# EDGAR Filing Document

**Accession Number:** 0001018973
**File Stem:** 0001193125-26-038810
**Filing Date:** 2026-2
**Character Count:** 303058
**Document Hash:** ed2c0469c959630049bd6470e1f33680
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-038810.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-038810

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**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 IV
- **CENTRAL INDEX KEY:** 0001018973

**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:** 811-07751
- **FILM NUMBER:** 26601270

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

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

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

## Series and Classes Contracts Data

### Nuveen Kansas Municipal Bond Fund (Series ID: S000000596)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000001664 | Nuveen Kansas Municipal Bond Fund - Class A | FKSTX           |
| C000001667 | Nuveen Kansas Municipal Bond Fund - Class I | FRKSX           |
| C000137705 | Class C                                     | FAFOX           |

### Nuveen Kentucky Municipal Bond Fund (Series ID: S000000597)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001668 | Nuveen Kentucky Municipal Bond Fund - Class A | FKYTX           |
| C000001671 | Nuveen Kentucky Municipal Bond Fund - Class I | FKYRX           |
| C000137706 | Class C                                       | FKCCX           |

### Nuveen Michigan Municipal Bond Fund (Series ID: S000000598)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001672 | Nuveen Michigan Municipal Bond Fund - Class A | FMITX           |
| C000001675 | Nuveen Michigan Municipal Bond Fund - Class I | NMMIX           |
| C000137707 | Class C                                       | FAFNX           |

### Nuveen Missouri Municipal Bond Fund (Series ID: S000000599)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001676 | Nuveen Missouri Municipal Bond Fund - Class A | FMOTX           |
| C000001679 | Nuveen Missouri Municipal Bond Fund - Class I | FMMRX           |
| C000137708 | Class C                                       | FAFPX           |

### Nuveen Ohio Municipal Bond Fund (Series ID: S000000600)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000001680 | Nuveen Ohio Municipal Bond Fund - Class A | FOHTX           |
| C000001683 | Nuveen Ohio Municipal Bond Fund - Class I | NXOHX           |
| C000137709 | Class C                                   | FAFMX           |

### Nuveen Wisconsin Municipal Bond Fund (Series ID: S000000601)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000001684 | Nuveen Wisconsin Municipal Bond Fund - Class A | FWIAX           |
| C000001687 | Nuveen Wisconsin Municipal Bond Fund - Class I | FWIRX           |
| C000137710 | Class C                                        | FWCCX           |

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

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 811-07751

Nuveen Multistate Trust IV

(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](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Kansas Municipal Bond Fund

Class A Shares/FKSTX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 190920344 |
|  Total number of portfolio holdings |  | 148 |
|  Portfolio turnover (%) |  | 12% |

---

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

![LOGO](g59408g1g00x01.jpg)

![LOGO](g59408g1g00x02.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.

---

| | |
|:---|:---|
| 67065R101_SAR_1125<br> 5035597 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Kansas Municipal Bond Fund

Class C Shares/FAFOX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 190920344 |
|  Total number of portfolio holdings |  | 148 |
|  Portfolio turnover (%) |  | 12% |

---

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

![LOGO](g59408g1g83l47.jpg)

![LOGO](g59408g1g89r80.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.

---

| | |
|:---|:---|
| 67065R671_SAR_1125<br> 5035597 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Kansas Municipal Bond Fund

Class I Shares/FRKSX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 190920344 |
|  Total number of portfolio holdings |  | 148 |
|  Portfolio turnover (%) |  | 12% |

---

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

![LOGO](g59408g1g71s86.jpg)

![LOGO](g59408g1g42w41.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.

---

| | |
|:---|:---|
| 67065R408_SAR_1125<br> 5035597 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Kentucky Municipal Bond Fund

Class A Shares/FKYTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Kentucky 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 | $61 | 1.18% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 214689304 |
|  Total number of portfolio holdings |  | 99 |
|  Portfolio turnover (%) |  | 9% |

---

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

![LOGO](g59408g1g07x01.jpg)

![LOGO](g59408g1g07x02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

---

| | |
|:---|:---|
| 67065R507_SAR_1125<br> 5035610 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Kentucky Municipal Bond Fund

Class C Shares/FKCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Kentucky 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 | $102 | 1.98% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 214689304 |
|  Total number of portfolio holdings |  | 99 |
|  Portfolio turnover (%) |  | 9% |

---

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

![LOGO](g59408g1g46b00.jpg)

![LOGO](g59408g1g77q99.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

---

| | |
|:---|:---|
| 67065R663_SAR_1125<br> 5035610 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Kentucky Municipal Bond Fund

Class I Shares/FKYRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Kentucky 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 | $51 | 0.98% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 214689304 |
|  Total number of portfolio holdings |  | 99 |
|  Portfolio turnover (%) |  | 9% |

---

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

![LOGO](g59408g1g53b73.jpg)

![LOGO](g59408g1g76d90.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

---

| | |
|:---|:---|
| 67065R804_SAR_1125<br> 5035610 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Michigan Municipal Bond Fund

Class A Shares/FMITX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $196984197 |
|  Total number of portfolio holdings | 104 |
|  Portfolio turnover (%) | 8% |

---

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

![LOGO](g59408g1g13x01.jpg)

![LOGO](g59408g1g13x02.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.

---

| | |
|:---|:---|
| 67065R853_SAR_1125<br> 5035622 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Michigan Municipal Bond Fund

Class C Shares/FAFNX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $196984197 |
|  Total number of portfolio holdings | 104 |
|  Portfolio turnover (%) | 8% |

---

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

![LOGO](g59408g1g37s59.jpg)

![LOGO](g59408g1g99d99.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.

---

| | |
|:---|:---|
| 67065R655_SAR_1125<br> 5035622 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Michigan Municipal Bond Fund

Class I Shares/NMMIX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $196984197 |
|  Total number of portfolio holdings | 104 |
|  Portfolio turnover (%) | 8% |

---

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

![LOGO](g59408g1g36v36.jpg)

![LOGO](g59408g1g78k85.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.

---

| | |
|:---|:---|
| 67065R820_SAR_1125<br> 5035622 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Missouri Municipal Bond Fund

Class A Shares/FMOTX

Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a <br> $10,000 investment** | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $40 | 0.78% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $503243546 |
|  Total number of portfolio holdings | 248 |
|  Portfolio turnover (%) | 5% |

---

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

![LOGO](g59408g1g19x01.jpg)

![LOGO](g59408g1g19x02.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.

---

| | |
|:---|:---|
| 67065R812_SAR_1125<br> 5035625 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Missouri Municipal Bond Fund

Class C Shares/FAFPX

Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a <br> $10,000 investment** | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $81 | 1.58% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $503243546 |
|  Total number of portfolio holdings | 248 |
|  Portfolio turnover (%) | 5% |

---

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

![LOGO](g59408g1g35l65.jpg)

![LOGO](g59408g1g50r56.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.

---

| | |
|:---|:---|
| 67065R648_SAR_1125<br> 5035625 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Missouri Municipal Bond Fund

Class I Shares/FMMRX

Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a <br> $10,000 investment** | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $30 | 0.58% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $503243546 |
|  Total number of portfolio holdings | 248 |
|  Portfolio turnover (%) | 5% |

---

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

![LOGO](g59408g1g81b84.jpg)

![LOGO](g59408g1g17y08.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.

---

| | |
|:---|:---|
| 67065R770_SAR_1125<br> 5035625 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Ohio Municipal Bond Fund

Class A Shares/FOHTX

Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $39 | 0.77% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 447829875 |
|  Total number of portfolio holdings |  | 195 |
|  Portfolio turnover (%) |  | 11% |

---

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

![LOGO](g59408g1g25x01.jpg)

![LOGO](g59408g1g25x02.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.

---

| | |
|:---|:---|
| 67065R762_SAR_1125<br> 5035640 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Ohio Municipal Bond Fund

Class C Shares/FAFMX

Semi-Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $80 | 1.57% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 447829875 |
|  Total number of portfolio holdings |  | 195 |
|  Portfolio turnover (%) |  | 11% |

---

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

![LOGO](g59408g1g13l28.jpg)

![LOGO](g59408g1g40n28.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.

---

| | |
|:---|:---|
| 67065R630_SAR_1125<br> 5035640 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Ohio Municipal Bond Fund

Class I Shares/NXOHX

Semi-Annual Shareholder Report

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

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

---

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

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 447829875 |
|  Total number of portfolio holdings |  | 195 |
|  Portfolio turnover (%) |  | 11% |

---

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

![LOGO](g59408g1g61m99.jpg)

![LOGO](g59408g1g75m61.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.

---

| | |
|:---|:---|
| 67065R739_SAR_1125<br> 5035640 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Wisconsin Municipal Bond Fund

Class A Shares/FWIAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Wisconsin 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 | $60 | 1.16% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 83893274 |
|  Total number of portfolio holdings |  | 84 |
|  Portfolio turnover (%) |  | 5% |

---

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

![LOGO](g59408g1g31x01.jpg)

![LOGO](g59408g1g31x02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

---

| | |
|:---|:---|
| 67065R721_SAR_1125<br> 5035650 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Wisconsin Municipal Bond Fund

Class C Shares/FWCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Wisconsin 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 | $101 | 1.96% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 83893274 |
|  Total number of portfolio holdings |  | 84 |
|  Portfolio turnover (%) |  | 5% |

---

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

![LOGO](g59408g1g82h62.jpg)

![LOGO](g59408g1g35c84.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

---

| | |
|:---|:---|
| 67065R622_SAR_1125<br> 5035650 | ![LOGO](g59408g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g59408g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Wisconsin Municipal Bond Fund

Class I Shares/FWIRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Wisconsin 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 | $50 | 0.96% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 83893274 |
|  Total number of portfolio holdings |  | 84 |
|  Portfolio turnover (%) |  | 5% |

---

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

![LOGO](g59408g1g92c11.jpg)

![LOGO](g59408g1g77l38.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total investments include the Fund's assets attributable to financial leverage. For these purposes, financial leverage includes the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

---

| | |
|:---|:---|
| 67065R689_SAR_1125<br> 5035650 | ![LOGO](g59408g1g85u20.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

#### Kansas
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.7%

X

184,599,843

MUNICIPAL BONDS - 96.7%

X

–

CONSUMER STAPLES - 4.4%

$

4,080,000

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco

Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien

Series 2020A-2 Class 1

.000

%

06/01/48

$

2,906,217

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

869,952

935,000

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

Backed Bonds, Refunding Series 2002

.500

05/15/39

947,834

885,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

06/01/32

869,024

360,000

New York Counties Tobacco Trust VI, New York, Tobacco

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

.625

06/01/35

365,865

265,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018B

.000

06/01/46

257,676

2,510,000

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

.000

06/01/48

2,211,577

TOTAL CONSUMER STAPLES

8,428,145

EDUCATION AND CIVIC ORGANIZATIONS - 4.0%

4,500,000

Kansas City Kansas Community College, Wyandotte County,

Kansas, Auxiliary Enterprise System Revenue Bonds, Series 2021

.000

09/01/47

4,280,667

2,000,000

Kansas City Kansas Community College, Wyandotte County,

Kansas, Auxiliary Enterprise System Revenue Bonds, Series 2021

.000

09/01/52

1,811,060

250,000

Kansas Development Finance Authority, Revenue Bonds, Kansas

State University Projects, Series 2016A

.000

03/01/27

250,148

370,000

Kansas Development Finance Authority, Revenue Bonds, Kansas

State University Projects, Series 2024F - BAM Insured

.000

04/01/45

360,435

425,000

Kansas Development Finance Authority, Revenue Bonds, Kansas

State University Projects, Series 2024F - BAM Insured

.000

04/01/46

409,902

480,000

Kansas Development Finance Authority, Revenue Bonds, Kansas

State University Projects, Series 2024F - BAM Insured

.000

04/01/47

459,280

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

7,571,492

HEALTH CARE - 10.6%

385,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/39

398,335

440,000

Hutchinson, Kansas, Hospital Facilities Revenue Bonds,

Hutchinson Regional Medical Center, Inc., Series 2016

.000

12/01/29

438,779

445,000

Hutchinson, Kansas, Hospital Facilities Revenue Bonds,

Hutchinson Regional Medical Center, Inc., Series 2016

.000

12/01/30

443,044

50,000

Hutchinson, Kansas, Hospital Facilities Revenue Bonds,

Hutchinson Regional Medical Center, Inc., Series 2016

.000

12/01/31

49,658

1,075,000

Hutchinson, Kansas, Hospital Facilities Revenue Bonds,

Hutchinson Regional Medical Center, Inc., Series 2016

.000

12/01/36

1,043,069

400,000

Hutchinson, Kansas, Hospital Facilities Revenue Bonds,

Hutchinson Regional Medical Center, Inc., Series 2016

.000

12/01/41

363,962

725,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C

.000

02/15/36

739,666

740,000

(a) Kansas Development Finance Authority, Hospital Revenue

Bonds, Advent Health Obligated Group, Series 2021B,

(Mandatory Put 11/15/31)

.000

11/15/54

818,782

285,000

(a) Kansas Development Finance Authority, Hospital Revenue

Bonds, Advent Health Obligated Group, Series 2021B,

(Mandatory Put 11/15/28)

.000

11/15/54

301,214

430,000

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial

Hospital, Series 2018A

.000

07/01/43

434,056

5,000,000

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial

Hospital, Series 2018A

.000

07/01/48

5,020,219

270,000

(a) Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Advent Health Obligated Group, Series 2021C,

(Mandatory Put 11/15/26)

.000

11/15/52

275,552

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

#### Kansas

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

920,000

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

%

07/01/27

$

940,374

295,000

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

07/01/29

310,176

2,000,000

University of Kansas Hospital Authority, Health Facilities Revenue

Bonds, KU Health System, Refunding & Improvement Series 2015

.000

09/01/40

1,999,932

835,000

University of Kansas Hospital Authority, Health Facilities Revenue

Bonds, KU Health System, Refunding & Improvement Series 2015

.000

09/01/45

835,253

1,580,000

University of Kansas Hospital Authority, Health Facilities Revenue

Bonds, University of Kansas Health System, Series 2017A

.000

03/01/42

1,546,292

2,250,000

University of Kansas Hospital Authority, Health Facilities Revenue

Bonds, University of Kansas Health System, Series 2017A

.000

03/01/47

2,263,350

2,000,000

University of Kansas Hospital Authority, Health Facilities Revenue

Bonds, University of Kansas Health System, Series 2019A

.000

09/01/48

2,025,308

TOTAL HEALTH CARE

20,247,021

HOUSING/MULTIFAMILY - 0.8%

1,485,322

Kansas Development Finance Authority, Multifamily Housing

Bonds, M-Tebs Riverstone Sycamore Village Series 2024J-1

.170

11/01/41

1,504,647

TOTAL HOUSING/MULTIFAMILY

1,504,647

LONG-TERM CARE - 2.1%

2,500,000

Kansas Development Finance Authority Revenue Bonds, Village

Shalom Project, Series 2018A

.250

11/15/53

1,783,490

1,300,000

(b) Manhattan Health Care Facility Revenue Bonds, Kansas,

Meadowlarks Hills, Series 2025A

.500

06/01/60

1,300,036

1,000,000

Wichita, Kansas, Health Care Facilities Revenue Bonds,

Presbyterian Manors, Series 2024VIII

.875

05/15/50

951,932

TOTAL LONG-TERM CARE

4,035,458

TAX OBLIGATION/GENERAL - 31.1%

1,000,000

Allen County Unified School District 257 Iola, Kansas, General

Obligation Bonds, School Building Series 2019A - BAM Insured

.000

09/01/38

924,875

1,390,000

Andover, Kansas, General Obligation Bonds, Series 2024A

.000

10/01/41

1,411,910

1,000,000

Butler County Unified School District 490, Kansas, General

Obligation Bonds, Refunding Series 2016A - BAM Insured

.000

09/01/35

1,003,751

3,000,000

Butler County Unified School District 490, Kansas, General

Obligation Bonds, School Building Series 2016B - BAM Insured

.000

09/01/43

2,945,482

780,000

Derby, Sedgwick County, Kansas, General Obligation Bonds,

Series 2025B

.000

12/01/42

780,344

500,000

Derby, Sedgwick County, Kansas, General Obligation Bonds,

Series 2025B

.000

12/01/45

486,311

100,000

Douglas County Unified School District 497, Kansas, General

Obligation Bonds, Series 2017A

.125

09/01/37

93,620

2,500,000

Douglas County Unified School District 497, Kansas, General

Obligation Bonds, Series 2018A - BAM Insured

.625

09/01/37

2,503,047

500,000

Geary County Unified School District 475, Kansas, General

Obligation Bonds, Refunding Series 2021B

.000

09/01/43

408,185

1,000,000

Harvey County Unified School District 440, Harvey County,

Kansas, General Obligation Bonds, Halstead- Bentley, Series

2024 - BAM Insured

.000

09/01/49

1,029,833

5,000,000

Harvey County Unified School District 460, Hesston, Kansas,

General Obligation Bonds, Series 2022 - BAM Insured

.000

09/01/52

5,133,535

2,000,000

(b) Hutchinson, Kansas, General Obligation Bonds, Temporary Notes

Series 2025D

.375

10/01/28

2,007,481

5,000,000

Johnson County Unified School District 512, Shawnee Mission,

Kansas, General Obligation Bonds, Refunding & Improvement

Series 2021A

.000

10/01/41

4,430,457

1,290,000

Johnson/Miami County Unified School District 230 Spring Hill,

Kansas, General Obligation Bonds, Improvement Series 2016B

.000

09/01/33

1,294,880

620,000

Johnson/Miami County Unified School District 230 Spring Hill,

Kansas, General Obligation Bonds, Refunding Series 2016

.000

09/01/26

631,281

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,000,000

Johnson/Miami County Unified School District 230 Spring Hill,

Kansas, General Obligation Bonds, Series 2018A

.000

%

09/01/34

$

1,047,725

1,000,000

Leavenworth County Unified School District 464, Tonganoxie,

Kansas, General Obligation Bonds, Refunding & Improvement

Series 2019A - BAM Insured

.000

09/01/45

959,985

500,000

Linn County Unified School District 362, Kansas, General

Obligation Bonds, Series 2020

.000

09/01/35

490,405

1,000,000

Lyon County Unified School District 253 Emporia, Kansas,

General Obligation Bonds, Series 2019

.000

09/01/44

816,578

1,030,000

Maize, Kansas, General Obligation Bonds, Series 2024A - BAM

Insured

.000

10/01/44

1,023,659

910,000

Rawlins County Unified School District 105, Kansas, General

Obligation Bonds, Atwood Series 2024 - BAM Insured

.000

09/01/40

1,066,926

975,000

Rawlins County Unified School District 105, Kansas, General

Obligation Bonds, Atwood Series 2024 - BAM Insured

.000

09/01/41

1,137,110

205,000

Reno County, Kansas, General Obligation Bonds, Refunding &

Improvement Series 2021

.000

09/01/31

205,123

200,000

Reno County, Kansas, General Obligation Bonds, Refunding &

Improvement Series 2021

.000

09/01/34

194,289

1,130,000

Riley County Unified School District 383, Manhattan-Ogen,

Kansas, General Obligation Bonds, Refunding Series 2016

.000

09/01/29

1,141,093

2,530,000

Saline County, Kansas, General Obligation Bonds, Sales Tax

Series 2021B

.000

09/01/33

2,481,583

500,000

Saline County, Kansas, General Obligation Bonds, Sales Tax

Series 2021B

.000

09/01/34

434,606

465,000

Sedgwick County Unified School District 262, Kansas, General

Obligation Bonds, Refunding Series 2017 - BAM Insured

.000

09/01/30

470,066

1,000,000

Sedgwick County Unified School District 265 Goddard, Kansas,

General Obligation Bonds, School Building Series 2017A - BAM

Insured

.000

10/01/32

990,824

1,650,000

Sedgwick County Unified School District 266 Maize, Harvey

County, Kansas, General Obligation Bonds, Series 2019A

.000

09/01/31

1,684,277

500,000

Sedgwick County Unified School District 266 Maize, Harvey

County, Kansas, General Obligation Bonds, Series 2019A

.000

09/01/32

509,327

460,000

Shawnee County Unified School District 437 Auburn- Washburn,

Kansas, General Obligation Bonds, Improvement Series 2024A

.000

09/01/37

526,643

1,250,000

Wabaunsee County Unified School District 330 Mission Valley,

Kansas, General Obligation Bonds, Series 2022 - BAM Insured

.500

09/01/47

1,324,070

2,000,000

Wichita, Kansas, General Obligation Bonds, Airport Series

2015C, (AMT)

.000

12/01/39

2,002,020

500,000

Wichita, Kansas, General Obligation Bonds, Airport Series

2015C, (AMT)

.250

12/01/44

472,732

1,255,000

Wichita, Kansas, General Obligation Bonds, Series 2024-835

.250

12/01/36

1,230,953

1,720,000

Wichita, Kansas, General Obligation Bonds, Series 2024-835

.000

12/01/39

1,758,432

1,000,000

Wyandotte County Unified School District 203, Piper, Kansas,

General Obligation Bonds, Improvement Series 2018A

.000

09/01/40

1,041,173

1,000,000

Wyandotte County Unified School District 203, Piper, Kansas,

General Obligation Bonds, Improvement Series 2018A

.000

09/01/41

1,037,548

1,000,000

Wyandotte County Unified School District 203, Piper, Kansas,

General Obligation Bonds, Improvement Series 2018A

.000

09/01/48

894,138

3,800,000

Wyandotte County, Unified School District 500, Kansas, Taxable

General Obligation Bonds, Series 2025 - BAM Insured

.000

09/01/50

3,978,138

200,000

Wyandotte County/Kansas City Unified Government, Kansas,

General Obligation Bonds, Improvement Series 2015A

.000

08/01/28

198,309

1,285,000

Wyandotte County/Kansas City Unified Government, Kansas,

General Obligation Bonds, Improvement Series 2025A - BAM

Insured

.000

08/01/43

1,289,204

2,500,000

Wyandotte County/Kansas City Unified Government, Kansas,

General Obligation Bonds, Improvement Series 2025A - BAM

Insured

.000

08/01/44

2,465,350

1,415,000

Wyandotte County/Kansas City Unified Government, Kansas,

General Obligation Bonds, Improvement Series 2025A

.000

08/01/45

1,380,315

TOTAL TAX OBLIGATION/GENERAL

59,337,593

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

#### Kansas

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED - 21.0%

$

500,000

Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series

2016 - AGM Insured

.000

%

06/01/28

$

516,602

1,380,000

Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series

2016 - AGM Insured

.000

06/01/29

1,425,820

1,320,000

Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series

2016 - AGM Insured

.000

06/01/31

1,364,093

500,000

(c) Garden City, Kansas, Sales Tax Special Obligation Revenue

Bonds, Sports of the World Star Bond Project Phase II, Series

2025

.375

06/01/39

505,773

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/37

554,407

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/30

1,013,523

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/32

1,012,439

2,275,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/33

2,302,642

1,250,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/46

1,261,044

2,630,000

Johnson County Community College, Kansas, Certificates of

Participation, Series 2017

.000

10/01/28

2,660,812

815,000

Johnson County Community College, Kansas, Certificates of

Participation, Series 2017

.000

10/01/31

815,178

2,240,000

Kansas Department of Transportation, Highway Revenue Bonds,

Series 2017A

.000

09/01/33

2,323,070

2,500,000

Kansas Development Finance Authority, Kansas, Revenue Bonds,

State of Kansas Projects, Taxable Series 2025A

.500

05/01/44

2,543,035

1,175,000

Kansas Development Finance Authority, Kansas, Revenue Bonds,

State of Kansas Projects, Taxable Series 2025A

.500

05/01/45

1,193,949

1,000,000

Kansas Development Finance Authority, Kansas, Revenue Bonds,

State of Kansas Projects, Refunding Series 2019F

.000

11/01/33

988,775

1,170,000

Kansas Development Finance Authority, Kansas, Sales Tax

Revenue Bonds, K-State Olathe Innovation Campus Inc., Series

2019H-1

.000

09/01/30

1,190,918

1,350,000

Kansas Development Finance Authority, Kansas, Sales Tax

Revenue Bonds, K-State Olathe Innovation Campus Inc., Series

2019H-1

.000

09/01/34

1,324,621

2,100,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

2,180,245

5,925,000

Overland Park Development Corporation, Kansas, Revenue

Bonds, Convention Center Hotel, Refunding & improvement

Series 2019

.000

03/01/44

5,943,312

200,000

Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire

Community Improvement District No. 1 Project, Series 2012B

.250

12/15/29

92,000

200,000

Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire

Community Improvement District No. 1 Project, Series 2012B

.100

12/15/34

45,000

2,775,000

(d) Overland Park, Kansas, Sales Tax Special Obligation Revenue

Bonds, Prairiefire at Lionsgate Project, Series 2012

.000

12/15/32

638,250

335,000

Ozawkie Kansas, General Obligation Refunding Bonds, Series

2020

.000

09/01/39

312,839

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

974,966

1,620,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

.000

10/01/32

1,624,754

2,000,000

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

Loan Note, Refunding Series 2014C

.000

10/01/30

2,000,535

1,080,000

Wyandotte County/Kansas City Unified Government, Kansas,

Community Improvement District Sales Tax Revenue Bonds,

Legends Appartments Garage & West Lawn Project, Series 2018

.500

06/01/40

1,081,250

1,260,000

Wyandotte County-Kansas City Unified Government, Kansas,

Sales Tax Special Obligation Bonds, Kansas International

Speedway Corporation Project, Refunding Series 2014

.000

12/01/26

1,261,722

675,000

Wyandotte County-Kansas City Unified Government, Kansas,

Sales Tax Special Obligation Bonds, Vacation Village Project Area

1 and 2A, Series 2015

.750

09/01/32

647,547

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

240,000

Wyandotte County-Kansas City Unified Government,

Kansas, Sales Tax Special Obligation Revenue Bonds, Kansas

International Speedway Corporation, Series 1999

.000

%

12/01/27

$

221,645

TOTAL TAX OBLIGATION/LIMITED

40,020,766

TRANSPORTATION - 3.3%

1,120,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

.000

12/31/51

1,113,618

1,100,000

Kansas State Turnpike Authority, Turnpike Revenue Bonds,

Refunding Series 2019A

.000

09/01/38

1,168,136

1,515,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

.000

07/01/46

1,511,271

1,485,000

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

1,579,078

1,000,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

.750

12/31/65

1,038,043

TOTAL TRANSPORTATION

6,410,146

U.S. GUARANTEED - 0.1% (e)

