# EDGAR Filing Document

**Accession Number:** 0001018975
**File Stem:** 0001193125-25-269182
**Filing Date:** 2025-11
**Character Count:** 466490
**Document Hash:** d96efcde700ab4c0215d5b4572485f83
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269182.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269182

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MULTISTATE TRUST II /MA/
- **CENTRAL INDEX KEY:** 0001018975

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07755
- **FILM NUMBER:** 251457726

**BUSINESS ADDRESS:**
- **STREET 1:** C/O NUVEEN INVESTMENTS
- **STREET 2:** 333 WEST WACKER DRIVE 33RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129177783

**MAIL ADDRESS:**
- **STREET 1:** NUVEEN INVESTMENTS
- **STREET 2:** 333 WEST WACKER DRIVE 33RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

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

## Series and Classes Contracts Data

### Nuveen California Municipal Bond Fund (Series ID: S000000552)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000001516 | Nuveen California Municipal Bond Fund - Class A | NCAAX           |
| C000001519 | Nuveen California Municipal Bond Fund - Class I | NCSPX           |
| C000137687 | Class C                                         | NAKFX           |

### Nuveen Connecticut Municipal Bond Fund (Series ID: S000000554)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000001524 | Nuveen Connecticut Municipal Bond Fund - Class A | FCTTX           |
| C000001527 | Nuveen Connecticut Municipal Bond Fund - Class I | FCTRX           |
| C000137688 | Class C                                          | FDCDX           |

### Nuveen Massachusetts Municipal Bond Fund (Series ID: S000000555)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000001528 | Nuveen Massachusetts Municipal Bond Fund - Class A | NMAAX           |
| C000001531 | Nuveen Massachusetts Municipal Bond Fund - Class I | NBMAX           |
| C000137689 | Class C                                            | NAAGX           |

### Nuveen New Jersey Municipal Bond Fund (Series ID: S000000557)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000001536 | Nuveen New Jersey Municipal Bond Fund - Class A | NNJAX           |
| C000001539 | Nuveen New Jersey Municipal Bond Fund - Class I | NMNJX           |
| C000137690 | Class C                                         | NJCCX           |

### Nuveen New York Municipal Bond Fund (Series ID: S000000558)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001540 | Nuveen New York Municipal Bond Fund - Class A | NNYAX           |
| C000001543 | Nuveen New York Municipal Bond Fund - Class I | NTNYX           |
| C000137691 | Class C                                       | NAJPX           |

### Nuveen California High Yield Municipal Bond Fund (Series ID: S000008513)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000023361 | Nuveen California High Yield Municipal Bond Fund - Class A | NCHAX           |
| C000023364 | Nuveen California High Yield Municipal Bond Fund - Class I | NCHRX           |
| C000137692 | Class C                                                    | NAWSX           |

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

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 811-07755

Nuveen Multistate Trust II

(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>February</u> <u>28</u>

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

------

---

| | |
|:---|:---|
| **Item 1.** | **Reports to Stockholders.** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen California High Yield Municipal Bond Fund

Class A Shares/NCHAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $85 | 1.75% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 876167859 |
|  Total number of portfolio holdings |  | 473 |
|  Portfolio turnover (%) |  | 4% |

---

1 continued>>

------

What did the Fund invest in? (as of August 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g75493g1g01a00.jpg)

![LOGO](g75493g1g01a01.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 lowest 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.

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.

---

| | |
|:---|:---|
| 67065N589_SAR_0825<br> 4786878 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen California High Yield Municipal Bond Fund

Class C Shares/NAWSX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $124 | 2.55% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 876167859 |
|  Total number of portfolio holdings |  | 473 |
|  Portfolio turnover (%) |  | 4% |

---

1 continued>>

------

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g29j25.jpg)

![LOGO](g75493g1g82m59.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 lowest 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.

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.

---

| | |
|:---|:---|
| 67065N480_SAR_0825<br> 4786878 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen California High Yield Municipal Bond Fund

Class I Shares/NCHRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $76 | 1.55% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 876167859 |
|  Total number of portfolio holdings |  | 473 |
|  Portfolio turnover (%) |  | 4% |

---

1 continued>>

------

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g10c11.jpg)

![LOGO](g75493g1g08h10.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 lowest 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.

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.

---

| | |
|:---|:---|
| 67065N555_SAR_0825<br> 4786878 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen California Municipal Bond Fund

Class A Shares/NCAAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $36 | 0.74% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1623591379 |
|  Total number of portfolio holdings |  | 293 |
|  Portfolio turnover (%) |  | 17% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g00a07.jpg)

![LOGO](g75493g1g00b07.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.

---

| | |
|:---|:---|
| 67065N100_SAR_0825<br> 4786886 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen California Municipal Bond Fund

Class C Shares/NAKFX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $76 | 1.54% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1623591379 |
|  Total number of portfolio holdings |  | 293 |
|  Portfolio turnover (%) |  | 17% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g90n55.jpg)

![LOGO](g75493g1g25q34.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.

---

| | |
|:---|:---|
| 67065N548_SAR_0825<br> 4786886 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen California Municipal Bond Fund

Class I Shares/NCSPX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $27 | 0.54% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1623591379 |
|  Total number of portfolio holdings |  | 293 |
|  Portfolio turnover (%) |  | 17% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g79w10.jpg)

![LOGO](g75493g1g20i51.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.

---

| | |
|:---|:---|
| 67065N407_SAR_0825<br> 4786886 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Connecticut Municipal Bond Fund

Class A Shares/FCTTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | 0.82% |

---

<sup>\*</sup> Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 217732581 |
|  Total number of portfolio holdings |  | 135 |
|  Portfolio turnover (%) |  | 5% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g13a01.jpg)

![LOGO](g75493g1g13b02.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.

---

| | |
|:---|:---|
| 67065N886_SAR_0825<br> 4786901 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Connecticut Municipal Bond Fund

Class C Shares/FDCDX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | 1.62% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $217732581 |
|  Total number of portfolio holdings | 135 |
|  Portfolio turnover (%) | 5% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g70n49.jpg)

![LOGO](g75493g1g38q52.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.

---

| | |
|:---|:---|
| 67065N530_SAR_0825<br> 4786901 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Connecticut Municipal Bond Fund

Class I Shares/FCTRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a <br> $10,000 investment** | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.62% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $217732581 |
|  Total number of portfolio holdings | 135 |
|  Portfolio turnover (%) | 5% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g00c94.jpg)

![LOGO](g75493g1g46s21.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.

---

| | |
|:---|:---|
| 67065N852_SAR_0825<br> 4786901 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Massachusetts Municipal Bond Fund

Class A Shares/NMAAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $41 | 0.83% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $404027648 |
|  Total number of portfolio holdings | 146 |
|  Portfolio turnover (%) | 13% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g19a01.jpg)

![LOGO](g75493g1g19b02.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.

---

| | |
|:---|:---|
| 67065N845_SAR_0825<br> 4786907 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Massachusetts Municipal Bond Fund

Class C Shares/NAAGX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | 1.63% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $404027648 |
|  Total number of portfolio holdings | 146 |
|  Portfolio turnover (%) | 13% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g71y81.jpg)

![LOGO](g75493g1g12j10.jpg)

(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.

---

| | |
|:---|:---|
| 67065N522_SAR_0825<br> 4786907 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Massachusetts Municipal Bond Fund

Class I Shares/NBMAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a <br> $10,000 investment** | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.63% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $404027648 |
|  Total number of portfolio holdings | 146 |
|  Portfolio turnover (%) | 13% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g86n69.jpg)

![LOGO](g75493g1g89t44.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.

---

| | |
|:---|:---|
| 67065N811_SAR_0825<br> 4786907 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen New Jersey Municipal Bond Fund

Class A Shares/NNJAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | 0.81% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $372261106 |
|  Total number of portfolio holdings | 268 |
|  Portfolio turnover (%) | 9% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g00a25.jpg)

![LOGO](g75493g1g00b25.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.

---

| | |
|:---|:---|
| 67065N753_SAR_0825<br> 4786913 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen New Jersey Municipal Bond Fund

Class C Shares/NJCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | 1.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $372261106 |
|  Total number of portfolio holdings | 268 |
|  Portfolio turnover (%) | 9% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g25u81.jpg)

![LOGO](g75493g1g64w63.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.

---

| | |
|:---|:---|
| 67065N514_SAR_0825<br> 4786913 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen New Jersey Municipal Bond Fund

Class I Shares/NMNJX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | 0.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $372261106 |
|  Total number of portfolio holdings | 268 |
|  Portfolio turnover (%) | 9% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g95b53.jpg)

![LOGO](g75493g1g01v67.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.

---

| | |
|:---|:---|
| 67065N720_SAR_0825<br> 4786913 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen New York Municipal Bond Fund

Class A Shares/NNYAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2025 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a <br> $10,000 investment** | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $37 | 0.76% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $935190702 |
|  Total number of portfolio holdings | 200 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g00a31.jpg)

![LOGO](g75493g1g00b31.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.

---

| | |
|:---|:---|
| 67065N670_SAR_0825<br> 4786918 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen New York Municipal Bond Fund

Class C Shares/NAJPX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $77 | 1.56% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $935190702 |
|  Total number of portfolio holdings | 200 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g91n84.jpg)

![LOGO](g75493g1g39q85.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.

---

| | |
|:---|:---|
| 67065N498_SAR_0825<br> 4786918 | ![LOGO](g75493g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g75493g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen New York Municipal Bond Fund

Class I Shares/NTNYX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2025 to August 31, 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 | $28 | 0.56% |

---

\* Annualized for period less than one year.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $935190702 |
|  Total number of portfolio holdings | 200 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g75493g1g52f99.jpg)

![LOGO](g75493g1g63o30.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.

---

| | |
|:---|:---|
| 67065N647_SAR_0825<br> 4786918 | ![LOGO](g75493g1g85u20.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 August 31, 2025

#### California High Yield Municipal Bond
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 124.7%

X

1,092,526,980

MUNICIPAL BONDS - 124.7%

X

–

CONSUMER STAPLES - 1.8%

$

27,000,000

California County Tobacco Securitization Agency, Tobacco

Settlement Asset-Backed Bonds, Alameda County Tobacco Asset

Securitization Corporation, Subordinate Series 2006A

.000

%

06/01/50

$

6,010,457

1,155,000

California County Tobacco Securitization Agency, Tobacco

Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding

Corporation, Turbo, Series 2007A

.000

06/01/47

1,011,805

3,460,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.625

06/01/47

3,093,119

17,600,000

Inland Empire Tobacco Securitization Authority, California,

Tobacco Settlement Asset-Backed Bonds, Series 2007C-2. Turbo

Capital Appreciation

.000

06/01/47

2,837,681

7,500,000

Silicon Valley Tobacco Securitization Authority, California,

Tobacco Settlement Asset-Backed Bonds, Santa Clara County

Tobacco Securitization Corporation, Series 2007A

.000

06/01/47

1,679,728

5,000,000

Tobacco Securitization Authority of Southern California, Tobacco

Settlement Asset-Backed Bonds, San Diego County Tobacco

Asset Securitization Corporation, First Subordinate CABs, Series

2006B

.000

06/01/46

1,152,459

TOTAL CONSUMER STAPLES

15,785,249

EDUCATION AND CIVIC ORGANIZATIONS - 25.6%

4,140,000

(a) California Enterprise Development Authority, Charter School

Revenue Bonds, Norton Science and Language Academy Project,

Series 2020

.250

07/01/58

4,171,726

1,505,000

(a) California Enterprise Development Authority, Charter School

Revenue Bonds, Rocklin Academy Project, Series 2024

.000

06/01/44

1,412,336

4,250,000

(b) California Infrastructure and Economic Development Bank,

Revenue Bonds, Los Angeles County Museum of Natural History

Foundation, Series 2020, (UB)

.000

07/01/50

3,700,756

900,000

California Municipal Finance Authority Charter School Revenue

Bonds, John Adams Academies, Inc. Project, Series 2015A

.000

10/01/35

899,944

1,335,000

California Municipal Finance Authority Charter School Revenue

Bonds, John Adams Academies, Inc. Project, Series 2015A

.250

10/01/45

1,219,771

4,020,000

(a) California Municipal Finance Authority Charter School Revenue

Bonds, John Adams Academies, Inc. Project, Series 2017A

.000

10/01/47

3,540,203

700,000

(a) California Municipal Finance Authority Charter School Revenue

Bonds, River Charter Schools Project, Series 2018A

.500

06/01/38

698,551

2,000,000

(a) California Municipal Finance Authority Charter School Revenue

Bonds, River Charter Schools Project, Series 2018A

.500

06/01/48

1,823,836

250,000

(a) California Municipal Finance Authority Charter School Revenue

Bonds, River Charter Schools Project, Series 2018A

.500

06/01/53

224,930

1,150,000

(a) California Municipal Finance Authority, Charter School Lease

Revenue Bonds, Bella Mente Montessori Academy Project, Series

2018A

.000

06/01/48

1,042,770

400,000

(a) California Municipal Finance Authority, Charter School Lease

Revenue Bonds, Santa Rosa Academy Project, Series 2015

.125

07/01/35

399,974

425,000

(a) California Municipal Finance Authority, Charter School Lease

Revenue Bonds, Santa Rosa Academy Project, Series 2015

.375

07/01/45

387,964

400,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, John Adams Academies, Inc. - Lincoln Project, Series

2019A

.000

10/01/29

399,418

90,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable

Series 2019B

.000

10/01/39

85,491

1,515,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable

Series 2019B

.000

10/01/49

1,310,786

1,000,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable

Series 2019B

.000

10/01/57

838,534

1,400,000

California Municipal Finance Authority, Charter School Revenue

Bonds, John Adams Academies, Inc. Project, Series 2014A

.000

10/01/34

1,400,056

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

465,000

California Municipal Finance Authority, Charter School Revenue

Bonds, John Adams Academies, Inc. Project, Series 2014A

.000

%

10/01/44

$

414,668

3,695,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, Palmdale Aerospace Academy Project, Series 2016A

.000

07/01/41

3,366,619

1,000,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, Palmdale Aerospace Academy Project, Series 2018A

.000

07/01/38

961,676

1,800,000

(a) California Municipal Finance Authority, Charter School Revenue

Bonds, Palmdale Aerospace Academy Project, Series 2018A

.000

07/01/49

1,563,750

1,715,000

California Municipal Finance Authority, Education Revenue

Bonds, American Heritage Foundation Project, Series 2016A

.000

06/01/46

1,630,750

1,145,000

California Municipal Finance Authority, Education Revenue

Bonds, Literacy First Charter Schools Project, Series 2019A

.000

12/01/39

1,158,711

2,260,000

(a) California Municipal Finance Authority, Education Revenue

Bonds, STREAM Charter Schools Project, Series 2020A

.000

06/15/51

1,877,227

1,000,000

(a) California Municipal Finance Authority, Educational Facilities

Revenue Bonds, Westside Neighborhood School Project, Series

2024

.375

06/15/64

1,030,462

710,000

(a) California Municipal Finance Authority, Revenue Bonds,

American Musical and Dramatic Academy Inc. AMDA Inc Project,

Taxable Series 2023B

.500

07/01/30

724,418

13,905,000

California Municipal Finance Authority, Revenue Bonds,

American Musical and Dramatic Academy Inc., Series 2023A

.250

07/01/53

13,905,567

775,000

(a) California Municipal Finance Authority, Revenue Bonds,

California Baptist University, Refunding Series 2025A

.375

11/01/45

767,958

500,000

(a) California Municipal Finance Authority, Revenue Bonds,

California Baptist University, Refunding Series 2025A

.625

11/01/54

493,867

1,500,000

(a) California Municipal Finance Authority, Revenue Bonds,

California Baptist University, Series 2016A

.000

11/01/36

1,501,406

1,555,000

(a) California Municipal Finance Authority, Revenue Bonds,

California Baptist University, Series 2016A

.000

11/01/46

1,421,504

1,000,000

(a) California Municipal Finance Authority, Revenue Bonds,

Claremont Graduate University, Refunding Series 2020B

.000

10/01/49

869,754

1,000,000

(a) California Municipal Finance Authority, Revenue Bonds,

Claremont Graduate University, Refunding Series 2020B

.000

10/01/54

848,603

270,000

(a) California Municipal Finance Authority, Revenue Bonds, Goodwill

Industries of Sacramento Valley & Northern Nevada Project,

Series 2012A

.625

01/01/32

261,718

3,700,000

California Municipal Finance Authority, Revenue Bonds, Goodwill

Industries of Sacramento Valley & Northern Nevada Project,

Series 2014A

.250

01/01/45

2,831,771

7,000,000

(a) California Municipal Finance Authority, Revenue Bonds, Simpson

University, Series 2020A

.000

10/01/50

6,614,623

1,000,000

California Municipal Finance Authority, Revenue Bonds, The

Master's University & Seminary, Series 2019

.000

08/01/34

1,026,133

1,100,000

(a) California Municipal Finance Authority, Revenue Bonds, Turning

Point School, Series 2024

.250

06/01/44

1,003,053

1,300,000

(a) California Municipal Finance Authority, Revenue Bonds, Turning

Point School, Series 2024

.500

06/01/54

1,158,323

350,000

(a) California Municipal Finance Authority, School Facility Revenue

Bonds, Saint Mary's School-Aliso Viejo, Series 2024A

.500

05/01/44

342,618

435,000

(a) California Municipal Finance Authority, School Facility Revenue

Bonds, Saint Mary's School-Aliso Viejo, Series 2024A

.750

05/01/54

421,557

2,000,000

(a) California Public Finance Authority, Charter School Lease

Revenue Bonds, California Crosspoint Academy Project, Series

2020A

.125

07/01/55

1,545,452

700,000

California Public Finance Authority, Charter School Lease

Revenue Bonds, Multicultural Learning Center Project, Series

2017A

.250

06/15/47

692,582

4,500,000

(a) California Public Finance Authority, Educational Facility Revenue

Bonds, Crossroads Christian Schools, Series 2020

.000

01/01/56

3,630,461

1,075,000

(a) California School Finance Authority Charter School Facility

Revenue Bonds, Grimmway Schools-Obligated Group, Series

2016A

.000

07/01/46

997,852

755,000

(a) California School Finance Authority Charter School Revenue

Bonds, Bright Star Schools - Obligated Group, Series 2017

.000

06/01/37

733,305

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

2,000,000

(a) California School Finance Authority Charter School Revenue

Bonds, Bright Star Schools - Obligated Group, Series 2017

.000

%

06/01/47

$

1,763,585

2,090,000

(a) California School Finance Authority Charter School Revenue

Bonds, Bright Star Schools - Obligated Group, Series 2017

.000

06/01/54

1,783,213

1,000,000

(a) California School Finance Authority Charter School Revenue

Bonds, Ednovate - Obligated Group, Series 2018

.000

06/01/48

859,133

960,000

(a) California School Finance Authority Charter School Revenue

Bonds, Fenton Schools - Obligated Group, Series 2020A

.000

07/01/40

906,254

3,175,000

(a) California School Finance Authority Charter School Revenue

Bonds, John Adams Academy Obligated Group, Series 2022A

.000

07/01/52

2,763,028

8,125,000

(a) California School Finance Authority Charter School Revenue

Bonds, John Adams Academy Obligated Group, Series 2022A

.125

07/01/62

6,978,208

305,000

(a) California School Finance Authority School Facility Revenue

Bonds, Green Dot Public Schools California Projects, Series

2018A

.000

08/01/48

288,478

9,925,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Alta Public Schools - Obligated Group, Series

2020A

.000

06/01/59

8,622,219

1,710,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Alta Public Schools - Obligated Group, Series

2024

.625

06/01/44

1,525,057

1,225,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Alta Public Schools - Obligated Group, Series

2024

.875

06/01/54

1,066,466

3,375,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Alta Public Schools - Obligated Group, Series

2024

.000

06/01/64

2,898,397

585,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2015A

.000

08/01/35

584,954

1,040,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2015A

.000

08/01/40

1,003,050

1,600,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2016

.000

08/01/41

1,518,424

460,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2016

.000

08/01/46

421,673

1,000,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Girls Athletic Leadership School Los Angeles

Project, Series 2021A

.000

06/01/41

784,510

500,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Girls Athletic Leadership School Los Angeles

Project, Series 2021A

.000

06/01/61

322,807

5,000,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Hayward Twin Oaks Montessori Charter School

Project, Series 2024A

.000

06/15/54

4,418,717

5,000,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Hayward Twin Oaks Montessori Charter School

Project, Series 2024A

.125

06/15/64

4,388,008

2,300,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Lighthouse Community Public Schools -

Obligated Group, Series 2022A

.500

06/01/62

2,342,438

1,300,000

California School Finance Authority, California, Charter School

Revenue Bonds, TEACH Public Schools Obligated Group, Series

2016A

.875

06/01/52

1,286,027

1,600,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, TEACH Public Schools Obligated Group, Series

2019A

.000

06/01/58

1,365,623

2,075,000

(a) California School Finance Authority, Charter School Lease

Revenue Bonds, Pathways to College Project, Series 2023A

.250

06/15/43

2,052,620

6,740,000

(a) California School Finance Authority, Charter School Lease

Revenue Bonds, Pathways to College Project, Series 2023A

.375

06/15/53

6,605,327

2,510,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Arts in Action Charter Schools - Obligated Group, Series

2020A

.000

06/01/40

2,212,934

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

5,550,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Arts in Action Charter Schools - Obligated Group, Series

2020A

.000

%

06/01/50

$

4,475,245

1,600,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Arts in Action Charter Schools - Obligated Group, Series

2020A

.000

06/01/59

1,237,791

1,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Aspire Public School - Obligated Group, Issue No.6,

Series 2020A

.000

08/01/42

949,589

5,315,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Aspire Public School - Obligated Group, Issue No.6,

Series 2020A

.000

08/01/61

4,668,521

5,045,000

(a) California School Finance Authority, Charter School Revenue

Bonds, City Charter School Obligated Group, Series 2016A

.000

06/01/42

4,597,308

805,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Classical Academies Project, Series 2017A

.000

10/01/44

766,777

235,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Community High School Foundation Inc, Series 2017

.000

06/01/37

229,449

235,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Community High School Foundation Inc, Series 2017

.000

06/01/47

205,155

1,500,000

(a),(c)

California School Finance Authority, Charter School Revenue

Bonds, Downtown College Prep - Obligated Group, Series 2016

.750

06/01/36

900,000

1,180,000

(a),(c)

California School Finance Authority, Charter School Revenue

Bonds, Downtown College Prep - Obligated Group, Series 2016

.000

06/01/46

708,000

1,890,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Envision Education, Series 2024A

.000

06/01/64

1,572,615

1,150,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Ivy Academia, Series 2021A

.000

06/01/41

869,522

1,500,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Ivy Academia, Series 2021A

.000

06/01/51

992,542

1,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Ivy Academia, Series 2021A

.000

06/01/61

617,714

675,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Kepler Neighborhood School, Series 2017A

.750

05/01/37

675,804

1,135,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Larchmont Charter School Project , Series 2018A

.000

06/01/55

970,343

560,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Orange County Educational Arts Academy Project, Series

2023A

.625

06/01/43

544,101

700,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Orange County Educational Arts Academy Project, Series

2023A

.875

06/01/53

672,119

425,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Partnerships to Uplift Communities Project, Refunding

Social Series 2023

.500

08/01/47

411,081

1,350,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rex and Margaret Fortune School of Education Series

2024A

.000

06/01/54

1,164,883

1,545,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rex and Margaret Fortune School of Education Series

2024A

.125

06/01/59

1,340,250

2,350,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rex and Margaret Fortune School of Education Series

2024A

.125

06/01/64

2,013,850

2,500,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Education - Obligated Group, Series 2016A

.000

06/01/46

2,232,003

950,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Education - Obligated Group, Series 2017A

.125

06/01/47

856,318

1,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Education - Obligated Group, Series 2017A

.250

06/01/52

892,703

990,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Public Schools - Obligated Group, Series

2017G

.000

06/01/37

970,008

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

925,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Public Schools - Obligated Group, Series

2017G

.000

%

06/01/53

$

797,753

605,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Russell Westbrook Why Not Academy - Obligated Group,

Series 2021A

.000

06/01/31

582,406

3,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Russell Westbrook Why Not Academy - Obligated Group,

Series 2021A

.000

06/01/51

2,132,035

3,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Russell Westbrook Why Not Academy - Obligated Group,

Series 2021A

.000

06/01/61

2,002,250

3,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Scholarship Prep Public Schools - Obligated Group,

Series 2020A

.000

06/01/60

2,406,533

380,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Scholarship Prep Public Schools Obligated Group, Series

2020B

.000

06/01/27

373,537

1,435,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Scholarship Prep Public Schools Obligated Group, Series

2023A

.000

06/01/63

1,336,218

490,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Social Bonds - iLead Lancaster Project, Series 2021A

.000

06/01/41

442,988

1,450,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Social Bonds - iLead Lancaster Project, Series 2021A

.000

06/01/51

1,211,124

3,250,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Urban Discovery Academy Project, Series 2024A

.000

06/01/54

2,937,102

335,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Urban Discovery Academy Project, Series 2024B

.000

06/01/34

342,224

1,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Valley International Preparatory High School Project,

Series 2022A

.125

03/01/52

702,018

1,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Valley International Preparatory High School Project,

Series 2022A

.250

03/01/62

684,398

2,000,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Vibrant Minds Charter School Project, Series 2025

.000

04/15/55

1,954,388

750,000

(a) California School Finance Authority, Educational Facilities

Revenue Bonds, New Designs Charter School Adams Campus

Project, Series 2019A

.000

06/01/40

734,010

650,000

(a) California School Finance Authority, Educational Facilities

Revenue Bonds, New Designs Charter School Adams Campus

Project, Series 2024A

.000

06/01/54

576,228

1,700,000

(a) California School Finance Authority, Educational Facilities

Revenue Bonds, New Designs Charter School Adams Campus

Project, Series 2024A

.000

06/01/64

1,465,501

1,725,000

(a) California School Finance Authority, Educational Facility Revenue

Bonds, River Springs Charter School Project, Series 2017A

.000

07/01/47

1,558,955

1,340,000

(a) California School Finance Authority, Educational Facility Revenue

Bonds, River Springs Charter School Project, Series 2017A

.000

07/01/52

1,180,727

1,215,000

(a) California School Finance Authority, Educational Facility Revenue

Bonds, River Springs Charter School Project, Series 2023A

.750

07/01/42

1,235,441

520,000

California School finance Authority, School Facility Revenue

Bonds, ICEF - View Park Elementary and Middle Schools, Series

2014A

.625

10/01/34

520,000

1,000,000

California School finance Authority, School Facility Revenue

Bonds, ICEF - View Park Elementary and Middle Schools, Series

2014A

.875

10/01/44

959,924

520,000

California School finance Authority, School Facility Revenue

Bonds, ICEF - View Park Elementary and Middle Schools, Series

2014A

.000

10/01/49

495,694

3,050,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project, Series

2015A

.125

07/01/35

3,039,601

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,000,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project, Series

2015A

.000

%

07/01/45

$

981,492

2,000,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project, Series

2016C

.000

07/01/46

1,960,366

1,200,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Granada Hills Charter High School Obligated Group,

Series 2019

.000

07/01/54

1,100,786

1,200,000

California School Finance Authority, School Facility Revenue

Bonds, Green Dot Public Schools California Projects, Series

2022A

.375

08/01/42

1,220,374

1,150,000

California School Finance Authority, School Facility Revenue

Bonds, Green Dot Public Schools California Projects, Series

2022A

.750

08/01/52

1,173,053

725,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Value Schools, Refunding Series 2023A

.250

07/01/48

708,437

1,355,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Value Schools, Series 2016A

.000

07/01/51

1,360,452

9,000,000

(b) California State University, Systemwide Revenue Bonds, Series

2024A, (UB)

.000

11/01/49

7,939,149

4,325,000

(a) California Statewide Communities Development Authority

Revenue Bonds, California Baptist University, Refunding Series

2017A

.000

11/01/41

4,136,413

580,000

University of Puerto Rico, University System Revenue Bonds,

Refunding Series 2006P

.000

06/01/30

569,186

125,000

University of Puerto Rico, University System Revenue Bonds,

Series 2006Q

.000

06/01/30

122,669

1,580,000

University of Puerto Rico, University System Revenue Bonds,

Series 2006Q

.000

06/01/36

1,512,518

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

224,104,225

HEALTH CARE - 8.6%

6,180,000

Antelope Valley Healthcare District, California, Revenue Bonds,

Series 2016A

.250

03/01/36

6,203,172

5,280,000

Antelope Valley Healthcare District, California, Revenue Bonds,

Series 2016A

.000

03/01/41

4,900,949

3,915,000

Antelope Valley Healthcare District, California, Revenue Bonds,

Series 2016A

.000

03/01/46

3,412,650

2,485,000

(b) California Health Facilities Financing Authority, Revenue Bonds,

City of Hope National Medical Center, Series 2019

.000

11/15/49

2,449,535

7,800,000

(b) California Health Facilities Financing Authority, Revenue Bonds,

Lucile Salter Packard Children's Hosptial at Stanford, Series

2017A, (UB)

.000

11/15/56

7,678,311

1,455,000

California Municipal Finance Authority, Revenue Bonds, Clinicas

del Camino Real, Inc., Series 2020

.000

03/01/28

1,466,857

2,000,000

(a) California Municipal Finance Authority, Revenue Bonds,

Community Health Centers of the Central Coast, Inc., Series

2021A

.000

12/01/46

1,850,474

5,480,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.250

11/01/41

5,389,419

8,200,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.000

11/01/47

7,295,170

1,000,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.250

11/01/47

952,393

1,565,000

(b) California Municipal Financing Authority, Certificates of

Participation, Palomar Health, Series 2022A

.250

11/01/52

1,568,791

16,700,000

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2014A

.500

12/01/54

16,157,779

2,055,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.000

12/01/41

1,998,283

2,280,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.250

12/01/56

2,081,508

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

315,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2018A

.250

%

12/01/48

$

297,800

6,100,000

Oroville, California, Revenue Bonds, Oroville Hospital Series

2019

.250

04/01/54

4,693,257

1,500,000

Palomar Pomerado Health Care District, California, Certificates of

Participation, Series 2017

.000

11/01/47

931,280

2,245,000

Palomar Pomerado Health System, California, Revenue Bonds,

Refunding Series 2016

.000

11/01/36

1,993,736

4,790,000

Palomar Pomerado Health System, California, Revenue Bonds,

Refunding Series 2016

.000

11/01/39

4,065,946

200,000

Washington Township Health Care District, California, Revenue

Bonds, Series 2017A

.000

07/01/42

190,244

TOTAL HEALTH CARE

75,577,554

HOUSING/MULTIFAMILY - 17.1%

8,750,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Glendale Properties, Junior Series

2021A-2

.000

08/01/47

6,388,409

22,495,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Serenity at Larkspur Apartments, Series

2020A

.000

02/01/50

14,610,968

4,960,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Summit at Sausalito Apartments, Series

2021A-2

.000

02/01/50

3,571,738

5,880,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, The Arbors, Series 2020A

.000

08/01/50

5,234,650

18,480,000

(a) California Community Housing Agency, Workforce Housing

Revenue Bonds, Annadel Apartments, Series 2019A

.000

04/01/49

14,967,909

1,000,000

California Housing Finance Agency, California, Multifamily

Housing Revenue Bonds, Power Station Block 7B, Limited

Obligation Senior Series 2024L

.200

12/01/27

1,021,588

1,585,000

(a) California Housing Finance Agency, Multifamily Housing

Revenue Bonds, Redwood Gardens Apartments, Subordinate

Lien Series 2021N-S

.000

03/01/37

1,340,608

57,867

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Series2019-1

.250

01/15/35

59,105

8,308,591

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Social Certificates Series 2023-1

.375

09/20/36

8,344,822

2,375,000

California Municipal Finance Authority, Mobile Home Park

Revenue Bonds, Royal York Estates Projects Series 2020A

.000

02/15/55

1,754,858

2,980,000

(a) California Municipal Finance Authority, Revenue Bonds, Catalyst

Impact Fund 1 LLC Series 2024-II

.000

01/01/39

3,024,434

1,335,000

(a) California Public Finance Authority, University Housing Revenue

Bonds, National Campus Community Development - Claremont

Properties LLC Claremont Colleges Project, Refunding Series

2023A

.500

07/01/50

1,342,304

1,715,000

(a) California Public Finance Authority, University Housing Revenue

Bonds, National Campus Community Development - Claremont

Properties LLC Claremont Colleges Project, Refunding Series

2023A

.000

07/01/53

1,799,991

450,000

(a) California Statewide Communities Development Authority,

College Housing Revenue Bonds, National Campus Community

Development - Hooper Street LLC Project, Series 2019

.250

07/01/52

421,366

4,600,000

(a) California Statewide Communities Development Authority,

Revenue Bonds, Lancer Educational Student Housing Project,

Refunding Series 2016A

.000

06/01/36

4,606,956

2,090,000

(a) California Statewide Communities Development Authority,

Revenue Bonds, Lancer Educational Student Housing Project,

Refunding Series 2016A

.000

06/01/46

1,910,280

6,885,000

(a) CMFA Special Finance Agency I, California, Essential Housing

Revenue Bonds, The Mix at Center City, Series 2021A-2

.000

04/01/56

4,973,685

1,000,000

(a) CMFA Special Finance Agency I, California, Essential Housing

Revenue Bonds, The Mix at Center City, Subordinate Series

2021B

.000

04/01/56

765,715

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,000,000

(a) CMFA Special Financing Agency VIII, California, Essential

Housing Revenue Bonds, Elan Huntington Beach, Senior Lien

Series 2021A-1

.000

%

08/01/56

$

635,719

2,905,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, 1818 Platinum Triangle-Anaheim,

