01/30

378,527

275,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2025

.000

09/01/31

311,829

3,330,000

Greenville, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2016

.000

04/01/46

3,230,960

3,500,000

Johnston County, North Carolina, Water and Sewer Revenue

Bonds, Series 2023

.000

04/01/48

3,388,958

4,125,000

Johnston County, North Carolina, Water and Sewer Revenue

Bonds, Series 2023

.000

04/01/53

3,914,978

3,335,000

Johnston County, North Carolina, Water and Sewer Revenue

Bonds, Series 2024

.000

04/01/49

3,509,834

Portfolio of Investments November 30, 2025

(continued)

North Carolina

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

2,870,000

Mebane, North Carolina, Combined Utilities Revenue Bonds,

Series 2024

.000

%

08/01/41

$

3,149,618

1,750,000

Metropolitan Sewerage District of Buncombe County, North

Carolina, Sewerage System Revenue Bonds, Series 2014

.000

07/01/39

1,752,412

1,430,000

Monroe, North Carolina, Combined Enterprise System Revenue

Bonds, Refunding Series 2017

.000

03/01/43

1,438,421

295,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2015A

.000

01/01/27

295,664

740,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2016A

.000

01/01/30

749,875

1,215,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2017

.000

06/01/27

1,258,367

1,335,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2017

.000

06/01/28

1,376,047

1,000,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2017

.000

06/01/33

1,028,514

760,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2025

.000

06/01/32

865,636

885,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2025

.000

06/01/34

1,031,335

1,800,000

Onslow County, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2023

.000

12/01/53

1,878,481

1,805,000

Sanford, North Carolina, Enterprise Systems Revenue Bonds,

Refunding Series 2019

.000

06/01/45

1,765,795

1,020,000

Union County, North Carolina, Enterprise System Revenue

Bonds, Series 2015

.000

06/01/31

1,021,924

500,000

Union County, North Carolina, Enterprise System Revenue

Bonds, Series 2015

.000

06/01/32

500,923

1,275,000

Union County, North Carolina, Enterprise System Revenue

Bonds, Series 2021

.000

06/01/51

931,514

TOTAL UTILITIES

67,113,033

TOTAL MUNICIPAL BONDS

(Cost $470,441,029)

478,546,574

TOTAL LONG-TERM INVESTMENTS

(Cost $470,441,029)

478,546,574

OTHER ASSETS & LIABILITIES, NET - 0.8%

3,860,407

NET ASSETS - 100%

$

482,406,981

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

(a) 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.

(b) When-issued or delayed delivery security.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $350,272 or 0.1% of Total Investments.

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

payment of principal and interest.

Statement of Assets and Liabilities

See Notes to Financial Statements

November 30, 2025 (Unaudited)

Georgia

Louisiana

North Carolina

ASSETS

Long-term investments, at value

†

$

143,578,652

$

217,216,227

$

478,546,574

Cash

1,079,434

1,064,415

–

Receivables:

Interest

2,190,697

2,948,213

5,856,581

Investments sold

–

145,000

2,448,056

Shares sold

19,404

78,888

627,998

Sale of Vistra Vision interest

#

(1) –

4,004,571

–

Other

3,703

4,692

34,368

Total assets

146,871,890

225,462,006

487,513,577

LIABILITIES

Cash overdraft

–

–

1,732,954

Payables:

Management fees

60,547

91,778

194,232

Dividends

66,504

78,875

209,666

Interest

1,088

Investments purchased - when-issued/delayed-delivery settlement

–

1,634,929

1,871,882

Shares redeemed

283,797

354,384

807,196

Vistra Vision sale transactions costs

(1) –

96,378

–

Accrued expenses:

Custodian fees

28,797

40,692

59,426

Trustees fees

4,198

5,375

35,114

Professional fees

24,839

25,018

31,239

Shareholder reporting expenses

16,173

14,037

26,435

Shareholder servicing agent fees

29,464

16,826

97,781

12b-1 distribution and service fees

16,725

23,456

36,302

Other

1,743

1,990

3,281

Total liabilities

533,114

2,384,215

5,106,596

Net assets

$

146,338,776

$

223,077,791

$

482,406,981

NET ASSETS CONSIST OF:

Paid-in capital

$

166,737,374

$

237,321,104

$

532,167,640

Total distributable earnings (loss)

(20,398,598)

(14,243,313)

(49,760,659)

Net assets

$

146,338,776

$

223,077,791

$

482,406,981

†

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

$

143,347,816

$

224,239,499

$

470,441,029

#

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

$

–

$

134,750

$

–

(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

Georgia

Louisiana

North Carolina

CLASS A:

Net assets

$

93,846,656

$

121,869,508

$

204,754,407

Shares outstanding

9,663,339

11,541,439

20,383,443

Net asset value ("NAV") per share

$

9.71 $

10.56 $

10.05 Maximum sales charge

4.20%

4.20%

4.20%

Offering price per share (NAV per share plus maximum sales charge)

$

10.14 $

11.02 $

10.49 CLASS C:

Net assets

$

1,554,777

$

4,043,504

$

3,061,742

Shares outstanding

160,493

384,868

304,686

NAV and offering price per share

$

9.69 $

10.51 $

10.05 CLASS I:

Net assets

$

50,937,343

$

97,164,779

$

274,590,832

Shares outstanding

5,258,442

9,186,687

27,253,027

NAV and offering price per share

$

9.69 $

10.58 $

10.08 Authorized shares - per class

Unlimited

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 $

0.01 Statement of Operations

See Notes to Financial Statements

Six Months Ended November 30, 2025 (Unaudited)

Georgia

Louisiana

North Carolina

INVESTMENT INCOME

Interest

$

3,042,954

$

4,558,411

$

9,652,706

Total investment income

3,042,954

4,558,411

9,652,706

EXPENSES

–

–

–

Management fees

372,434

549,354

1,192,081

12b-1 service fees - Class A

94,561

120,643

207,040

12b-1 distribution and service fees - Class C

8,785

21,954

16,363

Shareholder servicing agent fees - Class A

27,050

17,755

58,830

Shareholder servicing agent fees - Class C

502

643

930

Shareholder servicing agent fees - Class I

14,662

13,871

78,183

Interest expense

11,599

56,522

22,168

Trustees fees

2,534

3,762

8,327

Custodian expenses, net

15,771

16,727

33,333

Registration fees

3,017

2,986

3,255

Professional fees

29,010

30,941

40,140

Shareholder reporting expenses

19,747

19,073

25,871

Other

3,928

4,195

6,771

Total expenses

603,600

858,426

1,693,292

Net investment income (loss)

2,439,354

3,699,985

7,959,414

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(767,632)

(1,412,242)

(2,380,978)

Net realized gain (loss)

(767,632)

(1,412,242)

(2,380,978)

Change in unrealized appreciation (depreciation) on:

Investments

5,389,406

9,455,968

19,094,334

Net change in unrealized appreciation (depreciation)

5,389,406

9,455,968

19,094,334

Net realized and unrealized gain (loss)

4,621,774

8,043,726

16,713,356

Net increase (decrease) in net assets from operations

$

7,061,128

$

11,743,711

$

24,672,770

Statement of Changes in Net Assets

See Notes to Financial Statements

Georgia

Louisiana

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)

$

2,439,354

$

5,163,255

$

3,699,985

$

6,715,622

Net realized gain (loss)

(767,632)

(988,481)

(1,412,242)

(293,811)

Net change in unrealized appreciation (depreciation)

5,389,406

(2,429,746)

9,455,968

(8,047,193)

Net increase (decrease) in net assets from operations

7,061,128

1,745,028

11,743,711

(1,625,382)

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,526,597)

(3,207,874)

(2,043,523)

(3,897,800)