150,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

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

.000

02/15/36

154,570

40,000

(a) Kansas Development Finance Authority, Hospital Revenue

Bonds, Advent Health Obligated Group, Series 2021B, (Pre-

refunded 11/15/28)

.000

11/15/54

42,322

15,000

(a) Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Advent Health Obligated Group, Series 2021C,

(Pre-refunded 11/15/26)

.000

11/15/52

15,320

TOTAL U.S. GUARANTEED

212,212

UTILITIES - 19.3%

130,000

(c) California Pollution Control Financing Authority, Water

Furnishing Revenue Bonds, Poseidon Resources Channelside LP

Desalination Project, Series 2012, (AMT)

.000

11/21/45

130,001

600,000

Chisholm Creek Utility Authority, Kansas, Water and Wastewater

Facilities Revenue Bonds, Bel Aire & Park Cities, Kansas Project,

Refunding Series 2017 - AGM Insured

.000

09/01/27

621,808

1,135,000

Chisholm Creek Utility Authority, Kansas, Water and Wastewater

Facilities Revenue Bonds, Bel Aire & Park Cities, Kansas Project,

Refunding Series 2017 - AGM Insured

.000

09/01/29

1,154,712

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024B

.000

07/01/31

1,094,142

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024B

.000

07/01/32

1,106,751

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024B

.000

07/01/33

1,115,083

800,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024B

.000

07/01/34

899,556

2,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

2,017,123

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

.500

07/01/55

1,049,689

1,165,000

Guam Power Authority, Revenue Bonds, Refunding Series 2017A

.000

10/01/37

1,190,003

3,750,000

Guam Power Authority, Revenue Bonds, Refunding Series 2017A

.000

10/01/40

3,813,099

150,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/43

155,828

1,000,000

Kansas Municipal Energy Agency, Power Project Revenue Bonds,

Dogwood Project, Series 2018A - BAM Insured

.000

04/01/33

1,005,810

1,000,000

Kansas Municipal Energy Agency, Power Project Revenue Bonds,

Dogwood Project, Series 2018A - BAM Insured

.000

04/01/34

1,005,710

1,000,000

Kansas Municipal Energy Agency, Power Project Revenue Bonds,

Dogwood Project, Series 2018A - BAM Insured

.000

04/01/35

1,005,610

2,000,000

Lawrence, Kansas, Water and Sewer System Revenue Bonds,

Refunding and Improvement Series 2025

.000

11/01/36

2,317,406

2,480,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding National Series 2007VV - AGM Insured

.250

07/01/27

2,494,577

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

#### Kansas

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,065,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding National Series 2007VV - AGM Insured

.250

%

07/01/31

$

1,086,217

480,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2005RR - AGC Insured

.000

07/01/28

480,022

3,000,000

Saint Marys, Kansas, Pollution Control Revenue Bonds, Evergy

Kansas Central, Inc., Project, Series 2025

.500

04/15/32

2,994,323

355,000

Salina, Kansas, Water and Sewer System Revenue Bonds,

Refunding Series 2019A

.000

10/01/29

355,076

780,000

Salina, Kansas, Water and Sewer System Revenue Bonds,

Refunding Series 2019A

.000

10/01/30

780,575

580,000

Salina, Kansas, Water and Sewer System Revenue Bonds,

Refunding Series 2019A

.000

10/01/31

580,412

785,000

Topeka, Kansas, Utility Revenue Bonds, Refunding &

Improvement Series 2021A - BAM Insured

.000

08/01/30

822,537

740,000

Topeka, Kansas, Utility Revenue Bonds, Refunding &

Improvement Series 2021A - BAM Insured

.000

08/01/31

773,522

1,595,000

Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Series 2007B

.000

07/01/31

1,404,546

1,105,000

Wichita, Kansas, Water and Sewer Utility Revenue Bonds,

Refunding Series 2017B

.000

10/01/26

1,126,440

2,000,000

Wyandotte County/Kansas City Unified Government, Kansas,

Utility System Revenue Bonds, Refunding & Improvement Series

2014A

.000

09/01/44

2,000,478

2,250,000

Wyandotte County-Kansas City Unified Government, Kansas,

Utility System Revenue Bonds, Improvement Series 2016A

.000

09/01/40

2,251,307

TOTAL UTILITIES

36,832,363

TOTAL MUNICIPAL BONDS

(Cost $190,338,784)

184,599,843

TOTAL LONG-TERM INVESTMENTS

(Cost $190,338,784)

184,599,843

OTHER ASSETS & LIABILITIES, NET - 3.3%

6,320,501

NET ASSETS - 100%

$

190,920,344

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) 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 $2,636,309 or 1.4% of Total Investments.

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

bankruptcy.

(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

#### Kentucky
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 110.5%

X

237,334,851

MUNICIPAL BONDS - 110.5%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 14.6%

$

155,000

Campbellsville, Kentucky, Industrial Building Revenue Bonds,

Campbellsville University Project, Series 2017

.000

%

03/01/39

$

151,021

4,200,000

Kentucky Bond Development Corporation, Educational Facilities

Revenue Bonds, City of Danville, Centre College Project, Series

2021

.000

06/01/51

3,452,390

2,000,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

.000

07/01/33

2,002,432

5,320,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

.000

07/01/40

5,323,518

2,500,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

.000

01/01/45

2,500,675

500,000

Kentucky Higher Education Student Loan Corporation, Student

Loan Revenue Bonds, Senior Series 2021A-1, (AMT)

.000

06/01/31

527,822

1,450,000

Kentucky Higher Education Student Loan Corporation, Student

Loan Revenue Bonds, Senior Series 2021A-1, (AMT)

.125

06/01/32

1,302,121

1,000,000

Kentucky Higher Education Student Loan Corporation, Student

Loan Revenue Bonds, Series 2019A, (AMT)

.000

06/01/28

1,030,997

700,000

Kentucky Higher Education Student Loan Corporation, Student

Loan Revenue Bonds, Series 2019A, (AMT)

.000

06/01/29

728,666

3,025,000

Kentucky State University, Certificates of Participation, Series

2021 - BAM Insured

.000

11/01/51

2,801,107

1,350,000

Kentucky State University, Certificates of Participation, Series

2021 - BAM Insured

.000

11/01/56

1,236,317

1,125,000

Murray State University, Kentucky, General Receipts Bonds, Series

2015A

.000

03/01/26

1,128,347

1,075,000

Murray State University, Kentucky, General Receipts Bonds, Series

2015A

.000

03/01/27

1,078,208

250,000

University of Kentucky, General Receipts Bonds, Series 2016A

.000

04/01/32

250,320

3,000,000

University of Kentucky, Lease Purchase Obligations Bonds, UK

Healthcare Cancer Center Parking Project, Series 2024

.000

10/01/49

3,144,797

2,145,000

University of Louisville, Kentucky, Revenue Bonds, General

Receipts Series 2025A - BAM Insured

.000

09/01/45

2,282,099

2,500,000

University of Louisville, Kentucky, Revenue Bonds, Refunding

General Reciepts Series 2016C

.000

09/01/28

2,507,697

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

31,448,534

HEALTH CARE - 17.1%

9,190,000

Hazard, Kentucky, Healthcare Revenue Bonds, Appalachian

Regional Healthcare Project, Series 2021 - AGM Insured

.000

07/01/51

8,528,495

1,000,000

(a) Kentucky Bond Development Corporation, Hospital Revenue

Bonds, Baptist Healthcare System Williamsburg Series 2025A,

(Mandatory Put 8/15/35)

.000

08/15/55

1,113,534

3,000,000

Kentucky Economic Development Finance Authority, Hospital

Revenue Bonds, Baptist Healthcare System Obligated Group,

Series 2017B

.000

08/15/41

3,061,400

500,000

Kentucky Economic Development Finance Authority, Hospital

Revenue Bonds, Owensboro Health, Refunding Series 2017A

.250

06/01/41

504,758

2,500,000

Kentucky Economic Development Finance Authority, Hospital

Revenue Bonds, Owensboro Health, Refunding Series 2017A

.000

06/01/45

2,503,797

6,385,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, CommonSpirit Health, Series 2019A-1

.000

08/01/44

6,448,374

100,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, CommonSpirit Health, Series 2019A-2

.000

08/01/37

104,170

100,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, CommonSpirit Health, Series 2019A-2

.000

08/01/38

103,778

2,690,000

Louisville and Jefferson County Metropolitan Government,

Kentucky, Hospital Revenue Bonds, UofL Health Project, Series

2022A

.000

05/15/52

2,668,912

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

#### Kentucky

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

4,500,000

Louisville and Jefferson County Metropolitan Government,

Kentucky, Hospital Revenue Bonds, UofL Health Project, Series

2022A - AGM Insured

.000

%

05/15/52

$

4,565,841

2,000,000

Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-

Calloway County Public Hospital Corporation Project, Refunding

Series 2016

.000

08/01/37

2,007,979

500,000

Warren County, Kentucky, Hospital Revenue Bonds, Bowling

Green-Warren County Community Hospital Corporation,

Refunding Series 2021A

.000

04/01/26

503,490

500,000

Warren County, Kentucky, Hospital Revenue Bonds, Bowling

Green-Warren County Community Hospital Corporation,

Refunding Series 2021A

.000

04/01/27

514,854

1,980,000

Warren County, Kentucky, Hospital Revenue Bonds, Bowling

Green-Warren County Community Hospital Corporation, Series

2012A

.000

10/01/33

1,981,425

2,000,000

Warren County, Kentucky, Hospital Revenue Bonds, Bowling

Green-Warren County Community Hospital Corporation, Series

2012A

.000

10/01/37

2,001,553

TOTAL HEALTH CARE

36,612,360

MATERIALS - 0.5%

1,180,000

Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC

Project, Series 2022A, (AMT)

.700

01/01/52

1,125,351

TOTAL MATERIALS

1,125,351

TAX OBLIGATION/GENERAL - 13.9%

5,780,000

(b) Covington, Kentucky, General Obligation Bonds, Series 2024C,

(UB)

.250

12/01/54

5,467,440

5,000,000

(b) Jefferson County School District, Kentucky, General Obligation

Bonds, Series 2024A, (UB)

.000

09/01/40

5,041,956

1,925,000

Lexington-Fayette Urban County Government, Kentucky, General

Obligation Bonds, Various Purpose Series 2025A

.000

05/01/42

1,899,048

5,685,000

Louisville and Jefferson County Metropolitan Government,

Kentucky, General Obligation Bonds, Series 2023A

.000

12/01/40

6,356,785

1,680,000

McCracken County, Kentucky, General Obligation Bonds, Series

2024A

.000

12/01/44

1,601,013

1,795,000

Richmond, Kentucky, General Obligation Bonds, Series 2025

.000

06/01/39

1,971,311

5,000,000

Richmond, Kentucky, General Obligation Bonds, Series 2025

.500

06/01/50

5,035,084

2,500,000

Shelby County Board of Education, Kentucky, General Obligation

Bonds, Series 2025

.000

02/01/42

2,492,951

TOTAL TAX OBLIGATION/GENERAL

29,865,588

TAX OBLIGATION/LIMITED - 35.2%

1,000,000

Barren County Public Properties Corporation, Kentucky, First

Mortgage Revenue Bonds, Judicial Center Project, Series 2025

.000

12/01/36

1,152,919

3,500,000

Christian County School District Finance Corporation, Kentucky,

School Building Revenue Bonds, Series 2023 - AGM Insured

.500

10/01/53

3,502,344

4,375,000

Kentucky Bond Development Corporation, Kentucky, Industrial

Building Revenue Bonds, Kentucky Communications Network

Authority, Series 2019 - BAM Insured

.000

09/01/49

4,489,171

4,000,000

Kentucky Bond Development Corporation, Transient Room Tax

Revenue Bonds, Lexington Center Corporation Project, Series

2018A

.000

09/01/48

4,026,824

1,000,000

Kentucky Economic Development Finance Authority, Louisville

Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,

Series 2017A - AGM Insured

.000

12/01/41

995,613

13,650,000

(b) Kentucky Economic Development Finance Authority, Louisville

Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,

Series 2017A - AGM Insured, (UB)

.000

12/01/41

13,590,116

1,000,000

Kentucky Economic Development Finance Authority, Louisville

Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,

Series 2017A - AGM Insured

.000

12/01/45

1,012,432

7,000,000

(b) Kentucky State Property and Buildings Commission, Revenue

Bonds, Project 115, Series 2017, (UB)

.000

04/01/32

7,203,651

6,000,000

Kentucky State Property and Buildings Commission, Revenue

Bonds, Project 115, Series 2017

.000

04/01/38

6,139,700

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,500,000

Kentucky State Property and Buildings Commission, Revenue

Bonds, Project 132, Series 2025A

.000

%

04/01/43

$

1,624,986

1,930,000

Kentucky Turnpike Authority, Economic Development Road

Revenue Bonds, Revitalization Project, Refunding Series 2017A

.000

07/01/33

1,985,048

5,000,000

Kentucky Turnpike Authority, Economic Development Road

Revenue Bonds, Revitalization Project, Refunding Series 2017B

.000

07/01/28

5,176,535

2,650,000

Logan County School District Finance Corporation, Kentucky,

Revenue Bonds, School Building Series 2023

.125

09/01/41

2,688,096

2,765,000

Logan County School District Finance Corporation, Kentucky,

Revenue Bonds, School Building Series 2023

.250

09/01/42

2,810,016

2,870,000

Logan County School District Finance Corporation, Kentucky,

Revenue Bonds, School Building Series 2023

.250

09/01/43

2,893,393

1,910,000

Nelson County School District Finance Corporation, Kentucky,

School Building Revenue Bonds, Series 2024

.000

06/01/44

1,993,187

985,000

Newport, Kentucky, Special Obligation Revenue Bonds, Newport

Clifton Project, Series 2020B

.500

12/01/60

836,669

2,415,000

Newport, Kentucky, Special Obligation Revenue Bonds, Newport

Skypoint Project, Refunding Series 2023

.500

09/01/50

2,286,529

1,205,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

915,006

89,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

86,772

3,370,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured Cofina Project Series 2019A-2A

.550

07/01/40

3,362,167

4,180,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

4,077,094

3,000,000

(c) Union Kentucky, Special Obligation Revenue Bonds, Union

Promenade Project, Series 2022B

.500

12/01/52

2,804,715

TOTAL TAX OBLIGATION/LIMITED

75,652,983

TRANSPORTATION - 7.2%

1,750,000

Kenton County Airport Board, Kentucky, Airport Revenue Bonds,

Cincinnati/Northern Kentucky International Airport, Refunding

Series 2016

.000

01/01/31

1,753,096

1,210,000

Kenton County Airport Board, Kentucky, Airport Revenue Bonds,

Cincinnati/Northern Kentucky International Airport, Refunding

Series 2016

.000

01/01/33

1,211,992

5,795,000

Kenton County Airport Board, Kentucky, Airport Revenue Bonds,

Cincinnati/Northern Kentucky International Airport, Series 2024A,

(AMT)

.250

01/01/49

6,024,581

700,000

Kentucky Public Transportation Infrastructure Authority,

Toll Revenue Bonds, Downtown Crossing Project, Capital

Appreciation First Tier Series 2013B

.000

07/01/32

492,099

1,500,000

Kentucky Public Transportation Infrastructure Authority, Toll

Revenue Bonds, Downtown Crossing Project, Convertible Capital

Appreciation First Tier Series 2013C

.400

07/01/33

1,754,658

1,000,000

Kentucky Public Transportation Infrastructure Authority, Toll

Revenue Bonds, Downtown Crossing Project, Convertible Capital

Appreciation First Tier Series 2013C

.600

07/01/39

1,152,294

1,555,000

Louisville Regional Airport Authority, Kentucky, Airport System

Revenue Bonds, Refunding Series 2014A, (AMT)

.000

07/01/31

1,560,960

1,500,000

Louisville Regional Airport Authority, Kentucky, Airport System

Revenue Bonds, Refunding Series 2014A, (AMT)

.000

07/01/32

1,505,806

TOTAL TRANSPORTATION

15,455,486

UTILITIES - 22.0%

1,980,000

Boone-Florence Water Commission, Kentucky, Water Supply

System Revenue Bonds, Refunding Series 2024A

.000

12/01/51

1,768,100

5,705,000

Bowling Green, Kentucky, Water and Sewer Revenue Bonds,

Series 2019 - AGM Insured

.000

06/01/49

5,398,331

2,000,000

Carroll County, Kentucky, Environmental Facilities Revenue

Bonds, Kentucky Utilities Company Project, Refunding Series

2006B, (AMT)

.125

10/01/34

1,715,112

1,375,000

Carroll County, Kentucky, Environmental Facilities Revenue

Bonds, Kentucky Utilities Company Project, Refunding Series

2018A, (AMT)

.375

02/01/26

1,373,855

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

#### Kentucky

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,705,000

(d) Georgetown, Kentucky, Water And Sewer Revenue Bonds,

Refunding Series 2025A

.000

%

12/01/36

$

1,990,598

3,265,000

Kentucky Infrastructure Authority, Wastewater and Drinking

Water Revolving Fund Revenue Bonds, Series 2018A

.000

02/01/30

3,436,248

1,000,000

Kentucky Municipal Energy Agency, Power System Revenue

Bonds, Energy Center I Project, Series 2025

.000

01/01/40

1,090,072

1,000,000

Kentucky Municipal Energy Agency, Power System Revenue

Bonds, Energy Center I Project, Series 2025

.000

01/01/50

1,037,723

1,500,000

Kentucky Municipal Power Agency, Power System Revenue

Bonds, Prairie State Project, Refunding Series 2019A

.000

09/01/45

1,327,718

1,500,000

Louisville and Jefferson County Metropolitan Government Board

of Water Works, Kentucky, Water System Revenue Bonds, Series

2025

.000

11/15/35

1,759,454

1,000,000

Louisville and Jefferson County Metropolitan Government Board

of Water Works, Kentucky, Water System Revenue Bonds, Series

2025

.250

11/15/41

1,031,852

3,730,000

Louisville and Jefferson County Metropolitan Sewer District,

Kentucky, Sewer and Drainage System Revenue Bonds,

Refunding Series 2018A

.000

05/15/37

3,761,008

1,000,000

Louisville and Jefferson County Metropolitan Sewer District,

Kentucky, Sewer and Drainage System Revenue Bonds,

Refunding Series 2025A

.000

05/15/55

1,047,171

365,000

Louisville and Jefferson County Metropolitan Sewer District,

Kentucky, Sewer and Drainage System Revenue Bonds, Series

2014A

.000

05/15/40

364,985

2,500,000

Louisville and Jefferson County Metropolitan Sewer District,

Kentucky, Sewer and Drainage System Revenue Bonds, Series

2023C

.000

05/15/53

2,601,615

7,000,000

(b) Louisville-Jefferson County Metropolitan Government, Kentucky,

Pollution Control Revenue Bonds, Louisville Gas and Electric

Company Project, Series 2003A

.000

10/01/33

6,092,682

1,900,000

(a) Owen County, Kentucky, Water Facilities Revenue Bonds,

Kentucky-American Water Company Project, Refunding Series

2020, (Mandatory Put 9/01/28)

.875

06/01/40

1,938,095

2,000,000

Paducah, Kentucky, Electric Plant Board Revenue Bonds,

Refunding Series 2016A - AGM Insured

.000

10/01/33

2,027,112

5,000

Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series

2009A - AGC Insured

.250

10/01/35

5,005

1,100,000

Princeton Electric Plant Board, Kentucky, Revenue Bonds,

Refunding Series 2015 - AGM Insured

.000

11/01/34

1,101,506

1,635,000

Princeton Electric Plant Board, Kentucky, Revenue Bonds,

Refunding Series 2015 - AGM Insured

.000

11/01/37

1,637,101

1,400,000

(a) Public Energy Authority of Kentucky, Gas Supply Revenue Bonds,

Refunding Series 2024B, (Mandatory Put 8/01/32)

.000

01/01/55

1,506,320

1,000,000

(a) Public Energy Authority of Kentucky, Gas Supply Revenue Bonds,

Refunding Series 2025A, (Mandatory Put 12/01/29)

.250

06/01/55

1,065,837

1,000,000

Public Energy Authority of Kentucky, Gas Supply Revenue Bonds,

Series 2025B

.000

12/01/33

1,046,780

1,000,000

Rural Water Financing Agency, Kentucky, Public Projects Revenue

Bonds, Flexible Term Program, Series 2025C

.000

02/01/45

1,050,269

TOTAL UTILITIES

47,174,549

TOTAL MUNICIPAL BONDS

(Cost $239,260,039)

237,334,851

TOTAL LONG-TERM INVESTMENTS

(Cost $239,260,039)

237,334,851

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1%

X

2,255,000

MUNICIPAL BONDS - 1.1%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 0.6%

$

1,255,000

(e) Berea, Kentucky, Revenue Bonds, Berea College Project,

Educational Facilities Series 2002A

.740

06/01/32

$

1,255,000

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

1,255,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES - 0.5%

$

1,000,000

(e) Louisville-Jefferson County Metropolitan Government, Kentucky,

Environmental Facilities Revenue, Louisville Gas & Electric

Company Project, Refunding Series 2007B

.900

%

06/01/33

$

1,000,000

TOTAL UTILITIES

1,000,000

TOTAL MUNICIPAL BONDS

(Cost $2,255,000)

2,255,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,255,000)

2,255,000

TOTAL INVESTMENTS - 111.6%

(Cost $241,515,039)

239,589,851

FLOATING RATE OBLIGATIONS - (11.6)%

(24,855,000)

OTHER ASSETS & LIABILITIES, NET - (0.0)%

(45,547)

NET ASSETS - 100%

$

214,689,304

AMT

Alternative Minimum Tax

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust

unless otherwise noted.

(a) 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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

(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 $2,804,715 or 1.2% of Total Investments.

(d) When-issued or delayed delivery security.