Mezzanine Lien Series 2021B

.000

04/01/57

2,054,755

18,795,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Altana Glendale, Series 2021A-1

.500

10/01/46

14,753,432

5,000,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Altana Glendale, Series 2021A-2

.000

10/01/56

3,637,165

3,375,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Center City Anaheim, Series 2020A

.000

01/01/54

2,920,769

2,000,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien

Series 2021A-2

.000

06/01/58

1,490,975

5,915,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Link-Glendale, Series 2021A-2

.000

07/01/56

4,313,799

22,760,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Moda at Monrovia Station, Social Series

2021A-2

.000

10/01/56

16,455,576

9,360,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Monterrey Station Apartments, Senior

Lien Series 2021A-1

.125

07/01/56

5,745,980

2,000,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Monterrey Station Apartments, Series

2021B

.000

07/01/58

1,215,020

4,000,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Oceanaire-Long Beach, Social Series

2021A-2

.000

09/01/56

2,819,764

2,110,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Pasadena Portfolio Social Bond,

Mezzanine Senior Series 2021B

.000

12/01/56

1,526,707

2,500,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Union South Bay, Series 2021A-2

.000

07/01/56

1,921,714

2,625,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Vineyard Gardens Apartments, Senior

Lien Series 2021A

.250

10/01/58

1,741,262

5,050,000

(a) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena

Apartments, Senior Lien Series 2021A-2

.125

06/01/57

2,873,475

2,000,000

CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Wood Creek Apartments, Mezzanine

Lien Series 2021A-2

.000

12/01/58

1,338,193

2,145,000

CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Wood Creek Apartments, Mezzanine

Lien Series 2021B

.000

12/01/59

1,129,170

6,155,000

CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Wood Creek Apartments, Senior Lien

Series 2021A-1

.000

12/01/49

3,934,394

1,000,000

Independent Cities Finance Authority, California, Mobile Home

Park Revenue Bonds, Palomar Estates West, Refunding Series

2015

.000

09/15/36

1,000,393

315,000

La Verne, California, Mobile Home Park Revenue Bonds,

Copacabana Mobile Home Park, Refunding Series 2014

.000

06/15/49

313,673

2,110,000

Palmdale Housing Authority, California, Multifamily Housing

Revenue Bonds, Impression, La Quinta, Park Vista &

Summerwood Apartments, Series 2015

.250

06/01/45

1,902,108

390,000

Santa Clara County Housing Authority, California, Multifamily

Housing Revenue Bonds, Blossom River Project, Series 1998A,

(AMT)

.500

09/01/39

381,409

TOTAL HOUSING/MULTIFAMILY

150,244,838

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 8.8%

$

1,115,000

Denair Unified School District, Stanislaus County, California,

General Obligation Bonds, Series 2002A - FGIC Insured

.000

%

08/01/26

$

1,088,189

1,205,000

Jamul Dulzura Union School District, San Diego County,

California, General Obligation Bonds, Election 1995 Series

2004A - NPFG Insured

.000

11/01/28

1,106,396

5,000,000

(b) Oakland Unified School District, Alameda County, California,

General Obligation Bonds, Election 2020, Series 2023A - AGM

Insured, (UB)

.250

08/01/48

5,202,245

5,000,000

(b) Oxnard School District, Ventura County, California, General

Obligation Bonds, Election of 2022 Series 2023A - BAM Insured,

(UB)

.125

08/01/50

4,460,849

1,350,000

Paso Robles Joint Unified School District, San Luis Obispo

and Monteray Counties, California, General Obligation Bonds,

Election 2006 Series 2010A

.000

09/01/34

989,345

9,470,000

(b) Pittsburg Unified School District, Contra Costa County, California,

General Obligation Bonds, Refunding Series 2016, (UB)

.000

08/01/44

8,714,224

2,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

1,400,566

11,187,234

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/41

9,740,641

8,890,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/46

7,347,509

5,750,000

(b) San Diego Public Facilities Financing Authority, California, Lease

Revenue Bonds, Capital Improvement Projects, Series 2021A,

(UB)

.000

10/15/50

5,042,644

5,000,000

(b) San Luis Coastal Unified School District, San Luis Obispo County,

California, General Obligation Bonds, Election of 2022 Series

2023A, (UB)

.000

08/01/53

4,466,899

17,585,000

(b) Santa Ana Unified School District, Orange County, California,

General Obligation Bonds, 2018 Election Series 2022C, (UB)

.250

08/01/50

16,021,463

12,460,000

(b) Washington Township Health Care District, Alameda County,

California, General Obligation Bonds, 2012 Election Series

2015B, (UB)

.000

08/01/45

11,080,137

TOTAL TAX OBLIGATION/GENERAL

76,661,107

TAX OBLIGATION/LIMITED - 30.7%

1,000,000

Adelanto Community Facilities District Number 2006-2, San

Bernadino County, California, Special Tax Bonds, Series 2015A

.000

09/01/45

996,308

850,000

Alameda Community Facilities District No. 22-1, California,

Alameda Marina, Special Tax Bonds, Green Series 2023

.000

09/01/48

835,730

1,250,000

Alameda Community Facilities District No. 22-1, California,

Alameda Marina, Special Tax Bonds, Green Series 2023

.000

09/01/53

1,215,389

330,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM Insured

.000

09/01/28

305,067

240,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM Insured

.000

09/01/30

207,614

4,475,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM Insured

.000

09/01/34

3,233,438

1,985,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM Insured

.000

09/01/35

1,359,005

660,000

Beaumont Unified School District, California, Special Tax Bonds,

Community Facilities District 2020-1, Improvement Area 2 Series

2023

.000

09/01/48

656,864

875,000

Beaumont Unified School District, California, Special Tax Bonds,

Community Facilities District 2020-1, Improvement Area 2 Series

2023

.000

09/01/53

853,295

1,900,000

Blythe Redevelopment Agency Successor Agency, California, Tax

Allocation Bonds, Redevelopment Project 1, Refunding Series

2015

.000

05/01/38

1,901,597

1,500,000

Brea Redevelopment Agency, Orange County, California, Tax

Allocation Bonds, Project Area AB, Series 2003 - AMBAC Insured

.000

08/01/28

1,389,109

1,700,000

Brentwood Infrastructure Financing Authority, California,

Infrastructure Revenue Bonds, Refunding Subordinated Series

2014B

.000

09/02/36

1,700,438

3,605,000

California Community College Financing Authority, Lease

Revenue Bonds, Refunding Series 2003 - AMBAC Insured

.000

06/01/33

2,637,945

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,000,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2022B

.000

%

09/01/52

$

1,036,475

3,975,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2022C

.250

09/01/52

4,177,325

3,000,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2022D

.125

09/01/52

3,131,061

1,000,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024A

.125

09/01/54

962,847

1,070,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024B

.000

09/01/49

1,049,473

545,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024C

.000

09/01/44

544,872

885,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024C

.000

09/01/49

870,419

540,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024C

.700

09/01/54

481,356

1,000,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024C

.000

09/01/54

964,498

1,000,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024D

.000

09/01/49

975,431

1,000,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2024D

.000

09/01/54

950,219

2,160,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2020-6, County of Placer-

PV400, Series 2022

.250

09/01/52

2,151,409

500,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2022-8 City of Palmdale -

Wildflower/Creekside Encore Series 2024

.000

09/01/49

485,710

340,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Hesperia-

Silverwood Improvement Area A, Series 2024

.000

09/01/49

327,130

800,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Hesperia-

Silverwood Improvement Area A, Series 2024

.000

09/01/54

754,558

400,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-5 Sacramento County-

The GAP Improvement Area 1, Series 2023

.250

09/01/43

408,960

1,060,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-5 Sacramento County-

The GAP Improvement Area 1, Series 2023

.625

09/01/53

1,086,479

1,835,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-5 Sacramento County-

The GAP Improvement Area 1, Series 2024

.000

09/01/49

1,789,916

2,665,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-5 Sacramento County-

The GAP Improvement Area 1, Series 2024

.000

09/01/54

2,532,335

330,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2007-1 Orinda

Wilder Project, Refunding Series 2015

.000

09/01/37

330,173

875,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2012-02,

Manteca Lifestyle Center, Series 2013A

.000

09/01/33

875,844

2,000,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2012-02,

Manteca Lifestyle Center, Series 2013A

.125

09/01/42

2,000,268

2,500,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2015-2 Rio

Bravo, Series 2015A

.625

09/01/45

2,500,926

1,200,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2018-02,

McSweeny, Improvement Area 1 Series 2023

.250

09/01/53

1,200,882

340,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2020-02

Improvement Area 2 Atwell, Series 2022

.250

09/01/52

339,133

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

475,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2020-02

Improvement Area 3 Atwell, Series 2024

.000

%

09/01/49

$

466,530

650,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2020-02

Improvement Area 3 Atwell, Series 2024

.000

09/01/54

635,454

2,400,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2020-02

Improvement Area 4 Atwell, Series 2024

.000

09/01/55

2,320,427

2,000,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2021-02 Citro,

Series 2023

.000

09/01/53

1,944,623

1,635,000

California Statewide Communities Development Authority,

Special Tax Bonds, Community Facilities District 2022-07,

Improvement Area Number 1, Watson Ranch, Series 2023

.000

09/01/53

1,599,176

3,510,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Refunding Series 2015R-1

.000

09/02/35

3,512,553

1,120,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Refunding Series 2015R-1

.000

09/02/40

1,120,237

450,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2011A

.000

09/02/41

439,952

2,275,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2014A

.000

09/02/43

2,274,979

2,060,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2014B

.000

09/02/44

2,059,913

480,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2017A

.000

09/02/46

480,129

375,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2017B

.000

09/02/47

376,004

920,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2018B

.000

09/02/48

920,124

725,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2019C

.000

09/02/44

710,937

1,495,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2022C

.125

09/02/42

1,465,941

1,990,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2022C

.375

09/02/52

1,995,430

3,965,000

California Statewide Communities Development Authority,

Statewide Infrastructure Program Revenue Bonds, Series 2020C

.000

09/02/40

3,629,261

1,085,000

Cathedral City Public Financing Authority, California, Tax

Allocation Bonds, Merged Redevelopment Project, Series 2000A

- NPFG Insured

.000

08/01/33

805,286

740,000

Chino, California, Special Tax Bonds, Community Facilities District

2003-3 Improvement Area 10, Series 2024.

.000

09/01/54

709,474

215,000

Compton Public Finance Authority, California, Lease Revenue

Bonds, Refunding & Various Capital Projects, Series 2008 -

AMBAC Insured

.250

09/01/27

215,222

210,000

Compton Public Finance Authority, California, Lease Revenue

Bonds, Refunding & Various Capital Projects, Series 2008 -

AMBAC Insured

.000

09/01/32

210,079

670,000

Corona, California, Special Tax Bonds, Community Facilities

District 2002-1 Dos Lagos Improvement Area 1, Refunding Series

2017

.000

09/01/37

681,572

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

345,000

Corona, California, Special Tax Bonds, Community Facilities

District 2018-2 Sierra Bella, Series 2022A

.000

%

09/01/51

$

340,235

625,000

Dixon, California, Special Tax Bonds, Community Facilities District

2019-1 Homestead, Improvement Area 2, Series 2024

.000

09/01/46

623,731

1,000,000

Dixon, California, Special Tax Bonds, Community Facilities District

2019-1 Homestead, Improvement Area 2, Series 2024

.000

09/01/54

970,299

6,300,000

Dublin, California, Special Tax Bonds, Community Facilities

District 2015-1 Dublin Crossing Improvement Area 2, Series

2019

.000

09/01/39

6,417,390

1,000,000

Dublin, California, Special Tax Bonds, Community Facilities

District 2015-1 Dublin Crossing Improvement Area 4, Series

2022

.500

09/01/47

1,025,779

1,000,000

Dublin, California, Special Tax Bonds, Community Facilities

District 2015-1 Dublin Crossing Improvement Area 4, Series

2022

.500

09/01/51

1,018,203

1,250,000

Dublin, California, Special Tax Bonds, Community Facilities

District 2015-1 Dublin Crossing Improvement Area 5, Series

2023

.375

09/01/51

1,262,951

250,000

El Dorado County, California, Special Tax Bonds, Community

Facilities District 2005-2, Series 2006

.100

09/01/36

251,421

1,565,000

(a) Elsinore Valley Municipal Water District, California, Special Tax

Bonds, Community Facilities District 2020-1 Horsethief Area 1A,

Series 2021A

.000

09/01/41

1,388,671

2,325,000

(a) Elsinore Valley Municipal Water District, California, Special Tax

Bonds, Community Facilities District 2020-1 Horsethief Area 1A,

Series 2021A

.000

09/01/51

1,871,285

1,685,000

(a) Elsinore Valley Municipal Water District, California, Special

Tax Bonds, Community Facilities District 2020-1 Horsethief

Improvement Area 2A, Series 2021A

.000

09/01/41

1,495,150

1,245,000

(a) Elsinore Valley Municipal Water District, California, Special

Tax Bonds, Community Facilities District 2020-1 Horsethief

Improvement Area 2A, Series 2021A

.000

09/01/51

1,000,562

430,000

Fairfield, California, Special Tax Bonds, Community Facilities

District 2007-1 Fairfield Commons Project, Series 2008

.875

09/01/38

434,884

1,250,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 20 Russell

Ranch, Series 2020

.125

09/01/47

1,257,082

1,300,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 20 Russell

Ranch, Series 2020

.125

09/01/52

1,299,423

1,075,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 23 Folsom

Ranch Improvement Area 1, Series 2020

.000

09/01/45

933,995

4,000,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 23 Folsom

Ranch Improvement Area 1, Series 2022

.000

09/01/52

3,897,195

400,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 23 Folsom

Ranch Improvement Area 2, Series 2024

.000

09/01/49

389,101

460,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 23 Folsom

Ranch Improvement Area 2, Series 2024

.000

09/01/53

442,016

1,000,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 23 Folsom

Ranch Improvement Area 4, Series 2024

.000

09/01/49

970,087

1,000,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 23 Folsom

Ranch Improvement Area 4, Series 2024

.000

09/01/54

955,894

1,000,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Series 2022

.000

09/01/52

974,299

500,000

Folsom, California, Special Tax Bonds, Community Facilities

District 16 Islands at Parkshore Improvement Area 1, Series 2018

.000

09/01/43

435,834

375,000

Fontana, California, Special Tax Bonds, Community Facilities

District 106, Mountain View, Series 2022

.250

09/01/38

365,544

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

500,000

Fontana, California, Special Tax Bonds, Community Facilities

District 106, Mountain View, Series 2022

.500

%

09/01/43

$

470,673

3,000,000

Fontana, California, Special Tax Bonds, Community Facilities

District 112 The Gardens Phase One, Series 2024

.000

09/01/49

2,946,506

2,620,000

Fontana, California, Special Tax Bonds, Community Facilities

District 112 The Gardens Phase One, Series 2024

.000

09/01/54

2,546,003

4,040,000

Golden State Tobacco Securitization Corporation, California,

Tobacco Settlement Asset-Backed Revenue Bonds, Series

2022A-1

.000

06/01/51

3,859,542

1,000,000

Hemet Unified School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2021-7, Series

2023

.000

09/01/43

997,886

1,000,000

Hemet Unified School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2021-7, Series

2023

.000

09/01/53

968,011

1,030,000

Imperial, California, Special Tax Bonds, Community Facilities

District 2005-1 Springfield, Series 2015A

.000

09/01/36

1,030,646

155,000

Indio Redevelopment Agency, California, Tax Allocation Bonds,

Merged Area Redevelopment Project, Subordinate Lien

Refunding Series 2008A

.250

08/15/28

155,410

3,380,000

Jurupa Unified School District, California, Special Tax Bonds,

Community Facilities District 9, Series 2015A

.000

09/01/45

3,380,325

1,220,000

Lake Elsinore Unified School District, California, Special Tax

Bonds, Community Facilities District 2004-2, Series 2005

.350

09/01/35

1,229,148

475,000

Lake Elsinore, California, Special Tax Bonds, Community Facilities

District 2006-1 Summerly Improvement Area KK, Series 2021

.000

09/01/42

420,043

600,000

Lammersville Joint Unified School District, San Joaquin County,

California, Special Tax Bonds, Community Facilities District 2014-

1 Improvement Area 1 Mountain House School Facilities, Series

2017

.000

09/01/47

591,502

595,000

Lathrop, California, Special Tax Bonds, Community Facilities

District 2018-1 Central Lathrop Specific Plan Improvement Areas

5, Series 2019

.650

09/01/38

600,315

945,000

Lathrop, California, Special Tax Bonds, Community Facilities

District 2018-1 Central Lathrop Specific Plan Improvement Areas

5, Series 2019

.750

09/01/43

927,567

925,000

Lincoln, California, Special Tax Bonds, Community Facilities

District 2005-1 Sorrento Project, Series 2014A

.000

09/01/39

925,170

1,815,000

Lincoln, California, Special Tax Bonds, Community Facilities

District 2005-1 Sorrento Project, Series 2014A

.000

09/01/43

1,814,900

1,750,000

Los Angeles County, California, Special Tax Bond, Community

Facilities District 2021-01 Valencia-Facilities Improvement Area 1,

Series 2022

.000

09/01/47

1,743,538

8,660,000

Madera County, California, Special Tax Bonds, Community

Facilities District 2021-1 Tesoro Viejo II Improvement Area 1,

Series 2022

.750

09/01/53

8,749,995

2,022,000

Manteca Unified School District, San Joaquin County, California,

Certificates of Participation, Series 2004 - NPFG Insured

.000

09/15/33

1,516,194

3,000,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

2,989,103

500,000

Menifee Union School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2006-1, Series

2014

.125

09/01/39

470,972

500,000

Menifee Union School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2006-1, Series

2014

.250

09/01/44

448,599

1,325,000

Menifee Union School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2011-1,

Improvement Area 7, Series 2021

.125

09/01/47

1,330,181

2,000,000

Menifee Union School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2011-1,

Improvement Area 7, Series 2021

.250

09/01/52

2,007,219

1,000,000

Menifee Union School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 2016-1,

Improvement Area B, Series 2022

.625

09/01/52

901,308

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

750,000

Menifee, California, Special Tax Bonds, Community Facilities

District 2021-1, Banner Park Series 2023A

.000

%

09/01/53

$

722,803

700,000

Menifee, California, Special Tax Bonds, Community Facilities

District 2022-1, Quartz Ranch Series 2023A

.000

09/01/48

692,912

1,000,000

Menifee, California, Special Tax Bonds, Community Facilities

District 2022-1, Quartz Ranch Series 2023A

.000

09/01/53

963,737

2,095,000

Menifee, California, Special Tax Bonds, Community Facilities

District 2023-1, Rockport Ranch Series 2024

.000

09/01/49

2,049,157

825,000

Murrieta, California, Special Tax Bonds, Community Facilities

District 2005-5 Golden City Improvement Area A, Series 2017

.000

09/01/46

824,387

980,480

(c) Northstar Community Services District, California, Special Tax

Bonds, Community Facilities District 1, Refunding Series 2005

.908

09/01/28

264,729

2,926,584

(c) Northstar Community Services District, California, Special Tax

Bonds, Community Facilities District 1, Refunding Series 2005

.943

09/01/36

790,178

1,250,000

Oceanside, California, Special Tax Bonds, Community Facilities

District 2006-1, Pacific Coast Business Park, Series 2017

.000

09/01/38

1,263,035

1,200,000

Ontario, California, Special Tax Bonds, Community Facilities

District 28 New Haven Facilities - Area A, Series 2017

.000

09/01/47

1,187,694

845,000

Ontario, California, Special Tax Bonds, Community Facilities

District 55 Parklane Facilities, Series 2022

.000

09/01/53

821,603

350,000

Orange County, California, Special Tax Bonds, Community

Facilities District 2021-1 Rienda, Series 2022A

.000

08/15/42

355,538

3,400,000

Orange County, California, Special Tax Bonds, Community

Facilities District 2021-1 Rienda, Series 2022A

.000

08/15/47

3,396,346

500,000

Orange County, California, Special Tax Bonds, Community

Facilities District 2023-1 Rienda Phase 2B, Series 2023A

.500

08/15/53

508,072

235,000

Palm Desert, California, Special Tax Bonds, Community Facilities

District 2021-1 University Park, Series 2021

.000

09/01/31

225,107

1,230,000

Palmdale Community Redevelopment Agency, California, Tax

Allocation Bonds, Merged Redevelopment Project Areas, Series

2002 - AMBAC Insured

.000

12/01/30

1,051,912

2,990,000

Pittsburg Redevelopment Agency, California, Tax Allocation

Bonds, Los Medanos Community Development Project, Series

1999 - AMBAC Insured

.000

08/01/27

2,840,124

2,610,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

2,251,137

2,670,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

2,358,747

1,200,000

Rancho Cardova, California, Special Tax Bonds, Community

Facilities District 2005-1 Sunridge North Douglas Series 2015

.000

09/01/40

1,200,236

1,590,000

Rancho Cordova, California, Special Tax Bonds, Communities

Facilities District 2014-1 Montelena, Series 2022

.000

09/01/42

1,601,467

250,000

Rancho Cordova, California, Special Tax Bonds, Community

Facilities District 2022-1 Arista Del Sol, Improvement Area 1

Series 2023

.000

09/01/38

258,364

525,000

Rancho Cordova, California, Special Tax Bonds, Community

Facilities District 2022-1 Arista Del Sol, Improvement Area 1

Series 2023

.125

09/01/43

531,369

1,300,000

Rancho Cordova, California, Special Tax Bonds, Community

Facilities District 2022-1 Arista Del Sol, Improvement Area 1

Series 2023

.375

09/01/53

1,313,306

1,400,000

Rancho Mirage, California, Special Tax Bonds, Community

Facilities District 5 Improvement Area 1 Section 31-Cotino, Series

2024A

.000

09/01/54

1,332,287

1,755,000

Redwood City Redevelopment Agency, California, Tax Allocation

Bonds, Project Area 2, Series 2003A - AMBAC Insured

.000

07/15/29

1,567,951

1,260,000

Redwood City Redevelopment Agency, California, Tax Allocation

Bonds, Project Area 2, Series 2003A - AMBAC Insured

.000

07/15/31

1,039,741

1,185,000

River Islands Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 2003-1 Improvement Area 1,

Refunding Series 2022A-1 - AGM Insured

.250

09/01/47

1,085,562

1,000,000

River Islands Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 2003-1 Improvement Area 1,

Subordinate Series 2022B-2

.000

09/01/42

988,733

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,525,000

River Islands Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 2003-1 Improvement Area 1,

Subordinate Series 2022B-2

.250

%

09/01/47

$

1,515,569

2,015,000

River Islands Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 2003-1 Improvement Area 1,

Subordinate Series 2022B-2

.000

09/01/52

1,880,100

1,000,000

River Islands Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 2019-1 Phase 2 Public

Improvements, Series 2019

.000

09/01/46

818,262

1,295,000

Riverside County Asset Leasing Corporation, California,

Leasehold Revenue Bonds, Riverside County Hospital Project,

Series 1997 - NPFG Insured

.000

06/01/26

1,272,015

2,115,000

Riverside County, California, Special Tax Bonds, Community

Facilities District 03-1 Newport Road, Series 2014

.000

09/01/30

2,129,973

1,500,000

Riverside Unified School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 40, Series 2025A

.000

09/01/45

1,475,886

2,375,000

Riverside Unified School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 40, Series 2025A

.000

09/01/50

2,311,231

2,000,000

Riverside Unified School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 40, Series 2025A

.000

09/01/55

1,921,981

1,010,000

Rocklin Unified School District, Placer County, California, Special

Tax Bonds, Community Facilities District 2, Series 2007 - NPFG

Insured

.000

09/01/34

724,642

1,155,000

Rocklin Unified School District, Placer County, California, Special

Tax Bonds, Community Facilities District 2, Series 2007 - NPFG

Insured

.000

09/01/35

789,206

815,000

Rocklin, Placer County, California, Special Tax Bonds, Community

Facilities District 10 Whitney Ranch, Series 2015

.000

09/01/39

815,336

935,000

Rohnert Park Community Development Agency, California, Tax

Allocation Bonds, Series 1999

.000

08/01/33

708,671

2,635,000

Romoland School District, California, Special Tax Bonds,

Community Facilities District 2004-1 Heritage Lake Improvement

Area 3, Series 2013

.000

09/01/43

2,634,895

480,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Creekview Improvement Area 2, Series 2023

.000

09/01/43

480,618

1,500,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Creekview Improvement Area 2, Series 2023

.250

09/01/53

1,504,471

1,050,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Hewlett Parkard Campus Oaks, Series 2016

.500

09/01/46

1,054,581

1,000,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Ranch at Sierra Vista, Public Facilities Series 2023

.000

09/01/43

1,000,785

1,150,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Ranch at Sierra Vista, Public Facilities Series 2023

.000

09/01/53

1,118,158

625,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Villages at Sierra Vista, Series 2022

.500

09/01/52

553,821

1,100,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Westbrook, Series 2014

.000

09/01/34

1,100,964

1,500,000

(a) Roseville, California, Special Tax Bonds, Community Facilities

District 5 Fiddyment Ranch Public Facilities, Series 2017

.000

09/01/47

1,498,423

2,755,000

Roseville, California, Special Tax Bonds, SVSP Westpark-Federico

Community Facilities District 1, Series 2022

.000

09/01/52

2,692,026

230,000

Sabal Palm Community Development District, Florida, Special

Assessment Bonds, Series 2016

.500

11/01/46

230,204

1,510,000

(a),(b)

Sacramento City Financing Authority California, Lease Revenue

Bonds, Master Lease Program Facilities Projects, Tender Option

Bond Trust 2016-XG0100 - AMBAC Insured, (IF)

.200

12/01/33

2,411,806

4,295,000

Sacramento City Financing Authority, California, Tax Allocation

Revenue Bonds, Merged Downtown Sacramento and Oak Park

Projects, Series 2005A - FGIC Insured

.000

12/01/31

3,424,268

4,435,000

Sacramento City Financing Authority, California, Tax Allocation

Revenue Bonds, Merged Downtown Sacramento and Oak Park

Projects, Series 2005A - FGIC Insured

.000

12/01/32

3,367,761

240,000

Sacramento, California, Special Tax Bonds, Community Facilities

District 05-1 College Square, Series 2007

.900

09/01/37

242,115

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,900,000

(a) Sacramento, California, Special Tax Bonds, North Natomas

Community Facilities District 7, Series 2017-01

.000

%

09/01/47

$

1,863,248

428,000

(c) Saint Louis, Missouri, Tax Increment Financing Revenue Bonds,

Grace Lofts Redevelopment Projects, Series 2007A

.100

12/31/26

12,840

1,485,000

San Bernardino Community Facilities District Number 2020-1,

California, Special Tax Bonds, Series 2022

.500

09/01/52

1,266,703

345,000

San Bernardino County Financing Authority, California, Revenue

Bonds, Courthouse Facilities Project, Series 2007 - NPFG Insured

.500

06/01/37

354,239

550,000

San Bernardino County, California, Special Tax Bonds,

Community Facilities District 2006-1 Lytle Creek North

Improvement Area 1, Series 2015

.000

09/01/40

550,104

905,000

(a) San Francisco City and County Infrastructure and Revitalization

Financing District 1 Treasure Island, California, Tax Increment

Revenue Bonds, Facilities Increment Series 2023A

.000

09/01/43

838,313

1,525,000

(a) San Francisco City and County Infrastructure and Revitalization

Financing District 1 Treasure Island, California, Tax Increment

Revenue Bonds, Facilities Increment Series 2023A

.500

09/01/53

1,442,184

1,500,000

(a) San Francisco City and County Infrastructure and Revitalization

Financing District 1 Treasure Island, California, Tax Increment

Revenue Bonds, Housing Increment Series 2022B

.000

09/01/52

1,335,842

780,000

San Francisco City and County Redevelopment Agency

Successor Agency, California, Special Tax Bonds, Community

Facilities District 7, Hunters Point Shipyard Phase One

Improvements, Refunding Series 2014

.000

08/01/39

781,218

1,250,000

San Francisco City and County Redevelopment Agency

Successor Agency, California, Tax Allocation Bonds, Mission Bay

South Redevelopment Project, Series 2014A

.000

08/01/43

1,250,005

1,450,000

(a) San Francisco City and County Special Tax District 2020-1,

California, Special Tax Bonds, Mission Rock Facilities and

Services, Series 2023B

.750

09/01/53

1,485,573

1,000,000

(a) San Francisco City and County Special Tax District 2020-1,

California, Special Tax Bonds, Mission Rock Facilities and

Services, Shoreline Tax Zone 1 Series 2023C

.750

09/01/53

1,024,533

1,000,000

(b) San Francisco City and County, California, Special Tax Bonds,

Community Facilities District 2014-1 Transbay Transit Center,

Green Series 2022A, (UB)

.000

09/01/42

1,040,693

1,735,000

(b) San Francisco City and County, California, Special Tax Bonds,

Community Facilities District 2014-1 Transbay Transit Center,

Green Series 2022A, (UB)

.000

09/01/47

1,766,982

1,150,000

(b) San Francisco City and County, California, Special Tax Bonds,

Community Facilities District 2014-1 Transbay Transit Center,

Green Series 2022A, (UB)

.000

09/01/52

1,163,682

965,000

(a) San Francisco City and County, California, Special Tax

Bonds, Community Facilities District 2016-1 Treasure Island

Improvement Area 2, Series 2023A

.250

09/01/48

961,793

2,050,000

(a) San Francisco City and County, California, Special Tax

Bonds, Community Facilities District 2016-1 Treasure Island

Improvement Area 2, Series 2023A

.500

09/01/53

2,076,627

925,000

South San Francisco, California, Special Tax Bonds, Community

Facilities District 2021--1 Public Facilities & Services Oyster Point,

Series 2025

.125

09/01/50

917,527

1,600,000

South San Francisco, California, Special Tax Bonds, Community

Facilities District 2021--1 Public Facilities & Services Oyster Point,

Series 2025

.250

09/01/55

1,601,237

5,000,000

Stockton, California, Special Tax Revenue Bonds, Community

Facilities District 19-1, Cannery Park II, Series 2022

.000

09/01/52

4,815,225

5,400,000

Sulphur Springs Union School District, California, Special Tax

Bonds, Community Facilities District 2014-1, Series 2022

.500

09/01/52

4,721,998

1,045,000

(a) Temecula Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 16-01, Series 2017

.250

09/01/47

1,066,593

1,750,000

Temecula Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 16-01, Series 2023A

.000

09/01/49

1,721,167

400,000

Temecula Valley Unified School District, Riverside County,

California, Special Tax Bonds, Community Facilities District 2011-

1, Series 2014

.250

09/01/44

351,775

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,195,000

Tracy, California, Special Tax Bonds, Community Facilities District

2016-1 Tracy Hills, Improvement Area 1, Series 2019

.000

%

09/01/49

$

1,154,497

2,700,000

Tracy, California, Special Tax Bonds, Community Facilities District

2016-1 Tracy Hills, Improvement Area 2, Series 2023

.875

09/01/53

2,805,983

1,000,000

Val Verde Unified School District, California, Special Tax

Bonds, Community Facilities District 2018-2 Stratford Ranch,

Improvement Area 2 Series 2023

.000

09/01/54

976,151

700,000

Victor Valley Union High School District, San Bernardino County,

California, Special Tax Bonds, Community Facilities District 2007-

1, Series 2013

.000

09/01/43

699,997

1,000,000

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

Loan Note, Refunding Series 2014C

.000

10/01/39

947,084

350,000

West Patterson Financing Authority, California, Special Tax Bonds,

Community Facilities District 2015-1 Arambel-KDN, Refunding

Series 2015

.250

09/01/35

350,341

785,000

West Patterson Financing Authority, California, Special Tax Bonds,

Community Facilities District 2015-1 Arambel-KDN, Refunding

Series 2015

.250

09/01/45

785,075

1,890,000

Westside Union School District, California, Special Tax Bonds,

Community Facilities District 2016-1 Improvement Area B, Series

2023

.250

09/01/52

1,756,878

1,445,000

William S. Hart Union High School District, Los Angeles County,

California, Special Tax Bonds, Community Facilities District 2015-

1, Series 2017

.000

09/01/47

1,391,278

290,000

(c) Yorkville United City Business District, Illinois, Storm Water and

Water Improvement Project Revenue Bonds, Series 2007

.800

01/01/27

101,500

TOTAL TAX OBLIGATION/LIMITED

269,377,475

TRANSPORTATION - 7.6%

10,845,000

(b) Foothill/Eastern Transportation Corridor Agency, California, Toll

Road Revenue Bonds, Refunding Senior Lien Series 2021A, (UB)