Class C

(21,219)

(47,477)

(56,668)

(127,049)

Class I

(878,448)

(1,927,867)

(1,693,380)

(3,006,140)

Total distributions

(2,426,264)

(5,183,218)

(3,793,571)

(7,030,989)

FUND SHARE TRANSACTIONS

Subscriptions

11,255,904

29,327,073

18,772,725

53,656,786

Reinvestments of distributions

2,030,669

4,452,419

3,287,984

6,090,170

Redemptions

(21,333,535)

(58,687,079)

(25,179,341)

(46,557,763)

Net increase (decrease) from Fund share transactions

(8,046,962)

(24,907,587)

(3,118,632)

13,189,193

Net increase (decrease) in net assets

(3,412,098)

(28,345,777)

4,831,508

4,532,822

Net assets at the beginning of period

149,750,874

178,096,651

218,246,283

213,713,461

Net assets at the end of period

$

146,338,776

$

149,750,874

$

223,077,791

$

218,246,283

See Notes to Financial Statements

North Carolina

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

$

7,959,414

$

15,937,304

Net realized gain (loss)

(2,380,978)

(2,075,850)

Net change in unrealized appreciation (depreciation)

19,094,334

(9,334,412)

Net increase (decrease) in net assets from operations

24,672,770

4,527,042

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(3,184,355)

(5,533,858)

Class C

(37,329)

(87,149)

Class I

(4,547,858)

(10,071,250)

Total distributions

(7,769,542)

(15,692,257)

FUND SHARE TRANSACTIONS

Subscriptions

52,280,125

161,184,137

Reinvestments of distributions

6,432,016

12,444,377

Redemptions

(93,107,708)

(186,492,908)

Net increase (decrease) from Fund share transactions

(34,395,567)

(12,864,394)

Net increase (decrease) in net assets

(17,492,339)

(24,029,609)

Net assets at the beginning of period

499,899,320

523,928,929

Net assets at the end of period

$

482,406,981

$

499,899,320

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

Georgia

Class

A

11/30/25

(d) $

9.41 $

0.15 $

0.30 $

0.45 $

(0.15)

$

—

$

(0.15)

$

9.71 5/31/25

9.64 0.29 (0.22)

0.07 (0.30)

—

(0.30)

9.41 5/31/24

9.65 0.28 (0.01)

0.27 (0.28)

—

(0.28)

9.64 5/31/23

10.05 0.10 (0.26)

(0.16)

(0.24)

—

(0.24)

9.65 5/31/22

11.22 0.22 (1.18)

(0.96)

(0.21)

—

(0.21)

10.05 5/31/21

10.92 0.24 0.30 0.54 (0.24)

—

(0.24)

11.22 Class

C

11/30/25

(d) 9.39 0.12 0.30 0.42 (0.12)

—

(0.12)

9.69 5/31/25

9.61 0.21 (0.22)

(0.01)

(0.21)

—

(0.21)

9.39 5/31/24

9.62 0.20 (0.01)

0.19 (0.20)

—

(0.20)

9.61 5/31/23

10.02 0.02 (0.26)

(0.24)

(0.16)

—

(0.16)

9.62 5/31/22

11.18 0.13 (1.17)

(1.04)

(0.12)

—

(0.12)

10.02 5/31/21

10.88 0.15 0.30 0.45 (0.15)

—

(0.15)

11.18 Class

I

11/30/25

(d) 9.39 0.16 0.30 0.46 (0.16)

—

(0.16)

9.69 5/31/25

9.61 0.31 (0.22)

0.09 (0.31)

—

(0.31)

9.39 5/31/24

9.63 0.30 (0.02)

0.28 (0.30)

—

(0.30)

9.61 5/31/23

10.02 0.12 (0.25)

(0.13)

(0.26)

—

(0.26)

9.63 5/31/22

11.19 0.24 (1.17)

(0.93)

(0.24)

—

(0.24)