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

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

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

#### Portfolio of Investments November 30, 2025

#### Michigan
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.4%

X

191,849,875

MUNICIPAL BONDS - 97.4%

X

–

CONSUMER STAPLES - 1.0%

$

1,965,000

Michigan Finance Authority, Tobacco Settlement Asset- Backed

Bonds, 2006 Sold Tobacco Receipts Senior Current Interest

Series 2020A-2

.000

%

06/01/40

$

2,005,910

TOTAL CONSUMER STAPLES

2,005,910

EDUCATION AND CIVIC ORGANIZATIONS - 6.6%

500,000

Detroit Service Learning Academy, Michigan, Public School

Academy Revenue Bonds, Refunding Series 2021

.000

07/01/41

433,482

1,800,000

Michigan Technological University, General Revenue Bonds,

Refunding Series 2015A

.000

10/01/45

1,801,000

2,520,000

Michigan Technological University, General Revenue Bonds,

Series 2023A - AGM Insured

.000

10/01/47

2,593,322

500,000

Northern Michigan University, General Revenue Bonds, Series

2018A

.000

12/01/32

527,234

400,000

Northern Michigan University, General Revenue Bonds, Series

2018A

.000

12/01/34

420,800

5,480,000

Oakland University, Michigan, General Revenue Bonds, Series

2016

.000

03/01/47

5,479,545

515,000

Saginaw Valley State University, Michigan, General Revenue

Bonds, Refunding Series 2016A

.000

07/01/35

520,246

1,000,000

Wayne State University, Michigan, General Revenue Bonds,

Series 2025A

.000

11/15/35

1,168,908

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

12,944,537

HEALTH CARE - 9.2%

9,165,000

Michigan Finance Authority, Hospital Revenue Bonds, McLaren

Health Care, Series 2019A

.000

02/15/47

8,303,890

9,010,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity

Health Credit Group, Refunding Series 2019A-MI

.000

12/01/49

8,041,614

435,000

Michigan Finance Authority, Senior Revenue Bonds, Michigan,

Provident Group - HFH Energy LLC Act 38 Facilities, The Henry

Ford Health Detroit South Campus Central Utility Plant project,

Green Bonds Series 2024

.375

02/28/54

417,492

1,250,000

Michigan Hospital Finance Authority, Hospital Revenue Bonds,

Corewell Health, Series 2025A

.000

08/15/42

1,353,795

TOTAL HEALTH CARE

18,116,791

HOUSING/MULTIFAMILY - 1.0%

320,000

Michigan Housing Development Authority, Rental Housing

Revenue Bonds, Series 2021A

.050

10/01/27

303,886

500,000

Michigan Housing Development Authority, Rental Housing

Revenue Bonds, Series 2021A

.150

04/01/28

470,206

720,000

Michigan Housing Development Authority, Rental Housing

Revenue Bonds, Series 2021A

.375

04/01/29

666,661

625,000

Michigan Housing Development Authority, Rental Housing

Revenue Bonds, Series 2021A

.600

04/01/30

578,565

TOTAL HOUSING/MULTIFAMILY

2,019,318

INDUSTRIALS - 2.0%

1,000,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds,

I-75 Improvement Project, Series 2018, (AMT)

.000

12/31/43

1,001,245

3,000,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds,

I-75 Improvement Project, Series 2018, (AMT)

.500

06/30/48

2,817,400

TOTAL INDUSTRIALS

3,818,645

LONG-TERM CARE - 0.3%

750,000

Kentwood Economic Development Corporation, Michigan,

Limited Obligation Revenue Bonds, Holland Home Obligated

Group, Refunding Series 2022

.000

11/15/43

647,370

TOTAL LONG-TERM CARE

647,370

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 37.9%

$

2,250,000

Byron Center Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2017I

.000

%

05/01/43

$

2,287,162

1,000,000

Cadillac Area Public Schools, Wexford, Osceola and Lake

Counties, Michigan, General Obligaiton Bonds, Refunding &

School Building & Site Series 2018

.000

05/01/36

1,051,172

875,000

Cadillac Area Public Schools, Wexford, Osceola and Lake

Counties, Michigan, General Obligaiton Bonds, Refunding &

School Building & Site Series 2019

.000

05/01/41

916,720

1,275,000

Cedar Springs Public School District, Kent and Newaygo

Counties, Michigan, General Obligation Bonds, School Building

& Site Series 2023-II

.000

05/01/51

1,337,914

1,260,000

Clarkston Community Schools, Oakland County, Michigan,

General Obligation Bonds, School Building and Site Series

2023-I

.000

05/01/45

1,327,302

400,000

Clarkston Community Schools, Oakland County, Michigan,

General Obligation Bonds, School Building and Site Series

2025-II

.000

05/01/37

456,436

500,000

DeWitt Public Schools, Clinton County, Michigan, General

Obligation Bonds, Refunding School Building & Site, Series

2025-III

.000

05/01/40

561,127

1,000,000

Dexter Community Schools, Michigan, General Obligation

Bonds, School Building & Site Series 2025

.000

05/01/38

1,131,645

1,560,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation Series

2021, (AMT)

.000

01/01/39

1,675,333

3,305,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation Series

2024, (AMT)

.000

01/01/44

3,434,737

2,000,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Limited Tax General Obligation Series

2024, (AMT)

.000

01/01/49

2,045,875

1,000,000

Gerald R. Ford International Airport Authority, Kent County,

Michigan, Revenue Bonds, Refunding, Limited Tax General

Obligation Series 2025

.000

01/01/33

1,152,387

1,325,000

Grand Rapids Public Schools, Kent County, Michigan, General

Obligation Bonds, Refunding School Building & Site Series 2016

- AGM Insured

.000

05/01/29

1,336,713

1,500,000

Grand Rapids Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2019 - AGM

Insured

.000

11/01/35

1,589,321

2,025,000

Grand Rapids, Kent County, Michigan, General Obligation Bonds,

Limited Tax Parking Structure Series 2024

.000

10/01/49

2,143,159

1,700,000

Grand Rapids, Kent County, Michigan, General Obligation Bonds,

Limited Tax Parking Structure Series 2024

.000

10/01/54

1,774,203

1,550,000

Grand Rapids, Kent County, Michigan, General Obligation Bonds,

Limited Tax Series 2025

.000

04/01/38

1,768,285

1,155,000

Howell Public Schools, Livingston County, Michigan, General

Obligation Bonds, School Building and Site Series 2025II

.000

05/01/38

1,319,073

1,000,000

Hudsonville Public Schools, Ottawa and Allegan Counties,

Michigan, General Obligation Bonds, School Building & Site

Refunding Series 2023

.000

05/01/53

1,041,865

2,040,000

Hudsonville Public Schools, Ottawa and Allegan Counties,

Michigan, General Obligation Bonds, School Building & Site

Series 2020-I

.000

05/01/45

1,994,975

500,000

Kalamazoo County, Michigan, General Obligation Bonds,

Juvenile Home Facilities Series 2017

.000

04/01/26

504,060

500,000

Kalamazoo County, Michigan, General Obligation Bonds,

Juvenile Home Facilities Series 2017

.000

04/01/31

516,329

380,000

Kalamazoo Public Schools, Michigan, General Obligation Bonds,

School Building & Site Series 2023-I - AGM Insured

.000

05/01/48

393,173

1,920,000

Karegnondi Water Authority, Genesee, Lapeer and Sanilac

Counties, Michigan, Water Supply System Bonds, Karegnondi

Water Pipeline, Refunding Series 2024 - BAM Insured

.000

11/01/42

2,095,589

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

#### Michigan

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,500,000

Karegnondi Water Authority, Genesee, Lapeer and Sanilac

Counties, Michigan, Water Supply System Bonds, Karegnondi

Water Pipeline, Series 2024 - BAM Insured

.000

%

11/01/41

$

1,655,797

185,000

Lansing Community College, Michigan, General Obligation

Bonds, College Building & Site, Limited Tax Series 2017

.000

05/01/31

193,680

2,260,000

Lansing, Ingham and Eaton Counties, Michigan, General

Obligation Bonds, Limited Tax Capital Improvement Series 2023

- AGM Insured

.250

06/01/48

2,176,657

2,225,000

Lansing, Ingham and Eaton Counties, Michigan, General

Obligation Bonds, Limited Tax Capital Improvement Series 2023

- AGM Insured

.250

06/01/53

2,104,494

375,000

Marquette, Michigan, General Obligation Bonds, Refunding &

Limited Obligation Series 2017

.000

05/01/28

381,469

550,000

Marquette, Michigan, General Obligation Bonds, Refunding &

Limited Obligation Series 2017

.000

05/01/29

559,370

265,000

Marquette, Michigan, General Obligation Bonds, Refunding &

Limited Obligation Series 2017

.000

05/01/31

269,557

215,000

Marquette, Michigan, General Obligation Bonds, Refunding &

Limited Obligation Series 2017

.000

05/01/32

218,211

1,000,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne Criminal Justice Center Project,

Senior Lien Series 2018

.000

11/01/43

1,024,066

2,500,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne, Second Lien Refunding Series

2020

.000

11/01/50

2,290,205

7,000,000

Michigan Finance Authority, Distributable State Aid Revenue

Bonds, Charter County of Wayne, Second Lien Refunding Series

2020

.000

11/01/55

6,417,082

4,000,000

Michigan Finance Authority, Local Government Loan Program

Revenue Bonds, Detroit Distributable State Aid Fifth Lien LTGO

Local Project, Refunding Financial Recovery Series 2024A

.000

11/01/26

4,088,746

2,500,000

Monroe Public Schools, Monroe County, Michigan, General

Obligation Bonds, School Building & Site Series 2020I

.000

05/01/50

2,578,766

550,000

Muskegon County, Michigan, General Obligation Water Supply

System Bonds, Refunding Series 2015

.000

11/01/33

550,586

1,290,000

Muskegon County, Michigan, General Obligation Water Supply

System Bonds, Refunding Series 2015

.000

11/01/36

1,290,925

2,000,000

Portage Public Schools, Kalamazoo County, Michigan, General

Obligation Bonds, School Building & Site Series 2025 - BAM

Insured

.000

11/01/45

1,925,334

3,050,000

Rockford Public Schools, Kent County, Michigan, General

Obligation Bonds, School Building & Site Series 2019I - BAM

Insured

.000

05/01/42

3,170,752

1,095,000

Royal Oak, Oakland County, Michigan, General Obligation

Bonds, Taxable Limited Tax Series 2018

.000

04/01/43

1,121,925

1,000,000

South Haven Public Schools, Van Buren County, Michigan,

General Obligation Bonds, School Building & Site, Series 2023II

.000

05/01/52

1,047,672

1,000,000

South Lyon Community Schools, Oakland, Washtenaw and

Livingston Counties, Michigan, General Obligation Bonds,

Refunding Series 2025

.000

05/01/26

1,009,897

500,000

South Redford School District, Wayne County, Michigan, General

Obligation Bonds, School Building & Site, Series 2024

.000

05/01/51

524,203

2,500,000

Walled Lake Consolidated School District, Oakland County,

Michigan, General Obligation Bonds, School Building & Site

Series 2020

.000

05/01/45

2,590,896

775,000

Walled Lake Consolidated School District, Oakland County,

Michigan, General Obligation Bonds, School Building & Site

Series 2024

.000

05/01/46

822,742

2,000,000

Walled Lake Consolidated School District, Oakland County,

Michigan, General Obligation Bonds, School Building & Site

Series 2025

.000

05/01/50

2,077,680

670,000

Williamston Community Schools School District, Ingham County,

Michigan, General Obligation Bonds, School Building and Site

Series 2024

.000

05/01/51

706,303

TOTAL TAX OBLIGATION/GENERAL

74,651,570

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED - 15.1%

$

2,500,000

Detroit Downtown Development Authority, Michigan, Tax

Increment Revenue Bonds, Catalyst Development Project,

Refunding Series 2024

.000

%

07/01/35

$

2,856,998

1,650,000

Detroit Regional Convention Authority, Michigan, Special Tax

Revenue Bonds, Refunding Series 2024C

.000

10/01/38

1,812,298

1,000,000

Lansing Township Downtown Development Authority, Ingham

County, Michigan, Tax Increment Bonds, Series 2013A

.950

02/01/42

1,000,194

1,000,000

Michigan State Building Authority, Revenue Bonds, Facilities

Program, Refunding Series 2019-I

.000

04/15/54

912,960

1,000,000

Michigan State Building Authority, Revenue Bonds, Facilities

Program, Refunding Series 2025I

.000

04/15/35

1,181,077

4,000,000

Michigan State Building Authority, Revenue Bonds, Facilities

Program, Series 2021I

.000

10/15/46

3,791,993

9,170,000

Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan

Program Series 2020B

.000

11/15/45

8,837,344

1,805,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

1,370,611

2,690,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

2,690,754

1,676,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

1,634,043

750,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured Cofina Project Series 2019A-2A

.550

07/01/40

748,257

2,960,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

2,887,129

TOTAL TAX OBLIGATION/LIMITED

29,723,658

TRANSPORTATION - 4.6%

1,455,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Senior Series 2017A

.000

12/01/42

1,484,848

2,000,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2018A

.000

12/01/36

2,101,561

1,830,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2021A

.000

12/01/39

1,976,083

3,330,000

Wayne County Airport Authority, Michigan, Revenue Bonds,

Detroit Metropolitan Wayne County Airport, Series 2021A

.000

12/01/41

3,546,947

TOTAL TRANSPORTATION

9,109,439

U.S. GUARANTEED - 0.1% (a)

155,000

Eastern Michigan University, General Revenue Bonds, Series

2018A, (Pre-refunded 3/01/28)

.000

03/01/44

159,728

TOTAL U.S. GUARANTEED

159,728

UTILITIES - 19.6%

850,000

Downriver Utility Wastewater Authority, Michigan, Sewer System

Revenue Bonds, Series 2018 - AGM Insured

.000

04/01/43

868,804

800,000

(b) Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds,

Refunding Series 2025

.000

01/01/35

933,007

2,000,000

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds,

Series 2018

.000

01/01/48

2,035,246

1,250,000

Grand Rapids, Michigan, Water Supply System Revenue Bonds,

Refunding & Improvement Series 2016

.000

01/01/41

1,252,999

1,500,000

Grand Rapids, Michigan, Water Supply System Revenue Bonds,

Refunding & Improvement Series 2018

.000

01/01/43

1,533,399

1,000,000

Great Lakes Water Authority, Michigan, Sewer Disposal System

Revenue Bonds, Refunding Second Lien Series 2025B

.000

07/01/35

1,157,227

2,500,000

Great Lakes Water Authority, Michigan, Sewer Disposal System

Revenue Bonds, Senior Lien Series 2023C

.250

07/01/48

2,690,703

170,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Refunding Senior Lien Series 2023A

.000

07/01/38

190,734

2,590,000

Great Lakes Water Authority, Michigan, Water Supply Revenue

Bonds, Senior Lien Series 2025C

.250

07/01/55

2,785,572

1,000,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Refunding Series 2017A

.000

07/01/32

1,036,607

4,800,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2019A

.000

07/01/44

4,961,706

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

#### Michigan

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

9,835,000

Lansing Board of Water and Light, Michigan, Utility System

Revenue Bonds, Series 2019A

.000

%

07/01/48

$

10,090,624

1,000,000

Marquettte, Michigan, Electric Utility System Revenue Bonds,

Refunding Series 2016A

.000

07/01/29

1,011,155

1,230,000

Marquettte, Michigan, Electric Utility System Revenue Bonds,

Refunding Series 2016A

.000

07/01/32

1,242,437

1,000,000

Marquettte, Michigan, Electric Utility System Revenue Bonds,

Refunding Series 2016A

.000

07/01/33

1,009,474

2,000,000

Michigan Finance Authority, State Revolving Fund Program

Revenue Bonds, Series 2024A

.000

10/01/48

1,948,323

2,085,000

Michigan Public Power Agency, Michigan, Belle River Project

Revenue Bonds, Series 2024A

.000

01/01/32

2,336,237

1,500,000

Wyoming, Michigan, Water Supply System Revenue Bonds,

Series 2024

.000

12/01/50

1,568,655

TOTAL UTILITIES

38,652,909

TOTAL MUNICIPAL BONDS

(Cost $190,296,503)

191,849,875

TOTAL LONG-TERM INVESTMENTS

(Cost $190,296,503)

191,849,875

OTHER ASSETS & LIABILITIES, NET - 2.6%

5,134,322

NET ASSETS - 100%

$

196,984,197

AMT

Alternative Minimum Tax

(a) 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.

(b) When-issued or delayed delivery security.

#### Portfolio of Investments November 30, 2025

#### Missouri
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.7%

X

496,813,633

MUNICIPAL BONDS - 98.7%

X

–

CONSUMER STAPLES - 2.5%

$

3,000,000

Cape Girardeau County Industrial Development Authority,

Missouri, Solid Waste Disposal Revenue Bonds, Procter &

Gamble Products Company Project, Series 1998, (AMT)

.300

%

05/15/28

$

3,006,721

8,840,000

Missouri Development Finance Board, Solid Waste Disposal

Revenue Bonds, Procter and Gamble Inc., Series 1999, (AMT)

.200

03/15/29

9,381,059

TOTAL CONSUMER STAPLES

12,387,780

EDUCATION AND CIVIC ORGANIZATIONS - 6.3%

1,000,000

Health and Educational Facilities Authority of the State of

Missouri, Educational Facilities Revenue Bonds, University of

Central Missouri, Series 2018 A

.000

10/01/38

1,001,820

2,000,000

Missouri Health and Educational Facilities Authority, Educational

Facilities Revenue Bonds, Kansas City University of Medicine and

Biosciences, Series 2017A

.000

06/01/47

2,018,330

2,225,000

Missouri Health and Educational Facilities Authority, Educational

Facilities Revenue Bonds, Southeast Missouri State University,

Refunding Series 2019

.000

10/01/35

2,265,748

3,470,000

Missouri Health and Educational Facilities Authority, Educational

Facilities Revenue Bonds, Southwest Baptist University Project,

Series 2012

.000

10/01/33

3,400,249

1,000,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Maryville University of St. Louis Project, Series 2015

.000

06/15/44

974,428

2,700,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Maryville University of St. Louis Project, Series 2025A

.500

06/15/47

2,743,071

2,000,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Saint Louis University, Series 2015A

.000

10/01/42

1,989,391

600,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Saint Louis University, Series 2017A

.000

10/01/36

605,488

9,165,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Saint Louis University, Series 2019A

.000

10/01/46

9,379,263

5,840,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Saint Louis University, Series 2019A

.000

10/01/48

5,377,759

1,150,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Webster University, Refunding Series 2017

.000

04/01/34

942,870

1,100,000

Saline County Industrial Development Authority, Missouri, First

Mortgage Revenue Bonds, Missouri Valley College, Series 2017

.500

10/01/40

989,832

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

31,688,249

HEALTH CARE - 20.0%

675,000

Barton County, Missouri, Hospital Revenue Bonds, Cox Barton

County Hospital Project, Series 2017B

.650

07/01/27

666,738

3,110,000

Bridgeton Industrial Development Authority, Missouri, Senior

Housing Revenue Bonds, The Sarah Community Project,

Refunding Series 2016

.000

05/01/33

3,111,835

975,000

Cape Girardeau County Industrial Development Authority,

Missouri, Health Facilities Revenue Bonds, Southeasthealth,

Series 2016A

.000

03/01/33

982,344

1,325,000

Cape Girardeau County Industrial Development Authority,

Missouri, Health Facilities Revenue Bonds, Southeasthealth,

Series 2017A

.000

03/01/31

1,357,639

1,320,000

Cape Girardeau County Industrial Development Authority,

Missouri, Health Facilities Revenue Bonds, Southeasthealth,

Series 2017A

.000

03/01/32

1,350,893

1,645,000

Cape Girardeau County Industrial Development Authority,

Missouri, Health Facilities Revenue Bonds, Southeasthealth,

Series 2017A

.000

03/01/36

1,674,926

2,680,000

Cape Girardeau County Industrial Development Authority,

Missouri, Health Facilities Revenue Bonds, Southeasthealth,

Series 2021

.000

03/01/46

2,569,977

1,170,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare System,

Series 2017

.000

10/01/31

1,152,710

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

#### Missouri

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,220,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare System,

Series 2017

.000

%

10/01/32

$

1,199,188

3,045,000

Hannibal Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Hannibal Regional Healthcare System,

Series 2017

.000

10/01/42

2,989,236

1,400,000

Joplin Industrial Development Authority, Missouri, Health

Facilities Revenue Bonds, Freeman Health System, Series 2024

.000

02/15/42

1,484,034

8,285,000

Missouri Health and Education Facilities Authority, Health

Facilities Revenue Bonds, Saint Luke's Health System, Inc., Series

2016

.000

11/15/35

8,346,735

1,000,000

Missouri Health and Education Facilities Authority, Health

Facilities Revenue Bonds, Saint Luke's Health System, Inc., Series

2018A

.000

11/15/43

1,019,415

7,725,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Series 2021A

.000

07/01/46

7,174,117

9,875,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Series 2025A

.000

04/01/45

9,298,967

4,125,000

(a) Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Variable Rate

Demand Obligation Series 2017D, (Mandatory Put 1/01/48)

.000

01/01/58

3,768,273

1,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Fixed Series 2019A

.000

11/15/49

918,161

2,980,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2013A

.000

11/15/48

2,980,795

1,100,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2025B

.000

11/15/42

1,173,912

820,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2025B

.000

11/15/43

866,099

850,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, CoxHealth, Series 2025B

.000

11/15/44

890,546

845,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2014F

.000

11/15/45

845,324

2,300,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2014F

.250

11/15/48

2,146,386

3,500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

.000

11/15/42

3,559,984

3,535,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2017C

.000

11/15/47

3,196,638

1,330,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2018A

.000

06/01/30

1,407,382

7,500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2020

.000

06/01/50

6,697,994

4,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2023

.500

12/01/48

4,302,202

8,995,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mosaic Health System, Series 2019A

.000

02/15/54

7,887,296

500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Saint Luke's Episcopal & Presbyterian

Hospitals, Series 2015B

.625

12/01/34

499,989

1,100,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Saint Luke's Episcopal & Presbyterian

Hospitals, Series 2019

.000

12/01/35

1,107,969

1,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, SSM Health Care, Series 2018A

.000

06/01/48

909,563

1,500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, SSM Health Care, Series 2018A

.000

06/01/48

1,514,803

2,000,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, SSM Health Care, Series 2022A

.000

06/01/52

1,804,726

795,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Children's Mercy Hospital, Series 2017A

.000

05/15/48

736,840

1,500,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lake Regional Health System, Series 2021

.000

02/15/51

1,280,716

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

2,325,000

Saint Louis County Industrial Development Authority, Missouri,

Health Facilities Revenue Bonds, Ranken-Jordan Project,

Refunding & Improvement Series 2016

.000

%

11/15/36

$

2,146,171

4,650,000

Saint Louis County Industrial Development Authority, Missouri,

Health Facilities Revenue Bonds, Ranken-Jordan Project,

Refunding & Improvement Series 2016

.000

11/15/46

4,596,942

990,000

Stoddard County Industrial Development Authority, Missouri,

Health Facility Revenue Bonds, Southeasthealth, Series 2016B

.000

03/01/37

996,683

TOTAL HEALTH CARE

100,614,148

HOUSING/MULTIFAMILY - 0.2%

1,000,000

Missouri Housing Development Commission, Multifamily

Housing Revenue Bonds, Shepard Apartments Project, 2013

Series 3

.000

07/01/45

1,000,305

TOTAL HOUSING/MULTIFAMILY

1,000,305

HOUSING/SINGLE FAMILY - 1.7%

5,000,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Home Ownership Loan

Program Series 2025A

.500

11/01/45

4,990,856

2,500,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Home Ownership Loan

Program, Series 2025D

.050

11/01/45

2,607,932

450,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Homeownership Loan

Program, Series 2017A-2

.800

11/01/37

450,050

535,000

Missouri Housing Development Commission, Single Family

Mortgage Revenue Bonds, First Place Homeownership Loan

Program, Series 2024A

.600

11/01/49

528,517

TOTAL HOUSING/SINGLE FAMILY

8,577,355

LONG-TERM CARE - 4.7%

900,000

Kirkwood Industrial Development Authority, Missouri, Retirement

Community Revenue Bonds, Aberdeen Heights Project,

Refunding Series 2017A

.250

05/15/37

901,126

555,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Bethesda Health Group, Inc., Series