.000

01/15/46

9,861,944

5,000,000

Foothill/Eastern Transportation Corridor Agency, California, Toll

Road Revenue Bonds, Refunding Series 2013A - AGM Insured

.000

01/15/37

3,208,447

250,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

.000

07/01/36

253,499

400,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

.000

07/01/37

404,130

10,000,000

(b) Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2018C, (AMT), (UB)

.000

05/15/44

9,925,547

375,174

Puerto Rico Highway and Transportation Authority Highway

Revenue Bonds Series 2022

.250

07/01/38

375,254

10,000,000

(b) San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, International Senior Series 2023B, (AMT), (UB)

.250

07/01/58

10,108,011

5,000,000

(b) San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2021B, (AMT), (UB)

.000

07/01/51

4,930,811

20,000,000

(b) San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2023C, (AMT), (UB)

.750

05/01/48

20,872,460

5,165,000

(b) San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2018D, (AMT),

(UB)

.000

05/01/48

5,078,607

100,000

San Joaquin Hills Transportation Corridor Agency, Orange

County, California, Toll Road Revenue Bonds, Refunding Junior

Lien Series 2014B

.250

01/15/49

100,003

50,000

San Joaquin Hills Transportation Corridor Agency, Orange

County, California, Toll Road Revenue Bonds, Refunding Series

1997A - NPFG Insured

.000

01/15/31

41,901

1,200,000

(a) West Indian Company Limited, Virgin Islands, Port Facilities

Revenue Bonds, WICO Financing, Series 2022B, (AMT)

.500

04/01/52

1,109,928

TOTAL TRANSPORTATION

66,270,542

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED - 0.3% (d)

$

2,320,000

Anaheim Public Financing Authority, California, Lease Revenue

Bonds, Public Improvement Project, Series 1997C - AGM Insured,

(ETM)

.000

%

09/01/35

$

1,663,892

265,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Community High School Foundation Inc, Series 2017,

(Pre-refunded 6/01/27)

.000

06/01/37

276,096

265,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Community High School Foundation Inc, Series 2017,

(Pre-refunded 6/01/27)

.000

06/01/47

276,096

TOTAL U.S. GUARANTEED

2,216,084

UTILITIES - 24.2%

27,110,000

(b) California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2021B-1, (Mandatory Put

8/01/31), (UB)

.000

02/01/52

27,240,114

6,000,000

(b) California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2023E-1, (Mandatory Put

3/01/31), (UB)

.000

02/01/54

6,382,406

17,680,000

(b) California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2023F, (Mandatory Put

11/01/30), (UB)

.500

10/01/54

18,999,906

44,950,000

(b) California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2023G, (Mandatory Put

4/01/30), (UB)

.250

11/01/54

48,137,611

1,100,000

(a) California Pollution Control Financing Authority Water Furnishing

Revenue Bonds (Poseidon Resources (Channelside) LP

Desalination Project), Series 2023, (AMT)

.000

11/21/45

1,089,910

48,170,000

(b) Central Valley Energy Authority, California, Commodity Supply

Revenue Bonds, Prepaid Pacific Life Insurance, Series 2025,

(Mandatory Put 8/01/35), (UB)

.000

12/01/55

51,777,851

25,000

Long Beach Bond Finance Authority, California, Natural Gas

Purchase Revenue Bonds, Series 2007A

.500

11/15/28

26,764

7,185,000

(b) M-S-R Energy Authority, California, Gas Revenue Bonds,

Citigroup Prepay Contracts, Series 2009C, (UB)

.000

11/01/34

8,590,433

295,000

Pico Rivera Water Authority, California, Revenue Bonds,

Refunding Water System Project, Series 1999A - NPFG Insured

.500

05/01/29

309,850

3,000,000

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

Refunding Senior Lien Series 2020A

.000

07/01/47

2,806,451

5,000

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

Refunding Senior Lien Series 2021B

.000

07/01/37

5,133

8,000,000

(c) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Federally Taxable Build America Bonds, Series 2010YY

.125

07/01/40

4,529,742

1,140,000

Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding National Series 2007VV - NPFG Insured

.250

07/01/34

1,132,441

1,000,000

(c) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Refunding Series 2010DDD

.000

01/01/26

581,213

2,925,000

(c) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2013A

.050

01/01/26

1,710,191

1,415,000

(c) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2013A

.800

07/01/29

832,262

5,385,000

(c) Puerto Rico Electric Power Authority, Power Revenue Bonds,

Series 2013A

.000

07/01/42

3,236,103

25,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Refunding

Series 2005SS

.625

07/01/30

14,893

85,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2003NN

.500

01/01/26

48,891

1,950,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2007TT

.000

07/01/32

1,132,389

915,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2008WW

.375

01/01/26

528,193

1,000,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2008WW

.250

07/01/33

580,024

295,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2008WW

.500

07/01/38

169,877

#### Portfolio of Investments August 31, 2025
(continued)

#### California High Yield Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

500,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010AAA

.250

%

07/01/25

$

288,504

3,000,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010AAA

.250

07/01/27

1,729,570

1,020,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010AAA

.250

07/01/31

590,942

2,000,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010BBB

.400

07/01/28

1,156,468

135,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010CCC

.000

07/01/26

78,471

200,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010CCC

.800

07/01/27

119,799

1,030,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010DDD

.625

01/01/26

619,147

1,445,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010XX

.625

07/01/25

847,063

95,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010XX

.250

07/01/26

55,107

1,000,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010XX

.250

07/01/35

585,604

275,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010ZZ

.250

07/01/25

159,923

165,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010ZZ

.000

01/01/26

95,908

1,695,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010ZZ

.000

01/01/26

995,794

1,000,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2010ZZ

.250

07/01/26

591,223

220,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2013A

.250

07/01/30

123,130

4,430,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Series

2013A

.750

07/01/36

2,502,160

2,380,000

(c) Puerto Rico Electric Power Authority, Revenue Bonds, Taxable

Series 2010EEE

.950

07/01/30

1,357,913

11,135,000

(b) San Joaquin Valley Clean Energy Authority, California, Clean

Energy Project Revenue Bonds, Green Series 2025A, (Mandatory

Put 7/01/35), (UB)

.500

01/01/56

12,355,834

1,000,000

Southern California Public Power Authority, Natural Gas Project 1

Revenue Bonds, Series 2007A

.000

11/01/29

1,058,590

220,000

Southern California Public Power Authority, Natural Gas Project 1

Revenue Bonds, Series 2007A

.000

11/01/33

233,983

2,190,000

(a) Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Bond Anticipation Notes, Series 2024A

.000

07/01/26

2,193,298

150,000

(a) Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Refunding Series 2024B

.250

07/01/26

150,523

5,020,000

West County Facilities Financing Authority, California,

Wastewater Revenue Bonds, Green Series 2021

.000

06/01/46

4,538,304

TOTAL UTILITIES

212,289,906

TOTAL MUNICIPAL BONDS

(Cost $1,147,230,659)

1,092,526,980

TOTAL LONG-TERM INVESTMENTS

(Cost $1,147,230,659)

1,092,526,980

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.9%

X

7,675,000

REPURCHASE AGREEMENTS - 0.9%

X

–

$

7,675,000

(e) Fixed Income Clearing Corporation

.260

%

09/02/25

$

7,675,000

TOTAL REPURCHASE AGREEMENTS

(Cost $7,675,000)

7,675,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $7,675,000)

7,675,000

TOTAL INVESTMENTS - 125.6%

(Cost $1,154,905,659)

1,100,201,980

FLOATING RATE OBLIGATIONS - (27.2)%

(238,660,000)

OTHER ASSETS & LIABILITIES, NET - 1.6%

14,625,879

NET ASSETS - 100%

$

876,167,859

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

IF

Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the

Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is

reduced by the expenses related to the TOB trust.

UB

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

unless otherwise noted.

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

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

As of the end of the reporting period, the aggregate value of these securities is $345,333,234 or 31.4% 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) 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) Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $7,678,633 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $7,828,617.

#### Portfolio of Investments August 31, 2025

#### California Municipal Bond
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.7%

X

1,554,421,575

MUNICIPAL BONDS - 95.7%

X

–

CONSUMER STAPLES - 0.0%

$

370,000

California County Tobacco Securitization Agency, Tobacco

Settlement Asset-Backed Bonds, Los Angeles County

Securitization Corporation, Series 2020A

.000

%

06/01/49

$

304,557

TOTAL CONSUMER STAPLES

304,557

EDUCATION AND CIVIC ORGANIZATIONS - 7.1%

2,815,000

California Educational Facilities Authority, Revenue Bonds,

University of the Pacific, Refunding Series 2015

.000

11/01/36

2,826,838

2,040,000

California Educational Facilities Authority, Revenue Bonds,

University of the Pacific, Series 2023

.000

11/01/43

2,121,938

3,240,000

California Educational Facilities Authority, Revenue Bonds,

University of the Pacific, Series 2023

.250

11/01/48

2,943,402

11,780,000

California Enterprise Development Authority, Revenue Bonds,

Castilleja School Foundation Series 2024

.000

06/01/54

9,946,403

2,435,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, California Science Center Phase III Project,

Green Series 2021B

.000

05/01/41

2,275,752

3,000,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, Los Angeles County Museum of Natural History

Foundation, Series 2020

.000

07/01/50

2,612,299

2,000,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, UCSF Clinical and Life Sciences Building, Series

2025

.250

05/15/59

2,067,452

500,000

California Municipal Finance Authority Charter School Revenue

Bonds, John Adams Academies, Inc. Project, Series 2015A

.250

10/01/45

456,843

3,250,000

California Municipal Finance Authority, Academic Facilities

Revenue Bonds, Scripps College Series 2025

.000

07/01/50

3,202,942

1,275,000

California Municipal Finance Authority, Revenue Bonds, Goodwill

Industries of Sacramento Valley & Northern Nevada Project,

Series 2014A

.000

01/01/35

1,083,638

8,595,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A, (AMT)

.000

12/31/47

7,046,261

6,980,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A, (AMT)

.000

12/31/47

6,665,137

445,000

(a) California School Finance Authority Charter School Revenue

Bonds, Bright Star Schools - Obligated Group, Series 2017

.000

06/01/27

448,962

250,000

(a) California School Finance Authority Charter School Revenue

Bonds, Bright Star Schools - Obligated Group, Series 2017

.000

06/01/54

213,303

2,935,000

(a) California School Finance Authority Charter School Revenue

Bonds, Fenton Schools - Obligated Group, Series 2020A

.000

07/01/50

2,514,760

1,045,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2015A

.000

08/01/40

1,007,873

1,100,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2015A

.000

08/01/45

1,005,365

450,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2016

.000

08/01/36

449,981

460,000

(a) California School Finance Authority, California, Charter School

Revenue Bonds, Aspire Public Schools, Refunding Series 2016

.000

08/01/46

421,673

1,915,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Arts in Action Charter Schools - Obligated Group, Series

2020A

.000

06/01/59

1,481,481

815,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Aspire Public School - Obligated Group, Issue No.6,

Series 2020A

.000

08/01/52

730,974

235,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Community High School Foundation Inc, Series 2017

.000

06/01/47

205,155

410,000

(a),(b)

California School Finance Authority, Charter School Revenue

Bonds, Downtown College Prep - Obligated Group, Series 2016

.000

06/01/46

246,000

500,000

(a),(b)

California School Finance Authority, Charter School Revenue

Bonds, Downtown College Prep - Obligated Group, Series 2016

.000

06/01/51

300,000

375,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Kepler Neighborhood School, Series 2017A

.750

05/01/37

375,447

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

720,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Lifeline Education Charter School Project, Series 2020A

.000

%

07/01/55

$

640,698

550,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Partnerships to Uplift Communities Project, Refunding

Social Series 2023

.500

08/01/43

543,780

285,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Rocketship Education - Obligated Group, Series 2016A

.000

06/01/36

284,242

280,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Stem Preparatory Schools - Obligated Group, Series

2023A

.000

06/01/43

265,517

750,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project, Series

2015A

.000

07/01/45

736,119

830,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project, Series

2016A

.000

07/01/46

808,383

5,235,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Alliance for College-Ready Public Schools Project, Series

2016C

.250

07/01/52

5,191,576

680,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Granada Hills Charter High School Obligated Group,

Series 2021A

.000

07/01/48

542,587

545,000

(a) California School Finance Authority, School Facility Revenue

Bonds, Value Schools, Refunding Series 2023A

.000

07/01/40

542,238

15,325,000

California State University, Systemwide Revenue Bonds, Series

2017A

.000

11/01/47

15,375,390

3,100,000

California State University, Systemwide Revenue Bonds, Series

2018A

.000

11/01/43

3,148,889

15,665,000

California State University, Systemwide Revenue Bonds, Series

2018A

.000

11/01/48

15,770,876

5,210,000

California State University, Systemwide Revenue Bonds, Series

2019A

.000

11/01/49

5,238,798

1,120,000

California State University, Systemwide Revenue Bonds, Series

2024A

.000

11/01/55

961,558

1,115,000

San Diego County, California, Limited Revenue Obligations,

Sanford Burnham Prebys Medical Discovery Institute, Series

2015A

.000

11/01/28

1,119,629

11,620,000

University of California, General Revenue Bonds, Limited Project

Series 2018O

.000

05/15/43

11,783,858

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

115,604,017

FINANCIALS - 0.0%

7,048

Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit

Exchanged From Cusip 74529JAN5

.000

08/01/47

2,055

TOTAL FINANCIALS

2,055

HEALTH CARE - 15.6%

17,205,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Refunding Series 2016B

.000

11/15/46

17,221,092

3,815,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Refunding Series 2017A

.000

11/15/48

3,780,498

1,225,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Series 2018A

.000

11/15/36

1,263,127

11,100,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Series 2018A

.000

11/15/48

11,029,582

7,000,000

California Health Facilities Financing Authority, Revenue Bonds,

Cedars-Sinai Health System, Series 2021A

.000

08/15/48

6,177,153

3,850,000

California Health Facilities Financing Authority, Revenue Bonds,

Children's Hospital Los Angeles, Series 2017A

.000

08/15/47

3,649,486

6,100,000

California Health Facilities Financing Authority, Revenue Bonds,

City of Hope National Medical Center, Series 2012A

.000

11/15/39

5,771,675

7,850,000

California Health Facilities Financing Authority, Revenue Bonds,

City of Hope National Medical Center, Series 2019

.000

11/15/45

6,749,357

2,700,000

California Health Facilities Financing Authority, Revenue Bonds,

City of Hope National Medical Center, Series 2019

.000

11/15/49

2,661,467

#### Portfolio of Investments August 31, 2025
(continued)

#### California Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

10,750,000

California Health Facilities Financing Authority, Revenue Bonds,

CommonSpirit Health, Series 2020A

.000

%

04/01/40

$

10,190,641

3,175,000

California Health Facilities Financing Authority, Revenue Bonds,

CommonSpirit Health, Series 2020A

.000

04/01/45

2,783,566

35,085,000

California Health Facilities Financing Authority, Revenue Bonds,

CommonSpirit Health, Series 2020A

.000

04/01/49

29,527,592

1,825,000

California Health Facilities Financing Authority, Revenue Bonds,

Providence Health & Services, Series 2014B

.000

10/01/44

1,819,213

2,000,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, Adventist Health Energy Projects, Series 2024A

.000

07/01/44

1,970,739

32,335,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, Adventist Health Energy Projects, Series 2024A

.250

07/01/49

31,771,530

5,300,000

California Municipal Finance Authority, Revenue Bonds,

Community Medical Centers, Series 2017A

.000

02/01/47

5,218,071

250,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

.000

07/01/47

237,929

1,810,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.250

11/01/36

1,816,174

11,500,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.250

11/01/41

11,309,911

6,750,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.000

11/01/47

6,005,171

3,810,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.250

11/01/47

3,628,617

2,950,000

California Municipal Financing Authority, Certificates of

Participation, Palomar Health, Series 2022A

.250

11/01/52

2,957,147

2,000,000

California Public Finance Authority, Revenue Bonds, Henry Mayo

Newhall Hospital, Series 2017

.000

10/15/47

1,863,635

15,050,000

California Public Finance Authority, Revenue Bonds, Sharp

HealthCare, Series 2017A

.000

08/01/47

15,064,961

2,500,000

California Statewide Communities Development Authority,

California, Redlands Community Hospital, Revenue Bonds, Series

2016

.000

10/01/46

2,458,760

6,000,000

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2014A

.250

12/01/44

5,828,672

20,750,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

.250

12/01/56

18,943,553

8,400,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2018A

.500

12/01/58

8,089,498

1,305,000

California Statewide Communities Development Authority,

Revenue Bonds, Adventist Health System/West, Series 2015A

.000

03/01/35

1,308,993

10,875,000

California Statewide Communities Development Authority,

Revenue Bonds, Adventist Health System/West, Series 2018A

.000

03/01/48

10,447,021

10,000,000

California Statewide Communities Development Authority,

Revenue Bonds, Marin General Hospital, Green Series 2018A

.000

08/01/45

8,272,779

1,000,000

California Statewide Community Development Authority,

Certificates of Participation, Methodist Hospital of Southern

California, Series 2018

.000

01/01/48

1,003,045

1,365,000

California Statewide Community Development Authority, Health

Revenue Bonds, Enloe Medical Center, Refunding Series 2022A

- AGM Insured

.250

08/15/52

1,379,384

3,000,000

Kaweah Delta Health Care District, California, Revenue Bonds,

Series 2015B

.000

06/01/40

2,815,423

5,000,000

Palomar Health System, California, Revenue Bonds, Refunding

Series 2017

.000

11/01/42

3,937,961

1,630,000

Upland, California, Certificates of Participation, San Antonio

Regional Hospital, Series 2017

.000

01/01/47

1,598,885

2,800,000

Washington Township Health Care District, California, Revenue

Bonds, Series 2017A

.000

07/01/42

2,663,412

TOTAL HEALTH CARE

253,215,720

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 14.6%

$

4,670,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Creekwood, Series 2021A

.000

%

02/01/56

$

2,960,578

15,920,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Glendale Properties, Junior Series

2021A-2

.000

08/01/47

11,623,254

30,005,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Serenity at Larkspur Apartments, Series

2020A

.000

02/01/50

19,488,869

560,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Summit at Sausalito Apartments, Series

2021A-2

.000

02/01/50

403,261

425,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, The Arbors, Series 2020A

.000

08/01/50

378,355

2,850,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Verdant at Green Valley Apartments,

Series 2019A

.000

08/01/49

2,497,554

25,810,000

(a) California Community Housing Agency, Workforce Housing

Revenue Bonds, Annadel Apartments, Series 2019A

.000

04/01/49

20,904,856

10,175,006

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Series 2019-2

.000

03/20/33

10,319,417

12,006,379

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Series 2021-1

.500

11/20/35

11,330,471

1,464,760

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Series2019-1

.250

01/15/35

1,496,091

9,606,808

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Social Certificates Series 2023-1

.375

09/20/36

9,648,700

2,900,000

California Municipal Finance Authority, Mobile Home Park

Revenue Bonds, Caritas Projects, Social Series 2024A

.000

08/15/59

2,798,971

2,740,000

California Statewide Community Development Authority,

Multifamily Housing Revenue Senior Bonds, Westgate Courtyards

Apartments, Series 2001X-1 - AMBAC Insured, (AMT)

.420

12/01/34

2,738,864

23,205,000

(a) CMFA Special Finance Agency I, California, Essential Housing

Revenue Bonds, The Mix at Center City, Series 2021A-2

.000

04/01/56

16,763,160

5,675,000

(a) CMFA Special Finance Agency, California, Essential Housing

Revenue Bonds, Enclave Apartments, Senior Series 2022A-1

.000

08/01/58

4,059,678

920,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series

2021A-1

.600

05/01/47

718,467

8,660,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series

2021A-2

.250

05/01/57

5,583,621

5,230,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior

Lien Series 2021A

.000

10/01/56

4,061,209

26,965,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Altana Glendale, Series 2021A-2

.000

10/01/56

19,615,231

16,355,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Center City Anaheim, Series 2020A

.000

01/01/54

14,153,830

2,550,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-1

.875

08/01/41

2,244,489

4,640,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-2

.125

08/01/56

3,289,316

19,550,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Moda at Monrovia Station, Social Series

2021A-2

.000

10/01/56

14,134,732

1,615,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Monterrey Station Apartments, Senior

Lien Series 2021A-1

.000

07/01/43

1,193,909

4,750,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Monterrey Station Apartments, Senior

Lien Series 2021A-1

.125

07/01/56

2,915,962

395,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien

Series 2021B

.000

03/01/57

272,860

#### Portfolio of Investments August 31, 2025
(continued)

#### California Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

15,125,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Parallel-Anaheim Series 2021A

.000

%

08/01/56

$

12,819,787

3,765,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Pasadena Portfolio Social Bond,

Mezzanine Senior Series 2021B

.000

12/01/56

2,724,195

5,730,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Union South Bay, Series 2021A-2

.000

07/01/56

4,404,568

7,475,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Vineyard Gardens Apartments, Senior

Lien Series 2021A

.250

10/01/58

4,958,451

2,100,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Waterscape Apartments, Mezzanine

Lien Series 2021B

.000

09/01/46

1,653,950

3,995,000

(a) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena

Apartments, Senior Lien Series 2021A-1

.000

06/01/47

2,645,673

16,280,000

(a) CSCDA Community Improvement Authority, California,

Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena

Apartments, Senior Lien Series 2021A-2

.125

06/01/57

9,263,400

2,100,000

CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Wood Creek Apartments, Mezzanine

Lien Series 2021A-2

.000

12/01/58

1,405,103

7,545,000

CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Wood Creek Apartments, Senior Lien

Series 2021A-1

.000

12/01/49

4,822,908

265,000

Independent Cities Finance Authority, California, Mobile Home

Park Revenue Bonds, Palomar Estates West, Refunding Series

2015

.000

09/15/25

265,093

2,480,000

Los Angeles Housing Authority, California, Multifamily Housing

Revenue Bonds, Clarendon Apartments, Senior Series 2024A

.400

12/01/54

2,129,061

4,325,000

Los Angeles Housing Authority, California, Multifamily Housing

Revenue Bonds, Clarendon Apartments, Senior Series 2024A

.550

12/01/61

3,903,153

TOTAL HOUSING/MULTIFAMILY

236,591,047

HOUSING/SINGLE FAMILY - 0.3%

6,000,000

California Department of Veterans Affairs, Home Purchase

Revenue Bonds, Series 2024A

.300

12/01/54

5,398,876

TOTAL HOUSING/SINGLE FAMILY

5,398,876

TAX OBLIGATION/GENERAL - 11.6%

1,000,000

Acalanes Union High School District, Contra Costa County,

California, General Obligation Bonds, Refunding Series 2010A

.000

08/01/26

979,485

8,000,000

Antioch Unified School District, Contra Costa County, California,

General Obligation Bonds, Election 2024 Series 2024A

.000

08/01/47

7,352,189

6,375,000

Antioch Unified School District, Contra Costa County, California,

General Obligation Bonds, Election 2024 Series 2024A

.000

08/01/50

5,630,496

5,570,000

(c) Bakersfield City School District, Kern County, California, General

Obligation Bonds, Series 2012C

.000

05/01/42

4,138,570

2,500,000

California State, General Obligation Bonds, Various Purpose

Series 2016

.000

09/01/45

2,522,033

835,000

California State, General Obligation Bonds, Various Purpose

Series 2016

.000

09/01/46

839,763

22,700,000

California State, General Obligation Bonds, Various Purpose

Series 2018

.000

10/01/47

22,758,457

1,770,000

California State, General Obligation Bonds, Various Purpose

Series 2020

.000

11/01/45

1,603,917

3,385,000

Chino Valley Unified School District, San Bernardino County,

California, General Obligation Bonds, 2016 Election Series

2020B

.000

08/01/55

3,417,139

4,900,000

Corona-Norco Unified School District, Riverside County,

California, General Obligation Bonds, Election 2014, Series

2019C

.000

08/01/49

4,289,579

2,745,000

Grossmont-Cuyamaca Community College District, California,

General Obligation Bonds, Refunding Series 2018

.000

08/01/47

2,474,368

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

7,000,000

Hacienda La Puente Unified School District, Los Angeles County,

California, General Obligation Bonds, 2016 Election, Series

2017A

.000

%

08/01/47

$

6,309,864

30,000

Long Beach Unified School District, Los Angeles County,

California, General Obligation Bonds, Election of 2008, Series

2009A

.500

08/01/29

30,158

38,460,000

Los Angeles County, California, Tax and Revenue Anticipation

Notes, Series 2025-26

.000

06/30/26

39,414,423

31,210,000

Los Angeles, California, General Obligation Bonds, Tax &

Revenue Anticipation Notes, Series 2025

.000

06/25/26

31,964,442

6,225,000

Manteca Unified School District, San Joaquin County, California,

General Obligation Bonds, Election 2014 Series 2017B

.000

08/01/42

5,778,531

10,000,000

Marin Healthcare District, Marin County, California, General

Obligation Bonds, 2013 Election, Series 2015A

.000

08/01/40

9,546,033

4,040,000

Morgan Hill Unified School District, Santa Clara County,

California, General Obligation Bonds, Election 2012 Series

2017B

.000

08/01/47

3,647,550

2,290,000

Mount San Antonio Community College District, Los Angeles

County, California, General Obligation Bonds, Election of 2018,

Series 2019A

.000

08/01/44

2,355,286

9,440,000

Paramount Unified School District, Los Angeles County,

California, General Obligation Bonds, Election 2006 Series 2011

.375

08/01/45

10,672,177

7,070,089

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

4,951,062

1,535,000

(c) San Leandro Unified School District, Alameda County, California,

General Obligation Bonds, Election 2006 Series 2010C - AGC

Insured

.000

08/01/39

1,567,768

2,000,000

Victor Valley Union High School District, San Bernardino County,

California, General Obligation Bonds, 20008 Election Series

2009A - AGC Insured

.750

08/01/31

2,056,160

3,080,000

Washington Township Health Care District, Alameda County,

California, General Obligation Bonds, 2004 Election Series

2013B

.000

08/01/43

3,040,294

645,000

Washington Township Health Care District, Alameda County,

California, General Obligation Bonds, 2012 Election Series

2013A

.500

08/01/40

646,338

8,640,000

Washington Township Health Care District, Alameda County,

California, General Obligation Bonds, 2012 Election Series

2015B

.000

08/01/45

7,683,177

3,500,000

(c) Yosemite Community College District, California, General

Obligation Bonds, Capital Appreciation, Election 2004, Series

2010D

.000

08/01/42

2,796,123

TOTAL TAX OBLIGATION/GENERAL

188,465,382

TAX OBLIGATION/LIMITED - 9.3%

1,035,000

Beaumont, California, Special Tax Bonds, Community Facilities

District 93-1 Improvement Area 8D, Series 2018A

.000

09/01/48

1,021,753

1,655,000

Bell Community Housing Authority, California, Lease Revenue

Bonds, Series 2005 - AMBAC Insured

.000

10/01/36

1,601,977

355,000

Brea and Olinda Unified School District, Orange County,

California, Certificates of Participation Refunding, Series 2002A -

AGM Insured

.125

08/01/26

355,600

200,000

Brentwood Infrastructure Financing Authority, California,

Infrastructure Revenue Bonds, Refunding Subordinated Series

2014B

.000

09/02/36

200,052

1,760,000

California Community College Financing Authority, Lease

Revenue Bonds, Refunding Series 2003 - AMBAC Insured

.000

06/01/33

1,287,873

2,040,000

California Infrastructure and Economic Development Bank, Lease

Revenue Bonds, California State Teachers' Retirement System

Headquarters Expansion, Green Bond-Climate Bond Certified

Series 2019

.000

08/01/44

2,056,854

1,960,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, North County Center for Self-Sufficiency

Corporation, Series 2004 - AMBAC Insured

.000

12/01/25

1,963,425

750,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Bold Program, Series 2020A

.000

09/01/45

643,991

#### Portfolio of Investments August 31, 2025
(continued)

#### California Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

4,325,000

California State Public Works Board, Lease Revenue Bonds,

California Air Resources Board, Southern California Headquarters

- Mary D. Nichols Campus, Green Series 2022D

.000

%

05/01/47

$

3,851,243

335,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2011A

.000

09/02/41

327,520

945,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2016B

.000

09/02/46

944,300

1,000,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2018A

.000

09/02/47

997,628

800,000

Corona, California, Special Tax Bonds, Community Facilities

District 2018-1 Bedford, Series 2018A

.000

09/01/43

802,590

775,000

Dublin, California, Special Tax Bonds, Community Facilities

District 2015-1 Dublin Crossing Improvement Area 1, Series

2017

.000

09/01/37

787,048

1,800,000

Dublin, California, Special Tax Bonds, Community Facilities

District 2015-1 Dublin Crossing Improvement Area 2, Series

2019

.000

09/01/44

1,805,721

1,000,000

Folsom Ranch Financing Authority, California, Special Tax

Revenue Bonds, Folsom Community Facilities District 19 Mangini

Ranch, Series 2019

.000

09/01/49

946,544

310,000

Golden State Tobacco Securitization Corporation, California,

Tobacco Settlement Asset-Backed Revenue Bonds, Series

2022A-1

.000

06/01/51

296,153

6,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/32

6,029,642

3,725,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/39

3,743,402

1,000,000

Huntington Beach, California, Special Tax Bonds, Community

Facilities District 2003-1 Huntington Center, Refunding Series

2013

.375

09/01/33

1,001,095

570,000

Indio, California, Special Tax Bonds, Community Facilities District

2004-3 Terra Lago, Improvement Area 1, Refunding Series 2015

.000

09/01/35

570,415

4,585,000

Irvine Facilities Financing Authority, California, Special Tax

Revenue Bonds, Great Park Infrastructure Project Series 2023A

.000

09/01/42

4,797,128

1,400,000

Lammersville Joint Unified School District, San Joaquin County,

California, Special Tax Bonds, Community Facilities District 2014-

1 Improvement Area 1 Mountain House School Facilities, Series

2017

.000

09/01/47

1,380,170

1,000,000

Lathrop, California, Limited Obligation Improvement Bonds,

Crossroads Assessment District, Series 2015

.000

09/02/40

993,925

1,000,000

Los Angeles County Facilities Inc, California, Lease Revenue

Bonds, Vermont Corridor County Administration Building, Series

2018A

.000

12/01/51

1,010,472

5,075,000

Los Angeles County Metropolitan Transportation Authority,

California, Proposition C Sales Tax Revenue Bonds, Green Senior

Lien Series 2019A

.000

07/01/44

5,196,109

7,000,000

Los Angeles County Public Works Financing Authority, California,

Lease Revenue Bonds, Series 2019E-1

.000

12/01/44

7,111,435

5,920,000

(d) Los Angeles County Public Works Financing Authority, California,

Lease Revenue Bonds, Series 2025J

.250

12/01/50

6,170,267

325,000

Menifee, California, Special Tax Bonds, Community Facilities

District 2021-1, Banner Park Series 2023A

.000

09/01/48

320,840

1,455,000

Modesto, California, Special Tax Bonds, Community Facilities

District 2004-1 Village One 2, Refunding Series 2014

.000

09/01/28

1,457,653

3,250,000

Oakland Redevelopment Successor Agency, California, Tax

Allocation Bonds, Refunding Subordinated Series 2015-TE - AGM

Insured

.000

09/01/35

3,253,608

3,215,000

Oakland Redevelopment Successor Agency, California, Tax

Allocation Bonds, Refunding Subordinated Series 2015-TE - AGM

Insured

.000

09/01/36

3,218,049

255,000

Orange County, California, Special Tax Bonds, Community

Facilities District 2015-1 Esencia Village, Series 2015A

.250

08/15/45

253,140

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

27,597,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

%

07/01/46

$

8,722,236

27,031,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

24,794,406

5,920,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

5,106,026

7,525,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

6,647,780

4,180,000

River Islands Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 2003-1 Improvement Area 1,

Refunding Series 2022A-1 - AGM Insured

.250

09/01/52

4,286,218

415,000

Riverside Unified School District, Riverside County, California,

Special Tax Bonds, Community Facilities District 32, Series 2020

.000

09/01/45

355,877

1,000,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Westpark, Refunding Series 2015

.000

09/01/28

1,001,357

1,000,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Westpark, Refunding Series 2015