10.02 5/31/21

10.89 0.26 0.30 0.56 (0.26)

—

(0.26)

11.19 (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

4.87 %

$

93,847

0.88 %

(e) 0.86 %

(e) 3.25 %

(e) 15

%

0.62 95,637

0.86 0.84 3.01 15

2.84 114,337

0.85 0.84 2.88 13

(1.58)

121,565

0.84 0

.83

1.01 40

(8.66)

124,199

0.83 0.83 1.98 19

5.01 144,796

0.82 0.82 2.18 2

4.45 1,555

1.68 (e) 1.66 (e) 2.45 (e) 15

(0.12)

1,818

1.66 1.64 2.21 15

2.00 2,389

1.65 1.64 2.08 13

(2.39)

3,125

1.65 1.64 0.19 40

(9.35)

4,704

1.63 1.63 1.18 19

4.18 6,343

1.62 1.62 1.39 2

4.98 50,937

0.68 (e) 0.66 (e) 3.45 (e) 15

0.91 52,296

0.66 0.64 3.21 15

2.93 61,371

0.65 0.64 3.08 13

(1.29)

56,375

0.64 0.63 1.20 40

(8.48)

64,053

0.63 0.63 2.19 19

5.23 68,891

0.62 0.62 2.38 2

Financial Highlights

(continued)

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

ugh

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

Louisiana

Class

A

11/30/25

(d) $

10.18 $

0.17 $

0.39 $

0.56 $

(0.18)

$

—

$

(0.18)

$

10.56 5/31/25

10.56 0.31 (0.37)

(0.06)

(0.32)

—

(0.32)

10.18 5/31/24

10.41 0.31 0.14 0.45 (0.30)

—

(0.30)

10.56 5/31/23

10.75 0.29 (0.35)

(0.06)

(0.28)

—

(0.28)

10.41 5/31/22

11.64 0.26 (0.90)

(0.64)

(0.25)

—

(0.25)

10.75 5/31/21

11.17 0.31 0.47 0.78 (0.31)

—

(0.31)

11.64 Class

C

11/30/25

(d) 10.13 0.13 0.38 0.51 (0.13)

—

(0.13)

10.51 5/31/25

10.51 0.22 (0.36)

(0.14)

(0.24)

—

(0.24)

10.13 5/31/24

10.36 0.22 0.15 0.37 (0.22)

—

(0.22)

10.51 5/31/23

10.70 0.21 (0.35)

(0.14)

(0.20)

—

(0.20)

10.36 5/31/22

11.58 0.17 (0.90)

(0.73)

(0.15)

—

(0.15)

10.70 5/31/21

11.11 0.22 0.47 0.69 (0.22)

—

(0.22)

11.58 Class

I

11/30/25

(d) 10.20 0.18 0.39 0.57 (0.19)

—

(0.19)

10.58 5/31/25

10.58 0.33 (0.37)

(0.04)

(0.34)

—

(0.34)

10.20 5/31/24

10.43 0.33 0.15 0.48 (0.33)

—

(0.33)

10.58 5/31/23

10.78 0.31 (0.36)

(0.05)

(0.30)

—

(0.30)

10.43 5/31/22

11.66 0.29 (0.90)

(0.61)

(0.27)

—

(0.27)

10.78 5/31/21

11.19 0.33 0.47 0.80 (0.33)

—

(0.33)

11.66 (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

5.50 %

$

121,870

0.85 %

(e) 0.80 %

(e) 3.30 %

(e) 11

%

(0.64)

119,708

0.83 0.80 2.89 20

4.41 131,662

0.83 0.80 2.93 15

(0

.53)

140,021

0.80 0.80 2.78 12

(5.61)

156,506

0.79 0.79 2.31 18

7.08 160,148

0.80 0.80 2.70 8

5.10 4,044

1.65 (e) 1.60 (e) 2.50 (e) 11

(1.43)