2021

.000

08/01/41

495,481

6,550,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016A

.000

02/01/46

6,406,951

1,000,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2016B

.000

02/01/46

978,160

475,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2019C

.000

02/01/32

476,989

1,100,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2019C

.000

02/01/42

1,108,695

2,580,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2019C

.000

02/01/48

2,163,563

1,500,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2024A

.000

02/01/42

1,519,290

1,430,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Lutheran Senior Services Projects, Series 2024A

.250

02/01/48

1,436,575

460,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village of Sunset Hills, Series 2012

.000

09/01/32

460,297

2,870,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village of Sunset Hills, Series 2012

.000

09/01/42

2,867,991

2,570,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A

.875

09/01/43

2,570,964

1,000,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village Saint Louis Obligated Group,

Series 2017

.000

09/01/48

974,177

1,000,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village Saint Louis Obligated Group,

Series 2018A

.250

09/01/53

988,886

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

#### Missouri

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

500,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Saint Andrew's Resources for Seniors, Series

2015A

.125

%

12/01/45

$

463,461

TOTAL LONG-TERM CARE

23,812,606

TAX OBLIGATION/GENERAL - 19.8%

1,410,000

Carl Junction School District R-1, Jasper County, Missouri,

General Obligation Bonds, Series 2024

.000

03/01/44

1,476,606

3,040,000

Clay County Public School District 53, Liberty, Missouri, General

Obligation Bonds, School Series 2023

.000

03/01/41

3,258,053

2,165,000

Clay County Public School District 53, Liberty, Missouri, General

Obligation Bonds, Series 2018

.000

03/01/36

2,172,077

2,000,000

Clay County Reorganized School District R-II Smithville, Missouri,

General Obligation Bonds, Refunding Series 2015

.000

03/01/35

2,019,496

1,160,000

Clay County Reorganized School District R-II Smithville, Missouri,

General Obligation Bonds, Refunding Series 2015

.000

03/01/36

1,170,271

500,000

Clay County Reorganized School District R-II Smithville, Missouri,

General Obligation Bonds, School Building Series 2025

.000

03/01/44

574,284

1,000,000

Clever R-V School District, Christian County, Missouri, General

Obligation Bonds, Refunding and Improvement Series 2024

.250

03/01/43

1,079,243

450,000

Fenton Missouri Fire Protection District, Missouri, General

Obligation Bonds, Series 2019

.000

03/01/36

453,269

1,800,000

Fort Zumwalt School District, Callaway County, Missouri, General

Obligation Bonds, Refunding & Improvement Series 2018

.000

03/01/36

1,844,418

2,000,000

Greene County Reorganized School District No. 3, Republic,

Missouri, General Obligation Bonds, Missouri Direct Deposit

Program Series 2025

.500

03/01/45

2,365,634

500,000

Harrisonville School District R-09, Cass County, Missouri, General

Obligation Bonds, Refunding Series 2024

.000

03/01/40

535,253

3,235,000

Hazelwood School District, St. Louis County, Missouri, General

Obligation Bonds, Refunding and Improvement Series 2023A -

BAM Insured

.000

03/01/42

3,438,918

1,225,000

Hollister R-V School District, Taney County, Missouri, General

Obligation Bonds, School Series 2024A

.000

03/01/42

1,314,348

470,000

Jackson County Center School District 58, Missouri, General

Obligation Bonds, Refunding & School Building Series 2019A

.000

03/01/38

472,026

2,000,000

Jackson County Consolidated School District 2, Raytown,

Missouri, General Obligation Bonds, School Series 2023

.000

03/01/43

2,144,191

1,000,000

Jackson County Consolidated School District 2, Raytown,

Missouri, General Obligation Bonds, Series 2019A

.000

03/01/39

1,050,497

2,800,000

Jackson County Consolidated School District 4, Missouri,

General Obligation Bonds, School Building Series 2024

.750

03/01/44

3,095,552

575,000

Jackson County Consolidated School District 4, Missouri,

General Obligation Bonds, Series 2025

.750

03/01/43

651,912

125,000

Jackson County Consolidated School District 4, Missouri,

General Obligation Bonds, Series 2025

.750

03/01/45

140,595

1,140,000

Jackson County Reorganized School District 4, Blue Springs,

Missouri, General Obligation Bonds, School Building Series

2018A

.500

03/01/37

1,222,010

1,500,000

Jackson County Reorganized School District R-7, Lees Summit,

Missouri, General Obligation Bonds, School Building Series

2025A

.000

03/01/45

1,718,233

1,335,000

Jefferson City School District, Missouri, General Obligation

Bonds, Series 2023A

.500

03/01/43

1,459,350

2,000,000

Jefferson County School District R-1 Northwest, Missouri,

General Obligation Bonds, Direct Deposit Program Series 2023

.000

03/01/43

2,104,644

365,000

Johnson County School District R-VI Warrensburg, Missouri,

General Obligation Bonds, Refunding Series 2025

.750

03/01/42

416,883

1,510,000

Kansas City, Missouri, General Obligation Bonds, Refunding &

Improvement Series 2018A

.000

02/01/36

1,530,998

1,000,000

Kansas City, Missouri, General Obligation Bonds, Refunding &

Improvement Series 2018A

.000

02/01/37

1,011,314

1,585,000

Marshfield, Missouri, Combined Waterworks and Sewerage

System Revenue Bones, Series 2020B - AGM Insured

.000

02/01/50

1,603,708

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

325,000

Marshfield, Missouri, General Obligation Bonds, Street

Improvement Series 2018

.000

%

03/01/34

$

326,864

685,000

Marshfield, Missouri, General Obligation Bonds, Street

Improvement Series 2018

.000

03/01/35

688,929

1,350,000

(b) Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Truman Medical Center, Inc., Pass-

Through Certificate Series 2017

.250

12/01/42

1,209,586

300,000

(b) Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Truman Medical Center, Inc., Pass-

Through Certificate Series 2017B

.000

12/01/37

303,687

875,000

North Callaway County R-I School District, Missouri, General

Obligation Bonds, Series 2024

.000

03/01/44

911,528

3,300,000

North Kansas City School District 74, Clay County, Missouri,

General Obligation Bonds, Direct Deposit Program,

Improvement Series 2022

.250

03/01/38

3,679,704

5,000,000

North Kansas City School District 74, Clay County, Missouri,

General Obligation Bonds, Direct Deposit Program,

Improvement Series 2022

.250

03/01/40

5,530,235

500,000

Orchard Farm R-V School District, St. Charles County, Missouri,

General Obligation Bonds, Missouri Direct Deposit Program,

School Series 2024A

.500

03/01/43

560,171

1,000,000

Orchard Farm R-V School District, St. Charles County, Missouri,

General Obligation Bonds, Missouri Direct Deposit Program,

School Series 2024A

.500

03/01/44

1,111,960

2,000,000

Osage School Lake Ozark, Missouri, General Obligation Bonds,

Series 2018

.000

03/01/37

2,011,472

2,000,000

Platte County School District Park Hill, Missouri, General

Obligation Bonds, Missouri Direct Deposit Program, Refunding

Series 2017

.000

03/01/31

2,007,005

855,000

Polk County R-1 School District, Bolivar, Missouri, General

Obligation Bonds, Missouri Direct Deposit Program, Series 2024

.000

03/01/42

924,239

500,000

Polk County R-1 School District, Bolivar, Missouri, General

Obligation Bonds, Missouri Direct Deposit Program, Series 2024

.000

03/01/44

491,808

590,000

Pulaski County Reorganized-6 District Lessee, Missouri,

Certificate of Participation, Series 2025

.000

04/15/44

623,107

500,000

Pulaski County Reorganized-6 District Lessee, Missouri,

Certificate of Participation, Series 2025

.625

04/15/47

499,976

1,095,000

Rolla School District 31, Phelps County, Missouri, General

Obligation Bonds, Direct Deposit Program Refunding and

Improvement Series 2023

.000

03/01/41

1,172,280

1,675,000

Rolla School District 31, Phelps County, Missouri, General

Obligation Bonds, Direct Deposit Program Refunding and

Improvement Series 2023

.000

03/01/42

1,780,584

1,550,000

Rolla School District 31, Phelps County, Missouri, General

Obligation Bonds, Direct Deposit Program Refunding and

Improvement Series 2023

.000

03/01/43

1,638,392

3,725,000

Saint Charles, Missouri, General Obligation Bonds, Series 2024A

.000

03/01/43

4,055,349

2,500,000

Saint Charles, Missouri, General Obligation Bonds, Series 2024A

.000

03/01/44

2,700,785

3,500,000

Saint Louis Board of Education, Missouri, General Obligation

Bonds, Series 2023 - AGM Insured

.000

04/01/41

3,774,203

3,425,000

Saint Louis County Pattonville School District R3, Missouri,

General Obligation Bonds, Series 2023

.250

03/01/43

3,676,455

1,500,000

Springfield School District R12, Greene County, Missouri,

General Obligation Bonds, School Building Series 2023

.000

03/01/43

1,503,652

1,300,000

St. Charles School District, Missouri, General Obligation Bonds,

Series 2025

.000

03/01/43

1,391,458

3,500,000

Troy R3 School District, Lincoln County, Missouri, General

Obligation Bonds, Series 2023

.000

03/01/37

3,742,276

2,500,000

Troy R3 School District, Lincoln County, Missouri, General

Obligation Bonds, Series 2025

.000

03/01/43

2,658,221

1,500,000

University City, Missouri, Certificates of Participation, Series 2024

.000

04/01/44

1,582,176

1,500,000

University City, Missouri, Certificates of Participation, Series 2024

.000

04/01/49

1,567,557

3,760,000

Webster Groves School District, Missouri, Crossover General

Obligation Bonds, Series 2024

.000

03/01/43

4,000,113

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

#### Missouri

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

860,000

Wentzville Fire Protection District, St. Charles County, Missouri,

General Obligation Bonds, Series 2024

.000

%

04/15/40

$

933,275

1,040,000

Wentzville Fire Protection District, St. Charles County, Missouri,

General Obligation Bonds, Series 2024

.000

04/15/41

1,121,602

1,135,000

Wright City School District R-II, Warren County, Missouri, General

Obligation Bonds, School Building Series 2022 - AGM Insured

.000

03/01/39

1,313,201

TOTAL TAX OBLIGATION/GENERAL

99,815,633

TAX OBLIGATION/LIMITED - 17.0%

5,300,000

Bi-State Development Agency of the Missouri-Illinois

Metropolitan District, Mass Transit Sales Tax Appropriation

Bonds, Refunding Combined Lien Series 2019

.000

10/01/48

4,888,594

340,000

Clay County School District R-11 Smithville, Missouri, Certificates

of Participation, Series 2018

.000

04/01/38

343,468

2,515,000

Clay County School District R-11 Smithville, Missouri, Certificates

of Participation, Series 2018

.000

04/01/43

2,582,124

900,000

Clay, Jackson & Platte Counties Consolidated Public Library

District 3, Missouri, Certificates of Participation, Mid-Continent

Public Library Project, Series 2018

.000

03/01/35

902,942

825,000

Conley Road Transportation District, Missouri, Transportation

Sales Tax Revenue Bonds, Series 2017

.125

05/01/41

825,210

500,000

Festus R-VI School District, Jefferson County, Missouri, Lease

Participation Certificates, Festus R-VI School District Project,

Series 2021B

.000

04/01/41

502,503

1,403,903

(c) Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons

Redevelopment Project, Series 2006

.000

06/01/28

294,820

750,000

Greene County, Missouri, Certificates of Participation, Capital

Projects, Series 2018

.000

09/01/33

762,058

780,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/46

786,892

980,000

Hanley/Eager Road Transportation Development District,

Missouri, Revenue Bonds, Refunding Series 2016A

.625

03/01/33

903,132

1,145,000

Harrisonville, Missouri, Certificates of Participation, Refunding

and Improvement, Parks Improvement Project Series 2023B

.000

03/01/33

1,179,194

1,745,000

Howard Bend Levee District, Missouri, Levee District

Improvement Bonds, Series 2005 - SYNCORA GTY Insured

.500

03/01/26

1,754,115

1,000,000

Howard Bend Levee District, St. Louis County, Missouri, Levee

District Improvement Bonds, Series 2013B

.875

03/01/33

1,000,050

1,300,000

Howard Bend Levee District, St. Louis County, Missouri, Levee

District Improvement Bonds, Series 2013B

.000

03/01/38

1,297,186

2,000,000

Jackson County, Missouri, Special Obligation Bonds, Series

2023A

.250

12/01/47

2,126,800

925,000

Kansas City Industrial Development Authority, Missouri,

Downtown Redevelpment District Revenue Bonds, Series 2011A

.000

09/01/32

928,353

700,000

(b) Kansas City Industrial Development Authority, Missouri,

Economic Activity Tax Revenue Bonds, Historic Northeast

Redevelopment Plan Series 2024A-1

.000

06/01/46

686,201

85,000

(b) Kansas City Industrial Development Authority, Missouri, Sales Tax

Revenue Bonds, Ward Parkway Center Community Improvement

District, Senior Refunding & Improvement Series 2016

.250

04/01/26

84,895

2,000,000

Kansas City Municipal Assistance Corporation, Missouri,

Leasehold Revenue Bonds, Improvement Series 2004B-1 -

AMBAC Insured

.000

04/15/27

1,910,037

1,750,000

Kansas City, Missouri, Special Obligation Bonds, Downtown

Redevelopment District, Series 2014C

.000

09/01/33

1,752,156

360,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2017B

.000

10/01/30

366,740

2,500,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2017B

.000

09/01/31

2,591,529

235,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2017B

.625

10/01/32

236,624

1,585,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2021A

.000

04/01/39

1,714,756

485,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2024B

.125

09/01/46

463,886

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

650,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2025B

.000

%

04/01/44

$

690,460

380,000

Kansas City, Missouri, Special Obligation Bonds, Kansas City

Missouri Projects, Series 2025B

.000

04/01/45

401,936

38,790

Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict A

Bonds, Refunding Series 2015A

.750

04/01/55

32,864

168,967

Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict B

Bonds, Refunding Taxable Series 2015B

.000

04/01/55

152,070

1,450,000

(b) Land Clearance for Redevelopment Authority of Kansas City,

Missouri, Project Revenue Bonds, Convention Center Hotel

Project - TIF Financing, Series 2018B

.000

02/01/40

1,456,830

100,000

(b) Land Clearance for Redevelopment Authority of Kansas City,

Missouri, Project Revenue Bonds, Convention Center Hotel

Project - TIF Financing, Series 2018B

.000

02/01/50

99,003

1,195,000

(b) Liberty, Missouri, Special Obligation Tax Increment and Special

Districts Bonds, Liberty Commons Project, Series 2015A

.750

06/01/35

1,194,233

1,285,000

(b) Liberty, Missouri, Special Obligation Tax Increment and Special

Districts Bonds, Liberty Commons Project, Series 2015A

.000

06/01/46

1,260,234

2,000,000

Marshall School District, Missouri, Certificates of Participation,

Series 2023 - BAM Insured

.000

03/01/49

2,083,809

1,000,000

Missouri Development Finance Board, Revenue Bonds, Zoo

Projects, Series 2022

.750

05/01/52

1,062,461

1,000,000

(b) Missouri Development Finance Board, Tax Increment and Special

District Revenue Bonds, Lakeport Village Project, Series 2025A

.500

06/15/45

992,530

1,000,000

Monarch-Chesterfield Levee District, Saint Louis County,

Missouri, Levee District Bonds, Refunding Series 2015

.000

03/01/40

1,000,289

695,000

Ozark R-6 School District, Christian County, Missouri, General

Obligation Bonds, Series 2023

.000

04/01/45

723,201

3,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

3,000,841

2,140,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

533,324

4,712,870

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

4,594,887

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

975,382

18,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

16,418

880,000

Pulaski County, Missouri, Certificates of Participation, Series 2019

.000

12/01/32

890,102

915,000

Pulaski County, Missouri, Certificates of Participation, Series 2019

.000

12/01/33

924,277

490,000

(b) Saint Charles County Industrial Development Authority,

Missouri, Sales Tax Revenue Bonds, Wentzville Parkway Regional

Community Improvement District Project, Series 2019B

.250

11/01/49

419,280

250,000

(b) Saint Louis County Industrial Development Authority, Missouri,

Sales Tax Revenue Bonds, Chesterfield Blue Valley Community

Improvement District Project, Series 2014A

.250

07/01/44

226,791

80,000

(b) Saint Louis County Industrial Development Authority, Missouri,

Transporation Development Revenue Bonds, University Place

Transportation Development District Project, Refunding Series

2015

.000

03/01/32

77,994

335,000

Saint Louis Industrial Development Authority, Missouri, Tax

Increment and Special District Revenue Bonds, Union Station

Phase 2 Redevelopment Project, Series 2024A

.875

06/15/34

342,261

2,100,000

Saint Louis Land Clearance for Redevelopment Authority,

Missouri, Annual Appropriation Redevelopment Revenue Bonds,

National Geospatial-Intelligence Agency Offsite Improvements,

Series 2022C

.125

06/01/46

2,070,139

2,450,000

Saint Louis Municipal Finance Corporation, Missouri, Leasehold

Revenue Bonds, Convention Center, Expansion & Improvement

Projects Series 2020 - AGM Insured

.000

10/01/40

2,583,334

5,500,000

Saint Louis Municipal Finance Corporation, Missouri, Leasehold

Revenue Bonds, Convention Center, Expansion & Improvement

Projects Series 2020 - AGM Insured

.000

10/01/49

5,629,525

1,000,000

Saint Louis Municipal Finance Corporation, Missouri, Leasehold

Revenue Bonds, Convention Center, Series 2009A - AGC Insured

.000

07/15/26

979,020

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

#### Missouri

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,000,000

Saint Louis Municipal Finance Corporation, Missouri, Leasehold

Revenue Bonds, Convention Center, Series 2009A - AGC Insured

.000

%

07/15/27

$

945,926

1,000,000

Saint Louis Municipal Finance Corporation, Missouri, Leasehold

Revenue Bonds, Convention Center, Series 2009A - AGC Insured

.000

07/15/28

913,292

1,000,000

Saint Louis Municipal Finance Corporation, Missouri, Leasehold

Revenue Bonds, Convention Center, Series 2009A - AGC Insured

.000

07/15/29

882,523

505,000

Scenic Regional Library District, Missouri, Certificates of

Participation, Series 2017

.000

04/01/29

505,454

345,000

Scenic Regional Library District, Missouri, Certificates of

Participation, Series 2017

.000

04/01/30

345,351

565,000

Scenic Regional Library District, Missouri, Certificates of

Participation, Series 2017

.000

04/01/32

565,334

585,000

Scenic Regional Library District, Missouri, Certificates of

Participation, Series 2017

.000

04/01/33

585,304

450,000

Springfield, Missouri, Special Obligation Bonds, Improvement

Series 2023

.000

11/01/40

492,484

530,000

Springfield, Missouri, Special Obligation Bonds, Improvement

Series 2024

.000

11/01/40

581,199

2,600,000

Springfield, Missouri, Special Obligation Bonds, Refunding

Series 2017A

.000

07/01/36

2,623,252

2,000,000

Springfield, Missouri, Special Obligation Bonds, Sewer System

Improvements Project, Series 2015

.000

04/01/35

2,000,563

1,415,000

(b) Taney County Industrial Development Authority, Missouri, Sales

Tax Revenue Improvement Bonds, Big Cedar Infrastructure

Project Series 2023

.000

10/01/49

1,417,699

130,000

The Industrial Development Authority of the City of Saint Louis,

Missouri, Development Financing Revenue Bonds, Ballpark

Village Development Project, Series 2017A

.875

11/15/29

125,666

3,350,000

The Industrial Development Authority of the City of Saint Louis,

Missouri, Development Financing Revenue Bonds, Ballpark

Village Development Project, Series 2017A

.375

11/15/35

3,144,695

45,000

Town and Country Crossing Transportation Development District,

Missouri, Transporation Sales Tax Revenue Bonds, Refunding

Series 2020A

.375

04/01/37

41,630

265,000

Transportation Development District, Missouri, Transportation

Sales Tax Revenue Bonds, Series 2017

.500

06/01/36

265,488

1,500,000

Universal City Industrial Development Authority, Missouri,

Revenue Bonds, Tax Increment and Special District Markets at

Olive Project Series 2023A

.500

06/15/42

1,520,938

925,000

Warrenton Tax Increment and Improvement District, Missouri,

Revenue Bonds, Warrenton West Development - Redevelopment

Project Area 1, Series 2022

.625

03/01/40

816,626

1,700,000

Wentzville School District R-04, Saint Charles County, Missouri,

Certificates of Participation, Series 2015

.375

04/01/29

1,700,199

600,000

Wentzville School District R-04, Saint Charles County, Missouri,

Certificates of Participation, Series 2015

.500

04/01/32

600,095

TOTAL TAX OBLIGATION/LIMITED

85,371,478

TRANSPORTATION - 8.0%

7,000,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019A, (AMT)

.000

03/01/44

7,081,731

2,700,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019B, (AMT)

.000

03/01/46

2,725,658

14,240,000

Kansas City Industrial Development Authority, Missouri, Airport

Special Obligation Bonds, Kansas City International Airport

Terminal Modernization Project, Series 2019B, (AMT)

.000

03/01/54

14,285,836

2,000,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Refunding Series 2023A

.000

07/01/52

2,061,078

1,000,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2017C - AGM Insured

.000

07/01/47

1,009,887

2,835,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2017D - AGM Insured, (AMT)

.000

07/01/34

2,899,184

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,000,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2017D - AGM Insured, (AMT)

.000

%

07/01/37

$

1,017,815

3,000,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2024A - AGM Insured

.250

07/01/49

3,201,392

5,480,000

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis

International Airport, Series 2024A - AGM Insured

.250

07/01/54

5,818,185

TOTAL TRANSPORTATION

40,100,766

U.S. GUARANTEED - 0.1% (d)

530,000

Jackson County Center School District 58, Missouri, General

Obligation Bonds, Refunding & School Building Series 2019A,

(Pre-refunded 3/01/27)

.000

03/01/38

538,623

TOTAL U.S. GUARANTEED

538,623

UTILITIES - 18.4%

670,000

Camden County Public Water Supply District 4, Missouri,

Certificates of Participation, Series 2017

.500

01/01/32

667,065

720,000

Camden County Public Water Supply District 4, Missouri,

Certificates of Participation, Series 2017

.000

01/01/42

679,025

1,670,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

01/01/46

1,671,261

145,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

146,241

1,865,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,

Improvement Series 2018A

.000

01/01/37

1,889,446

1,000,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,

Improvement Series 2018A

.000

01/01/38

1,009,869

1,650,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,

Improvement Series 2023A

.000

01/01/48

1,583,000

6,745,000

Kansas City, Missouri, Water Revenue Bonds, Series 2024A

.000

12/01/48

7,117,517

2,855,000

Kansas City, Missouri, Water Revenue Bonds, Series 2025A

.000

12/01/49

3,034,470

10,005,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Refunding & Improvement Series 2017A

.000

05/01/47

10,104,234

2,530,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Refunding Improvement Series 2022B

.000

05/01/47

2,647,924

4,810,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Refunding Improvement Series 2022B

.250

05/01/52

5,076,526

2,675,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Series 2019B

.000

05/01/49

2,737,985

2,740,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Series 2020B

.000

05/01/47

2,834,314

5,385,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Series 2020B

.000

05/01/49

5,554,389

5,980,000

Metropolitan St. Louis Sewerage District, Missouri, Wastewater

System Revenue Bonds, Series 2023A

.000

05/01/39

6,663,593

2,500,000

Missouri Development Finance Board, Infrastructure Facilities

Revenue Bonds, City of Independence Annual Appropriation

Electric System, Refunding Series 2022 - AGM Insured

.000

06/01/34

2,781,496

4,850,000

Missouri Environmental Improvement and Energy Resources

Authority, Revenue Bonds, Union Electric Company Project,

Refunding Series 1998A

.900

09/01/33

4,528,596

1,000,000

Missouri Environmental Improvement and Energy Resources

Authority, Revenue Bonds, Union Electric Company Project,

Series 1998B

.900

09/01/33

933,731

1,845,000

Missouri Environmental Improvement and Energy Resources

Authority, Revenue Bonds, Union Electric Company Project,

Series 1998C

.750

09/01/33

1,724,027

2,500,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Marshall Energy Center Project, Series

2025

.000

01/01/43

2,697,844

1,705,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Marshall Energy Center Project, Series

2025

.000

01/01/44

1,816,887

245,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Pairie State Power Project, Refunding

Series 2016A - BAM Insured

.000

12/01/35

245,593

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

#### Missouri

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

2,500,000

Missouri Joint Municipal Electric Utility Commission, Power

Project Revenue Bonds, Plum Point Project, Refunding Series

2015A

.000

%

01/01/35

$

2,500,997

1,000,000

Missouri Joint Municipal Electric Utility Commission, Power

Supply System Revenue Bonds, Gree Bonds, MoPEP Facilities,

Series 2022

.250

12/01/42

1,097,103

3,500,000

Missouri Joint Municipal Electric Utility Commission, Power

Supply System Revenue Bonds, MoPEP Facilities, Series 2018

.000

12/01/43

3,546,629

605,000

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

Refunding Senior Lien Series 2020A

.000

07/01/47

595,552

6,200,000

Saint Charles County Public Water Supply District 2, Missouri,

Certificates of Participation, Missouri Project, Series 2022

.000

12/01/44

6,428,046

4,000,000

Saint Charles County Public Water Supply District 2, Missouri,

Certificates of Participation, Missouri Project, Series 2024

.250

12/01/46

4,269,064

4,000,000

Saint Charles County Public Water Supply District 2, Missouri,

Certificates of Participation, Missouri Project, Series 2025

.000

12/01/47

4,178,265

2,500,000

Stone County Public Water Supply District 2, Missouri,

Certificates of Participation, Series 2021B

.000

12/01/51

2,146,001

TOTAL UTILITIES

92,906,690

TOTAL MUNICIPAL BONDS

(Cost $500,739,932)

496,813,633

TOTAL LONG-TERM INVESTMENTS

(Cost $500,739,932)

496,813,633

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.4%

X

1,840,000

MUNICIPAL BONDS - 0.4%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 0.4%

$

1,640,000

(e) Missouri Health and Educational Facilities Authority, Revenue

Bonds, St. Louis University, Variable Rate Demand Obligations,

Series 2008B-1

.750

10/01/35

$

1,640,000

200,000

(e) Missouri Health and Educational Facilities Authority, Revenue

Bonds, Washington University, Variable Rate Demand

Obligations, Series 2000B

.700

03/01/40

200,000

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

1,840,000

TOTAL MUNICIPAL BONDS

(Cost $1,840,000)

1,840,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,840,000)

1,840,000

TOTAL INVESTMENTS - 99.1%

(Cost $502,579,932)

498,653,633

OTHER ASSETS & LIABILITIES, NET - 0.9%

4,589,913

NET ASSETS - 100%

$

503,243,546

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

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

As of the end of the fiscal period, the aggregate value of these securities is $10,024,515 or 2.0% of Total Investments.