.000

09/01/29

1,001,270

1,000,000

Roseville, California, Special Tax Bonds, Community Facilities

District 1 Westpark, Refunding Series 2015

.000

09/01/30

1,000,737

3,390,000

San Francisco Bay Area Rapid Transit District, California, Sales Tax

Revenue Bonds, Series 2019A

.000

07/01/38

3,353,250

355,000

San Francisco City and County Redevelopment Agency

Successor Agency, California, Special Tax Bonds, Community

Facilities District 7, Hunters Point Shipyard Phase One

Improvements, Refunding Series 2014

.000

08/01/39

355,554

3,380,000

Santa Barbara Finance Authority, California, Lease Revenue

Bonds, Public Safety and Parks Projects, Series 2024

.000

05/15/54

2,893,269

40,000

Signal Hill Redevelopment Agency, California, Project 1 Tax

Allocation Bonds, Series 2011

.000

10/01/26

40,124

2,235,000

Stockton Public Financing Authority, California, Revenue Bonds,

Arch Road East Community Facility District 99-02, Series 2018A

.000

09/01/43

2,236,352

380,000

Stockton, California, Special Tax Bonds, Community Facilities

District 2018-2 Westlake Villages II Improvement Area 3, Series

2024

.000

09/01/44

377,172

525,000

Stockton, California, Special Tax Bonds, Community Facilities

District 2018-2 Westlake Villages II Improvement Area 3, Series

2024

.000

09/01/49

519,210

650,000

Stockton, California, Special Tax Bonds, Community Facilities

District 2018-2 Westlake Villages II Improvement Area 3, Series

2024

.000

09/01/54

637,373

105,000

(a) Temecula Public Financing Authority, California, Special Tax

Bonds, Community Facilities District 16-01, Series 2017

.125

09/01/37

108,649

1,345,000

Tracy, California, Special Tax Bonds, Community Facilities District

2016-1 Tracy Hills, Improvement Area 2, Series 2023

.625

09/01/43

1,391,877

3,120,000

Transbay Joint Powers Authority, California, Tax Allocation Bonds,

Senior Green Series 2020A

.000

10/01/45

3,005,228

625,000

Val Verde Unified School District, California, Special Tax

Bonds, Community Facilities District 2018-2 Stratford Ranch,

Improvement Area 2 Series 2023

.000

09/01/48

618,671

7,600,000

Vista Community Development Commission Taxable Non-

Housing Tax Allocation Revenue Bonds, California, Vista

Redevelopment Project, Series 2011

.000

09/01/33

7,621,664

7,920,000

Vista Community Development Commission Taxable Non-

Housing Tax Allocation Revenue Bonds, California, Vista

Redevelopment Project, Series 2011

.125

09/01/37

7,942,334

TOTAL TAX OBLIGATION/LIMITED

150,414,256

TRANSPORTATION - 18.6%

50,000

Alameda Corridor Transportation Authority, California, Revenue

Bonds, Refunding Subordinate Lien Series 2016A

.000

10/01/25

50,053

4,375,000

Burbank-Glendale-Pasadena Airport Authority, California, Airport

Revenue Bonds, Senior Series 2024B - AGM Insured, (AMT)

.375

07/01/49

3,917,854

18,840,000

Foothill/Eastern Transportation Corridor Agency, California, Toll

Road Revenue Bonds, Refunding Senior Lien Series 2021A

.000

01/15/46

17,132,229

#### Portfolio of Investments August 31, 2025
(continued)

#### California Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,550,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Refunding & Subordinate

Series 2022C, (AMT)

.000

%

05/15/37

$

1,496,779

1,250,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Refunding & Subordinate

Series 2022C, (AMT)

.000

05/15/38

1,191,525

1,930,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Refunding & Subordinate

Series 2022C, (AMT)

.000

05/15/39

1,827,965

2,255,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Refunding Subordinate Lien

Private Activity Series 2021A, (AMT)

.000

05/15/46

2,235,954

5,050,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Senior Green Series 2022G,

(AMT)

.000

05/15/52

4,978,002

6,925,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2016B, (AMT)

.000

05/15/46

6,866,509

1,935,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2018C, (AMT)

.000

05/15/36

1,968,357

24,440,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2018C, (AMT)

.000

05/15/44

24,258,037

2,000,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2019D, (AMT)

.000

05/15/30

2,115,964

2,415,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2019D, (AMT)

.000

05/15/34

2,497,157

1,695,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2019D, (AMT)

.000

05/15/35

1,744,995

3,500,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2019D, (AMT)

.000

05/15/39

3,536,728

3,600,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series 2019F,

(AMT)

.000

05/15/37

3,680,547

10,000,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series 2019F,

(AMT)

.000

05/15/44

9,925,547

9,680,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2021D, (AMT)

.000

05/15/37

10,067,597

6,995,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2022A, (AMT)

.000

05/15/45

6,960,233

1,000,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2022A, (AMT)

.000

05/15/49

848,403

16,305,000

Riverside County Transportation Commission, California, Toll

Revenue Second Lien Bonds, RCTC 91 Express Lanes, Refunding

Series 2021C

.000

06/01/47

13,833,964

3,085,000

Riverside County Transportation Commission, California, Toll

Revenue Senior Lien Bonds, RCTC 91 Express Lanes, Refunding

Series 2021B-1

.000

06/01/40

2,891,890

10,815,000

Riverside County Transportation Commission, California, Toll

Revenue Senior Lien Bonds, RCTC 91 Express Lanes, Refunding

Series 2021B-1

.000

06/01/46

9,270,217

4,230,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, International Senior Series 2023B, (AMT)

.000

07/01/48

4,187,042

10,000,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, International Senior Series 2023B, (AMT)

.250

07/01/58

10,108,011

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

2,625,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2017A

.000

%

07/01/47

$

2,638,584

2,000,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2017A, (AMT)

.000

07/01/47

1,976,838

4,000,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2019B, (AMT)

.000

07/01/49

3,950,327

2,500,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2021B, (AMT)

.000

07/01/46

2,478,825

7,000,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2021B, (AMT)

.000

07/01/51

6,903,135

16,055,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2023C, (AMT)

.500

05/01/41

16,942,325

2,175,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2024A, (AMT)

.250

05/01/49

2,197,457

2,330,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2025A, (AMT)

.250

05/01/55

2,350,936

6,130,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2025A, (AMT)

.500

05/01/55

6,343,204

14,120,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Governmental Purpose

Second Series 2017B

.000

05/01/47

14,119,500

5,150,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2019A, (AMT)

.000

05/01/44

5,151,114

3,515,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Refunding Second Series

2019A, (AMT)

.000

05/01/49

3,447,811

10,000,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2016B, (AMT)

.000

05/01/41

10,002,299

17,855,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2016B, (AMT)

.000

05/01/46

17,547,328

5,000,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2017A, (AMT)

.000

05/01/47

4,910,150

7,170,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2018D, (AMT)

.000

05/01/43

7,162,872

9,315,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2018D, (AMT)

.000

05/01/48

9,159,191

1,025,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2019E, (AMT)

.000

05/01/40

1,030,437

18,500,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2019E, (AMT)

.000

05/01/45

18,454,033

16,460,000

San Joaquin Hills Transportation Corridor Agency, Orange

County, California, Refunding Senior Lien Toll Road Revenue

Bonds, Series 2021A

.000

01/15/50

14,086,932

3,195,000

San Joaquin Hills Transportation Corridor Agency, Orange

County, California, Toll Road Revenue Bonds, Refunding Junior

Lien Series 2014B

.250

01/15/44

3,195,229

TOTAL TRANSPORTATION

301,640,086

U.S. GUARANTEED - 2.1% (e)

8,310,000

Antelope Valley Community College District, Los Angeles

County, California, General Obligation Bonds, Election 2016

Series 2017A, (Pre-refunded 2/15/27)

.250

08/01/42

8,652,262

185,000

California Educational Facilities Authority, Revenue Bonds,

University of the Pacific, Refunding Series 2015, (Pre-refunded

11/01/25)

.000

11/01/36

185,778

5,360,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-

refunded 11/15/26)

.000

11/15/46

5,543,443

10,845,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Series 2016A, (Pre-refunded

11/15/25)

.000

11/15/41

10,903,936

1,235,000

California Health Facilities Financing Authority, Revenue Bonds,

CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)

.000

04/01/49

1,323,108

#### Portfolio of Investments August 31, 2025
(continued)

#### California Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. GUARANTEED (e)

(continued)

$

265,000

(a) California School Finance Authority, Charter School Revenue

Bonds, Community High School Foundation Inc, Series 2017,

(Pre-refunded 6/01/27)

.000

%

06/01/47

$

276,096

500,000

Corona-Norco Unified School District, Riverside County,

California, General Obligation Bonds, Capital Appreciation,

Election 2006 Refunding Series 2009C, (Pre-refunded 8/01/27) -

AGM Insured

.800

08/01/39

542,521

4,390,000

Golden State Tobacco Securitization Corporation, California,

Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,

Series 2005A - AMBAC Insured, (ETM)

.000

06/01/28

4,117,328

545,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Subordinate Lien Series

2021D, (Pre-refunded 11/15/31), (AMT)

.000

05/15/37

591,615

2,000,000

San Diego Community College District, San Diego County,

California, General Obligation Bonds, Refunding Series 2016,

(Pre-refunded 8/01/26)

.000

08/01/41

2,052,606

5,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2018D, (Pre-

refunded 5/01/28), (AMT)

.000

05/01/48

5,220

TOTAL U.S. GUARANTEED

34,193,913

UTILITIES - 16.5%

12,110,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2023E, (Mandatory Put

9/01/32)

.000

02/01/55

12,984,725

2,890,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2024A, (Mandatory Put

4/01/32)

.000

05/01/54

3,088,168

22,830,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2024B, (Mandatory Put

12/01/32)

.000

01/01/55

23,843,565

14,365,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2024C, (Mandatory Put

10/01/32)

.000

08/01/55

15,270,087

20,000,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2025D, (Mandatory Put

7/01/34)

.000

10/01/55

21,035,006

5,000,000

(a) California Pollution Control Financing Authority, Water

Furnishing Revenue Bonds, Poseidon Resources Channelside LP

Desalination Project, Series 2012, (AMT)

.000

07/01/37

5,001,372

18,060,000

(a) California Pollution Control Financing Authority, Water

Furnishing Revenue Bonds, Poseidon Resources Channelside LP

Desalination Project, Series 2012, (AMT)

.000

11/21/45

17,149,725

4,405,000

(a) California Pollution Control Financing Authority, Water Furnishing

Revenue Bonds, San Diego County Water Authority Desalination

Project Pipeline, Refunding Series 2019

.000

07/01/39

4,453,888

11,270,000

Central Valley Energy Authority, California, Commodity Supply

Revenue Bonds, Prepaid Pacific Life Insurance, Series 2025,

(Mandatory Put 8/01/35)

.000

12/01/55

12,114,104

2,500,000

El Dorado Irrigation District, California, Certificates of

Participation, Revenue Bonds, Series 2024A

.000

03/01/50

2,142,931

5,005,000

Irvine Ranch Water District, California, Certificates of Participation,

Irvine Ranch Water District Series 2016

.000

03/01/46

5,029,232

6,525,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2017A

.000

07/01/42

6,528,715

8,430,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2017C

.000

07/01/47

8,376,331

4,770,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2019A

.000

07/01/45

4,758,086

32,975,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2020B

.000

07/01/50

32,958,727

6,065,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2021B

.000

07/01/51

6,058,943

2,040,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2022B

.000

07/01/47

2,040,101

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

5,165,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2022C

.000

%

07/01/52

$

5,158,738

5,000,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2023D

.000

07/01/43

5,104,242

5,000,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2023E

.000

07/01/53

4,985,784

465,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2025A - BAM Insured

.000

07/01/53

466,392

6,640,000

Los Angeles Department of Water and Power, California, Water

System Revenue Bonds, Series 2022D

.000

07/01/52

6,644,187

7,730,000

Los Angeles Department of Water and Power, California,

Waterworks Revenue Bonds, Series 2016A

.000

07/01/46

7,586,493

7,000,000

Los Angeles Department of Water and Power, California,

Waterworks Revenue Bonds, Series 2020C

.000

07/01/40

7,138,355

9,990,000

Los Angeles Department of Water and Power, California,

Waterworks Revenue Bonds, Series 2020C

.000

07/01/41

10,159,005

2,215,000

Pico Rivera Water Authority, California, Revenue Bonds,

Refunding Water System Project, Series 1999A - NPFG Insured

.500

05/01/29

2,326,497

2,180,000

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

Refunding Senior Lien Series 2020A

.000

07/01/47

2,039,354

250,000

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

Refunding Senior Lien Series 2021A

.000

07/01/42

215,900

5,110,000

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

Refunding Senior Lien Series 2021B

.000

07/01/42

4,412,997

900,000

San Joaquin County, California, Revenue Bonds, CSA County

Service Area 31, Refunding Series 2018A

.000

08/01/42

856,594

7,145,000

San Joaquin Valley Clean Energy Authority, California, Clean

Energy Project Revenue Bonds, Green Series 2025A, (Mandatory

Put 7/01/35)

.500

01/01/56

7,928,373

3,520,000

Southern California Public Power Authority, California, Revenue

Bonds, Clean Energy Project Revenue Bonds, Series 2024A,

(Mandatory Put 9/01/30)

.000

04/01/55

3,730,881

17,000,000

Southern California Public Power Authority, Southern

Transmission System Renewal Project Revenue Bonds, Series

2023-1A

.000

07/01/48

17,004,168

TOTAL UTILITIES

268,591,666

TOTAL MUNICIPAL BONDS

(Cost $1,649,362,785)

1,554,421,575

TOTAL LONG-TERM INVESTMENTS

(Cost $1,649,362,785)

1,554,421,575

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.8%

X

13,000,000

MUNICIPAL BONDS - 0.8%

X

–

WATER AND SEWER - 0.8%

$

13,000,000

(f),(g)

Orange County Water District, California, Revenue Certificates of

Participation, Adjustable Rate Series 2003A

.650

08/01/42

$

13,000,000

TOTAL WATER AND SEWER

13,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $13,000,000)

13,000,000

TOTAL INVESTMENTS - 96.5%

(Cost $1,662,362,785)

1,567,421,575

OTHER ASSETS & LIABILITIES, NET - 3.5%

56,169,804

NET ASSETS - 100%

$

1,623,591,379

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

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

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

As of the end of the reporting period, the aggregate value of these securities is $265,380,361 or 16.9% of Total Investments.

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

bankruptcy.

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

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

#### Portfolio of Investments August 31, 2025
(continued)

#### California Municipal Bond

See Notes to Financial Statements

(d) When-issued or delayed delivery security.

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

payment of principal and interest.

(f) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

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

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

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

#### Portfolio of Investments August 31, 2025

#### Connecticut Municipal Bond
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.3%

X

211,784,517

MUNICIPAL BONDS - 97.3%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 19.4%

$

1,885,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Fairfield University, Series 2016Q-1

.000

%

07/01/46

$

1,885,327

750,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Fairfield University, Series 2017R

.000

07/01/47

632,421

2,500,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Fairfield University, Series 2022U

.000

07/01/52

2,064,654

400,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Fairfield University, Series 2025V

.000

07/01/42

414,179

350,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Fairfield University, Series 2025V

.000

07/01/44

356,798

1,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Fairfield University, Series 2025V

.250

07/01/47

1,030,036

1,545,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Hopkins School, Series 2022E

.250

07/01/47

1,575,107

1,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Hopkins School, Series 2022E

.000

07/01/53

997,176

1,130,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Loomis Chaffe School, Series 2023L

.000

07/01/43

1,019,512

5,095,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Quinnipiac University, Series 2015L

.000

07/01/45

5,024,204

1,750,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Quinnipiac University, Series 2016M

.000

07/01/35

1,760,870

2,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Quinnipiac University, Series 2023N

.000

07/01/48

1,964,930

5,110,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Sacred Heart University, Series 2017I-1

.000

07/01/42

5,129,611

2,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Sacred Heart University, Series 2020K

.000

07/01/40

2,040,668

3,465,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Sacred Heart University, Series L

.000

07/01/42

3,535,139

790,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, The Taft School Issue, Series 2021L

.000

07/01/41

644,162

2,210,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, The Taft School Issue, Series 2021L

.000

07/01/46

1,628,021

1,500,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Trinity College, Series 2020R

.000

06/01/45

1,294,184

4,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Trinity College, Series 2021S

.000

06/01/46

3,383,865

1,175,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Trinity College, Series 2021S

.000

06/01/51

956,662

1,900,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, University of Hartford, Series 2022P

.375

07/01/52

1,650,359

2,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, University of New Haven, Series 2018K-1

.000

07/01/37

2,011,074

1,200,000

University of Connecticut, Student Fee Revenue Bonds, Special

Obligation Series 2023A

.250

11/15/48

1,253,509

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

42,252,468

HEALTH CARE - 16.6%

4,600,000

Connecticut Health and Educational Facilities Authority Revenue

Bonds, Hartford HealthCare, Series 2015F

.000

07/01/45

4,553,042

1,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Connecticut Children Medical Center and Subsidiaries,

Series 2023E

.250

07/15/48

1,022,500

5,160,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Connecticut Children Medical Center and Subsidiaries,

Series 2023E

.250

07/15/53

4,440,605

695,000

(a) Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Griffin Hospital, Series 2020G-1

.000

07/01/39

669,017

1,085,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Hartford HealthCare Issue, Series 2020A

.000

07/01/40

996,497

#### Portfolio of Investments August 31, 2025
(continued)

#### Connecticut Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

3,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Hartford HealthCare Issue, Series 2021A - BAM Insured

.000

%

07/01/51

$

2,558,602

500,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Hartford HealthCare, Series 2014E

.000

07/01/42

500,023

1,995,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Middlesex Hospital, Series 2015O

.000

07/01/36

1,995,988

2,455,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Nuvance Health Series 2019A

.000

07/01/34

2,467,402

2,860,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Nuvance Health Series 2019A

.000

07/01/41

2,598,094

6,020,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Nuvance Health Series 2019A - BAM Insured

.000

07/01/49

5,186,769

1,500,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Stamford Hospital, Forward Delivery Series 2022M

.000

07/01/42

1,329,027

1,885,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Stamford Hospital, Series 2016K

.000

07/01/46

1,606,533

2,350,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Trinity Health Credit Group, Series 2016CT

.000

12/01/41

2,355,014

2,000,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Trinity Health Credit Group, Series 2016CT

.000

12/01/45

2,001,168

985,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Yale-New Haven Health Issue, Series 2024A

.000

07/01/45

1,016,985

795,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Yale-New Haven Health Issue, Series 2024A

.000

07/01/47

812,052

TOTAL HEALTH CARE

36,109,318

HOUSING/MULTIFAMILY - 1.2%

1,890,000

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Series 2019B-1

.300

11/15/39

1,635,225

1,000,000

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Social Series 2025C-1

.650

11/15/40

1,001,472

TOTAL HOUSING/MULTIFAMILY

2,636,697

HOUSING/SINGLE FAMILY - 1.6%

1,440,000

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Green Series 2021B-3

.150

11/15/41

973,796

1,560,000

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Green Series 2021B-3

.300

11/15/46

959,794

190,000

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Series 2021A-1

.850

05/15/38

133,688

1,430,000

Connecticut Housing Finance Authority, Housing Mortgage

Finance Program Bonds, Social Series 2024A

.600

11/15/49

1,360,734

TOTAL HOUSING/SINGLE FAMILY

3,428,012

LONG-TERM CARE - 5.7%

1,100,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Duncaster, Inc., Series 2014A

.000

08/01/44

1,013,320

2,600,000

(a) Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Healthcare Facility Expansion Church Home of Hartford

Inc. Project, Series 2016A

.000

09/01/46

2,356,366

900,000

(a) Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Mary Wade Home Issue, Series 2019A-1

.500

10/01/34

831,223

200,000

(a) Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Mary Wade Home Issue, Series 2019A-1

.000

10/01/54

148,409

4,365,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, Masonicare Issue, Series 2016F

.000

07/01/37

4,267,778

2,650,000

(a) Connecticut Health and Educational Facilities Authority, Revenue

Bonds, McLean Affiliates, Series 2020A

.000

01/01/45

2,218,095

730,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, The Jerome Home Issue, Series 2021E

.000

07/01/41

622,197

1,250,000

Connecticut Health and Educational Facilities Authority, Revenue

Bonds, The Jerome Home Issue, Series 2021E

.000

07/01/51

929,991

TOTAL LONG-TERM CARE

12,387,379

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 22.5%

$

2,000,000

Bridgeport, Connecticut, General Obligation Bonds, Series

2016D - AGM Insured

.000

%

08/15/41

$

2,005,323

1,000,000

Bridgeport, Connecticut, General Obligation Bonds, Series

2024A - BAM Insured

.000

07/01/44

1,028,728

1,000,000

Connecticut Housing Finance Authority, State Supported Special

Obligation Bonds, Series 2021-27

.400

06/15/41

704,141

1,000,000

Connecticut Housing Finance Authority, State Supported Special

Obligation Bonds, Series 2021-27

.550

06/15/46

655,845

960,000

Connecticut Housing Finance Authority, State Supported Special

Obligation Bonds, Series 2021-28

.375

06/15/40

699,189

2,370,000

Connecticut State, General Obligation Bonds, Series 2015F

.000

11/15/34

2,376,849

1,000,000

Connecticut State, General Obligation Bonds, Series 2017A

.000

04/15/34

1,027,610

3,270,000

Connecticut State, General Obligation Bonds, Series 2017A

.000

04/15/35

3,351,581

1,510,000

Connecticut State, General Obligation Bonds, Series 2018A

.000

04/15/37

1,559,973

1,325,000

Connecticut State, General Obligation Bonds, Series 2018C

.000

06/15/38

1,363,769

1,450,000

Connecticut State, General Obligation Bonds, Series 2019A

.000

04/15/37

1,451,619

650,000

Connecticut State, General Obligation Bonds, Series 2019A

.000

04/15/39

670,472

2,000,000

Connecticut State, General Obligation Bonds, Series 2020A

.000

01/15/37

2,011,986

2,000,000

Connecticut State, General Obligation Bonds, Series 2021A -

BAM Insured

.000

01/15/40

1,645,279

500,000

Connecticut State, General Obligation Bonds, Series 2024D

.000

05/01/41

474,198

2,000,000

Connecticut State, General Obligation Bonds, Series 2024D

.000

05/01/42

2,097,514

1,000,000

Connecticut State, General Obligation Bonds, Series 2024D

.000

05/01/44

1,040,778

225,000

Connecticut State, General Obligation Bonds, Social Series

2024G

.000

11/15/43

174,036

300,000

East Haddam, Connecticut, General Obligation Bonds, Series

2020A

.000

12/01/37

266,280

325,000

East Lyme, Connecticut, General Obligation Bonds, Series 2020

.000

07/15/40

264,078

1,035,000

Hartford County Metropolitan District, Connecticut, General

Obligation Bonds, Series 2018

.000

07/15/35

1,078,658

1,075,000

Hartford County Metropolitan District, Connecticut, General

Obligation Bonds, Series 2019A

.000

07/15/39

1,050,097

3,000,000

Hartford County Metropolitan District, Connecticut, General

Obligation Bonds, Series 2023

.000

08/01/43

2,801,963

2,285,000

Naugatuck, Connecticut, General Obligation Bonds, Tax

Increment Series 2023

.250

10/15/48

2,359,809

1,000,000

Naugatuck, Connecticut, General Obligation Bonds, Tax

Increment Series 2023

.625

10/15/53

950,893

5,000,000

New Britain, Connecticut, General Obligation Bonds, Series

2022A - BAM Insured

.000

03/01/47

5,057,437

795,000

New Haven, Connecticut, General Obligation Bonds, Series 2015

- AGM Insured

.000

09/01/32

796,015

1,620,000

New Haven, Connecticut, General Obligation Bonds, Series 2015

- AGM Insured

.000

09/01/33

1,621,847

500,000

New Haven, Connecticut, General Obligation Bonds, Series 2015

- AGM Insured

.000

09/01/35

500,455

1,000,000

New Haven, Connecticut, General Obligation Bonds, Series

2016A - AGM Insured

.000

08/15/36

1,011,599

1,035,000

Oxford, Connecticut, General Obligation Bonds, Series 2019A

.000

08/01/39

1,020,126

2,370,000

Stratford, Connecticut, General Obligation Bonds, Series 2019 -

BAM Insured

.000

01/01/39

2,313,806

555,000

Waterbury, Connecticut, General Obligation Bonds, Lot A Series

2015 - BAM Insured

.000

08/01/30

556,065

485,000

Waterbury, Connecticut, General Obligation Bonds, Lot A Series

2015 - BAM Insured

.000

08/01/31

485,861

765,000

Waterbury, Connecticut, General Obligation Bonds, Lot A Series

2015 - BAM Insured

.000

08/01/32

766,260

555,000

Waterbury, Connecticut, General Obligation Bonds, Lot A Series

2015 - BAM Insured

.000

08/01/33

555,846

555,000

Waterbury, Connecticut, General Obligation Bonds, Lot A Series

2015 - BAM Insured

.000

08/01/34

555,776

750,000

West Haven, Connecticut, General Obligation Bonds, Series

2020 - BAM Insured

.000

03/15/40

712,052

TOTAL TAX OBLIGATION/GENERAL

49,063,813

#### Portfolio of Investments August 31, 2025
(continued)

#### Connecticut Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED - 19.9%

$

1,685,000

Connecticut Higher Education Supplemental Loan Authority,

State Supported Revenue Bonds, CHESLA Loan Program, Series

2020B, (AMT)

.250

%

11/15/36

$

1,534,977

980,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes Series 2015A

.000

08/01/33

981,180

1,000,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes Series 2016A

.000

09/01/32

1,019,751

3,500,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes Series 2016A

.000

09/01/33

3,563,982

2,000,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes Series 2018A

.000

01/01/37

2,059,112

2,000,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes Series 2018A

.000

01/01/38

2,051,589

1,500,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes, Series 2021A

.000

05/01/40

1,458,091

2,080,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes, Series 2023A

.250

07/01/44

2,197,670

3,350,000

Connecticut State, Special Tax Obligation Bonds, Transportation

Infrastructure Purposes, Series 2024A-2

.000

07/01/43

3,497,576

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/35

539,410

920,000

(a) Great Pond Improvement District, Connecticut, Special

Obligation Revenue Bonds, Great Pond Phase 1 Project, Series

2019

.750

10/01/48

819,639

420,000

(a) Great Pond Improvement District, Connecticut, Special

Obligation Revenue Bonds, Great Pond Phase 2 Project, Series

2022

.750

10/01/52

420,216

3,720,000

(a) Harbor Point Infrastructure Improvement District, Connecticut,

Special Obligation Revenue Bonds, Harbor Point Project,

Refunding Series 2017

.000

04/01/39

3,727,531

635,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

632,694

1,825,000

Naugatuck, Connecticut, Certificates of Participation, Incineration

Facilities Project, Series 2021A, (AMT)

.000

08/15/41

1,612,177

1,860,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

587,867

4,250,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

3,816,620

3,050,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

2,797,637

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured Series 2019A-2B

.550

07/01/40

954,374

100,000

Steel Point Infrastructure Improvement District, Connecticut,

Special Obligation Revenue Bonds, Steelpointe Harbor Project,

Series 2021

.000

04/01/51

79,918

500,000

(a) Steel Point Infrastructure Improvement District, Connecticut,

Special Obligation Revenue Bonds, Steelpointe Harbor Project,

Series 2024

.000

04/01/52

517,474

1,590,000

University of Connecticut, General Obligation Bonds, Series

2015A

.000

02/15/34

1,592,244

3,000,000

University of Connecticut, General Obligation Bonds, Series

2017A

.000

01/15/36

3,059,411

1,000,000

University of Connecticut, General Obligation Bonds, Series

2019A

.000

11/01/36

1,040,138

1,000,000

University of Connecticut, General Obligation Bonds, Series

2019A

.000

11/01/38

993,252

420,000

University of Connecticut, General Obligation Bonds, Series

2023A

.000

08/15/43

435,759

1,250,000

Virgin Islands Transportation & Infrastructure Corporation, Virgin

Islands, Grant Anticipation Revenue Bonds, Federal Highway

Grant Anticipation Revenue Loan Note, Series 2025

.000

09/01/41

1,287,292

TOTAL TAX OBLIGATION/LIMITED

43,277,581

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION - 3.4%

$

1,500,000

Connecticut Airport Authority, Connecticut, Customer Facility

Charge Revenue Bonds, Ground Transportation Center Project,

Series 2019A - BAM Insured, (AMT)

.000

%

07/01/49

$

1,246,639

6,125,000

Connecticut Airport Authority, Connecticut, Customer Facility

Charge Revenue Bonds, Ground Transportation Center Project,

Series 2019A, (AMT)

.000

07/01/49

5,958,300

100,000

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

Bonds, Series 2024A, (AMT)

.250

10/01/41

101,978

TOTAL TRANSPORTATION

7,306,917

UTILITIES - 7.0%

60,000

Greater New Haven Water Pollution Control Authority,

Connecticut, Regional Wastewater System Revenue Bonds,

Series 2005A - NPFG Insured

.000

08/15/35

60,067

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/37

1,010,656

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/40

1,003,774

295,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

281,491

200,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/43

201,219

1,555,000

Hartford County Metropolitan District, Connecticut, Clean Water

Project Revenue Bonds, Series 2024

.000

10/01/36

1,603,716

1,795,000

Hartford County Metropolitan District, Connecticut, Clean Water

Project Revenue Bonds, Series 2024

.000

10/01/37

1,826,507

1,000,000

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

Refunding Senior Lien Series 2020A

.000

07/01/47

935,484

2,000,000

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

Refunding Senior Lien Series 2021B

.000

07/01/33

2,089,509

2,540,000

South Central Connecticut Regional Water Authority,

Connecticut, Water System Revenue Bonds, Thirty-Ninth Series

2025A

.000

08/01/54

2,596,829

2,685,000

South Central Connecticut Regional Water Authority,

Connecticut, Water System Revenue Bonds, Thirty-Seventh Series

2023A-1

.000

08/01/51

2,752,844

500,000

Stamford, Connecticut, Water Pollution Control System and

Facility Revenue Bonds, Series 2013A

.250

08/15/43

500,297

500,000

Stamford, Connecticut, Water Pollution Control System and

Facility Revenue Bonds, Series 2019

.000

04/01/44

459,939

TOTAL UTILITIES

15,322,332

TOTAL MUNICIPAL BONDS

(Cost $223,732,250)

211,784,517

TOTAL LONG-TERM INVESTMENTS

(Cost $223,732,250)

211,784,517

OTHER ASSETS & LIABILITIES, NET - 2.7%

5,948,064

NET ASSETS - 100%

$

217,732,581

AMT

Alternative Minimum Tax

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

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

As of the end of the reporting period, the aggregate value of these securities is $14,732,963 or 7.0% of Total Investments.