4,961

1.63 1.60 2.08 20

3.61 6,368

1.63 1.60 2.13 15

(1.32)

8,586

1.60 1.60 1.98 12

(6.34)

11,782

1.59 1.59 1.51 18

6.25 13,801

1.60 1.60 1.90 8

5.60 97,165

0.65 (e) 0.60 (e) 3.51 (e) 11

(0.41)

93,577

0.63 0.60 3.11 20

4.64 75,683

.63

0.60 3.13 15

(0.39)

63,117

0.60 0.60 2.98 12

(5.31)

60,228

0.59 0.59 2.51 18

7.29 60,160

0.60 0.60 2.89 8

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

North Carolina

Class

A

11/30/25

(d) $

9.69 $

0.16 $

0.35 $

0.51 $

(0.15)

$

—

$

(0.15)

$

10.05 5/31/25

9.91 0.29 (0.23)

0.06 (0.28)

—

(0.28)

9.69 5/31/24

9.94 0.27 (0.04)

0.23 (0.26)

—

(0.26)

9.91 5/31/23

10.26 0.23 (0.34)

(0.11)

(0.21)

—

(0.21)

9.94 5/31/22

11.40 0.18 (1.14)

(0.96)

(0.18)

—

(0.18)

10.26 5/31/21

11.14 0.22 0.26 0.48 (0.22)

—

(0.22)

11.40 Class

C

11/30/25

(d) 9.69 0.12 0.35 0.47 (0.11)

—

(0.11)

10.05 5/31/25

9.91 0.21 (0.22)

(0.01)

(0.21)

—

(0.21)

9.69 5/31/24

9.95 0.19 (0.05)

0.14 (0.18)

—

(0.18)

9.91 5/31/23

10.28 0.15 (0.35)

(0.20)

(0.13)

—

(0.13)

9.95 5/31/22

11.41 0.09 (1.13)

(1.04)

(0.09)

—

(0.09)

10.28 5/31/21

11.15 0.13 0.26 0.39 (0.13)

—

(0.13)

11.41 Class

I

11/30/25

(d) 9.72 0.17 0.35 0.52 (0.16)

—

(0.16)

10.08 5/31/25

9.94 0.31 (0.22)

0.09 (0.31)

—

(0.31)

9.72 5/31/24

9.98 0.29 (0.05)

0.24 (0.28)

—

(0.28)

9.94 5/31/23

10.31 0.25 (0.35)

(0.10)

(0.23)

—

(0.23)

9.98 5/31/22

11.45 0.20 (1.14)

(0.94)

(0.20)

—

(0.20)

10.31 5/31/21

11.19 0.25 0.26 0.51 (0.25)

—

(0.25)

11.45 (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

5.32 %

$

204,754

0.81 %

(e) 0.80 %

(e) 3.17 %

(e) 6

%

0.59 208,829

0.81 0.79 2.91 18

2.32 189,767

0.80 0.78 2.67 20

(1.06)

201,018

0.81 0.78 2.27 23

(8.56)

201,287

0.77 0.76 1.62 18

4.36 267,521

0.77 0.76 1.96 10

4.91 3,062

1.61 (e) 1.60 (e) 2.37 (e) 6

(0.19)

3,530

1.61 1.59 2.09 18

1.43 5,240

1.60 1.58 1.87 20

(1.92)

7,570

1.61 1.58 1.47 23

(9.20)

11,535

1.57 1.56 0.83 18

3.53 15,194

1.57 1.56 1.18 10

5.43 274,591

0.61 (e) 0.60 (e) 3.37 (e) 6

0.83 287,541

0.61 0.59 3.10 18

2.45 328,922

0.60 0.58 2.87 20

(0.91)

334,967

0.61 0.58 2.47 23

(8.32)

412,225

0.57 0.56 1.83 18

4.56 496,334

0.57 0.56 2.16 10

Notes to Financial Statements

(Unaudited)

1. General Information

Trust and Fund Information:

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

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

Louisiana Municipal Bond Fund ("Louisiana") and Nuveen North Carolina Municipal Bond Fund ("North Carolina") (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.