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

bankruptcy.

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

payment of principal and interest.

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

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

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

#### Portfolio of Investments November 30, 2025

#### Ohio
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.0%

X

425,543,166

MUNICIPAL BONDS - 95.0%

X

–

CONSUMER DISCRETIONARY - 2.0%

$

1,430,000

Franklin County Convention Facilities Authority, Ohio, Hotel

Project Revenue Bonds, Greater Columbus Convention Center

Hotel Expansion Project, Series 2019

.000

%

12/01/39

$

1,459,428

2,150,000

Franklin County Convention Facilities Authority, Ohio, Hotel

Project Revenue Bonds, Greater Columbus Convention Center

Hotel Expansion Project, Series 2019

.000

12/01/44

2,151,761

5,570,000

Franklin County Convention Facilities Authority, Ohio, Hotel

Project Revenue Bonds, Greater Columbus Convention Center

Hotel Expansion Project, Series 2019

.000

12/01/51

5,435,977

TOTAL CONSUMER DISCRETIONARY

9,047,166

CONSUMER STAPLES - 3.7%

1,460,000

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco

Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien

Series 2020A-2 Class 1

.000

06/01/48

1,270,130

18,115,000

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco

Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien

Series 2020B-2 Class 2

.000

06/01/55

15,280,508

TOTAL CONSUMER STAPLES

16,550,638

EDUCATION AND CIVIC ORGANIZATIONS - 10.0%

645,000

Allen County Port Authority Economic Development, Ohio,

Revenue Bonds, University of Northwestern, Refunding Series

2021A

.000

12/01/31

640,453

1,320,000

Hamilton County, Ohio, Economic Development Revenue Bonds,

King Highland Community Urban Redevelopment Corporation

- University of Cincinnati, Lessee Project, Refunding Series 2015

- BAM Insured

.000

06/01/32

1,321,898

2,680,000

Hamilton County, Ohio, Economic Development Revenue Bonds,

King Highland Community Urban Redevelopment Corporation

- University of Cincinnati, Lessee Project, Refunding Series 2015

- BAM Insured

.000

06/01/35

2,683,132

1,520,000

Kent State University, Ohio, General Receipts Bonds, Series

2020A

.000

05/01/50

1,559,264

880,000

Miami University of Ohio, General Receipts Revenue Bonds,

Refunding Series 2017

.000

09/01/35

890,808

2,420,000

Miami University of Ohio, General Receipts Revenue Bonds,

Refunding Series 2020A

.000

09/01/40

2,457,940

1,000,000

Miami University of Ohio, General Receipts Revenue Bonds,

Refunding Series 2024A

.000

09/01/38

1,125,085

125,000

Northeast Ohio Medical University, General Receipts Bonds,

Refunding Series 2021A

.000

12/01/28

130,862

150,000

Northeast Ohio Medical University, General Receipts Bonds,

Refunding Series 2021A

.000

12/01/30

161,088

570,000

Northeast Ohio Medical University, General Receipts Bonds,

Refunding Series 2021B - BAM Insured

.000

12/01/38

569,041

600,000

Northeast Ohio Medical University, General Receipts Bonds,

Refunding Series 2021B - BAM Insured

.000

12/01/39

589,714

610,000

Northeast Ohio Medical University, General Receipts Bonds,

Refunding Series 2021B - BAM Insured

.000

12/01/40

586,865

1,260,000

Northeast Ohio Medical University, General Receipts Bonds,

Refunding Series 2021B - BAM Insured

.000

12/01/41

1,191,950

1,330,000

Northeast Ohio Medical University, General Receipts Bonds,

Series 2022 - BAM Insured

.000

12/01/41

1,387,696

2,100,000

Ohio Higher Education Facilities Commission, Revenue Bonds,

Denison University Project, Series 2017A

.000

11/01/42

2,131,086

1,500,000

Ohio Higher Education Facilities Commission, Revenue Bonds,

Denison University Project, Series 2017A

.250

11/01/46

1,520,271

1,000,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University 2020

Project, Series 2020

.000

10/01/50

807,469

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

#### Ohio

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

3,750,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University 2022

Project, Series 2022

.000

%

10/01/42

$

3,278,379

3,750,000

Ohio Higher Educational Facility Commission, Higher

Educational Facility Revenue Bonds, John Carroll University 2022

Project, Series 2022

.000

10/01/47

3,108,838

3,830,000

Ohio Higher Educational Facility Commission, Revenue Bonds,

Denison University Project, Series 2023

.000

11/01/53

3,987,763

3,895,000

Ohio Higher Educational Facility Commission, Revenue Bonds,

Kenyon College, Series 2016

.000

07/01/42

3,915,196

1,000,000

Ohio Higher Educational Facility Commission, Revenue Bonds,

Otterbein University 2022 Project, Series 2022A

.000

12/01/46

847,868

500,000

Ohio Higher Educational Facility Commission, Revenue Bonds,

University of Dayton Project, Series 2025

.000

02/01/42

538,671

1,120,000

Shawnee State University, Ohio, General Receipts Bonds, Series

2016 - BAM Insured

.000

06/01/28

1,131,082

1,180,000

Shawnee State University, Ohio, General Receipts Bonds, Series

2016 - BAM Insured

.000

06/01/29

1,191,324

1,000,000

Tuscarawas County Economic Development and Finance

Alliance, Ohio, Higher Education Facilities Revenue Bonds,

Ashland University, Refunding & Improvement Series 2015

.000

03/01/45

976,332

2,835,000

University of Cincinnati, Ohio, General Receipts Bonds, Series

2017A

.000

06/01/45

2,867,406

1,065,000

University of Cincinnati, Ohio, General Receipts Bonds, Series

2025A

.250

06/01/43

1,156,521

1,000,000

Wright State University, Ohio, General Reciepts Bonds,

Refunding Series 2021A - BAM Insured

.000

05/01/31

1,108,010

1,025,000

Youngstown State University, Ohio, General Receipts Bonds,

Series 2021 - AGM Insured

.000

12/15/30

1,082,320

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

44,944,332

HEALTH CARE - 10.3%

1,000,000

Allen County, Ohio, Hospital Facilities Revenue Bonds, Bon

Secours Mercy Health, Inc., Series 2025A

.000

11/01/40

1,110,796

2,500,000

Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy

Health, Series 2017A

.000

08/01/42

2,553,907

3,710,000

Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena

Health System Obligated Group Project, Refunding &

Improvement Series 2017

.000

12/01/37

3,773,140

1,900,000

Cleveland Clinic Health System Obligated Group, Ohio, Martin

County Health Facilities Authority, Hospital Revenue Bonds,

Series 2019B

.000

01/01/42

1,873,564

5,000,000

Cleveland Clinic Health System Obligated Group, Ohio, Martin

County Health Facilities Authority, Hospital Revenue Bonds,

Series 2019B

.000

01/01/43

4,845,859

2,000,000

Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth

System, Series 2017

.500

02/15/52

1,991,773

1,600,000

Fairfield County, Ohio, Hospital Facilities Revenue Bonds,

Fairfield Medical Center Project, Series 2013

.000

06/15/43

1,406,606

495,000

Fairfield County, Ohio, Hospital Facilities Revenue Bonds,

Fairfield Medical Center Project, Series 2013

.250

06/15/43

448,350

1,000,000

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide

Children's Hospital Project, Taxable Improvement Series 2019A

.000

11/01/48

1,101,563

1,000,000

Franklin County, Ohio, Revenue Bonds, Trinity Health Credit

Group, Series 2017OH

.000

12/01/46

918,582

2,255,000

Franklin County, Ohio, Revenue Bonds, Trinity Health Credit

Group, Series 2017OH

.000

12/01/46

2,267,627

600,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds,

Cincinnati Children's Hospital Medical Center, Series 2019CC

.000

11/15/41

686,602

2,230,000

Miami County, Ohio, Hospital Facilities Revenue Bonds,

Kettering Health Network Obligated Group Project, Refunding

Improvement Series 2019

.000

08/01/39

2,298,818

250,000

Montgomery County, Ohio, Health Care Facilities Revenue

Bonds, Solvita Project Refunding and Improvement Series 2024

.250

09/01/54

256,878

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

3,000,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds,

Genesis HealthCare System Obligated Group Project, Series

2013

.000

%

02/15/44

$

2,983,222

6,135,000

Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic

Health System Obligated Group, Series 2019B

.000

01/01/46

5,709,874

1,000,000

Ohio State, Hospital Revenue Bonds, Children's Hospital Medical

Center of Akron, Series 2024A

.250

08/15/48

1,074,849

1,155,000

Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health

System Obligated Group, Refunding Series 2017A

.000

01/01/30

1,207,335

2,930,000

Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health

System Obligated Group, Series 2024A

.000

01/01/35

3,406,450

1,970,000

Ohio State, Hospital Revenue Bonds, University Hospitals Health

System, Inc., Fixed Interest Rate Series 2020A

.000

01/15/50

1,988,033

2,725,000

Ohio State, Hospital Revenue Bonds, University Hospitals Health

System, Inc., Fixed Interest Rate Series 2020A - BAM Insured

.000

01/15/50

2,756,268

1,630,000

Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern

Ohio Medical Center, Refunding Series 2016

.000

02/15/32

1,633,938

TOTAL HEALTH CARE

46,294,034

HOUSING/MULTIFAMILY - 0.7%

3,000,000

Columbus Metropolitan Housing Authority, Ohio, General

Revenue Bonds, Series 2021

.000

08/01/36

2,957,216

TOTAL HOUSING/MULTIFAMILY

2,957,216

INDUSTRIALS - 0.2%

1,000,000

Dayton-Montgomery County Port Authority, Ohio, Development

Revenue Bonds, Dayton Regional Stem Schools Inc. Project,

Series 2024

.000

12/01/54

996,901

TOTAL INDUSTRIALS

996,901

LONG-TERM CARE - 0.9%

2,000,000

Greene County Port Authority, Ohio, Economic Facilities

Development Revenue Bonds, Community First Solutions

Obligated Group Refunding and Improvement Series 2024B

.000

05/15/59

1,897,663

500,000

(a) Ohio Housing Finance Agency, Multifamily Housing Revenue

Bonds, Silver Birch of Mansfield Project, Series 2024

.000

01/01/45

501,290

500,000

(a) Port of Greater Cincinnati Development Authority, Ohio,

Multifamily Housing Revenue Bonds, Vivera Northbrook Project,

Series 2025A

.500

01/01/45

517,549

1,000,000

Warren County, Ohio, Healthcare Facilities Revenue Bonds,

Otterbein Homes Obligated Group, Refunding & Improvements

Series 2024

.000

07/01/54

998,576

TOTAL LONG-TERM CARE

3,915,078

TAX OBLIGATION/GENERAL - 22.8%

3,150,000

Apollo Career Center Joint Vocational School District, Allen,

Auglaize, Hardin, Hancock, Putnam & Van Wert Counties, Ohio,

General Obligation Bonds, Various Purpose School Improvement

Refunding Series 2017

.000

12/01/41

3,185,355

1,525,000

Avon Lake City School District, Lorain County, Ohio, General

Obligation Bonds, School Facilities Series 2025

.000

12/01/52

1,596,721

5,185,000

Brunswick City School District, Medina County, Ohio, General

Obligation Bonds, Classroom Facilities School Improvement

Series 2023 - BAM Insured

.250

12/01/53

5,444,983

1,180,000

Canal Winchester Local School District, Franklin and Fairfield

Counties, Ohio, General Obligation Bonds, Series 2005B - NPFG

Insured

.000

12/01/33

899,585

380,000

Cincinnati City School District, Hamilton County, Ohio, General

Obligation Bonds, Refunding Classroom Facilities Construction &

Improvement Series 2006 - FGIC Insured

.250

12/01/27

400,358

2,250,000

City of Mayfield Heights, Ohio, General Obligation Bonds,

Aquatic and Community Center Limited Tax Series 2023

.000

12/01/48

2,117,344

135,000

Cleveland, Ohio, General Obligation Bonds, Various Purpose

Series 2023A

.000

12/01/41

147,164

300,000

Cleveland, Ohio, General Obligation Bonds, Various Purpose

Series 2023A

.000

12/01/43

322,383

1,000,000

Colerain Township, Hamilton County, Ohio, General Obligation

Bonds, Fire Station Series 2022

.250

12/01/52

1,037,946

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

#### Ohio

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

5,000,000

Columbus, Ohio, General Obligation Bonds, Various Purpose

Series 2018A

.000

%

04/01/29

$

5,343,166

2,000,000

Columbus, Ohio, General Obligation Bonds, Various Purpose

Series 2021A

.000

04/01/38

2,176,867

5,000,000

Dublin City School District, Franklin, Delaware and Union

Counties, Ohio, General Obligation Bonds, School Facilities

Construction & Improvement Series 2019A

.000

12/01/44

4,942,805

4,200,000

Dublin City School District, Franklin, Delaware and Union

Counties, Ohio, General Obligation Bonds, Series 2024B

.000

12/01/53

4,403,343

2,000,000

Ehove Joint Vocational School District, Erie County, Ohio,

General Obligation Bonds, School Improvement Series 2025

.500

12/01/55

2,110,575

2,500,000

Fairborn City School District, Greene County, Ohio, General

Obligation Bonds, School Facilities Construction & Improvement

Series 2021A - BAM Insured

.000

12/01/50

2,364,064

500,000

Graham Local School District, Champaign and Shelby Counties,

Ohio, General Obligation Bonds, School Improvement Series

2013

.000

12/01/29

439,031

850,000

Graham Local School District, Champaign and Shelby Counties,

Ohio, General Obligation Bonds, School Improvement Series

2013

.000

12/01/30

721,655

1,210,000

Hamilton County, Ohio, General Obligation Bonds, Limited Tax

Building Acquisition and Renovation Series 2025

.000

12/01/47

1,295,059

1,270,000

Hamilton County, Ohio, General Obligation Bonds, Limited Tax

Building Acquisition and Renovation Series 2025

.000

12/01/48

1,354,360

1,235,000

Hamilton County, Ohio, General Obligation Bonds, Limited Tax

Building Acquisition and Renovation Series 2025

.000

12/01/49

1,312,341

565,000

Hilliard City School District, Franklin County, Ohio, General

Obligation Bonds, School Facilities Series 2025B

.250

12/01/54

602,454

2,595,000

Hilliard City School District, Franklin County, Ohio, General

Obligation Bonds, School Improvement Series 2017

.000

12/01/46

2,495,307

1,095,000

Kenston Local School District, Geauga County, Ohio, General

Obligation Bonds, School improvement Series 2012

.000

12/01/27

1,029,713

1,560,000

Kettering City School District, Montgomery County, Ohio,

General Obligation Bonds, Refunding Series 2007 - AGM Insured

.250

12/01/31

1,659,741

1,000,000

Little Miami Local School District, Warren and Clermont Counties,

Ohio, General Obligation Bonds, School Improvement Series

2018A

.000

11/01/43

1,000,170

500,000

Medina County, Ohio, General Obligation Bonds, Courthouse

Facility Improvement Limited Tax Series 2021

.000

12/01/46

480,791

1,000,000

Middletown City School District, Butler County, Ohio, General

Obligation Bonds, Refunding Series 2007 - AGM Insured

.250

12/01/28

1,067,534

500,000

Milford Exempted Village School District, Ohio, General

Obligation Bonds, Refunding Improvement Series 2025

.000

12/01/34

569,210

5,000,000

Muskingum County, Ohio, General Obligation Bonds, Limited

Tax Capital Facilities Improvement Series 2024

.000

12/01/54

4,667,013

2,030,000

North Olmsted City School District, Ohio, General Obligation

Bonds, School Improvement Programmatic Series 2023A

.000

10/15/48

2,103,587

3,995,000

North Olmsted City School District, Ohio, General Obligation

Bonds, School Improvement Programmatic Series 2023A

.250

10/15/56

4,163,604

650,000

North Royalton City School District, Ohio, General Obligation

Bonds, Refunding School Improvement Series 2025

.000

12/01/44

701,102

3,805,000

Oakwood City School District, Montgomery County, Ohio,

General Obligation Bonds, Series 2019

.000

12/01/48

3,518,157

6,500,000

Ohio State, General Obligation Bonds, Common Schools Series

2019A

.000

06/15/37

6,929,207

2,315,000

Ohio State, General Obligation Bonds, Highway Capital

Improvement, Series 2020W

.000

05/01/35

2,532,286

1,000,000

Ohio State, General Obligation Bonds, Infrastructure

Improvement Series 2022A

.000

03/01/39

1,117,095

1,470,000

Ohio State, General Obligation Bonds, Infrastructure

Improvement Series 2022A

.000

03/01/40

1,625,493

4,250,000

Pickerington Local School District, Fairfield and Franklin

Counties, Ohio, General Obligation Bonds, School Facilities

Construction & Improvement, Series 2023

.250

12/01/59

4,458,001

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

375,000

Salem City School District, Columbiana County, Ohio, General

Obligation Bonds, School Facilities Series 2024

.000

%

11/01/44

$

392,394

2,000,000

Shaker Heights City School District, Ohio, General Obligation

Bonds, School Facilities Improvement Series 2024

.250

12/15/59

2,124,389

2,380,000

Southwest Local School District, Hamilton and Butler Counties,

Ohio, General Obligation Bonds, School Improvement Series

2018A

.000

01/15/55

2,213,688

4,000,000

South-Western City School District, Franklin and Pickaway

Counties, Ohio, General Obligation Bonds, School Facilities

Construction & Improvement Series 2019A - BAM Insured

.000

12/01/48

3,803,048

2,500,000

Toledo Lucas County Public Library, Ohio, General Obligation

Bonds, Library Improvement Series 2025A

.000

12/01/47

2,654,425

1,575,000

Wadsworth City School District, Medina County, Ohio, General

Obligation Bonds, School Improvement Series 2021

.000

12/01/56

1,469,166

5,000,000

Worthington City School District, Franklin County, Ohio, General

Obligation Bonds, Facilities Series 2023

.500

12/01/54

5,353,387

1,700,000

Wyoming City School District, Hamilton County, Ohio, General

Obligation Bonds, Refunding School Improvement Series 2025

.000

12/01/50

1,779,097

TOTAL TAX OBLIGATION/GENERAL

102,125,164

TAX OBLIGATION/LIMITED - 21.5%

290,000

Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke

Realty Ohio, Series 2006

.000

12/01/25

290,000

1,165,000

Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke

Realty Ohio, Series 2006

.000

12/01/30

1,165,734

1,890,000

Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke

Realty Ohio, Series 2006

.000

12/01/35

1,890,672

2,465,000

Certificates of Participation (Hillsdale Local School District,

Ashland and Wayne Counties, Ohio, School Facilities Project),

Series 2020 - BAM Insured

.000

12/01/38

2,501,872

5,500,000

Cleveland Public Library, Cuyahoga County, Ohio, Library

Facilities Notes, Series 2019A

.000

12/01/45

5,349,091

1,000,000

Cleveland, Ohio, Income Tax Revenue Bonds, Bridges &

Roadways Improvements, Subordinate Lien Series 2017B-2

.000

10/01/32

1,045,475

950,000

Columbus-Franklin County Finance Authority, Ohio,

Development Revenue Bonds, Central Ohio Regional Bond

Fund, Toledo Museum of Art Project Series 2024A

.000

11/15/54

961,709

1,195,000

(a) Columbus-Franklin County Finance Authority, Ohio, Revenue

Bonds, Bridge Park G Block Project, Public Infrastructure Series

2022

.000

12/01/34

1,238,734

500,000

Columbus-Franklin County Finance Authority, Ohio, Tax

Increment Financing Revenue Bonds, Bridge Park D Block

Project, Series 2019A-1

.000

12/01/51

499,329

765,000

(a) Columbus-Franklin County Finance Authority, Ohio, Tax

Increment Financing Revenue Bonds, Easton Project, Series 2020

.000

06/01/28

771,926

4,600,000

Cuyahoga County, Ohio, Certificates of Participation, Convention

Hotel Project, Series 2024

.000

12/01/41

4,510,685

4,000,000

Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Ballpark

Improvement Project, Series 2022A

.000

01/01/36

4,172,362

1,000,000

Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding

Various Purpose Series 2014

.000

12/01/28

1,001,676

3,000,000

Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose

Series 2018

.000

06/01/43

3,091,217

6,310,000

Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose

Series 2018

.000

06/01/48

6,451,514

1,220,000

Great Oaks Career Campuses Board of Education, Brown,

Butler, Clermont, Clinton, Fayette, Greene, Hamilton, Highland,

Madison, Pickaway, Ross and Warren, Ohio, Certificates of

Participation, School Improvement Project, Series 2021

.000

12/01/37

1,246,476

1,000,000

Greater Cincinnati Port Development Authority, Ohio, Tax

Increment Revenue Bonds, RBM Phase 3 Garage Project Series

2024

.125

12/01/55

978,381

1,675,000

Greater Cleveland Regional Transit Authority, Ohio, Sales Tax

Supported Capital Improvement Bonds, Refunding Series 2014A

.000

12/01/25

1,675,000

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

#### Ohio

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

500,000

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series

2000B - AMBAC Insured

.000

%

12/01/26

$

484,942

3,300,000

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series

2000B - AMBAC Insured

.000

12/01/28

3,001,638

1,750,000

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series

2000B - AGM Insured

.000

12/01/28

1,591,777

3,000,000

JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A

.000

01/01/38

3,480,853

2,735,000

JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Refunding Senior Lien & New Money, Series