#### Portfolio of Investments August 31, 2025

#### Massachusetts Municipal Bond
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.3%

X

389,152,877

MUNICIPAL BONDS - 96.3%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 25.3%

$

2,065,000

Lowell, Massachusetts, Collegiate Charter School Revenue

Bonds, Series 2019

.000

%

06/15/39

$

2,026,710

1,750,000

Lowell, Massachusetts, Collegiate Charter School Revenue

Bonds, Series 2019

.000

06/15/49

1,590,337

1,260,000

Massachusetts Development Finance Agency, Revenue Bonds,

Berklee College of Music, Series 2016

.000

10/01/39

1,266,964

5,165,000

Massachusetts Development Finance Agency, Revenue Bonds,

Berklee College of Music, Series 2016

.000

10/01/46

5,125,819

2,350,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston College, Series 2017T

.000

07/01/39

2,385,025

1,020,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston College, Series 2017T

.000

07/01/42

1,028,482

4,545,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Refunding Series 2025B-2

.000

10/01/48

4,657,813

1,195,000

Massachusetts Development Finance Agency, Revenue Bonds,

Brandeis University Issue, Series 2018R

.000

10/01/37

1,236,701

840,000

Massachusetts Development Finance Agency, Revenue Bonds,

Brandeis University Issue, Series 2018R

.000

10/01/38

864,828

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Brandeis University Issue, Series 2018R

.000

10/01/39

1,026,123

1,510,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2016A

.250

01/01/42

1,509,887

1,500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2016A

.000

01/01/47

1,403,182

1,600,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2017A

.000

01/01/37

1,616,255

6,020,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2017A

.000

01/01/40

6,019,810

2,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2018

.000

01/01/43

1,921,861

680,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2025

.250

01/01/44

674,306

2,500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emmanuel College, Series 2016A

.000

10/01/43

2,273,015

2,055,000

Massachusetts Development Finance Agency, Revenue Bonds,

Lesley University, Series 2016

.000

07/01/36

2,061,844

550,000

Massachusetts Development Finance Agency, Revenue Bonds,

MCPHS University Issue, Series 2015H

.500

07/01/35

515,265

235,000

Massachusetts Development Finance Agency, Revenue Bonds,

MCPHS University Issue, Series 2015H

.000

07/01/37

235,176

700,000

Massachusetts Development Finance Agency, Revenue Bonds,

Merrimack College, Series 2017

.000

07/01/37

702,461

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Merrimack College, Series 2022

.000

07/01/52

933,162

1,220,000

Massachusetts Development Finance Agency, Revenue Bonds,

Middlesex School, Series 2024

.250

07/01/54

1,052,620

2,080,000

Massachusetts Development Finance Agency, Revenue Bonds,

Northeastern University, Series 2022

.000

10/01/44

2,125,215

2,345,000

Massachusetts Development Finance Agency, Revenue Bonds,

Northeastern University, Series 2024A

.000

10/01/42

2,447,930

2,415,000

Massachusetts Development Finance Agency, Revenue Bonds,

Sterling and Francine Clark Art Institute, Series 2016

.000

07/01/41

2,213,926

610,000

Massachusetts Development Finance Agency, Revenue Bonds,

Suffolk University, Refunding Series 2019

.000

07/01/37

611,940

875,000

Massachusetts Development Finance Agency, Revenue Bonds,

Tufts University, Series 2015Q

.000

08/15/38

875,447

3,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Wentworth Institute of Technology, Series 2017

.000

10/01/46

2,773,268

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Wheaton College, Series 2017H

.000

01/01/37

1,007,300

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Woods Hole Oceanographic Institution, Series 2018

.000

%

06/01/37

$

1,025,414

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Woods Hole Oceanographic Institution, Series 2018

.000

06/01/38

1,020,703

6,210,000

Massachusetts Development Finance Agency, Revenue Bonds,

Woods Hole Oceanographic Institution, Series 2018

.000

06/01/48

6,054,284

5,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Worcester Polytechnic Institute, Series 2017B

.000

09/01/42

5,007,467

7,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Worcester Polytechnic Institute, Series 2017B

.000

09/01/45

6,887,249

745,000

Massachusetts Development Finance Agency, Revenue Bonds,

Worcester Polytechnic Institute, Series 2019

.000

09/01/33

791,093

3,000,000

Massachusetts Development Finance Authority, Revenue Bonds,

Olin College, Refunding Series 2023G

.250

11/01/51

3,043,689

700,000

Massachusetts Development Finance Authority, Revenue Bonds,

Suffolk University, Refunding Series 2017

.000

07/01/35

702,294

500,000

Massachusetts Development Finance Authority, Revenue Bonds,

Suffolk University, Refunding Series 2017

.000

07/01/36

500,754

2,345,000

Massachusetts Development Finance Authority, Revenue Bonds,

WGBH Educational Foundation, Refunding Series 2016

.000

01/01/36

2,360,149

2,100,000

Massachusetts Development Finance Authority, Revenue Bonds,

WGBH Educational Foundation, Series 2002A - AMBAC Insured

.750

01/01/42

2,334,844

1,000,000

Massachusetts Educational Financing Authority, Student Loan

Revenue Bonds, Issue I Series 2014, (AMT)

.000

01/01/27

1,001,281

3,355,000

University of Massachusetts Building Authority, Project Revenue

Bonds, Senior Series 2015-1

.000

11/01/40

3,357,853

5,550,000

University of Massachusetts Building Authority, Project Revenue

Bonds, Senior Series 2022-1

.000

11/01/46

4,922,375

9,000,000

University of Massachusetts Building Authority, Project Revenue

Bonds, Senior Series 2022-1

.000

11/01/52

9,006,927

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

102,199,048

HEALTH CARE - 20.6%

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Baystate Medical Center Issue, Series 2014N

.000

07/01/34

1,000,913

5,700,000

Massachusetts Development Finance Agency, Revenue Bonds,

Baystate Medical Center Issue, Series 2014N

.000

07/01/44

5,666,620

2,250,000

Massachusetts Development Finance Agency, Revenue Bonds,

Beth Israel Lahey Health Inc Series 2025N

.250

07/01/44

2,317,855

10,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Children's Hospital Series 2024T

.250

03/01/54

10,262,522

7,800,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Medical Center Issue, Green Bonds, Series 2015D

.000

07/01/44

7,300,923

2,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Medical Center Issue, Series 2016E

.000

07/01/32

2,020,955

11,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Medical Center Issue, Series 2023G

.250

07/01/52

10,398,191

1,675,000

Massachusetts Development Finance Agency, Revenue Bonds,

CareGroup Issue, Series 2016-I

.000

07/01/30

1,699,819

1,500,000

Massachusetts Development Finance Agency, Revenue Bonds,

CareGroup Issue, Series 2016-I

.000

07/01/37

1,508,701

1,935,000

Massachusetts Development Finance Agency, Revenue Bonds,

CareGroup Issue, Series 2016-I

.000

07/01/38

1,943,373

2,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

CareGroup Issue, Series 2018J-2

.000

07/01/48

1,966,720

2,100,000

Massachusetts Development Finance Agency, Revenue Bonds,

CareGroup Issue, Series 2018J-2

.000

07/01/53

2,018,483

6,100,000

Massachusetts Development Finance Agency, Revenue Bonds,

Dana-Farber Cancer Institute Issue, Series 2016N

.000

12/01/46

6,025,640

3,280,000

Massachusetts Development Finance Agency, Revenue Bonds,

Lahey Health System Obligated Group Issue, Series 2015F

.000

08/15/45

3,260,404

6,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Mass General Brigham, Series 2024D

.000

07/01/47

6,089,639

1,250,000

Massachusetts Development Finance Agency, Revenue Bonds,

Partners HealthCare System Issue, Series 2016Q

.000

07/01/41

1,122,940

#### Portfolio of Investments August 31, 2025
(continued)

#### Massachusetts Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

4,710,000

Massachusetts Development Finance Agency, Revenue Bonds,

Partners HealthCare System Issue, Series 2016Q

.000

%

07/01/47

$

4,642,270

2,200,000

Massachusetts Development Finance Agency, Revenue Bonds,

Partners HealthCare System Issue, Series 2017S-1

.000

07/01/37

2,251,270

1,750,000

Massachusetts Development Finance Agency, Revenue Bonds,

Southcoast Health System Obligated Group Issue, Series 2013F

.000

07/01/27

1,752,123

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Southcoast Health System Obligated Group Issue, Series 2013F

.000

07/01/37

1,000,473

3,800,000

Massachusetts Development Finance Agency, Revenue Bonds,

The Lowell General Hospital, Series 2013G

.000

07/01/44

3,453,579

890,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Health Care Obligated Group Issue, Series

2017K

.000

07/01/38

896,441

400,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Health Care Obligated Group Issue, Series

2017L

.625

07/01/37

347,857

1,855,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Health Care Obligated Group Issue, Series

2017L

.000

07/01/44

1,799,517

2,065,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Issue Series 2025N-1

.250

07/01/50

2,052,649

500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Wellforce Issue, Series 2019A

.000

07/01/44

467,454

TOTAL HEALTH CARE

83,267,331

HOUSING/MULTIFAMILY - 0.8%

500,000

(a) Massachusetts Development Finance Agency, Revenue Bonds,

CHF Merrimack, Inc. Merrimack College Student Housing Project,

Series 2024A

.250

07/01/34

495,832

200,000

(a) Massachusetts Development Finance Agency, Revenue Bonds,

CHF Merrimack, Inc. Merrimack College Student Housing Project,

Series 2024A

.000

07/01/54

178,019

2,685,000

Massachusetts Housing Finance Agency, Housing Bonds,

Sustainability Green Series 2022C-1

.000

12/01/47

2,690,146

TOTAL HOUSING/MULTIFAMILY

3,363,997

LONG-TERM CARE - 0.9%

1,910,000

(a) Massachusetts Development Finance Agency Revenue

Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series

2017

.125

10/01/42

1,663,941

275,000

(a) Massachusetts Development Finance Agency Revenue

Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series

2017

.000

10/01/47

255,200

560,000

Massachusetts Development Finance Agency, Revenue Bonds,

Berkshire Retirement Community Lennox, Series 2015

.000

07/01/31

560,490

400,000

Massachusetts Development Finance Agency, Revenue Bonds,

Orchard Cove, Inc., Refunding Series 2019

.000

10/01/39

403,093

1,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Salem Community Corporation Issue, Refunding Briarwood

Retirement Community Series 2022

.250

01/01/50

871,454

TOTAL LONG-TERM CARE

3,754,178

TAX OBLIGATION/GENERAL - 21.9%

825,000

Andover, Massachusetts, General Obligation Bonds, Municipal

Purpose Loan Series 2022

.000

07/15/42

778,444

4,375,000

Boston, Massachusetts, General Obligation Bonds, Series 2025A

.000

02/01/43

4,594,017

3,800,000

Boston, Massachusetts, General Obligation Bonds, Series 2025A

.000

02/01/45

3,953,553

4,000,000

East Longmeadow, Massachusetts, General Obligation Bonds,

Municipal Purpose Loan Series 2024

.000

11/01/54

3,389,579

4,060,000

Greater Fall River Regional Vocational Technical School District,

Massachusetts, State Qualified General Obligation Bonds, School

Project Loan, Chapter 70B Series 2025

.000

06/01/44

4,172,222

1,740,000

Hudson, Massachusetts, General Obligation Bonds, Municipal

Purpose Loan Series 2011

.000

02/15/32

1,742,391

7,400,000

Lincoln, Massachusetts, General Obligation Bonds, School Series

2019

.000

03/01/49

6,600,013

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,000,000

Massachusetts Development Finance Agency, Special Obligation

Bonds, Commonwealth Contract Assistance, Series 2015A

.000

%

05/01/45

$

1,826,437

3,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2015C

.000

07/01/45

3,000,015

5,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2018A

.000

01/01/47

5,022,792

1,775,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2019A

.000

01/01/49

1,783,520

8,335,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2019C

.000

05/01/45

8,429,063

7,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2022C

.250

10/01/47

7,251,531

15,000,000

Massachusetts State, General Obligation Bonds, Consolidated

Series 2022E

.000

11/01/52

15,117,744

1,000,000

North Reading, Massachusetts, General Obligation Bonds,

Municipal Purpose Loan Series 2012

.000

05/15/35

1,001,030

1,685,000

Northeast Metropolitan Regional Vocational Technical School

District, Massachusetts, General Obligation Bonds, School Series

2022

.000

04/15/47

1,494,840

1,965,000

Northeast Metropolitan Regional Vocational Technical School

District, Massachusetts, General Obligation Bonds, School Series

2024

.000

05/15/46

1,758,690

1,950,000

Pentucket Regional School District, Massachusetts, General

Obligation Bonds, Series 2019

.000

09/01/42

1,521,291

3,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/46

2,479,475

3,000,000

Quincy, Massachusetts, General Obligation Bonds, Municipal

Purpose Loan Series 2022B

.000

07/01/47

3,062,781

1,500,000

Quincy, Massachusetts, General Obligation Bonds, Municipal

Purpose Loan Series 2022B

.000

07/01/51

1,514,026

5,535,000

Taunton, Massachusetts, General Obligation Bonds, Municipal

Purpose Loan Series 2024

.000

03/01/51

4,737,659

3,440,000

Webster, Massachusetts, General Obligation Bonds, Qualified

School Project, Chapter 70B, Loan Series 2022

.000

12/01/42

3,235,043

TOTAL TAX OBLIGATION/GENERAL

88,466,156

TAX OBLIGATION/LIMITED - 16.0%

1,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/39

1,004,940

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/34

542,904

1,160,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/31

1,178,437

2,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/46

1,964,780

1,010,000

Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,

Refunding Green Series 2014 - BAM Insured

.000

05/01/33

1,019,483

3,525,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Senior Series 2023A-1

.250

07/01/53

3,622,973

2,045,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Senior Series 2025B

.000

07/01/45

2,117,248

5,000,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Senior Sustainability Series 2024B

.250

07/01/54

5,185,776

2,050,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Subordinated Series 2017A-2

.000

07/01/44

2,052,293

3,065,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Subordinated Series 2017A-2

.000

07/01/46

3,067,136

2,165,000

Massachusetts Bay Transportation Authority, Sales Tax Revenue

Bonds, Subordinated Series 2021A-1

.000

07/01/39

2,109,602

650,000

Massachusetts School Building Authority, Dedicated Sales Tax

Revenue Bonds, Refunding Senior Series 2015C

.000

08/15/37

650,011

3,020,000

Massachusetts School Building Authority, Dedicated Sales Tax

Revenue Bonds, Senior Social Series 2020A

.000

08/15/50

3,043,225

3,000,000

Massachusetts State, Special Obligation Dedicated Tax Revenue

Bonds, Refunding Series 2005 - NPFG Insured

.500

01/01/34

3,380,836

#### Portfolio of Investments August 31, 2025
(continued)

#### Massachusetts Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

8,180,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement & Accelerated Bridge Programs, Series 2017A

.000

%

06/01/47

$

8,189,133

5,540,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement & Accelerated Bridge Programs, Series 2019A

.000

06/01/49

5,552,696

5,815,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement Program, Series 2024B

.000

06/01/54

5,888,791

5,000

Massachusetts State, Transportation Fund Revenue Bonds,

Refunding Series 2021A

.000

06/01/42

5,130

1,510,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

1,504,515

3,177,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.550

07/01/40

3,032,045

4,725,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

4,243,184

5,840,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

5,159,207

TOTAL TAX OBLIGATION/LIMITED

64,514,345

TRANSPORTATION - 2.6%

1,500,000

Massachusetts Port Authority, Revenue Bonds, Refunding Series

2017A, (AMT)

.000

07/01/42

1,478,106

1,780,000

Massachusetts Port Authority, Revenue Bonds, Series 2014A

.000

07/01/34

1,780,897

1,425,000

Massachusetts Port Authority, Revenue Bonds, Series 2015A

.000

07/01/40

1,424,954

3,500,000

Massachusetts Port Authority, Revenue Bonds, Series 2019C,

(AMT)

.000

07/01/49

3,423,443

2,500,000

Massachusetts Port Authority, Revenue Bonds, Series 2021E,

(AMT)

.000

07/01/46

2,478,825

TOTAL TRANSPORTATION

10,586,225

U.S. GUARANTEED - 2.0% (b)

6,000,000

Massachusetts Development Finance Agency, Revenue Bonds,

Atrius Health Issue, Series 2019A, (Pre-refunded 6/01/29)

.000

06/01/39

6,590,008

100,000

Massachusetts Development Finance Agency, Revenue Bonds,

Milford Regional Medical Center Issue, Series 2020G, (ETM)

.000

07/15/30

110,766

100,000

Massachusetts Development Finance Agency, Revenue Bonds,

Milford Regional Medical Center Issue, Series 2020G, (Pre-

refunded 7/15/30)

.000

07/15/37

110,766

1,000,000

Massachusetts Water Resources Authority, General Revenue

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

.000

08/01/40

1,025,108

TOTAL U.S. GUARANTEED

7,836,648

UTILITIES - 6.2%

4,000,000

Boston Water and Sewer Commission, Massachusetts, General

Revenue Bonds, Senior Series 2018A

.000

11/01/40

3,898,362

2,805,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/40

2,815,587

920,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

01/01/46

899,432

2,500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

2,385,515

1,650,000

Massachusetts Clean Water Trust, State Revolving Fund Bonds,

Green 23B Series 2021

.000

02/01/41

1,712,144

1,000,000

Massachusetts Clean Water Trust, State Revolving Fund Bonds,

Green 26A Series 2025

.000

02/01/42

1,060,054

2,250,000

Massachusetts Clean Water Trust, State Revolving Fund Bonds,

Sustainability Green 26B Series 2025

.000

02/01/42

2,385,121

2,450,000

Massachusetts Clean Water Trust, State Revolving Fund Bonds,

Sustainability Green 26B Series 2025

.000

02/01/43

2,579,988

1,310,000

Massachusetts Municipal Wholesale Electric Company, MMWEC,

Revenue Bonds, Project 2015A, Series 2021A

.000

07/01/40

1,252,158

1,400,000

Massachusetts Municipal Wholesale Electric Company, MMWEC,

Revenue Bonds, Project 2015A, Series 2021A

.000

07/01/41

1,314,633

2,000,000

Massachusetts Municipal Wholesale Electric Company, MMWEC,

Revenue Bonds, Project 2015A, Series 2021A

.000

07/01/46

1,781,995

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

3,000,000

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

Refunding Senior Lien Series 2021B

.000

%

07/01/37

$

3,079,960

TOTAL UTILITIES

25,164,949

TOTAL MUNICIPAL BONDS

(Cost $401,272,404)

389,152,877

TOTAL LONG-TERM INVESTMENTS

(Cost $401,272,404)

389,152,877

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.3%

X

5,000,000

MUNICIPAL BONDS - 1.3%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 1.3%

$

5,000,000

(c) Massachusetts Development Finance Agency, Revenue Bonds,

Boston University, Series 2008U-6E

.400

10/01/42

$

5,000,000

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

5,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,000,000)

5,000,000

TOTAL INVESTMENTS - 97.6%

(Cost $406,272,404)

394,152,877

OTHER ASSETS & LIABILITIES, NET - 2.4%

9,874,771

NET ASSETS - 100%

$

404,027,648

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

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

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

As of the end of the reporting period, the aggregate value of these securities is $5,672,952 or 1.4% of Total Investments.

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

payment of principal and interest.

(c) 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 August 31, 2025

#### New Jersey Municipal Bond
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.7%

X

363,688,406

MUNICIPAL BONDS - 97.7%

X

–

CONSUMER STAPLES - 3.1%

$

3,455,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018A

.000

%

06/01/37

$

3,283,358

3,590,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018A

.000

06/01/46

3,463,901

4,890,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018B

.000

06/01/46

4,707,411

TOTAL CONSUMER STAPLES

11,454,670

EDUCATION AND CIVIC ORGANIZATIONS - 14.5%

1,240,000

Atlantic County Improvement Authority, New Jersey, General

Obligation Lease Revenue Bonds, Stockton University Atlantic

City Campus Phase II, Series 2021A - AGM Insured

.000

07/01/47

1,077,023

715,000

Camden County Improvement Authority, New Jersey, School

Revenue Bonds, KIPP: Cooper Norcross Academy 2022 Project,

Social Series 2022

.000

06/15/62

728,515

1,050,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, Rowan University Project, County Guaranteed Loan,

Series 2019

.000

07/01/44

1,065,223

1,025,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, Rowan University Project, County Guaranteed Loan,

Series 2024 - BAM Insured

.000

07/01/49

1,037,348

1,000,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, Rowan University Project, County Guaranteed Loan,

Series 2024 - BAM Insured

.000

07/01/54

1,008,064

510,000

Montclair State University, New Jersey, General Obligation

Bonds, Series 2025A

.000

07/01/32

572,519

350,000

Montclair State University, New Jersey, General Obligation

Bonds, Series 2025A

.000

07/01/33

394,118

285,000

Montclair State University, New Jersey, General Obligation

Bonds, Series 2025A

.000

07/01/34

320,546

225,000

New Jersey Economic Development Authority, Charter School

Revenue Bonds, Foundation Academy Charter School, Series

2018A

.000

07/01/38

217,386

2,805,000

New Jersey Economic Development Authority, Charter School

Revenue Bonds, North Star Academy Charter School of Newark,

Series 2017

.000

07/15/37

2,639,537

100,000

New Jersey Economic Development Authority, Charter School

Revenue Bonds, North Star Academy Charter School of Newark,

Series 2017

.000

07/15/47

94,188

100,000

(a) New Jersey Economic Development Authority, Charter School

Revenue Bonds, Teaneck Community Charter School, Series

2017A

.125

09/01/52

91,638

355,000

New Jersey Economic Development Authority, Revenue Bonds,

The Seeing Eye Inc., Refunding Series 2017

.000

06/01/32

347,925

195,000

New Jersey Economic Development Authority, Revenue Bonds,

The Seeing Eye Inc., Refunding Series 2017

.000

06/01/32

201,849

1,145,000

New Jersey Educational Facilities Authority, Revenue Bonds,

College of New Jersey, Refunding Series 2016F

.000

07/01/40

901,362

950,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Kean University, Refunding Series 2015H - AGM Insured

.000

07/01/39

922,629

2,150,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Montclair State University, Refunding Series 2024A - AGM

Insured

.000

07/01/43

2,207,966

1,125,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Princeton University, Refunding Series 2017I

.000

07/01/35

1,152,931

2,000,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Princeton University, Refunding Series 2024C

.000

03/01/26

2,026,441

2,000,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Princeton University, Series 2024A-1

.000

03/01/37

2,223,953

2,000,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Princeton University, Series 2024B

.250

03/01/54

2,089,998

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,600,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Princeton University, Series 2025A, (Mandatory Put 7/01/35)

.000

%

07/01/64

$

1,810,015

360,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Rider University, Series 2017F

.750

07/01/37

266,178

1,370,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Rider University, Series 2017F

.000

07/01/42

946,391

2,265,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Rider University, Series 2017F

.000

07/01/47

1,682,498

1,000,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Seton Hall University, Refunding Series 2015C

.000

07/01/32

1,000,699

525,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Seton Hall University, Series 2013D

.000

07/01/38

525,079

1,870,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Seton Hall University, Series 2016C

.000

07/01/41

1,447,910

2,430,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Seton Hall University, Series 2016C

.000

07/01/46

1,687,799

1,085,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Seton Hall University, Series 2016C

.000

07/01/46

908,828

1,040,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Seton Hall University, Series 2020C - AGM Insured

.250

07/01/49

797,749

3,225,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Stevens Institute of Technology Issue, Green Series 2020A

.000

07/01/50

2,671,736

500,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Stevens Institute of Technology, Series 2017A

.000

07/01/47

424,070

380,000

New Jersey Educational Facilities Authority, Revenue Bonds,

Stevens Institute of Technology, Series 2017A

.000

07/01/47

371,679

630,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Senior Series 2021B,

(AMT)

.500

12/01/40

583,956

445,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)

.750

12/01/31

443,530

95,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)

.000

12/01/35

94,995

1,215,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Series 2023B, (AMT)

.000

12/01/44

1,129,648

500,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Series 2024B, (AMT)

.250

12/01/45

489,905

1,000,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Series 2025-1B, (AMT)

.500

12/01/45

994,776

1,270,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Refunding Subordinate Series

2021C, (AMT)

.250

12/01/51

846,582

235,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Senior Lien Series 2016-1A, (AMT)

.500

12/01/32

235,460

115,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Senior Lien Series 2016-1A, (AMT)

.000

12/01/39

115,374

80,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT)

.750

12/01/33

79,987

10,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT)

.000

12/01/40

9,987

265,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Senior Series 2019B, (AMT)

.250

12/01/39

255,900

370,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Senior Series 2020B, (AMT)

.500

12/01/39

357,876

6,000,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Subordinate Lien Series 2016-1B,

(AMT)

.000

12/01/46

6,019,504

1,740,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Subordinate Series 2017-C, (AMT)

.250

12/01/47

1,491,000

1,460,000

New Jersey Higher Education Student Assistance Authority,

Student Loan Revenue Bonds, Subordinate Series 2019C, (AMT)

.625

12/01/49

1,056,822

1,420,000

New Jersey Institute of Technology, New Jersey, General

Obligation Bonds, Series 2025A - BAM Insured

.000

07/01/45

1,474,476

1,145,000

New Jersey Institute of Technology, New Jersey, General

Obligation Bonds, Series 2025A - BAM Insured

.250

07/01/50

1,195,026

#### Portfolio of Investments August 31, 2025
(continued)

#### New Jersey Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,335,000

Passaic County Improvement Authority, New Jersey, Charter

School Revenue Bonds, Paterson Arts & Science Charter School,

Series 2023

.375

%

07/01/53

$

1,322,786

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

54,059,380

FINANCIALS - 0.1%

280,284

New Jersey Economic Development Authority, Revenue

Refunding Bonds, Kapkowski Road Landfill Project, Series 2002

.500

04/01/28

289,818

TOTAL FINANCIALS

289,818

HEALTH CARE - 7.7%

1,800,000

New Jersey Health Care Facilities Authority, Revenue Bonds,

Atlanticare Health System Obligated Group Issue, Series 2021

.375

07/01/46

1,077,013

1,945,000

New Jersey Health Care Facilities Authority, Revenue Bonds,

Atlanticare Health System Obligated Group Issue, Series 2021

.000

07/01/46

1,428,975

1,000,000

New Jersey Health Care Facilities Authority, Revenue Bonds,

Atlanticare Health System Obligated Group Issue, Series 2021

.000

07/01/51

694,263

70,000

New Jersey Health Care Facilities Finance Authority, Revenue

Bonds, AHS Hospital Corporation, Series 2008A

.000

07/01/27

70,076

1,395,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, AHS Hospital Corporation, Refunding Series 2016

.000

07/01/41

1,293,812

965,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Hackensack Meridian Health Obligated Group, Refunding

Series 2017A

.000

07/01/57

942,404

1,000,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Inspira Health Obligated Group Issue, Refunding Series

2016A

.000

07/01/27

1,017,578

2,105,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Inspira Health Obligated Group Issue, Refunding Series

2016A

.000

07/01/41

1,960,545

1,075,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Inspira Health Obligated Group Issue, Refunding Series

2024A

.125

07/01/54

912,129

2,000,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Inspira Health Obligated Group Issue, Refunding Series

2024A

.250

07/01/54

2,041,256

2,700,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Inspira Health Obligated Group Issue, Series 2017A

.000

07/01/42

2,680,165

610,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Princeton HealthCare System, Series 2016A

.000

07/01/33

618,614

600,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Princeton HealthCare System, Series 2016A

.000

07/01/34

607,896

1,090,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Refunding Series

2016A

.000

07/01/43

1,090,081

2,165,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Series 2021A

.000

07/01/45

1,947,451

2,245,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, RWJ Barnabas Health Obligated Group, Series 2021A

.000

07/01/51

1,601,725

2,710,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Saint Joseph's Healthcare System Obligated Group Issue,

Refunding Series 2016

.000

07/01/32

2,492,524

370,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Saint Joseph's Healthcare System Obligated Group Issue,

Refunding Series 2016

.000

07/01/34

361,216

2,695,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Saint Joseph's Healthcare System Obligated Group Issue,

Refunding Series 2016

.000

07/01/41

2,641,721

1,450,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Saint Joseph's Healthcare System Obligated Group Issue,

Refunding Series 2016

.000

07/01/48

1,177,962

1,190,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Valley Health System Obligated Group, Series 2019

.000

07/01/44

1,036,462

1,215,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Valley Health System Obligated Group, Series 2019

.000

07/01/49

857,917

TOTAL HEALTH CARE

28,551,785

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 5.2%

$

150,000

New Jersey Economic Development Authority, Revenue Bonds,

Provident Group - Kean Properties LLC - Kean University Student

Housing Project, Series 2017A

.000

%

07/01/47

$

134,363

450,000

New Jersey Economic Development Authority, Revenue Bonds,

Provident Group - Kean Properties LLC - Kean University Student

Housing Project, Series 2017A

.000

01/01/50

396,007

2,440,000

New Jersey Economic Development Authority, Revenue Bonds,

West Campus Housing LLC - New Jersey City University Student

Housing Project, Series 2015

.000

07/01/47

2,060,897

1,417,107

New Jersey Housing & Mortgage Finance Agency, Multifamily

Conduit Revenue Bonds, Cherry Garden Apartments Project,

Series 2021B

.375

01/01/39

1,077,792

520,000

New Jersey Housing & Mortgage Finance Agency, Multifamily

Conduit Revenue Bonds, Riverview Towers Apartments, Series

2024B

.250

12/20/65

530,103

705,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Conduit Revenue Bonds, Montgomery Gateway Apartments,

Series 2025A

.550

05/01/41

699,436

1,310,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2015A

.000

11/01/45

1,130,768

1,135,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2016A

.750

11/01/45

988,957

2,145,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2016B

.600

11/01/40

1,947,622

1,275,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2018A

.600

11/01/33

1,265,040

1,045,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2018A

.950

11/01/43

935,717

650,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2018A

.000

11/01/48

570,097

500,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2018A

.100

11/01/53

412,495

1,750,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2019A

.900

11/01/39

1,376,512

530,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2019A

.000

11/01/44

405,012

870,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2019A

.050

11/01/49

629,515

490,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2019A

.150

05/01/53

343,600

600,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2020A

.450

11/01/45

398,244

2,470,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2021A

.450

11/01/41

1,746,770

1,090,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2023C, (AMT)

.850

05/01/33

1,104,740

855,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2023E-1

.500

05/01/50

793,414

500,000

New Jersey Housing and Mortgage Finance Agency, Multifamily

Revenue Bonds, Series 2023E-1

.550

05/01/55

464,894

TOTAL HOUSING/MULTIFAMILY

19,411,995

HOUSING/SINGLE FAMILY - 5.6%

920,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2018A

.750

10/01/35

897,529

2,150,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2018B, (AMT)

.800

10/01/32

2,139,377

2,710,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2019C

.000

04/01/49

2,240,921

1,540,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2020E

.250

10/01/40

1,091,354

980,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2020E

.500

04/01/51

984,175

2,000,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Series 2024K

.150

10/01/39

1,934,425

#### Portfolio of Investments August 31, 2025
(continued)

#### New Jersey Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/SINGLE FAMILY

(continued)

$

7,080,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Social Series 2021H

.300

%

10/01/46

$

4,593,919

1,885,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Social Series 2022I

.500

10/01/42

1,843,851

1,260,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Social Series 2022I

.600

10/01/46

1,228,628

1,000,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Social Series 2023J

.500

10/01/43

973,084

1,150,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Social Series 2023J

.700

10/01/48

1,117,378

1,845,000

New Jersey Housing and Mortgage Finance Agency, Single

Family Housing Revenue Bonds, Social Series 2025M

.050

10/01/45

1,855,845

TOTAL HOUSING/SINGLE FAMILY

20,900,486

INDUSTRIALS - 0.6%

500,000

New Jersey Economic Development Authority, Energy Facilities

Revenue Bonds, UMM Energy Partners, LLC Project, Series

2012A, (AMT)

.000

06/15/37

495,230

1,000,000

New Jersey Economic Development Authority, Energy Facilities

Revenue Bonds, UMM Energy Partners, LLC Project, Series

2012A, (AMT)

.125

06/15/43

941,692

1,000,000

(a) New Jersey Economic Development Authority, New Jersey, Dock

and Wharf Facility Revenue Bonds, Repauno Port & Rail Terminal

Project, Series 2025, (AMT)