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.

Fund

Gross

Custodian Fee

Credits

Georgia

$

—

Louisiana

—

North Carolina

—

Investments and Investment Income:

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

and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income. Interest

income, which is recorded on an accrual basis and includes the accretion of discounts and the amortization of premiums for financial reporting

purposes. Interest income also reflects payment-in-kind ("

PIK

") interest and paydown gains and losses, if any. PIK interest represents income received

in the form of securities in lieu of cash.

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,

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

Notes to Financial Statements

(continued)

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.

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

Georgia

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

143,578,652

$

–

$

143,578,652

Total

$

–

$

143,578,652

$

–

$

143,578,652

Louisiana

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

217,216,227

$

–

$

217,216,227

Total

$

–

$

217,216,227

$

–

$

217,216,227

North Carolina

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

478,546,574

$

–

$

478,546,574

Total

$

–

$

478,546,574

$

–

$

478,546,574

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.

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

Georgia

$

21,172,139

$

28,970,390

Louisiana

24,300,726

29,344,660

North Carolina

29,244,392

60,677,905

Notes to Financial Statements

(continued)

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

Georgia

Shares

Value

Shares

Value

Subscriptions:

Class A

302,687

$2,867,210

1,171,830

$11,327,080

Class A - automatic conversion of Class C

—

—

2,674

Class C

5,325

50,000

23,196

225,551

Class I

880,320

8,338,694

1,836,068

17,771,768

Total subscriptions

1,188,332

11,255,904

3,031,369

29,327,073

Reinvestments of distributions:

Class A

141,835

1,350,837

292,113

2,839,971

Class C

2,179

20,688

4,740

45,967

Class I

69,429

659,144

161,425

1,566,481

Total reinvestments of distributions

213,443

2,030,669

458,278

4,452,419

Redemptions:

Class A

(944,873)

(8,988,605)

(3,162,547)

(30,748,705)

Class C

(40,725)

(390,049)

(82,513)

(804,543)

Class C - automatic conversion to Class A

—

—

(276) (2,674)

Class I

(1,263,212)

(11,954,881)

(2,809,436)

(27,131,157)

Total redemptions

(2,248,810)

(21,333,535)

(6,054,772)

(58,687,079)

Net increase (decrease)

(847,035)

$(8,046,962)

(2,565,125)

$(24,907,587)

Six Months Ended

11/30/25

Year Ended

5/31/25

Louisiana

Shares

Value

Shares

Value

Subscriptions:

Class A

603,733

$6,179,189

1,186,685

$12,536,781

Class C

14,189

147,405

52,176

553,449

Class I

1,200,164

12,446,131

3,811,221

40,566,556

Total subscriptions

1,818,086

18,772,725

5,050,082

53,656,786

Reinvestments of distributions:

Class A

169,685

1,751,705

317,478

3,352,148

Class C

5,415

55,563

11,917

125,281

Class I

143,110

1,480,716

247,215

2,612,741

Total reinvestments of distributions

318,210

3,287,984

576,610

6,090,170

Redemptions:

Class A

(989,992)

(10,198,231)

(2,211,114)

(23,316,138)

Class C

(124,468)

(1,269,165)

(180,165)

(1,903,133)

Class I

(1,332,714)

(13,711,945)

(2,034,482)

(21,338,492)

Total redemptions

(2,447,174)

(25,179,341)

(4,425,761)

(46,557,763)

Net increase (decrease)

(310,878)

$(3,118,632)

1,200,931

$13,189,193

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

North Carolina

Shares

Value

Shares

Value

Subscriptions:

Class A

1,837,887

$17,923,268

8,045,584

$79,487,360

Class A - automatic conversion of Class C

24,482

240,578

17,026

169,744

Class C

5,441

53,007

106,592

1,065,945

Class I

3,461,902

34,063,272

8,039,247

80,461,088

Total subscriptions

5,329,712

52,280,125

16,208,449

161,184,137

Reinvestments of distributions:

Class A

306,628

3,016,112

520,989

5,205,208

Class C

3,532

34,742

8,097

81,042

Class I

342,534

3,381,162

713,102

7,158,127

Total reinvestments of distributions

652,694

6,432,016

1,242,188

12,444,377

Redemptions:

Class A

(3,338,655)

(32,632,126)

(6,184,981)

(61,486,168)

Class C

(43,957)

(428,618)

(262,083)

(2,635,667)

Class C - automatic conversion to Class A

(24,482)

(240,578)

(17,015)

(169,744)

Class I

(6,134,028)

(59,806,386)

(12,253,107)

(122,201,329)

Total redemptions

(9,541,122)

(93,107,708)

(18,717,186)

(186,492,908)

Net increase (decrease)

(3,558,716)

$(34,395,567)

(1,266,549)

$(12,864,394)

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Georgia

$

143,483,374

$

2,172,656

$

(2,077,378)

$

95,278

Louisiana

224,008,416

2,762,353

(9,554,542)

(6,792,189)

North Carolina

471,876,284

14,974,477

(8,304,187)

6,670,290

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

Georgia

$

641,768

$

10,986

$

—

$

(5,311,367)

$

(19,971,388)

$

—

$

(403,461)

$

(25,033,462)

Louisiana

978,043

79,495

—

(16,280,473)

(6,344,812)

—

(625,706)

(22,193,453)

North Carolina

1,962,568

—

—

(12,510,944)

(54,778,190)

—

(1,337,321)

(66,663,887)

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.

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.

Annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

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 annual complex-level fee rate for the Fund was as follows:

Fund

Short-Term

Long-Term

Total

Georgia

$

5,436,762

$

14,534,626

$

19,971,388

Louisiana

5,758,551

586,261

6,344,812

North Carolina

17,581,264

37,196,926

54,778,190

Average Daily Net Assets

Georgia

Louisiana

North Carolina

For the first $125 million

0.3500 %

0.3500 %

0.3500 %

For the next $125 million

0.3375 0.3375 0.3375 For the next $250 million

0.3250 0.3250 0.3250 For the next $500 million

0.3125 0.3125 0.3125 For the next $1 billion

0.3000 0.3000 0.3000 For the next $3 billion

0.2750 0.2750 0.2750 For the next $5 billion

0.2500 0.2500 0.2500 For net assets over $10 billion

0.2375 0.2375 0.2375 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

Georgia

0.1559 %

Louisiana

0.1559 North Carolina

0.1559 39

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 Fund did not engage in cross-trades pursuant to these procedures.

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:

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

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

Georgia

$

22,656

$

21,652

Louisiana

56,034

52,623

North Carolina

61,606

59,587

Fund

Commission

Advances

Georgia

$

15,567

Louisiana

31,848

North Carolina

46,581

Fund

12b-1 Fees

Retained

Georgia

$

872

Louisiana

2,005

North Carolina

3,860

Fund

CDSC

Retained

Georgia

$

Louisiana

2,005

North Carolina

7,733

Notes to Financial Statements

(continued)

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 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.

Fund

Maximum

Outstanding

Balance

Georgia

$

3,104,869

Louisiana

5,600,000

North Carolina

23,500,000

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Georgia

$

3,104,869

5.53 %

Louisiana

2,955,905

5.51 North Carolina

17,928,927

5.53 ------

**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.](d18069dex99cert.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.](d18069dex99906cert.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 III</u> 

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | 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: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Office |
|  |  | (principal executive officer) |
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (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
III;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

------

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| | | |
|:---|:---|:---|
|  Date: February 5, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

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

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust
III;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

------

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| | | |
|:---|:---|:---|
|  Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## 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 III (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: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Office |
|  |  | (principal executive officer) |
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---