2025A

.000

01/01/53

2,888,180

435,000

Mayfield City School District, Ohio, Certificates of Participation,

Middle School Project, Series 2009B

.000

09/01/27

411,823

855,000

Mayfield City School District, Ohio, Certificates of Participation,

Middle School Project, Series 2009B

.000

09/01/28

783,792

1,005,000

Norwood, Hamilton County, Ohio, Special Obligation

Development Revenue Bonds, Central Parke Project, Series 2017

.000

12/01/46

1,010,575

1,250,000

Ohio State, Capital Facilities Lease-Appropriation Bonds, Adult

Correctional Building Fund Projects, Series 2017A

.000

10/01/36

1,276,556

1,200,000

Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks &

Recreation Improvement Fund Projects, Series 2017A

.000

12/01/31

1,247,971

1,660,000

Ohio State, Certificates of Participation, Ohio Attorney General

Claims Fund Project, Series 2021

.000

09/01/35

1,742,259

1,360,000

Ohio State, Transportation Project Revenue Bonds, Toledo-

Lucas County Port Authority Seaport and Docks Project, State

Transportation Infrastructure GRF Bond Fund, Series 2019-2,

(AMT)

.000

11/15/39

1,368,984

2,095,000

Pickaway County, Ohio, Sales Tax Specia Obligation Bonds,

Series 2018

.000

12/01/44

2,138,426

2,000,000

Pinnacle Community Infrastructure Financing Authority, Grove

City, Ohio, Community Facilities Bonds, Series 2015A - AGM

Insured

.000

12/01/31

2,001,656

1,125,000

Port of Greater Cincinnati Development Authority, Ohio, Duke

Energy Convention Center Project, TOT First Subordinate

Development Revenue Bonds, Refunding Series 2024B

.000

12/01/44

1,187,360

1,850,000

Port of Greater Cincinnati Development Authority, Ohio, Duke

Energy Convention Center Project, TOT First Subordinate

Development Revenue Bonds, Refunding Series 2024B - AGM

Insured

.250

12/01/48

1,794,329

1,540,000

Port of Greater Cincinnati Development Authority, Ohio, Duke

Energy Convention Center Project, TOT Revenue Bonds,

Refunding, Senior Series 2024A

.000

12/01/53

1,601,731

715,000

(a) Port of Greater Cincinnati Development Authority, Ohio, Public

Improvement TOT Revenue Bonds, Series 2021

.250

12/01/50

674,059

475,000

Port of Greater Cincinnati Development Authority, Ohio, Special

Obligation Development TIF Revenue Bonds, RBM Development

- Phase 2B Project, Series 2018A

.000

12/01/50

477,590

970,000

Port of Greater Cincinnati Development Authority, Ohio, Special

Obligation Tax Increment Financing Revenue Bonds, Cooperative

Township Public Parking Project, Gallery at Kenwood, Senior Lien

Series 2019A

.000

11/01/51

968,880

4,430,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

3,363,882

6,605,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

6,606,851

1,257,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

1,225,532

500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured Cofina Project Series 2019A-2A

.550

07/01/40

498,838

4,915,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

4,793,999

120,000

Riversouth Authority, Ohio, Lazarus Building Redevelopment

Bonds, Series 2007A

.750

12/01/27

120,031

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,000,000

Riversouth Authority, Ohio, Scioto Peninsula Area

Redevelopment Bonds, Payable from City of Columbus, Ohio

Annual Rental Appropriations, Series 2016

.000

%

12/01/29

$

1,001,533

2,955,000

Shaker Heights Public Library, Ohio, Certificates of Participation,

Series 2019

.000

12/01/44

2,875,493

1,000,000

Tolles Career and Technical Center, Madison, Franklin, Delaware,

Fayette, and Union Counties, Ohio, Certificates of Participation,

School Facilities Project Series 2024

.250

12/01/53

1,040,178

2,395,000

Triway Local School District, Ohio, Certificates of Participation,

Series 2021 - BAM Insured

.000

12/01/41

2,397,854

1,460,000

Triway Local School District, Ohio, Certificates of Participation,

Series 2021 - BAM Insured

.000

12/01/42

1,448,502

1,750,000

West Holmes Local School District, Ohio, Certificates of

Participation, Series 2023 - BAM Insured

.250

12/01/48

1,829,513

TOTAL TAX OBLIGATION/LIMITED

96,177,440

TRANSPORTATION - 5.7%

3,750,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A, (AMT)

.500

01/01/50

3,986,904

750,000

Ohio Higher Educational Facility Commission, Senior Hospital

Parking Revenue Bonds, University Circle Incorporated 2020

Project, Series 2020

.000

01/15/50

754,671

3,500,000

Ohio State, Private Activity Bonds, Portsmouth Gateway Group,

LLC - Borrower, Portsmouth Bypass Project, Series 2015 - AGM

Insured, (AMT)

.000

12/31/35

3,504,895

3,615,000

Ohio State, Private Activity Bonds, Portsmouth Gateway Group,

LLC - Borrower, Portsmouth Bypass Project, Series 2015 - AGM

Insured, (AMT)

.000

12/31/39

3,615,043

9,355,000

Ohio State, Private Activity Bonds, Portsmouth Gateway Group,

LLC - Borrower, Portsmouth Bypass Project, Series 2015, (AMT)

.000

06/30/53

9,300,532

2,000,000

Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and

Infrastructutre Commission, Infrastructure Projects, Junior Lien

Series 2018A

.000

02/15/46

1,903,454

1,000,000

(b) Port of Greater Cincinnati Development Authority, Ohio, Parking

Revenue Bond, 3CDC Obligated Group Parking Facilities,

Refunding Series 2025A

.000

12/01/55

1,017,391

2,000,000

Toledo-Lucas County Port Authority Parking System, Ohio,

Revenue Bonds, University of Toledo Parking Project Series 2021

.000

01/01/57

1,629,546

TOTAL TRANSPORTATION

25,712,436

U.S. GUARANTEED - 3.1% (c)

3,570,000

American Municipal Power Inc., Ohio, Combined Hydroelectric

Projects Revenue Bonds, Green Series 2016A, (Pre-refunded

2/15/26)

.000

02/15/46

3,587,817

4,310,000

Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A,

(Pre-refunded 12/01/26)

.000

12/01/41

4,414,846

40,000

Columbus City School District, Franklin County, Ohio,

General Obligation Bonds, School Facilities Construction and

Improvement, Refunding Series 2006 - AGM Insured, (ETM)

.000

12/01/28

36,686

5,000,000

JobsOhio Beverage System, Ohio, Statewide Liquor Profits

Revenue Bonds, Taxable Refunding Senior Lien Series 2020A,

(Pre-refunded 1/01/35)

.833

01/01/38

4,261,266

365,000

Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic

Health System Obligated Group, Series 2019B, (Pre-refunded

1/01/29)

.000

01/01/46

379,673

70,000

Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health

System Obligated Group, Series 2024A, (Pre-refunded 10/01/34)

.000

01/01/35

81,497

1,000,000

Upper Arlington City School District, Franklin County, Ohio,

General Obligation Bonds, School Facilities & Improvement

Series 2018A, (Pre-refunded 12/01/27)

.000

12/01/48

1,049,727

TOTAL U.S. GUARANTEED

13,811,512

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

#### Ohio

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES - 14.1%

$

2,000,000

American Municipal Power Inc., Ohio, Fremont Energy Center

Revenue Bonds, Refunding Series 2017A

.000

%

02/15/42

$

1,978,241

2,930,000

American Municipal Power, Inc., Ohio, Greenup Hydroelectric

Project Revenue Bonds, Refunding Series 2016A

.000

02/15/41

2,944,623

1,000,000

American Municipal Power, Inc., Ohio, Greenup Hydroelectric

Project Revenue Bonds, Refunding Series 2025A

.000

02/15/46

1,062,506

1,665,000

American Municipal Power, Inc., Ohio, Solar Electricity

Prepayment Project Revenue Bonds, Green Bonds Series 2019A

.000

02/15/44

1,710,042

1,315,000

Cleveland, Ohio, Public Power System Revenue Bonds,

Refunding Series 2018 - AGM Insured

.000

11/15/37

1,350,091

1,600,000

Cleveland, Ohio, Public Power System Revenue Bonds,

Refunding Series 2020A - AGM Insured

.000

11/15/38

1,622,050

2,000,000

Cleveland, Ohio, Public Power System Revenue Bonds, Series

2008B-1 - NPFG Insured

.000

11/15/33

1,497,847

4,740,000

Cleveland, Ohio, Public Power System Revenue Bonds, Series

2008B-2 - NPFG Insured

.000

11/15/34

3,396,030

7,500,000

Cleveland, Ohio, Public Power System Revenue Bonds, Series

2008B-2 - NPFG Insured

.000

11/15/38

4,243,940

5,000,000

Columbus, Ohio, Sewerage System Revenue Bonds, Refunding

Series 2015

.000

06/01/29

5,057,695

6,750,000

Columbus, Ohio, Sewerage System Revenue Bonds, Refunding

Series 2015

.000

06/01/32

6,813,097

865,000

Hamilton, Ohio, Electric System Revenue Bonds, Refunding &

Improvement Series 2019 - BAM Insured

.000

10/01/37

879,334

1,015,000

Hamilton, Ohio, Electric System Revenue Bonds, Refunding &

Improvement Series 2019 - BAM Insured

.000

10/01/39

1,023,587

1,000,000

Mahoning County, Ohio, Sewer System Revenue Bonds,

Refunding and Improvement Series 2022

.000

12/01/42

1,049,901

1,000,000

Marysville, Ohio, Water System Mortgage Revenue Bonds,

Refunding Series 2016

.000

12/01/38

1,000,234

5,275,000

Northeast Ohio Regional Sewer District, Wastewater

Improvement Revenue Bonds, Refunding & Improvement Series

2017

.000

11/15/43

5,090,976

2,500,000

Ohio Water Development Authority, Revenue Bonds, Drinking

Water Assistance Fund, Series 2025A

.250

12/01/45

2,767,105

3,800,000

Ohio Water Development Authority, Revenue Bonds, Fresh Water

Development, Series 2019

.000

12/01/38

4,058,321

4,320,000

Ohio Water Development Authority, Revenue Bonds, Fresh Water

Development, Series 2019

.000

06/01/44

4,488,521

4,040,000

Ohio Water Development Authority, Revenue Bonds, Fresh Water

Development, Series 2021

.000

06/01/46

4,257,626

6,500,000

Ohio Water Development Authority, Water Pollution Control

Loan Fund Revenue Bonds, Series 2020A

.000

12/01/50

6,719,482

TOTAL UTILITIES

63,011,249

TOTAL MUNICIPAL BONDS

(Cost $428,487,795)

425,543,166

TOTAL LONG-TERM INVESTMENTS

(Cost $428,487,795)

425,543,166

OTHER ASSETS & LIABILITIES, NET - 5.0%

22,286,709

NET ASSETS - 100%

$

447,829,875

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

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

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

As of the end of the fiscal period, the aggregate value of these securities is $3,703,558 or 0.9% of Total Investments.

(b) When-issued or delayed delivery security.

(c) 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

#### Wisconsin
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 107.5%

X

90,216,917

MUNICIPAL BONDS - 107.5%

X

–

CONSUMER DISCRETIONARY - 0.3%

$

250,000

International Falls, Minnesota, Solid Waste Disposal Revenue

Bonds, Boise Cascade Corporation Project, Refunding Series

1999, (AMT)

.850

%

12/01/29

$

250,568

TOTAL CONSUMER DISCRETIONARY

250,568

EDUCATION AND CIVIC ORGANIZATIONS - 6.4%

810,000

(a) Public Finance Authority, Wisconsin, Educational Revenue Bonds,

Lake Norman Charter School, Series 2018A

.000

06/15/28

807,666

500,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Hmong American Peace Academy, Series 2020

.000

03/15/40

481,145

1,500,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Hmong American Peace Academy, Series 2020

.000

03/15/50

1,497,963

250,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Lawrence University, Series 2020

.000

02/01/45

220,695

500,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Milwaukee School of Engineering, Series 2021B

- AGM Insured

.125

04/01/39

374,720

500,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Milwaukee School of Engineering, Series 2021B

- AGM Insured

.125

04/01/40

359,695

415,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Milwaukee School of Engineering, Series 2021B

- AGM Insured

.250

04/01/41

295,671

500,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Milwaukee School of Engineering, Series 2021B

- AGM Insured

.250

04/01/42

348,244

1,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Milwaukee Science Education Consortium, Inc.,

Academy of Science Series 2023A

.000

03/15/53

972,519

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

5,358,318

HEALTH CARE - 21.0%

155,000

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

07/01/29

162,974

190,000

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

204,536

1,500,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022A

.500

12/01/52

1,606,007

1,000,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Bellin Memorial Hospital Incorporated Series 2022B

.250

12/01/48

1,059,336

2,765,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Beloit Health System, Inc., Series 2020

.000

07/01/36

2,792,042

8,565,000

(b) Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, Marshfield Clinic Health System, Inc., Series 2017C, (UB)

.000

02/15/47

8,592,721

1,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Aspirus, Inc. Obligated Group, Series 2015A

.000

08/15/34

1,001,643

1,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Bellin Memorial Hospital, Inc., Series 2019A

.000

12/01/44

974,372

1,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Hospital Sisters Services, Inc., Series 2025A

.000

08/15/48

1,053,131

175,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Marshfield Clinic Health System, Inc., Series

2020A - AGM Insured

.000

02/15/37

178,735

TOTAL HEALTH CARE

17,625,497

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

#### Wisconsin

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 17.7%

$

2,000,000

Wisconsin Housing and Economic Development Authority

Multi Family Housing Bonds,Western Technical College Student

Housing Project, Series 2013B

.700

%

04/01/38

$

2,001,471

715,000

(b) Wisconsin Housing and Economic Development Authority,

Housing Revenue Bonds, Series 2017A

.150

05/01/55

684,601

2,000,000

(b) Wisconsin Housing and Economic Development Authority,

Housing Revenue Bonds, Series 2018A, (UB)

.300

11/01/53

1,946,359

4,520,000

Wisconsin Housing and Economic Development Authority,

Housing Revenue Bonds, Series 2019A

.375

05/01/57

3,534,706

2,000,000

Wisconsin Housing and Economic Development Authority,

Housing Revenue Bonds, Series 2022A

.150

11/01/50

2,062,952

3,000,000

Wisconsin Housing and Economic Development Authority,

Housing Revenue Bonds, Series 2023D

.000

11/01/57

3,086,186

1,500,000

(c) Wisconsin Housing and Economic Development Authority,

Multifamily Housing Bonds, 100 E. National Project Series 2024j,

(Mandatory Put 8/01/26)

.000

08/01/58

1,517,363

TOTAL HOUSING/MULTIFAMILY

14,833,638

INDUSTRIALS - 0.7%

630,000

Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I

LLC Project Revenue Bonds, Series 2008, (AMT)

.125

06/01/29

631,167

TOTAL INDUSTRIALS

631,167

LONG-TERM CARE - 20.5%

640,000

New Richmond Community Development Authority, Wisconsin,

Lease Revenue Bonds, Series 2025A

.625

09/01/55

633,401

455,000

Winnebago County Housing Authority, Wisconsin, Revenue

Bonds Lutheran Homes of Oshkosh Inc. Project Refunding Series

2015A

.450

03/01/30

430,136

150,000

Wisconsin Health and Educational Facilities Authority, Revenue

Bonds, PHW Muskego, Inc. Project, Series 2021

.000

10/01/61

102,587

2,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Clement Manor, Inc., Series 2019

.000

08/01/49

1,902,022

2,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Dickson Hollow Project. Series 2014

.375

10/01/44

1,998,922

500,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, PHM / New Richmond Senior Housing, Inc.,

Refunding Series 2021

.250

07/01/37

382,375

2,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, PHW Oconomowoc, Inc. Project, Series 2018

.125

10/01/48

1,896,431

1,750,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B

.000

07/01/44

1,750,374

2,475,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2019A

.000

07/01/49

2,481,817

530,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Saint John's Communities Inc., Refunding Series

2021B

.000

09/15/36

516,219

525,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Saint John's Communities Inc., Refunding Series

2021B

.000

09/15/45

449,290

775,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Saint John's Communities Inc., Refunding Series

2022. Forward Delivery

.000

09/15/36

754,849

650,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Saint John's Communities Inc., Refunding Series

2022. Forward Delivery

.000

09/15/45

556,264

1,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Three Pillars Senior Living Communities, Series

2021A

.000

08/15/51

789,776

1,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Three Pillars Senior Living Communities, Series

2021A

.000

08/15/55

771,232

2,000,000

Wisconsin Health and Educational Facilities Authority, Wisconsin,

Revenue Bonds, Woodland Hills Senior Housing Project, Series

2014

.000

12/01/44

1,769,453

TOTAL LONG-TERM CARE

17,185,148

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 2.3%

$

1,000,000

Northwest Independent School District, Denton, Tarrant and

Wise Counties, Texas, General Obligation Bonds, School Building

Series 2025

.250

%

02/15/55

$

1,070,018

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/46

889,786

TOTAL TAX OBLIGATION/GENERAL

1,959,804

TAX OBLIGATION/LIMITED - 22.3%

4,445,000

Ashwaubenon Community Development Authority, Wisconsin,

Lease Revenue Bonds, Brown County Expo Center Project, Series

2019

.000

06/01/54

1,088,217

1,000,000

Brookfield Community Development and Redevelopment

Authority, Wisconsin, Community Development Revenue Bonds,

Series 2015A

.550

06/01/34

1,000,214

1,000,000

Kaukauna Redevelopment Authority, Outagamie and Calumet

Counties, Wisconsin, Redevelopment Lease Revenue Bonds,

Series 2015

.125

06/01/40

1,000,189

1,000,000

Massachusetts School Building Authority, Senior Dedicated Sales

Tax Revenue Bonds, Subordinated Social Series 2025A

.500

02/15/55

1,088,839

500,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

519,106

800,000

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Public Schools, Series 2016A

.000

11/15/30

813,649

500,000

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Public Schools, Series 2016A

.000

11/15/31

508,530

550,000

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Public Schools, Series 2016A

.000

11/15/32

559,383

630,000

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Public Schools, Series 2017

.000

11/15/28

640,748

500,000

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Public Schools, Series 2017

.000

11/15/34

507,727

1,000,000

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Public Schools, Series 2017

.000

11/15/35

1,014,227

1,000,000

New York State Dormitory Authority, Personal Income Tax

Revenue Bonds, General Purpose Series 2025C

.250

03/15/50

1,067,834

1,500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

1,462,449

2,250,000

Slinger Redevelopment Authority, Wisconsin, Lease Revenue

Bonds, Police Station Project, Series 2025A

.000

03/01/45

2,392,982

125,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

.000

10/01/28

125,357

390,000

Wisconsin Center District, Appropiation Revenue Bonds,

Milwaukee Arena Project, Series 2016

.000

12/15/27

394,811

1,000,000

Wisconsin Center District, Appropiation Revenue Bonds,

Milwaukee Arena Project, Series 2016

.000

12/15/30

1,011,182

500,000

Wisconsin Center District, Appropiation Revenue Bonds,

Milwaukee Arena Project, Series 2016

.000

12/15/31

505,322

375,000

Wisconsin Center District, Dedicated Tax Revenue Bonds,

Refunding Junior Series 1999

.250

12/15/27

383,696

2,035,000

Wisconsin Center District, Dedicated Tax Revenue Bonds,

Refunding Senior Series 2003A - AGM Insured

.000

12/15/28

1,854,846

945,000

Wisconsin Center District, Dedicated Tax Revenue Bonds,

Refunding Senior Series 2003A

.000

12/15/31

780,296

TOTAL TAX OBLIGATION/LIMITED

18,719,604

TRANSPORTATION - 6.8%

740,000

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

786,881

1,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, New Terminal 1 John F Kennedy

International Airport Project, Green Series 2023 - AGM Insured,

(AMT)

.000

06/30/49

1,007,914

2,000,000

Port Authority of Guam

.000

07/01/48

2,012,912

1,000,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

.750

12/31/65

1,038,043

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

#### Wisconsin

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

750,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds,

Georgia SR 400 Express Lanes Project, Senior Lien Series 2025

.500

%

12/31/65

$

830,006

TOTAL TRANSPORTATION

5,675,756

U.S. GUARANTEED - 1.8% (d)

1,430,000

Southeast Wisconsin Professional Baseball Park District, Sales Tax

Revenue Refunding Bonds, Series 1998A - NPFG Insured, (ETM)

.500

12/15/26

1,449,517

75,000

Wisconsin Center District, Dedicated Tax Revenue Bonds,

Refunding Junior Series 1999, (ETM)

.250

12/15/27

76,824

TOTAL U.S. GUARANTEED

1,526,341

UTILITIES - 7.7%

985,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024A

.000

01/01/46

1,008,450

1,350,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

1,361,558

350,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

.500

07/01/55

367,391

535,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/39

577,901

515,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/43

535,009

1,000,000

Guam Power Authority, Revenue Bonds,Refunding Series 2017A

.000

10/01/40

1,016,827

130,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding National Series 2007VV - NPFG Insured

.250

07/01/26

130,157

615,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding National Series 2007VV - AGM Insured

.250

07/01/31

627,252

250,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding National Series 2007VV - NPFG Insured

.250

07/01/35

251,512

575,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding Series 2005SS - AGM Insured

.000

07/01/30

575,019

TOTAL UTILITIES

6,451,076

TOTAL MUNICIPAL BONDS

(Cost $93,104,304)

90,216,917

TOTAL LONG-TERM INVESTMENTS

(Cost $93,104,304)

90,216,917

FLOATING RATE OBLIGATIONS - (9.6)%

(8,020,000)

OTHER ASSETS & LIABILITIES, NET - 2.1%

1,696,357

NET ASSETS - 100%

$

83,893,274

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust

unless otherwise noted.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $807,666 or 0.9% of Total Investments.

(b) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

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

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

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

payment of principal and interest.

Statement of Assets and Liabilities

See Notes to Financial Statements

November 30, 2025 (Unaudited)

Kansas

Kentucky

Michigan

Missouri

Ohio

ASSETS

Long-term investments, at value

†

$

184,599,843

$

237,334,851

$

191,849,875

$

496,813,633

$

425,543,166

Short-term investments, at value

◊

–

2,255,000

–

1,840,000

–

Cash

3,914,604

–

3,853,723

–

–

Receivables:

Interest

2,498,617

3,700,928

2,380,963

5,995,318

7,693,959

Investments sold

140,077

1,010,000

–

300,000

7,540,000

Reimbursement from Adviser

–

–

–

–

9,185

Shares sold

361,315

16,507

365,074

137,282

119,828

Sale of Vistra Vision interest

#

(1) 3,236,888

–

–

–

12,649,210

Other

7,133

34,411

23,255

35,636

51,823

Total assets

194,758,477

244,351,697

198,472,890

505,121,869

453,607,171

LIABILITIES

Cash overdraft

–

1,676,488

–

350,930

2,954,017

Floating rate obligations

–

24,855,000

–

–

–

Payables:

Management fees

78,409

88,465

80,984

202,590

181,759

Dividends

63,602

60,872

121,650

312,398

245,661

Interest

602,116

1,617

1,029

Investments purchased - when-issued/delayed-delivery settlement

3,305,010

1,985,950

930,896

–

1,010,980

Shares redeemed

193,377

245,787

221,548

787,854

822,830

Vistra Vision sale transactions costs

(1) 77,902

–

–

–

304,428

Accrued expenses:

Custodian fees

37,159

33,223

34,687

60,454

61,816

Trustees fees

7,160

34,518

21,960

34,803

52,527

Professional fees

21,664

21,794

21,604

21,129

23,736

Shareholder reporting expenses

14,261

14,384

15,367

19,525

23,098

Shareholder servicing agent fees

15,553

17,397

23,200

36,250

54,293

12b-1 distribution and service fees

19,704

25,009

14,724

46,109

38,647

Other

3,920

1,390

1,655

4,664

2,475

Total liabilities

3,838,133

29,662,393

1,488,693

1,878,323

5,777,296

Commitments and contingencies

(2) Net assets

$

190,920,344

$

214,689,304

$

196,984,197

$

503,243,546

$

447,829,875

NET ASSETS CONSIST OF:

Paid-in capital

$

208,148,540

$

241,276,459

$

225,722,154

$

546,123,245

$

474,614,949

Total distributable earnings (loss)

(17,228,196)

(26,587,155)

(28,737,957)

(42,879,699)

(26,785,074)

Net assets

$

190,920,344

$

214,689,304

$

196,984,197

$

503,243,546

$

447,829,875

†

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

$

190,338,784

$

239,260,039

$

190,296,503

$

500,739,932

$

428,487,795

◊

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

$

—

$

2,255,000

$

—

$

1,840,000

$

—

#

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

$

108,919

$

–

$

–

$

–

$

425,637

#### Statement of Assets and Liabilities
(continued)

See Notes to Financial Statements

November 30, 2025 (Unaudited)

Wisconsin

ASSETS

Long-term investments, at value

†

$

90,216,917

Cash

493,035

Receivables:

Interest

1,293,976

Investments sold

215,000

Reimbursement from Adviser

6,791

Shares sold

6,096

Other

3,594

Total assets

92,235,409

LIABILITIES

Floating rate obligations

8,020,000

Payables:

Management fees

34,165

Dividends

9,806

Interest

134,948

Shares redeemed

68,556

Accrued expenses:

Custodian fees

23,630

Trustees fees

2,073

Professional fees

20,956

Shareholder reporting expenses

9,691

Shareholder servicing agent fees

7,663

12b-1 distribution and service fees

9,840

Other

807

Total liabilities

8,342,135

Commitments and contingencies

(2) Net assets

$

83,893,274

NET ASSETS CONSIST OF:

Paid-in capital

$

94,764,215

Total distributable earnings (loss)

(10,870,941)

Net assets

$

83,893,274

†

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

$

93,104,304

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

(2) As disclosed in Notes to Financial Statements.