.625

01/01/45

1,021,107

TOTAL INDUSTRIALS

2,458,029

LONG-TERM CARE - 0.6%

530,000

New Jersey Economic Development Authority, Fixed Rate

Revenue Bonds, Lions Gate Project, Series 2014

.250

01/01/44

472,266

2,133,201

(a) New Jersey Economic Development Authority, Revenue Bonds,

White Horse HMT Urban Renewal LLC Project, Series 2020

.000

01/01/40

1,473,223

485,000

(a) New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018

.750

10/01/38

347,794

TOTAL LONG-TERM CARE

2,293,283

TAX OBLIGATION/GENERAL - 20.2%

3,995,000

Bridgewater & Raritan School District, Somerset County, New

Jersey, General Obligation Bonds, Series 2024

.000

07/15/45

3,630,411

790,000

Cumberland County Improvement Authority, New Jersey,

General Obligation Lease Revenue Bonds, Vineland Public Safety

Building Project, Series 2017

.250

12/15/37

721,611

585,000

Cumberland County, New Jersey, General Obligation Bonds,

General Improvement Series 2024

.000

08/15/26

579,849

1,000,000

Cumberland County, New Jersey, General Obligation Bonds,

Series 2021

.000

05/15/29

951,518

400,000

Essex County Improvement Authority, New Jersey, Lease

Revenue Bonds, Essex County Family Court Building Projects,

County Guaranteed Series 2025

.000

03/17/26

405,266

6,000,000

Essex County, New Jersey, General Obligation Bonds, Bond

Anticipation Notes, Series 2025

.000

07/08/26

6,073,262

15,000

Flemington-Raritan Regional School District, Hunterdon County,

New Jersey, General Obligation Bonds, Series 2019

.375

09/01/34

12,792

3,000,000

Freehold Township Board of Education, Monmouth County, New

Jersey, General Obligation Bonds, School Series 2025

.000

08/15/41

2,894,000

600,000

Gloucester County Improvement Authority, New Jersey, General

Obligation Loan Revenue Bonds, Health Sciences Educational

Facilities Projects Series 2024

.000

03/01/26

607,992

1,065,000

Gloucester Township, New Jersey, General Obligation Bonds,

Series 2019 - BAM Insured

.000

02/01/28

1,035,237

1,000,000

Gloucester Township, New Jersey, General Obligation Bonds,

Series 2019 - BAM Insured

.250

02/01/29

969,888

1,040,000

Harrison, New Jersey, General Obligation Bonds, Parking Utility

Series 2018 - BAM Insured

.375

03/01/34

1,030,821

1,075,000

Holmdel Township, Monmouth County, New Jersey, General

Obligation Bonds, Series 2021

.000

11/15/34

892,272

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,000,000

Hudson County Improvement Authority, New Jersey, County

Secured Lease Revenue Bonds, Hudson County Courthouse

Project, Series 2020

.000

%

10/01/51

$

876,076

5,490,000

Hudson County Improvement Authority, New Jersey, County

Secured Lease Revenue Bonds, Hudson County Vocational

Technical Schools Project, Series 2016

.000

05/01/46

5,492,440

1,500,000

Hudson County, New Jersey, Bond Anticipation Notes, Series

2025

.000

02/26/26

1,510,146

1,000,000

Jersey City Board of Education, Hudson County, New Jersey,

General Obligation Bonds, School Energy Savings Refunding

Series 2023 - AGM Insured

.250

08/15/45

932,384

1,000,000

Jersey City, New Jersey, General Obligation Bonds, General

Improvement Series 2022A

.000

02/15/37

888,537

1,000,000

Madison Borough Board of Education, Morris County, New

Jersey, General Obligation Bonds, School Series 2024

.000

08/15/30

905,773

665,000

Manalapan-Englishtown Regional Board of Education, New

Jersey, General Obligation Bonds, School Series 2025

.000

07/15/43

624,557

1,730,000

Manalapan-Englishtown Regional Board of Education, New

Jersey, General Obligation Bonds, School Series 2025

.000

07/15/44

1,607,176

1,125,000

Monmouth County Improvement Authority, New Jersey,

Governmental Pooled Loan Revenue Bonds, Series 2022C

.000

08/15/40

1,205,786

575,000

Monmouth County Improvement Authority, New Jersey,

Governmental Pooled Loan Revenue Bonds, Series 2023

.000

12/01/36

643,255

500,000

Monmouth County Improvement Authority, New Jersey,

Governmental Pooled Loan Revenue Bonds, Series 2023

.000

12/01/41

534,941

1,120,000

Monmouth County Improvement Authority, New Jersey,

Governmental Pooled Loan Revenue Bonds, Series 2024A

.000

12/01/37

1,254,966

2,000,000

Montclair Township Board of Education, Essex County, New

Jersey, General Obligation Bonds, School Series 2025

.250

08/01/43

1,926,332

2,500,000

Montclair Township Board of Education, Essex County, New

Jersey, General Obligation Bonds, School Series 2025

.250

08/01/44

2,382,126

2,485,000

Montclair Township Board of Education, Essex County, New

Jersey, General Obligation Bonds, School Series 2025

.375

08/01/45

2,385,636

1,020,000

New Brunswick Parking Authority, Middlesex County, New Jersey,

Guaranteed Parking Revenue Bonds, Refunding Series 2016A -

BAM Insured

.000

09/01/32

1,038,633

50,000

New Jersey State, General Obligation Bonds, Covid-19

Emergency Series 2020A

.000

06/01/26

50,960

1,000,000

New Jersey State, General Obligation Bonds, Covid-19

Emergency Series 2020A

.000

06/01/27

1,045,547

1,275,000

New Jersey State, General Obligation Bonds, Covid-19

Emergency Series 2020A

.000

06/01/31

1,360,806

260,000

New Jersey State, General Obligation Bonds, Covid-19

Emergency Series 2020A

.000

06/01/32

257,653

2,100,000

New Jersey State, General Obligation Bonds, Various Purpose

Series 2021 - BAM Insured

.000

06/01/36

1,642,523

605,000

Newark Board of Education, Essex County, New Jersey, General

Obligation Bonds, School Energy Savings Series 2021 - BAM

Insured

.000

07/15/36

611,525

500,000

Newark, Essex County, New Jersey, Mass Transit Access Tax

Revenue Bonds, Mulberry Pedestrian Bridge Redevelopment

Project, Series 2022 - AGM Insured

.375

11/15/52

525,367

600,000

Newark, Essex County, New Jersey, Mass Transit Access Tax

Revenue Bonds, Mulberry Pedestrian Bridge Redevelopment

Project, Series 2022 - AGM Insured

.000

11/15/62

650,579

510,000

Newark, New Jersey, General Obligation Bonds, Refunding

Qualified General Improvement Series 2025A

.000

07/15/26

519,809

1,500,000

Ocean City, New Jersey, General Obligation Bonds, General

Improvement Series 2019

.250

09/15/33

1,312,137

2,625,000

Passaic County, New Jersey, General Obligation Bonds, General

Improvement Series 2019A

.000

12/01/34

2,008,780

1,054,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.625

07/01/29

1,123,317

1,477,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

1,445,102

#### Portfolio of Investments August 31, 2025
(continued)

#### New Jersey Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

669,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

%

07/01/37

$

621,403

4,698,000

Rahway, New Jersey, General Obligation Bonds, Bond

Anticipation Note Series 2025

.000

07/22/26

4,757,238

1,145,000

Somers Point, New Jersey, General Obligation Bonds,

Improvement Sewer Utility Series 2019

.000

10/01/31

1,028,254

2,460,000

South Orange & Maplewood School District, Essex County, New

Jersey, General Obligation Bonds, Series 2021

.375

08/15/46

1,513,372

250,000

Toms River Board of Education, Ocean County, New Jersey,

General Obligation Bonds, Regional Schools Series 2019

.000

07/15/26

245,780

190,000

Toms River Board of Education, Ocean County, New Jersey,

General Obligation Bonds, Regional Schools Series 2019

.000

07/15/30

176,308

3,535,000

Union County Utilities Authority, New Jersey, Resource Recovery

Facility Lease Revenue Bonds, Covantan Union Inc. Lessee,

Refunding Series 2011B, (AMT)

.250

12/01/31

3,541,563

2,515,000

Union County Utilities Authority, New Jersey, Solid Waste System

County Deficiency Revenue Bonds, Series 2011A

.000

06/15/41

2,516,472

1,280,000

Verona Township Board of Education, Essex County, New Jersey,

General Obligation Bonds, Refunding Series 2020

.250

03/01/39

922,187

405,000

Vineland Board of Education, Cumberland County, New Jersey,

General Obligation Bonds, Energy Savings Refunding School

Series 2025 - BAM Insured

.000

07/01/39

436,740

2,000,000

Willingboro Township Board of Education, New Jersey, General

Obligation Bonds, School Series 2025

.250

08/15/44

1,917,094

1,085,000

Woodridge Boro, New Jersey, General Obligation Bonds,

General Improvement Series 2021

.000

09/01/32

952,345

TOTAL TAX OBLIGATION/GENERAL

75,196,544

TAX OBLIGATION/LIMITED - 20.5%

1,235,000

Bergen County Improvement Authority, New Jersey, County

Guaranteed Governmental Pooled Project Notes, Series 2024

.000

10/16/25

1,237,044

3,500,000

Bergen County Improvement Authority, New Jersey, County

Guaranteed Governmental Pooled Project Notes, Series 2025A

.000

05/21/26

3,534,955

650,000

Bergen County Improvement Authority, New Jersey, Guaranteed

Lease Revenue Bonds, County Administration Complex Project,

Series 2005

.000

11/15/26

671,082

2,610,000

Burlington County Bridge Commission, New Jersey,

Governmental Leasing Program Revenue Bonds, Notes Series

2025C-2

.000

07/31/26

2,639,042

3,000,000

Burlington County Bridge Commission, New Jersey,

Governmental Leasing Program Revenue Bonds, Series 2024D

.250

12/11/25

3,010,921

450,000

Camden County Improvement Authority, New Jersey, County

Guaranteed Loan Revenue Bonds, Refunding Capital Program

Series 2024B

.000

01/15/29

489,406

1,000,000

Camden County Improvement Authority, New Jersey, County

Guaranteed Loan Revenue Bonds, Refunding Capital Program

Series 2024B

.000

01/15/30

1,108,470

795,000

Casino Reinvestment Development Authority, New Jersey, Luxury

Tax Revenue Bonds, Series 2024A

.000

11/01/41

823,088

600,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, County Guaranteed Loan Capital Program, Refunding

Series 2025

.000

04/01/29

657,152

650,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, County Guaranteed Loan Capital Program, Refunding

Series 2025

.000

04/01/31

733,195

250,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, County Guaranteed Loan Capital Program, Refunding

Series 2025

.000

04/01/32

284,852

350,000

Gloucester County Improvement Authority, New Jersey, Revenue

Bonds, County Guaranteed Loan Capital Program, Refunding

Series 2025

.000

04/01/33

401,694

1,135,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/33

1,230,090

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

01/01/34

542,904

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

500,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.000

%

01/01/35

$

539,410

1,065,000

Middlesex County Improvement Authority, New Jersey, County

Guaranteed Lease Revenue Bonds, Middlesex Regional

Educational Services Commission Projects, Refunding Series

2024

.000

10/15/33

1,226,535

2,940,000

Middlesex County Improvement Authority, New Jersey, General

Obligation Lease Revenue Bonds, New Jersey Health + Life

Science Exchange - H-1 Project Series 2023A

.000

08/15/49

3,035,493

1,000,000

Middlesex County Improvement Authority, New Jersey, General

Obligation Lease Revenue Bonds, New Jersey Health + Life

Science Exchange - H-1 Project Series 2023A

.000

08/15/53

871,360

3,600,000

New Jersey Economic Development Authority, New Jersey,

Transit Transportation Project Revenue Bonds, Portal North

Bridge Project Series 2022A

.250

11/01/47

3,668,132

3,775,000

New Jersey Economic Development Authority, New Jersey,

Transit Transportation Project Revenue Bonds, Portal North

Bridge Project Series 2022A

.000

11/01/52

3,780,407

3,220,000

New Jersey Economic Development Authority, Revenue Bonds,

Motor Vehicle Surcharge, Refunding Subordinate Series 2017A

.375

07/01/30

3,182,269

2,010,000

New Jersey Economic Development Authority, Revenue Bonds,

New Jersey Transit Corporation Projects Sublease, Refunding

Series 2017B

.000

11/01/25

2,017,683

255,000

New Jersey Transportation Trust Fund Authority, Federal Highway

Reimbursement Revenue Notes, Series 2016A-1

.000

06/15/29

259,560

175,000

New Jersey Transportation Trust Fund Authority, Federal Highway

Reimbursement Revenue Notes, Series 2016A-1

.000

06/15/30

177,958

3,845,000

New Jersey Transportation Trust Fund Authority, Federal Highway

Reimbursement Revenue Notes, Series 2018A

.000

06/15/31

3,904,548

505,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2019AA

.000

06/15/46

505,540

1,000,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2022CC

.250

06/15/41

1,045,808

1,500,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2023AA

.250

06/15/44

1,364,588

14,250,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Capital Appreciation Series 2010A

.000

12/15/30

12,090,504

5,300,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AGM Insured

.000

12/15/32

4,146,191

4,620,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AGM Insured

.000

12/15/33

3,445,154

1,045,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Refunding Series 2006C - AGM Insured

.000

12/15/34

740,554

2,360,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2019BB

.500

06/15/46

1,845,686

680,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2019BB

.000

06/15/50

579,363

1,560,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2024AA

.000

06/15/42

1,401,496

1,080,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2024CC

.125

06/15/55

918,389

705,000

Passaic County Improvement Authority, New Jersey, Guaranteed

Revenue Bonds, Senior Housing Project Series 2024

.000

11/01/51

631,586

1,110,000

Passaic County Improvement Authority, New Jersey, Lease

Revenue Bonds, Preakness Healthcare Center Expansion Project,

Refunding Series 2015

.750

05/01/36

1,104,772

1,115,000

Passaic County Improvement Authority, New Jersey, Lease

Revenue Bonds, Preakness Healthcare Center Expansion Project,

Series 2012

.500

05/01/35

1,098,943

1,920,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

1,761,136

1,756,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

1,628,589

#### Portfolio of Investments August 31, 2025
(continued)

#### New Jersey Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,725,000

Union County Improvement Authority, New Jersey, Lease

Revenue Bonds, Plainfield - Park Madison Redevelopment

Project, Refunding Series 2013A

.000

%

03/01/34

$

1,882,727

TOTAL TAX OBLIGATION/LIMITED

76,218,276

TRANSPORTATION - 10.9%

1,000,000

Delaware River and Bay Authority, Delaware and New Jersey,

Revenue Bonds, Refunding Series 2024B

.000

01/01/41

1,063,568

1,000,000

Delaware River and Bay Authority, Delaware and New Jersey,

Revenue Bonds, Series 2019

.000

01/01/44

904,956

1,090,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Refunding Series

2015 - BAM Insured

.000

07/01/35

1,090,192

1,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

.000

07/01/42

1,004,882

2,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

.000

07/01/47

2,002,481

1,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2019A

.000

07/01/49

675,018

2,560,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Series 2013

.000

01/01/40

2,564,729

1,860,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Refunding Series 2025

.000

01/01/37

2,056,521

1,705,000

New Jersey Economic Development Authority, Private Activity

Bonds, The Goethals Bridge Replacement Project, Series 2013 -

AGM Insured, (AMT)

.000

01/01/31

1,708,044

1,645,000

New Jersey Economic Development Authority, Private Activity

Bonds, The Goethals Bridge Replacement Project, Series 2013,

(AMT)

.625

01/01/52

1,645,674

1,245,000

New Jersey Economic Development Authority, Special Facilities

Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT)

.250

09/15/29

1,246,300

380,000

New Jersey Economic Development Authority, Special Facilities

Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B,

(AMT)

.625

11/15/30

380,397

1,000,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

.000

10/01/37

1,007,689

2,000,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

.000

10/01/47

1,894,890

1,315,000

New Jersey Turnpike Authority, Revenue Bonds, Series 2005A -

AGM Insured

.250

01/01/29

1,437,251

775,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series

2022A

.000

01/01/42

717,053

2,010,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series

2022A

.000

01/01/43

1,830,259

1,000,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series

2022B

.000

01/01/46

1,016,997

1,030,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series

2022B

.500

01/01/48

987,374

2,250,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series

2022B

.250

01/01/52

2,313,628

925,000

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series

2025A

.250

01/01/55

960,197

1,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Fiftieth Series 2025

.000

10/15/36

1,117,619

2,950,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT)

.000

12/01/53

2,919,551

1,200,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Forty-Fifth Series 2024

.000

09/01/54

1,216,541

1,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Second Series 2017, (AMT)

.000

10/15/33

1,023,035

1,000,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Refunding Series 2019A

- AGM Insured

.000

11/01/33

1,069,574

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,000,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Refunding Series 2025A

- BAM Insured

.000

%

11/01/38

$

962,158

1,000,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Refunding Series 2025A

- BAM Insured

.000

11/01/39

946,707

2,330,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Series 2022A

.625

11/01/47

2,177,458

650,000

South Jersey Transportation Authority, New Jersey,

Transportation System Revenue Bonds, Series 2022A - BAM

Insured

.250

11/01/52

668,906

TOTAL TRANSPORTATION

40,609,649

U.S. GUARANTEED - 0.4% (b)

500,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Series 2013, (Pre-refunded 9/29/25)

.000

01/01/37

500,923

145,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Kennedy Health System Obligated Group Issue,

Refunding Series 2012, (ETM)

.750

07/01/27

146,870

600,000

New Jersey Transportation Trust Fund Authority, Transportation

Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)

.250

06/15/46

696,589

TOTAL U.S. GUARANTEED

1,344,382

UTILITIES - 8.3%

500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

.500

07/01/43

522,664

1,975,000

New Jersey Economic Development Authority, Natural Gas

Facilities Revenue Bonds, New Jersey Natural Gas Company

Project, Refunding Series 2011A

.750

08/01/39

1,492,110

530,000

New Jersey Economic Development Authority, Natural Gas

Facilities Revenue Bonds, New Jersey Natural Gas Company

Project, Refunding Series 2011C, (AMT)

.000

08/01/41

403,204

2,575,000

New Jersey Economic Development Authority, Water Facilities

Revenue Bonds, Middlesex Water Company, Series 2019, (AMT)

.000

08/01/59

2,042,091

5,000,000

New Jersey Economic Development Authority, Water Facilities

Revenue Bonds, New Jersey-American Water Company Inc.

Project, Refunding Series 2019A, (AMT), (Mandatory Put

12/03/29)

.200

10/01/39

4,538,371

565,000

New Jersey Economic Development Authority, Water Facilities

Revenue Bonds, New Jersey-American Water Company Inc.

Project, Refunding Series 2020B, (AMT), (Mandatory Put 6/01/28)

.750

11/01/34

565,796

500,000

New Jersey Environmental Infrastructure Trust, Environmental

Infrastructure Bonds, Green Series 2025A-SW1

.000

09/01/34

580,130

1,435,000

New Jersey Environmental Infrastructure Trust, Environmental

Infrastructure Bonds, Refunding Series 2016A-R1

.000

09/01/25

1,435,000

6,295,000

New Jersey Infrastructure Bank, Environmental Infrastructure

Bonds, Green Series 2022A-2

.000

09/01/47

6,490,495

2,000,000

New Jersey Infrastructure Bank, Environmental Infrastructure

Bonds, Green Series 2022A-2

.000

09/01/52

2,051,266

1,500,000

New Jersey Infrastructure Bank, Environmental Infrastructure

Bonds, Green Series 2023A-W1

.000

09/01/30

1,681,082

500,000

New Jersey Infrastructure Bank, Environmental Infrastructure

Bonds, Green Series 2023A-W1

.000

09/01/34

577,140

500,000

North Hudson Sewerage Authority, New Jersey, Gross Revenue

Lease Certificates, Senior Lien Series 2023 - BAM Insured

.000

06/01/38

542,782

750,000

North Hudson Sewerage Authority, New Jersey, Gross Revenue

Lease Certificates, Senior Lien Series 2023 - BAM Insured

.000

06/01/39

806,354

375,000

North Hudson Sewerage Authority, New Jersey, Gross Revenue

Lease Certificates, Senior Lien Series 2023 - BAM Insured

.000

06/01/44

387,161

695,000

Passaic County Utilities Authority, New Jersey, Solid Waste

Disposal Revenue Bonds, Refunding Series 2018

.000

03/01/37

759,061

1,425,000

Passaic Valley Water Commission, New Jersey, Water System

Revenue Bonds, Series 2023 - AGM Insured

.000

12/01/53

1,261,501

#### Portfolio of Investments August 31, 2025
(continued)

#### New Jersey Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

5,000,000

Salem County Pollution Control Financing Authority, New

Jersey, Revenue Bonds, Atlantic City Electric Company Project,

Refunding Series 2020

.250

%

06/01/29

$

4,763,901

TOTAL UTILITIES

30,900,109

TOTAL MUNICIPAL BONDS

(Cost $384,018,280)

363,688,406

TOTAL LONG-TERM INVESTMENTS

(Cost $384,018,280)

363,688,406

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.4%

X

8,790,000

MUNICIPAL BONDS - 2.4%

X

–

HOUSING/MULTIFAMILY - 1.0%

$

3,635,000

(c) New Jersey Housing and Mortgage Finance Agency, Multifamily

Housing Revenue Bonds, Meadow Brook Apartments Project,

Series 2006A, (AMT)

.000

03/15/40

$

3,635,000

TOTAL HOUSING/MULTIFAMILY

3,635,000

TRANSPORTATION - 1.4%

5,155,000

(a),(c)

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Tender

Option Bond Trust Series 2025-XX1406

.023

01/01/55

5,155,000

TOTAL TRANSPORTATION

5,155,000

TOTAL MUNICIPAL BONDS

(Cost $8,790,000)

8,790,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $8,790,000)

8,790,000

TOTAL INVESTMENTS - 100.1%

(Cost $392,808,280)

372,478,406

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(217,300)

NET ASSETS - 100%

$

372,261,106

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

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

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

As of the end of the reporting period, the aggregate value of these securities is $8,088,762 or 2.2% of Total Investments.

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

payment of principal and interest.

(c) 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 August 31, 2025

#### New York Municipal Bond
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.5%

X

930,853,562

MUNICIPAL BONDS - 99.5%

X

–

CONSUMER STAPLES - 3.6%

$

15,110,000

Erie County Tobacco Asset Securitization Corporation, New York,

Tobacco Settlement Asset-Backed Bonds, Series 2005A

.000

%

06/01/38

$

13,625,695

76,105,000

(a) Erie County Tobacco Asset Securitization Corporation, New York,

Tobacco Settlement Asset-Backed Bonds, Series 2005C

.000

06/01/50

8,828,248

755,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Series 2016A-1

.625

06/01/35

766,873

6,885,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Series 2016A-1

.750

06/01/43

6,504,128

1,330,000

New York Counties Tobacco Trust VI, New York, Tobacco

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

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

.000

06/01/45

1,132,092

10,000,000

Suffolk Tobacco Asset Securitization Corporation, New York,

Tobacco Settlement Asset-Backed Bonds, Series 2021B-2

.000

06/01/66

817,734

3,000,000

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

.000

06/01/48

2,547,679

TOTAL CONSUMER STAPLES

34,222,449

EDUCATION AND CIVIC ORGANIZATIONS - 8.4%

1,930,000

Buffalo and Erie County Industrial Land Development

Corporation, New York, Revenue Bonds, Enterprise Charter

School Project, Series 2011A

.500

12/01/40

1,883,893

1,360,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Classical Charter Schools Series 2023A

.500

06/15/43

1,235,881

550,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Global Community Charter School Project, Series 2022A

.000

06/15/52

444,984

3,360,000

Build New York City Resource Corporation, New York, Revenue

Bonds, KIPP New York City Public School Facilities, Canal West

Project, Series 2022

.250

07/01/52

3,220,915

2,240,000

(b) Build New York City Resource Corporation, New York, Revenue

Bonds, Metropolitan College of New York, Series 2014

.000

11/01/39

1,568,000

2,200,000

(b) Build New York City Resource Corporation, New York, Revenue

Bonds, Metropolitan College of New York, Series 2014

.500

11/01/44

1,540,000

1,265,000

Build New York City Resource Corporation, New York, Revenue

Bonds, New World Preparatory Charter School Project, Series

2021A

.000

06/15/41

1,050,844

1,440,000

(a) Build NYC Resource Corporation Revenue Bonds, New York, East

Harlem Scholars Academy Charter School Project, Series 2022

(Social Bonds)

.750

06/01/62

1,336,655

2,395,000

(a) Build NYC Resource Corporation, New York, Revenue Bonds,

Family Life Academy Charter School, Series 2020C-1

.000

06/01/55

1,858,153

580,000

(a) Build NYC Resource Corporation, New York, Revenue Bonds,

Richmond Preparatory Charter School Project, Social Impact

Project Series 2021A

.000

06/01/41

494,168

2,620,000

(a) Build NYC Resource Corporation, New York, Revenue Bonds,

Richmond Preparatory Charter School Project, Social Impact

Project Series 2021A

.000

06/01/56

1,977,240

2,965,000

(a) Dormitory Authority of the State of New York, General Revenue

Bonds, American Musical and Dramatic Academy Inc., Series

2023A

.250

07/01/53

2,965,121

4,000,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Barnard College, Series 2025A

.000

07/01/55

3,816,100

3,835,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Yeshiva University, Series 2022A

.000

07/15/42

3,813,217

3,015,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Yeshiva University, Series 2022A

.000

07/15/50

2,873,410

1,670,000

Dormitory Authority of the State of New York, Housing Revenue

Bonds, Fashion Institute of Technology, Series 2007 - FGIC

Insured

.250

07/01/29

1,733,545

735,000

Dormitory Authority of the State of New York, Housing Revenue

Bonds, Fashion Institute of Technology, Series 2007 - FGIC

Insured

.250

07/01/34

751,790

9,000,000

Dormitory Authority of the State of New York, Revenue Bonds,

Fordham University, Series 2020

.000

07/01/46

7,693,052

#### Portfolio of Investments August 31, 2025
(continued)

#### New York Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,055,000

Dormitory Authority of the State of New York, Revenue Bonds,

New York University, Series 2001-1 - AMBAC Insured

.500

%

07/01/40

$

1,185,554

1,950,000

Dormitory Authority of the State of New York, Revenue Bonds,

Pace University, Series 2024A

.500

05/01/56

1,921,434

3,250,000

Dormitory Authority of the State of New York, Revenue Bonds,

Rockefeller University, Green Series 2019B

.000

07/01/50

3,250,975

1,000,000

Dormitory Authority of the State of New York, Revenue Bonds,

Rockefeller University, Series 2020A

.000

07/01/53

991,487

8,665,000

Dormitory Authority of the State of New York, Revenue Bonds,

Rockefeller University, Series 2022A

.000

07/01/42

8,009,085

3,450,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Vaughn College of Aeronautics & Technology, Series 2016A

.500

12/01/36

3,070,233

6,675,000

Glen Cove Local Economic Assistance Corporation, New York,

Revenue Bonds, Garvies Point Public Improvement Project,

Capital Appreciation Series 2016B

.000

01/01/45

1,742,108

3,040,000

Glen Cove Local Economic Assistance Corporation, New York,

Revenue Bonds, Garvies Point Public Improvement Project,

Capital Appreciation Series 2016C

.625

01/01/55

2,590,654

200,000

Hempstead Town Local Development Corporation, New York,

Education Revenue Bonds, Evergreen Charter School Project,

Series 2022A

.500

06/15/57

191,039

7,835,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, University of Rochester Project, Series 2020A

.000

07/01/50

6,721,491

5,750,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, University of Rochester Project, Series 2023A

.000

07/01/53

5,761,247

300,000

(a) Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Academy of Health Sciences Charter School

Project, Social Impact Series 2022

.875

07/01/52

284,454

850,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, St. John Fisher University Project, Series 2024

.250

06/01/54

859,627

1,285,000

Troy Capital Resource Corporation, New York, Revenue Bonds,

Rensselaer Polytechnic Institute, Refunding Forward Delivery

Series 2020A

.000

09/01/40

1,175,060

195,000

Yonkers Economic Development Corporation, New York,

Educational Revenue Bonds, Lamartine/Warburton LLC-Charter

School of Educational Excellence Project, Series 2019A

.000

10/15/29

195,378

205,000

Yonkers Economic Development Corporation, New York,

Educational Revenue Bonds, Lamartine/Warburton LLC-Charter

School of Educational Excellence Project, Series 2019A

.000

10/15/39

200,104

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

78,406,898

FINANCIALS - 1.1%

5,710,000

Liberty Development Corporation, New York, Goldman Sachs

Headquarter Revenue Bonds, Series 2005

.250

10/01/35

6,430,750

3,475,000

Liberty Development Corporation, New York, Goldman Sachs

Headquarters Revenue Bonds Series 2007

.500

10/01/37

3,957,734

TOTAL FINANCIALS

10,388,484

HEALTH CARE - 16.2%

15,600,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Northwell Health Obligated Group, Series 2022A

.000

05/01/45

13,472,088

18,290,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Northwell Health Obligated Group, Series 2022A

.250

05/01/52

15,639,435

9,255,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Northwell Health Obligated Group, Series 2022A

.000

05/01/52

9,044,617

14,465,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Northwell Health Obligated Group, Series 2024A

.250

05/01/54

14,538,021

3,600,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2018A

.000

08/01/35

3,635,783

1,200,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

09/01/30

1,284,583

2,680,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

09/01/34

2,793,994

2,620,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

09/01/35

2,720,002

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

5,000,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2020A

.000

%

09/01/50

$

3,962,976

5,420,000

Dormitory Authority of the State of New York, Revenue Bonds,

Mount Sinai Health Obligated Group, Series 2025

.250

07/01/50

5,249,364

14,435,000

Dormitory Authority of the State of New York, Revenue Bonds,

NYU Langone Hospitals Obligated Group, Series 2020A

.000

07/01/53

11,815,434

500,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2015

.000

12/01/25

500,130

450,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2015

.000

12/01/29

450,094

1,100,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2015

.000

12/01/32

1,099,988

1,100,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2015

.000

12/01/33

1,100,383

1,000,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2015

.000

12/01/35

970,233

1,300,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2015

.000

12/01/40

1,165,393

2,000,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2017

.000

12/01/26

2,018,223

1,200,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2017

.000

12/01/27

1,214,051

4,250,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2017

.000

12/01/36

4,100,550

1,000,000

(a) Dormitory Authority of the State of New York, Revenue Bonds,

Orange Regional Medical Center Obligated Group, Series 2017

.000

12/01/37

945,966

2,750,000

Dormitory Authority of the State of New York, Revenue Bonds,

Roswell Park Cancer Institute Obligated Group, Series 2025A

.500

07/01/55

2,842,980

400,000

Dormitory Authority of the State of New York, Revenue Bonds,

White Plains Hospital, Series 2024

.250

10/01/49

388,278

6,280,000

Dutchess County Local Development Corporation, New York,

Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B

.000

07/01/35

6,333,170

2,385,000

Dutchess County Local Development Corporation, New York,

Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B

.000

07/01/41

2,159,214

12,325,000

Dutchess County Local Development Corporation, New York,

Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B

.000

07/01/46

11,674,051

1,000,000

Dutchess County Local Development Corporation, New York,

Revenue Bonds, Nuvance Health Issue, Series 2019B

.000

07/01/26

1,015,278

1,395,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Rochester General Hospital Project, Series

2013A

.000

12/01/42

1,357,194

6,605,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Rochester General Hospital Project, Series 2017

.000

12/01/46

6,389,809

4,600,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Rochester Regional Health Project, Series 2020A

.000

12/01/46

3,783,554

375,000

Monroe County Industrial Development Corporation, New York,

Tax-Exempt Revenue Bonds, Highland Hospital of Rochester

Project, Series 2015

.000

07/01/34

375,368

19,010,000

Westchester County Local Development Corporation, New York,

Revenue Bonds, Westchester Medical Center Obligated Group

Project, Series 2016

.000

11/01/46

16,838,828

380,000

Westchester County Local Development Corporation, New York,

Revenue Bonds, Westchester Medical Center Obligated Group

Project, Series 2023

.250

11/01/52

396,281

TOTAL HEALTH CARE

151,275,313

#### Portfolio of Investments August 31, 2025
(continued)

#### New York Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 0.9%

$

4,000,000

New York City Housing Development Corporation, New

York, Multifamily Housing Revenue Bonds, Green Sustainable

Development Series 2024F-1-A

.550

%

11/01/54

$

3,724,300

3,450,000

(a) New York City Housing Development Corporation, New York,

Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F

Series 2024

.250

12/15/31

3,541,616

1,185,000

New York State Housing Finance Agency, Multifamily Housing

Revenue Bonds, Cannon Street Senior Housing Project, Series

2007A, (AMT)

.300

02/15/39

1,185,028

TOTAL HOUSING/MULTIFAMILY

8,450,944

INDUSTRIALS - 4.7%

17,020,000

(a) New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

.000

11/15/44

16,540,215

7,550,000

(a) New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 2 Series

2014

.150

11/15/34

7,555,922

1,915,000

New York Transportation Development Corporation, New York,

Facility Revenue Bonds, Thruway Service Areas Project, Series

2021, (AMT)

.000

10/31/41

1,682,206

3,720,000

New York Transportation Development Corporation, New York,

Facility Revenue Bonds, Thruway Service Areas Project, Series

2021, (AMT)

.000

10/31/46

3,110,740

18,765,000

New York Transportation Development Corporation, New York,

Facility Revenue Bonds, Thruway Service Areas Project, Series

2021, (AMT)

.000

04/30/53

14,812,652

TOTAL INDUSTRIALS

43,701,735

LONG-TERM CARE - 0.2%

535,000

Dormitory Authority of the State of New York, Non-State

Supported Debt, Ozanam Hall of Queens Nursing Home

Revenue Bonds, Series 2006

.000

11/01/31

541,721

550,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Saint Ann's Community Project, Series 2019

.000

01/01/40

509,207

265,000

(a) New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Special Needs Facilities Pooled Program,

Series 2008A-1

.100

07/01/28

264,336

210,000

(a) New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Special Needs Facilities Pooled Program,

Series 2008A-1

.200

07/01/33

206,764

TOTAL LONG-TERM CARE

1,522,028

MATERIALS - 0.2%

2,060,000

(a) Build New York City Resource Corporation, New York, Solid

Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project,

Series 2014, (AMT)

.000

01/01/35

2,061,119

TOTAL MATERIALS

2,061,119

TAX OBLIGATION/GENERAL - 5.9%

5,165,000

Nassau County, New York, General Obligation Bonds, General

Improvement Series 2023A

.000

04/01/53

4,432,165

5,845,000

New York City, New York, General Obligation Bonds, Fiscal 2018

Series B-1

.000

10/01/39

5,941,106

7,210,000

New York City, New York, General Obligation Bonds, Fiscal 2018

Series E-1

.000

03/01/39

7,361,328

6,050,000

New York City, New York, General Obligation Bonds, Fiscal 2018

Series E-1

.000

03/01/40

6,149,507

3,875,000

New York City, New York, General Obligation Bonds, Fiscal 2018

Series F-1

.000

04/01/45

3,893,495

5,450,000

New York City, New York, General Obligation Bonds, Fiscal 2022

Series A-1

.000

08/01/47

5,450,334

5,790,000

New York City, New York, General Obligation Bonds, Fiscal 2023

Series B-1

.250

10/01/47

5,913,960

3,750,000

New York City, New York, General Obligation Bonds, Fiscal 2026

Series A-1

.250

08/01/53

3,850,164

10,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

9,784,032

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,770,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

%

07/01/41

$

2,411,818

TOTAL TAX OBLIGATION/GENERAL

55,187,909

TAX OBLIGATION/LIMITED - 20.9%

1,585,000

Dormitory Authority of the State of New York, Residential

Institutions for Children Revenue Bonds, Series 2008-A1

.000

06/01/33

1,588,232

1,985,000

Dormitory Authority of the State of New York, Residential

Institutions for Children Revenue Bonds, Series 2008-A1

.000

06/01/38

1,988,136

20,000

Dormitory Authority of the State of New York, Revenue Bonds,

School Districts Financing Program, Series 2009C - AGC Insured

.125

10/01/36

20,034

4,510,000

Dormitory Authority of the State of New York, Revenue Bonds,

School Districts Financing Program, Series 2025A

.000

10/01/38

4,840,403

2,040,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2021A

.000

03/15/49

2,048,891

17,140,000

Dormitory Authority of the State of New York, State Sales Tax

Revenue Bonds, Series 2017A Group C

.000

03/15/41

17,319,317

10,000,000

Dormitory Authority of the State of New York, State Sales Tax

Revenue Bonds, Series 2018A

.000

03/15/42

10,189,746

2,135,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/26

2,145,548

1,455,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

.000

11/15/29

1,462,188

2,170,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Green Fiscal 2022 Series A

.000

02/15/36

2,202,997

5,710,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Second Indenture Fiscal 2017 Series A

.000

02/15/39

5,795,141

3,955,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Second Indenture Fiscal 2017 Series A

.000

02/15/42

3,988,513

1,045,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Second Indenture Fiscal 2017 Series A

.000

02/15/45

1,050,646

2,935,000

Metropolitan Transportation Authority, New York, Dedicated Tax

Fund Bonds, Green Series 2024A

.000

11/15/51

2,521,621

5,450,000

Metropolitan Transportation Authority, New York, Dedicated Tax

Fund Bonds, Series 2022A

.000

11/15/46

5,481,739

4,000,000

Monroe County Industrial Development Agency, New York,

School Facility Revenue Bonds, Rochester Schools Modernization

Project, Series 2013

.000

05/01/28

4,006,839

9,335,000

New York City Transitional Finance Authority, New York, Building

Aid Revenue Bonds, Fiscal 2020 Subseries S-1B

.000

07/15/43

8,423,172

1,615,000

New York City Transitional Finance Authority, New York, Building

Aid Revenue Bonds, Fiscal Series 2016S-1

.000

07/15/34

1,629,827

1,165,000

New York City Transitional Finance Authority, New York, Building

Aid Revenue Bonds, Fiscal Series 2016S-1

.000

07/15/35

1,175,695

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1

.000

05/01/40

5,023,705

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1

.000

08/01/36

5,063,160

5,375,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1

.000

02/01/43

5,411,112

5,000,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2017 Series F-1

.000

05/01/38

5,088,638

4,020,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2020 Subseries B-1

.000

11/01/47

3,461,902

5,835,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series A-1

.250

05/01/52

6,011,741

3,670,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025H-1

.250

11/01/48

3,794,795

5,000,000

New York City, New York, Educational Construction Fund

Revenue Bonds, Series 2021B

.000

04/01/52

5,015,932

9,585,000

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Bidding Group 1 Series 2022A

.000

03/15/45

9,767,724

15,000,000

New York State Thruway Authority, State Personal Income Tax

Revenue Bonds, Climate Certified Green Series 2022C

.125

03/15/57

12,905,528

#### Portfolio of Investments August 31, 2025
(continued)

#### New York Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

7,000,000

New York State Urban Development Corporation, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2020C

.000

%

03/15/47

$

7,023,261

3,800,000

New York State Urban Development Corporation, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2020C

.000

03/15/49

3,250,383

500,000

Oneida Indian Nation, New York, Tax Revenue Bonds, Series

2024B

.000

09/01/43

522,958

12,393,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

3,916,899

25,146,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

23,065,375

5,750,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

.000

01/01/29

4,617,876

1,930,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

.000

01/01/32

1,475,815

1,250,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

.000

01/01/34

939,124

5,430,000

Syracuse Industrial Development Authority, New York, PILOT

Revenue Bonds, Carousel Center Project, Refunding Series

2016A, (AMT)

.000

01/01/36

4,029,663

2,340,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Series 2021B-1

.000

05/15/56

1,957,865

2,000,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Series 2022A

.000

05/15/51

1,719,762

1,650,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Subseries 2021A-1

.000

05/15/51

1,657,212

2,255,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Senior Lien Bonds, Series 2022C

.125

05/15/52

1,983,747

TOTAL TAX OBLIGATION/LIMITED

195,582,862

TRANSPORTATION - 31.8%

4,600,000

Build NYC Resource Corporation, New York, Airport Facilities

Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,

(AMT)

.500

07/01/55

4,613,494

2,700,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Green Climate Bond Certified Series 2016A-1

.250

11/15/56

2,679,308

2,000,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Green Climate Bond Certified Series 2020A-1

.000

11/15/48

1,966,116

3,600,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Green Climate Bond Certified Series 2020C-1

.750

11/15/45

3,450,992

2,000,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Green Climate Bond Certified Series 2020C-1

.250

11/15/55

1,993,840

2,500,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Refunding Green Series 2016B

.000

11/15/37

2,526,354

8,350,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Refunding Series 2015C-1

.250

11/15/30

8,381,961

7,500,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Refunding Series 2015D-1

.000

11/15/30

7,524,660

6,655,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Refunding Series 2017D

.000

11/15/42

5,856,237

2,500,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Series 2016C-1

.000

11/15/34

2,541,876

2,800,000

(b) New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Bronx Parking Development Company,

LLC Project, Series 2007

.300

10/01/37

1,792,000

2,000,000

(b) New York City Industrial Development Agency, New York, Civic

Facility Revenue Bonds, Bronx Parking Development Company,

LLC Project, Series 2007

.350

10/01/46

1,280,000

5,270,000

New York City, Industrial Development Agency, Senior Airport

Facilities Revenue Refunding Bonds, TRIPS Obligated Group,

Series 2012A, (AMT)

.000

07/01/28

5,271,760

5,000,000

New York State Thruway Authority, General Revenue Bonds,

Series 2020N

.000

01/01/42

4,549,300

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

3,000,000

New York State Thruway Authority, General Revenue Bonds,

Series 2020N

.000

%

01/01/43

$

2,701,915

8,515,000

New York State Thruway Authority, General Revenue Junior

Indebtedness Obligations, Series 2016A

.000

01/01/51

8,468,922

4,750,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

.000

07/01/31

4,750,040

12,020,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

.000

07/01/46

11,385,160

24,965,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

.250

01/01/50

23,768,303

6,735,000

New York Transportation Development Corporation, New York,

Special Facilities Revenue Bonds, Terminal 6 John F Kennedy

International Airport Redevelopment Project, Senior Green Series

2024A, (AMT)

.500

12/31/60

6,520,667

3,100,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/26

3,100,087

12,610,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/31

12,610,109

1,745,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Series 2020, (AMT)

.375

08/01/36

1,783,022

2,080,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2023, (AMT)

.000

06/30/54

2,113,525

14,915,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2023 - BAM

Insured, (AMT)

.375

06/30/60

14,878,937

10,545,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport New Terminal 1 Project, Green Series 2024, (AMT)

.500

06/30/60

10,149,344

9,270,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

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

.000

06/30/55

9,537,681

1,280,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2020A, (AMT)

.000

12/01/37

1,300,253

1,540,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2020C

.000

12/01/34

1,637,863

1,745,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2020C

.000

12/01/35

1,849,578

2,010,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

.000

12/01/35

2,115,784

10,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

.000

12/01/36

10,430,834

3,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

.000

12/01/37

3,090,729

1,000,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2022, (AMT)

.000

12/01/40

1,004,856

1,300,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2018, (AMT)

.000

01/01/27

1,322,437

#### Portfolio of Investments August 31, 2025
(continued)

#### New York Municipal Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

10,200,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2018, (AMT)

.000

%

01/01/28

$

10,504,450

10,035,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2018, (AMT)

.000

01/01/31

10,261,130

1,300,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2020, (AMT)

.375

10/01/45

1,129,195

5,400,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2023, (AMT)

.000

04/01/35

5,858,602

3,775,000

Niagara Frontier Transportation Authority, New York, Airport

Revenue Bonds, Buffalo International Airport, Series 2014A,

(AMT)

.000

04/01/26

3,778,394

15,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, One Hundred Ninety-Eighth Series 2016

.250

11/15/56

15,074,198

2,500,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)

.000

11/01/44

2,475,083

10,230,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Fifth Series 2017

.000

11/15/47

10,279,253

4,335,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Forty-Fourth Series 2024

.000

07/15/49

4,409,309

3,160,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Forty-Fourth Series 2024

.000

07/15/54

3,202,908

5,000,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Thirty-Six Series 2022, (AMT)

.000

01/15/47

4,988,034

4,800,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Twentieth Series 2019, (AMT)

.000

11/01/59

3,818,025

8,055,000

Triborough Bridge and Tunnel Authority, New York, General

Purpose Revenue Bonds, MTA Bridges & Tunnels, Refunding

Series 2017B

.000

11/15/38

8,217,429

10,900,000

Triborough Bridge and Tunnel Authority, New York, General

Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2019A

.000

11/15/49

10,904,678

14,200,000

Triborough Bridge and Tunnel Authority, New York, General

Revenue Bonds, MTA Bridges & Tunnels, Series 2021A

.000

11/15/56

14,022,173

TOTAL TRANSPORTATION

297,870,805

UTILITIES - 5.6%

4,875,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Green Series 2023E

.000

09/01/53

4,884,973

2,215,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2017

.000

09/01/42

2,236,330

695,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2017

.000

09/01/47

696,332

7,465,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2018 Series CC-1

.000

06/15/48

7,484,710

9,885,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2020 Series CC-1

.000

06/15/49

8,508,985

7,500,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2025 Series BB

.250

06/15/55

7,742,820

7,780,000

New York Energy Finance Development Corporation, Energy

Supply Revenue Bonds, Series 2025, (Mandatory Put 12/01/33)

.000

07/01/56

8,178,588

4,080,000

New York State Power Authority, Green Transmission Project

Revenue Bonds, Green Series 2023A - AGM Insured

.000

11/15/48

4,139,912

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

9,400,000

(a) Niagara Area Development Corporation, New York, Solid Waste

Disposal Facility Revenue Refunding Bonds, Covanta Energy

Project, Series 2018A, (AMT)

.750

%

11/01/42

$

8,310,366

TOTAL UTILITIES

52,183,016

TOTAL MUNICIPAL BONDS

(Cost $967,774,191)

930,853,562

TOTAL LONG-TERM INVESTMENTS

(Cost $967,774,191)

930,853,562

OTHER ASSETS & LIABILITIES, NET - 0.5%

4,337,140

NET ASSETS - 100%

$

935,190,702

AMT

Alternative Minimum Tax

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

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

As of the end of the reporting period, the aggregate value of these securities is $72,859,621 or 7.8% of Total Investments.

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

bankruptcy.

Statement of Assets and Liabilities

See Notes to Financial Statements

August 31, 2025 (Unaudited)

California High

Yield

California

Connecticut

Massachusetts

New Jersey

New York

ASSETS

Long-term investments, at value

†

$

1,092,526,980

$

1,554,421,575

$

211,784,517

$

389,152,877

$

363,688,406

$

930,853,562

Short-term investments, at value

◊

7,675,000

13,000,000

–

5,000,000

8,790,000

–

Cash

253,865

24,788,849

3,997,579

656,083

–

–

Receivables:

Interest

20,722,208

19,468,777

2,233,443

4,902,433

3,802,545

11,764,481

Investments sold

1,300,000

16,855,000

85,238

5,080,688

270,000

–

Shares sold

348,081

7,128,293

263,146

472,798

68,560

690,025

Unfunded commitments

272,406

–

–

–

–

–

Other

87,658

86,474

22,233

21,157

19,168

71,368

Total assets

1,123,186,198

1,635,748,968

218,386,156

405,286,036

376,638,679

943,379,436

LIABILITIES

Cash overdraft

–

–

–

–

3,374,731

5,068,108

Floating rate obligations

238,660,000

–

–

–

–

–

Payables:

Management fees

397,161

641,411

92,420

170,825

155,028

382,501

Dividends

406,280

1,172,032

69,665

174,748

170,327

530,566

Interest

3,065,709

3,701

517

1,192

812

2,273

Investments purchased - when-issued/delayed-

delivery settlement

–

6,118,320

–

–

–

–

Shares redeemed

4,129,237

3,678,589

375,570

703,118

500,313

1,825,098

Accrued expenses:

Custodian fees

90,262

98,539

26,758

42,195

40,117

65,748

Trustees fees

49,044

89,699

21,082

20,085

19,042

72,565

Professional fees

39,912

46,516

20,071

25,806

22,739

34,630

Shareholder reporting expenses

16,589

24,690

9,095

16,082

12,164

20,068

Shareholder servicing agent fees

69,960

141,216

15,781

68,407

38,935

89,194

12b-1 distribution and service fees

90,172

140,774

21,328

33,907

41,409

96,119

Other

4,013

2,102

1,288

2,023

1,956

1,864

Total liabilities

247,018,339

12,157,589

653,575

1,258,388

4,377,573

8,188,734

Commitments and contingencies

(1) Net assets

$

876,167,859

$

1,623,591,379

$

217,732,581

$

404,027,648

$

372,261,106

$

935,190,702

NET ASSETS CONSIST OF:

Paid-in capital

$

1,194,225,397

$

1,903,566,060

$

248,870,566

$

484,420,314

$

406,753,875

$

1,105,487,530

Total distributable earnings (loss)

(318,057,538)

(279,974,681)

(31,137,985)

(80,392,666)

(34,492,769)

(170,296,828)

Net assets

$

876,167,859

$

1,623,591,379

$

217,732,581

$

404,027,648

$

372,261,106

$

935,190,702

†

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

$

1,147,230,659

$

1,649,362,785

$

223,732,250

$

401,272,404

$

384,018,280

$

967,774,191

◊

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

$

7,675,000

$

13,000,000

$

—

$

5,000,000

$

8,790,000

$

—

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

See Notes to Financial Statements

California High

Yield

California

Connecticut

Massachusetts

New Jersey

New York

CLASS A:

Net assets

$

427,654,223

$

745,579,605

$

115,543,404

$

181,219,847

$

211,570,397

$

504,574,163

Shares outstanding

56,988,346

77,468,512

12,502,304

20,415,345

20,706,809

54,165,941

Net asset value ("NAV") per share

$

7.50 $

9.62 $

9.24 $

8.88 $

10.22 $

9.32 Maximum sales charge

4.20%

4.20%

4.20%

4.20%

4.20%

4.20%

Offering price per share (NAV per share plus

maximum sales charge)

$

7.83 $

10.04 $

9.65 $

9.27 $

10.67 $

9.73 CLASS C:

Net assets

$

20,124,107

$

17,046,196

$

2,046,913

$

3,543,703

$

6,824,356

$

13,138,732

Shares outstanding

2,685,408

1,778,899

221,902

402,148

671,187

1,411,899

NAV and offering price per share

$

7.49 $

9.58 $

9.22 $

8.81 $

10.17 $

9.31 CLASS I:

Net assets

$

428,389,529

$

860,965,578

$

100,142,264

$

219,264,098

$

153,866,353

$

417,477,807

Shares outstanding

57,165,998

89,433,134

10,810,139

24,689,635

15,011,902

44,776,942

NAV and offering price per share

$

7.49 $

9.63 $

9.26 $

8.88 $

10.25 $

9.32 Authorized shares - per class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 $

0.01 $

0.01 $

0.01 $

0.01 (1) As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

Six Months Ended August 31, 2025 (Unaudited)

California High

Yield

California

Connecticut

Massachusetts

INVESTMENT INCOME

Interest

$

30,161,330

$

37,385,911

$

4,491,050

$

8,859,692

Total investment income

30,161,330

37,385,911

4,491,050

8,859,692

EXPENSES

–

–

–

–

Management fees

2,508,213

3,876,015

556,235

1,047,500

12b-1 service fees - Class A

459,665

742,424

117,631

191,832

12b-1 distribution and service fees - Class C

105,185

99,412

12,346

18,354

Shareholder servicing agent fees - Class A

57,713

112,050

16,702

53,681

Shareholder servicing agent fees - Class C

2,634

2,988

1,029

Shareholder servicing agent fees - Class I

57,038

132,448

14,388

64,124

Interest expense

4,446,959

154,327

20,553

77,772

Trustees fees

17,043

29,994

4,019

6,733

Custodian expenses, net

71,643

78,580

20,585

32,222

Registration fees

16,459

4,573

3,987

2,664

Professional fees

115,028

41,357

26,516

28,730

Shareholder reporting expenses

25,172

24,559

21,394

23,101

Other

6,883

3,953

4,570

2,878

Total expenses

7,889,635

5,302,680

819,276

1,550,620

Net investment income (loss)

22,271,695

32,083,231

3,671,774

7,309,072

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(15,426,055)

(11,697,772)

(1,629,206)

(8,520,832)

Net realized gain (loss)

(15,426,055)

(11,697,772)

(1,629,206)

(8,520,832)

Change in unrealized appreciation (depreciation) on:

Investments

(56,471,119)

(69,912,704)

(8,343,637)

(11,531,783)

Net change in unrealized appreciation (depreciation)

(56,471,119)

(69,912,704)

(8,343,637)

(11,531,783)

Net realized and unrealized gain (loss)

(71,897,174)

(81,610,476)

(9,972,843)

(20,052,615)

Net increase (decrease) in net assets from operations

$

(49,625,479)

$

(49,527,245)

$

(6,301,069)

$

(12,743,543)

#### Statement of Operations
(continued)

See Notes to Financial Statements

Six Months Ended August 31, 2025 (Unaudited)

New Jersey

New York

INVESTMENT INCOME

Interest

$

6,919,506

$

22,855,708

Total investment income

6,919,506

22,855,708

EXPENSES

–

–

Management fees

846,154

2,275,225

12b-1 service fees - Class A

181,589

498,710

12b-1 distribution and service fees - Class C

37,425

70,367

Shareholder servicing agent fees - Class A

38,488

90,184

Shareholder servicing agent fees - Class C

1,626

2,557

Shareholder servicing agent fees - Class I

32,666

78,338

Interest expense

29,324

29,198

Trustees fees

5,996

16,433

Custodian expenses, net

32,149

47,643

Registration fees

2,820

3,523

Professional fees

27,803

34,043

Shareholder reporting expenses

22,267

26,159

Other

4,042

3,244

Total expenses

1,262,349

3,175,624

Net investment income (loss)

5,657,157

19,680,084

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(787,886)

(3,597,039)

Net realized gain (loss)

(787,886)

(3,597,039)

Change in unrealized appreciation (depreciation) on:

Investments

(11,245,542)

(43,826,693)

Net change in unrealized appreciation (depreciation)

(11,245,542)

(43,826,693)

Net realized and unrealized gain (loss)

(12,033,428)

(47,423,732)

Net increase (decrease) in net assets from operations

$

(6,376,271)

$

(27,743,648)

Statement of Changes in Net Assets

See Notes to Financial Statements

California High Yield

California

Unaudited

Six Months Ended

8/31/25

Year Ended

2/28/25

Unaudited

Six Months Ended

8/31/25

Year Ended

2/28/25

OPERATIONS

Net investment income (loss)

$

22,271,695

$

47,956,983

$

32,083,231

$

64,895,172

Net realized gain (loss)

(15,426,055)

(21,463,899)

(11,697,772)

(7,496,297)

Net change in unrealized appreciation (depreciation)

(56,471,119)

37,411,050

(69,912,704)

2,429,302

Net increase (decrease) in net assets from operations

(49,625,479)

63,904,134

(49,527,245)

59,828,177

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(10,261,239)

(21,416,939)

(14,090,590)

(27,817,481)

Class C

(387,398)

(854,351)

(293,595)

(710,394)

Class I

(10,867,026)

(23,972,462)

(17,505,464)

(36,383,670)

Total distributions

(21,515,663)

(46,243,752)

(31,889,649)

(64,911,545)

FUND SHARE TRANSACTIONS

Subscriptions

147,478,324

295,166,356

343,617,867

452,287,585

Reinvestments of distributions

18,976,563

40,949,459

24,562,679

50,975,241

Redemptions

(293,268,990)

(381,828,271)

(372,971,373)

(497,556,597)

Net increase (decrease) from Fund share transactions

(126,814,103)

(45,712,456)

(4,790,827)

5,706,229

Net increase (decrease) in net assets

(197,955,245)

(28,052,074)

(86,207,721)

622,861

Net assets at the beginning of period

1,074,123,104

1,102,175,178

1,709,799,100

1,709,176,239

Net assets at the end of period

$

876,167,859

$

1,074,123,104

$

1,623,591,379

$

1,709,799,100

See Notes to Financial Statements

Connecticut

Massachusetts

Unaudited

Six Months Ended

8/31/25

Year Ended

2/28/25

Unaudited

Six Months Ended

8/31/25

Year Ended

2/28/25

OPERATIONS

Net investment income (loss)

$

3,671,774

$

7,394,132

$

7,309,072

$

18,337,598

Net realized gain (loss)

(1,629,206)

(2,525,760)

(8,520,832)

(5,396,654)

Net change in unrealized appreciation (depreciation)

(8,343,637)

3,015,658

(11,531,783)

1,722,469

Net increase (decrease) in net assets from operations

(6,301,069)

7,884,030

(12,743,543)

14,663,413

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,917,327)

(3,582,097)

(3,262,877)

(7,362,747)

Class C

(29,832)

(71,881)

(47,008)

(100,469)

Class I

(1,747,291)

(3,609,741)

(4,109,409)

(10,931,266)

Total distributions

(3,694,450)

(7,263,719)

(7,419,294)

(18,394,482)

FUND SHARE TRANSACTIONS

Subscriptions

31,249,735

60,035,356

90,931,937

89,860,113

Reinvestments of distributions

3,270,604

6,383,510

6,359,157

16,471,901

Redemptions

(35,912,634)

(78,452,578)

(153,100,578)

(209,729,548)

Net increase (decrease) from Fund share transactions

(1,392,295)

(12,033,712)

(55,809,484)

(103,397,534)

Net increase (decrease) in net assets

(11,387,814)

(11,413,401)

(75,972,321)

(107,128,603)

Net assets at the beginning of period

229,120,395

240,533,796

479,999,969

587,128,572

Net assets at the end of period

$

217,732,581

$

229,120,395

$

404,027,648

$

479,999,969

See Notes to Financial Statements

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

New Jersey

New York

Unaudited

Six Months Ended

8/31/25

Year Ended

2/28/25

Unaudited

Six Months Ended

8/31/25

Year Ended

2/28/25

OPERATIONS

Net investment income (loss)

$

5,657,157

$

12,129,231

$

19,680,084

$

43,002,098

Net realized gain (loss)

(787,886)

(1,946,400)

(3,597,039)

(3,631,599)

Net change in unrealized appreciation (depreciation)

(11,245,542)

325,858

(43,826,693)

(6,887,879)

Net increase (decrease) in net assets from operations

(6,376,271)

10,508,689

(27,743,648)

32,482,620

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(2,907,422)

(5,648,116)

(10,073,290)

(19,167,463)

Class C

(89,582)

(199,129)

(226,271)

(511,113)

Class I

(2,598,555)

(6,608,700)

(9,131,644)

(23,320,559)

Total distributions

(5,595,559)

(12,455,945)

(19,431,205)

(42,999,135)

FUND SHARE TRANSACTIONS

Subscriptions

96,784,596

73,748,449

197,042,014

258,999,542

Reinvestments of distributions

4,581,464

10,606,043

16,095,733

36,815,585

Redemptions

(55,971,016)

(133,601,509)

(184,161,762)

(388,489,888)

Net increase (decrease) from Fund share transactions

45,395,044

(49,247,017)

28,975,985

(92,674,761)

Net increase (decrease) in net assets

33,423,214

(51,194,273)

(18,198,868)

(103,191,276)

Net assets at the beginning of period

338,837,892

390,032,165

953,389,570

1,056,580,846

Net assets at the end of period

$

372,261,106

$

338,837,892

$

935,190,702

$

953,389,570

Statement of Cash Flows

See Notes to Financial Statements

Six Months Ended August 31, 2025 (Unaudited)

California High

Yield

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets from Operations

$

(49,625,479)

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

Purchases of investments

(52,131,336)

Proceeds from sale and maturities of investments

250,032,762

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

(7,675,000)

Amortization (Accretion) of premiums and discounts, net

(870,889)

(Increase) Decrease in:

Receivable for interest

1,331,189

Receivable for investments sold

(429,550)

Other assets

(4,766)

Increase (Decrease) in:

Payable for interest

537,107

Payable for management fees

(35,616)

Accrued custodian fees

36,957

Accrued 12b-1 distribution and service fees

(2,647)

Accrued Trustees fees

(4,051)

Accrued professional fees

(17,346)

Accrued shareholder reporting expenses

765

Accrued shareholder servicing agent fees

(13,459)

Accrued other expenses

2,293

Net realized (gain) loss from investments

15,426,055

Net realized (gain) loss from paydowns

(227)

Net change in unrealized (appreciation) depreciation of investments

56,471,119

Net cash provided by (used in) operating activities

213,027,881

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

34,900,000

(Repayments) of borrowings

(34,900,000)

Proceeds from floating rate obligations

19,120,000

(Repayments of) floating rate obligations

(81,300,000)

Increase (Decrease) in:

Cash overdraft

(1,828,432)

Cash distributions paid to common shareholders

(2,598,455)

Subscriptions

148,094,729

Redemptions

(294,261,858)

Net cash provided by (used in) financing activities

(212,774,016)

Net increase (decrease) in cash

253,865

Cash at the beginning of period

—

Cash at the end of period

$

253,865

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

California High

Yield

Cash paid for interest

$

3,803,134

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

18,976,563

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

California High Yield

Class

A

8/31/25

(e) $

8.05 $

0.18 $

(0.56)

$

(0.38)

$

(0.17)

$

—

$

(0.17)

$

7.50 2/28/25

7.91 0.34 0.13 0.47 (0.33)

—

(0.33)

8.05 2/29/24

7.91 0.33 (0.01)

0.32 (0.32)

—

(0.32)

7.91 2/28/23

9.89 0.36 (1.96)

(1.60)

(0.38)

—

(0.38)

7.91 2/28/22

10.17 0.38 (0.27)

0.11 (0.39)

—

(0.39)

9.89 2/28/21

10.62 0.40 (0.47)

(0.07)

(0.38)

—

(0.38)

10.17 Class

C

8/31/25

(e) 8.04 0.15 (0.56)

(0.41)

(0.14)

—

(0.14)

7.49 2/28/25

7.90 0.27 0.13 0.40 (0.26)

—

(0.26)

8.04 2/29/24

7.90 0.26 —

0.26 (0.26)

—

(0.26)

7.90 2/28/23

9.88 0.30 (1.97)

(1.67)

(0.31)

—

(0.31)

7.90 2/28/22

10.16 0.30 (0.27)

0.03 (0.31)

—

(0.31)

9.88 2/28/21

10.61 0.32 (0.47)

(0.15)

(0.30)

—

(0.30)

10.16 Class

I

8/31/25

(e) 8.04 0.19 (0.56)

(0.37)

(0.18)

—

(0.18)

7.49 2/28/25

7.90 0.36 0.12 0.48 (0.34)

—

(0.34)

8.04 2/29/24

7.90 0.34 —

0.34 (0.34)

—

(0.34)

7.90 2/28/23

9.89 0.38 (1.97)

(1.59)

(0.40)

—

(0.40)

7.90 2/28/22

10.17 0.40 (0.27)

0.13 (0.41)

—

(0.41)

9.89 2/28/21

10.61 0.42 (0.46)

(0.04)

(0.40)

—

(0.40)

10.17 (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 Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee

waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more

information.

(d) 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.

(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)

Expenses

Including

Interest

(c),(d)

Expenses

Excluding

Interest

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

(4

.71)

%

$

427,654

.75

%

(f) 0

.81

%

(f) 4

.65

%

(f) 4

%

.00

489,614

.83

.81

.25

.28

525,972

.83

.83

.20

(16

.24)

557,165

.51

.81

.37

.97

730,028

.97

.78

.66

(0

.53)

635,387

.09

.80

.00

(5

.09)

20,124

.55

(f) 1

.61

(f) 3

.84

(f) 4

.20

23,133

.61

.59

.44

.48

29,844

.63

.63

.37

(16

.95)

40,345

.31

.61

.56

.15

64,538

.77

.58

.86

(1

.33)

71,002

.89

.60

.20

(4

.60)

428,390

.55

(f) 0

.61

(f) 4

.83

(f) 4

.25

561,376

.61

.59

.45

.53

546,359

.63

.63

.36

(16

.16)

557,889

.31

.61

.53

.14

689,842

.77

.58

.85

(0

.26)

607,992

.89

.60

.19

#### 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

California

Class

A

8/31/25

(e) $

10.11 $

0.19 $

(0.49)

$

(0.30)

$

(0.19)

$

—

$

(0.19)

$

9.62 2/28/25

10.13 0.37 (0.02)

0.35 (0.37)

—

(0.37)

10.11 2/29/24

10.00 0.36 0.13 0.49 (0.36)

—

(0.36)

10.13 2/28/23

11.17 0.33 (1.19)

(0.86)

(0.31)

—

(0.31)

10.00 2/28/22

11.49 0.26 (0.32)

(0.06)

(0.26)

—

(0.26)

11.17 2/28/21

11.81 0.29 (0.33)

(0.04)

(0.28)

—

(0.28)

11.49 Class

C

8/31/25

(e) 10.06 0.15 (0.49)

(0.34)

(0.14)

—

(0.14)

9.58 2/28/25

10.09 0.29 (0.03)

0.26 (0.29)

—

(0.29)

10.06 2/29/24

9.96 0.28 0.14 0.42 (0.29)

—

(0.29)

10.09 2/28/23

11.13 0.25 (1.19)

(0.94)

(0.23)

—

(0.23)

9.96 2/28/22

11.45 0.17 (0.33)

(0.16)

(0.16)

—

(0.16)

11.13 2/28/21

11.76 0.20 (0.32)

(0.12)

(0.19)

—

(0.19)

11.45 Class

I

8/31/25

(e) 10.11 0.20 (0.48)

(0.28)

(0.20)

—

(0.20)

9.63 2/28/25

10.14 0.39 (0.03)

0.36 (0.39)

—

(0.39)

10.11 2/29/24

10.00 0.38 0.15 0.53 (0.39)

—

(0.39)

10.14 2/28/23

11.19 0.35 (1.21)

(0.86)

(0.33)

—

(0.33)

10.00 2/28/22

11.51 0.28 (0.32)

(0.04)

(0.28)

—

(0.28)

11.19 2/28/21

11.82 0.31 (0.31)

—

(0.31)

—

(0.31)

11.51 (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 Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee

waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more

information.

(d) 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.

(e) Unaudited.

(f) Annualized.

(g) Value rounded to zero.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c),(d)

Expenses

Excluding

Interest

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

(3

.01)

%

$

745,580

.74

%

(f) 0

.72

%

(f) 3

.81

%

(f) 17

%

.48

749,024

.76

.74

.63

.06

777,264

.74

.73

.65

(7

.69)

736,628

.76

.74

.23

(0

.61)

860,807

.72

.72

.22

(0

.29)

921,120

.73

.73

.51

(3

.34)

17,046

.54

(f) 1

.52

(f) 3

.00

(f) 17

.59

21,906

.53

.51

.83

.26

28,731

.54

.53

.85

(8

.48)

37,046

.56

.54

.42

(1

.42)

58,842

.52

.52

.43

(0

.99)

70,693

.53

.53

.73

(2

.82)

860,966

.54

(f) 0

.52

(f) 4

.01

(f) 17

.62

938,869

.53

.51

.84

.41

903,181

.54

.53

.85

(7

.64)

925,232

.56

.54

.42

(0

.40)

1,396,276

.52

.52

.43

.00

(g) 1,370,713

.53

.53

.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

Connecticut

Class

A

8/31/25

(d) $

9.66 $

0.15 $

(0.42)

$

(0.27)

$

(0.15)

$

—

$

(0.15)

$

9.24 2/28/25

9.63 0.29 0.02 0.31 (0.28)

—

(0.28)

9.66 2/29/24

9.38 0.27 0.25 0.52 (0.27)

—

(0.27)

9.63 2/28/23

10.44 0.24 (1.07)

(0.83)

(0.23)

—

(0.23)

9.38 2/28/22

10.72 0.23 (0.27)

(0.04)

(0.24)

—

(0.24)

10.44 2/28/21

10.99 0.28 (0.25)

0.03 (0.30)

—

(0.30)

10.72 Class

C

8/31/25

(d) 9.64 0.11 (0.42)

(0.31)

(0.11)

—

(0.11)

9.22 2/28/25

9.61 0.21 0.03 0.24 (0.21)

—

(0.21)

9.64 2/29/24

9.36 0.20 0.24 0.44 (0.19)

—

(0.19)

9.61 2/28/23

10.41 0.16 (1.06)

(0.90)

(0.15)

—

(0.15)

9.36 2/28/22

10.69 0.15 (0.28)

(0.13)

(0.15)

—

(0.15)

10.41 2/28/21

10.97 0.20 (0.26)

(0.06)

(0.22)

—

(0.22)

10.69 Class

I

8/31/25

(d) 9.68 0.16 (0.42)

(0.26)

(0.16)

—

(0.16)

9.26 2/28/25

9.65 0.31 0.02 0.33 (0.30)

—

(0.30)

9.68 2/29/24

9.40 0.29 0.24 0.53 (0.28)

—

(0.28)

9.65 2/28/23

10.46 0.26 (1.07)

(0.81)

(0.25)

—

(0.25)

9.40 2/28/22

10.74 0.25 (0.27)

(0.02)

(0.26)

—

(0.26)

10.46 2/28/21

11.02 0.30 (0.25)

0.05 (0.33)

—

(0.33)

10.74 (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

(2

.76)

%

$

115,543

.82

%

(e) 0

.80

%

(e) 3

.23

%

(e) 5

%

.30

122,056

.82

.79

.99

.60

118,241

.80

.78

.92

(7

.94)

122,309

.81

.79

.51

(0

.43)

158,274

.78

.78

.16

.34

160,706

.80

.79

.63

(3

.17)

2,047

.62

(e) 1

.60

(e) 2

.42

(e) 5

.48

2,970

.59

.56

.17

.76

4,036

.60

.58

.11

(8

.63)

4,573

.61

.59

.72

(1

.25)

5,790

.58

.58

.36

(0

.54)

7,002

.60

.59

.83

(2

.66)

100,142

.62

(e) 0

.60

(e) 3

.43

(e) 5

.49

104,094

.59

.56

.18

.79

118,257

.60

.58

.12

(7

.72)

86,971

.61

.59

.69

(0

.21)

120,028

.58

.58

.35

.47

102,331

.60

.59

.83

(continued)

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

Is

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

Massachusetts

Class

A

8/31/25

(e) $

9.28 $

0.15 $

(0.40)

$

(0.25)

$

(0.15)

$

—

$

(0.15)

$

8.88 2/28/25

9.34 0.29 (0.06)

0.23 (0.29)

—

(0.29)

9.28 2/29/24

9.18 0.27 0.15 0.42 (0.26)

—

(0.26)

9.34 2/28/23

10.20 0.22 (1.03)

(0.81)

(0.21)

—

(0.21)

9.18 2/28/22

10.41 0.19 (0.22)

(0.03)

(0.18)

—

(0.18)

10.20 2/28/21

10.66 0.23 (0.25)

(0.02)

(0.23)

—

(0.23)

10.41 Class

C

8/31/25

(e) 9.21 0.11 (0.39)

(0.28)

(0.12)

—

(0.12)

8.81 2/28/25

9.26 0.21 (0.05)

0.16 (0.21)

—

(0.21)

9.21 2/29/24

9.11 0.19 0.15 0.34 (0.19)

—

(0.19)

9.26 2/28/23

10.12 0.15 (1.03)

(0.88)

(0.13)

—

(0.13)

9.11 2/28/22

10.32 0.10 (0.20)

(0.10)

(0.10)

—

(0.10)

10.12 2/28/21

10.58 0.14 (0.25)

(0.11)

(0.15)

—

(0.15)

10.32 Class

I

8/31/25

(e) 9.29 0.16 (0.41)

(0.25)

(0.16)

—

(0.16)

8.88 2/28/25

9.34 0.31 (0.05)

0.26 (0.31)

—

(0.31)

9.29 2/29/24

9.18 0.28 0.16 0.44 (0.28)

—

(0.28)

9.34 2/28/23

10.20 0.24 (1.04)

(0.80)

(0.22)

—

(0.22)

9.18 2/28/22

10.41 0.21 (0.22)

(0.01)

(0.20)

—

(0.20)

10.20 2/28/21

10.66 0.25 (0.25)

—

(0.25)

—

(0.25)

10.41 (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 Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee

waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more

information.