(continued)

See Notes to Financial Statements

Kansas

Kentucky

Michigan

Missouri

Ohio

CLASS A:

Net assets

$

107,765,438

$

146,401,202

$

73,003,975

$

255,391,010

$

212,606,176

Shares outstanding

10,686,370

14,744,420

6,925,328

24,431,924

19,739,248

Net asset value ("NAV") per share

$

10.08 $

9.93 $

10.54 $

10.45 $

10.77 Maximum sales charge

4.20%

4.20%

4.20%

4.20%

4.20%

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

$

10.52 $

10.37 $

11.00 $

10.91 $

11.24 CLASS C:

Net assets

$

2,433,216

$

1,066,654

$

3,275,687

$

4,853,406

$

4,241,402

Shares outstanding

241,963

107,480

311,602

465,901

396,210

NAV and offering price per share

$

10.06 $

9.92 $

10.51 $

10.42 $

10.70 CLASS I:

Net assets

$

80,721,690

$

67,221,448

$

120,704,535

$

242,999,130

$

230,982,297

Shares outstanding

7,986,330

6,778,712

11,471,093

23,279,310

21,533,325

NAV and offering price per share

$

10.11 $

9.92 $

10.52 $

10.44 $

10.73 Authorized shares - per class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 $

0.01 $

0.01 $

0.01 (continued)

See Notes to Financial Statements

Wisconsin

CLASS A:

Net assets

$

55,199,657

Shares outstanding

5,605,442

Net asset value ("NAV") per share

$

9.85 Maximum sales charge

4.20%

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

$

10.28 CLASS C:

Net assets

$

1,131,321

Shares outstanding

114,871

NAV and offering price per share

$

9.85 CLASS I:

Net assets

$

27,562,296

Shares outstanding

2,795,247

NAV and offering price per share

$

9.86 Authorized shares - per class

Unlimited

Par value per share

$

0.01 Statement of Operations

See Notes to Financial Statements

Six Months Ended November 30, 2025 (Unaudited)

Kansas

Kentucky

Michigan

Missouri

INVESTMENT INCOME

Interest

$

3,519,442

$

4,813,828

$

3,994,777

$

10,739,716

Total investment income

3,519,442

4,813,828

3,994,777

10,739,716

EXPENSES

–

–

–

–

Management fees

469,572

533,181

483,853

1,226,598

12b-1 service fees - Class A

107,964

145,890

73,157

255,207

12b-1 distribution and service fees - Class C

13,590

7,043

16,080

24,371

Shareholder servicing agent fees - Class A

18,635

24,758

15,918

35,877

Shareholder servicing agent fees - Class C

701

685

Shareholder servicing agent fees - Class I

13,181

11,100

25,388

33,694

Interest expense

14,793

393,850

7,700

38,365

Trustees fees

3,192

3,617

3,270

8,760

Custodian expenses, net

14,569

18,591

20,177

34,017

Registration fees

4,195

4,014

6,275

5,512

Professional fees

27,983

28,908

28,065

34,326

Shareholder reporting expenses

18,280

18,421

18,644

21,228

Other

5,134

4,404

4,520

6,454

Total expenses

711,556

1,194,016

703,748

1,725,094

Net investment income (loss)

2,807,886

3,619,812

3,291,029

9,014,622

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(388,293)

(2,240,651)

(539,905)

(821,422)

Net realized gain (loss)

(388,293)

(2,240,651)

(539,905)

(821,422)

Change in unrealized appreciation (depreciation) on:

Investments

6,643,051

11,183,064

7,202,850

16,845,616

Net change in unrealized appreciation (depreciation)

6,643,051

11,183,064

7,202,850

16,845,616

Net realized and unrealized gain (loss)

6,254,758

8,942,413

6,662,945

16,024,194

Net increase (decrease) in net assets from operations

$

9,062,644

$

12,562,225

$

9,953,974

$

25,038,816

#### Statement of Operations
(continued)

See Notes to Financial Statements

Six Months Ended November 30, 2025 (Unaudited)

Ohio

Wisconsin

INVESTMENT INCOME

Interest

$

9,648,827

$

1,759,758

Total investment income

9,648,827

1,759,758

EXPENSES

–

–

Management fees

1,122,034

181,724

12b-1 service fees - Class A

214,420

49,355

12b-1 distribution and service fees - Class C

21,743

6,668

Shareholder servicing agent fees - Class A

44,859

10,847

Shareholder servicing agent fees - Class C

907

Shareholder servicing agent fees - Class I

49,623

4,650

Interest expense

36,352

129,710

Trustees fees

7,752

1,261

Custodian expenses, net

27,392

6,952

Registration fees

4,013

5,180

Professional fees

36,008

25,358

Shareholder reporting expenses

25,211

17,042

Other

6,193

3,553

Total expenses before fee waiver/expense reimbursement

1,596,507

442,590

Fee waiver/expense reimbursement

(58,258)

(40,617)

Net expenses

1,538,249

401,973

Net investment income (loss)

8,110,578

1,357,785

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(2,519,455)

2,354

Net realized gain (loss)

(2,519,455)

2,354

Change in unrealized appreciation (depreciation) on:

Investments

16,022,262

3,034,277

Net change in unrealized appreciation (depreciation)

16,022,262

3,034,277

Net realized and unrealized gain (loss)

13,502,807

3,036,631

Net increase (decrease) in net assets from operations

$

21,613,385

$

4,394,416

Statement of Changes in Net Assets

See Notes to Financial Statements

Kansas

Kentucky

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)

$

2,807,886

$

5,474,454

$

3,619,812

$

7,060,762

Net realized gain (loss)

(388,293)

(1,723,117)

(2,240,651)

(5,409,727)

Net change in unrealized appreciation (depreciation)

6,643,051

(1,773,000)

11,183,064

(586,901)

Net increase (decrease) in net assets from operations

9,062,644

1,978,337

12,562,225

1,064,134

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,583,444)

(3,067,075)

(2,316,458)

(4,610,924)

Class C

(29,201)

(66,266)

(16,585)

(51,101)

Class I

(1,200,947)

(2,216,951)

(1,101,181)

(2,020,533)

Total distributions

(2,813,592)

(5,350,292)

(3,434,224)

(6,682,558)

FUND SHARE TRANSACTIONS

Subscriptions

19,538,530

31,189,767

12,179,806

26,794,153

Reinvestments of distributions

2,438,671

4,646,033

3,088,635

6,079,847

Redemptions

(25,606,669)

(49,095,487)

(23,591,219)

(51,577,103)

Net increase (decrease) from Fund share transactions

(3,629,468)

(13,259,687)

(8,322,778)

(18,703,103)

Net increase (decrease) in net assets

2,619,584

(16,631,642)

805,223

(24,321,527)

Net assets at the beginning of period

188,300,760

204,932,402

213,884,081

238,205,608

Net assets at the end of period

$

190,920,344

$

188,300,760

$

214,689,304

$

213,884,081

See Notes to Financial Statements

#### Statement of Changes in Net Assets
(continued)

Michigan

Missouri

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)

$

3,291,029

$

6,864,512

$

9,014,622

$

17,779,886

Net realized gain (loss)

(539,905)

(4,452,189)

(821,422)

(2,421,027)

Net change in unrealized appreciation (depreciation)

7,202,850

(1,471,490)

16,845,616

(10,167,213)

Net increase (decrease) in net assets from operations

9,953,974

940,833

25,038,816

5,191,646

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,210,604)

(2,371,671)

(4,544,329)

(9,056,547)

Class C

(40,303)

(90,904)

(67,057)

(167,009)

Class I

(2,043,022)

(4,330,158)

(4,506,555)

(8,605,007)

Total distributions

(3,293,929)

(6,792,733)

(9,117,941)

(17,828,563)

FUND SHARE TRANSACTIONS

Subscriptions

28,178,406

64,929,285

66,041,579

104,162,157

Reinvestments of distributions

2,571,456

5,739,318

7,263,173

14,278,572

Redemptions

(31,159,557)

(96,099,305)

(75,010,205)

(124,988,117)

Net increase (decrease) from Fund share transactions

(409,695)

(25,430,702)

(1,705,453)

(6,547,388)

Net increase (decrease) in net assets

6,250,350

(31,282,602)

14,215,422

(19,184,305)

Net assets at the beginning of period

190,733,847

222,016,449

489,028,124

508,212,429

Net assets at the end of period

$

196,984,197

$

190,733,847

$

503,243,546

$

489,028,124

See Notes to Financial Statements

Ohio

Wisconsin

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)

$

8,110,578

$

16,283,239

$

1,357,785

$

2,280,971

Net realized gain (loss)

(2,519,455)

(964,669)

2,354

429,537

Net change in unrealized appreciation (depreciation)

16,022,262

(21,016,241)

3,034,277

(3,507,424)

Net increase (decrease) in net assets from operations

21,613,385

(5,697,671)

4,394,416

(796,916)

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(3,662,617)

(6,975,071)

(927,186)

(1,657,787)

Class C

(56,489)

(133,635)

(19,471)

(63,929)

Class I

(4,296,759)

(8,861,055)

(415,756)

(620,763)

Total distributions

(8,015,865)

(15,969,761)

(1,362,413)

(2,342,479)

FUND SHARE TRANSACTIONS

Subscriptions

36,890,011

81,336,472

25,333,042

2,659,559

Reinvestments of distributions

6,494,201

12,924,517

1,304,850

2,263,234

Redemptions

(80,216,110)

(164,608,471)

(7,798,822)

(12,578,266)

Net increase (decrease) from Fund share transactions

(36,831,898)

(70,347,482)

18,839,070

(7,655,473)

Net increase (decrease) in net assets

(23,234,378)

(92,014,914)

21,871,073

(10,794,868)

Net assets at the beginning of period

471,064,253

563,079,167

62,022,201

72,817,069

Net assets at the end of period

$

447,829,875

$

471,064,253

$

83,893,274

$

62,022,201

Statement of Cash Flows

See Notes to Financial Statements

e

Six Months Ended November 30, 2025 (Unaudited)

Kentucky

Wisconsin

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets from Operations

$

12,562,225

$

4,394,416

Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating

activities:

Purchases of investments

(20,882,312)

(21,778,999)

Proceeds from sale and maturities of investments

26,663,348

3,625,000

Proceeds from (Purchase of) short-term investments, net

(2,255,000)

—

Amortization (Accretion) of premiums and discounts, net

626,049

46,250

(Increase) Decrease in:

Receivable for interest

(461,708)

(382,184)

Receivable for investments sold

(1,010,000)

80,000

Receivable for reimbursement from Adviser

—

2,475

Other assets

(2,094)

905

Increase (Decrease) in:

Payable for interest

267,792

64,129

Payable for investments purchased - when-issued/delayed-delivery settlement

1,985,950

—

Payable for management fees

(3,468)

7,566

Accrued custodian fees

12,337

2,942

Accrued 12b-1 distribution and service fees

(2,237)

598

Accrued Trustees fees

4,308

Accrued professional fees

16,346

18,333

Accrued shareholder reporting expenses

4,086

2,557

Accrued shareholder servicing agent fees

(1,156)

(188)

Accrued other expenses

822

519

Net realized (gain) loss from investments

2,240,651

(2,354)

Net change in unrealized (appreciation) depreciation of investments

(11,183,064)

(3,034,277)

Net cash provided by (used in) operating activities

8,582,875

(16,951,939)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

3,883,979

—

(Repayments) of borrowings

(3,883,979)

—

Increase (Decrease) in:

Cash overdraft

1,676,488

(48,279)

Cash distributions paid to common shareholders

(338,736)

(53,829)

Subscriptions

12,418,921

25,333,594

Redemptions

(24,051,989)

(7,786,512)

Net cash provided by (used in) financing activities

(10,295,316)

17,444,974

Net increase (decrease) in cash

(1,712,441)

493,035

Cash at the beginning of period

1,712,441

—

Cash at the end of period

$

—

$

493,035

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Kentucky

Wisconsin

Cash paid for interest

$

121,371

$

61,165

Non-cash financing activities not included herein consists of reinvestments of share distributions

3,088,635

1,304,850

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

Kansas

Class

A

11/30/25

(d) $

9.75 $

0.15 $

0.33 $

0.48 $

(0.15)

$

—

$

(0.15)

$

10.08 5/31/25

9.92 0.26 (0.17)

0.09 (0.26)

—

(0.26)

9.75 5/31/24

9.89 0.25 0.02 0.27 (0.24)

—

(0.24)

9.92 5/31/23

10.14 0.24 (0.26)

(0.02)

(0.23)

—

(0.23)

9.89 5/31/22

10.87 0.24 (0.74)

(0.50)

(0.23)

—

(0.23)

10.14 5/31/21

10.51 0.25 0.37 0.62 (0.26)

—

(0.26)

10.87 Class

C

11/30/25

(d) 9.72 0.11 0.34 0.45 (0.11)

—

(0.11)

10.06 5/31/25

9.89 0.18 (0.17)

0.01 (0.18)

—

(0.18)

9.72 5/31/24

9.86 0.17 0.03 0.20 (0.17)

—

(0.17)

9.89 5/31/23

10.12 0.16 (0.27)

(0.11)

(0.15)

—

(0.15)

9.86 5/31/22

10.85 0.15 (0.74)

(0.59)

(0.14)

—

(0.14)

10.12 5/31/21

10.48 0.17 0.37 0.54 (0.17)

—

(0.17)

10.85 Class

I

11/30/25

(d) 9.77 0.16 0.34 0.50 (0.16)

—

(0.16)

10.11 5/31/25

9.94 0.29 (0.18)

0.11 (0.28)

—

(0.28)

9.77 5/31/24

9.92 0.28 0.01 0.29 (0.27)

—

(0.27)

9.94 5/31/23

10.18 0.26 (0.27)

(0.01)

(0.25)

—

(0.25)

9.92 5/31/22

10.91 0.26 (0.74)

(0.48)

(0.25)

—

(0.25)

10.18 5/31/21

10.55 0.28 0.36 0.64 (0.28)

—

(0.28)

10.91 (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

.91

%

$

107,765

.84

%

(e) 0

.82

%

(e) 2

.93

%

(e) 12

%

.86

110,753

.86

.81

.65

.81

120,696

.84

.81

.57

(0

.18)

135,824

.81

.80

.46

(4

.68)

153,222

.79

.78

.24

.92

193,933

.79

.79

.37

.62

2,433

.64

(e) 1

.62

(e) 2

.14

(e) 12

.07

2,999

.66

.61

.83

.01

4,465

.64

.61

.77

(1

.08)

7,253

.61

.60

.65

(5

.47)

9,897

.59

.58

.44

.18

12,446

.59

.59

.57

.12

80,722

.64

(e) 0

.62

(e) 3

.13

(e) 12

.09

74,549

.66

.61

.85

.95

79,771

.64

.61

.77

(0

.04)

87,183

.61

.60

.65

(4

.45)

95,483

.59

.58

.44

.13

99,746

.59

.59

.56

#### 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

Kentucky

Class

A

11/30/25

(d) $

9.51 $

0.16 $

0.41 $

0.57 $

(0.15)

$

—

$

(0.15)

$

9.93 5/31/25

9.76 0.29 (0.26)

0.03 (0.28)

—

(0.28)

9.51 5/31/24

9.76 0.26 —

0.26 (0.26)

—

(0.26)

9.76 5/31/23

10.17 0.27 (0.42)

(0.15)

(0.26)

—

(0.26)

9.76 5/31/22

11.24 0.26 (1.06)

(0.80)

(0.27)

—

(0.27)

10.17 5/31/21

10.91 0.30 0.32 0.62 (0.29)

—

(0.29)

11.24 Class

C

11/30/25

(d) 9.51 0.12 0.41 0.53 (0.12)

—

(0.12)

9.92 5/31/25

9.75 0.21 (0.26)

(0.05)

(0.19)

—

(0.19)

9.51 5/31/24

9.75 0.18 0.01 0.19 (0.19)

—

(0.19)

9.75 5/31/23

10.17 0.18 (0.42)

(0.24)

(0.18)

—

(0.18)

9.75 5/31/22

11.24 0.18 (1.07)

(0.89)

(0.18)

—

(0.18)

10.17 5/31/21

10.91 0.21 0.32 0.53 (0.20)

—

(0.20)

11.24 Class

I

11/30/25

(d) 9.50 0.17 0.41 0.58 (0.16)

—

(0.16)

9.92 5/31/25

9.74 0.31 (0.26)

0.05 (0.29)

—

(0.29)

9.50 5/31/24

9.74 0.28 —

0.28 (0.28)

—

(0.28)

9.74 5/31/23

10.16 0.28 (0.42)

(0.14)

(0.28)

—

(0.28)

9.74 5/31/22

11.23 0.28 (1.06)

(0.78)

(0.29)

—

(0.29)

10.16 5/31/21

10.90 0.32 0.32 0.64 (0.31)

—

(0.31)

11.23 (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

6.09 %

$

146,401

1.18 %

(e) 0.81 %

(e) 3.35 %

(e) 9

%

0.20 149,433

1.13 0.79 2.94 23

2.74 171,934

1.13 0.79 2.64 21

(1.45)

198,453

1.03 0.78 2.72 10

(7.25)

242,580

0.83 0.77 2.41 16

5.73 279,307

0.83 0.77 2.67 5

5.56 1,067

1.98 (e) 1.61 (e) 2.55 (e) 9

(0.52)

1,692

1.93 1.59 2.12 23

1.93 3,144

1.93 1.59 1.84 21

(2.32)

4,003

1.83 1.58 1.87 10

(8.01)

7,048

1.63 1.57 1.60 16

4.88 8,607

1.63 1.57 1.87 5

6.19 67,221

0.98 (e) 0.61 (e) 3.55 (e) 9

0.48 62,759

0.93 0.59 3.15 23

2.94 63,128

0.93 0.59 2.84 21

(1.33)

62,831

0.83 0.58 2.88 10

(7.05)

80,715

0.63 0.57 2.60 16

5.94 90,506

0.63 0.57 2.87 5

(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

Michigan

Class

A

11/30/25

(d) $

10.18 $

0.17 $

0.36 $

0.53 $

(0.17)

$

—

$

(0.17)

$

10.54 5/31/25

10.50 0.32 (0.32)

—

(0.32)

—

(0.32)

10.18 5/31/24

10.54 0.30 (0.04)

0.26 (0.30)

—

(0.30)

10.50 5/31/23

10.93 0.26 (0.41)

(0.15)

(0.24)

—

(0.24)

10.54 5/31/22

12.09 0.23 (1.16)

(0.93)

(0.22)

(0.01)

(0.23)

10.93 5/31/21

11.92 0.26 0.18 0.44 (0.27)

—

(0.27)

12.09 Class

C

11/30/25

(d) 10.15 0.13 0.36 0.49 (0.13)

—

(0.13)

10.51 5/31/25

10.46 0.23 (0.31)

(0.08)

(0.23)

—

(0.23)

10.15 5/31/24

10.51 0.22 (0.06)

0.16 (0.21)

—

(0.21)

10.46 5/31/23

10.90 0.18 (0.42)

(0.24)

(0.15)

—

(0.15)

10.51 5/31/22

12.05 0.13 (1.15)

(1.02)

(0.12)

(0.01)

(0.13)

10.90 5/31/21

11.88 0.17 0.17 0.34 (0.17)

—

(0.17)

12.05 Class

I

11/30/25

(d) 10.16 0.18 0.36 0.54 (0.18)

—

(0.18)

10.52 5/31/25

10.48 0.34 (0.32)

0.02 (0.34)

—

(0.34)

10.16 5/31/24

10.53 0.32 (0.05)

0.27 (0.32)

—

(0.32)

10.48 5/31/23

10.92 0.28 (0.41)

(0.13)

(0.26)

—

(0.26)

10.53 5/31/22

12.07 0.25 (1.15)

(0.90)

(0.24)

(0.01)

(0.25)

10.92 5/31/21

11.90 0.29 0.17 0.46 (0.29)

—

(0.29)

12.07 (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

.26

%

$

73,004

.84

%

(e) 0

.83

%

(e) 3

.31

%

(e) 8

%

(0

.10)

74,522

.84

.81

.04

.50

81,446

.85

.83

.86

(1

.36)

96,194

.84

.80

.47

(7

.82)

117,382

.81

.78

.91

.72

148,560

.83

.80

.19

.85

3,276

.64

(e) 1

.63

(e) 2

.51

(e) 8

(0

.82)

3,197

.64

.61

.22

.57

4,938

.65

.63

.06

(2

.15)

6,323

.64

.60

.66

(8

.51)

8,853

.61

.58

.11

.90

10,442

.63

.60

.39

.38

120,705

.64

(e) 0

.63

(e) 3

.51

(e) 8

.11

113,015

.64

.61

.23

.60

135,633

.65

.63

.04

(1

.13)

194,155

.64

.60

.67

(7

.56)

185,889

.61

.58

.12

.93

190,067

.63

.60

.38

(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

Missouri

Class

A

11/30/25

(d) $

10.13 $

0.18 $

0.32 $

0.50 $

(0.18)

$

—

$

(0.18)

$

10.45 5/31/25

10.39 0.36 (0.26)

0.10 (0.36)

—

(0.36)

10.13 5/31/24

10.37 0.35 0.02 0.37 (0.35)

—

(0.35)

10.39 5/31/23

10.75 0.32 (0.40)

(0.08)

(0.30)

—

(0.30)

10.37 5/31/22

11.73 0.27 (0.99)

(0.72)

(0.26)

—

(0.26)

10.75 5/31/21

11.43 0.29 0.31 0.60 (0.30)

—

(0.30)

11.73 Class

C

11/30/25

(d) 10.09 0.14 0.33 0.47 (0.14)

—

(0.14)

10.42 5/31/25

10.35 0.27 (0.26)

0.01 (0.27)

—

(0.27)

10.09 5/31/24

10.33 0.26 0.02 0.28 (0.26)

—

(0.26)

10.35 5/31/23

10.71 0.23 (0.40)

(0.17)

(0.21)

—

(0.21)

10.33 5/31/22

11.68 0.17 (0.97)

(0.80)

(0.17)

—

(0.17)

10.71 5/31/21

11.38 0.20 0.30 0.50 (0.20)

—

(0.20)

11.68 Class

I

11/30/25

(d) 10.11 0.19 0.33 0.52 (0.19)

—

(0.19)

10.44 5/31/25

10.37 0.38 (0.26)

0.12 (0.38)

—

(0.38)

10.11 5/31/24

10.36 0.37 0.01 0.38 (0.37)

—

(0.37)

10.37 5/31/23

10.74 0.33 (0.39)

(0.06)

(0.32)

—

(0.32)

10.36 5/31/22

11.71 0.29 (0.97)

(0.68)

(0.29)

—

(0.29)

10.74 5/31/21

11.42 0.32 0.29 0.61 (0.32)

—

(0.32)

11.71 (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

.01

%

$

255,391

.78

%

(e) 0

.76

%

(e) 3

.52

%

(e) 5

%

.89

253,193

.77

.76

.41

.60

269,956

.80

.78

.33

(0

.75)

287,433

.77

.77

.03

(6

.21)

340,019

.75

.75

.32

.27

384,737

.76

.76

.52

.70

4,853

.58

(e) 1

.56

(e) 2

.72

(e) 5

.04

5,176

.57

.56

.60

.76

7,416

.60

.58

.52

(1

.54)

12,617

.57

.57

.22

(6

.94)

18,127

.55

.55

.52

.45

23,454

.56

.56

.73

.22

242,999

.58

(e) 0

.56

(e) 3

.72

(e) 5

.08

230,659

.57

.56

.61

.69

230,840

.60

.58

.53

(0

.54)

232,119

.57

.57

.22

(5

.94)

306,700

.55

.55

.52

.41

333,691

.56

.56

.72

(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

Ohio

Class

A

11/30/25

(e) $

10.45 $

0.18 $

0.32 $

0.50 $

(0.18)

$

—

$

(0.18)

$

10.77 5/31/25

10.90 0.32 (0.46)

(0.14)

(0.31)

—

(0.31)

10.45 5/31/24

10.81 0.28 0.09 0.37 (0.28)

—

(0.28)

10.90 5/31/23

11.10 0.26 (0.30)

(0.04)

(0.25)

—

(0.25)

10.81 5/31/22

11.96 0.24 (0.87)

(0.63)

(0.22)

(0.01)

(0.23)

11.10 5/31/21

11.94 0.26 0.06 0.32 (0.26)

(0.04)

(0.30)

11.96 Class

C

11/30/25

(e) 10.38 0.14 0.32 0.46 (0.14)

—

(0.14)

10.70 5/31/25

10.83 0.23 (0.45)

(0.22)

(0.23)

—

(0.23)

10.38 5/31/24

10.74 0.20 0.09 0.29 (0.20)

—

(0.20)

10.83 5/31/23

11.03 0.17 (0.30)

(0.13)

(0.16)

—

(0.16)

10.74 5/31/22

11.90 0.14 (0.87)

(0.73)

(0.13)

(0.01)

(0.14)

11.03 5/31/21

11.87 0.16 0.08 0.24 (0.17)

(0.04)

(0.21)

11.90 Class

I

11/30/25

(e) 10.41 0.19 0.32 0.51 (0.19)

—

(0.19)

10.73 5/31/25

10.86 0.34 (0.46)

(0.12)

(0.33)

—

(0.33)

10.41 5/31/24

10.77 0.30 0.10 0.40 (0.31)

—

(0.31)

10.86 5/31/23

11.05 0.28 (0.29)

(0.01)

(0.27)

—

(0.27)

10.77 5/31/22

11.92 0.26 (0.87)

(0.61)

(0.25)

(0.01)

(0.26)

11.05 5/31/21

11.90 0.28 0.07 0.35 (0.29)

(0.04)

(0.33)

11.92 (a) Based on average shares outstanding.