(d) 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.

(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)

Expenses

Including

Interest

(c),(d)

Expenses

Excluding

Interest

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

(2

.65)

%

$

181,220

.83

%

(f) 0

.79

%

(f) 3

.35

%

(f) 13

%

.53

210,134

.83

.80

.12

.70

262,819

.79

.77

.90

(7

.99)

234,024

.78

.77

.39

(0

.30)

260,770

.77

.77

.76

(0

.11)

280,258

.78

.78

.18

(3

.10)

3,544

.63

(f) 1

.59

(f) 2

.55

(f) 13

.80

3,950

.58

.55

.33

.75

4,638

.59

.57

.08

(8

.74)

6,068

.58

.57

.57

(1

.00)

9,182

.57

.57

.97

(1

.02)

9,569

.58

.58

.39

(2

.66)

219,264

.63

(f) 0

.59

(f) 3

.54

(f) 13

.84

265,916

.58

.55

.32

.90

319,672

.59

.57

.08

(7

.82)

387,828

.58

.57

.58

(0

.13)

447,127

.57

.57

.97

.06

384,795

.58

.58

.39

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

New Jersey

Class

A

8/31/25

(d) $

10.59 $

0.17 $

(0.37)

$

(0.20)

$

(0.17)

$

—

$

(0.17)

$

10.22 2/28/25

10.63 0.32 (0.03)

0.29 (0.33)

—

(0.33)

10.59 2/29/24

10.32 0.31 0.31 0.62 (0.31)

—

(0.31)

10.63 2/28/23

11.32 0.29 (1.02)

(0.73)

(0.27)

—

(0.27)

10.32 2/28/22

11.67 0.28 (0.36)

(0.08)

(0.27)

—

(0.27)

11.32 2/28/21

11.99 0.30 (0.32)

(0.02)

(0.30)

—

(0.30)

11.67 Class

C

8/31/25

(d) 10.54 0.13 (0.38)

(0.25)

(0.12)

—

(0.12)

10.17 2/28/25

10.58 0.24 (0.03)

0.21 (0.25)

—

(0.25)

10.54 2/29/24

10.28 0.23 0.30 0.53 (0.23)

—

(0.23)

10.58 2/28/23

11.27 0.20 (1.01)

(0.81)

(0.18)

—

(0.18)

10.28 2/28/22

11.62 0.18 (0.35)

(0.17)

(0.18)

—

(0.18)

11.27 2/28/21

11.93 0.20 (0.30)

(0.10)

(0.21)

—

(0.21)

11.62 Class

I

8/31/25

(d) 10.63 0.18 (0.38)

(0.20)

(0.18)

—

(0.18)

10.25 2/28/25

10.67 0.34 (0.03)

0.31 (0.35)

—

(0.35)

10.63 2/29/24

10.36 0.33 0.31 0.64 (0.33)

—

(0.33)

10.67 2/28/23

11.37 0.31 (1.03)

(0.72)

(0.29)

—

(0.29)

10.36 2/28/22

11.71 0.30 (0.34)

(0.04)

(0.30)

—

(0.30)

11.37 2/28/21

12.03 0.32 (0.31)

0.01 (0.33)

—

(0.33)

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

(1

.93)

%

$

211,570

.81

%

(e) 0

.79

%

(e) 3

.25

%

(e) 9

%

.79

173,970

.82

.79

.05

.10

190,653

.82

.78

.00

(6

.45)

218,230

.84

.79

.73

(0

.73)

201,268

.78

.77

.36

(0

.09)

203,304

.81

.79

.56

(2

.34)

6,824

.61

(e) 1

.59

(e) 2

.44

(e) 9

.98

8,263

.58

.55

.25

.18

9,237

.62

.58

.19

(7

.16)

10,274

.64

.59

.92

(1

.55)

13,918

.58

.57

.55

(0

.81)

14,867

.61

.59

.76

(1

.90)

153,866

.61

(e) 0

.59

(e) 3

.45

(e) 9

.01

156,605

.58

.55

.24

.32

190,143

.62

.58

.19

(6

.31)

187,291

.64

.59

.92

(0

.44)

219,492

.58

.57

.56

.12

206,403

.61

.59

.76

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

New York

Class

A

8/31/25

(e) $

9.79 $

0.19 $

(0.47)

$

(0.28)

$

(0.19)

$

—

$

(0.19)

$

9.32 2/28/25

9.88 0.38 (0.09)

0.29 (0.38)

—

(0.38)

9.79 2/29/24

9.68 0.37 0.19 0.56 (0.36)

—

(0.36)

9.88 2/28/23

10.89 0.33 (1.23)

(0.90)

(0.31)

—

(0.31)

9.68 2/28/22

11.16 0.28 (0.26)

0.02 (0.29)

—

(0.29)

10.89 2/28/21

11.54 0.31 (0.38)

(0.07)

(0.31)

—

(0.31)

11.16 Class

C

8/31/25

(e) 9.78 0.16 (0.48)

(0.32)

(0.15)

—

(0.15)

9.31 2/28/25

9.87 0.30 (0.08)

0.22 (0.31)

—

(0.31)

9.78 2/29/24

9.67 0.29 0.20 0.49 (0.29)

—

(0.29)

9.87 2/28/23

10.87 0.25 (1.22)

(0.97)

(0.23)

—

(0.23)

9.67 2/28/22

11.15 0.19 (0.27)

(0.08)

(0.20)

—

(0.20)

10.87 2/28/21

11.52 0.22 (0.37)

(0.15)

(0.22)

—

(0.22)

11.15 Class

I

8/31/25

(e) 9.80 0.20 (0.48)

(0.28)

(0.20)

—

(0.20)

9.32 2/28/25

9.89 0.40 (0.09)

0.31 (0.40)

—

(0.40)

9.80 2/29/24

9.69 0.39 0.19 0.58 (0.38)

—

(0.38)

9.89 2/28/23

10.89 0.35 (1.22)

(0.87)

(0.33)

—

(0.33)

9.69 2/28/22

11.17 0.31 (0.28)

0.03 (0.31)

—

(0.31)

10.89 2/28/21

11.55 0.34 (0.38)

(0.04)

(0.34)

—

(0.34)

11.17 (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 Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee

waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more

information.

(d) 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.

(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)

Expenses

Including

Interest

(c),(d)

Expenses

Excluding

Interest

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

(2

.84)

%

$

504,574

.76

%

(f) 0

.75

%

(f) 4

.09

%

(f) 7

%

.03

504,896

.79

.76

.90

.97

485,499

.76

.74

.78

(8

.28)

540,518

.76

.75

.36

.09

509,874

.73

.73

.51

(0

.52)

516,697

.76

.75

.83

(3

.25)

13,139

.56

(f) 1

.55

(f) 3

.28

(f) 7

.22

15,823

.55

.52

.09

.11

18,115

.56

.54

.99

(8

.96)

24,639

.56

.55

.51

(0

.80)

40,015

.53

.53

.71

(1

.24)

43,211

.56

.55

.04

(2

.85)

417,478

.56

(f) 0

.55

(f) 4

.29

(f) 7

.22

432,671

.55

.52

.08

.16

552,967

.56

.54

.97

(7

.99)

568,498

.56

.55

.53

.21

709,958

.53

.53

.71

(0

.31)

666,168

.56

.55

.03

Notes to Financial Statements

(Unaudited)

1. General Information

Trust and Fund Information:

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

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

("California High Yield"), Nuveen California Municipal Bond Fund ("California"), Nuveen Connecticut Municipal Bond Fund ("Connecticut"), Nuveen

Massachusetts Municipal Bond Fund ("Massachusetts"), Nuveen New Jersey Municipal Bond Fund ("New Jersey"), and Nuveen New York Municipal

Bond Fund ("New York") (each a "Fund" and collectively the "Funds"), among others. 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 August 31, 2025, and the period covered by these Notes to Financial

Statements is the six months ended August 31, 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:

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

California High Yield

$

—

California

—

Connecticut

—

Massachusetts

—

New Jersey

—

New York

—

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, which is

recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment 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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

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 master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").

Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

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

Financial Statements.

Segment Reporting:

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

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

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

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

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

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

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

revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement

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

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

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

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

implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

spreads, etc.).

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

investments).

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

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

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

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

#### Notes to Financial Statements
(continued)

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

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

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

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. 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:

\*

Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

California High Yield 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.

California High Yield

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

1,092,526,980

$

–

$

1,092,526,980

Short-Term Investments:

Repurchase Agreements

–

7,675,000

–

7,675,000

Unfunded Commitments\*

–

–

272,406

272,406

Total

$

–

$

1,100,201,980

$

272,406

$

1,100,474,386

California

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

1,554,421,575

$

–

$

1,554,421,575

Short-Term Investments:

Municipal Bonds

–

13,000,000

–

13,000,000

Total

$

–

$

1,567,421,575

$

–

$

1,567,421,575

Connecticut

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

211,784,517

$

–

$

211,784,517

Total

$

–

$

211,784,517

$

–

$

211,784,517

Massachusetts

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

389,152,877

$

–

$

389,152,877

Short-Term Investments:

Municipal Bonds

–

5,000,000

–

5,000,000

Total

$

–

$

394,152,877

$

–

$

394,152,877

New Jersey

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

363,688,406

$

–

$

363,688,406

Short-Term Investments:

Municipal Bonds

–

8,790,000

–

8,790,000

Total

$

–

$

372,478,406

$

–

$

372,478,406

New York

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

930,853,562

$

–

$

930,853,562

Total

$

–

$

930,853,562

$

–

$

930,853,562

4. Portfolio Securities

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the

underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all

times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

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 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 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:

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

California High Yield

Fixed Income Clearing Corporation

$

7,675,000

$

(7,828,617)

(continued)

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:

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

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

The 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 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:

Fund

Floating Rate

Obligations: Self-

Deposited

Inverse Floaters

Floating Rate

Obligations:

Externally-Deposited

Inverse Floaters

Total

California High Yield

$

238,660,000

$

4,530,000

$

243,190,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New Jersey

—

—

—

New York

—

—

—

Fund

Average Floating

Rate Obligations

Outstanding

Average Annual

Interest Rate

And Fees

California High Yield

$

281,526,658

3.05 %

California

—

—

Connecticut

—

—

Massachusetts

—

—

New Jersey

—

—

New York

—

—

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.

Securities Lending:

California High Yield may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and

other institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including

the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set

maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the

market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.

Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements

of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the

Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,

which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of

the Fund and any additional required collateral is delivered to the Fund on the next business day. Securities out on loan are subject to termination

at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the

securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent

may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned

securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities

have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and

compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the fiscal period, the Fund did not have any securities out of loan.

Purchases and Sales:

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

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

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

fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting

period, such amounts are recognized on the Statement of Assets and Liabilities. California High Yield has invested in an unfunded commitment, in

which, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default

by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of the unsettled transaction. Any unrealized appreciation

(depreciation) for an unfunded commitment is separately presented on the Statements of Assets and Liabilities. An unfunded commitment is priced

at its fair market value and any unrealized appreciation (depreciation) is separately presented on the Statement of Asset and Liabilities.

Fund

Maximum Exposure

to Recourse Trusts:

Self-Deposited

Inverse Floaters

Maximum Exposure

to Recourse Trusts:

Externally-Deposited

Inverse Floaters

Total

California High Yield

$

238,660,000

$

4,530,000

$

243,190,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New Jersey

—

—

—

New York

—

—

—

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

California High Yield

$

52,131,336

$

250,032,762

California

276,283,056

334,818,533

Connecticut

10,546,907

16,286,136

Massachusetts

56,352,589

127,743,408

New Jersey

73,260,901

30,580,889

New York

107,001,154

64,470,126

(continued)

Puerto Rico Electric Power Authority Bonds:

On March 28, 2025, the Financial Oversight and Management Board for Puerto Rico (the "FOMB")

filed the Fifth Amended Plan of Adjustment (the "Fifth Amended Plan") that would reduce PREPA debt from approximately $10 billion to the

equivalent of $2.6 billion of Base Consideration for creditors in cash or bonds, reflecting the projections and findings of a new PREPA fiscal plan that

was certified by the FOMB on February 6, 2025.

California High Yield's holdings in Puerto Rico Electric Power Authority bonds experienced notable developments during the reporting period

related to the utility's bankruptcy proceedings. Specifically, the federal government's decision in August 2025 to remove several FOMB members.

This action created additional uncertainty regarding the composition of the FOMB as well as the proposed plan's viability.

In response to these evolving circumstances, the Fund, along with other bondholders, chose to allow its Bond Purchase Agreement with the FOMB

to expire on October 1, 2025. Instead, the Fund joined the amended and restated cooperation agreement with other non-settling bondholders and

insurers. This coalition now represents nearly 90% of PREPA's outstanding revenue bonds. This unified creditor group seeks more favorable debt

recovery terms and equitable treatment for all bondholders. As the bankruptcy court awaits appointment of new FOMB members and potential

mediation proceedings the ultimate resolution timeline and terms remain subject to court approval and continued negotiation among stakeholders.

Management is monitoring the bankruptcy proceedings and ongoing developments on the valuation of the unfunded commitment and the existing

PREPA bonds held by the Fund.

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

Asset Class

Principal

Amount

Value

Unrealized

Appreciation

(Depreciation)

California High Yield

Unfunded Commitments

$33,213,942

$272,406

$272,406

6. Fund Shares

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

Six Months Ended

8/31/25

Year Ended

2/28/25

California High Yield

Shares

Value

Shares

Value

Subscriptions:

Class A

8,473,876

$63,980,792

13,321,489

$106,610,378

Class A - automatic conversion of Class C

3,154

24,320

9,521

75,971

Class C

292,360

2,197,801

402,185

3,215,087

Class I

10,791,263

81,275,411

23,215,585

185,264,920

Total subscriptions

19,560,653

147,478,324

36,948,780

295,166,356

Reinvestments of distributions:

Class A

1,212,031

9,174,071

2,371,499

18,932,100

Class C

48,203

364,459

99,688

794,349

Class I

1,246,931

9,438,033

2,660,871

21,223,010

Total reinvestments of distributions

2,507,165

18,976,563

5,132,058

40,949,459

Redemptions:

Class A

(13,539,426)

(102,324,631)

(21,378,969)

(170,272,540)

Class C

(530,049)

(4,029,554)

(1,391,521)

(11,082,986)

Class C - automatic conversion to Class A

(3,158)

(24,320)

(9,521)

(75,971)

Class I

(24,714,129)

(186,890,485)

(25,189,567)

(200,396,774)

Total redemptions

(38,786,762)

(293,268,990)

(47,969,578)

(381,828,271)

Net increase (decrease)

(16,718,944)

$(126,814,103)

(5,888,740)

$(45,712,456)

Six Months Ended

8/31/25

Year Ended

2/28/25

California

Shares

Value

Shares

Value

Subscriptions:

Class A

11,355,023

$109,838,548

13,933,604

$141,242,276

Class C

52,056

500,982

399,797

4,031,003

Class I

24,102,552

233,278,337

30,323,869

307,014,306

Total subscriptions

35,509,631

343,617,867

44,657,270

452,287,585

Reinvestments of distributions:

Class A

1,266,170

12,288,601

2,444,469

24,725,795

Class C

29,651

286,619

68,667

691,355

Class I

1,234,368

11,987,459

2,525,710

25,558,091

Total reinvestments of distributions

2,530,189

24,562,679

5,038,846

50,975,241

Redemptions:

Class A

(9,257,549)

(89,658,405)

(18,999,270)

(192,333,045)

Class C

(479,952)

(4,623,702)

(1,139,224)

(11,491,813)

Class I

(28,773,636)

(278,689,266)

(29,092,234)

(293,731,739)

Total redemptions

(38,511,137)

(372,971,373)

(49,230,728)

(497,556,597)

Net increase (decrease)

(471,317)

$(4,790,827)

465,388

$5,706,229

(continued)

Six Months Ended

8/31/25

Year Ended

2/28/25

Connecticut

Shares

Value

Shares

Value

Subscriptions:

Class A

970,507

$9,016,930

2,568,959

$24,757,495

Class C

11,317

106,195

16,093

154,104

Class I

2,370,370

22,126,610

3,641,555

35,123,757

Total subscriptions

3,352,194

31,249,735

6,226,607

60,035,356

Reinvestments of distributions:

Class A

181,446

1,685,645

316,498

3,043,710

Class C

2,387

22,152

5,686

54,532

Class I

167,812

1,562,807

340,951

3,285,268

Total reinvestments of distributions

351,645

3,270,604

663,135

6,383,510

Redemptions:

Class A

(1,289,800)

(11,970,735)

(2,528,569)

(24,325,705)

Class C

(100,050)

(928,239)

(133,641)

(1,283,270)

Class I

(2,483,297)

(23,013,660)

(5,485,850)

(52,843,603)

Total redemptions

(3,873,147)

(35,912,634)

(8,148,060)

(78,452,578)

Net increase (decrease)

(169,308)

$(1,392,295)

(1,258,318)

$(12,033,712)

Six Months Ended

8/31/25

Year Ended

2/28/25

Massachusetts

Shares

Value

Shares

Value

Subscriptions:

Class A

575,387

$5,140,268

1,331,239

$12,353,372

Class C

42,438

378,759

71,075

655,611

Class I

9,567,222

85,412,910

8,260,511

76,851,130

Total subscriptions

10,185,047

90,931,937

9,662,825

89,860,113

Reinvestments of distributions:

Class A

336,797

3,014,439

741,416

6,890,151

Class C

5,030

44,683

10,079

92,962

Class I

368,366

3,300,035

1,020,316

9,488,788

Total reinvestments of distributions

710,193

6,359,157

1,771,811

16,471,901

Redemptions:

Class A

(3,136,602)

(28,140,549)

(7,582,754)

(70,512,772)

Class C

(74,102)

(664,608)

(152,970)

(1,407,821)

Class I

(13,880,184)

(124,295,421)

(14,871,204)

(137,808,955)

Total redemptions

(17,090,888)

(153,100,578)

(22,606,928)

(209,729,548)

Net increase (decrease)

(6,195,648)

$(55,809,484)

(11,172,292)

$(103,397,534)

Six Months Ended

8/31/25

Year Ended

2/28/25

New Jersey

Shares

Value

Shares

Value

Subscriptions:

Class A

5,784,825

$58,965,551

1,950,623

$20,580,264

Class A - automatic conversion of Class C

8,814

90,168

—

—

Class C

52,764

539,216

128,335

1,344,799

Class I

3,632,741

37,189,661

4,894,929

51,823,386

Total subscriptions

9,479,144

96,784,596

6,973,887

73,748,449

Reinvestments of distributions:

Class A

256,160

2,618,218

477,353

5,032,382

Class C

8,051

81,917

16,600

174,126

Class I

183,443

1,881,329

510,372

5,399,535

Total reinvestments of distributions

447,654

4,581,464

1,004,325

10,606,043

Redemptions:

Class A

(1,768,641)

(18,086,080)

(3,939,638)

(41,524,751)

Class C

(164,776)

(1,681,026)

(234,134)

(2,461,712)

Class C - automatic conversion to Class A

(8,857)

(90,168)

—

—

Class I

(3,542,700)

(36,113,742)

(8,495,528)

(89,615,046)

Total redemptions

(5,484,974)

(55,971,016)

(12,669,300)

(133,601,509)

Net increase (decrease)

4,441,824

$45,395,044

(4,691,088)

$(49,247,017)

7. Income Tax Information

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

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

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

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

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

distributions paid by the Funds are subject to federal taxation.

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

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

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

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

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

purposes were as follows:

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

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

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

Six Months Ended

8/31/25

Year Ended

2/28/25

New York

Shares

Value

Shares

Value

Subscriptions:

Class A

7,243,660

$68,249,455

11,899,009

$117,171,245

Class A - automatic conversion of Class C

6,206

58,992

36,968

365,172

Class C

59,759

564,044

398,434

3,926,641

Class I

13,597,264

128,169,523

13,987,673

137,536,484

Total subscriptions

20,906,889

197,042,014

26,322,084

258,999,542

Reinvestments of distributions:

Class A

942,024

8,866,435

1,711,822

16,810,024

Class C

21,394

201,215

46,504

456,162

Class I

746,276

7,028,083

1,988,940

19,549,399

Total reinvestments of distributions

1,709,694

16,095,733

3,747,266

36,815,585

Redemptions:

Class A

(5,579,772)

(52,500,116)

(11,238,473)

(110,451,094)

Class C

(280,466)

(2,660,461)

(626,030)

(6,145,247)

Class C - automatic conversion to Class A

(6,212)

(58,992)

(36,996)

(365,084)

Class I

(13,711,244)

(128,942,193)

(27,770,988)

(271,528,463)

Total redemptions

(19,577,694)

(184,161,762)

(39,672,487)

(388,489,888)

Net increase (decrease)

3,038,889

$28,975,985

(9,603,137)

$(92,674,761)

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

California High Yield

$

920,925,572

$

16,927,799

$

(72,660,463)

$

(55,732,664)

California

1,660,651,751

10,260,929

(103,491,105)

(93,230,176)

Connecticut

223,615,204

469,967

(12,300,654)

(11,830,687)

Massachusetts

406,517,333

521,284

(12,885,740)

(12,364,456)

New Jersey

392,242,403

4,169,644

(23,933,641)

(19,763,997)

New York

966,939,091

6,990,389

(43,075,918)

(36,085,529)

(continued)

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

8. Management Fees and Other Transactions with Affiliates

Management Fees:

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

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

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

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

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

by the Adviser.

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

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

California High

Yield

$

2,052,844

$

175,899

$

—

$

(2,394,419)

$

(242,849,288)

$

—

$

(3,901,432)

$

(246,916,396)

California

7,450,155

696

—

(23,599,779)

(176,965,539)

—

(5,443,321)

(198,557,788)

Connecticut

891,962

—

—

(3,522,262)

(17,895,766)

—

(616,399)

(21,142,465)

Massachusetts

2,309,467

—

—

(850,560)

(60,226,864)

—

(1,461,872)

(60,229,829)

New Jersey

932,457

5,679

—

(8,592,800)

(13,881,660)

—

(984,616)

(22,520,940)

New York

4,027,618

—

—

7,454,433

(131,123,661)

—

(3,480,366)

(123,121,976)

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period February 3, 2025 through February 28, 2025

and paid on March 3, 2025.

Fund

Short-Term

Long-Term

Total

California High Yield

$

85,086,837

$

157,762,451

$

242,849,288

California

107,604,077

69,361,462

176,965,539

Connecticut

6,983,961

10,911,805

17,895,766

Massachusetts

18,624,200

41,602,664

60,226,864

New Jersey

2,167,085

11,714,575

13,881,660

New York

78,886,570

52,237,091

131,123,661

Average Daily Net Assets

California

High Yield

California

Connecticut

Massachusetts

New Jersey

New York

For the first $125 million

0.4000 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

For the next $125 million

0.3875 0.3375 0.3375 0.3375 0.3375 0.3375 For the next $250 million

0.3750 0.3250 0.3250 0.3250 0.3250 0.3250 For the next $500 million

0.3625 0.3125 0.3125 0.3125 0.3125 0.3125 For the next $1 billion

0.3500 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 For the next $8 billion

0.3250 -

-

-

-

-

For the next $5 billion

0.3150 0.2500 0.2500 0.2500 0.2500 0.2500 For the next $5 billion

0.3000 -

-

-

-

-

For net assets over $10 billion

-

0.2375 0.2375 0.2375 0.2375 0.2375 For net assets over $20 billion

0.2875 -

-

-

-

-

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

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

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

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

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

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

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

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

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

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

certain circumstances.

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

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the following 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:

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

California High Yield

0.1568 %

California

0.1568 Connecticut

0.1568 Massachusetts

0.1568 New Jersey

0.1568 New York

0.1568 Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Permanent

Expense Cap

California High Yield

N/A

N/A

1.00%

California

N/A

N/A

0.75%

Massachusetts

N/A

N/A

0.75%

New York

N/A

N/A

0.75%

N/A - Not Applicable.

(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)

California High Yield

$

—

$

9,976,465

$

(603,392)

California

—

—

—

Connecticut

—

—

—

Massachusetts

5,108,615

5,345,650

(170,513)

New Jersey

1,154,746

—

—

New York

—

—

—

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

California High Yield

$

305,056

$

302,037

California

561,316

558,766

Connecticut

62,095

61,065

Massachusetts

32,270

31,013

New Jersey

273,242

271,318

New York

424,253

419,202

Fund

Commission

Advances

California High Yield

$

296,374

California

545,075

Connecticut

55,343

Massachusetts

26,765

New Jersey

263,752

New York

392,502

Fund

12b-1 Fees

Retained

California High Yield

$

11,636

California

12,999

Connecticut

1,154

Massachusetts

2,093

New Jersey

4,498

New York

13,415

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

as follows:

Fund

CDSC

Retained

California High Yield

$

200,347

California

37,277

Connecticut

16,118

Massachusetts

1,024

New Jersey

9,653

New York

15,662

Fund

Maximum

Outstanding

Balance

California High Yield

$

34,900,000

California

37,300,000

Connecticut

—

Massachusetts

25,300,000

New Jersey

689,928

New York

4,000,000

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

11. Subsequent Events

Puerto Rico Electric Power Authority Bonds:

As mentioned earlier in these Notes to Financial Statements, on October 1, 2025, California High

Yield chose to allow its Bond Purchase Agreement with the FOMB to expire.

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

California High Yield

$

34,900,000

5.53 %

California

14,421,415

5.53 Connecticut

—

—

—

Massachusetts

9,772,258

5.53 New Jersey

689,928

5.53 New York

4,000,000

5.53 ------

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

Not applicable.

------

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

Not applicable.

------

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

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "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.

#### Nuveen California High Yield Municipal Bond Fund

#### Nuveen California Municipal Bond Fund

#### Nuveen Connecticut Municipal Bond Fund

#### Nuveen Massachusetts Municipal Bond Fund

#### Nuveen New Jersey Municipal Bond Fund

#### Nuveen New York Municipal Bond Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nuveen Multistate Trust II approved, for each applicable series thereof, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"). Similarly, for each respective series, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Sub-Adviser is also an affiliate of the Adviser. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each a "Fund Adviser."

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or the "funds"). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds. In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and

#### 2

------

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

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

providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub- Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• For Nuveen California High Yield Municipal Bond Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024. In its review, the Board considered that the Fund's Performance Peer Group was classified as low for relevancy. Although the Board considered that the Fund had experienced periods of challenged performance, the Board considered, among other things, the improved performance in 2024 and management's discussion of the Fund's outperformance, including that the Fund outperformed both of the closest California specific high-yield peers for the trailing one-year period. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board determined to renew the Advisory Agreements.

• For Nuveen California Municipal Bond Fund, the Board considered that although the Fund's performance was below the performance of its benchmark and the Fund ranked in the fourth quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group and outperformed its benchmark for the one- year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Connecticut Municipal Bond Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the three- year period ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and the third quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Massachusetts Municipal Bond Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one- year period ended December 31, 2024. In addition, the Board considered that although the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and third quartile of its Performance Peer Group for the five-year period ended December 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen New Jersey Municipal Bond Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the three-year period ended December 31, 2024. The Board considered management's analysis on the Fund's performance, including the factors that contributed to or detracted from performance. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen New York Municipal Bond Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the five-year period ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period and third quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

#### 4

------

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

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

C. Fees, Expenses and Profitability

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/ or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

• For Nuveen California High Yield Municipal Bond Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the median of the Expense Group and the Expense Universe, respectively. The Board, however, considered the differences between the strategies of the Fund and those of various peers in the Expense Group, which limited the comparability of the peer expense data. The Board further considered that only two peers in the Expense Group had high yield strategies and the Fund's net total expense ratio was comparable to one of these peers.

• For Nuveen California Municipal Bond Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group. In addition, although the Fund's contractual management fee rate and actual management fee rate ranked in the fourth quartile of its Expense Universe, the Fund's net total expense ratio ranked in the third quartile of its Expense Universe. Further, although the Fund's actual management fee rate was above the Expense Group median, the Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median, respectively. The Fund's actual management fee rate was also above the Expense Universe median, and the Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Universe median, respectively.

• For Nuveen Connecticut Municipal Bond Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, fourth quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, fourth quartile and second quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median, the Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and actual management fee rate were each slightly above (within 5 basis points) the Expense Universe median, and the Fund's net total expense ratio was below the Expense Universe median.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

• For Nuveen Massachusetts Municipal Bond Fund, although the Fund's contractual management fee rate and actual management fee rate each ranked in the fourth quartile of its Expense Group and Expense Universe, the Fund's net total expense ratio ranked in the second quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median, the Fund's contractual management fee rate was slightly above (within 5 basis points) and net total expense ratio was below the Expense Group median. Although the Fund's actual management fee rate was above the Expense Universe median, the Fund's contractual management fee rate was slightly above (within 5 basis points) and net total expense ratio matched the Expense Universe median.

• For Nuveen New Jersey Municipal Bond Fund, although the Fund's actual management fee rate ranked in the fourth quartile of its Expense Group, the Fund's contractual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group. In addition, although the Fund's actual management fee rate ranked in the fourth quartile of its Expense Universe, the Fund's contractual management fee rate ranked in the third quartile, and the Fund's net total expense ratio ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate was below the Expense Group median, the Fund's actual management fee rate was slightly above (approximately 5 basis points) the Expense Group median, and the Fund's net total expense ratio matched the Expense Group median. The Fund's contractual management fee rate and actual management fee rate were each slightly above (approximately 5 basis points or within 5 basis points) the Expense Universe median, and the Fund's net total expense ratio was below the Expense Universe median.

• For Nuveen New York Municipal Bond Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group. In addition, although the Fund's contractual management fee rate and actual management fee rate each ranked in the fourth quartile of its Expense Universe, the Fund's net total expense ratio ranked in the third quartile of its Expense Universe. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the median of the Expense Group and the Expense Universe, respectively.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

**3.** **Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

#### 6

------

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

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

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors that were applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory

Contract. (continued)

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

#### 8

------

**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.](d75493dex99cert.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.](d75493dex99906cert.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 II</u> 

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

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

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: November 6, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

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

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

I, Jordan M. Farris, certify that:

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

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

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

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

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

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

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

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

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

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

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

------

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

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

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

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

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

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

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

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

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

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

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

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

------

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

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

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of Nuveen Multistate Trust II (the "Registrant") on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: November 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---