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

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

issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to

Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements.

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

(e) Unaudited.

(f) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

.84

%

$

212,606

.80

%

(f) 0

.78

%

(f) 0

.77

%

(f) 0

.75

%

(f) 3

.46

%

(f) 11

%

(1

.33)

217,513

.79

.77

.79

.77

.93

.52

257,439

.79

.78

.79

.78

.63

(0

.35)

278,833

.77

.77

.77

.77

.38

(5

.36)

309,710

.76

.76

.76

.76

.00

.73

365,676

.77

.77

.77

.77

.18

.43

4,241

.60

(f) 1

.58

(f) 1

.57

(f) 1

.55

(f) 2

.66

(f) 11

(2

.12)

4,835

.59

.57

.59

.57

.11

.72

8,101

.59

.58

.59

.58

.82

(1

.17)

11,186

.57

.57

.57

.57

.58

(6

.24)

14,599

.56

.56

.56

.56

.20

.00

18,821

.57

.57

.57

.57

.39

.96

230,982

.60

(f) 0

.58

(f) 0

.57

(f) 0

.55

(f) 3

.66

(f) 11

(1

.13)

248,716

.59

.57

.59

.57

.13

.73

297,539

.59

.58

.59

.58

.82

(0

.07)

312,556

.57

.57

.57

.57

.58

(5

.27)

343,499

.56

.56

.56

.56

.20

.94

360,971

.57

.57

.57

.57

.38

(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

Wisconsin

Class

A

11/30/25

(e) $

9.45 $

0.18 $

0.40 $

0.58 $

(0.18)

$

—

$

(0.18)

$

9.85 5/31/25

9.93 0.33 (0.47)

(0.14)

(0.34)

—

(0.34)

9.45 5/31/24

9.68 0.30 0.26 0.56 (0.31)

—

(0.31)

9.93 5/31/23

10.24 0.31 (0.54)

(0.23)

(0.33)

—

(0.33)

9.68 5/31/22

11.07 0.32 (0.83)

(0.51)

(0.32)

—

(0.32)

10.24 5/31/21

10.71 0.32 0.36 0.68 (0.32)

—

(0.32)

11.07 Class

C

11/30/25

(e) 9.45 0.14 0.40 0.54 (0.14)

—

(0.14)

9.85 5/31/25

9.93 0.25 (0.47)

(0.22)

(0.26)

—

(0.26)

9.45 5/31/24

9.68 0.22 0.27 0.49 (0.24)

—

(0.24)

9.93 5/31/23

10.24 0.23 (0.54)

(0.31)

(0.25)

—

(0.25)

9.68 5/31/22

11.07 0.23 (0.82)

(0.59)

(0.24)

—

(0.24)

10.24 5/31/21

10.71 0.24 0.35 0.59 (0.23)

—

(0.23)

11.07 Class

I

11/30/25

(e) 9.46 0.19 0.40 0.59 (0.19)

—

(0.19)

9.86 5/31/25

9.94 0.35 (0.47)

(0.12)

(0.36)

—

(0.36)

9.46 5/31/24

9.69 0.32 0.26 0.58 (0.33)

—

(0.33)

9.94 5/31/23

10.25 0.33 (0.54)

(0.21)

(0.35)

—

(0.35)

9.69 5/31/22

11.09 0.34 (0.83)

(0.49)

(0.35)

—

(0.35)

10.25 5/31/21

10.72 0.35 0.36 0.71 (0.34)

—

(0.34)

11.09 (a) Based on average shares outstanding.

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

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

issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Notes to

Financial Statements and the interest expense and fees paid on borrowings, as described in Notes to Financial Statements.

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

(e) Unaudited.

(f) Annualized.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

.20

%

$

55,200

.28

%

(f) 0

.92

%

(f) 1

.16

%

(f) 0

.80

%

(f) 3

.74

%

(f) 5

%

(1

.48)

44,365

.50

.95

.35

.80

.35

.97

50,878

.39

.90

.38

.89

.12

(2

.27)

53,676

.10

.86

.10

.86

.14

(4

.71)

70,472

.89

.84

.89

.84

.89

.42

81,624

.89

.84

.89

.84

.97

.78

1,131

.08

(f) 1

.72

(f) 1

.96

(f) 1

.60

(f) 2

.92

(f) 5

(2

.30)

1,928

.30

.75

.15

.60

.53

.13

2,987

.19

.70

.18

.69

.31

(3

.04)

4,920

.90

.66

.90

.66

.34

(5

.48)

6,905

.69

.64

.69

.64

.09

.59

8,272

.69

.64

.69

.64

.17

.30

27,562

.08

(f) 0

.72

(f) 0

.96

(f) 0

.60

(f) 3

.94

(f) 5

(1

.30)

15,730

.30

.75

.15

.60

.54

.16

18,952

.19

.70

.18

.69

.31

(2

.05)

28,346

.90

.66

.90

.66

.33

(4

.58)

46,690

.69

.64

.69

.64

.09

.72

56,144

.69

.64

.69

.64

.17

Notes to Financial Statements

(Unaudited)

1. General Information

Trust and Fund Information:

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

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

Nuveen Kentucky Municipal Bond Fund ("Kentucky"), Nuveen Michigan Municipal Bond Fund ("Michigan"), Nuveen Missouri Municipal Bond

Fund ("Missouri"), Nuveen Ohio Municipal Bond Fund ("Ohio") and Nuveen Wisconsin Municipal Bond Fund ("Wisconsin") (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, Nuveen Fund Advisors, LLC (the "Adviser"), is 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:

A

Distributions to Shareholders:

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

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

Fund

Gross

Custodian Fee

Credits

Kansas

$

—

Kentucky

—

Michigan

—

Missouri

—

Ohio

—

Wisconsin

—

#### Notes to Financial Statements
(continued)

Indemnifications:

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

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

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

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

the risk of loss to be remote.

Investments and Investment Income

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

and losses on securities transactions are based upon the specific identification method. 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

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:

I k

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.

Kansas

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

184,599,843

$

–

$

184,599,843

Total

$

–

$

184,599,843

$

–

$

184,599,843

Kentucky

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

237,334,851

$

–

$

237,334,851

Short-Term Investments:

Municipal Bonds

–

2,255,000

–

2,255,000

Total

$

–

$

239,589,851

$

–

$

239,589,851

Michigan

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

191,849,875

$

–

$

191,849,875

Total

$

–

$

191,849,875

$

–

$

191,849,875

Missouri

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

496,813,633

$

–

$

496,813,633

Short-Term Investments:

Municipal Bonds

–

1,840,000

–

1,840,000

Total

$

–

$

498,653,633

$

–

$

498,653,633

Ohio

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

425,543,166

$

–

$

425,543,166

Total

$

–

$

425,543,166

$

–

$

425,543,166

Wisconsin

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

90,216,917

$

–

$

90,216,917

Total

$

–

$

90,216,917

$

–

$

90,216,917

(continued)

4. Portfolio Securities

Inverse Floating Rate Securities:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

the Fund, thereby collapsing the TOB Trust.

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

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

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

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

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

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

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

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

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

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

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

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

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

and Liabilities, respectively.

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

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

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

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

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

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

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

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

As of the end of the current fiscal period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and

externally-deposited Inverse Floaters was as follows:

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average

annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

Kansas

$

—

$

—

$

—

Kentucky

24,855,000

—

24,855,000

Michigan

—

—

—

Missouri

—

—

—

Ohio

—

—

—

Wisconsin

8,020,000

—

8,020,000

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that

Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the

terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of

Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire

the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated

to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus

any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made

by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be

effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater

than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the

Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the

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

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving

such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters,

in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the

sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus

any shortfalls in interest cash flows (sometimes referred to as "shortfall payments"). Under these agreements, a Fund's potential exposure to losses

related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts

owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on

Recourse Trusts" on the Statement of Assets and Liabilities.

As of the end of the current fiscal period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse

Floaters and externally-deposited Inverse Floaters was as follows:

Zero Coupon Securities:

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

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

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

of securities that pay interest periodically.

Purchases and Sales:

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

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

Kansas

$

—

—

%

Kentucky

24,855,000

.12

Michigan

—

—

Missouri

—

—

Ohio

—

—

Wisconsin

8,020,000

.12

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

Kansas

$

—

$

—

$

—

Kentucky

24,855,000

—

24,855,000

Michigan

—

—

—

Missouri

—

—

—

Ohio

—

—

—

Wisconsin

8,020,000

—

8,020,000

(continued)

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, Kansas and Ohio will receive proceeds from the sale over a series of payments from Vistra through

December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount,

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

respectively, on the Statement of Assets and Liabilities.

5. Derivative Investments

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

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

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

Operations, respectively.

Market and Counterparty Credit Risk:

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

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

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

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

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

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

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

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

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

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

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

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

at least the pre-determined threshold amount.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Kansas

$

22,154,918

$

24,195,067

Kentucky

20,882,312

26,663,348

Michigan

15,897,618

19,123,971

Missouri

28,877,546

22,425,914

Ohio

47,508,829

87,006,301

Wisconsin

21,778,999

3,625,000

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

Kansas

Shares

Value

Shares

Value

Subscriptions:

Class A

570,377

$5,693,475

1,188,563

$11,917,172

Class A - automatic conversion of Class C

1,522

14,825

24,498

243,306

Class C

1,057

10,424

3,539

35,283

Class I

1,386,593

13,819,806

1,894,780

18,994,006

Total subscriptions

1,959,549

19,538,530

3,111,380

31,189,767

Reinvestments of distributions:

Class A

132,454

1,311,623

257,127

2,564,376

Class C

2,718

26,833

6,195

61,674

Class I

110,776

1,100,215

202,050

2,019,983

Total reinvestments of distributions

245,948

2,438,671

465,372

4,646,033

Redemptions:

Class A

(1,381,850)

(13,613,301)

(2,275,619)

(22,691,340)

Class C

(68,829)

(679,180)

(127,931)

(1,279,916)

Class C - automatic conversion to Class A

(1,527)

(14,825)

(24,560)

(243,306)

Class I

(1,142,169)

(11,299,363)

(2,487,512)

(24,880,925)

Total redemptions

(2,594,375)

(25,606,669)

(4,915,622)

(49,095,487)

Net increase (decrease)

(388,878)

$(3,629,468)

(1,338,870)

$(13,259,687)

Six Months Ended

11/30/25

Year Ended

5/31/25

Kentucky

Shares

Value

Shares

Value

Subscriptions:

Class A

419,613

$4,063,754

890,097

$8,802,221

Class A - automatic conversion of Class C

—

—

1,867

Class C

27,904

268,352

Class I

845,128

8,115,654

1,792,126

17,721,713

Total subscriptions

1,264,782

12,179,806

2,710,316

26,794,153

Reinvestments of distributions:

Class A

223,288

2,164,457

437,956

4,320,655

Class C

1,658

16,013

4,942

48,792

Class I

93,811

908,165

173,671

1,710,400

Total reinvestments of distributions

318,757

3,088,635

616,569

6,079,847

Redemptions:

Class A

(1,611,565)

(15,487,577)

(3,238,214)

(31,942,265)

Class C

(72,245)

(697,807)

(177,055)

(1,735,449)

Class C - automatic conversion to Class A

—

—

(190) (1,867)

Class I

(768,407)

(7,405,835)

(1,838,061)

(17,897,522)

Total redemptions

(2,452,217)

(23,591,219)

(5,253,520)

(51,577,103)

Net increase (decrease)

(868,678)

$(8,322,778)

(1,926,635)

$(18,703,103)

(continued)

Six Months Ended

11/30/25

Year Ended

5/31/25

Michigan

Shares

Value

Shares

Value

Subscriptions:

Class A

550,099

$5,673,144

1,334,026

$14,046,453

Class A - automatic conversion of Class C

—

—

753

Class C

40,051

415,201

70,489

748,056

Class I

2,154,937

22,090,061

4,759,607

50,134,023

Total subscriptions

2,745,087

28,178,406

6,164,193

64,929,285

Reinvestments of distributions:

Class A

99,352

1,025,339

192,903

2,035,025

Class C

3,487

35,908

7,699

81,125

Class I

146,575

1,510,209

343,543

3,623,168

Total reinvestments of distributions

249,414

2,571,456

544,145

5,739,318

Redemptions:

Class A

(1,042,711)

(10,699,458)

(1,968,572)

(20,803,069)

Class C

(46,797)

(482,111)

(235,124)

(2,486,813)

Class C - automatic conversion to Class A

—

—

(71) (753) Class I

(1,949,447)

(19,977,988)

(6,930,071)

(72,808,670)

Total redemptions

(3,038,955)

(31,159,557)

(9,133,838)

(96,099,305)

Net increase (decrease)

(44,454)

$(409,695)

(2,425,500)

$(25,430,702)

Six Months Ended

11/30/25

Year Ended

5/31/25

Missouri

Shares

Value

Shares

Value

Subscriptions:

Class A

1,778,447

$18,202,553

3,168,179

$33,072,242

Class A - automatic conversion of Class C

505

5,124

3,072

Class C

31,622

325,239

61,598

641,596

Class I

4,640,828

47,508,663

6,751,682

70,445,247

Total subscriptions

6,451,402

66,041,579

9,981,751

104,162,157

Reinvestments of distributions:

Class A

416,425

4,273,486

816,952

8,548,940

Class C

6,283

64,256

15,032

156,863

Class I

285,390

2,925,431

533,200

5,572,769

Total reinvestments of distributions

708,098

7,263,173

1,365,184

14,278,572

Redemptions:

Class A

(2,764,998)

(28,361,449)

(4,970,390)

(52,027,801)

Class C

(84,429)

(857,571)

(280,001)

(2,912,740)

Class C - automatic conversion to Class A

(507) (5,124)

(293) (3,072)

Class I

(4,454,963)

(45,786,061)

(6,729,329)

(70,044,504)

Total redemptions

(7,304,897)

(75,010,205)

(11,980,013)

(124,988,117)

Net increase (decrease)

(145,397)

$(1,705,453)

(633,078)

$(6,547,388)

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.

Six Months Ended

11/30/25

Year Ended

5/31/25

Ohio

Shares

Value

Shares

Value

Subscriptions:

Class A

994,885

$10,509,959

1,683,766

$18,201,076

Class A - automatic conversion of Class C

11,252

118,004

18,204

195,633

Class C

31,148

330,593

54,292

581,785

Class I

2,476,549

25,931,455

5,778,703

62,357,978

Total subscriptions

3,513,834

36,890,011

7,534,965

81,336,472

Reinvestments of distributions:

Class A

296,252

3,132,627

552,439

5,977,673

Class C

4,812

50,551

11,366

122,406

Class I

314,409

3,311,023

632,937

6,824,438

Total reinvestments of distributions

615,473

6,494,201

1,196,742

12,924,517

Redemptions:

Class A

(2,380,213)

(25,066,124)

(5,057,981)

(54,666,375)

Class C

(94,047)

(980,463)

(329,455)

(3,558,461)

Class C - automatic conversion to Class A

(11,322)

(118,004)

(18,312)

(195,633)

Class I

(5,157,893)

(54,051,519)

(9,917,005)

(106,188,002)

Total redemptions

(7,643,475)

(80,216,110)

(15,322,753)

(164,608,471)

Net increase (decrease)

(3,514,168)

$(36,831,898)

(6,591,046)

$(70,347,482)

Six Months Ended

11/30/25

Year Ended

5/31/25

Wisconsin

Shares

Value

Shares

Value

Subscriptions:

Class A

1,293,999

$12,475,769

96,822

$935,031

Class A - automatic conversion of Class C

—

—

7,911

78,743

Class C

6,223

59,515

Class I

1,326,788

12,797,758

170,915

1,645,779

Total subscriptions

2,627,010

25,333,042

275,649

2,659,559

Reinvestments of distributions:

Class A

94,237

909,958

164,645

1,623,825

Class C

1,954

18,808

6,430

63,498

Class I

38,834

376,084

58,300

575,911

Total reinvestments of distributions

135,025

1,304,850

229,375

2,263,234

Redemptions:

Class A

(479,214)

(4,619,809)

(696,449)

(6,885,774)

Class C

(97,383)

(929,241)

(95,324)

(948,000)

Class C - automatic conversion to Class A

—

—

(7,911)

(78,743)

Class I

(233,358)

(2,249,772)

(472,596)

(4,665,749)

Total redemptions

(809,955)

(7,798,822)

(1,272,280)

(12,578,266)

Net increase (decrease)

1,952,080

$18,839,070

(767,256)

$(7,655,473)

(continued)

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

purposes were as follows:

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

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

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

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

8. Management Fees and Other Transactions with Affiliates

Management Fees

: Each Fund's management fee compensates the Adviser for 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 was calculated according to the following schedule:

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

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Kansas

$

189,897,871

$

2,293,385

$

(7,591,413)

$

(5,298,028)

Kentucky

216,533,940

2,547,961

(4,347,050)

(1,799,089)

Michigan

191,321,889

3,090,439

(2,562,453)

527,986

Missouri

502,234,579

5,999,965

(9,580,911)

(3,580,946)

Ohio

429,053,772

5,450,390

(8,960,996)

(3,510,606)

Wisconsin

85,074,293

952,424

(3,829,800)

(2,877,376)

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

Kansas

$

1,024,110

$

68,373

$

—

$

(11,985,419)

$

(12,119,621)

$

—

$

(464,691)

$

(23,477,248)

Kentucky

631,181

—

—

(13,018,381)

(22,766,919)

—

(561,037)

(35,715,156)

Michigan

744,621

—

—

(6,721,362)

(28,878,112)

—

(543,149)

(35,398,002)

Missouri

1,875,124

609

—

(20,459,059)

(38,749,233)

—

(1,468,015)

(58,800,574)

Ohio

2,481,833

301,172

—

(19,605,686)

(22,217,277)

—

(1,342,636)

(40,382,594)

Wisconsin

461,568

—

—

(5,917,686)

(8,253,826)

(42)

(192,958)

(13,902,944)

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

paid on June 2, 2025.

Fund

Short-Term

Long-Term

Total

Kansas

$

6,188,450

$

5,931,171

$

12,119,621

Kentucky

5,631,447

17,135,472

22,766,919

Michigan

4,571,121

24,306,991

28,878,112

Missouri

13,176,374

25,572,859

38,749,233

Ohio

15,886,969

6,330,308

22,217,277

Wisconsin

4,604,468

3,649,358

8,253,826

Average Daily Net Assets

Kansas

Kentucky

Michigan

Missouri

Ohio

Wisconsin

For the first $125 million

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

For the next $125 million

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

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

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

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

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

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

0.2375 0.2375 0.2375 0.2375 0.2375 0.2375 71

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

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

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

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

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

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

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

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

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

certain circumstances.

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

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

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

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

and for the time periods stated in the following table. The expense limitation expiring on July 31, 2027, may be terminated or modified prior to the

date only with the approval of the Board.

N/A - Not Applicable.

Distribution and Service Fees:

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

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

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

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

accounts.

Other Transactions with Affiliates:

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

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

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

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

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

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

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

Kansas

.1559

%

Kentucky

.1559

Michigan

.1559

Missouri

.1559

Ohio

.1559

Wisconsin

.1559

Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Permanent

Expense Cap

Ohio

0.56%

July 31, 2027

0.75 %

Wisconsin

0.65 %

July 31, 2027

N/A

(continued)

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

concessions to financial intermediaries as follows:

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

providing services to shareholders relating to their investments.

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

follows:

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

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

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

their investments.

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

Fund

Purchases

Sales

Realized

Gain (Loss)

Kansas

$

—

$

—

$

—

Kentucky

—

955,180

(72,820)

Michigan

—

—

—

Missouri

781,544

—

—

Ohio

—

—

—

Wisconsin

—

—

—

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

Kansas

$

39,279

$

36,911

Kentucky

32,089

30,271

Michigan

49,834

47,217

Missouri

173,477

161,324

Ohio

49,897

47,372

Wisconsin

108,070

104,992

Fund

Commission

Advances

Kansas

$

21,338

Kentucky

18,325

Michigan

33,987

Missouri

85,232

Ohio

34,771

Wisconsin

84,859

Fund

12b-1 Fees

Retained

Kansas

$

Kentucky

1,186

Michigan

2,616

Missouri

2,309

Ohio

2,057

Wisconsin

9. Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include

recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising

from such agreements, while not quantifiable, is expected to be remote. As of the end of the current fiscal period, the Funds did not have any

unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to

the enforcement of the Funds' rights under contracts. As of the end of the current fiscal period, the Funds are not subject to any material legal

proceedings.

10. Borrowing Arrangements

Line of Credit:

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

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

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

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

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

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

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

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

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

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

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

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

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

Participating Fund.

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

follows:

Fund

CDSC

Retained

Kansas

$

4,294

Kentucky

Michigan

1,851

Missouri

—

Ohio

1,058

Wisconsin

5,000

Fund

Maximum

Outstanding

Balance

Kansas

$

1,100,000

Kentucky

2,914,198

Michigan

—

Missouri

12,500,000

Ohio

3,255,832

Wisconsin

—

(continued)

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 reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Kansas

$

694,823

.35

%

Kentucky

1,941,990

.41

Michigan

—

—

—

Missouri

3,963,099

.26

Ohio

2,248,737

.45

Wisconsin

—

—

—

------

**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.](d59408dex99cert.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.](d59408dex99906cert.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 IV</u> |  |
| Date: February 5, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |

---

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

---

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

---

## Ex-99.Cert

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

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

I, Jordan M. Farris, certify that:

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

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

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

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

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

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

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

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

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

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

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

------

---

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

---

------

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

I, Marc Cardella, certify that:

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

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

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

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

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

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

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

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

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

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

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

------

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| | |
|:---|:---|
| Date: February 5, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

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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 IV (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.

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

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